Jinhui Buys Two Supramax Vessels
Chinese dry bulk owner Jinhui Shipping and Transportation has acquired a pair of bulk carriers for USS$12mln.
The First Vessel is a Supramax of deadweight 50,354 metric tons, built in year 2001. It will be delivered by the First Vendor to the First Purchaser between 2 May 2019 and 7 June 2019.
The Second Vessel is also a Supramax of deadweight 50,220 metric tons, built in year 2002. It will be delivered by the Second Vendor to the Second Purchaser between 2 May 2019 and 31 May 2019. The First Agreement and the Second Agreement are not inter-conditional.
According to a stock exchange announcement from the company, wach of the purchase prices of the First Vessel and the Second Vessel was determined by reference to market intelligence the Company has gathered from shipbrokers and its own analysis of recently concluded sale and purchase transactions of vessels of comparable size and year of built in the market, and on the basis of arm’s length negotiations with the respective vendors.
"We observe and monitor the sale and purchase market of second hand vessels, including recent market transactions of similar vessels between willing sellers and willing buyers in that prevailing time presuming the vessel free from all registered encumbrances, maritime liens and all debts, free of charter or any contract of employment, for cash payment on normal sale terms at that particular of time. However, as each vessel is never identical, we will take into account the individual specification, maintenance quality and conditions of each individual vessel to consider its purchase," it added.
The Group’s principal activities are international ship chartering and ship owning. Both the First Vessel and the Second Vessel are grabs fitted Supramaxes for the transportation of dry bulk commodities.