Jinhui Shipping Sells Supramax Bulker

Jinhui Shipping and Transportation Limited, one of the world's largest Supramax owners, informed that its subsisidary Jinzhou Marine has decided to dispose of a Supramax bulk carrier.

Jinzhou Marine signed a memorandum of agreement with the buyer for the disposal of the 50,209 dwt bulker for $7.38m.

The Oslo and Hong Kong-listed owner  said in a stock exchange announcement that the 2001-built vessel, Jin Zhou, will be delivered to the new owner between 15 February and 31 March.

Jinhui Holdings, parent of Jinhui Shipping, intends to keep all net sale proceeds received as general working capital. "The Group intends to keep all net sale proceeds received as general working capital of the Group," it said.

“Despite the recent improvement in shipping market, we continue to see uncertainty and market volatility remaining as an operational risk to the group,” Jinhui Holdings stated.