Jinhui Sells Supramax

 

The purchaser is a company incorporated in Hong Kong. The bulk carrier will be delivered to the new owner between 29 July to 30 August 2016.

 

The 2000-built, 50,236 dwt Jin Rong will be sold to China-based Ningbo Tiansheng Shipping for $3.4m, less than half of its book value, leading to a book loss of around $4.1m.

 

"The Vessel has been owned by the Group since year  2006, and its net book value as at 31 March 2016 was US$7,475,000. The net loss both before and after taxation and extraordinary items attributable to the Vendor for the financial years ended 31 December 2015 and 2014 were US$13,473,000 and US$1,962,000 respectively," says a statement from the company.

 

The net proceeds from the vessel sale will be used for the repayment of vessel mortgage loan and as general working capital.

 

Last week, Hong Kong-listed Jinhui Shipping sold another 16-year-old supramax, Jin An, to UAE’s Al Khalejia Aggregates FZE at a similar price of $3.4m, taking a book loss of some HKD33m.

 

Jinhui Group currently owns two modern Post-Panamaxes, two modern Panamaxes, twenty nine modern grabs fitted Supramaxes (including the Vessel and one Supramax which will be disposed by the Group in third quarter of 2016 as announced by the Company on 22 June 2016), one Handymax and one Handysize.