Jinhui sells two

Jinhui Shipping & Transportation has sold a pair of year-old bulk carriers for slightly less than their book value.

The 55,500-dwt sister supramaxes Jin Man and Jin Pu (both built 2008) have fetched $30m each from the one beneficial owner.

Both ships were built at Oshima in Japan.

The owner did not name the vessels concerned but these ships are the only ones in Jinhui’s fleet list published on its website which match exactly the vessels described in Monday’s announcement

The ships were only delivered from Oshima Shipbuilding to Hong Kong and Oslo-listed Jinhui in February and March last year.

Explaining the rationale behind the sales Jinhui said: “The directors believe that the disposal will enable the group to enhance its working capital position and to further improve its liquidity.”

With sale and purchase activity currently at a minimum and no same-sized, 2008-built bulkers having been sold recently, Jinhui used shipbroker intelligence to arrive at the per-ship price tag of $30m.

In the case of one of the vessels this is $1.52m below its net book value as at the end of last year and in the other case it is $3.35m off.

Jinhui does, however, book a net gain of $11.58m from one sale and $9.3m from the other.

Both ships are to be delivered between 25 May and 30 June this year.

Jinhui named the buyers simply as NSCL and RSC, the latter being a subsidiary of the former. Both will jointly own the ships on a 60:40 basis, respectively.

A ten percent payment is due on both ships within the next three days with the balanace due on delivery.

Printable version Newsletter sign up