Jinhui Offloads Last Handysize Bulker

Jinhui Shipping Hong Kong-based Jinhui Shipping and Transportation Limited has sold its last Handysize dry bulk carrier, Jin Yu, to Tokyo-listed Inui Global Logistics for USD 15 million. The vessel will be delivered to Inui between 15 May 2017 and 15 June 2017. The 38,462 dwt dry bulker was built in 2012 at Naikai Zosen and is registered in Hong Kong. Jinhui intends to use approximately 75% of the net sale proceeds received pursuant to the agreement for the repayment of vessel mortgage loan and the remaining portion of the net sale proceeds will be kept as general working capital of the group. Back in February, Jinhui sold four Supramax bulk carriers to Minyi (Tianjin) Ship Leasing, which are expected to be delivered throughout April. The dry bulk owner and operator decided to sell the vessels to enhance its working capital and strengthen its liquidity ahead of expected volatility in the market due to continued uncertainty with respect to the global economic outlook, particularly the freight market. Excluding the vessels sold and scheduled to be delivered to the new owners, Jinhui operates a fleet of two Post-Panamaxes and twenty-one Supramaxes.