Jinhui Shipping Buys Supramax Pair

Hong Kong-based Jinhui Shipping and Transportation has purchased two Supramax bulkers from Greek ship manager Chartworld Shipping Corporation.

The ships in question are the 2001-built Aigeorgis and the 2002-built Aifanourios. The company said that the units were acquired for a total of USD 12 million, or USD 5.75 million and USD 6.25 million respectively.

The units, featuring around 50,300 dwt, are scheduled to join their new owner by early June 2019.

Jinhui Shipping and Transportation described the purchase prices of the vessels as “highly attractive”, adding that the additions would enable the group to expand its overall cargo carrying capacity while minimising risks of over allocation of capital to additional tonnages due to changes in maritime regulations going forward.

The company currently owns eighteen dry bulk vessels, including two Port-Panamax and sixteen Supramax units.

The transactions are contrary to Jinhui Shipping’s recent strategy of downsizing its bulk carrier fleet. Since 2016 the company disposed of a number of its units, with the latest sale undertaken in January this year when the company disposed of the 2001-built, 50,209-dwt Supramax Jin Zhou for USD 7.38 million.