Jingang Marine to sell 2009-built supramax bulker for $10.8m

Jingang Marine, a subsidiary of Hong Kong-based Jinhui Holdings, has entered into an agreement to sell a 2009-built supramax bulk carrier for $10.8 million.

Delivery of the bulker Jin Gang to Singapore-based Huwell Shipping is scheduled between July 7 and August 15, 2025.

The 56,927-deadweight-tonne vessel is currently on a time charter that runs until September 2025. To accommodate this, Huwell has agreed to lease the vessel back to Jingang on a bareboat charter for a period of four to six months upon completion of the sale.

The company stated the sale price was determined with reference to market intelligence and an independent valuation of $10.8 million. It expects to realize a book loss of approximately HKD7 million ($891,736) on the disposal.

Jinhui's directors said the sale is part of a strategy to readjust the company's fleet profile, reduce the average age of its vessels, and enhance working capital.

Jinhui Holdings noted that it currently operates a fleet of 31 bulk carriers, 24 of which are company-owned, with a total deadweight carrying capacity of approximately 2.3 million tonnes.