Jinhui Holdings has signed an agreement to sell the Ultramax bulk carrier Jin Ping to Hongkong Yiming Shipping for $23.455 million. Jinping Marine, an indirect subsidiary of the group, finalised the memorandum of agreement on March 6.
Delivery of the vessel is scheduled to take place between June 1 and July 15. Built in 2014, the Hong Kong-registered ship has a deadweight tonnage of 63,485. The group reported that the asset had an unaudited net book value of approximately HK$155.4 million ($19.92 million) at the end of December 31, 2025.
Financial records indicate the vessel generated a net profit of HK$13.504 million during the 2025 financial year. This total marked an increase from the HK$6.199 million profit attributed to the asset during the previous twelve months.
Management intends to apply the net sale proceeds toward general working capital and the repayment of short-term borrowings. This allocation will reduce interest expenses and improve the group’s capital structure, according to the announcement.
The company stated that the disposal aligns with its strategy to, “optimise its vessel fleet by maintaining a well-balanced portfolio,” while keeping leverage at comfortable levels.
Independent valuer Arrow Valuations appraised the ship at $23 million on March 4. The board explained that the final consideration was determined through market analysis and arm’s length negotiations with the purchaser.
After the delivery of the vessel is completed, the group said it will continue to operate a fleet of 20 vessels.
