An indirect subsidiary of Jinhui Holdings Company has entered into an agreement to sell the Jin Mao, a 56,469 DWT supramax bulk carrier built in 2012. The Memorandum of Agreement was signed on October 28, 2025, with the purchaser, New Unite Marine, a company based in the People's Republic of China.
The agreed consideration for the Hong Kong-flagged vessel is $13.2 million. An initial deposit of ten per cent ($1.32 million) is payable within five banking days, with the balance due upon delivery of the vessel, which is scheduled to take place on or before December 10, 2025.
The consideration was determined based on market intelligence, including information from shipbrokers, analysis of comparable transactions, and an independent valuation which appraised the vessel at $13 million as of October 21, 2025.
The selling entity, Jinmao Marine, is a wholly-owned subsidiary of Jinhui Shipping and Transportation, which is approximately 55.69 per cent owned by Jinhui Holdings. The unaudited net book value of the vessel as of September 30, 2025, was approximately HK$104.4 million. The group expects to realise a book loss of approximately HK$1.6 million on the disposal.
According to Jinhui, the net sale proceeds will be used for general working capital purposes, including repaying short-term borrowings, settling outstanding payables, and enhancing financial flexibility.
The disposal aligns with the group's strategy to optimise its fleet by maintaining a balanced portfolio and reducing operational risk exposure in volatile markets. Following the sale, the group will operate 28 vessels (twenty owned, eight chartered-in).
