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Another for Jinhui Shipping

Another for Jinhui Shipping
Dry-bulk owner Jinhui Shipping & Transportation continues its order splurge by signing up for another supramax in China.

Another for Jinhui Shipping

Dry-bulk owner Jinhui Shipping & Transportation continues its order splurge by signing up for another supramax in China.

The Oslo- and Hong Kong-listed owner penned the contract for the 57,700-dwt unit to be built at STX Shibuilding"s Dalian facility last Friday.

The supramax is setting the owner back $46.5m and will be delivered by the end of June 2011.

Sixty percent of the purchase price will be covered by bank borrowings with the remainder coming from internal resources, Jinhui said in an exchange filing.

It has been a busy fortnight for Jinhui which at the end of June added three ships to its fleet list. It bought two post-panamax bulker newbuilding contracts from British Virgin Islands-registered investment firm Dragonmark International in deals worth $126.6m. Jinhui also signed for a 38,000-dwt handysize at Naikai Zosen for $42.61m making the STX order look relatively cheap.

The latest order leaves Jinhui with an extensive grabs-fitted supramax newbuilding list running to 20 units. It also has another post-panamax newbuilding and a secondhand handymax to come on stream.

www.TurkishMaritime.Com.tr

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