On December 13, 2019, a subsidiary of Jinhui entered into a memorandum of agreement (MOA) with Hyde Shipping, a Marshall Islands-based ship owning and chartering company, to dispose of the 50,230 dwt vessel.
The 2001-built bulker will be sold for USD 5.46 million, according to Jinhui.
Jin Ming is expected to be delivered to its new owner by the end of January 2020.
As explained, the disposal will enable Jinhui Shipping to enhance its working capital position, further strengthen its liquidity and optimize the fleet profile.
“Despite the recent improvement in the shipping market, we continue to see uncertainty and market volatility remaining as an operational risk to the group. In order to further reduce operational risk and liquidity risk, we believe it is prudent for the group to readjust the fleet size according to the age profile and it is also important to remain financially nimble in today’s ever-changing market environment,” Jinhui Shipping said in a statement.
The group currently owns two Post-Panamax bulkers and seventeen Supramaxes including Jin Ming.