Jinhui Shipping’s Bulk Carrier Sale Falls Through
Jinhui Shipping & Transportation has experienced a significant setback with the cancellation of its sale of the supramax bulk carrier, Jin Bi. The deal, which was valued at $14.4 million, was set to conclude the company’s divestment plans for 2025. The cancellation was attributed to unmet delivery conditions, leaving the company to reassess its fleet strategy.
Details of the Cancellation
The Hong Kong-based shipping company had reached an agreement to sell the 2012-built Jin Bi, a vessel weighing 56,361 deadweight tons, to Xing Le Investments. The delivery was scheduled between December 15, 2025, and January 30, 2026. However, on January 23, Jinhui announced that the sale and purchase agreement had been terminated due to a failure to meet a delivery-related condition. As per the contract, the initial deposit of $1.44 million, which was held in escrow, will be returned to the buyer.
Jin Bi has been part of Jinhui’s fleet since its delivery and had an unaudited net book value of approximately $13.2 million as of the end of October. Had the transaction proceeded, Jinhui would have realized a gain of around $1.2 million. This cancellation marks a notable moment in Jinhui’s ongoing efforts to reshape its fleet, as the company had previously agreed to sell 11 older supramax vessels in 2025, including the Jin Bi.
Future Fleet Strategy
Despite the setback with the Jin Bi sale, Jinhui Shipping remains focused on modernizing its fleet. The company has been actively increasing its ultramax presence, having placed a four-ship order at Jiangmen Nanyang last year. This follows two earlier contracts for 63,500 deadweight ton newbuildings at Jiangsu Hantong Ship Heavy Industry. Jinhui has stated that the cancellation of the Jin Bi sale is not expected to have any significant negative impact on its financial health or operational capabilities.
As Jinhui navigates these challenges, the company continues to pursue its strategy of fleet renewal while adapting to the evolving shipping market.
