Jinhui Shipping’s Bulk Carrier Sale Falls Through
Jinhui Shipping & Transportation has announced the cancellation of its sale of the supramax bulk carrier Jin Bi, marking the end of its planned divestments for 2025. The Hong Kong-based company had reached an agreement to sell the 2012-built vessel to Xing Le Investments for $14.4 million, with delivery scheduled between December 15, 2025, and January 30, 2026. However, a delivery-related condition could not be fulfilled, leading to the termination of the sale.
Details of the Cancellation
In a recent filing, Jinhui confirmed that the sale and purchase agreement for the Jin Bi was officially cancelled on January 23. The company stated that the initial deposit of $1.44 million, which was held in escrow, will be returned to the buyer as per the contract’s stipulations. The Jin Bi has been part of Jinhui’s fleet since its delivery and had an unaudited net book value of approximately $13.2 million at the end of October. Had the sale proceeded, Jinhui would have realized a gain of about $1.2 million.
This cancellation comes on the heels of a busy year for Jinhui, which has been actively reshaping its fleet. In 2025, the company had plans to sell 11 older supramax vessels, including the Jin Bi, as part of its strategy to modernize its fleet. Alongside these divestments, Jinhui has also been increasing its ultramax presence. Last year, the company placed an order for four ultramax ships at Jiangmen Nanyang, following two earlier contracts for 63,500 dwt newbuildings at Jiangsu Hantong Ship Heavy Industry.
No Significant Impact on Operations
Despite the failed sale, Jinhui Shipping has indicated that the cancellation will not have a significant adverse effect on its financial position or operational capabilities. The company remains focused on its strategy to renew its fleet while managing its existing assets effectively. As Jinhui continues to navigate the shipping market, the focus on ultramax vessels suggests a commitment to adapting to industry demands and enhancing operational efficiency.
