Jinhui continues ship sales with fifth deal of the year
Jinhui Shipping Sells Fifth Vessel of 2023

Jinhui Shipping and Transportation, a major player in the Chinese dry bulk sector, has finalized the sale of another supramax bulker, marking its fifth vessel transaction this year. The company is selling the 2009-built Jin Jun, a 65,900 dwt vessel, to Singapore’s Huwell Global Resources for $10.5 million. The deal is anticipated to close by mid-November, contributing to Jinhui’s ongoing strategy to optimize its fleet.
Strategic Fleet Restructuring
The sale of the Jin Jun is part of Jinhui Shipping’s larger initiative to reshape its fleet and mitigate risks associated with fluctuating freight markets. This transaction follows the recent sales of two other sister vessels, the Jin Gang and Jin Ji. Jinhui’s decision to offload these older supramax units reflects its commitment to adjusting its fleet profile. According to the company’s filing, this move not only reduces operational risk but also enhances financial flexibility.
Jinhui indicated that the transaction will result in a non-cash loss of approximately $2.3 million, calculated based on the vessel’s net book value as of the end of May. Despite this loss, the company is optimistic that the proceeds from the sale will bolster its working capital and overall financial position. To date, Jinhui has generated around $82 million through various vessel disposals and sale-and-leaseback agreements in 2023.
Currently, Jinhui Shipping controls a fleet of 30 vessels, with 20 owned outright. The company’s focus on shedding older ships aligns with its goal of maintaining a modern and efficient fleet while navigating the unpredictable dynamics of the shipping industry.