Jinhui Shipping Expands Fleet with New Bulk Carrier Orders
Jinhui Shipping and Transportation, a Hong Kong-based shipping company listed in Oslo, has announced the addition of two new bulk carriers to its ultramax newbuilding program. This strategic move is part of the company’s ongoing fleet renewal initiative aimed at enhancing operational efficiency and environmental compliance. The contracts for the two 64,100 deadweight tonnage (dwt) vessels were signed with Sumec Marine and its New Dayang Shipbuilding yard in China. Each vessel is priced at $34 million, bringing the total contract value to $68 million. The expected delivery dates for the ships are May 15 and July 31, 2029, respectively.
The decision to invest in newbuildings comes as Jinhui seeks to phase out older vessels from its fleet. The company has noted that acquiring suitable secondhand ships at reasonable prices and within acceptable delivery timelines has become increasingly challenging. As a result, Jinhui is opting for new constructions that promise improved fuel efficiency and operational performance, aligning with the latest environmental regulations.
Current Fleet and Future Plans
Currently, Jinhui operates a fleet of 21 vessels, which includes 18 owned ships and three chartered-in units, collectively boasting a carrying capacity of approximately 1.7 million dwt. Among these, two of the owned vessels are financed through sale and leaseback arrangements. The latest orders for the two ultramax bulk carriers build upon a series of previous contracts already placed in China. Notably, Jinhui has four additional 64,500 dwt ships on order at Jiangmen Nanyang, along with two earlier bookings for 63,500 dwt vessels at Jiangsu Hantong Ship Heavy Industry, valued at $68 million. These earlier vessels are scheduled for delivery in late 2026 and late 2027.
This expansion marks one of the most active phases of fleet reshaping for Jinhui in recent years. In conjunction with the new orders, the company has been actively selling older supramax vessels, having disposed of around ten last year. This strategy aims to lower the average age of the fleet while enhancing overall efficiency and compliance with modern environmental standards.
Commitment to Sustainability and Efficiency
Jinhui’s commitment to sustainability is evident in its focus on acquiring vessels that meet stringent environmental regulations. The new 64,100 dwt ships are designed to offer enhanced fuel efficiency, which is crucial in today’s shipping industry, where environmental concerns are paramount. By investing in newer, larger vessels, Jinhui aims to not only modernize its fleet but also to contribute positively to the maritime industry’s efforts in reducing carbon emissions.
As the shipping industry continues to evolve, Jinhui Shipping and Transportation is positioning itself as a forward-thinking player, ready to meet the challenges of the future while maintaining a competitive edge in the market. The company’s proactive approach to fleet renewal and environmental compliance underscores its dedication to sustainable shipping practices and operational excellence.
