Jinhui Shipping & Transportation continues to renew its fleet through sale-and-purchase and chartering deals.
The Oslo-listed Hong Kong company said it has agreed to sell the 52,000-dwt supramax Jin Sheng (built 2006) for $10.43m to an unnamed Marshall Islands company.
Jinhui said the book value of the ship was $11.93m at the end of October.
VesselsValue assesses the bulker as worth $11.2m. It cost Jinhui $40.4m to order as a newbuilding.
The company said the book loss from the sale would be around $1.5m.
The Jin Sheng made a net loss of $1.5m in the year to 31 December, but a profit of $12.2m the year before.
The proceeds will be used for working capital.
The owner said the deal would also further strengthen liquidity and optimise its fleet profile.
Jinhui added that it will continue to renew the fleet with more efficient ships and is not ruling out more sales of smaller and older bulkers.
The group has 25 ships now, of which 24 are owned.
The one exception is the 81,800-dwt kamsarmax Ever Shining (built 2021), chartered in last week from First Steamship of Taiwan for between 22 and 24 months.
The rate is $14,250 per day for the first 12 months and then $14,750 per day.
The minimum payment to be made by Jinhui will be $8.5m.
The company said the deal was an opportunity to boost cargo capacity without buying.
In November, Jinhui sold another veteran supramax bulker as it looked to improve the age profile of its fleet.
The 52,500-dwt Jin Quan (built 2006) went to a fellow Hong Kong shipowner for $9.65m.
That was only the second vessel the company had sold this year, following the disposal of the 52,700-dwt Jin Feng (built 2004) in September for $8.1m.
However, it has acquired the 63,800-dwt ultramax Hanton Trader III (built 2014) for $20.43m from Vega Maritime of the United Arab Emirates.
