China's Qinfa Group has confirmed its exit from the shipowning business after agreeing the sale of its last panamax bulker.
The Hong Kong-listed company has sold the 73,300-dwt QinFa 18 (built 1998) for CNY 66.3m ($10.45m), according to a regulatory filing.
The delivery should be arranged at a safe and accessible berth or anchorage at Zhoushan, China, at the purchaser's option, Qinfa said in a regulatory filing.
Qinfa said it has been focusing its resources on its coal operations, which accounted for the major portion of its revenue during the last financial year.
"As the secondhand bulk carrier market is gradually improving, the directors consider that the disposal represent an opportunity to dispose of the vessel at a reasonable price which will enable the group to improve its liquidity position and lower the gearing ratio thus enhancing the Group's overall financial position," Qinfa said.
"The price is considered reasonable with reference to the recent reported market sales of secondhand bulk carriers with similar class and size in the international market."
In March this year, Qinfa sold the 81,600-dwt Super Grace (built 2011) for $14.9m. It sold its 82,000-dwt Oriental Wise (built 2011) in June 2018 for $17.45m.
Panamaxes have been the most popular class of bulker in the secondhand market so far this year, according to Allied Shipbroking.
An estimated 271 panamaxes, with an average age of nine years, have changed hands so far this year in deals worth just over $5bn.
The second-best selling bulker segment is handysize vessels with 229 ships worth $2.8bn traded, with supramaxes in third place with 226 vessels sold worth $2.84bn, figures from the Greek shipbroker show.
