Jinhui Shipping & Transportation has bought a kamsarmax from Nisshin Shipping of Japan as part of its plan to modernise its fleet of bulk carriers.
The Oslo-listed bulker owner on Wednesday said it has agreed to pay $31.1m for the 81,567-dwt Vincent Trader (built 2019).
Around 70% of the purchase price will be funded with bank financing and the rest will be paid for in cash, the Hong Kong-headquartered company said.
The vessel was built at Jiangsu Hantong Heavy Industries in China and has been fitted with a ballast water treatment system. It will be delivered to Jinhui between 1 April and 15 June.
“Despite the recent development in the shipping market, the directors continuously review the prevailing market conditions of the shipping industry and continue to seek to fine-tune the quality of our fleet and adjust the group’s fleet profile as appropriate,” Jinhui said.
“The directors believe that the acquisition of the vessel will enable the group to optimise the fleet profile through this ongoing management of asset portfolio.”
The average age of Jinhui’s owned bulkers is 13.7 years, slightly older than the industry average of 11.9 years for handymax vessels, according to Clarksons data.
The company said it would continue to monitor the sale-and-purchase market for further opportunities to maintain a “reasonably modern and competitive fleet”, which could possibly entail replacing smaller and older vessels with newer ones with larger cargo capacity and longer lifespans.
The shipowner has sold off six of its older supramaxes and two post-panamax bulkers over the past two years or so.
The acquisition follows soon after Jinhui’s announcement earlier this month that it has signed a deal to buy its first capesize bulker.
Jinhui has agreed to buy the Japanese-built, 181,300-dwt New Delight (built 2012) from Hsin Chien Marine for $30.95m.
Excluding these two latest acquisitions, Jinhui’s current fleet comprises 22 owned bulk carriers and another two that have been chartered by the company.
