Bulker owner Jinhui Shipping & Transportation has boosted its capesize fleet with the purchase of a Chinese-built ship.
The Oslo-listed company has spent $24m on the 178,021-dwt Ocean Courtesy (built 2008) from Kobe Shipping of Japan, it told investors on Tuesday.
VesselsValue values the ship at $24.15m, while rival platform Maritime Strategies International estimates its worth between $22.7m and $27.1m.
Jinhui expects to take delivery of the vessel between 1 September and the end of the year, when a balance of $19.2m is payable to the seller.
The company said it will fund around 70% of the purchase price with bank financing, without identifying the lenders.
The rest will be paid in cash. The shipowner had $23.6m in cash on its balance sheet as of 31 March.
The acquisition marks the next step of Jinhui’s expansion into larger vessel sizes.
The Hong Kong-based shipowner bought its first capesize in February when it took the Japanese-built 181,300-dwt New Delight (built 2012) for just under $31m.
This was followed in April by a deal to charter in a newcastlemax, which Jinhui has fixed out to Olam Maritime Freight, the shipping arm of agricultural commodities trader Olam.
Jinhui has continued to be active in buying and selling midsize bulk carriers, which have long been its focus.
Last month, Jinhui made its first newbuilding order when it contracted two 63,500-dwt ultramaxes from Jiangsu Hantong Ship Heavy Industry in China for $34m apiece.
In mid-February, it bought a modern kamsarmax from Nisshin Shipping of Japan for $31.1m.
Jinhui’s 33-strong bulk carrier fleet today comprises 23 owned vessels, almost all of which are supramaxes and ultramaxes, plus 10 chartered-in ships.
