Jinhui Shipping Orders Two Bulk Carrier Newbuilds

Hong Kong-based Jinhui Shipping and Transportation has ordered two 64,500-dwt bulk carriers from Jiangmen Nanyang Ship Engineering for a combined $71.4 million as part of a fleet renewal and expansion program.

Two wholly owned Jinhui subsidiaries signed separate shipbuilding contracts on September 21, each valued at $35.7 million.

The first vessel is scheduled for delivery by August 31, 2029, followed by the second by September 30, 2029. Both ships will be built to the same specifications.

Jinhui said the new vessels would incorporate tailor-made designs and comply with the latest maritime regulations. They are expected to offer improved fuel and operational efficiency compared with bulk carriers currently operating in its fleet.

About 65% of the combined purchase price is expected to be funded through bank financing, with the remainder coming from the group's internal resources.

Following delivery, the vessels are intended to be chartered to third parties for the transportation of dry bulk commodities.

Jinhui currently operates 19 vessels, comprising 16 owned ships and three chartered-in vessels. Two of the owned vessels are under sale-and-leaseback arrangements.

The acquisitions are conditional on approval by shareholders of Jinhui Holdings Company Limited, which owns about 55.69% of Jinhui Shipping.