OSLO: Board of Jinhui Shipping and Transportation Limited announced that a wholly-owned subsidiary of the company entered into a memorandum of agreement for the disposal of a Supramax at a consideration of US$5.46 million.
The Vessel is a Supramax of deadweight 50,230 metric tons, built in year 2001 and registered in Hong Kong. It vessel will be delivered to the purchaser or its nominee between 16 December 2019 and 31 January 2020. The Group intends to keep all net sale proceeds received as general working capital of the Group.
The principal activity of the Company is investment holding and the principal activities of its subsidiaries are international ship chartering and ship owning. Before the completion of the Disposal, the Group currently owns two modern Post-Panamaxes and seventeen modern grabs fitted Supramaxes including the Vessel.
The vendor is a ship owning company and a wholly-owned subsidiary of Jinhui Shipping, which is in turn an approximately 55.69% owned subsidiary of the company.
The purchaser is a company incorporated in the Republic of Marshall Islands and its principal activities are ship owning and ship chartering. The Purchaser and the Guarantor are companies wholly-owned by a common ultimate beneficial owner – Mr. Zhao Weihui.