On June 28, 2012, Jinhui Holdings Company Limited (Jinhui Holdings) issued an announcement on “Very Substantial Acquisition – Acquisition of Two Vessels”.
The announcement disclosed that an indirect subsidiary of Jinhui Holdings with approximately 55.69% interest as the First Purchaser and the Second Purchaser entered into two shipbuilding contracts with the Vendor, Jiangsu Hantong Ship Heavy Industry (HT) on June 28, 2024 respectively.
Accordingly, HT agreed to build and sell two vessels separately at a contract price of US$34 million (approximately RMB247 million) each, for a total price of US$68 million (approximately RMB494 million) for the contract. The two vessels will be delivered on or before December 31, 2026 and January 30, 2027, respectively.
Based on the announcement, both vessels are 63,500 DWT bulk carriers, which are more fuel efficient and operationally efficient than other bulk carriers currently operated by Jinhui Holdings, and comply with the latest environmental protection regulations and current specifications of the shipping industry.
It is worth mentioning that in June China’s Qingdao-based shipping company AGRICORE Group also signed a contract with HT for the construction of four 63,500 dwt Ultramax bulk carriers. Although the two sides did not publicize the price of the ship and other contract details, according to shipbrokers, the cost of a vessel is between US$34 million and US$35 million, and the total value of the order is about US$136 million (RMB987 million) to US$140 million (RMB1,016 million), which is also expected to be delivered from the second half of 2026 to 2027 one after the other.
