On December 10, Jinhui Holdings announced in its “Major Transaction – Acquisition of a Vessel” notice that on December 9, an indirect subsidiary in which the company holds a 55.69% interest entered into a construction contract with Jiangmen Nanyang Ship Engineering for a 64,500 DWT bulk carrier.
The vessel’s construction cost is US$33.45 million, with delivery to the shipowner scheduled by October 31, 2028. Upon delivery, the vessel will be deployed for third-party chartering operations.
This marks another recent collaboration between Jinhui Holdings and Jiangmen Nanyang Ship Engineering in the bulk carrier market. Several months ago, Jinhui Holdings announced an order from Jiangmen Nanyang Ship Engineering for three 64,500 DWT bulk carriers, valued at approximately US$99.15 million, all scheduled for delivery in the first quarter of 2028. With this latest order, Jiangmen Nanyang Ship Engineering will build four sister vessels of the same specifications for Jinhui Holdings, totaling US$132.6 million.
Jinhui Holdings stated that this newbuilding project aligns with its long-term strategy to replace its aging fleet with larger, more modern, and fuel-efficient vessels. The company noted that the tightening supply of high-quality, young secondhand bulk carriers meeting suitable specifications and feasible delivery schedules has prompted shipowners to turn to newbuildings that comply with the latest regulatory standards and offer customizable designs.
By ordering two 63,500 DWT bulk carriers from New Hantong Ship Heavy Industry in 2024 and subsequently placing orders for four bulk carriers with Jiangmen Nanyang Ship Engineering, Jinhui Holdings is currently committed to modernizing its fleet with a younger and larger tonnage. Furthermore, the company is actively restructuring its fleet this year, having already sold 11 older Supramaxes vessels, marking one of its most intensive fleet restructuring phases to date.
As of now, Jinhui Holdings operates a fleet of 25 vessels with a total carrying capacity of 2 million deadweight tons. Among these, 19 are owned vessels and 6 are chartered vessels, with 2 owned vessels under sale-and-leaseback arrangements.
For Jiangmen Nanyang Ship Engineering, according to incomplete statistics, the shipyard has secured orders for a total of eight bulk carriers this year, including four new vessels from Jinhui Holdings. The remaining four vessels, each with a deadweight tonnage of 40,500 tons, were contracted from Zhejiang Communications Investment Group, with a total transaction value of US$114 million.
Jiangmen Nanyang Ship Engineering was established in early 2005. Located on the shore of Yinzhou Lake in Xinhui District, Jiangmen City, Guangdong Province, it has two factory areas covering an area of approximately 1,000 mu (about 66.7 hectares) with a total workshop area of 190,000 square meters. It can build ships up to 100,000 tons, with an annual production capacity of 1.6 million deadweight tons. It focuses on building handysize bulk carriers and has delivered a total of 150 ships.
Jiangmen Nanyang Ship Engineering was established in early 2005 and is located in Xinhui District, Jiangmen City, Guangdong Province. It has two factory areas covering an area of approximately 1,000 mu (about 66.7 hectares) with a total workshop area of 190,000 square meters. It can build vessels up to 100,000 tons, with an annual production capacity of 1.6 million deadweight tons. It focuses on building handysize bulk carriers and has delivered a total of 150 vessels.