On September 21, Jinhui Group announced that two of its indirect subsidiaries, in which it holds an approximately 55.69% interest (acting as the First Buyer and Second Buyer), had entered into contracts with Jiangmen Nanyang Ship Engineering for the construction of two 64,500 DWT bulk carriers. The total contract value is US$71.4 million, with a price of US$35.7 million per vessel. Delivery is scheduled for no later than August 31, 2029, and September 30, 2029, respectively.
Jinhui Group stated that its core business involves international ship chartering and ownership. The order for two new vessels aligns with the Group’s ongoing strategy to modernize its fleet with larger, high-quality ships, gradually phasing out older vessels in favor of newer, younger ones. These new vessels offer superior fuel and operational efficiency, comply with the latest environmental regulations and current industry standards, and support the Group’s long-term objective of maintaining a modern, youthful fleet.
The announcement discloses that Jinhui Group currently operates a total of 19 vessels, comprising 16 owned vessels and 3 chartered vessels. Among the owned vessels, two are already subject to sale-and-leaseback arrangements. Once the newly contracted vessel enters service, it will be chartered out, generating steady chartering income and bolstering the Group’s recurring operating revenue.
With the latest order for two additional vessels, Jinhui Group has now contracted Jiangmen Nanyang Ship Engineering to build a total of eight 64,500 DWT bulk carriers. The parties had previously signed contracts for six such vessels, scheduled for delivery in September 2025 (three ships), December 2025 (one ship), and June 2026 (two ships), at unit prices of US$33.05 million, US$33.45 million, and US$35.70 million, respectively.
Established in early 2005, Jiangmen Nanyang Ship Engineering is located along the banks of Yinzhou Lake in the Xinhui District of Jiangmen City, Guangdong Province. The company operates two shipyard sites covering an area of 915 mu (approximately 61 hectares), with a total workshop area of 140,000 square meters. It possesses the capability to build vessels of up to 100,000 DWT and has an annual production capacity of 1.6 million DWT; specializing in the construction of Handysize bulk carriers, the company has delivered approximately 170 vessels to date.