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Marine Log

June 29, 2008

Jinhui orders post-Panamax duo

Hong Kong listed bulker specialist Jinhui Holdings has placed contracts worth US$126.6 million (HK$987.48 million) for the acquisition of two 92,500 dwt post-Panamax-class vessels for delivery in 2010.

The contracts have been placed with Bermuda-registered investment company Dragonmark International, which, in turn, has placed shipbuilding contracts for the vessels with China's Yangzijiang Shipbuilding.

Each will be paid for in five instalments, with 60 percent of funding coming from bank financing and the remainder from Jinhui's internal resources.

Jinhui says the acquisition will enable it to continuously maintain a young and modern owned fleet of vessels to serve the growing needs of its customers. Jinhui currently owns one modern Capesize, one modern Panamax and eighteen modern grab-fitted Supramaxes including two Supramaxes that it will dispose of later in 2008. Taking into account all existing commitments to acquire and dispose of vessels, the group fleet is set to grow by an additional nineteen newly built grab-fitted Supramaxes, two newly built Post-Panamaxes, two newly built Panamaxes and one second hand Handymax, with three of these ships scheduled to be delivered in 2008, seven in 2009, seven in 2010, four in 2011, two in 2012 and one in 2013.

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