Jinhui Group (00137) announced that Jinhui Marine Inc., the lessee of an indirect subsidiary of the company with approximately 55.69% interest, entered into a chartering agreement with the lessor Zhejiang Shipping (Singapore) Co., Ltd. on April 12, 2024. The lease period is at least 22 months, starting from the date the ship is delivered to the charterer.
According to reports, the ship was named M.V. “PACIFIC LILY” is a bulk carrier built in 2016, with a load capacity of about 61,452 tonnes, and registered in the Republic of the Marshall Islands.
According to the announcement, leasing the ship provides an opportunity for the Group to increase carrying capacity with a modern ship, improve the Group's fleet portfolio with minimal immediate capital expenditure, bring freight and charter revenue to the Group, and improve the Group's revenue and cash flow from its core shipping business through methods other than direct acquisition of ships.