Oslo-listed Jinhui Shipping has entered into an agreement with Greek company Gelico Shipping to sell handymax bulker Jin Bi for US$3.5m.

The Hong Kong-registered vessel will be delivered between Sept. 20 and Oct. 26.

Jinhui Shipping said that the directors continuously review market conditions and adjust the group's fleet profile, and believe that the disposal will enable the group to enhance it working capital position and strengthen its liquidity.

Jinhui Shipping reported a net loss of US$39.14m for the first half of 2016.