Jinhui Shipping and Transportation has inked an agreement with Marshall Islands-registered AIGAION Shipholding, a company controlled by Fundafor Compania Naviera, for the disposal of a panamax bulker.

The selling price of the 75,008dwt Jin Chao is US$12.8m and the vessel will be delivered between Oct. 17 and Nov. 30.

Jinhui Shipping said it would realize a total book loss of US$9m from the disposal of the vessel.

The company intends to use the proceeds from the sale for the repayment of vessel mortgage loan and as general working capital.

In September, Jinhui Shipping sold two supramax vessels to companies controlled by the UK's Tufton Oceanic, and one handmax bulker to Gelico Shipping.