China's Jinhui Shipping and Transportation Limited has agreed to sell four Supramax bulk carriers to four entities controlled by compatriot Minyi (Tianjin) Ship Leasing for an aggregate price of USD 48 million.

The four Hong Kong-registered Supramaxes were built from 2009 to 2011, with deadweights ranging from 54,768 to 57,352 metric tons.

The bulkers will be delivered to their respective owners by the end of April 2017, Jinhui said.

Following the sale of the four bulkers, Jinhui now owns a fleet of two Post-Panamaxes, twenty-one Supramaxes, and one Handysize.

The company will use the proceeds from the sale for the repayment of vessel mortgage loans and as general working capital.

The dry bulk owner and operator decided to sell the four vessels to enhance its working capital and strengthen its liquidity ahead of expected volatility in the market due to continued uncertainty with respect to the global economic outlook, particularly the freight market.