Oslo-listed Jinhui Shipping and Transportation has struck a deal to sell the 2008-built supramax bulker Jin Rong for $11.93m, continuing its clear-out of older tonnage.

The 58,700 dwt vessel, built at Tsuneishi Cebu in the Philippines, is heading to Hong Kong-registered Liuliu Shun Shipping.

The sale is slated to close by mid-October, leaving Jinhui with a booked non-cash loss of about $0.3m based on end-June values.

The ship, acquired in 2021 as Belcargo from Belships for $17m, is the sixth supramax Jinhui has sold since March as the Chinese owner trims its fleet profile.

“The disposal represents an opportunity for the group to readjust its fleet profile and reduce operational risk exposure,” Jinhui said in a filing.

The company added that it plans to use proceeds to repay short-term borrowings, ease interest costs and cover creditors and payables.

Jinhui currently controls 30 vessels across the capesize, panamax, ultramax and supramax segments, with 20 owned ships. Most disposals this year have targeted its older supramax units.