Oslo-listed dry bulk owner Jinhui Shipping and Transportation has announced that it ordered two new vessels from China-based Jiangmen Nanyang Ship Engineering.

The orders， put in place by Jinhui’s two subsidiaries， are worth $34.15m each (approximately HKD 266.37m).

According to the company， the total contract price for both vessels is $68.3m (approximately HKD 532.74m). Both Vessels will be delivered on or before December 31， 2030. Both vessels will have the same specifications， but deadweight and other details were not revealed.

Jinhui said that this order is consistent with its ongoing strategy to renew the fleet with “modern， larger， and high-quality vessels， by gradually phasing out its older vessels and replacing them with newer and younger vessels”.

“The availability of suitable young modern vessels in the second-hand market fluctuates over time， and， at present， no high-quality young second-hand vessels of suitable specifications， favourable delivery timelines， and reasonable pricing can be identified，” the company explained.

Upon delivery of the two vessels， they will be chartered out to third parties for the transportation of dry bulk commodities.

Jinhui currently operates 21 vessels， including 18 owned and three chartered-in， with a total carrying capacity of approximately 1.7m dwt.