Jinhui Shipping and Transportation Limited has confirmed the sale of 2000-built supramax Jin An to UAE-based Al Khalejia Aggregates for US$3.4m.

Delivery of the 50,786dwt vessel is scheduled for between July 15 and and August 31, with Jinhui expecting to book in a loss of approximately US$4m on the sale.

Jinhui cited the prevailing market conditions as the reason for the sale, which will help enhance its working capital position and strengthen liquidity. Last month, the company revealed it had initiated restructuring arrangement discussions with lenders, with an update due this month.