Chinese bulker operator Jinhui Shipping and Transportation has sealed a long-term deal with Taiwanese owner First Steamship to charter in a 2021-built kamsarmax.

The Oslo- and Hong Kong-listed company’s subsidiary Goldbeam Shipping has contracted the 81，842 dwt Ever Shining for up to two years.

The Liberia-flagged ship will deliver into its new charter in December for a minimum of 22 months in a deal worth around $8.5m.

The contract， with options for two additional months， is structured at $14，250 per day for the first 12 months and $14，750 for the balance periods.

“Locking in a long-term contract with minimal hire actually has the benefit of bypassing inflationary pressure and other cost variation which the company has to bear if we purchase a vessel，” Jinhui said in a stock exchange filing.

As of September 30， the company’s fleet stood at 25 supramax/ultramax bulkers， of which 24 were owned and one chartered in.