Jinhui Shipping and Transportation is selling off four supramax bulkers in a $48m move to boost its balance sheet.

Oslo-listed Jinhiu will use 90% of the cash from the sale to clear debt and it is not ruling out further reductions to its fleet to help it through the weak market.

Minyi (Tianjin) Ship Leasing has bought the 54,800-dwt Jin Shun and Jin Mao (built 2009), plus the 55,100-dwt Jin Heng (built 2010) and the 57,400-dwt Jin Feng (built 2011), Jinhui said in a statement.