Jinhui Shipping & Transportation has opted to charter in its latest vessel rather than buy, in the face of rising newbuilding and operating costs.

The Hong Kong-listed shipowner said it has agreed to charter the 61,452-dwt Pacific Lily (built 2016) for up to two years at $16,500 per day.

It expects to pay just over $10m for the minimum charter period of 22 months to the owner, Zhejiang Shipping (Singapore).