Jinhui Shipping

Bermuda registered and Hong Kong-based Jinhui Shipping reported a net loss of $5.2 million in Q2 2020 due to post-coronavirus recession. Many supramax bulk carriers lie at anchor as coronavirus pandemic halts many dry bulk cargoes such as nickel ore. In Q2 2020, Oslo Stock Exchange-listed Jinhui Shipping and Transportation reported a revenue of $8.5 million. Ng Sui Fai-led Jinhui Shipping reported TCE (Average Time Charter Equivalent) of $5,229 in Q2 2020. In Q2 2020, BDI (Baltic Dry Index) was at 783 points. According to Jinhui Shipping and Transportation, in Q2 2020, the freight market has been challenging due to a slowdown in industrial activity which diminished activity in the dry bulk shipping market. Currently, Hong Kong-based Jinhui Shipping has a fleet of 18 bulk carriers. 24-August-2020

 

Bermuda registered and Hong Kong-based Jinhui Shipping is cautious as the macroeconomy remains uncertain. Oslo Stock Exchange-listed Jinhui Shipping and Transportation find it difficult to plan for the future while the global economy looks uncertain. According to Jinhui Shipping and Transportation’s vice-president Raymond Ching, the United States-China trade war is the biggest overhang that’s affecting the sentiment in the shipping business. Furthermore, there’s a general fear of a global economic slowdown, which translates to weakness in demand in the shipping industry. Jinhui Shipping and Transportation expect a volatile market in the near future for both the shipping business and the global economy. On the other hand, a low number of newbuilding orders at the Far East shipyards is going to give the shipping market strong support. Hong Kong-based shipowner and operator Jinhui Shipping and Transportation is focusing its investments in securities rather than asset plays and believes that asset play comes to an end. In June 2019, Jinhui Shipping and Transportation were forced to terminate the purchase of one of two supramax bulk carriers from Greek shipowner Chartworld Shipping. Jinhui Shipping and Transportation have been investing cash into yield enhancement securities which will provide positive cash-flows for the company. Jinhui Shipping and Transportation has reported total debt of $118 million in Q2 2019, against $90 million Q2 2018. Jinhui Shipping and Transportation opts for Low Sulfur Fuel Oil (LSFO) to meet IMO 2020 regulations instead of scrubbers. In May 2019, Greek shipowner and operator Chartworld Shipping delivered one of the supramax bulk carriers to Jinhui Shipping and Transportation, but Jinhui Shipping and Transportation was forced to cancel its purchase of the second supramax bulk carrier because Chartworld Shipping was unable to deliver supramax bulk carrier on time. Subsequently, Chartworld Shipping refunded an initial deposit of $625,000 to Jinhui Shipping and Transportation. Jinhui Shipping and Transportation has reported a net loss of $1.1 million in Q2 2019 which equates to a basic loss per share of $0.01. Jinhui Shipping and Transportation reported a net profit of $2.84 million in Q2 2018 which equates to a basic profit per share of $0.026. Jinhui Shipping and Transportation reported revenue of $14 million in Q2 2019, against $22.1 million in Q2 2018. Drop-in revenue was due to the weaker freight environment and a reduction in owned ships. In 2018, Jinhui Shipping and Transportation had a fleet of 23 and in 2019 has a fleet of 19 bulk carriers. 2-September-2019

 

Hong Kong and Oslo listed Jinhui Shipping and Transportation CEO Siu Fai Ng has purchased 6,947 shares and raises shareholding. CEO Siu Fai Ng spent around NOK 63,600 ($7,463) for the purchase of 6,947 shares. According to the Oslo Stock Exchange filing, CEO Siu Fai Ng paid an average price of NOK 9.16 each share. The latest transaction raised CEO Siu Fai Ng’s shareholding to 4,788,620 shares, equivalent to around 4.3% of all Jinhui Shipping and Transportation’s outstanding share capital. Besides, CEO Siu Fai Ng holds indirect stakes in Jinhui Shipping and Transportation through his majority shareholding in Jinhui Holdings and in Fairline Consultants. Jinhui Holdings and Fairline Consultants are majority shareholders in Jinhui Shipping and Transportation. Jinhui Shipping and Transportation’s shares were trading at a price of NOK 9.49 each. In early 2017, Oslo-listed Jinhui Shipping and Transportation axed bonus payments for top management following the 2016 crisis. 2017 reaction came from investors caused by the absence of dividends. Currently, Hong Kong and Oslo listed Jinhui Shipping and Transportation has a fleet of 17 supramax and 2 post-panamax bulk carriers. 18-July-2019

 

Singapore based ship-manager Poseidon Global Shipping has acquired supramax bulk carrier from Jinhui Shipping & Transportation at the end of December 2018. Oslo and Hong Kong-listed Jinhui Shipping & Transportation announced that it had sold a supramax bulk carrier for around $7 million but did not disclose the identity of the buyer at that time. Jinhui Shipping & Transportation has now confirmed it sold 2001 built supramax bulk carrier 50K DWT MV Jin Zhou. MV Jin Zhou delivered to Singapore based Poseidon Global. Oslo and Hong Kong-listed Jinhui Shipping & Transportation proceeds supramax bulker sales. In 2018, Jinhui Shipping & Transportation sold four (4) supramax bulk carriers and another sold four (4) supramax bulk carries in 2017. Most supramax bulk carriers were built during the 2000s. Currently, Jinhui Shipping & Transportation has a fleet of 18 bulk carriers. 16-July-2019

 

Oslo and Hong Kong-listed shipowner and operator Jinhui Shipping sold handysize dry bulk carrier 2012 built 38K DWT M/V Jin Yu for $15 million. After paying debts of the vessels, balance will be added to working capital. Oslo and Hong Kong-listed shipowner and operator Jinhui Shipping has 2 post-panamax and 21 supramax dry bulk carriers. 27-April-2017

 

Hong Kong-based shipowner and operator Jinhui Shipping & Transportation sold a handysize dry bulk carrier 2012 Japan built 38K DWT M/V Jin Yu for $14.4 million for further trading. In October 2016, Hong Kong-based shipowner and operator Jinhui Shipping & Transportation sold 2009 built panamax dry bulk carrier 76K DWT M/V Jin Rui to Hanse Shipping Co for $10.6 million. Also in October 2016, Hong Kong-based shipowner and operator Jinhui Shipping & Transportation sold other 2011 built panamax dry bulk carrier 75K DWT M/V Jin Chao to Greece based shipowner and operator Fundador Compania Naviera for $12.8 million. 10-December-2016