Jinhui Shipping

Hong Kong-based shipowner and operator Jinhui Shipping & Transportation reported a net loss of $15.25 million for 2020 due to the post-coronavirus recession. Jinhui Shipping & Transportation reported a revenue of $47.12 million for 2020. Oslo Stock Exchange-listed Jinhui Shipping and Transportation’s majority shared are owned by Hong Kong-listed Jinhui Holdings and controlled by brothers Ng Siu Fai and Thomas Ng Kam Wah. Bermuda registered and Hong Kong-based Jinhui Shipping & Transportation published that the drivers for a net loss of $15.25 million were the consequence of the coronavirus pandemic on shipping business and, therefore, on chartering and freight revenue, unrealized impairments on the value of bulk carriers, and an increase in ship operating costs. In Q4 2020, Jinhui Shipping & Transportation reported a revenue of $15.14 million. In July 2020, Hong Kong-based shipowner and operator Jinhui Shipping & Transportation acquired 2001 built supramax bulk carrier 50K DWT MV Atlantica for around $4 million. In December 2020, Hong Kong-based shipowner and operator Jinhui Shipping & Transportation sold 2002 built supramax bulk carrier 50K DWT MV Jin Ping for around $5.5 million to Hong Kong Xinfeng Shipping. Jinhui Shipping & Transportation reported TCE (Time-Charter Equivalent) $7,269 per day per bulk carrier for 2020. Bermuda registered and Hong Kong-based Jinhui Shipping & Transportation has significant investments and other financial holdings. Currently, Jinhui Shipping & Transportation has a fleet of two (2) post-panamax bulk carriers and seventeen (17) supramax bulk carriers. 23-February-2021

 

Oslo Stock Exchange-listed Jinhui Shipping and Transportation has reported a net profit of $766,000 for Q3 2020. Bermuda registered and Hong Kong-based Jinhui Shipping’s first quarterly profit since the end of 2019. In Q3 2019, Jinhui Shipping and Transportation reported a net loss of $2.37 million. In Q3 2020, a net profit of $766,000 came due to lower finance costs, lower expenses, and a smaller impact on the change in the fair value of fleet than previous quarters. In Q3 2020, Jinhui Shipping and Transportation has reported earnings of $14.3 million compared to $16.6m million in Q3 2019. Jinhui Shipping and Transportation is going to pay around $61 million of secured loans which are due by Q2 2021. Oslo Stock Exchange-listed Jinhui Shipping and Transportation will be careful of shipping market volatility that could influence the value of its fleet. In Q3 2020, Jinhui Shipping and Transportation has no capital expenditure commitment to the new-building bulk carrier contracts and sustains a solid financial position. Currently, Bermuda registered and Hong Kong-based shipowner and operator Jinhui Shipping and Transportation controls a fleet of 19 bulk carriers. 29-November-2020

 

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 & Transportation reported a profit of $5.6 million in Q4 2019 due to stronger bulk carrier charter rates. Additionally, Jinhui Shipping & Transportation reported a revenue of $19.8 million in Q4 2019. Jinhui Shipping & Transportation reported a revenue of $63.2 million for the full year of 2019. Oslo Stock Exchange-listed Jinhui Shipping and Transportation received support of Q4 2019 dry bulk shipping environment however, Jinhui Shipping and Transportation is pretty unadventurous over coronavirus repercussions. In Q4 2019, Jinhui Shipping & Transportation reported average TCE (Time Charter Equivalent) rates of $11,419 per day per bulk carrier. Meanwhile, in Q4 2019, Baltic Dry Index (BDI) slumped from 1,929 to 1,090. According to Jinhui Shipping & Transportation, coronavirus will dramatically affect the dry bulk shipping market in 2020. Post-coronavirus recession’s negative backdrop translated to much-reduced action in the dry bulk freight market. Currently, Hong Kong-based Jinhui Shipping & Transportation has a fleet of eighteen (18) bulk carriers. 27-February-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

 

Bermuda registered and Hong Kong-based Jinhui Shipping & Transportation scrapped a deal to acquire two (2) supramax bulk carriers from Athens-based Chartworld Shipping. Oslo Stock Exchange-listed Jinhui Shipping and Transportation canceled to buy 2001 built supramax bulk carrier 50K DWT MV Aifanourios and 2001 built supramax bulk carrier 50K DWT MV Aigeorgis due to late delivery. In April 2019, Jinhui Shipping & Transportation signed a deal to acquire two (2) supramax bulk carriers from Athens-based Chartworld Shipping for around $6 million each. Hong Kong-based Jinhui Shipping & Transportation stated that two (2) supramax bulk carriers deal termination would not have any substantial unfavorable effect on the financial status and operations of the company. Currently, Jinhui Shipping & Transportation owns and operates nineteen (19) bulk carriers. 2-June-2019

 

Bermuda registered and Hong Kong-based Jinhui Shipping & Transportation has signed an MOA (Memorandum of Agreement) to acquire two (2) supramax bulk carriers from Athens-based Chartworld Shipping. Jinhui Shipping and Transportation has not made any bulk carrier purchase since 2013. 2001 built supramax bulk carrier 50K DWT MV Aifanourios and 2001 built supramax bulk carrier 50K DWT MV Aigeorgis will be acquired for around $6 each if the deal is concluded. Currently, Jinhui Shipping & Transportation owns and operates sixteen (16) supramax bulk carriers and two (2) post-panamax bulk carriers. 23-April-2019

 

Oslo Stock Exchange-listed and Hong Kong-based Jinhui Shipping & Transportation’s chairman Siu Fai Ng increase his shares of the company. Jinhui Shipping & Transportation’s chairman Siu Fai Ng purchased the company’s Oslo-listed shares for around $16,266 in total. Jinhui Shipping & Transportation’s chairman Siu Fai Ng and his wife’s total shares increased to 4.8 million which is equivalent to 4.45% of the Jinhui Shipping & Transportation. Furthermore, Jinhui Shipping & Transportation’s Siu Fai Ng holds indirect stakes in the shipowning company through his majority shareholding in Jinhui Holdings and Fairline Consultants. Jinhui Holdings and Fairline Consultants are majority shareholders in Oslo Stock Exchange-listed and Hong Kong-based Jinhui Shipping & Transportation. 17-April-2019

 

Oslo Stock Exchange-listed and Hong Kong-based Jinhui Shipping & Transportation reported a net loss of $3 million in Q4 2018 due to the weaker dry bulk freight rate conditions. Jinhui Shipping & Transportation reported a revenue of $17.7 million in Q4 2018. Bermuda registered and Hong Kong-based Jinhui Shipping & Transportation’s Q4 2018 results were mainly affected by the sale of four bulk carriers. Jinhui Shipping & Transportation reported an average daily TCE (Time CFharter Equivalent) rate of $9,815 per day per ship. Dry bulk shipping markets increased exceptionally at the beginning of 2018, motivated essentially by robust Chinese dry bulk imports and poor bulk carrier supply. However, dry bulk shipping market sentiment changed in Q4 2018 due to the pressure precipitated by the US-China trade war. Oslo Stock Exchange-listed and Hong Kong-based Jinhui Shipping & Transportation reported a net profit of $8.7 million for the full year of 2018. 23-February-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