The Board of Jinhui Shipping and Transportation Limited (the ‘Company’) is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (the ‘Group’) for the quarter and six months ended 30 June 2020.
In the first half of 2020, the very unexpected and unfortunate outbreak of the COVID-19 was regarded as posing moderate public health risk to start off with, but as the velocity at which the virus spread exceeded experts’ expectations, the World Health Organization (‘WHO’) declared COVID-19 outbreak as pandemic in March 2020 as it has affected initially China, then rapidly affected regionally and globally across different countries. This negative backdrop translated to much reduced demand for dry bulk commodities including iron ore, coal and certain minor bulk cargoes and impacted sentiment in the dry bulk shipping market given the sudden erosion in business confidence. The dry bulk freight market has gained some positive momentums since late May with increasing demand and limited supply of vessels due to increasing scrapping of vessels under the new IMO 2020 regulations. The average of Baltic Dry Index for the first half of 2020 was 685 points, which compares to 895 points in the same period in 2019.
Revenue for the first half of 2020 decreased 34% to US$17,724,000, comparing to US$26,784,000 for the same period in 2019. The Company recorded a consolidated net loss of US$23,656,000 for the first half of 2020 while a consolidated net profit of US$818,000 was reported in the first half of 2019. Basic loss per share for the period was US$0.217 as compared to basic earnings per share of
US$0.007 for the first half of 2019.
Revenue for the second quarter of 2020 decreased 39% to US$8,510,000, comparing to US$14,019,000 for the corresponding quarter in 2019. The Company recorded a consolidated net loss of US$5,285,000 for current quarter as compared to a consolidated net loss of US$1,147,000 for the corresponding quarter in 2019. Basic loss per share was US$0.048 for the second quarter of 2020 while basic
loss per share was US$0.010 for the corresponding quarter in 2019.
As at 30 June 2020, the Group had eighteen owned vessels which included two modern Post-Panamaxes and sixteen modern grabs fitted Supramaxes.
Source: Jinhui Shipping