THIRD QUARTER AND NINE-MONTH REPORT FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2021

THIRD QUARTER AND NINE-MONTH REPORT FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2021

15 Nov 2021 05:04 CET

HIGHLIGHTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2021
- Revenue for the period: US$88 million
- Net profit for the period: US$110 million included reversal of impairment loss
on owned vessels of US$65.5 million
- Basic earnings per share: US$1.008

HIGHLIGHTS FOR THE THIRD QUARTER OF 2021
- Revenue for the quarter: US$40 million
- Net profit for the quarter: US$19 million
- Basic earnings per share: US$0.177

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 nine months ended 30
September 2021.

Dry bulk shipping market showed strong sign of rebound amid global economic
recovery and the market is supported by strong cargo flow that outpaced vessel
supply throughout the quarter. The market is characterized by robust freight
rates driven by a general increase in demand for commodities worldwide with the
surge of global seaborne trade of steel and iron ores, grain, soybean and other
agricultural commodities. Baltic Dry Index opened at 3,383 points at the
beginning of July and rose to the peak of the quarter at 5,197 points and closed
at 5,167 points by the end of September 2021. The average of BDI of the third
quarter of 2021 was 3,732 points, which compares to 1,522 points in the same
quarter in 2020.

The Group reported a revenue for the third quarter of 2021 of US$40,405,000,
representing an increase of 183% as compared to US$14,257,000 for the same
quarter in 2020. The consolidated net profit for the quarter was US$19,384,000
as compared to a consolidated net profit of US$854,000 was reported in the third
quarter of 2020. Basic earnings per share was US$0.177 for the third quarter of
2021 as compared to basic earnings per share of US$0.008 for the corresponding
quarter in 2020. The improved operating result for the quarter was primarily due
to the strong rebound of market freight rates in dry bulk shipping sector in
2021 and the increase in number of owned vessels that leads to a significant
increase in the chartering freight and hire revenue for the third quarter of
2021.

Given the remarkable rebound in dry bulk shipping market, the management
reviewed the Group's fleet and considered acquiring additional vessels could
generate steady stream of income for the Group. During the first nine months
period, the Group entered into agreements to acquire five vessels and took
delivery of three vessels. Revenue for the first nine months of 2021 increased
177% to US$88,488,000, comparing to US$31,981,000 for the same period in 2020.
The Company recorded a consolidated net profit of US$110,139,000 for the first
nine months of 2021 while a consolidated net loss of US$22,802,000 was reported
in the first nine months of 2020. Basic earnings per share for the period was
US$1.008 as compared to basic loss per share of US$0.209 for the first nine
months of 2020.

As at 30 September 2021, the Group had twenty one owned vessels which included
two modern Post-Panamaxes and nineteen modern grabs fitted Supramaxes.

For details, please see attachment on http://www.newsweb.no.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act).

More information:
Access the news on Oslo Bors NewsWeb site

546812_jst21q3-ann final.pdf

Source

Jinhui Shipping and Transport. Ltd

Provider

Oslo Børs Newspoint