Jinhui Shipping & Transportation Ltd. · OSL:JIN
Jinhui Shipping & Transportation — Q4 2023 Earnings Presentation
18 slides from Jinhui Shipping & Transportation's earnings presentation, Feb 27, 2024
Slide 1: 2023 Q4 & Annual Results Presentation
2023 Q4 & Annual Results Presentation Jinhui Shipping and Transportation Limited 27 February 2024
Slide 2: Disclaimer
Disclaimer This presentation may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including the Company’ management's examination of historical operating trends. Although the Company believes that the
Slide 3: Highlights
Highlights Year 2023 Financial Highlights Revenue for the year: US$82M Net loss for the year: US$55M, included non-cash impairment loss on Group’s fleet of US$19.7M Basic loss per share: US$0.504 Q4 2023 Financial Highlights Gearing ratio as at Revenue for the quarter: US$25M 31 December 2
Slide 4: Highlights for 2023
Highlights for 2023 Given the weak dry bulk shipping market in 2023, driven by rising interest rates, tighter monetary conditions due to inflationary pressure, as well as heightened geopolitical tensions, the Group reported consolidated net loss for the year of US$55 million, including an impairment
Slide 5: Highlights for 2023
Highlights for 2023 Finance costs was increased for the year mainly due to rising of average interest rates; Secured bank loans increased from US$83 million as of 31 December 2022 to US$88 million as of 31 December 2023 with current portion and non-current portion of US$32 million and US$56 million
Slide 6: Financial Highlights
Financial Highlights For the quarter and year ended 31 December 2023 Q4 2023 Q4 2022 2023 2022 US$’000 (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue 24,603 29,622 81,868 152,466 Net gain (loss) on disposal of owned (880) (510) (880) 5,636 vessels Impairment loss on owned vessels (19,704) (49
Slide 7: Key Financial Ratios as at December 2023
Key Financial Ratios as at 31 December 2023 2023 2022 (Unaudited) (Audited) Total assets (US$’000) 483,633 538,312 Net equity (US$’000) 349,930 411,137 Secured bank loans (US$’000) 88,167 82,838 Current ratio1 1.75 : 1 1.64 : 1 Net gearing2 7% 5% Working capital (US$’000) 40,643 34,153 Available liq
Slide 8: Our Fleet Development
(Based on information up to 26 February 2024) Our Fleet Development 1991 2007 2023 Group Found Listed Oslo Børs Took Delivery Jinhui Shipping listed on Operation with 38 Oslo Stock Exchange Vessels Listed HKEx 1st Order in China BWTS Parent Jinhui Holdings 8 Supramaxes from Installation of ballast l
Slide 9: Jinhui Fleet of Supramax Vessels
Jinhui Fleet of 22 Supramax Vessels As of 26 February 2024, we are operating 22 owned vessels with total capacity of deadweight 1,279,396 metric tons and average age of 14.09 years. Fleet Size (dwt) Year built Shipyard Fleet Size (dwt) Year built Shipyard 1 JIN HENG 63,518 2014 Jiangsu Hantong 12 JI
Slide 10: Jinhui Chartered-in Vessels
Jinhui Chartered-in Vessels As of 26 February 2024, we are operating 2 chartered-in vessels. Fleet Type Size (dwt) Year built Chartered-in date Expiry EVER SHINING Panamax / Kamsarmax 81,842 2021 Jan 2024 Oct 2025 TAHO CIRCULAR Panamax / Kamsarmax 84,484 2022 Jun 2022 Feb 2029 10
Slide 11: Debt Maturity Profile
Debt Maturity Profile Total debt as of 31 Dec 2023: US$88 million (2022: US$83 million) 3-5 years 40% 63% 2 year 19% 37% 1 year 41% 0% 10% 20% 30% 40% 50% 60% 70% 2023 2022 (Based on information up to 31 December 2023) Secured bank loans represented vessel mortgage loans, revolving loans, term loans
Slide 12: Cargo Mix Analysis
Cargo Mix Analysis Minerals Steel Products Coal* Agricultural Products Others 80% 72% 70% 60% 50% Total cargo volume in tonnes 40% 30% 20% 13% 2022 12% 14,852,000 tonnes 10% 2% 1% 2023 0% 15,368,000 tonnes 2023 Cargo Mix (%) * Including steaming coal and coking coal 12
Slide 13: Distribution of Cargo: Loading Port Analysis
Distribution of Cargo Loading Port Analysis 2023 2023 Chartering revenue expressed by Loading Ports 64% 15% 1% 2023 vs 2022 3% 4% 9% 3% Asia excluding China 1% China Australia Europe North America Africa South America 2022 Others 2023 0 20 40 60 80 100 120 140 US$M 13
Slide 14: Distribution of Cargo: Discharging Port Analysis
Distribution of Cargo Discharging Port Analysis 2023 2023 Chartering revenue expressed by Discharging Ports 3% 1% 70% 2023 vs 2022 3% 1% 22% Asia excluding China China South America Europe Africa Others 2022 2023 0 20 40 60 80 100 120 140 US$M 14
Slide 15: TCE of Jinhui Shipping's Fleet
TCE of Jinhui Shipping’s Fleet Average daily time charter equivalent rate (TCE) Q4 2023 Q4 2022 2023 2022 US$ US$ US$ US$ Post-Panamax / Panamax Fleet 19,472 16,168 13,126 20,180 Supramax Fleet 10,276 12,591 8,892 18,681 In average 10,642 12,879 9,063 18,813 15
Slide 16: Daily Vessel Running Costs of Owned Vessels
Daily Vessel Running Costs of Owned Vessels (Based on information up to 31 December 2023) 6,214 3,368 149 Q4 2023 $9,731 5,920 4,314 183 Q4 2022 $10,417 5,569 3,486 157 2023 $9,212 5,656 4,074 155 2022 $9,885 0 2,000 4,000 6,000 8,000 10,000 12,000 US$ Running Cost Depreciation Finance Cost • Daily
Slide 17: Outlook
Outlook Charterers are getting more confident as per their increased enquiry for period deals; Younger and more efficient secondhand tonnages, from cape to medium size bulkers being sought after; With newbuilding supply limited in the foreseeable horizon, meaningful increase in activities are expect
Slide 18: Thank you
Thank you Raymond Ching www.jinhuiship.com
Jinhui Shipping and Transportation — Q4 2023 Earnings Presentation on 6ix