Jinhui Shipping & Transportation Ltd. · OSL:JIN
Jinhui Shipping & Transportation — Q2 2024 Earnings Presentation
19 slides from Jinhui Shipping & Transportation's earnings presentation, Aug 28, 2024
Slide 1: Q2 and First Half 2024 Results Presentation
Q2 AND FIRST HALF 2024 RESULTS PRESENTATION Jinhui Shipping and Transportation Limited 28 August 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 Q2 2024 FINANCIAL HIGHLIGHTS ► Revenue for the quarter: US$41 million ► EBITDA: US$21 million ► Net profit for the quarter: US$9 million ► Basic earnings per share: US$0.081 FIRST HALF 2024 FINANCIAL HIGHLIGHTS ► Revenue for the period: US$69 million ► EBITDA: US$34 million ► Net profit f
Slide 4: Highlights for Q2 and First Half 2024
Highlights for Q2 and First Half 2024 ► The Group reported consolidated net profit of US$9 million for the current quarter and US$11 million for the first half of 2024; ► Chartering revenue increased 81% to US$41 million for the current quarter mainly due to rebound of freight rates as a result of p
Slide 5: Highlights for Q2 and First Half 2024
Highlights for Q2 and First Half 2024 ► Net gain on financial assets at fair value through profit or loss of US$1.7 million and settlement income of US$3.5 million from a legal dispute over the non-performance of a charterparty were included in the other operating income; ► Finance cost slightly inc
Slide 6: Fleet Overview
Fleet Overview ► As at 30 June 2024, twenty three owned vessels and ten chartered-in vessels, with total carrying capacity of approximately 2,020,000 metric tons; ► Contract to acquire a 2012-built Capesize, at a consideration of US$31 million; the vessel was delivered to the Group in August 2024; ►
Slide 7: Financial Highlights
Financial Highlights For the quarter and six months ended 30 June 2024 Q2 2024 Q2 2023 1H 2024 1H 2023 2023 US$’000 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue 41,245 22,797 69,139 37,227 81,868 Net loss on disposal of owned - - - - (880) vessels Impairment loss on owned - - -
Slide 8: Key Financial Ratios
Key Financial Ratios As at 30 June 2024 Q2 2024 Q2 2023 2023 (Unaudited) (Unaudited) (Audited) Total assets (US$’000) 488,347 501,571 483,633 Net equity (US$’000) 359,919 387,215 349,930 Secured bank loans (US$’000) 64,718 80,857 88,167 Current ratio1 1.20 : 1 1.83 : 1 1.75 : 1 Net gearing2 7% 8% 7%
Slide 9: Our Fleet Development
Our Fleet Development (Based on information up to 27 Aug 2024) 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 listed
Slide 10: Jinhui Fleet
Jinhui Fleet Vessel Size (dwt) Year built Shipyard Owned vessels in operation 1 2 JIN LI JIN HENG 81,567 63,518 2019 2014 Jiangsu Hantong Jiangsu Hantong 3 JIN PING 63,485 2014 Jiangsu Hantong • operating 24 owned vessels 4 JIN CHAO 63,469 2014 Jiangsu Hantong 5 JIN RUI 63,435 2014 Jiangsu Hantong •
Slide 11: Jinhui Fleet
Jinhui Fleet Chartered-in vessels in operation Type Long Term Short Term Total Chartered Chartered Panamax 2 1 3 Ultramax / Supramax 2 4 6 Total 4 5 9 Long Term Chartered-in Vessel Size (dwt) Year built 1 PACIFIC LILY 61,452 2016 2 PACIFIC JASMINE 61,473 2016 3 EVER SHINING 81,842 2021 4 TAHO CIRCUL
Slide 12: Debt Maturity Profile
Debt Maturity Profile Total debt as of 30 June 2024: 80% 76% US$64.7 million (2023: US$88.2 million) 70% 63% * Vessel mortgage loans were fully repaid in first half of 2024 60% * Secured bank loans represented 50% vessel mortgage loans, revolving loans, term loans and property 37% mortgage loans whi
Slide 13: Cargo Mix Analysis
Cargo Mix Analysis Q2 2024 Cargo Mix (%) 60% 55% 50% Total cargo volume in tonnes 40% 30% 20% 13% 11% 10% 5.31 10% 6% 1% 4% Million tonnes (Q2 2023 4.44mt) 0% Q2 2023 Q2 2024 * Including steaming coal and coking coal 13
Slide 14: Distribution of Cargo
Distribution of Cargo Loading Ports Analysis Q2 2024 Europe US$M 1% North China 24 America 22 2% 18% 20 Asia 18 excluding 16 China 14 56% 12 10 8 Africa 6 3% 4 2 0 South Australia America 1% 19% Q2 2024 Q2 2023 Chartering revenue expressed by loading ports Australian ureau o Statistics GeoNames icro
Slide 15: Distribution of Cargo
Distribution of Cargo Discharging Ports Analysis Q2 2024 Europe 2% North China America US$M 5% 51% 22 Asia 20 excluding 18 China 16 38% 14 12 10 Africa 8 6 3% 4 2 Australia 0 1% Q2 2024 Q2 2023 Chartering revenue expressed by discharging ports Australian ureau o Statistics GeoNames icroso t Navin o
Slide 16: TCE of Jinhui Fleet
TCE of Jinhui Fleet Average Daily Time Charter Equivalent Rate (TCE) Q2 2024 Q2 2023 1H 2024 1H 2023 2023 Type US$ US$ US$ US$ US$ Panamax Fleet 17,702 4,719 17,478 8,894 13,126 Ultramax / Supramax Fleet 15,110 10,360 13,560 8,357 8,892 In Average 15,407 10,132 13,939 8,379 9,063 16
Slide 17: Daily Vessel Running Costs of Owned Vessels
Daily Vessel Running Costs of Owned Vessels US$ • Daily vessel running cost is calculated as the aggregate of crew expenses, insurance, consumable stores, spare parts, repairs and 10,000 maintenance and other vessels’ miscellaneous US$8,742 US$9,062 US$9,212 expenses divided by ownership days during
Slide 18: Outlook
Outlook ► Supply of new vessels is currently low, with steady demand of cargo; ► Second hand values are currently high, with signs of dislocation with freight rates; ► However, economic growth on fragile footing and political risks persists; ► Continue to look for opportunities to refresh fleet prof
Slide 19: Thank You
Thank You
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