Jinhui Shipping & Transportation Ltd. · OSL:JIN
Jinhui Shipping & Transportation — Q1 2023 Earnings Presentation
19 slides from Jinhui Shipping & Transportation's earnings presentation, May 31, 2023
Slide 1: Q1 2023 Results Presentation
Q1 2023 Results Presentation Jinhui Shipping and Transportation Limited 31 May 2023
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 Q1 2023 Financial Highlights Revenue for the quarter: US$14 million Net loss for the quarter: US$13 million Basic loss per share: US$0.117 Gearing ratio as at 31 March 2023: 7% 3
Slide 4: Highlights for Q1 2023
Highlights for Q1 2023 Given the seasonal weakness in dry bulk shipping market in Q1 2023, the Group reported consolidated net loss for the year of US$13 million; Chartering revenue decreased 56% to US$14 million for the current quarter as compared to US$33 million of corresponding quarter in 2022;
Slide 5: Highlights
Highlights Depreciation and amortization increased from US$8.6 million for the first quarter of 2022 to US$9 million for the first quarter of 2023; mainly due to recognition of depreciation on right-of-use assets during the quarter, and partially offset by the decrease in depreciation on owned vesse
Slide 6: Financial Highlights For the quarter ended 31 March 2023
Financial Highlights For the quarter ended 31 March 2023 Q1 2023 Q1 2022 2022 US$’000 (Unaudited) (Unaudited) (Audited) Revenue 14,430 32,636 152,466 Net gain on disposal of owned vessels - 6,146 5,636 Impairment loss on owned vessels, net - - (49,326) EBITDA (2,447) 27,992 36,215 Operating profit (
Slide 7: Key Financial Ratios as at 31 March 2023
Key Financial Ratios as at 31 March 2023 Q1 2023 Q1 2022 2022 (Unaudited) (Unaudited) (Audited) Total assets (US$’000) 519,665 572,567 538,312 Net equity (US$’000) 398,385 451,093 411,137 Secured bank loans (US$’000) 79,371 94,927 82,838 Current ratio1 1.48 : 1 1.39 : 1 1.64 : 1 Net gearing2 7% 4% 5
Slide 8: Our Fleet Development
Our Fleet Development (Based on information up to 30 May 2023) 1991 2007 2022 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 9: Jinhui Fleet of 24 Supramax Vessels
Jinhui Fleet of 24 Supramax Vessels As of 30 May 2023, we are operating 24 owned vessels with total capacity of deadweight 1,373,222 metric tons and average age of 13.83 years. Fleet Size (dwt) Year built Shipyard Fleet Size (dwt) Year built Shipyard 1 JIN HENG 63,518 2014 Jiangsu Hantong 13 JIN JUN
Slide 10: Jinhui Chartered-in Vessel
Jinhui Chartered-in Vessel As of 30 May 2023, we are operating 1 chartered-in vessel. Fleet Type Size (dwt) Year built Chartered-in date Expiry TAHO CIRCULAR Panamax / Kamsarmax 84,484 2022 JUN 2022 Feb 2029 10
Slide 11: Installation of Ballast Water Treatment Systems
92% Jinhui JIN SUI vessels by 2023 finished BWTS JIN GANG by 2024 Installation of Ballast Water Treatment Systems (Based on information up to 30 May 2023) 11
Slide 12: Debt Maturity Profile
Debt Maturity Profile Total debt as of 31 March 2023: US$79 million (2022: US$83 million) 38% >2-5 years 40% 19% >1-2 year 19% 43% 1 year 41% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Q1 2023 2022 (Based on information up to 31 March 2023) Secured bank loans represented vessel mortgage loans, revolv
Slide 13: Cargo Mix Analysis
Cargo Mix Analysis Minerals Coal* Steel Products Agricultural Products 70% 61% 60% 50% Total cargo 40% volume in tonnes 30% 20% 19% 20% Q1 2022 10% 3,546,000 tonnes 0% Q1 2023 3,634,000 tonnes Q1 2023 Cargo Mix (%) * Including steaming coal and coking coal 13
Slide 14: Distribution of Cargo
Distribution of Cargo Loading Port Analysis Q1 2023 Q1 2023 Chartering revenue expressed by Loading Ports 19% 68% Q1 2023 vs Q1 2022 4% 3% 6% Asia excluding China China Australia Europe North America Q1 2022 Q1 2023 US$M 0 5 10 15 20 25 30 14
Slide 15: Distribution of Cargo
Distribution of Cargo Discharging Port Analysis Q1 2023 Q1 2023 Chartering revenue expressed by Discharging Ports 31% Q1 2023 vs Q1 2022 66% 3% Asia excluding China South America China Q1 2022 Q1 2023 0 5 10 15 20 25 30 US$M 15
Slide 16: TCE of Jinhui Shipping's Fleet
TCE of Jinhui Shipping’s Fleet Average daily time charter equivalent rate (TCE) Q1 2023 Q1 2022 2022 US$ US$ US$ Post-Panamax / Panamax Fleet 13,116 22,288 20,180 Supramax Fleet 6,301 16,997 18,681 In average 6,580 17,510 18,813 16
Slide 17: Daily Vessel Running Costs of Owned Vessels
Daily Vessel Running Costs of Owned Vessels (Based on information up to 31 March 2023) 5,444 3,504 167 Q1 9,115 2023 5,682 3,927 109 Q1 9,718 2022 5,656 4,074 155 2022 9,885 0 2,000 4,000 6,000 8,000 10,000 US$ Running Cost Depreciation Finance Cost • Daily vessel running cost is calculated as the a
Slide 18: Outlook
Outlook Immediate sentiment is poor, COVID-19 trade over; Monetary policy discouraging trades and investments; Reopening of economic activities post COVID-19 needs more time; Supply of new vessels limited at this juncture; Potential to capture recovery going forward; and Maintain a young and modern
Slide 19: Thank you
Thank you Raymond Ching www.jinhuiship.com
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