Jinhui Shipping & Transportation Ltd. · OSL:JIN
Jinhui Shipping & Transportation — Q1 2020 Earnings Presentation
20 slides from Jinhui Shipping & Transportation's earnings presentation, May 29, 2020
Slide 1: Jinhui Shipping and Transportation Limited Q1 2020 Results Presentation
JINHUI SHIPPING AND TRANSPORTATION LIMITED Q1 2020 Results Presentation 29 May 2020
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’s management's examination of historical operating trends. Although the Company believes that th
Slide 3: Q1 2020 Financial Highlights
Highlights Q1 2020 Financial Highlights Revenue for the quarter: US$9 million Net loss for the quarter: US$18 million Basic loss per share: US$0.168 Gearing ratio as at 31 March 2020: 23% 3
Slide 4: Highlights
Highlights Consolidated net loss mainly attributable to: 1. poor business sentiment by the outbreak of COVID-19, leading a reduction in chartering revenue and decrease in fleet utilization rate; 2. significant unrealized fair value loss on financial assets at fair value through profit & loss o
Slide 5: Highlights
Highlights Additional US$1.4 million has been paid to the co-investment property project in Shanghai; with total paid amount of US$8.9 million as of Mar 2020. We received an update very recently from the Investment Manager of Co-investment in property, that there is risk that the co-investment p
Slide 6: Financial Highlights for the quarter ended March 2020
Financial Highlights For the quarter ended 31 March 2020 Q1 2020 Q1 2019 2019 US$’000 (Unaudited) (Unaudited) QoQ (Audited) Revenue 9,214 12,765 -28% 63,160 Operating profit (loss) before depreciation/amortization (13,604) 6,839 -299% 24,180 and finance costs Operating profit (loss) (17,278) 2,943 -
Slide 7: Key Financial Ratios
Key Financial Ratios As at 31 March 2020 Q1 2020 Q1 2019 2019 (Unaudited) (Unaudited) (Audited) Total assets (US$’000) 383,390 390,487 406,433 Secured bank loans (US$’000) 129,722 116,627 133,915 Current ratio1 1.22 : 1 1.88 : 1 1.39 : 1 Net gearing2 23% - 14% Working Capital (US$’000) 18,244 65,232
Slide 8: Our Fleet Development
Our Fleet Development 1987 1991 1992 1994 2000 2002 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 May Year 38 38 36 36 36 No. of vessels owned(1) 35 Disposed Disposed 28 31 8 vessels 4 vessels 24 in 2016 in 2018 23 Disposed Acquired 1 vessel & 19 18 5 vessels dispos
Slide 9: Competitive Fleet with High Cargo Flexibility
Competitive Fleet with High Cargo Flexibility Installation of ballast water treatment Fleet Type Size (dwt) Year built Status Shipyard systems 1 Jin Lang Post-Panamax 93,279 2010 Owned Jiangsu New Yangzi Year 2022 2 Jin Mei Post-Panamax 93,204 2010 Owned Jiangsu New Yangzi Year 2022 3 Jin Xiang Supr
Slide 10: Debt Maturity Profile
Debt Maturity Profile (Based on information up to 31 March 2020) Total debt as of 31 March 2020: US$130 million (2019: US$134 million) 80% 60% 51% 51% 2019 Q1 2020 35% 35% 40% 20% 10% 12% 4% 2% 0% 1 year > 1 - 2 years > 2 - 5 years > 5 years Secured bank loans represented vessel mortgage loans, re
Slide 11: Cargo Volume Analysis Q1 2020
Cargo Volume Analysis Q1 2020 Q1 2020 total cargo volume 3,669,000 tonnes Q1 2019 total cargo volume Q1 2020 (%) 3,971,000 tonnes 51% 29% Q1 2020 vs Q1 2019 13% 7% Minerals Steel Products Coal* Cement * Including steaming coal and coking coal 11
Slide 12: Loading Port Analysis Q1 2020
Loading Port Analysis Q1 2020 Chartering revenue expressed by loading ports Asia excluding China Australia 77% Africa China Q1 2020 vs Q1 2019 14% 4% 5% Q1 2020 (%) Q1 2020 Q1 2019 0.0 3.0 6.0 9.0 12.0 15.0 US$ (M) 12
Slide 13: Discharging Port Analysis Q1 2020
Discharging Port Analysis Q1 2020 Chartering revenue expressed by discharging ports 81% China Asia excluding China Q1 2020 vs Q1 2019 19% Q1 2020 (%) Q1 2020 Q1 2019 0.0 3.0 6.0 9.0 12.0 15.0 13 US$ (M)
Slide 14: TCE of Jinhui Shipping's Owned Vessels
TCE of Jinhui Shipping’s Owned Vessels (Based on information up to 31 March 2020) Average daily time charter equivalent rate (TCE) Q1 2020 Q1 2019 2019 US$ US$ US$ Post-Panamax Fleet 8,223 6,262 9,628 Supramax Fleet 5,007 7,827 9,522 In average 5,349 7,658 9,533 14
Slide 15: Daily Vessel Running Costs of Owned Vessels
Daily Vessel Running Costs of Owned Vessels US$ (Based on information up to 31 March 2020) 8,000 6,000 412 457 333 2,084 2,237 2,091 4,000 2,000 3,927 3,460 3,459 Running cost Depreciation 0 Finance cost 2019 Q1 2019 Q1 2020 Daily vessel running cost is calculated as the aggregate of crew expenses,
Slide 16: Update on Co-investment Property
Update on Co-investment Property Phoenix Fund VI Other investors Co-investor (Jinhui) Other Co-investors 34.5901% 65.4099% Total Surplus Key Reward Dual Bliss (Fund under Investment Manager) Holdings Limited Limited 55% 24.4583% 20.5417% Co-investment Vehicle 100% Wholly-owned offshore-onshore subsi
Slide 17: Update on Co-investment Property
Update on Co-investment Property On 19 and 26 May 2020, Co-investor received updates from the Investment Manager of the Co- investment in property, advised that the property project in Tower A run into challenge in closing the acquisition: 1) US–China Trade War 2) COVID –19 3) Potential Conflict •
Slide 18: Update on Co-investment Property
Update on Co-investment Property This results in a funding gap which requires new equity injection is not economically feasible based on low projected return due to drastically changed in expectations given multiple unforeseen events; Sister-project Tower B, which is owned by Tower B investors l
Slide 19: Update on Co-investment Property
Update on Co-investment Property The proposal will require the virtually unanimous approvals of all Tower A investors and Tower B investors, and the interest of the remaining tower’s investors will be diluted; If the Investment Manager is unable to obtain the required approval or unable to procu
Slide 20: Outlook
Outlook Global economy has been negatively affected by US-China relations, worsened by an unexpected Pandemic; Recovery will hinged on how various countries handle the end of “lockdowns”, and whether a concerted effort to return to normalization will be implemented; While much uncertainty rema
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