HIGHLIGHTS For the Fourth Quarter of 2025
Revenue for the quarter: US$38 million
EBITDA for the quarter: US$13 million
Net loss for the quarter: US$2.7 million
Basic loss per share: US$0.025
For the Year Ended 31 December 2025Revenue for the year: US$157 million
EBITDA for the year: US$79 million
Net profit for the year: US$13 million
Basic earnings per share: US$0.115
Gearing ratio as at 31 December 2025: 1%
Proposed final dividend: US$0.018 per share
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 year ended 31 December 2025.
FOURTH QUARTER AND ANNUAL RESULTS
Dry bulk freight rates in 2025 were marked by volatility but showed resilience, supported by strong commodity demand (iron ore, coal, grains) despite geopolitical disruptions, seasonal swings and impact of trade policy. Rates fluctuated sharply across vessel classes throughout the year. The Baltic Dry Index decreased by 4% year-on-year on average over the last year. In light of these market conditions, the Group operated the majority of its fleet's vessels under long-term contracts while retaining exposure to the spot market. As a result, the Group's total revenue remained broadly stable, recording a slight decrease of 0.9% year-on-year to US$157 million, compared with US$159 million of the previous year.
The Group continues to implement its fleet renewal strategy, with a focus on enhancing operational efficiency and reducing environmental impact. Older vessels are being replaced with modern, fuel-efficient ships that align with global sustainability objectives. This proactive approach not only strengthens fleet performance but also underscores our commitment to environmentally responsible shipping. During the year, the Group completed the disposal and delivery of eight Supramaxes with average age of sixteen years. The Group entered into shipbuilding contracts with a reputable shipyard for the construction of four Ultramax newbuildings, scheduled for delivery in 2028. Together with two newly constructed vessels in 2024, the Group has a total of six committed Ultramax newbuilidngs as at 31 December 2025.
The Group reported revenue for the fourth quarter of 2025 of US$37,518,000, representing a decrease of 15% as compared to US$44,176,000 for the corresponding quarter in 2024. The Group recorded a consolidated net loss of US$2,687,000 for the current quarter. This is compared to a consolidated net profit of US$5,189,000 reported in the fourth quarter of 2024, which included a net reversal of impairment loss of US$1,942,000 on owned vessels and a reversal of impairment loss of US$4,591,000 on right-of-use assets.
Basic loss per share for the fourth quarter was US$0.025 as compared to basic earnings per share of US$0.047 for the same quarter in 2024. The fourth quarter results included a non-recurring net loss of US$3,043,000 on disposal of three Supramaxes upon their deliveries. The average daily time charter equivalent rate earned by the Group's fleet decreased from US$15,567 of fourth quarter of 2024 to US$15,254 of current quarter.
For the year 2025, revenue reached US$157,489,000, representing a slightly decrease compared to US$158,900,000 for 2024. The Group generated a consolidated operating profit before depreciation and amortization amounted to US$79,095,000 for 2025 as compared to US$74,286,000 for 2024. The Group reported a consolidated net profit of US$12,544,000 in 2025, representing a decrease from US$24,005,000 recorded in the prior year. The current year's results included a non-recurring net loss of US$9,209,000 arising from the disposal of eight Supramaxes. Basic earnings per share for the year 2025 was US$0.115 as compared to basic earnings per share of US$0.220 for last year 2024. The average daily time charter equivalent rate for the Group's fleet declined 3.8% to US$14,182 for the year 2025 as compared to US$14,741 for the year 2024.
DIVIDENDS
The Board has resolved to recommend the payment of a final dividend of US$0.018 per share for the year ended 31 December 2025 and such dividend, if approved by the shareholders at the forthcoming annual general meeting scheduled on 27 May 2026, will be paid to the beneficial owners of the shares of the Company whose names are registered in the Euronext Securities Oslo, the Norwegian Central Securities Depository, at the close of business on 29 May 2026. The Company's shares listed on the Oslo Stock Exchange will be traded including dividend up until and including 27 May 2026. The ex dividend date is 28 May 2026 and the dividend will be paid on or about 23 June 2026.
As there was no interim dividend payable during the year, the proposed final dividend as mentioned above, if approved, will bring the total dividend for 2025 to US$0.018 per share.
REVIEW OF OPERATIONS
Fourth Quarter of 2025. Dry bulk freight rates demonstrated steady improvement throughout the fourth quarter of 2025, although it continued to face pressure due to ongoing weak market confidence amid global economic and financial instability. Baltic Dry Index ("BDI") began the quarter at 2,134 points, rose gradually to a peak of 2,845 points in early of December, then ultimately closing at 1,877 points by the end of December 2025. The average BDI for the fourth quarter of 2025 was 2,159 points, compared to 1,465 points in the same quarter in 2024.
Fourth Quarter 2025 Statement of Profit or Loss
Revenue for the fourth quarter of 2025 was US$37,518,000, reflecting a 15% decrease to US$44,176,000 in the same quarter in 2024. The Group reported consolidated operating profit before depreciation and amortization of US$12,588,000 for the current quarter, down from US$18,848,000 for the corresponding quarter of last year. The consolidated net loss for the current quarter was US$2,687,000, compared to a consolidated net profit of US$5,189,000 reported for the same period in 2024. Basic loss per share for the fourth quarter of 2025 was US$0.025, compared to basic earnings per share of US$0.047 for the same quarter in 2024.
The decrease in revenue was mainly attributable to the reduction in the number of vessels owned by the Group, which was subsequent to the disposal of eight Supramaxes completed during the year. Three of them were completed during the current quarter and the Group recognized an aggregate loss of US$3,043,000 related to these disposals, with total consideration amounting to US$34,000,000. As of 31 December 2025, the Group operated twenty-three vessels, including eighteen owned vessels and five chartered-in vessels. Among the owned vessels were two that have been arranged under sale and leaseback agreements. As of 31 December 2024, the Group operated a total of thirty-three vessels, consisting of twenty-five owned vessels and eight chartered-in vessels.
In the fourth quarter of 2025, the average daily time charter equivalent rate ("TCE") of our Capesize fleet and Panamax fleet were US$19,705 and US$17,387, while the Ultramax/Supramax fleet recorded US$14,270. In comparison, during the corresponding quarter of 2024, the Capesize fleet and Panamax fleet recorded US$24,500 and US$13,900 and the Ultramax/Supramax fleet recorded US$15,356. The average fleet utilization rate of the Group's fleet is 97% for the current quarter.
Average daily TCE of the Group's fleet | 2025 Q4 US$ | 2024 Q4 US$ | 2025 US$ | 2024 US$ |
Capesize fleet | 19,705 | 24,500 | 21,025 | 24,298 |
Panamax fleet | 17,387 | 13,900 | 14,910 | 15,528 |
Ultramax / Supramax fleet | 14,270 | 15,356 | 13,246 | 14,466 |
In average | 15,254 | 15,567 | 14,182 | 14,741 |
During the quarter, a chartered-in vessel was employed on voyage charters to maximize potential business opportunity, generating freight income of US$2,299,000.
Shipping related expenses declined from US$25,434,000 for the fourth quarter of 2024 to US$18,933,000 in the current quarter. The reduction was primarily attributable to a further decrease in the number of vessels owned by the Group as part of the fleet renewal strategy, resulting in lower shipping operational costs. As of 31 December 2025, the Group operated eighteen vessels, down from twenty-five vessels during the same period of last year. The reduction in shipping related expenses was further supported by lower hire payments, following by the expiry of certain chartered-in engagements during the quarter. The Group incurred approximately US$2.4 million in hire payments for these short-term leases during the fourth quarter of 2025, as compared to approximately US$5.3 million for the last corresponding quarter. However, the savings were partially offset by the higher bunker-related expenses, driven by increased fuel consumption associated with repositioning of vessels between time charter contracts and bunker usage during voyage charter operations.
The Group's daily vessel running cost decreased to US$5,654 in the fourth quarter of 2025, compared to US$6,872 in the corresponding quarter of 2024. The decrease was mainly attributable to lower initial running costs, including expenditure on spare parts and consumable stores for delivered vessels during the current quarter as compared to last corresponding quarter. We will continue with our cost reduction effort, striving to maintain a highly competitive cost structure when stacked against other market participants.
Other operating expenses decreased from US$4,904,000 in the fourth quarter of 2024 to US$1,327,000 in the current quarter. This reduction was mainly attributable to the recognition of fair value loss of investment properties of approximately US$510,000 as compared with fair value loss of approximately US$2,671,000 recorded in the fourth quarter of 2024.
Depreciation and amortization of the Group increased from US$12,083,000 for the fourth quarter of 2024 to US$13,342,000 for the fourth quarter of 2025. The increase was attributable to the recognition of US$6,793,000 in depreciation on right-of-use assets for long-term chartered-in vessels for the current quarter, compared to US$4,578,000 was recorded in the last corresponding quarter. The Group's daily vessel depreciation showed minimal variation, increased to US$3,267 for the current quarter as compared to US$3,263 for the fourth quarter in 2024.
Finance costs increased from US$1,576,000 in the fourth quarter of 2024 to US$1,933,000 in the fourth quarter of 2025. The rise was mainly attributable to other borrowings on sale and leaseback arrangements on two owned vessels.