Jinhui Shipping Ends 2018 in Black after Shedding Four Supramaxes
Jinhui Shipping and Transportation Limited has posted a net profit of USD 8.7 million for 2018, driven by the sale of four Supramax bulkers.
As disclosed by the Hong Kong-based shipping company in its financial report for the fourth quarter and full year, the four vessels were sold for a price of USD 32.5 million, bringing in a net gain of USD 5.4 million.
While contributing to the net profit for the full year, the reduced number of vessels impacted Jinhui Shipping’s fourth quarter, resulting in a revenue of USD 17.7 million, a 16% drop compared to USD 21.1 million for the same period in 2017.
The company reported a consolidated net loss of USD 3.07 million for the fourth quarter of 2018, compared to a net profit of USD 2.47 million for the fourth quarter of 2017.
For the full year, Jinhui Shipping reported USD 76,1 million in revenues, 3% more than what it reported for the previous year.
The company’s average daily TCE also improved in 2018, rising to USD 9,922 compared to the USD 8,111 in 2017.
“We are in a relatively fortunate position where we have no capital expenditure commitment in relation to newbuilding contracts, as well as no charter-in contracts at this juncture,” Ng Siu Fai, Jinhui Shipping Chairman, said.
“Looking ahead, we will continue to focus on taking sensible and decisive actions to maintain a strong financial position, to ensure safe navigation through any stormy waters that may lie ahead.”
The company currently owns a fleet of 17 Supramax bulkers and 2 Post-Panamax bulkers.