Hong Kong and Oslo-listed dry bulk specialist Jinhui Shipping and Transportation has recorded a second quarter loss of US$7m after revenue of US$23m for the period.
The consolidated net loss for the quarter was mainly attributable to the lower freight rates upon the weak dry bulk shipping market sentiment amid the challenging macroeconomic and financial environment as compared to the strong market freight rates in dry bulk shipping sector in the second quarter of 2022.
Jinhui Shipping activity during the first six months of 2023 generated US$37m in revenue, from which a net loss of US$19m was achieved.
The consolidated net loss for the period was mainly attributable to the lacklustre freight rates upon the weak dry bulk shipping market sentiment especially in early 2023 as compared to the remarkable rebound of market freight rates driven by robust demand for dry bulk commodities in the first half of 2022. The average daily time charter equivalent rate for the fleet decreased to US$8,379 for the first half of 2023 as compared to US$22,029 for the same period in 2022.
As of 30 June, the company owns 24 supramax vessels and has chartered in one panamax vessel.
Source: Hong Kong Maritime Hub
Source: Hong Kong Maritime Hub
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