Jinhui Ends 2018 in Black after Shedding Four Supramaxes

first_imgzoomIllustration; Image Courtesy: Pixabay under CC0 Creative Commons license 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.last_img read more