Brief: Jinhui Shipping Q1 revenues down 55 pct in depressed market

Jinhui Shipping and Transportation

31/05/2016 05:50

May 31 (Reuters) -  
    * Jinhui Shipping and transportation ltd says net loss of 
us$18,477,000 for q1 compared to net profit of us$4,686,000 in 
q1 2015 
    * Jinhui shipping and transportation ltd says revenue for q1 
of 2016 declined 55% to us$9,959,000, comparing to us$22,208,000 
in q1 2015 
    * Jinhui Shipping says Q1 average daily time charter 
equivalent rates (TCE) dropped 57 pct to $2,934 compared to 
$6,749 per day in Q1 2015  
    * Jinhui Shipping: Gearing ratio as at 31 March 2016: 52 pct 
    * Jinhui Shipping says overall recovery in dry bulk shipping 
market require a strong demand and supply rebalance through 
slowing fleet growth, layups and scrapping of tonnages 
    *  
    * Jinhui shipping says dry bulk market experienced an 
unprecedented depressed period in q1 due to plummeting oil and 
commodities prices and sluggish seaborne dry bulk commodities 
trade demand driven by china's slowdown of commodities import 
activities 
    * Jinhui will continuously review the prevailing market 
conditions of the shipping industry and monitor and adjust the 
group's fleet size as appropriate 
    * As at 31 March 2016, the Group had thirty six owned 
vessels which included two modern Post-Panamaxes, two modern 
Panamaxes, thirty modern grabs fitted Supramaxes, one Handymax 
and one Handysize 
 
Source text for Eikon:  urn:newsml:reuters.com:*:nObihbmSPa 
Further company coverage:  JINS.OL  
 
 (Reporting By Ole Petter Skonnord) 
 ((olepetter.skonnord@thomsonreuters.com;))