Brief: Jinhui Shipping swings to Q1 profit as dry-bulk market improves

Jinhui Shipping and Transportation

28/05/2018 05:20

May 28 (Reuters) - Jinhui Shipping and Transportation Ltd
 JINS.OL :
    * Q1 REVENUE $18 MILLION VERSUS $15 MILLION YEAR AGO
    * Q1 NET PROFIT $2.5 MILLION VERSUS LOSS $8 MILLION YEAR AGO
    * GEARING RATIO AS AT 31 MARCH 2018: 13%
    * DRY BULK SHIPPING MARKET HAS BENEFITED FROM IMPROVED
FUNDAMENTAL
DEMAND AND SUPPLY BALANCE IN Q1 OF 2018
    * ON SUPPLY SIDE, FLEET GROWTH REMAINED IN CHECK WITH
LIMITED
ORDER BOOK AND CONTINUED SCRAPPING ACTIVITIES
    * WITH STRENGTHENING ASIAN IRON ORE DEMAND, MARKET FREIGHT
RATES
HAD IMPROVED REMARKABLY AS COMPARED TO SAME QUARTER IN 2017
    * AS AT 31 MARCH 2018, GROUP HAD TWENTY THREE OWNED VESSELS
WHICH
INCLUDED TWO MODERN POST-PANAMAXES AND TWENTY ONE MODERN GRABS
FITTED SUPRAMAXES
    * SAYS NOT IN A HURRY TO ORDER NEWBUILDINGS
    * JINHUI SHIPPING AND TRANSPORTATION SAYS RECENTLY INVESTED
A
SMALL AMOUNT OF CAPITAL IN A SHANGHAI PROPERTY PROJECT
    * JINHUI SHIPPING AND TRANSPORTATION SAYS SHANGHAI PROPERTY
PROJECT IS EXPECTED TO GENERATE LONG TERM RECURRING INCOME

Source text for Eikon:  urn:newsml:reuters.com:*:nObirfRQ1a
Further company coverage:  JINS.OL 

 (Reporting by Oslo newsroom)
 ((terje.solsvik@thomsonreuters.com;))