Oslo-listed Jinhui Shipping offers first dividend since 2008

Jinhui Shipping and Transportation

29/08/2018 11:56

OSLO, Aug 29 (Reuters) - Oslo-listed Jinhui Shipping
 JINS.OL  on Wednesday announced its first dividend since 2008
after reporting a return to profit for the second quarter.
    "We are back in black and we are also delighted to declare
an interim dividend of 0.023 per share," Raymond Ching, vice
president, said on a conference call.
    The Hong Kong-based dry bulk shipper reported a net profit
of $2.8 million or $0.026 per share versus a loss of $0.8
million a year earlier.
    "The dry bulk shipping market improved remarkably in the
first half of 2018, driven mainly by strong Chinese dry bulk
imports, limited tonnage growth and a high level of demolitions
(vessel scrapping)," Jinhui said in the report.
    Jinhui Shipping owns 20 dry bulk vessels, 18 of which are
supramaxes with a size of 50,000-60,000 dead weight tonnes. Most
carry minerals and coal in Asia.
    "China is the biggest driver and swing factor in the dry
bulk market. The China growth rate impacts the dry bulk freight
market very, very heavily," Ching said.
    He added that U.S.-China trade friction made the outlook for
the dry bulk market uncertain.
    "No one knows the outcome," he said.
    On the positive side, Ching said the supply of new dry bulk
vessels continued to be low, supporting the market.
    Jinhui Shipping's average daily time charter equivalent for
its dry bulk vessels rose to $11,008 in the second quarter from
$8,231 a year earlier. 
    Its daily vessel cost was $6,472.
    Ching said he expected lower costs going forward and also a
new financing deal on its $87.6 million in bank loans.       

 (Reporting by Ole Petter Skonnord; editing by Jason Neely)
 ((olepetter.skonnord@thomsonreuters.com; 0047 23 31 65 97;))