Hong Kong-based, Oslo-listed, Jinhui Shipping and Transportation has reported a net loss of US$15.25m for 2020. The result for the dry bulk owner compares to a US$4.5m gain in 2019.

 

Jinhu Shipping management cited poor business sentiment as affected by the outbreak of Covid which directly led to falling freight and hire rates. Also cited was value loss on financial assets and increases in operating costs.

 

2020 revenue fell 25% to US$47.118m. Average daily TCE earned by the Group's owned vessels decreased 24% to US$7,269 during 2020, compared to US$9,533 in 2019.

 

During the year under review the company purchased a 50,259 dwt supramax for US$3.95m. Later in the same year the company disposed of a 50,777 dwt supramax for US$5.5m.

 

Jinhui Shipping announced its intention to rejuvenate is 18-vessels fleet over time.

 

“Despite the recent improvement in the shipping market, we continue to see uncertainty and market volatility remaining as an operational risk to the Group.

 

“In order to further reduce operational and liquidity risks, we believe it is prudent for the Group to readjust the fleet size according to the age profile…We will continuously monitor the market as well as our operations going forward and look out for opportunities to maintain a reasonably modern and competitive fleet…” the company reported.

Source: hongkongmaritimehub

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