THIRD QUARTER AND NINE-MONTH REPORT FOR THE QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2022

28 Nov 2022 05:00 CET

HIGHLIGHTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2022
- Revenue for the period: US$123 million
- Net profit for the period: US$40 million included net gain on disposal of
owned vessels of US$6 million
- Basic earnings per share: US$0.363
- Gearing ratio as at 30 September 2022: 7%

HIGHLIGHTS FOR THE THIRD QUARTER OF 2022
- Revenue for the quarter: US$40 million
- Net profit for the quarter: US$0.3 million
- Basic earnings per share: US$0.003

The Board of Jinhui Shipping and Transportation Limited (the 'Company') is
pleased to announce the unaudited condensed consolidated results of the Company
and its subsidiaries (the “Group”) for the quarter and nine months ended 30
September 2022.

The Group reported a revenue for the third quarter of 2022 of US$39,579,000,
representing a decrease of 2% as compared to US$40,405,000 for the same quarter
in 2021. The consolidated net profit for the quarter was US$289,000 as compared
to a consolidated net profit of US$19,384,000 was reported in the third quarter
of 2021. Basic earnings per share was US$0.003 for the third quarter of 2022 as
compared to basic earnings per share of US$0.177 for the corresponding quarter
in 2021.

Revenue for the first nine months of 2022 increased 39% to US$122,844,000,
comparing to US$88,488,000 for the same period in 2021. The Company recorded a
consolidated net profit of US$39,638,000 for the first nine months of 2022 while
a consolidated net profit of US$110,139,000 which included a reversal of
impairment loss of US$65,521,000 on owned vessels, was reported in the first
nine months of 2021. Basic earnings per share for the period was US$0.363 as
compared to basic earnings per share of US$1.008 for the first nine months of
2021.

Given the strong rebound of market freight rates driven by robust demand for dry
bulk commodities since 2021, limited supply of vessels and the increase in
number of owned vessels, the Group recorded a significant increase in the
chartering freight and hire revenue for the first half of 2022. The freight
rates were softened gradually during the third quarter of 2022 due to the
increase in interest rates imposed by various central banks, higher inflation,
congestion related to Covid-19 ease globally, ongoing of multiple geo-political
issues and slow down of global economic growth. As compared with the
corresponding period in 2021, the Group benefitted from the remarkable rebound
of market freight rates for the first nine months of 2022 and the average daily
time charter equivalent rate increased from US$17,881 for the first nine months
of 2021 to US$21,168 for the first nine months of 2022. The consolidated net
profit for the period, however, was partially affected by the increment in
vessel operating expenses such as crew costs and other pandemic related manning
expenses. Covid-19 continues to impact the running cost of the vessels, in
particular with respect to crewing, which was reflected in the rise in vessel
running cost for the current period as compared to the last corresponding period
in 2021. During the current period, we have completed the disposal of two
Supramaxes and a total net gain of US$6,146,000 was recognized.

As at 30 September 2022, the Group had twenty five owned vessels which included
two modern Post-Panamaxes and twenty-three modern grabs fitted Supramaxes. The
Group had one chartered-in vessel.

For details, please see attachment on http://www.newsweb.no.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act).

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