FOURTH QUARTER REPORT AND PRELIMINARY ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022

28 Feb 2023 05:05 CET

HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2022
- Revenue for the year: US$152 million
- Net loss for the year: US$7 million included non-cash impairment loss on owned
vessels of US$49 million
- Basic loss per share: US$0.065
- Gearing ratio as at 31 December 2022: 5%
- Proposed final dividend: US$0.04 per share

HIGHLIGHTS FOR THE FOURTH QUARTER OF 2022
- Revenue for the quarter: US$30 million
- Net loss for the quarter: US$47 million included non-cash impairment loss on
owned vessels of US$49 million
- Basic loss per share: US$0.428

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 year ended 31 December
2022.

The Group reported a revenue for the fourth quarter of 2022 of US$29,622,000,
representing a decrease of 30% as compared to US$42,581,000 for the same quarter
in 2021. The consolidated net loss for the quarter was US$46,751,000 which
included an impairment loss of US$49,326,000 on owned vessels as compared to a
consolidated net profit of US$84,058,000 which included a reversal of impairment
loss of US$68,085,000 on owned vessels, was reported in the fourth quarter of
2021. Basic loss per share was US$0.428 for the fourth quarter of 2022 as
compared to basic earnings per share of US$0.769 for the corresponding quarter
in 2021.

Revenue for the year 2022 increased 16% to US$152,466,000, comparing to
US$131,069,000 for the year 2021. The Company recorded a consolidated net loss
of US$7,113,000 for the year 2022, which included an impairment loss of
US$49,326,000 on owned vessels while a consolidated net profit of US$194,197,000
which included a reversal of impairment loss of US$133,606,000 on owned vessels,
was reported in the year 2021. Basic loss per share for the year was US$0.065 as
compared to basic earnings per share of US$1.777 for the year 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 and chartered-in vessels, the Group recorded a significant
increase in the chartering freight and hire revenue for the first half of 2022.
However, there was a decline in market freight rates during the second half of
2022 as affected by 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 slowdown of global economic growth. The
average daily time charter equivalent rate decreased from US$19,233 for the year
2021 to US$18,813 for the year 2022. The consolidated net loss for the year was
also affected by the increment in vessel operating expenses such as crew costs
and other pandemic related manning expenses incurred during the year.

During the year, the Group entered into agreements to acquire three vessels and
took delivery of five vessels. As at 31 December 2022, the Group owned twenty
four grabs fitted Supramaxes and has one chartered-in Panamax.

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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583713_jst22q4-ann final.pdf