FOURTH QUARTER REPORT AND PRELIMINARY ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024

28 Feb 2025 05:03 CET

HIGHLIGHTS FOR THE FOURTH QUARTER OF 2024
- Revenue for the quarter: US$44 million
- EBITDA for the quarter: US$19 million
- Net profit for the quarter: US$5 million included non-cash reversal of
impairment loss on Group’s fleet of US$6.5 million
- Basic earnings per share: US$0.047

HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2024
- Revenue for the year: US$159 million
- EBITDA for the year: US$74 million
- Net profit for the year: US$24 million included non-cash impairment loss on
the Group's fleet of US$6.5 million
- Basic earnings per share: US$0.220
- Gearing ratio as at 31 December 2024: 15%
- Proposed final dividend: US$0.03 per share

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
2024.

In 2024, the global shipping market was experiencing a general recovery, driven
by the steady rebound in manufacturing and the resolution of supply chain
disruptions caused by geopolitical events. The Group recorded a significant
increase in chartering freight and hire revenue for 2024 as compared to the
depressed freight market upon the weak dry bulk shipping market sentiment in
2023. The Group also expanded the size of its vessel fleet, both owned and
chartered-in vessels, total revenue increased by 94% on a year-on-year basis to
US$158,900,000 from US$81,868,000 of last year. The Company generated a
consolidated operating profit before depreciation and amortization amounted to
US$74,286,000 for 2024 as compared to consolidated operating loss before
depreciation and amortization of US$11,828,000 for 2023. The Company recorded a
consolidated net profit of US$24,005,000 for the year 2024 whereas a
consolidated net loss of US$55,055,000 was reported in 2023. Basic earnings per
share for the year was US$0.220 as compared to basic loss per share of US$0.504
for the year 2023. The average daily time charter equivalent rate for the fleet
improved 63% to US$14,741 for the year 2024 as compared to US$9,063 for the year
2023.

The Group reported revenue for the fourth quarter of 2024 of US$44,176,000,
representing an increase of 80% as compared to US$24,603,000 for the
corresponding quarter in 2023. The Company recorded a consolidated net profit of
US$5,189,000 for the current quarter, which included a net reversal of
impairment loss of US$1,942,000 on owned vessels and a reversal of impairment
loss of US$4,591,000 on right-of-use assets. This is compared to a consolidated
net loss of US$27,715,000 reported in the fourth quarter of 2023, which included
a net impairment loss of US$14,011,000 on owned vessels and an impairment loss
of US$5,693,000 on right-of-use assets. Basic earnings per share for the fourth
quarter was US$0.047 as compared to basic loss per share of US$0.254 for the
same quarter in 2023.

The dry bulk shipping market is a highly volatile market. Market conditions
change rapidly due to factors like global economic conditions, supply and demand
dynamics, and geopolitical events. The Group believes that maintaining a
suitable proportion of chartered-in vessels to owned vessels allows the Group to
maintain a sizeable fleet of vessels whilst limiting its capital commitments and
maximizing flexibility in its business operations. In 2024, the Group engaged a
well-established shipyard to construct two Ultramax newbuildings, with expected
deliveries in 2026 and 2027. In addition to the newly constructed vessels, the
Company also contracted to acquire two Capesizes, one Panamax and one Ultramax
during the year. For the year ended 31 December 2024, the Group also entered
into certain chartered-in vessel engagements.

As at 31 December 2024, the Group operates twenty-five owned vessels and eight
chartered-in vessels, with total deadweight carrying capacity of approximately
2.3 million metric tonnes.

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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