Jinhui Shipping and Transportation Limited reported a net profit of $5.3 million for the second quarter of 2026, a 374% increase from a $1.9 million loss in the same period last year, as fleet renewal and cost reductions offset a decline in revenue.
The Hong Kong-based dry bulk shipping company attributed the improvement to a 30% year-over-year rise in time charter equivalent rates to an average of $18,015 per day, alongside a 20% reduction in daily running costs for owned vessels to $5,407. Revenue for the quarter fell 9% to $36.5 million, reflecting the disposal of eight Supramax vessels in 2025 and a smaller fleet.
The company’s operating fleet stood at 20 vessels with 1.62 million deadweight tonnes (dwt) of capacity as of August 26, 2026, with 99% utilization. Owned vessels averaged 14.82 years in age, comprising Supramax, Panamax, and Capesize types built between 2007 and 2019. Jinhui’s fleet peaked at 38 vessels totaling 2.19 million dwt around 2011–2015.
For the first half of 2026, revenue declined 13% to $69.3 million, while net profit reached $9.6 million, down from $15.1 million in the first half of 2025. EBITDA for the period stood at $34 million. The company reduced its gearing ratio to 7% from 15% a year earlier, with total secured borrowings decreasing to $98 million from $115 million.
Jinhui’s balance sheet showed $70.6 million in available liquidity and a current ratio of 3.56:1, up from 1.50:1 a year prior. Debt maturity was distributed with 10% due within one year, 68% in two years, 9% in three to five years, and 13% beyond five years.
The company has 12 Ultramax newbuildings on order for delivery between 2026 and 2030, totaling 770,400 dwt. In March 2026, it sold two Ultramaxes for $23.5 million and $24 million, with deliveries scheduled for Q3 2026. Additional contracts were signed in Q1 and June 2026 for Ultramax vessels at approximately $34 million each, with deliveries in 2029 and 2030.
Jinhui also entered four sale-and-leaseback agreements for newbuildings totaling about $70 million in the period after the quarter-end, with borrowing costs set at 1.4% to 1.6% above SOFR and maturities of five to seven years.
Cargo volume in Q2 2026 totaled 2.86 million tonnes, down from 3.23 million tonnes in Q2 2025, with 74% concentrated in minerals. Revenue from loading ports was led by China at 42%, followed by Australia at 23% and Africa at 16%. Forward revenue coverage for the remainder of 2026 included 86% of Capesize vessel days at $33,000 per day, 100% of Panamax days at $20,000 per day, and 58% of Ultramax/Supramax days at $15,000 per day.
Shares of Jinhui fell 2.59% following the presentation, trading at $7.52, 42.8% below the 52-week high of $13.13. The company’s dividend yield stood at 5.51%.
