Jinhui Shipping and Transportation reported a 374% year-over-year increase in quarterly net profit to $5 million for Q2 2026, even as revenue slipped 9% to $36 million. The dry bulk operator attributed the profit growth to improved freight market conditions, with average daily time charter equivalent rates rising 30% to $18,015 across its fleet.
For the first half of 2026, net profit declined 37% to $10 million on revenue of $69 million, down 13% year-over-year. EBITDA totaled $34 million in the first six months, while basic earnings per share stood at $0.088. The company maintained a fleet utilization rate of 99%, with 74% of cargo composed of minerals.
Operational metrics showed a 20% reduction in daily running costs for owned vessels to $5,407, offsetting a 12% rise in depreciation to $3,494 per day. Finance costs decreased to $1.8 million from $2.1 million in the prior-year quarter. Capital expenditure reached $11.8 million, primarily for newbuilding installments and dry docking.
Jinhui’s balance sheet remained conservative, with total assets of $529 million and total equity of $383.6 million as of June 30, 2026. Secured borrowings stood at $98.3 million, yielding a gearing ratio of 7% and a current ratio of 3.56:1. Available liquidity totaled $70.6 million, while return on equity was 1.37%.
The company’s stock fell 2.59% to $7.52, remaining 42.8% below its 52-week high. Its dividend yield was 5.51%, with a trailing P/E ratio of 12.2. Management highlighted a challenging commercial real estate environment in Shanghai, noting the disposal of the Phoenix property would not yield clawbacks in the foreseeable future.
Jinhui’s order book includes 12 Ultramax newbuildings, with deliveries scheduled between 2026 and 2030. Four sales-and-leaseback agreements totaling $70 million were finalized after the reporting period, featuring borrowing costs of 1.4% to 1.6% above SOFR.
