Jinhui Shipping and Transportation Limited reported a 374% quarter-on-quarter increase in net profit to $5 million for Q2 2026, even as revenue declined 9% year-over-year to $36 million. The company’s EBITDA totaled $17 million for the quarter, while basic earnings per share stood at $0.048.
For the first half of 2026, revenue fell 13% year-over-year to $69 million, with net profit dropping 37% to $10 million. EBITDA for the period reached $34 million, and basic EPS was $0.088. Despite lower revenue, the company maintained a firm freight environment, with average daily Time Charter Equivalent (TCE) rates rising 30% year-over-year to $18,015 per day in Q2 2026.
Operational efficiency improved, with daily running costs for owned vessels declining 20% year-over-year to $5,407. Depreciation increased slightly to $3,494 per day. Fleet utilization remained at 99%, though the fleet size contracted to 17 owned vessels totaling 1.62 million deadweight tons, with an average age of 14.82 years.
The company’s balance sheet showed strong liquidity, with $70.6 million in cash and cash equivalents as of June 30, 2026. Total secured borrowings stood at $98 million, while the gearing ratio was 7%. Capital expenditures for the quarter reached $11.8 million, primarily for newbuilding installments and dry docking.
Jinhui’s fleet strategy included the sale of two Ultramax vessels for $23.5 million and $24 million in March, with deliveries scheduled for July 2026 and Q3 2026. The company also entered newbuilding contracts for six Ultramax vessels at approximately $34 million each, with deliveries spread between 2026 and 2030. Post-reporting, four sales-and-leaseback agreements were executed for newbuildings totaling about $70 million, with leverage levels around 60%.
Cargo distribution in Q2 2026 remained concentrated in minerals (74%) and coal (9%), with chartering revenue primarily sourced from China (42%) and Australia (23%). The company’s stock fell 2.59% to $7.52, trading 42.8% below its 52-week high and 28.6% above its 52-week low.
