HONG KONG: Jinhui Shipping and Transport has slumped to a fourth quarter loss of $68.4m in line with its profit warning issued last month.
The Oslo and Hong Kong-listed shipowner said revenue for the quarter dropped 47% to $30m, while costs declined 16.5% to $28m.
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Jinhui took an impairment charge of $50.5m against the value of its fleet, which was a major contributor to its poor performance.
“Over the last couple of months, the dry bulk market underwent a severe price correction and the fierce commodities price battles provoked a shift in regional seaborne trade routes from transatlantic to the Pacific, which consequently reduced the demand for dry bulk ton miles,” Jinhui said.
The average daily time charter equivalent rates (TCE) earned by the Jinhui’s fleet dropped to $8,350 for the fourth quarter compared to $14,092 a year ago.
Jinhui has a fleet of 36 vessels comprised of two post-panamaxes, two panamaxes, thirty grabs fitted supramaxes, one handymax and one handysize.
