Jinhui Shipping & Transportation Ltd.

For Q3 2025, revenue was USD 40 million, down 11% year over year, EBITDA was USD 17 million, net profit was USD 0.08 million, and basic EPS was USD 0.001. Average TCE for the quarter fell 4% year over year, and shipping-related expenses declined to USD 21 million from USD 24 million in Q3 2024. For the first nine months of 2025, revenue was USD 120 million, up 4.6% from USD 114.7 million, EBITDA was USD 67 million, net profit was USD 15 million, and basic EPS was USD 0.139. Management did not give formal numeric guidance for the next quarter or full year, but said chartering market conditions should remain robust and rates should slowly improve, especially in 2026.

The lead executive framed the quarter as part of a broader fleet renewal strategy rather than a one-off setback. He said the company is monetizing older vessels, refreshing its asset base, and repositioning for a new cycle with better assets and potentially better shareholder returns. The tone was cautious throughout, with repeated emphasis on volatility, macro uncertainty, and geopolitical risk, but also clear confidence that the timing for selling older tonnage and investing in renewal is attractive.

The financial discussion focused on mix changes, disposals, and balance sheet strength. Shipping-related expenses fell to USD 21 million from USD 24 million, short-term lease hire payments dropped to USD 2.6 million from USD 8 million, and owned-vessel running costs rose from USD 5,302 to USD 5,750 per day due to crew, spare parts, and maintenance. Total secured borrowings rose to about USD 126 million, with current and noncurrent portions of USD 11 million and USD 115 million, while total assets increased to about USD 571 million, total equity to about USD 383 million, current ratio was 3.03:1, gearing was 2%, and available liquidity was USD 116.4 million. CapEx for the quarter was USD 3.2 million, mainly for dry docking and vessel improvements.

On China-Japan tensions and geopolitical risk, management said it prefers neutral routes and does not see Asian ports as the highest-risk area; instead, it pointed to the Middle East, Ukraine/Russia-related ports, and the Red Sea as more concerning. Management said there has been little change in insurance premiums or security costs, and that extra costs in risky situations would generally be borne by charterers because most business is conducted on time-charter terms. On dividends, management said any year-end dividend would depend on the Board’s decision.