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- Basic earnings per share: US$0.831
HIGHLIGHTS FOR THE SECOND QUARTER OF 2021
- Revenue for the quarter: US$32 million
- Net profit for the quarter: US$86 million included reversal of impairment loss on owned vessels of US$65.5 million
- Basic earnings per share: US$0.783
- Interim dividend per share: US$0.03
The Board of Jinhui Shipping and Transportation Limited (the ‘Company’) is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (the ‘Group’) for the quarter and six months ended 30 June 2021.
Despite the COVID-19 pandemic has had a devastating economic impact to global economies, many countries launched effective track and trace systems, deployed coronavirus vaccination program, and rolled out of substantial economic stimulus measures. There are notable global economic rebounds in early 2021 and major financial markets soared, reflecting better corporate earnings and market conditions. Dry bulk shipping market showed strong sign of rebound amid global economic recovery. The market is supported by strong cargo flow that outpaced vessel supply. The surge of global seaborne trade of steel and iron ores, grain, soybean and other agricultural commodities, have driven market freight rates in an upward trend in 2021. The average of BDI for the first half of 2021 was 2,257 points, which compares to 685 points in the same period in 2020.
Revenue for the first half of 2021 increased 171% to US$48,083,000, comparing to US$17,724,000 for the same period in 2020. The Company recorded a consolidated net profit of US$90,755,000 for the first half of 2021 while a consolidated net loss of US$23,656,000 was reported in the first half of 2020. The consolidated net profit is mainly attributable to the remarkable rebound in dry bulk shipping market as seaborne trade activities gradually recovered since late 2020 that leads to a significant increase in the chartering freight and hire revenue to US$48,083,000 for the six months period ended 30 June 2021 and the recognition of reversal of impairment loss on owned vessels of US$65,521,000 as at 30 June 2021. Basic earnings per share for the period was US$0.831 as compared to basic loss per share of US$0.217 for the first half of 2020.
The Group reported a revenue for the second quarter of 2021 of US$31,902,000, representing an increase of 275% as compared to US$8,510,000 for the same quarter in 2020. The consolidated net profit for the quarter was US$85,502,000 as compared to a consolidated net loss of US$5,285,000 was reported in the second quarter of 2020. Basic earnings per share was US$0.783 for the second quarter of 2021 as compared to basic loss per share of US$0.048 for the corresponding quarter in 2020. The improved operating result for the quarter was primarily due to the strong rebound of market freight rates in dry bulk shipping sector in 2021 that leads to a significant increase in the chartering freight and hire revenue to US$31,902,000 for the second quarter of 2021 and the recognition of reversal of impairment loss on owned vessels of US$65,521,000 as at 30 June 2021.
As at 30 June 2021, the Group had eighteen owned vessels which included two modern Post-Panamaxes and eighteen modern grabs fitted Supramaxes.
For details, please see attachment on http://www.newsweb.no.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).
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