HIGHLIGHTS FOR THE QUARTER ENDED 31 MARCH 2023
- Revenue for the quarter: US$14 million
- Net loss for the quarter: US$13 million
- Basic loss per share: US$0.117
- Gearing ratio as at 31 March 2023: 7%

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 ended 31 March 2023.

Dry bulk shipping market has weakened in early 2023 amid an increasingly
challenging macroeconomic and financial environment. The market freight rates
continued to slide due to the seasonal trading patterns during Chinese New Year
holidays, slowdown of global economic growth and unresolved of multiple
geo-political issues. The market sentiment gradually changed in March 2023 and
the market freight rates soon began to regained strength driven by the increase
in demand for dry bulk commodities and limited supply of vessels.

Revenue for the first quarter of 2023 decreased 56% to US$14,430,000, comparing
to US$32,636,000 for the corresponding quarter in 2022. The Company recorded a
consolidated net loss of US$12,752,000 for current quarter as compared to a
consolidated net profit of US$19,018,000 which included a net gain on disposal
of owned vessels of US$6,146,000, for the corresponding quarter in 2022. Basic
loss per share was US$0.117 for the first quarter of 2023 as compared to basic
earnings per share was US$0.174 for the corresponding quarter in 2022. The
Group's results was negatively impacted by the lackluster market freight rates
amid weak dry bulk shipping market sentiment in early 2023 compared with the
strength market freight rates in dry bulk shipping sector in the first quarter
of 2022. 

As at 31 March 2023, the Group owned twenty four grabs fitted Supramaxes and has
one chartered-in Panamax.

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).