HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2023
- Revenue for the year: US$82 million
- Net loss for the year: US$55 million included non-cash impairment loss on the
Group's fleet of US$20 million
- Basic loss per share: US$0.504
- Gearing ratio as at 31 December 2023: 7%

HIGHLIGHTS FOR THE FOURTH QUARTER OF 2023
- Revenue for the quarter: US$25 million
- Net loss for the quarter: US$28 million included non-cash impairment loss on
the Group's fleet of US$20 million
- Basic loss per share: US$0.254

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 year ended 31 December
2023.

The Group reported a revenue for the fourth quarter of 2023 of US$24,603,000,
representing a decrease of 17% as compared to US$29,622,000 for the same quarter
in 2022. The consolidated net loss for the quarter was US$27,715,000 which
included a net impairment loss of US$14,011,000 on owned vessels and an
impairment loss of US$5,693,000 on right-of-use assets as compared to a
consolidated net loss of US$46,751,000 which included a net impairment loss of
US$49,326,000 on owned vessels was reported in the fourth quarter of 2022. Basic
loss per share was US$0.254 for the fourth quarter of 2023 as compared to basic
loss per share of US$0.428 for the corresponding quarter in 2022.  

Revenue for the year 2023 decreased 46% to US$81,868,000, comparing to
US$152,466,000 for the year 2022. The Company recorded a consolidated net loss
of US$55,055,000 for the year 2023, which included a net impairment loss of
US$14,011,000 on owned vessels and an impairment loss of US$5,693,000 on
right-of-use assets while a consolidated net loss of US$7,113,000 which included
an impairment loss of US$49,326,000 on owned vessels, was reported in 2022.
Basic loss per share for the year was US$0.504 as compared to basic loss per
share of US$0.065 for the year 2022.

Dry bulk shipping market faced challenges in 2023. The market freight rates were
weak in most of 2023 due to the lacklustre demand for dry bulk commodities amid
an increasingly challenging macroeconomic backdrop. The market sentiment
gradually changed in the fourth quarter of 2023, with the market freight rates
inching upwards driven by increasing demand for dry bulk commodities. The
average daily time charter equivalent rate decreased from US$18,813 for the year
2022 to US$9,063 for the year 2023. The consolidated net loss for the year was
primarily due to the depressed freight rates upon the weak dry bulk shipping
market sentiment in most of 2023 as compared to the remarkable rebound of market
freight rates driven by robust demand for dry bulk commodities worldwide in
2022. 

During the year, the Group entered into agreements to acquire one vessel and
dispose three vessels.  In addition, the Group entered into a charterparty with
a third party in respect of leasing of a Panamax.  As at 31 December 2023, the
Group had twenty three grabs fitted Supramaxes and 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).