This announcement is made by the board of directors (the "Board") of Jinhui
Shipping and Transportation Limited (the "Company") for information only.

The Board wishes to inform the shareholders of the Company (the "Shareholders")
and potential investors that, based on a preliminary assessment of the unaudited
consolidated management accounts, the Company is expected to record a
consolidated net loss of around US$46 million to US$47 million and around US$6
million to US$7 million for the fourth quarter and the year 2022 respectively
due to an unprecedented challenging environment as well as the recognition of
impairment loss of around US$49 million on owned vessels as compared to a
consolidated net profit of US$84 million and US$194 million for the
corresponding fourth quarter and the year 2021 respectively, which included a
reversal of impairment loss of US$68 million and US$134 million on owned vessels
respectively.

In the first half of 2022, dry bulk shipping market showed strong sign of
rebound amid global economic recovery. However, due to subdued macroeconomic
conditions in the second half of 2022, dry bulk shipping market suffered a slump
particularly in the fourth quarter of 2022. The demand for dry bulk commodities
was weak due to the slowdown of global economic growth as a result of high
inflation and rising interest rates, the COVID-19 related issues as well as
multiple geo-political issues that dampened economic activities globally. A
further downward correction in the market freight rates was continued in the
fourth quarter of 2022.

The Group reviewed the dry bulk shipping market environment, the overall macro
environment and the market value of dry bulk vessels and management considered
that impairment indication of the Group's fleet existed and performed an
impairment review on 31 December 2022.  Based on the on-going discussions with
the auditor of the Company and prudent consideration, it is considered the long
term intrinsic values of certain owned vessels are expected to be significantly
less than their respective carrying amounts.  This indicated that substantial
impairment loss on owned vessels of around US$49 million is expected to be
recognized at end of 2022. However, such impairment loss amount is yet to be
ascertained.

The Company is still in the process of preparing and finalizing the financial
results for the fourth quarter and the year 2022, which is subject to
finalization and other potential adjustments, if any, and the information has
not been audited or reviewed by the auditor or the audit committee of the
Company.   Further details of the financial information of Jinhui Shipping will
be disclosed in its fourth quarter report and 2022 preliminary annual results
announcement on 28 February 2023.

Shareholders and potential investors are advised to exercise caution when
dealing in the shares of the Company.


By Order of the Board
Ng Siu Fai
Chairman
23 February 2023