HIGHLIGHTS FOR THE FIRST HALF OF 2023
- Revenue for the period: US$37 million
- Net loss for the period: US$19 million
- Basic loss per share: US$0.176
- Gearing ratio as at 30 June 2023: 8%

HIGHLIGHTS FOR THE SECOND QUARTER OF 2023
- Revenue for the quarter: US$23 million
- Net loss for the quarter: US$7 million
- Basic loss per share: US$0.060


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
2023.

Dry bulk shipping market confronted headwinds in early 2023 due to the seasonal
trading patterns during Chinese New Year holidays, slowdown of global economic
growth and unresolved of multiple geo-political issues led to the market freight
rates continued to slide. The market sentiment gradually changed in March 2023
and the market freight rates moved upwards driven by the increase in demand for
dry bulk commodities and limited supply of vessels. However, the market freight
rates for the first half of 2023 were still weak due to the port congestion
eased globally and the demand for dry bulk commodities was under pressure as a
result of the higher inflation and interest rates.

Revenue for the second quarter of 2023 decreased 55% to US$22,797,000, comparing
to US$50,629,000 for the corresponding quarter in 2022. The Company recorded a
consolidated net loss of US$6,509,000 for current quarter as compared to a
consolidated net profit of US$20,331,000 for the corresponding quarter in 2022.
Basic loss per share was US$0.060 for the second quarter of 2023 as compared to
basic earnings per share of US$0.186 for the corresponding quarter in 2022.

Revenue for the first half of 2023 decreased 55% to US$37,227,000, comparing to
US$83,265,000 for the same period in 2022. The Company recorded a consolidated
net loss of US$19,261,000 for the first half of 2023 whereas a consolidated net
profit of US$39,349,000 which included a net gain on disposal of owned vessels
of US$6,146,000, was reported in the first half of 2022. Basic loss per share
for the period was US$0.176 as compared to basic earnings per share of US$0.360
for the first half of 2022. The consolidated net loss for the period was mainly
attributable to the lackluster freight rates upon the weak dry bulk shipping
market sentiment especially in early 2023 as compared to the remarkable rebound
of market freight rates driven by robust demand for dry bulk commodities in the
first half of 2022. The average daily time charter equivalent rate for the fleet
decreased to US$8,379 for the first half of 2023 as compared to US$22,029 for
the same period in 2022. 

As at 30 June 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).