Jinhui Shipping and Transportation (JIN) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $33 million, with EBITDA of $17 million and net profit of $4.3 million, reflecting a sharp year-over-year decline mainly due to the absence of a $20.2 million one-off settlement in Q1 2025 and a reduced fleet size.

• Basic EPS was $0.040; gearing ratio stood at 5% at quarter-end.

• Average daily TCE rose 23% year-over-year to $16,290, with Capesize at $30,408/day, Panamax at $17,705/day, and Ultramax at $13,710/day.

• Fleet renewal continued with two vessels sold for $47 million and two Ultramax newbuildings ordered at $34 million each for 2029 delivery.

• No dividend declared for Q1 2026.

Financial highlights

• Shipping-related expenses fell 36% year-over-year to $13.9 million, reflecting fewer vessels and lower charter payments.

• Daily running cost increased 4% year-over-year to $5,612, driven by higher crew and maintenance costs.

• Total assets at quarter-end were $539 million; total equity $383.9 million.

• Available liquidity was $87.8 million; current ratio 3.71:1.

• Net cash used in operating activities was $2.7 million, compared to net cash generated of $29.7 million in Q1 2025.

Outlook and guidance

• Management expects a balanced and steady freight and asset market for the rest of 2026, with supply and demand in relatively good balance.

• Focus remains on maintaining a young fleet, seizing opportunities for vessel renewal, and balancing growth with a healthy balance sheet.

• Conservative approach to leverage, with gearing expected to rise as newbuildings are delivered.

• 33% of Capesize and 100% of Panamax vessel days for the rest of 2026 are covered at $23,000 and $19,000/day, respectively; 51% of Ultramax/Supramax days are covered at $14,000/day.