Jinhui Shipping and Transportation (JIN) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $40.2 million, with EBITDA at $15 million and a net loss of $1.9 million, including a $2.4 million loss on vessel disposal; basic loss per share was $0.018.

• First half 2025 revenue reached $80 million, EBITDA $50 million, and net profit $15.1 million, aided by a $20.2 million legal settlement; basic EPS was $0.139.

• Q2 2025 revenue decreased 2% year-over-year, while first half 2025 revenue increased 15% compared to the same period in 2024.

• Net profit for the first half rose by $3.9 million year-over-year, but Q2 net profit dropped $11 million compared to Q2 2024.

• No interim dividend was declared for Q2 2025.

Financial highlights

• Q2 2025 basic loss per share was $0.018; first half 2025 basic earnings per share was $0.139.

• Average TCE for Q2 2025 was $13,860/day; Q2 2025 TCE: Capesize $19,300/day, Panamax $15,046/day, Ultramax/Supramax $13,158/day.

• Daily running costs of owned vessels increased to $6,719/day in Q2 2025 from $5,396/day in Q2 2024.

• Total assets as of June 30, 2025 were $549 million, total equity $383.9 million, and available liquidity $43 million.

• Gearing ratio as of June 30, 2025 was 15%; return on equity for Q2 2025 was -0.5%.

Outlook and guidance

• 67% of Capesize and Panamax vessel days for H2 2025 are covered at $22,000 and $18,000/day, respectively; 45% of Ultramax/Supramax days covered at $14,000/day.

• Management remains cautiously optimistic but highlights significant uncertainty due to geopolitics, trade wars, and new vessel supply.

• Focus remains on maintaining a strong balance sheet, liquidity, and low gearing.

• High volatility and long-term commitment risk expected in the market.