Jinhui Shipping and Transportation (JIN) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was $37.5M–$38M, EBITDA $12.6M–$13M, and net loss $2.7M, mainly due to vessel disposals and provisions; full year revenue was $157M–$157.5M, EBITDA $79M–$79.1M, and net profit $12.5M–$13M, with basic EPS of $0.115.

• Chartering revenue declined 15% in Q4 year-over-year due to fewer owned vessels; annual revenue dipped 0.9%.

• Fleet renewal continued with eight Supramax disposals for $86M (incurring $9.2M loss) and new Ultramax orders; total committed newbuildings now six, with deliveries in 2028 and 2029.

• Operating fleet at year-end: 23 vessels (18 owned, 5 chartered-in), average owned fleet age 14.67 years.

• Proposed final dividend of $0.018 per share for 2025.

Financial highlights

• Q4 2025 net loss of $2.7M contrasts with Q4 2024 net profit of $5.2M; annual net profit $12.5M–$13M, down from $24M prior year.

• Basic loss per share for Q4 was $0.025; annual EPS $0.115.

• EBITDA for Q4 was $12.6M–$13M, down from $18.8M; annual EBITDA rose to $79M–$79.1M from $74.3M.

• Gearing ratio at year-end was 1% (down from 15% in 2024); current ratio improved to 3.18.

• Cash and cash equivalents at year-end: $89.4M–$111M (up from $23M–$41M in 2024).

Outlook and guidance

• Management remains cautiously optimistic, citing robust demand for commodities, especially minor bulks, and supportive chartering rates.

• Significant coverage of 2026 vessel days secured at favorable rates: 54% Capesize at $22,000/day, 92% Panamax at $17,000/day, 53% Ultramax/Supramax at $14,000/day.

• Strategy focuses on maintaining a young, efficient fleet and financial flexibility, with continued fleet renewal and expansion.

• Emphasis on maintaining financial stability and liquidity to support future CapEx and growth opportunities.