Jinhui Shipping and Transportation (JIN) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was $37.5 million with EBITDA of $12.6–13 million and a net loss of $2.7 million, mainly due to losses on ship disposals and provisions for receivables and impairments.

• Full year 2025 revenue reached $157.5 million, EBITDA $79–79.1 million, and net profit $12.5 million, with basic EPS of $0.115.

• Fleet renewal strategy continued, with eight older Supramaxes sold for $86 million (incurring $9.2 million loss) and four Ultramax newbuild contracts signed for 2028 delivery; two more Ultramax contracts added in 2026 for 2029.

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

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

Financial highlights

• Q4 2025 net loss of $2.7 million vs. $5.2 million profit in Q4 2024; annual net profit $12.5 million vs. $24 million prior year.

• Average TCE for Q4 2025 was $15,254, down 2% year-over-year; annual average TCE was $14,182, down 3.8%.

• Daily running costs of owned vessels increased to $5,895 in 2025, mainly from higher crew and maintenance costs.

• Shipping-related expenses slightly declined to $84.2 million in 2025.

• Liquidity rose to $110.9 million at year-end; current ratio improved to 3.18.

Outlook and guidance

• Management remains conservatively confident, citing robust demand for minor bulks and effective absorption of new vessel supply.

• Geopolitical uncertainty and regulatory changes are key risks; focus remains on fleet renewal and maintaining financial stability.

• 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.

• Expectation of higher revenue and lower costs as new, more efficient vessels are delivered.

• Strategy remains focused on maintaining a young, efficient fleet and financial flexibility.