The Oslo and HongKong-listed dry bulk shipowner saw revenue for the quarter slide by 32%year-on-year to $36.7m.
Itblamed the poor result on reduced chartering earnings due to increasingballasting and positioning periods and weak rates due to the oversupply oftonnage.
It also suffered a ‘fairvalue loss’ of about $3m on its investment portfolio due to a correction inemerging markets during the quarter.
Jinhui’sfleet achieved an average daily time charter equivalent (TCE) rate of $10,558during the quarter versus $13,294 a year ago.
Capesize TCE rates saw a year-on-year increaseof 5.6% to $13,477, but panamaxes fell by over 17% to $11,727, while smallersize bulkers saw declines of almost 22% to $10,380.
Jinhuihas a fleet of thirty six owned vessels comprised of two post-panamaxes, two panamaxes, thirty grabs fitted supramaxes, one handymaxand one handysize.
