Dagens aksje hos investech i dag med anbefaling KJØP uten motstand i kurs diagram.

Den har blinka grønt lenge det analyseverktøyet :-)
Ser greit ut fremover også innenfor SUPRA , juni bygger seg opp
May 25100 +100
Jun 26275 +525
Q3 23500 +400

Her er det bare å laste opp..

Noen som tror på utbytte på 1Q ?

Sett historisk så bør det egentlig komme et utbytte. Sist de betalte utbytte så hadde de sluttet rater til 11k. Nå får vi kanskje 12-15k rater for kvartalet. Og ratene nå tilsier god økonomi for Jin også ved neste rapport, så de kan ta seg råd til utbytte. Men hvem vet med den gjengen i Jin 😉

Jeg tror det er små kroner dette med ballastrense vann systemet. De kan selge sine aksjer på børsen for å dekke dette hvis de trenger og vil det. Jeg syns det ser utelukkende positivt ut og veldig sterkt ut pengemessig for jinhui nå.

Hva har jin uttalt seg om ballast rense system tidligere? Jeg mener de snakket om det på en av de tidligere earnings call transcript som kan finne på yahoo finance.

Capital allocation future. You can see that as long as we are -- if there's no any further buy and sell of vessels, the mix capital allocation in 2021 and beyond would be the ballast water tanks. We have no new building commitment right now, so there's no major capital expenditure. Okay. Scrubbers -- no, sorry, I will not aim for scrubbers in the future. The volatility in the low sulfur fuel has -- recently has shown that the price gap between low sulfur fuel LSFO versus the traditional bunker is actually minimal. There has been competitors in the market who actually were so scared of supply, which undertakes to commit to LSFO back in late 2019 for a price differential of USD 150 per ton are all suffering. So we are glad that we do not take that route. Scrubbers, no, we believe that as LSFO become more and more common, there will be ample supply. And the price gap will be -- will come down. It will be very manageable. Just like unleaded petrol for your cars

May 25200 +200
Jun 27125 +1375
Q3 23875 +775
Jøsses...se Juni øker

Wei Ching

It looks like in view of the -- I think it's public knowledge that there's a lot of volatility both in the equity market, freight market as well as even the property markets. So for example, the property market, it's always been one of our views to put -- not to put all our eggs in one basket and put partially some of our eggs into an asset class that do not correlate to shipping. So what the reason behind buying -- or allocating a small proportion of our funds into some real estate. We are very selective on that front. We are very selective on that front. In terms of the equity, there's unrealized loss as of end 2018. Confident to say that even the -- I would say 98% of fund managers globally has been making a mark-to-market loss on 2018 Q4. From that -- on that perspective, we believe that unrealized loss is actually fairly small. It's around 3-point something million. Gains in such a volatile environment, I think it's actually respectable. If we look at the position now, it's now end of February, a lot of that has been recovered.

Wei Ching

For now, I think it's more like I think we have been reducing part of the position as the market -- the overall global market has been in recovery because it's -- we still see uncertainties in markets. So as some of those are securities that we have purchased, and they have recovered, we have also had some of the [ income ]. In terms of when you ask -- if you ask me what is the overall strategy for 2019 in terms of how we allocate our funds, to be honest with you, it's so -- the markets are so volatile, the situation is so fluid out there, I can't give you a particular strategy. We just have to play it by ear because events are happening every day, unexpected events happening every week, every 3 days.

Wei Ching

We are not committing to a particular dividend policy, but we rather use actions or to show our shareholders what we are going to do. As you can see, it's -- the shipping industry, the dry bulk shipping has suffered for many -- quite a number of years. And as soon as we have turned positive and given that financially we, in terms of balance sheet -- of the financial status of the company is rather robust, we are -- we decided to distribute dividends. Going forward, this will be the same kind of thinking going forward, but in terms of whether it's going to be a percent of earnings to retain this flexibility because we do operate in a highly intensive, highly volatile industry.

Wei Ching

The -- okay. The whole reason behind acquiring 2 secondhand vessels, to be honest, they are not very young, but they are 2 -- these ship vessels are some of the most well-maintained, good quality vessels we have seen. We'll be frank to all of you. Surprisingly enough, these are Chinese vessels, Chinese made. But accordingly to our experience, we have found that vessels be it made in China or made in Japan, made in Korea, those vessels that were made in the early 2000s, i.e., before the actual bulk market took off, when -- if you think of it, shipyards at that time would -- begging for business, okay. And the quality that -- of these ships at those times were very, very well made. They used extra steel plates. The engine rooms are better arranged. The deck quality was a lot better. I can go on and on about this. But overall, we're very surprised of the quality as well as it was very well maintained from -- in the seller. The seller actually owned this vessel from the newbuilding.

So with this -- and of course, it was a very good price. It was a low enough price where we see that even us, and let's say, for example, 5 more years of use under our management, under our operation, which we can confidently achieve, just considering, for example, the demolition price of such vessel, the risk capital that we actually are committing is very, very low. So i.e., for example, I mean we are literally risking roughly even a little bit north of USD 1.6 million for each ship. But the rest, by the time we finished operating it in the market -- of course, at a very low cost. And these vessels, you can also imagine the depreciation, the noncash item will also be minimal. We will still fetch roughly around USD 4 million, possibly plus, on demolition value. So we believe it's a very good value proposition. We can increase our carrying capacity spending very, very little capital. So this is the rationale.

Wei Ching

The ballast water, we -- no, we haven't. I believe, actually, no, we have not installed a ballast water management system yet on our vessels, but we have already have got extension on the requirements of installing ballast water management systems. Okay? And these extensions run all the way until 2022, so we have time. Why we did that is because -- if we would have put up money to invest into ballast water management systems the day they announced it and looking at the price of the installation of installing ballast water management systems on our ships now, I think I would cough up blood, to be honest. You could say the price is more than half, and they still continue going on a down trend. So we saw that coming, and we didn't -- we did not want to be guinea pigs. So we very quickly went to apply for the extension. So we got maximum extension all the way until 2022, early 2022 for every ship.

Wei Ching

Philip, thank you. Of course, thanks for your input. This is something -- your idea of share buyback is something that obviously has been mentioned by, firstly, other shareholders of ours, including ourselves, we have actually considered this too. But having said that, what I'd like to urge you to think when you're sitting in our shoes, okay? The NAV that you're looking at is a very much snapshot in time.

As I said, we are not sure about the market outlook, to be honest with you. And whether it is -- doing a share buyback is a snapshot in time to a boost in the share value, okay? It's -- of course, it's a very, very positive thing to do that for all shareholders, from minority to major shareholders. But at the same time, it doesn't expand.

For example, if we have cash and let's say, if there's an opportunity to -- that some -- the market is very fragmented. Let's say, there are others, owners who want to give up their ship at a very attractive price, I think buying a vessel and then expanding the absolute cash flow in terms of magnitude, be it a different, a newer type of ship, a larger ship, et cetera, is also on our consideration. So it's given -- I believe you understand where I'm coming from with the limited or very low visibility of how the global economy is going to trend going forward. It's not an easy decision to make. But thank you very much. We will -- this is on one of our lists as well in terms of a share buyback.

Unknown Analyst

Got it. My second question is regarding the BWTS. Can you give us some details about the average CapEx for each ship? Or -- and how the company would like to fund the CapEx.

Wei Ching

We will fund the ballast water management system, obviously, through internal cash flow or any undrawn facility. Now we have been playing the waiting game in terms of the ballast water management systems, okay? It was originally very, very expensive. But of course, as this becomes more and more bread-and-butter for -- in terms of the suppliers as well as the installation efforts from shipyards, we expect for the equipment itself, probably $0.25 million for each ship. It could -- that's like the ballpark figure, okay? And in order to save the installation cost, obviously, we will -- we have timed this in accordance to the ships for the next survey, for the next dry dock and survey. So on the installation charges, we expect the fitting of the ballast water management systems wouldn't be substantial. It wouldn't be another -- additional substantial maintenance cost. So we do it -- we install it while we are doing the periodic maintenance at the dry dock. So I would say $0.25 million to maybe $300,000, maybe slightly more, the ballpark figure. So we don't need to do any special funding for such CapEx.

If there are no further questions, I'll call this an end to the presentation. Let's keep our fingers crossed that the U.S. trade dispute will come to some kind of conclusion soon so that the uncertainty in markets would reduce for everyone, for everyone's sake or industry's. If you would like to have -- if you have further questions you would like to take it off-line, you know where to e-mail me or call me. Thank you.

Why are we not rejuvenating our fleet? Well, we do not have the full confidence right now of how the regulations of vessels will trend. Is the next generation going to be remain the current diesel engine? The actual regulation, the environmental regulation, we want more time to see how that changes. And if you see how newbuilding prices have been trending, while we are shying away from newbuilding prices, they keep dropping. We will be installing the water ballast tanks in accordance to the time docked -- or in accordance to the time line or the deadline.

We do not want to specifically, for example, send a ship. The planned capital for the entire fleet, I would roughly estimate around -- for the ballast water tank equipment alone, it should be around $300,000 per ship, but we are going to plan together to do this kind of work, along with its dry docking schedule. So the overall planned capital will be around maybe a little bit north of $0.5 million each in due course for each ship. We also won't like to send them in batches. So we send them one by one to stretch out, so that at any point in time, we will have majority of our vessels in business.

Investment strategy for 2021. To be honest, in terms of investment strategy for 2021, right now, we don't really set a particular plan in place, but we'll be -- given the supply is low, I think we would be looking very, very carefully at the S&P market, whether there would be any value in terms of second-hand vessels. We will not be ordering newbuilding in the meantime, though. Got you.

Share buyback, dividend policy, we noted. I will also highlight that a lot of a lot of [ companies ], be it in the shipping space or various traditional industries are trading at value -- trading at very depressed prices.

On share buyback and dividend policy, I am not in a position to say. All I can say is, right now, we do not have any plans on these 2 funds. We will announce to the market should the Directors -- or the Board of Directors decide to any changes in terms of this front. But right now, you can see that the flavor of the equity market is on growth.

If you look back in the past 10 years, unfortunately, in a very low interest rate environment, value doesn't seem to be a good flavor. Overall, everybody pausing on the growth. I believe you all know what I mean, given that you guys are all equity investors.

Can you please explain the real estate investment? Can we expect more real estate investment in the future?

The real estate investment, I believe you're talking about the current quarter and the $19.5 million Hong Kong one. Hold on a second. Actually, maybe we were unclear on the presentation. But if you look into the actual announcement, the investment of that $19.5 million property, it was actually canceled and fully refunded. Going forward, I think we'll be very, very careful in terms of -- we have no plans for any further reinvestment -- investments in the immediate future.

Okay. The Shanghai project. Yes, it's going forward. The managers will, of course, be very actively marketing. Now that the transaction is completed, as far as we can understand is that they will be actively pursuing interested parties in terms of tenants and we'll start filling up the property. Hopefully, we will hear solid information on that front and we'll let you guys know it accordingly.

What are we doing with all excess cash, which is now accumulating in banks? A better -- okay. Hold on a second. I think, right now, in this environment, apart from on -- we have talked -- we have used part of the cash and there's some investments. Obviously, early on the year, there was a correction in the market where I believe nobody expected. Those investments are recovering. But other than that, we will try and maintain as much liquidity as possible for any opportunities in the dry bulk space going forward.

The development of the security market stocks that we have in there. As you can see in Q3, we -- as explained, there's mark-to-market loss from previous quarters coming back up. We're turning in a positive number at the bottom line.

We see this -- my apologies. I think it's -- there was a time limit on the Zoom. My apologies on that. I've been using the free version.

The security portfolio. I think, as you can see, the Q3 numbers, we already -- I already mentioned in the presentation that the security portfolio has improved. The mark-to-market losses has recovered and we expect them to recover going forward.

With the virus situation as well as the political tensions recovery, I believe we're in a good position. Majority of them are listed in Hong Kong, maybe a small amount in the U.S. Also some bonds, mainly large caps.

Yes. I mean, this is exactly what we are looking at, but we are being very, very careful in terms of scouting for good quality but value-to-money secondhand ships.

Yes, in terms of aging fleet. Our fleet is aging, it's now 12 years old. But to be honest, we always have to weigh the pros and cons between a very, very young 3-, 4-year vessel. The cost of buying one versus -- is there -- the premium they are earning. A lot of the asking price right now in the market do not, in our point of view, in our perspective, does not

[Audio Gap]

kind of technology will the next-generation dry bulk vessels be using. We will shy away from one newbuilding or actually even on secondhand 2 younger ships. I don't see -- we don't see any reason to pay too much, let's say, for a 2-, 3-year old, 5-year-old ship right now because 5 years, 7 years down the road, technology requirement or the regulatory requirements would mean that they would trade at a discount.

Yes, as far as we're concerned, the fair value is correctly represented in the balance sheet right now.

No, I'm afraid I'm not going to comment on P/E value of the stocks. That's your job. No, not commenting on the P/E value of the stocks. As I said, we know it's undervalued right now. And so there's a lot of value old industry stocks. I have already commented. Many old industry are trading at a discount.

Unknown Executive

It's trading at a discount here.

Wei Ching

As far as I'm concerned, there are several factors that are holding back scrapping. One, everybody is seeing the supply is low, so they try to squeeze as much as possible out of the old buckets. But I also hear that in the scrapping market that because of the COVID situation, for example, Bangladesh, things are just not going as smooth as they should be.

Any special measures to unlock the true value of the company of the shares? I know you're talking about share price. We will timely inform the market if there are any special corporate actions on that front. I will ask the Board of Directors to let me know what I can say and what I cannot. And I will reflect your comment to the Board accordingly.

Okay. That's all from me. If you have any further questions, do feel free to e-mail me.

I hope you all stay safe in the current environment, and have a very good day. Thank you.


Now, I have been asked specific questions on the Shanghai property. The party, of course, has been very, very challenging. It, of course, affects real estate industry as well. But I think we can see that the economic activity has recovered somewhat quicker in China. We are seeing signs that confidence also is restoring on a relative basis, a little quicker out of China and Asia. Good news is we have received an update as well as numbers from the co-investment manager.

The Shanghai project, the value of -- the asset value of that project in accordance to our share is slightly above the investment that we have committed. We have committed USD 10 million and the value, as of latest valuation, is just about USD 10 million. In terms of the assets that is going on which the co-investment managers, of course, still seeking to fill up the tenancy.

Right now, I think it's still low -- it's still the early stage of recovery. But I expect that as -- again, when people's confidence start restoring, virus is even more under control, I think the requirement of office space in one of the -- well, not one of the, I think Shanghai is probably the most vibrant city in China, I think there will be some positive progress on that front.

In terms of the -- we have also been asked about the value of our listed securities. It's actually noted in Note 13 of our results announcement. We do not have any listed securities on the Shanghai Stock Exchange, by the way. We have been asked by a shareholder. 50% of this is in Hong Kong listed and 50% non-Hong Kong listed, mainly U.S. -- sorry, Singapore.

Last answer to the question in terms of paying dividends in the future. I want to remind you guys that I'm the spokesman for the company, but I will pass the message on. But I'm sure that when we really reap in the cash with our assets, we will share the results with you, just be patient.

Ser de nevner 0.3 mill per skip for bwts. Ser ut som de skal gjøre det med internal funds.

La oss si 6 mill totalt for bwts for alle skipa. Jin har 33 mill på bankkonto. Tror ikke vi trenger å bekymre oss så mye. De har jo også 40 mill i aksjer.

Nå nærmer det seg rapport. Skal vi opp eller ned etter rapporten?

Hadde litt troa på JIN skulle følge GOGL idag å gjøre ett bys nordover. Ser nå at der er noen som ikke vill at denne skal over 9,-

Ja vi trenger ikke skip mer alt kan fraktes over blokkkjeden

Bryter jin 10 så er det rakettbrensel i aksjen

følge styret til Jinhui Shipping and Transportation har et heleid datterselskap inngått en avtale (MoA) om kjøp av et supramax-skip til kjøpspris på 10.813.000 dollar.
Det opplyses i en melding torsdag.

Dette er bra. Jin forbereder seg for den kommende supersyklusen med å kjøpe opp skip før skipsprisene stiger til himmels. Har vel kjøpt 3 skip på kort tid nå. De tenker nok at nå er et godt tidspunkt å kjøpe. 10 mill for et 2004 skip sier jo noe om hvor mye skipsprisene har økt!!

Fearnleys
Weekly Report
Week 20 - May 20, 2021






01

Tankers

VLCC
In the MEG, May signs off with mediocre 100 cargoes for the month. Nothing special and it has meant that the June stems were eagerly awaited. And here they are. At the time of writing, 5 fresh MEG stems hitting owners’ notepads, and we are looking at a (mini) frenzy, as owners hold off to try and get the bigger picture and not sell themselves short. It is not going to change the world, but a few extra points will help owners. Plenty of reports Iranian crude will start exporting from Jask port in June. They are getting ready for lifting of sanctions, which does not look immediate, however. But, with Opec increasing, Indian refineries shutting for maintenance, we still awaiting the real rebound post covid, the oil has to go somewhere. Therefore quite a few questions this morning from certain parties on short term storage on VLCCs.


Suezmax
With chatter abounding of a possible Iranian return to the open market (in the not too distant future), there is some marginal expectation that this could translate into better returns at some point. Whilst that's not going to positively impact rates this week, we have seen a moderate uptick in TD23 enquiry with ws18 reported on subs. Whilst those levels provide terrible returns, it's at least up, not down. With the risk of sounding like the most scratched record in history, the East has been too quiet and the build of tonnage at deviation point Wafr/MEG tells its own story. TD20 will remain flat for the remainder of this week as Wafr/East cargoes have failed to materialize in high enough volumes, forcing owners to take Wafr/up, or, book TD23 at negative earnings. MEG/East will trade low/mid ws50's on modern.


Aframax
After a slight improvement in rates last week, owners in the Nsea/Baltic market again had to give in for the downward pressure they faced this week. Charterers marched forward and covered quietly almost all stems for May. Moving forward, unless surrounding areas can offer an alternative, we expect rates to remain under pressure for the week to come as cargo volumes will be scarce and more ships coming back into position.
The Med/Bsea has trade sideways all week as expected. However, in the last two days we have seen the tonnage list tighten a bit, and as a result we are at the time of writing seeing rate pick up a few points. If owners are able to maintain the current pressure on rates, we expect a slightly firmer market towards the end of the week, especially with a healthy Bsea program for June.


Rates
Dirty

(Spot WS 2021, Daily Change)


Click rate to view graph

MEG/WEST
280'

18.5
-0.3

MEG/Japan
280'

32.5
0.0

MEG/Singapore
280'

32.5
-0.5

WAF/FEAST
260'

35.0
0.5

WAF/USAC
130'

47.5
-5.0

Sidi Kerir/W Med
135'

55.0
0.0

N. Arf/Euromed
80'

85.0
0.0

UK/Cont
80'

90.0
-5.0

Caribs/USG
70'

100.0
0.0


1 Year T/C

(USD/Day, Weekly Change)


Click rate to view graph

VLCC
Modern

$30,000
$0

Suezmax
Modern

$16,500
$0

Aframax
Modern

$16,000
$0


VLCCs


Click rate to view graph

Fixed in all areas last week
46
-2

Available in MEG next 30 days
165
10


1 Year T/C Crude




02

Dry Bulk

Capesize
Some kind of floor was found in the Pacific with the c5 route up to todays' USD 12.4 pmt, still down from USD 14 one week back. The c3 route however is still dropping, with few requirements seen from Brazil. C3 is presently at 25.7, USD 3 less from previous week. There are expectations we will eventually see more demand from Brazil and consequently a correction in rates here as well, although there are no concrete signs yet.


Panamax
The Panamax market experienced a softer underlying tone this week. Rates have slipped in both hemispheres and FFA’s traded down until mid-week. It seems it has found a logical bottom and started to trade slightly up. The P1A is currently priced at 21/22k while the Pacific rounds are traded in the 27/28k region. It seems that the period interest is back in play, however the bid/offer gap is still wide.


Supramax
Quiet start to the week with careful market development. Feeling of market slowing down or perhaps stabilizing is the right way to describe it. However positive sentiment and BSI in the green gives room for optimism.
Spot market in Atlantic is more quiet and lacking fresh cargo flow. Mediterranean and Continent a bit slow due to the prolonged Russian holidays from last week. Tonnage list is getting longer and cargo clearing out. Rates from Med to West Africa steady fixing in region USD 20k-23k. From Continent to East Med we have seen fixtures done around low USD 20k pd. USG is flat and well balanced. Supra was reporting loading in USG TCT to Japan USD 27k.
ECSA is active and we see more fresh grain stems appearing on the market. Ultramax USD 20k plus USD 1 mill. GBB for trip to Spore-Japan.
NOPAC RV on Ultramax is about USD 28k and backhaul Supramax paying close to USD 28k with delivery China. India Ocean is on alert due to the pandemic situation in India, however demand for tonnage remain strong. Period market is dominating in the area where owners asking USD 30k for min 6 months period on Ultramax deliver MEG-WC India.

South China / Indonesia Round Voyage 57000DWT Supramax $/day 26983 -75
Singapore via Indonesia to southern China 57000DWT Supramax $/day 30055 82
Bohai Bay(China)-Southeast Asia 57000DWT Supramax $/day 23900 13

Tror de kjøper et skip til , fordi de tror at denne syklusen ikke kommer til å vare en stund :-) selg billi billi før rapport i morgen tidlig!! :-)

Jeg tror på utbytte mellom 2-5 cent

Nja det var da veldig smått. Forrige utbytte på 11k var på 23 cent. Jeg tror at hvis de kommer med utbytte så blir det mellom 15-30 cent.

May
25750
+500
Jun
27550
+800
Q3
24750
+250
Cal22
15425
+25

Ratene ser ut til å holde seg godt

Jin er virkelig en "jalla-aksje" av de sjeldne. Jeg var med opp til kroner 80 den gang jeg var ung i aksjemarkedet :)
Jeg måtte ta et lodd nå når ratene er så gode. Denne kan gå noe så voldsomt om ting klaffer, men det er absolutt høy risiko :)

Det var sterkt for en som vil legge forventningene lavt for ikke å bli skuffet.
Dette ville jo innebære at det kvartalsvise utbytte ga en direkte avkastning på mellom 13 og 25%

De har ikke betalt utbytte på 2 år så da må du dele i 8 kvartaler ..Det gir en avkastning på 1.2!—1.9 prosent.

Forventer ikke utbytte for 1.kvartal, men i 2. kvartal bør vi få et godt utbytte i forhold til at ratene er så mye høyere enn kvartal 1. Positiv til kjøp av ny supramax , vi kommer til å se et godt løft i kursen utover høsten!

Enig med deg i det! tålmodighet her er nøkkelen og hvis det skulle komme utbytte i Q1 så blir Q2 rå.

De 13-25% var for et enkelt kvartal.

Kom det ikke et 23 cent Utbytte et kvartal? Hvorfor skulle et eventuelt utbytte nå være så mye mindre?

Du blander nok. Det var 2,3 cent. Og det kom to ganger . Sept.2018 og mai 2019.

Ops beklager

Supramax vinneren i bulk segmentet i dag + 1.29% til 26118

Hva legger du i risiko?

Sannsynligvis ikke utbytte. De har brukt mye penger på nye båter siste tiden.

Med dagens kontantstrøm tar det kun 30 dager å tjene inn investeringsbeløpet for den siste båten.
Kjøpene er ikke grunn god nok til å unnlate å betale i det minste et lite utbytte, i størrelsesorden 2-5 cent.

Rater på rundt 10.000 i kvartalet, og

"The board has resolved not to recommend the payment of any interim dividend for the quarter ended 31 March 2021."