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?

Det er mørkt og trist for shipping generelt fremover ...alt blir fraktet med fly! Ville solgt :-)

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."

Risikoen knyttes til finansielle investeringer.

Skuffet over lav TCE på Supramaxene og over beslutningen om å ikke betale ut utbytte.
Ser ut som om de velger å prioritere tilbakebetalingskapasitet for lån.
Veldig mange skip som skal inn for WBTS kommer også til å kreve sitt i form av liggedager og investeringskostnader.

Januar,februar og mars tall....Du skjønner vel også at April,mai og juni vil dobble inntekten fra dagens tall ...tenker utbyttet kommer da jeg ...er ikke daytrader aksje dette og apetimen er snart over

Ja dette var begredelig synes jeg. Lave rater, ingen utbytte og en temmelig arrogant IR. Som svar på at de ikke har besvart spørsmål på mail: "must be some kind of misunderstanding" !
Og når han leste opp et spørsmål fra investorene: "bla bla bla bla"

Når de kommer til investorvennlighet er det null tegn til forbedring.

Jeg hadde litt forhåpninger til dette kvartalet men må si meg skuffet. Eneste positive er at de har lave utgifter.

Overrasket over at aksjen ikke faller mer.

Uansett var dette skuffende.
To 90.000 tonnere har ligget innelåst hele Q2 til rater på ca 12.000 - og ligger fortsatt - på ubestemt tid. Disse skulle seilt til 25,000 dagen nå.
TCE for supramax på ca 10.000 er nesten 20% lavere enn forventet etter å ha korrigert for forsinkelsen i ratefastsettelse.
Etter det vi hørte i dagens presentasjon, kan dette forklares bl.a av fartøyenes høye alder.
Dette må vi altså ta høyde for når vi vurderer utsiktene for Q2.
Presentatøren antydet TCE for Q2 under 20.000 dollar. Det er jo faktisk enda lavere.
Kostnadsiden for skipene var forøvrig bra.
Investeringen på USD 10 millioner i Shanghai gir fortsatt ingen inntekter. Og det hørtes ikke ut som om vi kunne vente oss noe særlig på den fronten i nærmeste
fremtid.
Nei, dette var skuffende.

Har sittet stille på denne men nettopp solgte alt pga momentene du nå nevner. Det hjelper ikke med inntjeningsutsikter og lav breakeven, når ledelsen er så lite aksjonærvennlig. Da er det nesten bedre å være i gogl med høyere kostnader. Valgte heller å øke i container segment over dammen.

Til sammenlikning har vel pasific basin som er en god konkurrent klart 14k på sine supramaxer som er på spott. Nei med tanke på at ratene også har vært sterke i asia så synes jeg 10k rett og slett var dårlig.

Ja jeg satt på presentasjonen jeg også :-) Han sa ikke at de antydet TCE under 20k…Han sa 20k+ men ville selvsagt ikke si noe konkret , Helt innledningsvis sa han også rater « going north» . Q1 var som jeg skrev januar,februar og mars med allerede inngåtte kontrakter 2020….så nevnte han videre at de opererte med short term contracts og Q2 kontrakter vil nok ligge meget bra iht 6k break even som er dagens tall. Så riktig pris på JIN er 18,- pr nu i mitt exelark ….jeg sitter :-)
Som sagt en vanlig dude med Internett tilkobling :-)

Han sa vel også at de hadde inngått 6 måneders kontrakter for 6 skip i mars. det vil i så fall si at det er 6 skip som seiler med rater i det han kalte "high teens" helt frem til september. Vi må nok vente helt til Q4 før vi får full uttelling for rateoppgangen- gitt at den fortsetter.
Hvis vi skal lete etter lyspunkter- så er det at prisen på skip nå har økt til et nivå som helt klart ligger over bokført verdi.
Jin har sin flåte bokført til snittverdi på litt over usd 10 mill
De betalte vel usd 10 mill for en 17 år gammel supramax. Flåtens snittalder er ca 13,5 - og den inkluderer to post panamaxer på 90.000 tonn.
Da kan vi slå fast at NAV for skipene ligger høyere enn bokført verdi.
Og det betyr at analytikerne vil måtte erkjenne at P/B idag er særdeles gunstig .

Så hvis ratene holder seg , mener jeg det er rimelig å se mot en kurs i nærheten av 14- 15 kroner.
Men det kan ta både sommer og høst før vi er der .

Men det er så skuffende at Jin alltid får så dårlige rater vs peers. Sikkert pga at de har uattraktive ruter og gamle skip. Nei tålmodigheten min er i ferd med å gå tom. Spesielt med tanke på aksjonær vennligheten

Bare blåøyde, naive norske tullinger som tror på utbytte i JIN etter at mafiaen har forsynt seg av kaka i form av honorarer.

Tipper brødrene ler godt dersom de gidder å lese gjennom de bunnløst naive innleggene her på HO.

Du kan jo alltids selge deg ut - og glede deg over 150% kursoppgang i år. Man blir ikke fattig av det !!

Ja, er det ikke forunderlig at OSE lar disse få holde på på denne måten. Lurer på hvem som har mest makt på OSE?

Det er superoptimistene som har makt.

Ja du har et poeng. Er i pluss, men som sagt hadde trodd de kom med bedre nyheter. Det er kanskje på tide kaste kortene. Med tanke på at de alltid underpresterer og ikke viser antydning til akjonærvennlighet. Aksjen er billig og kan godt hende den dobler seg. Men det er litt hodepine å være investert. Mulig det er bedre alternativer der ute. Vi får se 😉

Det bruker ikke tiden på vrøvl men er opptatt av å tjene penger. Tipper heller latteren er større i norwegian eller nel eller i noen av de luftige selskapene til spetalen som alle tror blir til gull, mens det i realiteten er bare noe papirsøl og en plan til flere milliarder kroner. Jinhui er verdt 900 millioner kroner med konkrete verdier i skip og eiendom og penger i kassa pluss at de tjener penger. Dette holder lenge for meg.

Da sier vi ha det bra til Thegoldenone som forlater dette lønnsomt selskapet. Ta med gevinsten og invester i norske kjeltringer selskaper som tankardjr nevner. Lykke til😊

Jeg ser en kjøpsmulighet i dag med den reaksjonen vi har fått i aksjekursen.
Alle vet at kineserne ikke er det mest aksjonærvennlige- det har de aldri vært og det kommer de ikke til å bli.
Vi som har vært med JIN noen år vet dette. Jin har også tidligere fått dårligere betalt enn BDI skal tilsi, så det er som forventet.
I glasskula ser jeg tydelig at inntjeningen vill øke betraktelig i resten av 2021 og videre i 2022 så aksjekursen vill stige.
Om vi noen gang vill få utbytte får tiden vise, å da tar vi den som en bonus.

Har gjort ganske mye penger på Jin, om det er å være blåøyd så er det flott!!