Jeg er enig i at det vil hjelpe noe på kostnadsproblemet knyttet til lederlønninger/administrasjonskostnader å utvide virksomheten i JIN, slik at JIN får flere inntekter til å betjene kostnadene. Jeg er også enig i JIN at det kan være en god spekulasjon å få en ikke ubetydelig eksponering mot Capesize og Panamax, da 2025 og 2026 kan bli spennende.

Utfordringene knyttet til lederlønninger og i en større sammenheng administrasjonskostnader (detaljert beskrevet tidligere) er imidlertid omtrent like stort som før, og sammenligning med nærmest hvilket som helst sammenlignbart selskap viser hvor ille det er. (Sammenligning med Belships, 2020 Bulkers, Golden Ocean viser alle hvor grelt det er (der en sammenligner administrasjonskostnader som andel av inntekter eller overskudd). Tallene er bare rene fakta, og JIN burde klare å være konkurransedyktig i slike sammenligninger, noe de absolutt ikke er.

Ratene for Supramax, Panamax og Capesize har også hatt en svak utvikling den siste tiden. Det mest relevante målet for JIN, Supramax - Pacific RV , har falt en god del de siste ukene til 13150 dollar ifølge Fearnpulse, og er på sitt laveste nivå de siste månedene.

Hvis man sammenligner Jinhui med Tesla så er lønningene til de 2 brødrene både konservative og konsekvente hvert år på 7 millioner Usd pluss bonus på Max 1 million Usd. Allikevel blir det hengende ved kursutviklingen. Det er også en 3 bror i ledelsen som ikke var med å starte selskapet som kun får ca 300 tusen dollar i året eller da skarve 3 millioner kr. Så helt pill råttent er det ikke siden lønningene er fastsatt i styret. Men historien til jinhui er at det stjeles fra overskuddet av de 2 toppsjefene. Det er etter mitt syn feil. Og veldig ødeleggende for kursen. I tillegg så har vi et selskap som ikke klare å forklare godt nok hva de vil med selskapet. Dette fører til en kurs på 0.19 pris bokført. Se på elon musk han klarer å ta 500 millarder kroner fra selskapet til stående applaus. Det er slik kommunikasjon kineserne ikke forstår og som gjør at kursen oppfører seg dysfunksjonel.

https://e24.no/bors/nyheter/a/297275?pinnedEntry=297275

Bra eller dårlig butikk?

Noe refleksjoner?

Jinhui Shipping kjøper skip

Jinhui Shipping and Transportation melder i en børsmelding at det har signert en avtale om kjøp av et Capesize-skip.

Kjøpesummen er på 24 millioner dollar, eller omtrent 256 millioner kroner med tirsdagens kurs.

Skipet kjøpes av et datterselskap som er heleid av Jinhui Shipping and Transportation Limited.

"ocean courtesy", en capesize bygd i 2008.
Leveres mellom september og desember i år.

GUARANTEES BY THE COMPANY
The Company shall execute, within 30 days after the signing of the First Shipbuilding Contract and the
Second Shipbuilding Contract, guarantees in favour of the Seller pursuant to which the Company agrees
to guarantee the full and punctual payment of the contract prices by the First Purchaser and the Second
Purchaser in accordance with the terms of the First Shipbuilding Contract and the Second Shipbuilding
Contract respectively.
REASONS FOR THE ACQUISITION OF TWO VESSELS
The Group’s principal activities are international ship chartering and ship owning. Both the First Vessel
and the Second Vessel are vessels of deadweight 63,500 metric tons. The Acquisition of Two Vessels
is consistent with the Group’s ongoing strategy to renew the fleet with modern, larger and high-quality
vessels, by gradually phasing out its older vessels and replacing them with newer and younger vessels.
The Directors believe that through such fleet optimization, the Group will be able to enhance its
competitiveness in the maritime shipping industry and to cope with the market demand for its shipping
services. Upon the completion of the Acquisition of Two Vessels, the First Vessel and the Second Vessel
will be chartered out to third parties for the transportation of dry bulk commodities to receive charter
hire and to generate recurring chartering freight and hire income for the Group. The Directors believe it
is an opportune moment to further expand its fleet of vessels in order to increase operating income for
the Group. The Group currently operates thirty three vessels, including twenty three owned vessels and
ten chartered-in vessels, with total carrying capacity of approximately 2,024,000 metric tons.
In addition, the First Vessel and the Second Vessel are more fuel-efficient and of higher operational
efficiency than the other bulk carriers of the Group currently in operation, which meets the latest
environmental regulations and prevailing specification requirements in the shipping industry.
The Directors consider that the contract prices of the First Shipbuilding Contract and the Second
Shipbuilding Contract are fair and reasonable and have been agreed on normal commercial terms
following arm’s length negotiations. The Directors consider such terms and conditions are fair and
reasonable and in the best interests of the Company and its shareholders as a whole.
GENERAL
The Company is an approximately 55.69% owned subsidiary of Jinhui Holdings. The Acquisition of
Two Vessels constitutes a very substantial acquisition for Jinhui Holdings and is conditional upon the
passing of ordinary resolutions by the shareholders’ approval of Jinhui Holdings in accordance with the
Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
Fairline Consultants Limited and Timberfield Limited are closely allied group of shareholders of Jinhui
Holdings, together holding approximately 64.53% of the total issued shares of Jinhui Holdings and
voting rights in general meetings of Jinhui Holdings. Fairline Consultants Limited and Timberfield
Limited have given to Jinhui Holdings the written irrevocable approval in relation to the Acquisition of
Two Vessels.
- 6 -
DEFINITIONS
In this announcement, unless the context requires otherwise, the following expressions of the following
meanings were used:
“Acquisition of Two
Vessels”
the acquisition of the First Vessel under the First Shipbuilding Contract and
the acquisition of the Second Vessel under the Second Shipbuilding Contract;
“Board” the board of Directors;
“Company” Jinhui Shipping and Transportation Limited;
“Directors” the directors of the Company;
“First Purchaser” Jinhan Marine Inc., a wholly-owned subsidiary of the Company;
“First Shipbuilding
Contract”
the shipbuilding contract entered into between the First Purchaser and the
Seller dated 28 June 2024 where the First Purchaser has agreed to purchase
the First Vessel from the Seller and the Seller has agreed to design, build,
launch, equip and complete the First Vessel, and to sell and deliver the First
Vessel at the Seller’s shipyard to the First Purchaser;
“First Vessel” a deadweight 63,500 metric tons type bulk carrier to be delivered on or before
31 December 2026;
“Jinhui Holdings” Jinhui Holdings Company Limited, a company incorporated in Hong Kong
whose shares are listed on the Hong Kong Stock Exchange (stock code: 137);
“Group” the Company and its subsidiaries;
“Refund Guarantee(s)” the guarantee(s) to be issued by the Seller’s bank in favour of each of the First
Purchaser and the Second Purchaser respectively whereby the Seller’s bank
will guarantee the refund of any sum received by Seller to each of the First
Purchaser and the Second Purchaser respectively if the delivery of the First
Vessel or the Second Vessel is not effected according to the agreed date of
delivery respectively;
“Second Purchaser” Jinming Marine Inc., a wholly-owned subsidiary of the Company;
“Second Shipbuilding
Contract”
the shipbuilding contract entered into between the Second Purchaser and the
Seller dated 28 June 2024 where the Second Purchaser has agreed to purchase
the Second Vessel from the Seller and the Seller has agreed to design, build,
launch, equip and complete the Second Vessel, and to sell and deliver the
Second Vessel at the Seller’s shipyard to the Second Purchaser;
- 7 -
“Second Vessel” a deadweight 63,500 metric tons type bulk carrier to be delivered on or before
30 November 2027; and
“Seller” Jiangsu Hantong Ship Heavy Industry Co., Ltd., a company incorporated in
the People’s Republic of China.
By Order of the Board
Ng Kam Wah Thomas
Managing Director
28 June 2024

https://newsweb.oslobors.no/message/622664

JIN - INSIDE INFORMATION
ACQUISITION OF TWO VESSELS
The Board of Jinhui Shipping and Transportation Limited announces that two wholly-owned
subsidiaries of the Company entered into two shipbuilding contracts on 28 June 2024 for the acquisition
of two vessels, each at a contract price of US$34,000,000.
THE ACQUISITION OF TWO VESSELS
On 28 June 2024, the First Purchaser and the Second Purchaser entered into the First Shipbuilding
Contract and the Second Shipbuilding Contract respectively with the Seller, pursuant to which the Seller
agreed to build and sell the First Vessel and the Second Vessel respectively, each at a contract price of
US$34,000,000. The total contract price of the First Vessel and the Second Vessel is US$68,000,000.
The First Vessel and the Second Vessel will be delivered to the First Purchaser and the Second Purchaser
on or before 31 December 2026 and 30 November 2027 respectively.
The First Shipbuilding Contract and the Second Shipbuilding Contract are separate and not inter-
conditional of each other. The First Shipbuilding Contract and the Second Shipbuilding Contract are
negotiated with the Seller under the same vessel specifications and contract prices although the delivery
dates of the First Vessel and the Second Vessel are differed. The delivery times of the First Vessel and
the Second Vessel are arranged in accordance to the availability of berth space and building schedule of
the Seller’s shipyard.
Information on the Group, the First Purchaser and the Second Purchaser
The principal activity of the Company is investment holding and the principal activities of its
subsidiaries are international ship chartering and ship owning.
The First Purchaser is a ship owning company and a wholly-owned subsidiary of the Company as at
date of this announcement. The principal activities of the First Purchaser are ship owning and chartering.
The Second Purchaser is a ship owning company and a wholly-owned subsidiary of the Company as at
date of this announcement. The principal activities of the Second Purchaser are ship owning and
chartering.
JINHUI SHIPPING AND TRANSPORTATION LIMITED
- 2 -
Seller
The Seller is Jiangsu Hantong Ship Heavy Industry Co. Ltd., a company incorporated in the People’s
Republic of China and has been established over 20 years. The principal activities of the Seller are
shipbuilding, floating productions storages developments, designs, and manufacturing businesses. The
Seller has successfully delivered more than 100 vessels, including oil tankers, bulk carriers, cargo
carriers etc., to clients throughout the world.
To the best of the Board’s knowledge, information and belief having made all reasonable enquiry, the
Seller is an independent third party not connected with the directors, chief executive or substantial
shareholders of the Company or its subsidiaries or any of their respective associates.
The Shipbuilding Contracts
The principal terms of the First Shipbuilding Contract are set out below:
Date: 28 June 2024
Parties: The First Purchaser and the Seller
Assets to be acquired: The First Vessel
Contract price: Subject to certain provisions for adjustment to the contract price of the First
Vessel contained in the First Shipbuilding Contract relating to, amongst
other things, delay in delivery of the First Vessel, guaranteed speed
deficiency, guaranteed fuel consumption being exceeded or guaranteed
deadweight deficiency, the contract price for the First Vessel is
US$34,000,000 and is payable by the First Purchaser in five installments as
follows:
(1) the first installment in the sum of US$3,400,000 shall become due and
payable within seven banking days after receipt of the Refund
Guarantee, covering the first installment to fourth installment;
(2) the second installment in the sum of US$3,400,000 shall become due
and payable and be paid within seven banking days after receipt of
written notice from Seller confirming the cutting of the first steel plate
of the First Vessel has taken place;
(3) the third installment in the sum of US$3,400,000 shall become due and
payable and be paid within seven banking days after receipt of written
notice from Seller confirming the keel-laying of the First Vessel has
taken place;
(4) the fourth installment in the sum of US$3,400,000 shall become due
and payable and be paid within seven banking days after receipt of
written notice from Seller confirming the launching of the First Vessel
has taken place; and
- 3 -
(5) the last installment in the sum of US$20,400,000 shall become due and
payable concurrently with delivery of the First Vessel on or before
31 December 2026.
Expected delivery date: On or before 31 December 2026
Other conditions: (1) In the event the First Shipbuilding Contract is terminated, rescinded or
cancelled by the First Purchaser in accordance with the specific clause
of First Shipbuilding Contract, the Seller shall refund to the First
Purchaser in United States Dollars the full amount of all sums already
paid by the First Purchaser together with interest. As security to the
First Purchaser, the Seller shall deliver to the First Purchaser a Refund
Guarantee to be issued by specified bank to guarantee the refund of
such payments.
(2) The First Shipbuilding Contract is conditional upon the passing of
ordinary resolutions by the shareholders approving the acquisition of
First Vessel in the general meeting of Jinhui Holdings.
The principal terms of the Second Shipbuilding Contract are set out below:
Date: 28 June 2024
Parties: The Second Purchaser and the Seller
Assets to be acquired: The Second Vessel
Contract price: Subject to certain provisions for adjustment to the contract price of the
Second Vessel contained in the Second Shipbuilding Contract relating to,
amongst other things, delay in delivery of the Second Vessel, guaranteed
speed deficiency, guaranteed fuel consumption being exceeded or
guaranteed deadweight deficiency, the contract price for the Second Vessel
is US$34,000,000 and is payable by the Second Purchaser in five
installments as follows:
(1) the first installment in the sum of US$3,400,000 shall become due and
payable within seven banking days after receipt of the Refund
Guarantee, covering the first installment to fourth installment;
(2) the second installment in the sum of US$3,400,000 shall become due
and payable and be paid within seven banking days after receipt of
written notice from Seller confirming the cutting of the first steel plate
of the Second Vessel has taken place;
(3) the third installment in the sum of US$3,400,000 shall become due and
payable and be paid within seven banking days after receipt of written
notice from Seller confirming the keel-laying of the Second Vessel has
taken place;
- 4 -
(4) the fourth installment in the sum of US$3,400,000 shall become due
and payable and be paid within seven banking days after receipt of
written notice from Seller confirming the launching of the Second
Vessel has taken place; and
(5) the last installment in the sum of US$20,400,000 shall become due and
payable concurrently with delivery of the Second Vessel on or before
30 November 2027.
Expected delivery date: On or before 30 November 2027
Other conditions: (1) In the event the Second Shipbuilding Contract is terminated, rescinded
or cancelled by the Second Purchaser in accordance with the specific
clause of Second Shipbuilding Contract, the Seller shall refund to the
Second Purchaser in United States Dollars the full amount of all sums
already paid by the Second Purchaser together with interest. As
security to the Second Purchaser, the Seller shall deliver to the Second
Purchaser a Refund Guarantee to be issued by specified bank to
guarantee the refund of such payments.
(2) The Second Shipbuilding Contract is conditional upon the passing of
ordinary resolutions by the shareholders approving the acquisition of
Second Vessel in the general meeting of Jinhui Holdings.
The total contract price of the First Vessel and the Second Vessel is US$68,000,000, which will be
payable by cash in United States Dollars. It is currently expected that approximately 70% of the total
contract price will be funded by bank financing and the remaining will be funded by internal resources
of the Group. The contract price of each of the First Vessel and the Second Vessel has been agreed on
normal commercial terms and was determined after arm’s length negotiations between the First
Purchaser and the Second Purchaser with the Seller, taking into account the (i) quotations and delivery
schedules provided by other shipyards for the construction of new vessels of similar type and size; and
(ii) the quality of services and industry reputation of the Seller.
Delivery
If there is any delay in delivery of the First Vessel or the Second Vessel which continues for a period of
210 days from the thirty-first day after the agreed delivery date, then after such period has expired, the
First Purchaser or the Second Purchaser (as the case may be) may at its option rescind the First
Shipbuilding Contract or the Second Shipbuilding Contract (as the case may be). The Seller shall
thereupon promptly refund to the First Purchaser or the Second Purchaser (as the case may be) in United
States Dollars the full amount of all sums received by the Seller together with interest accrued thereon
at banking deposit rate from the date of receipt by Seller of such amount to the date of full payment to
the First Purchaser or the Second Purchaser (as the case may be) of such amount. The period of 210
days from the thirty-first day after the agreed delivery date is considered as industry practice under the
shipbuilding business.
- 5 -

Det kan se ut til at fallet i Supramax indeksen har flatet ut nå, men fallet har vært betydelig, der indeksen nå ligger på 1254 poeng. Dette er nok under det JIN trenger for å vise overskudd.

hentet fra Tradingeconomics: "Among smaller vessels, the supramax index eased 1 point to its lowest since February 28 at 1,254 points."

Oppdatering for mandag 10. juni: "The supramax index ended an eighteen-session losing streak, climbing 3 points, or 0.24%, to 1,257.". Svak oppgang altså, men fra et lavt nivå.

I dag falt BDI 2,76 % til 1831 poeng, men denne dras nok mest ned av de store skipssegmentene.

Ĵa ergo Q2 blir bedre enn Q1 som ble mye bedre enn det onde tunger ville ha det til. Pressemelding fra E24

Jinhui Shipping økte inntektene kraftig
31. mai 06:22
Ingvild Sagmoen
DEL
Rederiet Jinhui Shipping and Transportation økte inntektene med 93 prosent i årets første kvartal, til 27,9 millioner dollar fra 14,4 millioner dollar i det sammenlignbare kvartalet året før, viser selskapets ferske kvartalsrapport

Omtale av Panamax og Supramax segmentet siste uke fra Fearnpulse:

Panamax
This week, the Panamax market continues to face challenges with softening rates in both the Atlantic and Pacific basins. Limited activity and owner resistance to low bids marked the Atlantic market, while the Pacific experienced a milder decline but is expected to weaken further. Posidonia in Athens contributed to a quiet start to the week with minimal new inquiries. Additionally, the North Atlantic is under pressure from a lack of cargo, pushing rates lower as owners seek cover. Conversely, the ECSA region has shown slight improvements in rates, suggesting a potential market floor might be forming.

Supramax
The Pacific market is doing very well across geared size segments. Handy index remains stable at mid USD 12,000 levels. Trips from India to the Continent/Mediterranean being fixed at USD 13-15,000 levels. Inter-MEG and MEG-EC India trips on Supra/Ultra around USD USD 15,000. There is limited interest in backhaul trades at the moment since the Atlantic market has ample tonnages in position and very little cargo volume. NOPAC RV pays in the region of USD 16-18,000 levels. Period interest remains firm in the Pacific and Indian Ocean for Supra/Ultra sizes. On the other side, the ECSA market remains quiet with very little volume coming out for the geared segments. We will see more activity and action in the market once everyone is at their desk after Posidonia in Greece.

For området Pacific RV falt ratene ca. 1 prosent forrige uke.

Ellers vil jeg nevne at i Q1 reduserte JIN administrasjons- og lønnskostnadene noe samlet sett, sammenlignet med året før. Lønnskostnadene økte med ca. 2%, mens andre administrasjonskostnader falt med ca. 10%. Etter min vurdering er problemet omtrent like stort som tidligere, og det er liten grunn til å tro på et fall i disse kostnadene i 2024 sammenlignet med 2023 for året som helhet.

Det står i teksten når jeg sjekket på nytt at det var 6 skip på time charter for Q1. Og så presenterer de en tabell der de totalt skal ha 9 skip på time charter på både kort og langsiktige kontrakter.

Det er jo fantastisk bra kommunikasjon fra selskapet at de ikke er så nøye å forklare hva de driver med. Vel vel de sier ihvertfall fra om de langsiktige avtalene. Dessuten så er ikke 16 millioner usd I ebitda ikke så verst. Så jeg regner med at det er 14 millioner usd I avskrivninger og justering av skipsverdier. Men det er jo bare penger på papiret. Sånn sett kan vi fort få et kvartal der de skriver opp litt verdier. Da ser vi fort 20 millioner usd på 1 kvartal grunnet alle skipene de har.

15 dager med fall i Supramax ratene ifølge Tradingeconomics, det har derfor vært lite referering av rateutvikling fra meg:

"Meanwhile, the panamax index, which usually carries about 60,000-70,000 tons of coal or grain cargo, eased for the seventh consecutive session, falling about 0.1% to 1,679 points; and the supramax index was down for the 15th successive day, decreasing about 0.6% to its lowest since April 11 at 1,265 points.."

De har imidlertid 2 inngåtte avtaler , hvor skip ikke er levert.
Det første kommer på kontrakt innen utløp av juni , det andre ikke før i Q1 25.( en newcastlemax)
Hvis disse to er talt med i oversikten du nevner, kan det være at de bare har tre på korte innleiekontrakter.

4 langsiktige.
da må de 5 øvrige være kortsiktige - antakelig under 6 mndr. Kan ikke være veldig mye å tjene på det .

Ja det står så i presentasjonen for Q1. Stusset på det selv, men det står at det er totalt 9 innleide med både kortsiktig time charter og langsiktig time charter. Mener det var bare 3 eller 4 skip på langsiktig time charter.

9 innleide ??

Blir sabla spennende uke

Ja dette ser sterkt ut på sikt. Rateme går oppover i østen. Og som jinhui skriver selv de får enda bedre betalt for yngre tonnasje. Der har vi svaret på de innleide skipene. 9 innleide og 23 eide skip gir hele 32 skip. Dette ser faktisk sterkt ut fpr resten av 2024 selv om 2 millioner i overskudd for q1 var litt svakt da de høyere ratene ikke hadde slått for fullt inn.

Konflikten i Rødehavet gir laaaaaange seilaser.
Ratene har forlengst doblet seg.
Dette må bare bli bra.
Prisingen av selskapet er jo nesten latterlig lav.

Jeg liker at de diversifiserer lastene sine - geografisk , skipsstørrelser og last.
Ref satsing på Cape/newcastlemax og ultramaxer.

Rally om noen mnd.!!!
Tror rallyet har startet allerede.
Med siste q.regnskap ser fremtiden særdeles lys ut.

Ukens oppdatering fra Fearnpulse for Supramax skip. Her ventes det rally i markedet om noen måneder.

"Supramax
Transatlantic fixtures on Handy reportedly done at 19k levels. ECSA fronthaul on Supra/Ultra done at USD 25k levels. Our research forecast points toward year-to-date highs in the third quarter, driven by factors viz market seasonality, leading macro indicators, and strong fundamental data. While the market may continue fluctuating within a range of USD 15,000 to 16,000 per day for the next two months, a rally is expected within the coming month.

Despite recent market weakening, a generally bullish outlook for June onwards is maintained. However, weak manufacturing activity in the Eurozone is dampening market fundamentals. The forthcoming release of May manufacturing PMIs for the EU will offer more insight into the situation and the potential pace of expansion. Although Austria's recent report showed improvement, the manufacturing sector overall remains in contraction."

Stabile Timecharter rater for Supramax/Ultramax skip den siste uka i alle geografiske områder, ifølge Alibra shipping Limited, hentet fra Hellenic shipping news.

Hentet fra dagens Fearnpulse (22. mai) om Supramax segmentet. Som tidligere nevnt har JIN det meste av sin virksomhet i asiatiske farvann, og der er det positivt.

The Atlantic market spreads negative trends in most segments and areas. The trans-Atlantic continues to need more fresh volume, with rates falling sharply for vessels opening the North Continent, Mediterranean, and USG. ECSA saw some resistance support with the volume of fixtures for both trips East and Atlantic. However, some sources suggest that charts are giving bids substantially lower than the last done. Supramax fixing at USD 22,000 pd delivery Brazil for TCT with sugar to East Mediterranean. Japanese Ultramax 63’ dwt was rumored fixed at USD 18,000 pd + 800,000 GBB for a trip with sugar to Singapore-Japan range.

On the other hand, Asian markets hold a positive trend, with rates higher than in the Atlantic. Ultramax 63’ dwt with delivery Indonesia fixed at USD 25,000 pd for a trip via Indonesia SE Asia, while Supramax owners asking USD 20,000 on similar run. In general, we see health fixing activity with good cargo flow. Nopac and Ausie trop pay high USD 10,000, and some achieve as much as USD 18,000-19,000. Indexes falling consecutively from last week, bringing today BSI (S10TC) USD 15,076.

Nå har jin brutt igjennom motstanden på 6.7 så det kan jo bli litt spennende basert på teknisk analyse. I tillegg så er forventninger til Gogl blitt lavere. Da kan jinhui bli sett på som billig siden den er over 4 ganger så billig som andre bulk aksjer.

Vincent Trader er nå overlevert, og har fått navnet Jin Li. https://www.jinhuiship.com/jst/vessel.php

Med dagens skipsverdier har nå JIN en god del penger i skipene de eier. Hentet fra siste Vesselvalue rapport publisert 14 mai, der det var en svak oppgang i skipsverdiene for Supramax skip sammenlignet med forrige uke.

"Supramax BC Sibulk Tradition (53,200 DWT, May 2008, Iwagi Zosen) sold to unknown middle eastern buyers for USD 14.5 mil, VV Value USD 14.70 mil"

Hvis en trykker på Pacific RV på Fearnpulse sine ukesrapporter kan en følge detaljert rateutviklingen for det mest relevante segmentet for Jinhui. Frem til midten av januar lå ratene på ca. 9000 USD, steg opp til intervallet 13-14000 USD fra mars og frem til midten av april og økte videre til 15000-16000 USD fra slutten av april.

Økningen i rater for det mest relevante segmentet for Jinhui har altså vert på 15500 - 9000 = 6500 USD siden februar, i prosent utgjør dette vel 70 %.

Siste oppdatering 15. mai for Supramax, fra Fearnpulse. Det kan se ut til å bli tålig bra fremover.

Supramax
This week has started off slow with very little to report. As the monsoon season draws closer, we see less cargo coming out of WC India. Salt cargo driving the market with most vessels being employed for WC India-Far East salt runs. However, with the tight tonnage count, we see owners asking well above last done levels. With the weather delays in Chittagong adding to the woes, we expect an upswing in MEG-India market in the short term horizon. On the other hand, the ECSA market is very active with spot as well as forward cargoes as the sugar season has started. Good balance with tonnage availability as well. Meantime on the period side, there is still a lot of demand with owners reportedly asking USD 18-19,000 levels for Ultramax opening WCI.

Ellers:
Belships viser i sine kvartalsrapporter til at gjennomsnittlig alder på bulkskip går kraftig opp og at antallet nye skip vil være på et lavmål både i 2025 og 2026. Dette gjelder Supramax/ultramax, men også generent for bulkmarkedet. Belships sine rapporter gir veldig nyttig informasjon, særlig om supramax-segmentet.

Oppdatering om Supramax segmentet fra balticexchange.com,10.05-24

Ultramax/Supramax

All eyes focused on the Asian arena this week as rates pushed higher with stronger demand from Indonesia seeing owners’ expectations rise. This also led to slightly stronger levels being achieved further north. By contrast, the Atlantic remained rather subdued, by the impact of various holidays. A lack of demand from areas such as the Continent – Mediterranean and US Gulf saw the positive sentiment erode. There did remain an appetite for period cover, a newbuilding 64,000-dwt was fixed ex yard at $19,000 for one year elsewhere a 57,000-dwt open WC India was heard to have fixed one year at $15,000. From the Atlantic, a 60,000-dwt was heard fixed delivery East Mediterranean to the US Gulf in the low $13,000s, whilst a 61,000-dwt fixed a scrap run from the North Continent to East Mediterranean at $15,000. From Asia, a 52,000-dwt open SE Asia fixed a trip via Indonesia redelivery China at $19,000. Further north, a 61,000-dwt open China fixed a NoPac round in the upper $17,000s.

https://www.balticexchange.com/en/data-services/WeeklyRoundup/dry/news/2024/bulk-report-week-19.html

Oppdatering om Supramax segmentet fra Fearnpulse 7.5.2024:

Supramax
The market pushed up in most Far Eastern areas but remarkably in the India Ocean and South Asia, where significant cargo volume increased, with rates flying sky-high.

Indonesia-China rates surged above USD 20,000, a testament to the market's robustness. Owners confidently sought a premium on the last done, further solidifying the market's strength. The period market also displayed strong numbers, with the Ultramax mv Theresa Pride 62’ DWT open Gresik rumored to fix 7/9 months at USD 20,000.

We noticed a need for fresh inquiry in the Mediterranean region - given flat development, and ships kept trading for about USD 15,000 in TA.

Takk for et ( mye mer ) interessant innlegg .

Som vi alle vet , er selskapet upopulært blant investorene. Ingen meglere/banker analyserer selskapet og media dekningen i Norge er stort sett fokusert på høye lederlønninger og dårlige resultater.
Aksjekursen kursen de siste 12 måneder har falt over 20% og antall aksjonærer på Nordnet har i samme periode, falt med flere hundre
For de øvrige bulkselskapene det er naturlig å sammenligne med , har aksjekursen steget vel 35%. Andre, som f.eks Gogl, 2020 Bulker og Himalaya, har steget mye mer.
Det er mulig jeg er for optimistisk , men jeg øyner en positiv utvikling. Det gjelder først og fremst rateutviklingen hittil i 2024. Det bedrer både den løpende inntjeningen , men øker også verdien på flåten. Men det ser også ut til at ledelsen gjør grep med flåten. Både hva gjelder foryngelse via salg og kjøp , men også kombinasjon av eie/leie og skipsklasser.
Jeg tror også de har lært at de bør fokusere tiden sin på shipping. Her har de ubestridelig kompetanse. Ledelsen har over 30 års fartstid og har levd med både oppgangstider og kraftige nedturer.
Alt det andre de har rotet rundt med, som f.eks eiendom i Shanghai, kan de med fordel overlate til ekspertene og eiendomsinvestorene.
Jeg har inntrykk av at de ønsker å gjenoppbygge selskapet til den posisjonen de en gang hadde. Rundt 2012-13 hadde de 38 moderne skip i flåten. Selv hadde de også snust på følelsen av rikdom og storhet. Vi husker aksjekursen i 2006-2008. Det ble nok litt hybris av det.
Nedturen fra 2014 var brutal , men de maktet å holde selskapet i live, uten å vanne ut sin egen eierandel.
De siste årene har de startet å gjenoppbygge flåten. Det har gått langsomt . Kanskje fordi de har vært engestelige for å miste kontrollen over selskapet til banker og andre aksjonærer. Men de har maktet å bygge en veldig sterk balanse , med høy egenkapital og sterk likviditet.
Markedsaktørene i Norge og Europa har ikke vært tilfredse med nivå og kvalitet på informasjonen som selskapet deler. Det er vanskelig å sammenligne selskapets utvikling med de øvrige selskapene på børsen. Dette samt fallende markedsveri ,har nok bidratt til at ingen selskaper i dag gjør analyser av selskapet..
Nå er det ikke mye igjen av eiernes formue målt med markedsverdien av aksjene.

Men de tror kanskje , som jeg, at selskapets aksjer er kraftig undervurdert.
Markedsverdien av aksjene er idag mindre enn en femtedel av bokført egenkapital. Og innen shipping er det lett å selge aktiva og realisere verdier , om en skulle velge det.

Ok, får komme med noe positivt da, BDI opp nye 5,76 %, usikkert hvor lang oppturen blir denne gangen, BDI nå på 2203 poeng, for ei uke siden var den på 1684 poeng, en økning på 30,7%.
Fearnpulse viste også 1 års T/C rater for Supramax opp 750 dollar til 15750 dollar, det er en betydelig oppgang, og kanskje indikasjoner på et høyere leie framover og høyere skipsverdier. Endelig viser VesselValue rapporten 7.5 økte skipsverdier for Supramax skip for 5, 10, 15 og 20 år.

Har også kjøpt noen flere aksjer, trolig er jeg irrasjonell når jeg gjør det, ift. mine egne vurderinger. Er usikker, men det kan komme en skikkelig opptur i bulk, og JIN er en av aktørene som har stått på stedet vil.

trykket på repeat knappen igjen ser jeg

Det er riktig, og er bare enda ett element i dette systemet. Dette er i utgangspunktet ikke et problem, men var nok nødvendig tilbake i tid for å skape det systemet vi har sett over lang tid.

Administrasjonskostnader inkl. lønn burde ned i 4-5 MUSD per kvartal, da hadde JIN vært friskmeldt, i alle fall i utgangspunktet. At det kommer til å skje er vel helt usannsynlig, dessverre.

Administasjonskostnadene for de 4 årene 2020-2023 var på totalt USDM 88,167, noe som tilsvarer 963 millioner kroner med dagens dollarkurs. Dette tallet burde vært rundt 220 mill. kr, noe som ville gitt utgangspunkt for en "normal" prising av selskapet opp mot P/B på 1, og det ville gitt et potensiale for utbytte til aksjonærene på 743 mill kr, eller ca. 6,50 per aksje. Alt skyldes etter min klare vurdering "excessive avoidable costs", som igjen skyldes at eierne/lederne i dette selskapet ikke jobber for aksjonærene, men gir seg selv uforståelig høye lønninger.

Hvorfor kjøpe 100% i en hytte når du kan eie 60% og disponere den som om du eide den 100% ?

Med BCI opp 11 prosent i dag og det etter kraftig stigning også torsdag og fredag forrige uke, så har ratene kommet opp på et bedre nivå de siste dagene. Dette var en heftig stigning, men ikke helt uvanlig i denne næringa.

Jeg er forundret over at OSE ikke handler mot denne galskapen!!!

Vet virkelig ikke om det er noen vits i å svare på dette, så jeg nøyer meg med å si at JIN i 2023 hadde over 250 mill. i ADMINISTRASJONSKOSTNADER, noe som ikke er det samme som lønn. Jeg var helt edru i helga, som jeg er hver helg. Jeg har skrevet om høye administrasjonskostnader i JIN i flere innlegg allerede så dette er godt kjent stoff på denne tråden, hvorfor du misforstår vet ikke jeg.

Og for øvrig, I also rest my case

I rest my case.