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

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

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.

Blir sabla spennende uke

9 innleide ??

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.

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

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.

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.."

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.

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.

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

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.

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 -

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

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.

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

Bra eller dårlig butikk?

Noe refleksjoner?

Det er bra nå har de økt flåten fra 18 til 20 skip under bulk krisen til nå å ca 30 skip med innleid tonnasje. Det er 33 prosent øking av skip på bare noen få år. De går også inn i capesize og dermed så friskmelder nå jinhui ratene innen capesize. Med en pris bokført egenkapitalen på stusselige 0.19 er denne nå den eneste bulkaksje i verden som har fallt mens de andre har doblet seg. Dessuten så har de fryst lederlønninger de siste 10 åra og dermed blir det lettere å godta lederlønninger på det nivået når selskapet har blitt mye større. Vi får se hva som skjer med kursen og hvor lenge den ligger på nivået her. Mulig man må vente til de får et resultat som overstiger stusselige 2 millioner usd I kvartalet.

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.

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.

https://www.investing.com/indices/baltic-supramax-chart

Som grafen for supramax skip viser/indikerer har ratene for supramax holdt seg på et klart høyere nivå i 2Q sammenlignet med 1Q. Hvis JIN klarer samme effektivitet som i forrige kvartal skulle dette tilsi et forholdsvis godt overskudd i 2Q, og verdiene i selskapet vil igjen øke en del. Ratene fra 2Q har stort sett holdt seg i juli 2024, men det er ennå lenge igjen av 3Q, så det kan gå begge veier.

Overskuddet i 2q kan ende på 5-8 MUSD, noe som vil gi en del mer tiltro til selskapet og høyere aksjekurs. Dette også inn mot høsten 2024 og 2025, en periode som kan vise seg å gi vesentlig høyere rater for bulkskip.

Siste ukerapport fra Fearnpulse utgitt 24.7 viser en generelt stabil utvikling for Supramax både for spotrater og T/C. https://fearnpulse.com/

Tradingeconomics viser i det korte bildet en nedgang i ratene for Capesize og oppgang i ratene for både Supramax og Panamax.

Vesselsvalue denne uka viser en svak positiv økning i verdier på Supramax skip, og en sterkere økning for Panamax og Capesize. Handymax øker mest i verdi.

Nedenfor en interessant artikkel fra Hellenicshipping som blant annet viser den sterke verdiutviklingen for bulkskip fra 2022, 2023 og frem til 2024. Verdiøkningene er store og JIN har mange skip. Det kan blant annet være disse verdiøkningene som ligger bak gårsdagens innsidekjøp.

https://www.hellenicshippingnews.com/shipping-dry-bulk-carriers-remain-in-high-demand/

Siste Fearnpulse viser at ratene for Supramax holder seg bra, med bare mindre nedgang på enkelte ruter og der T/C 1 år ratene ligger uforandret på 16 000 dollar.

https://fearnpulse.com/

PRisene på brukte skip oppgir Fearnpulse til:
Dry 5 yr old 10 yr old
Capesize $64.0 $45.0
Kamsarmax $38.0 $29.5
Ultramax $36.0 $28.5
Handysize $28.5 $22.0

JIN har 14 Supramax som er 10-15 år gamle og 8 som er mellom 15-20 år gamle.
Vesselvalue fra i går viste økning i verdiene for Supramax skip av ulik alder den siste uka med 0,6-0,7 %.

Det kan ligge en god del merverdier i JIN sine skip ut over bokførte verdier: Beregning basert på oppgitte båter på JINs hjemmeside:
4 båter bygget 2014 til 28 MUSD (jf. Fearnpulse verdi)
9 båter bygget mellom 2009-2012, snittverdi estimert til 18 MUSD = 162 MUSD
7 båter bygget mellom 2007-2008, estimert verdi 12 MUSD = 84 MUSD
1 Panamax 2019, estimert verdi 35 MUSD.
Totalt kommer jeg da til 393 MUSD mens bokført verdi på "Property, Plant, Equipment" per 31.3 var på 326,79 MUSD, dvs. 66,2 MUSD lavere.

Faktisk egenkapital per aksje i JIN er derfor trolig over 40 kroner, slik at trådoverskrift for JIN tråden faktisk stemmer godt.

Ukens omtale av Supramax markedet fra Fearnley.

Supramax
Healthy activity in the Atlantic basin with a few fresh sugar stems on geared sizes. MEG/Indian Ocean region also remains active with usual South Africa-India coal, and some backhaul cargoes as well. ECSA-Mediterranean trip was fixed at around USD 19,000 levels on a Supra. ECSA-Algeria trip reportedly fixed at USD 15,000 levels on a Handy. South Africa-China trips being done at USD 21,000 levels. The usual Indonesia-China coal runs stand at around USD 12,000 levels basis Supra. Indonesia-India trips going for USD 10,000 levels as usual. There is still appetite for period, and last done was in high USD 17,000 levels for SP on an 63k Ultra opening in WC India. As pointed out by our research team, several macro indicators suggest that the positive momentum will continue until the end of the year. This does at least suggest market levels will not go much lower than where it is currently. The USG grain season could act as a trigger and push the markets to firm up.

Også en lang artikkel om kornhandelens påvirkning på etterspørsel for tørrbulkskip, fra Hellenic.

https://www.hellenicshippingnews.com/grain-seaborne-trade-impact-on-the-dry-bulk-freight-market/

Artikkel om økende priser på tørrbulkskip på Hellenicshippingnews.

https://www.hellenicshippingnews.com/dry-bulk-carriers-becoming-more-expensive/

Jinhui er også positiv på innsidekjøp siste året. Det er to innsidere som har kjøpt.
1. Mr. Siu Fai NG, chairman and director of Jinhui Shipping and Transportation Limited. Kjøpt 21900 aksjer 25. Juli, og har samlet 1 101 096 aksjer I Jinhui etter kjøpet.
2. Mr. Siu Fai NG, chairman and director of Jinhui Shipping and Transportation Limited (kjøpt aksjer tre ganger I mars 2024), totalt kjøpt 80 000 aksjer og har totalt 1 573 831 aksjer etter kjøpene.

Spotratene for Supramax har falt litt den siste tiden og ligger nå på ca. 1300 poeng.
Timecharterratene holder seg godt på 16 000 dollar.

Vesselvalue kom også med rapport 13.8 som viser at skipsverdiene for Supramax fortsetter å stige både for 5, 10 og 15 år gamle skip med oppgang på hhv. 0,1%, 0,2% og 1%. Oppgangen var vesentlig sterkere for 20 og 25 år gamle skip, hhv. 2,5 og 4,3%.

Oversikten over skipsverdier ligger her: https://www.hellenicshippingnews.com/weekly-vessel-valuations-report-august-13-2024/

Hvor mye kan Jinhuis skipsverdier ha økt det siste året?

I dag begynte spotratene igjen å stige oppover, 0,4% oppgang.

Tja , si det. Omlag 20% vil jeg tippoe.
Ikke nok til at revisor vil kreve oppskriving av de bokførte verdiene.

Da er den første kjøpte cape'en overlevert og døpt Jin Cheng. Neste leveres i 4. kvartal og den leasede NMAX'en i 1. kvartal neste år.

Ukens omtale av Supramax segmentet.

Another quiet week in the market so far, at least on the surface. Seasonality indicates this week being the bottom for the geared market. With the upcoming grain season in USG, the markets in Atlantic will pick up. Over the past week, very little cargo enquiries ex ECSA and likewise, also in the Pacific. Chinese coal demand remains low. The usual South Africa-China/Japan trips on an Ultra are priced at USD 22,000 + BB. ECSA fronthauls on top of the shelf Ultra done at USD 23,000 levels. EC India-China trips are being fixed at USD 11,000 levels on Supra. Period market is not very active at the moment as everyone is waiting for a further ‘drop’ in the markets. Last reported on period side was an Ultra opening in Pacific last week covered at USD 17,000 levels for about 8/10 months period. Market sentiment remains flat with expectation of an upswing in Q4.

Ratene for den mest relevante ruten for Jinhui, Pacific RV holder seg stabil og ligger på 12538 USD.
T/C ratene for 1 år for Supramax opp solide 1000 dollar til 16 000 dollar.

Dagens avsluttende handler! Hvilken verden er det vi lever i???
Meglerstatistikk for Jinhui Shipping and Transportation(I sanntid)
Siste handler
Meglerstatistikk
Kjøper Selger Antall Kurs Utført dato Akkumulert volum Antall handler
UNK UNK 2 336 6,18 26.08.2024 16:26:33 15 771 21
UNK UNK 11 6,18 26.08.2024 16:25:23 13 435 20
UNK UNK 51 6,18 26.08.2024 16:19:54 13 424 19
UNK UNK 36 6,18 26.08.2024 16:19:54 13 373 18
UNK UNK 44 6,18 26.08.2024 16:18:59 13 337 17
UNK UNK 17 6,18 26.08.2024 16:18:59 13 293 16
UNK UNK 81 6,18 26.08.2024 16:12:18 13 276 15
UNK UNK 5 6,18 26.08.2024 15:39:48 13 195 14
UNK UNK 4 6,18 26.08.2024 15:18:26 13 190 13
UNK UNK 7 6,18 26.08.2024 14:07:39 13 186 12

Tørrlastrederiet Jinhui Shipping and Transportation snudde et underskudd i andre kvartal i fjor til overskudd i samme periode i år.

I tremånedersperioden april-juni satt det Hong Kong-baserte selskapet igjen med et resultat på 8,8 millioner dollar, opp fra minus 6,5 millioner dollar i fjor.

Driftsinntektene ble nesten doblet til 48,2 millioner dollar.

Den gjennomsnittlige timecharterraten pr. skip pr. dag økte med 52 prosent tul 15.407 dollar. Rederiet driver 23 eide og 10 innbefraktede skip.

På børsen er Jinhui-aksjen hittil i år ned 6,1 prosent til 6,30 kroner, som var sluttkursen tirsdag.

Jinhui leverer et riktig bra resultat med 33 båter i drift dette kvartalet.

Flere båter kommer til i 3q, og jeg tror Jin vil nærme seg 40 båter før året er omme.

Skulle ratene stige en del fremover vil lønnsomheten bli svært god.

Tror heller antallet skip går ned utover året.
Jeg tror t de vil selge noen av sine gamle skip, bl.a for å få litt påfyll av kapital . De har tross alt tatt på seg store investeringsforpliktelser i år.

Det tror ikke jeg, sjekket du hvor lav rentebærende gjeld har blitt og retningen har vært klar de siste kvartalene.

Vi får vel sjekke fasiten om et par måneder Kvirrevi.

re mithra

Jeg minner også om disse båtene, som JIN vil få i tillegg, med full eller delvis effekt i 3Q og 4Q, og som kommer i tillegg til de båtene Jin har hatt i virksomhet i 2Q. Bare disse båtene tilfører 440 000 dwt ekstra til virksomheten. Hvis JIN leier inn 2-4 båter til så er de nær eller på 40 båter i virksomhet.

2Q 2024, Panamax på 82 000 dwt kom i virksomhet, full effekt fra 3Q 2024
3Q 2024: Capesize på 181000 dwt kommer i virksomhet
3Q eller 4Q 2024: Capesize på 178 000 dwt kommer i virksomhet

Jeg minner også om at Jin har inngått en leasingavtale for en 208000 Capesize som vil komme i virksomhet for Jin i 1Q 2025. JIN vil fra 1Q en gang derfor ha 3 store Capesize i drift, og det vil da etter hvert bli artig å følge med på Capesize ratene i relasjon til Jin.

Eventuelle salg av skip kan forresten føre til ikke helt ubetydelige salgsgevinster målt mot bokførte verdier, basert på den verdiutviklingen det har vært for supramax skip i 2024.

Bokført egenkapital per aksje var ved utgangen av 2Q på ca. 34,6 kr (359, 919 MUSD * 10,51 / 109259 000 aksjer). Resultatet i 2Q trakk den opp mens svekkelsen av USD mot Nok trakk den ned.