Jinhui Shipping and Transportation sank to a loss of USD12.6 million in the second quarter ended 30 June on a fall in revenue and a write-off on a newbuild.
During the period, Jinhui booked a USD2.9 million in write-off on a bulk carrier newbuild that it abandoned in May, a stock filing of Jinhui said on 27 August.
The company’s revenue decreased 47% year on year to USD20.2 million for the second quarter because of the falling market freight rates.
As of 26 August, the company owned 36 vessels comprising two post-Panamaxes, two Panamaxes, 31 Supramaxes and Handymaxes, and one Handysize.
“We are cautiously optimistic that with a normalised economic backdrop, a rebalancing of seaborne tonnage can be expected going forward,” the company said. “Over the longer term, we expect global economic growth to pick up in pace and a stronger freight market, and we shall aspire to grow our business once the sky clears as we see our business as a core service provider at the forefront of the economic chain.”