“Insufficient demand of global dry seaborne activity in recent months has translated into underutilisation of the global shipping capacity, as a persistent supply of new vessels enter the market. This is particularly severe with larger size tonnages,” Jinhui said.
Jinhui added that it had entered into some loss-making charter contracts in early 2012 as part of its fleet is due for contract renewal in the prevailing market conditions.
“Based on estimation made by the company's finance department, revenue and net profit of the group for the interim period of 2012 are expected to be substantially worse than that of the same period for the financial year 2011,” the company said.
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