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HomeMaritime NewsRegionsAsiaJinhui Q1 profit plunges 75% to $8.8m

Jinhui Q1 profit plunges 75% to $8.8m

Jinhui Q1 profit plunges 75% to $8.8m
Hong Kong: Dry bulk shipping company Jinhui Shipping and Transportation saw first quarter profit plummet 75% to $8.8m from $36.7m in the previous corresponding quarter.

Revenue fell by a third to $58.5m from $86.9m previously.

Jinhui blamed the poor results on the expiry of high earning charter contracts in late 2011 and early 2012 that had to be renewed at lower rates in the prevailing weak market. This was especially so for the larger sizes, it said. 

Revenue from the expanded owned Supramax fleet was offset by the lower revenue from the chartered-in capesize fleet, Jinhui noted.

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