Jinhui Shipping has reported a loss of $15.7m for the third quarter as forecast at the beginning of November. r.
Jinhui Shipping, the Hong Kong and Oslo-listed shipowner, revenue was down 49% to just over $27m.
Jinhui Shipping's fleet earned an average daily time charter equivalent (TCE) of $7,706, a 42.5% drop from the $13,389 seen a year ago.
Supramax TCE rates averaged $7,750 per day against $13,156 in 2013, while panamax TCE rates were down over 52% to $7,320 per day.
Jinhui Shipping said: “Amid weaker-than-expected dry bulk shipping market in the first half of 2014, dry bulk freight rates were under continued downward pressures in the third quarter. The drop in revenue was mainly due to the large exposure to spot freight market while freight rates kept declining with the unexpected incongruity between demand and supply of tonnages, coupled with the expiration of certain high earning charter contracts in earlier months."
Jinhui Shipping has a fleet of 36 bulkers comprised of 2 post-panamaxes, 2 panamaxes, 30 grab fitted supramaxes (mainly supra player), 1 handymax and 1 handysize.
Dry Bulk Shipping News - Shipbroker Notes