Good morning to those in Europe. Good afternoon to those in Asia.

Welcome to Jinhui Shipping and Transportation Limited Q3 2025 results presentation. I hope anyone sorry I mean everyone can hear me.

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Going through the Q3 highlights, revenue for the quarter US$40 million million, earnings before interest, tax, depreciation and amortization $17 million, net quarter that sorry net profit for the quarter $0.08 million, basic earnings per share 0.001. For the 9 months into 2025, revenue for the 9-month period $120 million US dollars, EBITDA $67 million, net profit for the period US$15 million, basic earnings per share 0.139, and the gearing ratio as of end of September 2025 2%.

If we look at the Q3 2025, the revenue has dropped 11% relative to Q3 2024. I think it's a combination of both, a weaker freight rate, compared quarter on quarter, as well as we have we have been selling off some ships in preparation for the newbuildings that we have ordered.

I think you can see that. Net profit is down to 0.08.

Some of the bookings of when we sell when we sell off these newbuildings we have to book at a loss because on the on our books the asset value has were high and we have decided to sell them off. It's a non-cashflow item, but we have to mark the loss.

Average TCE has is down 4%, Q3 2025 relative to Q3 2024 as well. Overall, 9 months into the year highlights, it's show a better picture.

Revenue is up 4.6%, 9 months 2025 is $120 million US dollars compared with same period last year 114.7. Net profit down 15 is $15.2 million US dollars compared to same 9 months 2024, down $3.6 million.

Average TCE 9 months 2025 13,878 relative to 14,040 446, down 3.9%. There is nothing astonishing about this.

It's just, some of our ships will be on spot, and the market goes up and down. There's some volatility, is nothing alarming from our from our perspective.

The group reported a consolidated net profit of $0.08 million for the third quarter. Chartering revenue declined 11% to US$40 million mainly due to a reduced number of owned vessels.

For the first 9 months of 2025, the group reported consolidated net profit of $15 million and chartering revenue increased 4.6% to $120 million US dollars. To stay competitive in the market, we focus on enhancing and adjusting our fleet profile.

During the 9 months, we entered into agreements to dispose of six aged Supramaxes at a total consideration of $63 million US dollars and three Ultramax shipbuilding contracts of 33 $33 million each. Five of the old sold Supramaxes were delivered to the purchasers and incurred an aggregated loss of $6.2 million on disposal during the first 9 months of 2025.

Shipping-related expenses for the current quarter decreased to $21 million, down from $24 million in Q3 2024. This reduction was primarily due to a lower number of owned vessels, as well as a decline in hire payments for chartered-in vessels.

Hire payment on short-term leases amounted to $2.6 million during the quarter compared to to US$8 million in the same period of last year. The daily running cost of owned vessels increased from Q3 2024 of 5,302 to Q3 2025 of 5,750, mainly from increase in crew costs and expenditures of spare parts on vessels, driven by an increase in operational demands and the need for maintenance to ensure optimal performance.

There's a rise in finance costs as well, mainly attributable to loan drawdown for financing of vessels upon the deliveries from second half of 2024 to first half of 2025. CapEx of $3.2 million incurred for the current quarter, mainly for drydocking costs and vessel improvements.

As of the end of September 2025, our total secured borrowings increased to $126 million, with current portion and non-current portion of $11 million and $115 million US dollars. The rise mainly was due to the sell and leaseback arrangements the group entered into for two owned vessels for the amount of $28 million.

Other borrowings were denominated in RMB offshore. These we I'm talking about these other borrowings as in the $28 million sales and leaseback.

I think it's not a bad timing, denominating in the in RMB because of the exchange rate we can is in our advantage given the US the Hong Kong dollar is pegged to the US dollar. Financial highlights for the quarter and 9 months ended, I think this is fairly self-explanatory is, I'm not going to detail.

If you have any questions, please shoot afterwards. As of Q3 2025, our total assets has increased from previous quarter $514 million to $571 million US dollars plus.

Total equity has increased from $367.5 million to 383, almost rounding it up, $383 million US dollars. As explained, total borrowings has increased in Q3 2025 to $125.5 million US dollars, but as a result of disposing our older tonnages, we have replenished our liquidity.

The current ratio is 3.03 to 1. The gearing has further dropped to 2%.

Available liquidity, $116 million.4 $116.4 million, sorry. Return on equity, 0.02.

We are replenishing our liquidity, lowering the gearing of course, because we do have CapEx going forward. Part of it will be for, payments for our newbuilding program, and beefing up our war chest would allow us to further look for renewal opportunities.

There's no particular plan, you know. We have always viewed the shipping market as very volatile, and we need to tread carefully, but we need to get ready.

We are preparing, a war chest, to remain flexible and nimble should opportunities arise. During Q3 2025, we completed disposals of four Supramaxes, total consideration amounting to $44 million.

In addition, another Supramax was disposed in August 2025 and reclassified to assets held for sales as at end of September 2025. This Supramax will be delivered before end of December 2025.

To sum up, the group entered into agreements for the disposal of six old Supramaxes at total consideration of $63 million US dollars, three Ultramax shipbuilding contracts of $33 million each for the period ended September 2025. As at 30th of September 2025, 29 vessels, of which 21 owned vessels, including the two under sales and leaseback agreements and one which has been disposed of and reclassified under assets held for sale, and eight chartered-in vessels with total total carrying capacity of 2.2 million metric tons.

Subsequent to the reporting date, the group entered into agreements to dispose of two Supramaxes with consideration of $13.2 million and $10.3 million respectively. I think, again, this chart is for your reference.

From our recent actions, I I think it should be fair fairly apparent that we are taking the opportunity of of a very compelling global fleet fleet profile, where they're already, quite a significant proportion of old vessels, especially in the Sup- Supramax-Ultramax space, and they will reach quite a good proportion of it, will reach, over 20 years old in going forward. We see this as a good opportunity to re- go on a renewal program.

The chartering market is also, fairly robust, this also give good support to second-hand vessels. Of course, coinc- coinciding with there's fairly strong interest in old tonnages, I think it's a pretty good timing to monetize some older vessels and put on o- or and and and purchase some newbuildings, to It's a little bit like, refreshing our our our fleet.

Our our assets are so so start with a pretty clean slate. You would have noticed that in some of the older vessels, when we we have sold them, they need to book at a loss.

This is because it was these were ordered at fairly high price in the previous cycle. This is the reason why we are being very, very careful and need to look carefully and opportunistic, when we when it comes to buying a new ordering newbuildings.

This is the list of our owned vessels. Should be self-explanatory.

We expect this age profile average age will decrease as our newbuildings get delivered going forward. This is the list of chartered-in vessel.

For long-term charter, we have chartered in one Post-Panamax, two Panamax, and two Ultramax. We've also short-term chartered in one Ultramax, total six chartered-in vessels.

In order to have a healthy debt maturity profile, we have done some work further. Out of the $126 million US dollars of interest-bearing debt, 8% will be repayable within one year, 9% will be repayable within two years, 83% will be repayable within 3 to 5 years.

We will of course continue to monitor this debt profile. For shipping, the nature of our assets is very long-term, we will stretch this maturity profile whenever we can and whenever it's beneficial to our balance sheet.

In terms of cargo mix, 60% of the cargo that our ship carry, our vessels carry is minerals, 16% coal, 6% steel products, 5% agricultural products, 2% cement, 1% fertilizers, and 10% various other cargoes. In terms of distribution of cargo, in terms of where we load our cargoes, we have 29% of the cargoes are being loaded in Asia, excluding China, 20% in China, 15% Australia, 26% from Africa, 9% South America, and 1% North America.

In terms of discharging, 44% of the cargoes are destined for China, 28% in Asia excluding China, 13% Africa, 2% Australia, 3% Europe, 8% South America, and 2% North America. You would notice that we throughout all these years, we have we have been not very active in the North American ports.

In light of the current trouble or difficulties, I would say I would maybe I should use the word, due to geopolitical conflicts, I think we will continue to our current business mix to where I think we are comfortable with this mix and minimize North American exposure. In terms of time charter equivalent, as of Q3 2025, Capesize $22,018, a slight decrease from Q3 2024.

Panamax fleet, $15,032, slight increase relative to the Q3 2024 numbers. Ultramax/Supramax fleet, $13,618, a drop from Q3 2024.

Overall average, $14,629, which is a a drop from the Q3 2024 figures. If you look at the 9-month figures, this is this average is further drop down.

However, we are fairly confident that, the chartering market should stay robust and numbers should slowly improve, especially in 2026. Daily vessel running cost of owned vessels, as of Q3 2025, the total running costs plus depreciation plus finance costs, $8,927.

As previously explained, the finance costs has increased due to further debt drawdown, sales and leaseback. Depreciations has lowered because we have a lower number of ships.

Running costs, it's because of, new vessels coming online. In terms of outlook, we are cautiously optimistic.

We are forever, cautious, I I don't know why, we are like that, but, we have seen cycles. We are very careful.

We even when the stars shows that, they are going to align, we will always remain cautious because this is a very risky industry. We see stable and robust demand for dry raw materials.

Because of the aging global fleet fleet profile, we have been embarking on a on a search for renewal opportunities, and I've explained what we have been doing for the past 9 months. Going forward, we will continue to look for renewal opportunities.

We are cautious. One of the reasons is because uncertainties remain, given from the economic perspective, macroeconomic perspective, a lot of large economies, the economic growth is somewhat slowing down.

That's number one. Of course, this is something that, we're all very familiar with, you know.

It's there's a lot of potential geopolitical risk that remains and need we need to be aware of and we need to stay alert. We have been disposing of older vessels to beef up our balance sheet sheet in order to stay nimble, in order to stay flexible should we see attractive opportunities going forward.

That is all from me, and I shall take any questions that you may have. Thank you for your question.

Rising China-Japan tensions... If you look at our trade routes, I think we have been selecting, fairly neutral routes in order to try to minimize any potential disruptions for our business.

Right now, I mean in terms of identified routes, ports most at risk, so far I I we don't think the Asian ports, is will be high-risk. The more high-risk will be more the the Middle East, Ukraine, Russian related ports, Red Sea, et cetera.

There, to be honest, there aren't much changes to insurance premiums or security costs, to be honest. If there are any business that we require us to go to visit any ports that are questionable, well, number one, if you go to an unsafe port or if during journey before you arrive, the cargo, that was destined to let's say Port A and it's suddenly the declared as unsafe unsafe port, you have to divert.

Otherwise, there it there will be additional let's say war premium, war risk insurance that we will have to purchase, but this will be borne by charterers. Majority of our business we do we we conduct through the time charter mode, in terms of time charter contracts, such additional costs, even for example armed guards, will be borne by charterers.

I hope that answered your questions. Right now, I don't think, the tensions between China, Japan is is not something that, is at the very top of the risk priority risks.

I think, hopefully, I think, there will it it will it will ease down. No one has any further questions?

Not even dividend policy? The one of some I think some of your favorite question is the dividend policy, but I can give you the answer right away.

We will just have to wait for the the board of directors to direct directors' decision if there is any dividend, at the end of the year. There you go.

I think, our our our our the what we've done, I have tried my best to explain, and it should be, quite clear. I I would I would I would describe it as almost like we want to refresh our assets, and, enter into a new pretty much a new start, in a new cycle with better assets for and better serve our customers and hopefully hopefully will generate better returns for shareholders.

If there are no further questions, that's all from me and I wish all of you a good day in Europe and good afternoon, good evening in Asia. Thank you.