Good afternoon to those in Asia and good morning to those in Europe. Welcome to Jinhui Shipping and Transportation Limited Q4 2025 and 2025 annual results presentation.

Maybe questions at the end, I'll answer the questions at the end. Feel free to type your questions in the chat box.

To go through the presentation, Q4 2025 highlights: we recorded $38 million for the quarter revenue, $13 million EBITDA. We recorded a net loss of $2.7 million in Q4, mainly due to the loss on disposal of the sale of ships, provision for trade receivable, chartered-in loss, as well as a small amount of properties impairment.

Basic loss per share for the quarter is $0.025. For the full year highlights, we recorded in total a revenue of $157 million, earnings before interest, tax, depreciation and amortization of $75 $79 million, net profit for the year $13 million, basic earnings per share $0.115.

Our gearing ratio is 1% as of the year-end 2025, and we propose a final dividend of $0.018 per share. Our revenue on a quarter-on-quarter basis has dropped 15%, and for the net profit, Q4 2024 we have a $5.2 million profit and a $2.7 million of loss this year for the final quarter.

The average TCE dropped by 2% from $15,567 to $15,254 per day. For the full year, our revenue has dropped 0.9% to $157.5 million.

Net profit dropped $11.5 million to $12.5 million. This is majority due to the losses booked on the sale of our older ships.

The average time charter equivalent has dropped by 3.8% to $14,182 per day. 2025 highlights: the group reported consolidated net loss of $2.7 million for the current quarter.

The chartering revenue declined by 15% to $37.5 million primarily due to a reduced number of owned vessels. For year 2025, we reported a net profit of $12.5 million and chartering revenue slightly decreased 0.9% to $157.5 million.

We're working hard, for the future years, the coming years. We continue to implement a fleet renewal strategy.

Older vessels are being replaced with modern and fuel-efficient ships. During the year, we entered into agreements to dispose of eight older Supramaxes at a total consideration of $86 million.

As a result, we incurred a total loss of $9.2 million from the disposals. We further entered into four additional Ultramaxes shipbuilding contracts, each valued at approximately $33 million, with scheduled deliveries in year 2028.

As of the year-end of 2025, together with two newbuilding contracts committed in 2024, the total number of committed newbuildings will be increased to six vessels, representing an aggregate additional carrying capacity of 385,000 metric tons. A modest decline of shipping-related expenses from $84.4 million in 2024 to $84.2 million is recorded in 2025.

The reduced number of inward time charter arrangements lowered the hire payment expenses from $22 million last year to $12 million in the current year. However, this reduction was offset by the higher bunker costs used during the vessel's positioning time and voyage charter activities.

Usually we try to bypass the bunker cost with time charter, but depending on the market, in order to ensure the maximum utilization of our vessels, we have to take some voyage charter activities. Daily running costs of owned vessels increased from 2024 of $5,606 per day to the current year $5,895, which mainly come from the increase in the crew costs and expenditure of spare parts on vessels.

This is driven by an increase in operational demands and the need for maintenance to ensure optimal performance. Overall, as some of our ships get older, the maintenance cost will increase, hence, for the long-term planning, we have been selling older vessels and entering into newbuilding contracts to modernize our fleet.

The rise in finance costs mainly attributed to loan drawdown for financing of vessels upon the deliveries during the first half of 2025. Capital expenditure of $38.4 million was incurred for the current year, mainly for payment balance on vessel deliveries and drydocking costs.

Total secured borrowings increased to $115 million as of the end of 2025, with current portion and non-current portion of $10 million and $105 million. The rise is mainly due to the sales and leaseback arrangements of the group entered into for two owned vessels for the amount of $28 million.

Other borrowings were denominate in RMB. This is a summary of the numbers.

I think it's quite self-explanatory. Our total assets has increased from $524 million in 2024 to $549.7 million in 2025.

Total equity increased from $371.6 million to $380 million. Total borrowings from $98 million to $115 million, rounding up to the million dollar.

Current ratio has increased significantly from 1.27 to 3.18 in 2025. Gearing has dropped from 15% to 1%.

Our liquidity has increased from $41 million to $111 million. Return on equity has dropped from 6.65 to 3.34%.

During the fourth quarter of 2025, we completed disposal of three older Supramaxes at a total consideration of $34 million. In summary, the group completed eight disposal of Supramaxes and committed four shipbuilding contracts for the acquisition of Ultramaxes to be delivered in 2028.

As at the end of the year 2025, the group is operating a fleet of 23 vessels, of which 18 are owned vessels. This includes two vessels under sales and leaseback arrangements and one which has been disposed of and reclassified under assets held for sale, and five chartered-in vessels with total carrying capacity of 1.8 million metric tons.

Subsequent to the reporting date, a Supramax has been contracted to be disposed of in December 2025 was cancelled due to one of the contractual clauses cannot be fulfilled. In February 2026, we entered into two shipbuilding contracts for two Supramaxes, each at contract prices of $34 million to be delivered in 2029.

This is a graphic form of how our fleet has been evolving, again self-explanatory. It's a good picture to summarize information of our fleet.

Here's the list of our owned vessels. The average age of the current owned fleet is 14.67 years of age.

This is information of our chartering vessels and the ships on ordered. Our total debt as of end 2025 is $115 million.

This include bank loan and other borrowings. For year 2025, 9% of our loan is to be repayable within one year, 62% within two years, 17% within three to five years, 12% within five years.

Of course, depending on the banking market and available debt facility that we will discuss with bank on a continuous basis, we will always look to stretch this maturity profile. For the year 2025, 11.91 million tons were carried on our ships.

Of course, this has dropped compared to 2024 15.8 million metric tons due to our older vessels being sold off. 55% of the cargo is minerals, 13% coal, 8% steel products, 6% agricultural products, 6% cement, 2% fertilizer, and 10% others.

In terms of distribution of cargo, 27% of our cargo are loaded in Asia excluding China, 24% from China, 10% Australia, 24% Africa, 1% Europe, 2% North America, and 12% South America. In terms of where our cargo are being discharged, 42% in China—and by the way, this is represented in terms of the chartering revenue—42% of the cargo are discharged in China, 27% in Asia excluding China, 1% Australia, 22% Africa, 1% Europe, 2% North America, and 5% South America.

Here is a summary of the time charter equivalent of our fleet. For our Capesize fleet, Q4 2025 the TCE is $19,705 per day.

This is of course weaker than the Q4 2024 number. For the full year 2025, the TCE equivalent of the Capesize is $21,025, slightly weaker than the 2024 number.

For the Panamax fleet, Q4 2025 $17,387, which is an improvement compared to the Q4 2024 figure of $13,900. For the full year 2025, the TCE of the Panamax fleet is $14,910 compared to 2024 $15,528.

For the Ultramax/Supramax fleet, Q4 2025 TCE $14,270, slightly weaker compared the quarter-on-quarter basis. 2025 $13,246 compared to 2024 $14,466.

Overall for the entire fleet, the TCE for Q4 2025 $15,254, and for 2025 full year TCE $14,182 per day. For the cost side of our owned vessels, Q4 2025 $9,063 per day versus Q4 2024 $10,135.

For the full year 2025, $9,152 versus full year 2024 $8,959. This is including the depreciation.

If you look at the blue bar, that, will tell you the number excluding the depreciation. I wouldn't It's on the Q4, in the number, there's there is a bigger difference, but for the full year number, if you see that you average out, the number is the difference is not so much, but a slight increase for the full year 2025 compared to 2024.

Again, this is explained as earlier: increase in crew cost, spare parts, etc. In terms of outlook, we remain fairly conservatively confident.

We see that the demand for commodities remain robust, especially for the minor bulks. There's not a small number of vessels being delivered in recent months, but the freight market tells us that this new supply of vessels has been absorbed fairly well.

There has been very limited negative shocks to the freight market. Risks that we see, the number one risk is the geopolitical uncertainty, which is beyond our control.

We just have to continue to watch out for changes in regulations, disruption in trade routes, etc., and remain nimble. Looking on the positive side, we will continue to look for opportunities to renew our fleet.

We will try our best to continue to grow our business without sacrificing any financial stability. There are three questions I see here.

I'll answer them one by one. "Why is there no share buyback?"

I presume you want to say. I have not been told by the board of directors that there is to be a share buyback.

You would have noticed that we do have CapEx coming forward. We have seen very good days in shipping, and we have seen very bad days.

Conserving certain liquidity to satisfy future CapEx needs is important. To remain nimble for opportunities is also another reason.

I can see from your perspective on the second question, on how can the board not pay out more dividend, I can see from your perspective that as investors, you wish us to pay everything to shareholders. Again, I think it's not as simple as from how you see from your perspective.

We have to balance the continuity of our business to think about rainy days. We need to conserve cash both for growth opportunities as well as to settle committed obligations.

Nick, very long question: "Could you provide some insights into what we can expect of further newbuilding activity?" Let me answer this one first.

Unfortunately, it's not so easy because we are in continuous dialogue with various shipyards on the price of the vessels, on the availability of the berths, what timing they can be delivered, etc. It is not like manufacturing where we can plan we got an order from Apple for how many units of iPhone and we'll just expand our manufacturing capacity.

It doesn't work like that. We have aspirations to grow, but we also have to be responsive of how much money comes in from our business, what is the financing environment, and whether there are any suitable vessels available in terms of newbuilding.

Of course, there's another factor that we have to look at. We would like to replace.

Again, we also have to balance what we see in the sales and purchase market for second-hand vessels, whether we can fetch a reasonable amount from selling off older vessels. In terms of how many newbuildings that we're aiming for in total, again, this is a very difficult question.

I wish all our ships are brand-spanking-new, but we have to consider the limitations of how much liquidity we have, how much bank facility we have, for example. We have to be realistic.

We have to take small steps at a time on this front. "Have we stopped our short-term chartering activity?"

Right now we, we have been reducing our short-term chartering activity. Is is not that we have stopped.

It Again, we this on this front, we have to be responsive on what kind of business that we can see in the market and whether we need to charter in, third-party, carrying capacity. "Have we considered long-term fixing our hire in Newcastlemax for the remainder of this term?"

We are always looking to balance long-term charter versus short-term hire or chartering out. "Do you expect our newbuilding activity to associate materially higher earnings and materially lower shipping" Actually, we do on this front.

How high, I cannot answer you for sure, but overall, the modern vessels will have higher carrying capacity. They can satisfy even the most demanding charterers.

In terms of the cost side, obviously they are more fuel-efficient. They're new.

It's like you running a new car versus an old car. The maintenance expenses will certainly be lower.

Yes, we expect an increase in revenue as well as a reduction in cost as these new vessels get delivered and start working for us. "We're confident in future minor bulk demand?"

No, it's various, it's not in a certain particular minor bulk. It crosses from bauxite to nickel to various others.

Thor, how are you? I'm reading a question.

"TCE was above $15,000, and cost per ship at $9,000. Taking into account the book losses on ships sold, you had a very modest So what will it take for you to produce a meaningful profit?

I assume that the strong futures market for your ships would increase the value of ship. Should we expect" I don't understand "Should we expect write-up of the ship" Thor, $15,000 TCE, well, we expect the chartering market to remain strong and possibly stronger going forward.

We will try to of course control our costs. Bear in mind this cost per ship at $9,000 includes the depreciation, a non-cash item.

Even without $6,000 per day profit, I don't see that as a modest surplus, not really. "CN, the stock is trading below 0.2 of the equity in the company, and it would be five times value adding for the company to buy back own shares and do this together with high dividends."

I will of course reflect your very valuable opinion to the board of directors. If we have any plans in share buyback, increase dividends, we will make sure all shareholders will be informed simultaneously.

Thor, there are many reasons for us to keep a strong war chest. I'm afraid I cannot disclose anything further, but when we have a war chest ready, there's always a reason.

I think second-hand vessels has been quite buoyant, but is that enough for any impairment reversals? To be honest with you, accounting-wise, we do not want to, because of a small movement then we keep on revaluing every single quarter.

It has to be a significant amount where there's a need to reflect this on the books. I can't really answer you this, to be honest.

This is not easy because, the ships are, depending on the yard, year year made, equipment on board, they are not really standardized. So No, thank you.

It's my job, and I'm trying my best to make sure that I'm trying to be as informative as possible to all of you. Thor, our contract strategy is to make as much money as possible at any point in time, whatever is available.

We look at time charter contract, we look at COAs, we look at voyage contracts, short-term and long-term. No, I hate to be blunt, but we tend to run our fleet in a very nimble manner.

Of course, in general, in this very volatile world nowadays, I see from commodities to monetary markets, etc., chartering market, volatile is something that we are most wary about. We try to minimize or reduce the number of variables.

Time charter will always be our number one choice because this reduce the number of variable, or i.e. uncertainty.

If there is a COA, if there's a voyage contract that we are confident about and the numbers work out to be superior to a time charter contract, given the same point in time, and we will just pick the one that balances both return and risk. Am I answering your question?

In general, in this buoyant market, I will add one more, Thor, we are fairly confident with the market, probably we will unlikely to do index-linked, but never say never. That's a very good point, Nick.

With newbuildings, then all these newer vessels will satisfy all the most demanding of Port State Control, etc. Yes, as the newbuildings come online, we will look to expand our trade routes further, be it EU or US.

If technology can take our ships to Mars, we'll go, as long as there's profit. Any further questions?

Nope. Thank you for taking the time for joining the presentation.

If there are no further questions, I'll call this the end to the Zoom meeting. Thank you so much, and we look forward to bringing you good news in our next reporting date.

Thank you.