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

Thank you for joining Jinhui Shipping and Transportation Limited Q1 2026 results presentation. I believe you've all had a look at the results and have a copy of the presentation, I shall begin.

Some others are still coming in. Everyone hear me okay?

Great. For Q1 2026: revenue for the quarter, $33 million US dollars; earnings before interest, tax, depreciation, and amortization, $17 million US dollars; we've recorded a net profit of $4 million for the quarter; basic earnings at $0.04 US dollars; and gearing ratio as of the end of the quarter, 5%.

The slide shows, the comparison quarter-on-quarter. I think the good news in particular is the average daily time charter equivalent has risen 23% quarter-on-quarter.

Our chartering revenue declined by 17% to $32.8 million, primarily due to a reduced number of vessels in operation. We've sold off a number of, older vessels, and, of course, at the same time, we have, committed to build some new-, new ships, which will be deliver- delivered going forward.

The group recorded a consolidated net profit of $4 million for Q1 2026 compared to $17 million for Q1 2025. The decrease was mainly due to the absence of a one-off settlement income of $20.2 million from the nonperformance of a charterparty in the previous, Q1 2025.

Average TCE improved 23%, as described, just now. Our fleet renewal strategy is still going ahead.

During the quarter, two vessels were disposed at an aggregate consideration of $47 million US dollars and scheduled deliveries to their new owners, the buyers, in Q3 2026. In February 2026, the group entered into two shipbuilding contracts for the construction of two Ultramax newbuildings at a consideration of $34 million per US dollars per vessel, both scheduled for delivery in 2029.

Shipping-related expenses declined 36% from $21.6 million in the last corresponding quarter to $13.9 million in the current quarter. The reduction reflects a reduced number of vessels in operation alongside a decline in hire payments from expiry of certain chartered-in engagements last year.

The group recorded 4% increase in daily running cost to $5,612 US dollars per day compared with Q1 2025. The increase is primarily due to higher crew cost, expenditure on spare parts of- for vessels driven by an increase in operational demands and the need for maintenance to ensure optimal performance.

During the quarter, total CapEx amounted to $9.8 million, in which $9 million was paid for vessels under construction. Total secured borrowings decreased to $107 million as of end of the quarter, with current portion of $12 million and noncurrent portion of $95 million US dollars.

Here's, a summary cap shot of the financials, self-explanatory, I won't, go into details. As of Q1 2026, our total as- assets is at $539 million US dollars, total equity $383.8 .9 million US dollars, total borrowings $107- rounding up, $107 million US dollars, current ratio 3.71:1, gearing of 5%, we have available liquidity at $87.76 million US dollars, return on equity 1.13.

Of course, some may ask why are we keeping such a low gearing. It's not just, for, the sake of conservative, but, of course, we have newbuildings coming in, we will have to make capacity for borrowings for our new vessels going forward.

As of yesterday, we have 21 vessels, total carrying capacity of 1.68 million deadweight tons and 98% utilization rate. In January, a Supramax contracted to dispose in December 2025 had been cancelled due to one of the contractual clauses cannot be fulfilled.

In February, the group entered into two shipbuilding contracts, each with a deadweight of 64,100 metric tons at a consideration of $34 million US dollars per vessel to be delivered, scheduled delivery in 2029. In March, two vessels were sold for $23.5 million and $24 million US dollars, respectively, both with deadweight of 63,485 metric tons.

The vessels will be delivered to the buyers in Q3 2026. At the reporting date, the group's order book comprised of eight newbuildings: one to be delivered in 2026, one in 2027, four to be delivered in 2028, and two to be delivered in 2029.

As of the end of the quarter, we're operating 21 vessels, of which 18 are our own vessels and three chartered-in. Here's the, detail of our own vessels.

In terms of our chartered-in vessels, we have two remaining: one Panamax and one Capesize. Below is are the eight vessels, newbuildings, to be delivered between 2026 and 2029.

Here's, evolve- our evolving, fleet size. We, are taking up the- the opportunity to renew and, hopefully, will still slowly, build up our fleet again.

Our total debt include- included bank loans and other borrowings, $107 million $107 million US dollars. Bank loans represented revolving loans and term loans, which were secured by group's motor vessels, land and buildings, investment properties, and financial assets at fair value through profit or loss to secure credit facilities.

As of the end of the quarter, 11% will be repayable within 1 year, 68% will be repayable within 2 years, 8% within 3 to 5, and 13% 5 years plus. In terms of cargo mix: 60- 63% will be minerals, 13% coal, 8% agricultural products, 4% cement, 4% steel product, 3% fertilizers, and 5% other minor bulks.

In terms of distribution of cargo: 32% South America, 21% Africa, 20% Asia excluding China, 13% Australia, 5% China, 4% Europe, and 5% North America. In terms of the discharging ports: 45% of the cargo goes to China, 28% goes to Asia excluding China, 21% goes to Africa, and 6% goes to South America.

As of the end of, Q1 2026, the TCE has improved, fairly significantly, especially on the Capesize and Panamax sector. Capesize TCE as of Q1 2026, $30,408 US dollars per day, that is; Panamax, $17,705 US dollars per day; Ultramax, $13,710 US dollars per day.

This will be equivalent to an average, for the entire fleet, $16,219 US dollars per day. As at the reporting date, we have successfully covered 33% of our Capesize and 100% of Panamax vessel days for the rest of 2026 with an average rate of $23,000 and $19,000 per day, respectively.

For Ultramax, Supramax, 51% of the vessels vessel days were covered at an average rate of $14,000 US dollars per day for the rest of 2026. Daily vessel running cost: Q1 2026, $5,612 compared to Q1 2025 of $5,375 and the full year 2025 $5,895.

To be honest, don't see fairly, big movements here, and I explained already, in earlier on, crew cost, maintenance cost, operational needs, etc. There's a slight increase com- when compared quarter-on-quarter.

Nothing alarming on this on this front. More importantly, on the outlook, we see right now, a fair-, balanced freight market and asset market, and we ex- hope we hope and we expect that, it will continue to be steady for the rest of the year.

The supply and demand of dry bulk vessels in fairly good fairly good balance, particularly strong on the Capesize. However, at the same time, we do see some signs of, disconnect between asset prices and freight, and, that's why, we will always stay cautious.

At the same time, we will continue to look for opportune opportunities to maintain a young fleet, i.e., for older vessels, if we see a good price in the market, good buyer, we may consider dispose of older vessels, and then, if they're available, whether in the secondhand market or newbuilding market, good opportunities, we will do such trades again, continue. Most important of all, we will continue to achieve growth while maintaining a healthy balance sheet.

I think one thing is very important for everyone, they'd like to hear, but, is dividend. For this current quarter, there's is no declaration of dividend by the board of directors.

Now, if anybody has any questions, please fire away. Okay, in question one first on the, Middle East...

We actually have ver- fairly minimal exposure, of our vessels, in the Middle- Middle East, whether it's during the conflict or normally, you know. It's not It's not an area that, we frequently visit.

No, we have minimal exposure there. In terms of, war insurance, I believe you mean the war risk.

I don't have a number right in front of me right now, but it's, again, it's minimal, and it's actually paid by the charterers, not us. Which are the countries in Africa that receives our cargoes?

For, actually, for, load- the loading of cargoes, I think it's, the usual, very obvious suspect: Guinea, Sierra Leone, [cough] Ghana, bauxite trades. For discharging, it will be the sim- the same countries, maybe some, other, neighboring countries.

I actually do not have, know the exact, names, not in front of me. We actually most of our contracts are on time charter, basis.

We do not, take cargo contracts in terms of, the If you are asking about the box of volume, no, we do TCs. If I am to sell the oldest Capesize, what would the be the price?

I can't we haven't put the put in the market, to tell. If you If you work out a benchmark, a recently, 2016 Imabari, Capesize has, is has been reported to go for $60 million plus.

'The company has locked in at 51% of its Ultramax/Supramax fleet at a daily charter rate of $14,000. Any update on this?'

This is the update. This is the update.

Otherwise, we see a steady, possibly improving market, you know. And, we have to balance, what we lock in and, what we put on spot.

If we lock everything in, then we won't be able to take advantage of a rising freight market if we have nothing on spot. 'Is there something you are considering, meaning selling the oldest Capesize built in 2008?'

I have to kill you if I if you are to know. Joke.

We can't we can't say. It's something that, we will always, look look at, and, and see whether, the price, to fetch, right away, versus, whether we see, further upside, in terms of freight.

Right now, we do not have any, plans to sell this older Capesize, not now, not at this very moment, no. We look at all opportunities very seriously.

Thank you. Thank you for your comment.

Any further questions? Hopefully, Q2 will be better than Q1.

That's all I am going to say. I can I can see how, others, non-industry participants, from the financial markets, from, an investment professional, thinking that we're overly conservative.

Maybe we have the handicap of, being in shipping for too long. We have seen, extreme volatilities.

Hence, we, will tend to be conservative. At the same time, I don't I I don't I'm not sure whether when you say you we you see us as perhaps overly conservative, does that mean, in terms of leveraging, or or or what, you know?

I think, being conservative, is, in our industry, pays off, overall in the longer term. I think I touched on this.

Maybe we look like we're overly conservative, right now, in terms of gearing. As we have a a sizable newbuilding program, in fact, if you look at it, as of the March 2026, the capital commitment, averages to $232 million.

We will be, adding on leverage, to fund this, newbuilding program, in due course. We'll do it, by stage.

You will see, eventually, gearing creeping up back again. Of course, if it, we will be delighted if it it's still low, 2 years down the road.

That means, in terms of cash flow, in terms of freight, we are making, extremely, extremely healthy money. So, I think this is how we are approaching things.

We're freeing up capacity. If you're talking about conservative in terms of balance sheet, freeing up capacity to add on leverage, in time.

Oh, thank you. We've seen, I've always described, we've seen cash raining down shipping, but we've also seen, excuse me for my language, shit hits the fan, you know.

So, things can be very, very bad. And, we remember the pain, we believe being being conservative, will pay in the long term.

Run a tight ship. Any more questions from anyone?

Okay. If there are no further questions, I'll call this the end to the presentation.

Thank you very much for dialing in, and I look forward to reporting, even better numbers, in coming quarters. Thank you.