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Jinhui Shipping Shrinks Loss Disposes of Five Ships

first_imgzoom Supported by an improvement in the dry bulk shipping market, Hong Kong-based Jinhui Shipping and Transportation managed to cut its net loss in the first half of 2017.The company’s net loss for the first half of 2017 shrunk to USD 8.7 million, against a net loss of USD 39.1 million seen a year earlier.Revenue for the first half of 2017 increased 37% to USD 34.3 million, comparing to USD 25 million reported in the same period in 2016.During the first half of the year the company entered into five memorandums of agreement to dispose of four Supramaxes and one Handysize at a total consideration of USD 63 million. By using the net sale proceeds arisen from the disposals for the repayment of the vessel mortgage loans, the group’s overall indebtness had been reduced by around USD 52.3 million.The company’s net loss for the three-month period ended June 30, 2017 stood at USD 784 thousand, compared to a net loss of USD 20.6 million reported in the corresponding period in 2016.Revenue for the second quarter of 2017 increased 26% to USD 18.9 million from USD 15 million seen in the same quarter a year earlier.Dry bulk shipping market has been improving since February 2017 on the back of rising dry seaborne trade volumes which were stimulated by both increasing agriculture products and coal trading activities. Despite the softening of freight rates in May and June 2017, the average of Baltic Dry Index of the second quarter of 2017 was 1,006 points, compared to 610 points in the same quarter in 2016.As of the end of August 2017, the group had twenty three owned vessels which included 2 modern Post- Panamaxes and 21 modern grabs fitted Supramaxes.last_img read more

Yilports Global Volumes Continue Growing in 2018

first_imgzoomImage Courtesy: Yilport Holding Turkish port operator Yilport Holding delivered a “golden year” as its business results and volumes continued growing in 2018.The company’s worldwide terminals handled 6.41 million TEU containers in 2018, reporting 5% year-on-year volume growth compared to 6.11 million TEU reported in 2017.The main drivers of growth were Turkey’s growing seaborne trade and the Latin American region.In 2018, Yilport Holding terminals around the globe also recorded 11.86 million tons of general cargo volume, 444,973 CEU ro-ro operations, and 3.51 million cubic meters of liquid cargo volume.In Turkey, the container volume increase was driven by the strong export performance of the Turkish economy. Yilport Gebze and Yilport Gemlik terminals each recorded a volume rise of 11% year-on-year, handling 554,223 TEU and 524,652 TEU, respectively.Yilport Puerto Bolívar in Ecuador, the one and only deep-sea container terminal of the country, helped boosting Latin American container handling to 380.276 TEU, displaying 23% growth compared to 2017.Nordic container terminals also added to the overall growth as the company’s terminal portfolio in Sweden and Norway grew by 2% to 474.535 TEU compared to 2017 volumes. General cargo in the region were up by 8% at 2.22 million tons.Container volume was flat in Iberian terminals, while the leading terminal of the Iberian portfolio Yilport Leixões closed 2018 with 660,835 TEU, recording 6% growth. Consolidated general cargo grew by 5% to 4.15 million tons in Yilport’s Iberian portfolio.Yilport also owns 50% shares in Malta Freeport (MFTL), which recorded 3.31 million TEU volume in 2018.The company said it closed in on its target to rank among top 10 international container terminal operators by 2025 as it was listed in the 12th place, according to 2018 Drewry’s Global Container Terminal Operators Annual Review and Forecast Report.last_img read more