The Oslo and Hong Kong-listed shipowner said revenue for the quarter dropped 47% to $30m, while costs declined 16.5% to $28m.
Jinhui took an impairment charge of $50.5m against the value of its fleet, which was a major contributor to its poor performance.
“Over the last couple of months, the dry bulk market underwent a severe price correction and the fierce commodities price battles provoked a shift in regional seaborne trade routes from transatlantic to the Pacific, which consequently reduced the demand for dry bulk ton miles,” Jinhui said.
The
