Jinhui Shipping and Transportation has reported a net loss of $13m for the first quarter of 2023, according to figures released Wednesday.

The Oslo and Hong Kong-listed suffered as revenue for the first three months of the year dropped by 56% year-on-year to $14.4m.

Jinhui said its results were negatively affected by the lacklustre market freight rates amid weak dry bulk shipping market sentiment in early 2023.