olivLaw · European equity research
JINHUI SHIPPING AND TRANSPORTATION LIMITED JIN.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
Jinhui Shipping and Transportation Limited is a dry bulk shipowner incorporated in Bermuda and listed on Oslo Børs, operating a mixed fleet of Capesize, Panamax, Ultramax and Supramax vessels. The company is renewing its fleet by selling older ships and ordering newer ones, and its charter coverage for the first nine months of 2026 is already high, which could support earnings if the market stays firm.
At the close of 06 Nov 2026, JINHUI SHIPPING AND TRANSPORTATION LIMITED (JIN.OL) stock was 6.64 NOK (−1.48% on the day), with beta 0.24, 52-week range 5.46–7.36 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 49.4
- neutral
- Bollinger (20, 2)
- 6.48 – 6.81
- in the lower half of the band · %B 0.48 · band width 5.0%
- SMA 50 / 200
- 6.70 / 6.19
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.4% | −0.6% | −1.7 pp | — |
| 3 months | +7.8% | −4.2% | +12.0 pp | — |
| 6 months | +6.4% | +4.3% | +2.1 pp | — |
| Year to date | +13.3% | +7.5% | +5.8 pp | — |
| 1 year | +14.9% | +9.9% | +5.0 pp | −4.7% |
| 3 years | +9.0% | +49.8% | −40.8 pp | +12.7% |
| 5 years | −55.3% | +42.8% | −98.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 81.9 m | 158.9 m | 157.5 m |
| Revenue YoY | unavailable | +94.1% | −0.9% |
| Net income | -55.1 m | 24.0 m | 12.5 m |
| Net income YoY | unavailable | unavailable | −47.7% |
| Diluted EPS | -0.50 | 0.22 | 0.12 |
| Diluted EPS YoY | unavailable | unavailable | −47.7% |
| net % | -67.2% | 15.1% | 8.0% |
| Free cash flow | -8.4 m | -19.4 m | 32.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 53.5 m USD
- Financial debt
- 114.9 m USD
- Net debt
- 61.4 m USD
- Equity
- 380.3 m USD
- Total assets
- 549.7 m USD
- Debt / equity
- 0.30x
- Current ratio
- 3.18x
- ROE
- 3.3%
- ROA
- 2.3%
- FCF margin
- 20.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 81.9 m | 158.9 m | 157.5 m | esef· 21 Oct 2026verified |
| Operating income | -48.8 m | 30.1 m | 21.5 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 37.0 m | 44.2 m | 57.6 m | esef· 21 Oct 2026verified |
| EBITDA | -11.8 m ≈ | 74.3 m ≈ | 79.1 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 6.2 m | 6.1 m | 9.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | -55.1 m | 24.0 m | 12.5 m | esef· 21 Oct 2026verified |
| Income tax | -1.0 k | 0 | 0 | esef· 21 Oct 2026verified |
| Net income | -55.1 m | 24.0 m | 12.5 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.50 | 0.22 | 0.12 | esef· 21 Oct 2026verified |
| Dividend per share | 0.04 | 0.00 | 0.03 | esef· 21 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 40.3 m | 23.0 m | 53.5 m | esef· 21 Oct 2026verified |
| Receivables | 18.1 m | 16.0 m | 10.4 m | esef· 21 Oct 2026verified |
| Inventories | 1.4 m | 2.7 m | 3.0 m | esef· 21 Oct 2026verified |
| Current assets | 94.6 m | 62.6 m | 144.5 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 333.4 m | 401.3 m | 339.7 m | esef· 21 Oct 2026verified |
| Total assets | 483.6 m | 524.2 m | 549.7 m | esef· 21 Oct 2026verified |
| Accounts payable | 16.2 m | 22.0 m | 18.0 m | esef· 21 Oct 2026verified |
| Short-term debt | 32.5 m | 8.3 m | 10.5 m | esef· 21 Oct 2026verified |
| Long-term debt | 55.7 m | 89.7 m | 104.5 m | esef· 21 Oct 2026verified |
| Current liabilities | 54.0 m | 49.2 m | 45.4 m | esef· 21 Oct 2026verified |
| Equity | 349.9 m | 371.6 m | 380.3 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 109.2 m | 109.1 m | 109.1 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 15.9 m | 75.7 m | 79.6 m | esef· 21 Oct 2026verified |
| Capex | 24.3 m | 95.1 m | 47.6 m | esef· 21 Oct 2026verified |
| Free cash flow | -8.4 m ≈ | -19.4 m ≈ | 32.0 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -5.2 m | -85.4 m | -31.2 m | esef· 21 Oct 2026verified |
| Financing cash flow | -3.8 m | -7.6 m | -17.9 m | esef· 21 Oct 2026verified |
| Dividends paid | 4.4 m | 0 | 3.3 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.40 – 6.73 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA5.30 – 6.73 (Mid 5.94)5 companies used · median multiple 9.0x · quartiles 8.1x – 10.1xAKVA.OL, ATEA.OL, B2I.OL, BONHR.OL, ELMRA.OL
- Peers: P/E1.05 – 3.63 (Mid 2.27)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)0.40 – 0.53 (Mid 0.45)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.8% | 36 (vs peers) | 22% |
| Net margin · Quality | 8.0% | 63 (vs peers) | 13% |
| FCF conversion · Quality | 255.1% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.8x | 60 (vs peers) | 22% |
| Interest coverage · Balance sheet | 2.4x | 14 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 3.2x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 10.2% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet54/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
JINHUI SHIPPING AND TRANSPORTATION LIMITED (JIN.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 157.5 m USD in 2025; YoY growth -0.9%; net margin 8.0%; ROE 3.3%; net debt/EBITDA 0.8x.
The estimated value range is 1.05–3.63 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 255.1%
- Current ratio: 3.2x
- Payout ratio (FCF): 10.2%
What contradicts it
- Interest coverage: 2.4x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for JIN.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Jinhui Shipping and Transportation Limited is a dry bulk shipowner incorporated in Bermuda and listed on Oslo Børs, operating a mixed fleet of Capesize, Panamax, Ultramax and Supramax vessels. The company is renewing its fleet by selling older ships and ordering newer ones, and its charter coverage for the first nine months of 2026 is already high, which could support earnings if the market stays firm.
SWOT
Strengths
- A diversified fleet across four vessel types and a balanced geographic positioning give flexibility in the face of market changes 1.
- High charter coverage for the first months of 2026 gives visibility on charter income 1.
- Support from a controlling shareholder and a governance structure with directors experienced in dry bulk shipping 1.
Weaknesses
- Management describes the dry bulk market as extremely challenging, which makes preserving liquidity a priority 1.
- Exposure to fuel prices, crewing costs and drydocking expenses could erode margins if rates decline 1.
- The transfer restriction protecting Norwegian shareholders points to a concentrated shareholder base that may limit liquidity 1.
Opportunities
- If demand for ore and minor bulk transport stays robust, the young fleet could benefit from better rates 1.
- Selling older vessels in the second-hand market could free capital for investment in more efficient ships 1.
- Slow steaming of the global fleet and port congestion could support charter rates over the medium term 1.
Risks
- Charter rate volatilityhigh
Rates can fluctuate significantly within a short period, directly affecting revenue and cash flows 1.
- Vessel value declinemedium
A fall in vessel values could lead to impairment losses, as noted in the risk management section 1.
- Liquidity and financingmedium
Floating-rate bank borrowings and the need to finance newbuilding orders could put pressure on liquidity if the market weakens 1.
- Counterparty risklow
Receivables from charterers and loans to vessel buyers expose the company to non-payment, although ship mortgages reduce the risk 1.
- Operational disruptionmedium
Accidents, piracy or political events could disrupt routes and fleet operations 1.
Investment thesis
What would need to be true (bull case)
- If demand for bulk transport stays robust and port congestion persists, the young and well-covered fleet could benefit from more favourable charter rates 1.
- The fleet renewal programme could reduce operating costs and improve competitiveness against older vessels 1.
- The second-hand market for well-maintained vessels could offer selling opportunities and reinvestment of capital 1.
What would break the thesis
What to watch
- Realised charter rates versus the rates already covered for Capesize, Panamax and Ultramax/SupramaxQ1 2027
- Delivery of the eight committed Ultramax newbuildings and adherence to the delivery schedule2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the year ended 31 December 2025, the group operates a balanced and diversified fleet of dry bulk carriers made up of Capesize, Panamax, Ultramax and Supramax vessels 1. The carrying amount of owned vessels, including capitalized drydocking costs, was US$298,367,000 at 31 December 2025, while leased vessels recognised as right-of-use assets had a carrying amount of US$32,748,000 1. The company is a subsidiary of Jinhui Holdings Company Limited, listed in Hong Kong, and it aims to maintain a young and fuel-efficient fleet 1.
During 2025 the group agreed to sell nine older Supramax vessels built between 2007 and 2012 and entered into four shipbuilding contracts for Ultramax newbuildings at US$33 million per vessel 1. In February 2026 it added two more shipbuilding contracts at US$34 million per vessel, so that at the report date the company had eight committed Ultramax newbuildings with deliveries scheduled between 2026 and 2029 1.
The group's activity is exposed to fluctuations in charter rates, demand and supply in the dry bulk market, falling vessel values, bunker prices, crewing costs and insurance 1. The company says it manages these risks through a flexible chartering policy, diversification of counterparties and a balanced geographic positioning of its fleet 1.
Segments
Capesize and Panamax vessels
For the first nine months of 2026, the company had covered 54% of Capesize vessel days at an average rate of US$22,000 per day and 92% of Panamax vessel days at US$17,000 per day 1. The Capesize segment, the largest by tonnage, is the most sensitive to long-haul bulk trades and mining cycles 1.
Market context
Management describes the 2026 market as firmer, with robust demand for transporting coal, ores and other minor bulks, while seaborne trade inefficiency, port congestion and slow steaming to control emissions support the chartering market 1. The influx of newbuilding deliveries was absorbed without major pressure on freight rates, and well-maintained older vessels have been well received in the second-hand market 1.
The company warns, however, that the dry bulk market is highly volatile and freight rates can fluctuate significantly within a short period 1. A more confident economic climate could further support the fleet, but the company remains exposed to geopolitical shocks, piracy and route disruptions 1.
Trends
- Fleet renewaltailwind
The company is selling older vessels and ordering larger, more efficient Ultramax ships, which could lower operating costs over the long term if deliveries proceed as planned 1.
- Port congestion and seaborne inefficiencytailwind
Port congestion, slow steaming and geopolitical turbulence reduce the productivity of the global fleet, which supports charter demand 1.
- Freight rate volatilityheadwind
Dry bulk freight rates can move quickly, and a fall in demand could reduce charter income directly 1.
- Newbuilding costs and financingmixed
Prices of US$33-34 million per Ultramax newbuilding and the need to finance orders could limit financial flexibility if the market weakens 1.
Competitive position
The group competes with other dry bulk operators across the Capesize, Panamax, Ultramax and Supramax segments, on the basis of fleet quality, vessel age and the ability to secure charters 1. The annual report does not name individual competitors, so a direct comparison cannot be drawn from this document 1.
The company's stated advantage is a relatively young fleet and a balanced geographic positioning, which could support competitiveness against older tonnage 1. In the second-hand market, well-maintained vessels attract interest, and the company uses this to sell its older ships 1.
- Capesize, Panamax and Supramax operators in Asia
The annual report does not name competitors; these operators are referred to only generically as part of the dry bulk market 1.
- Second-hand vessel buyers
Buyers of older tonnage compete for available capacity, and demand for prompt delivery influences sale prices 1.
- Ultramax shipbuilders
Shipyards supply the new vessels, and price and delivery timing are competitive factors for fleet renewal 1.
- Other charter market participants
Brokers and charterers who distribute tonnage in the dry bulk market form part of the competitive environment 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202521 Oct 2026
- Annual report 202421 Oct 2026
- Annual report 202321 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / JINHUI SHIPPING AND TRANSPORTATION LIMITED · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.