Financial Performance - For the first half of 2021, the company's revenue was HKD 375,050,000, a 171% increase compared to HKD 138,250,000 in the same period of 2020[15] - The net profit for the first half of 2021 was HKD 715,806,000, recovering from a net loss of HKD 192,706,000 in the first half of 2020[15] - The profit attributable to shareholders for the first half of 2021 was HKD 402,140,000, compared to a loss of HKD 110,946,000 in the same period of 2020[15] - Basic earnings per share for the first half of 2021 were HKD 0.758, compared to a basic loss per share of HKD 0.209 in the first half of 2020[15] - The total comprehensive income for the period was HKD 722,079,000, a turnaround from a loss of HKD 194,985,000 in the prior year[105] - The company reported a net profit attributable to shareholders of HKD 402,140,000 for the six months ended June 30, 2021, compared to a net loss of HKD 110,946,000 for the same period in 2020[145] - The basic and diluted earnings per share for the six months ended June 30, 2021, were HKD 0.76, while the same period in 2020 recorded a loss per share of HKD 0.21[145] Revenue Sources - In the first half of 2021, the company's operating revenue from freight and chartering increased by 171% to HKD 375,050,000 compared to HKD 138,250,000 in the same period of 2020[28] - Other operating income increased from HKD 21,514,000 in the first half of 2020 to HKD 75,128,000 in the first half of 2021, driven by fair value gains from investment properties and fuel revenue from shipping operations[29] - The company reported other operating income of HKD 75,128,000 for the six months ended June 30, 2021, up from HKD 21,514,000 in the same period of 2020[105] Fleet and Operations - The average daily charter rate for the fleet increased by 181% to USD 14,852 (approximately HKD 116,000) in the first half of 2021, compared to USD 5,293 (approximately HKD 41,000) in the same period of 2020[19] - The company's fleet utilization rate slightly decreased to 96% in the first half of 2021 from 97% in the same period of 2020[24] - The daily operating cost of the fleet increased by 9% to USD 4,152 (approximately HKD 32,000) in the first half of 2021, due to inflation and new operational costs from two newly delivered vessels[24] - The company owns a total of 20 vessels, including 2 super panamax and 18 ultra-large vessels[25] Cost Management - The company plans to continue efforts to reduce costs and maintain a competitive cost structure in the market[24] - Operating costs related to shipping decreased from HKD 167,516,000 in the first half of 2020 to HKD 129,044,000 in the first half of 2021, aided by reduced fuel-related expenses[34] - Financial costs decreased from HKD 17,530,000 in the first half of 2020 to HKD 8,744,000 in the first half of 2021, primarily due to lower interest rates and regular repayments on vessel mortgages[35] Assets and Liabilities - As of June 30, 2021, the company's receivables from loans amounted to HKD 111,068,000, a decrease from HKD 260,192,000 as of December 31, 2020, due to early repayments by certain borrowers[38] - The total amount of secured bank loans decreased from HKD 986,174,000 as of December 31, 2020, to HKD 919,814,000 as of June 30, 2021, representing a reduction of 6.7%[44] - The capital debt ratio decreased to 1% as of June 30, 2021, down from 19% as of December 31, 2020[44] - The group's trade payables and other payables amounted to HKD 165,687,000, an increase of 15.1% from HKD 143,852,000 as of December 31, 2020[39] Investments and Acquisitions - The group has entered into agreements to acquire four super handymax vessels, with total purchase prices amounting to approximately HKD 331,000,000, which will increase the fleet's total carrying capacity to 1,300,439 tons[51] - The group incurred capital expenditures of HKD 129,337,000 for new vessels and capitalized dry-docking costs in the first half of 2021, significantly up from HKD 27,454,000 in the same period of 2020[182] - The company has a commitment to purchase shares in Dual Bliss Limited for approximately HKD 78,000,000, with a capital expenditure commitment of HKD 2,905,000 as of June 30, 2021[162] Market Outlook - The market outlook is optimistic, driven by stable freight rates and overall growth in global commodity demand, although uncertainties remain due to potential disruptions from COVID-19 variants[61] - The company is positioned favorably in a market with historically low growth in bulk carrier vessels and anticipates limited new ship orders due to a lack of consensus on new engine designs for reducing carbon emissions[65] Corporate Governance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange during the six months ending June 30, 2021[84] - The roles of Chairman and CEO are held by brothers Wu Shaohui and Wu Jinhua, respectively, which deviates from the corporate governance code regarding role separation[85] - The company believes that the current structure enhances decision-making efficiency in a competitive environment[86] Employee Information - The group has 68 full-time employees as of June 30, 2021, with compensation based on performance and industry standards, including stock options and bonuses[58] - The group reported a salary and other benefits of HKD 33,217,000 for the six months ended June 30, 2021, compared to HKD 33,130,000 for the same period in 2020, reflecting a slight increase[185]

Financial Performance - The company's operating revenue from freight and chartering decreased by 25% to HKD 367,523,000 compared to HKD 492,645,000 in 2019[28]. - The net loss attributable to shareholders for 2020 was HKD 85,840,000, compared to a net loss of HKD 3,450,000 in 2019[28]. - The basic loss per share for the year was HKD 0.162, compared to HKD 0.007 in 2019[28]. - The increase in shipping-related expenses was a significant factor contributing to the net loss in 2020[28]. - The company's operating revenue decreased by 25% to HKD 367,523,000 in 2020 from HKD 492,645,000 in 2019[46]. - The average daily charter rate for owned vessels fell by 24% to USD 7,269 (approximately HKD 57,000) in 2020 compared to USD 9,533 (approximately HKD 74,000) in 2019[46]. - Daily operating costs for vessels slightly decreased by 2% to USD 3,851 (approximately HKD 30,000) in 2020 from USD 3,927 (approximately HKD 31,000) in 2019[46]. - Daily financial costs for vessels dropped by 41% to USD 242 (approximately HKD 2,000) in 2020 from USD 412 (approximately HKD 3,000) in 2019[46]. - The net loss for the year amounted to HKD (138,553,000) in 2020 compared to a profit of HKD 12,085,000 in 2019[54]. - Total comprehensive loss for the year was HKD (124,720,000) in 2020, down from a profit of HKD 4,470,000 in 2019[54]. - Non-current assets decreased to HKD 2,264,529,000 in 2020 from HKD 2,435,596,000 in 2019[56]. - Current assets decreased to HKD 844,997,000 in 2020 from HKD 1,008,892,000 in 2019[56]. - The company's capital debt ratio was 19% in 2020, slightly up from 18% in 2019[56]. - The group's freight income for the year was HKD 16,288,000, with total operating income from freight and chartering decreasing by 25% to HKD 367,523,000 compared to HKD 492,645,000 in 2019[166]. - Other operating income decreased from HKD 66,845,000 in 2019 to HKD 54,040,000 in 2020, primarily due to reduced dividend income from equity securities investments[167]. - Interest income increased to HKD 38,807,000 in 2020 from HKD 29,707,000 in 2019, attributed to stable interest income from receivable loans[167]. - Financial costs decreased to HKD 28,045,000 in 2020 from HKD 38,583,000 in 2019, mainly due to lower interest rates and reduced secured bank loans[170]. - The group's cash and cash equivalents decreased to HKD 603,541,000 as of December 31, 2020, from HKD 808,308,000 in 2019[175]. - The company recorded a significant unrealized fair value loss of approximately HKD 41 million on financial assets during the market sell-off triggered by COVID-19[185]. Operational Overview - The company maintains sufficient operating cash and current assets to meet its financial obligations, including principal and interest payments[28]. - The global shipping trade began to recover in the second half of 2020, driven by strong demand for iron ore imports in China[27]. - The company will continue to monitor the developments of the COVID-19 pandemic and its impact on business operations[29]. - The company expects economic activities to gradually recover in 2021[29]. - The company maintains a fleet of 19 owned vessels, employing 395 crew members, with a total deadweight tonnage of 1,136,333 tons[38]. - The fleet primarily consists of modern Supramax and Ultramax vessels, which are increasingly in demand globally[34]. - The average utilization rate of the fleet decreased from 99% in 2019 to 98% in 2020[162]. - The group owned a total of 19 vessels as of December 31, 2020, including 2 Panamax and 17 Supramax vessels[163]. - The company has no new shipbuilding contracts and will focus on maintaining a solid financial position and prudent measures[34]. - The company has implemented policies to ensure compliance with applicable safety and environmental regulations[147]. - The company has not executed any significant acquisitions or disposals of vessels other than those disclosed in the report for the year 2020[194]. - The company is exposed to various operational risks, including fluctuations in shipping market rates and changes in demand and supply in the dry bulk market[199]. - The company continues to adopt a flexible chartering policy to manage business risks associated with the shipping market[199]. Governance and Management - The board of directors consists of seven members, including four executive directors and three independent non-executive directors[66]. - The chairman and the managing director are brothers, with the chairman responsible for strategic planning and overall operations oversight[63]. - All directors attended 100% of the board meetings held in 2020, with the chairman attending 7 out of 7 meetings[61]. - The company has established appropriate insurance arrangements for its directors and senior management against legal claims arising from corporate activities[61]. - The board meets at least four times a year to discuss the company's business and operational status[61]. - The company complies with listing rules requiring at least three independent non-executive directors, with one possessing relevant financial expertise[67]. - The board's structure allows for a balance of skills and experience relevant to the company's business[66]. - The chairman ensures that all directors receive timely and reliable information for board meetings[64]. - The board will regularly review its effectiveness and the allocation of responsibilities to improve overall shareholder interests[64]. - Independent non-executive directors have confirmed their independence annually in accordance with listing rules[67]. - The nomination committee, established on January 1, 2013, currently consists of three independent non-executive directors and is responsible for reviewing the board's structure and composition[74]. - The board currently comprises seven members, with six male and one female, reflecting the company's commitment to gender equality[74]. - The company has a policy for board diversity, considering factors such as gender, age, cultural background, and professional experience[74]. - The board is responsible for formulating and implementing risk reduction strategies, including appropriate insurance coverage[77]. - The company has established strict internal policies regarding the handling and dissemination of insider information[94]. - The audit committee was established on September 22, 1998, and consists of three independent non-executive directors[94]. - The audit committee held four meetings in 2020 to review the group's accounting principles and practices, as well as financial reporting matters[95]. - The board of directors has delegated management functions to the management team, including executive directors and senior management[97]. - The company is committed to maintaining effective communication with shareholders, particularly through annual general meetings[102]. - The company will hold its 2021 annual general meeting on May 25, 2021, with a notice to be published at least 20 business days prior[102]. Environmental and Social Responsibility - The company is committed to maintaining high environmental awareness and operating its vessels in an environmentally friendly manner[116]. - The board is responsible for the company's environmental, social, and governance (ESG) strategies and reporting, ensuring compliance with applicable regulations[115]. - The company has adopted a strategy to monitor environmental regulations closely to ensure compliance in its operations[116]. - The company has established a risk management and internal control system for ESG performance, with annual reporting to the board[115]. - The average Energy Efficiency Operational Indicator (EEOI) for the fleet in 2020 was approximately 12.5 grams of CO2 per ton-mile, an increase of 12.6% compared to 11.1 grams in 2019[121]. - Fuel consumption in 2020 was 69,621 tons, a decrease of approximately 26.7% from 95,034 tons in 2019, while CO2 emissions dropped to 216,682 tons, down 27.0% from 296,663 tons in 2019[122]. - The company aims to reduce the EEOI by 2% in 2021 compared to the 2020 figure, focusing on better fuel management and reducing empty voyages[121]. - The implementation of the Ship Energy Efficiency Management Plan (SEEMP) has been in place since February 2013, contributing to reduced fuel consumption and carbon emissions[126]. - The company has adopted low-sulfur fuel compliant with the IMO 2020 global sulfur limit since January 2020, transitioning to 0.5% low-sulfur fuel oil[130]. - The fleet's total CO2 emissions were lower in 2020 due to shorter sailing times and increased idle time related to COVID-19 pandemic disruptions[123]. - The company has reported negligible and harmless waste generation from its vessels, with no significant harmful waste indicators applicable[125]. - Daily water consumption per vessel is approximately 7 tons, with total freshwater consumption decreasing from 54,000 tons in 2019 to 46,000 tons in 2020, a reduction of about 14.8%[132]. - The company supports environmentally friendly practices and encourages employee participation in sustainability initiatives[141]. - The company emphasizes compliance with environmental regulations and has obtained safety management certificates from recognized authorities[135]. - The company is committed to monitoring climate change impacts and does not foresee significant immediate threats to operations[140]. Employee Relations - The company has maintained a stable workforce of 67 employees since 2019, with a low employee turnover rate[142]. - Gender distribution among employees is 36 males and 31 females, with the board consisting of six males and one female[142]. - The company provides additional benefits to employees, including medical and life insurance, retirement plans, and various paid leave options[144]. - The company emphasizes maintaining a healthy and safe working environment for both onshore and offshore staff[197]. - The company maintains good relationships with its employees and has not experienced any operational disruptions due to industrial disputes[196]. - The company encourages employee participation in environmental protection initiatives as part of its corporate culture[149].

Financial Performance - The company's revenue for the first half of 2020 was HKD 138.25 million, a decrease of 34% compared to HKD 208.91 million in the same period of 2019[11]. - The net loss attributable to shareholders for the first half of 2020 was HKD 110.95 million, compared to a net loss of HKD 3.57 million in the same period of 2019[11]. - Basic loss per share for the first half of 2020 was HKD 0.209, compared to HKD 0.007 in the same period of 2019[11]. - Revenue from freight and chartering decreased by 34% to HKD 138,250,000 in the first half of 2020 compared to HKD 208,913,000 in the same period of 2019[23]. - The group reported a net loss of approximately HKD 60,209,000 from financial assets measured at fair value through profit or loss for the first half of 2020, compared to a loss of HKD 19,239,000 in the same period of 2019[118]. - The total comprehensive loss for the six months ended June 30, 2020, was HKD 194,985,000, compared to HKD 3,139,000 for the same period in 2019[96]. Operational Metrics - The average daily charter rate for the fleet decreased by 36% to USD 5,293 (approximately HKD 41,000) in the first half of 2020, down from USD 8,277 (approximately HKD 65,000) in the same period of 2019[17]. - The fleet utilization rate decreased from 99% in the first half of 2019 to 97% in the first half of 2020[18]. - Operating costs per vessel per day increased by 3% to USD 3,823 (approximately HKD 30,000) in the first half of 2020[18]. - Financial costs per vessel per day decreased by 33% to USD 300 (approximately HKD 2,000) in the first half of 2020[18]. - The group's operating revenue for the six months ended June 30, 2020, was HKD 121,962,000 from chartered ship rentals and HKD 16,288,000 from freight income, totaling HKD 138,250,000[110]. Cash Flow and Financial Position - The group's cash and cash equivalents decreased to HKD 593,893,000 as of June 30, 2020, down from HKD 808,308,000 on December 31, 2019[34]. - The group reported a net cash used in operating activities of HKD 70,843,000 for the six months ended June 30, 2020, compared to HKD 164,778,000 for the same period in 2019[34]. - The company’s total liabilities decreased from HKD 1,545,178 thousand to HKD 1,247,034 thousand, indicating a reduction of approximately 19%[100]. - The company reported a total equity of HKD 1,907,419 thousand as of June 30, 2020, down from HKD 2,102,404 thousand as of December 31, 2019, reflecting a decrease of about 9%[102]. - The company’s current liabilities decreased from HKD 796,906 thousand to HKD 763,642 thousand, a reduction of approximately 4%[100]. Investments and Acquisitions - The company acquired a super handymax vessel for USD 3.95 million (approximately HKD 30.81 million) on July 10, 2020, increasing the fleet to 19 vessels[22]. - The company has a commitment of approximately HKD 78,000,000 for a joint investment project in Shanghai, with an additional capital commitment of HKD 11,071,000 paid during the first half of 2020[34]. - The company made additional investments of approximately HKD 33,360,000 in Dual Bliss Limited during the reporting period[134]. - An agreement was signed on July 29, 2020, to acquire a property for investment purposes at a cost of HKD 19,500,000, with completion expected by October 29, 2020[158]. Corporate Governance - The board of directors includes independent non-executive members, ensuring a balance of power and authority[67]. - The company has complied with the corporate governance code as of June 30, 2020, with no deviations reported[67]. - The chairman and managing director roles are held by brothers, Wu Shaohui and Wu Jinhua, respectively, which has led to a deviation from the corporate governance code regarding role separation[67]. - The audit committee consists of three independent non-executive directors who reviewed the accounting principles and practices adopted by the group[74]. Market Conditions and Outlook - The shipping market faced significant challenges in the first half of 2020 due to the global economic slowdown exacerbated by the COVID-19 pandemic[43]. - The group remains cautiously optimistic about the recovery of business activities in China, which is the largest raw material importing country[47]. - The management is committed to ensuring operations are not adversely affected by COVID-19 and has taken measures to protect employee health[47]. - The group acknowledges potential risks that could lead to significant deviations in actual performance, including economic, political, and unforeseen events[43].

Financial Performance - The company's operating revenue from freight and chartering decreased by 17% to HKD 492,645,000 compared to HKD 593,680,000 in 2018[7]. - The net loss attributable to shareholders for the year was HKD 3,450,000, compared to a net profit of HKD 48,223,000 in 2018[7]. - The basic loss per share for the year was HKD 0.007, compared to a basic earnings per share of HKD 0.091 in 2018[7]. - The net profit for the year was HKD 12,085,000, a significant decrease from HKD 78,338,000 in 2018[34]. - Total comprehensive income for the year amounted to HKD 4,470,000, down from HKD 77,448,000 in 2018[34]. - The company's operating revenue for 2019 was HKD 492,645,000, a decrease of 17% compared to HKD 593,680,000 in 2018[34]. - The group recorded a net loss attributable to shareholders of HKD 3,450,000 in 2019, compared to a net profit of HKD 48,223,000 in 2018[114]. - Interest income increased to HKD 29,707,000 in 2019, up from HKD 10,966,000 in 2018, due to an increase in the listed debt securities portfolio[117]. - Total operating expenses decreased from HKD 295,439,000 in 2018 to HKD 254,938,000 in 2019, primarily due to a reduction in the number of owned vessels[117]. Fleet and Operations - The company owns 18 self-owned vessels and employs 399 crew members as of December 31, 2019[19]. - The fleet primarily consists of super large handy-sized vessels, which are in increasing demand globally[14]. - The fleet utilization rate remained stable at 99% in both 2019 and 2018[27]. - The company owned a total of 18 vessels as of December 31, 2019, including 2 Capesize and 16 Supramax vessels[109]. - The average daily charter rate for owned vessels slightly decreased to USD 9,533 (approximately HKD 74,000) in 2019 from USD 9,922 (approximately HKD 77,000) in 2018[27]. - Daily operating costs for vessels decreased by 3% to USD 3,927 (approximately HKD 30,600) in 2019 from USD 4,028 (approximately HKD 31,400) in 2018[27]. - Daily financial costs for vessels increased by 6% to USD 412 (approximately HKD 3,200) in 2019 from USD 387 (approximately HKD 3,000) in 2018[27]. Debt and Financial Resources - The capital-to-debt ratio increased from 6% as of December 31, 2018, to 18% as of December 31, 2019[9]. - The company entered into six loan agreements totaling USD 38 million (approximately HKD 296,400,000), which are to be repaid within three to five years[8]. - The group has sufficient financial resources to meet its debt obligations, including principal and interest payments[128]. - The total amount of secured bank loans increased from HKD 829.47 million to HKD 1.19 billion, with 54% due within one year[128]. - The group established six loan agreements totaling $38 million, with interest rates ranging from 8% to 10% and repayment terms of three to five years[123]. Market Conditions and Outlook - The Baltic Dry Index started at 1,271 points in January and ended at 1,090 points in December, reflecting market volatility throughout the year[6]. - The company anticipates cautious optimism regarding business recovery in the short term due to the impact of COVID-19[11]. - The demand for minor bulk commodities like alumina, nickel, and manganese remains strong, supporting a robust freight market in Q4 2019[167]. - The group is closely monitoring the impact of COVID-19 on business operations, as the pandemic has significantly reduced bulk freight market activity[168]. - The company remains cautiously optimistic about the recovery of business activities in China, anticipating a return to normalcy in global trade as public health measures are enforced[170]. Environmental and Compliance - The company has adopted the IMO fuel consumption data collection and reporting system since January 1, 2019, and switched to low-sulfur fuel by the end of 2019[18]. - The company emphasizes a commitment to environmental management and compliance with applicable environmental regulations[153]. - The company reported an increase in carbon dioxide emissions from 277,769 tons in 2018 to 296,663 tons in 2019, an increase of 18,894 tons due to more vessels operating at full speed[152]. - The vessel energy efficiency operational index was approximately 11.1 grams of CO2 per ton nautical mile, a reduction of 9% compared to 2018[152]. - The company implemented the Ship Energy Efficiency Management Plan (SEEMP) to improve energy efficiency and reduce fuel consumption and carbon emissions since February 2013[152]. Corporate Governance - The board consists of seven members, including four executive directors and three independent non-executive directors[47]. - The chairman and the managing director roles are held by brothers, with the chairman responsible for strategic planning and overall operations[44]. - The board has three committees: audit, remuneration, and nomination, which assist in preparing matters for the board's consideration[48]. - The independent non-executive directors are appointed for a specified term and must retire at least once every three years[50]. - The board has a diversity policy that considers various factors, including gender, age, and professional experience, to enhance board diversity[56]. Shareholder Relations - The board is committed to maintaining effective communication with shareholders, particularly through annual general meetings, and encourages their participation[87]. - The company will hold its 2020 annual general meeting on May 22, 2020, with a notice to be published at least 20 business days prior[87]. - The top five customers contributed approximately 92% of the total revenue, with the largest single customer accounting for about 34% of the total revenue for the year[199].

Financial Performance - The company's revenue for the first half of 2019 was HKD 208,913,000, a decrease of 33% compared to HKD 312,736,000 in the same period of 2018[11]. - The net loss attributable to shareholders for the first half of 2019 was HKD 3,574,000, compared to a net profit of HKD 18,907,000 in the same period of 2018[11]. - The company's basic loss per share for the first half of 2019 was HKD 0.007, compared to a basic earnings per share of HKD 0.036 in the same period of 2018[11]. - The total comprehensive loss for the period was HKD 3,139,000, contrasting with a comprehensive income of HKD 37,613,000 in the previous year[88]. - The group recorded a net loss attributable to shareholders of HKD 3,574,000 for the six months ended June 30, 2019, compared to a net profit of HKD 18,907,000 for the same period in 2018[128]. - Basic and diluted loss per share for the six months ended June 30, 2019, was calculated based on a weighted average of 530,289,480 shares, the same as in 2018[128]. - The company reported a net loss of HKD 746,000 for the six months ended June 30, 2019, compared to a profit of HKD 37,267,000 for the same period in 2018[86]. Revenue and Income - Other operating income increased from HKD 24,223,000 in the first half of 2018 to HKD 47,429,000 in the first half of 2019, primarily driven by dividend income of HKD 6,293,000 and net gains from asset sales of HKD 4,746,000[22]. - The company’s other operating income increased to HKD 47,429,000, up 96.1% from HKD 24,223,000 in the previous year[82]. - The net gain from the sale of assets (sold vessels) amounted to HKD 4,746,000, with no such income reported in the same period of 2018[123]. - The group’s financial assets at fair value through profit or loss generated a net income of HKD 19,239,000, compared to HKD 63,000 in the same period of 2018[123]. Expenses and Costs - The average daily charter rate for the fleet decreased by 16% to USD 8,277 (approximately HKD 65,000) in the first half of 2019, down from USD 9,892 (approximately HKD 77,000) in the same period of 2018[21]. - The average operating cost per vessel per day decreased by 4% to USD 3,709 (approximately HKD 29,000) in the first half of 2019[16]. - Shipping-related expenses decreased from HKD 149,846,000 in the first half of 2018 to HKD 120,750,000 in the first half of 2019, attributed to the sale of four vessels[24]. - Financial costs rose from HKD 12,645,000 in the first half of 2018 to HKD 18,565,000 in the first half of 2019, mainly due to increased borrowing costs from floating-rate loans[24]. - The company’s employee costs rose to HKD 46,889,000, an increase of 13.5% compared to HKD 41,268,000 in the same period last year[82]. - The company’s depreciation and amortization expenses decreased to HKD 62,447,000 from HKD 73,455,000, a reduction of 15%[83]. Assets and Liabilities - The total amount of secured bank loans increased from HKD 829,473,000 at the end of 2018 to HKD 1,066,963,000 as of June 30, 2019[29]. - The total liabilities for trade payables and other payables as of June 30, 2019, amounted to HKD 155,289,000, slightly down from HKD 157,185,000 as of December 31, 2018[159]. - Current liabilities increased from HKD 433,714 thousand to HKD 701,764 thousand, representing a significant rise of approximately 61.8%[98]. - Cash and cash equivalents decreased from HKD 393,271 thousand to HKD 280,891 thousand, a reduction of about 28.6%[106]. - The company reported a total equity of HKD 2,094,795 thousand, slightly down from HKD 2,106,620 thousand, reflecting a decrease of about 0.6%[98]. Investments and Acquisitions - The investment portfolio of financial assets at fair value increased to HKD 625,780,000 as of June 30, 2019, up from HKD 323,606,000 at the end of 2018[25]. - The company entered into a temporary sale agreement to acquire investment property for HKD 30,993,000, expected to generate stable and recurring income[33]. - The fair value of investment properties as of June 30, 2019, was HKD 420,383,000, compared to HKD 23,836,000 as of December 31, 2018[134]. - The company acquired an investment property for HKD 30,993,000, expected to generate stable and recurring income[134]. - The group has made payments of HKD 20,884,000 under a joint investment agreement for properties in Shanghai, reflecting ongoing investment strategies[169]. Shareholding and Governance - As of June 30, 2019, the total number of shares held by major shareholders exceeded 5% of the issued share capital, with significant holdings including 243,414,568 shares (45.90%) by Wu Shaohui and 205,325,568 shares (38.72%) by Wu Zilin[56][59]. - The company has complied with the corporate governance code as of June 30, 2019, with a clear division of responsibilities between the Chairman and the CEO[61][62]. - The company has maintained a high level of transparency regarding shareholdings and compliance with regulatory requirements[54][61]. - The company has a flexible governance structure that allows for efficient decision-making in a competitive environment[62]. Market Outlook - The outlook for the bulk shipping market remains cautious due to the negative sentiment from the US-China trade conflict and anticipated global economic slowdown[42]. - The bulk shipping market showed signs of optimism, with the net new supply of bulk carriers expected to remain at the lowest level since 2000[43]. - The company does not plan to install scrubbers to comply with the 2020 sulfur emission regulations, believing that low-sulfur fuel is the most effective solution for environmental protection[46].

Financial Performance - In 2018, Jinhui Holdings Company Limited reported a revenue of HKD 593,680,000, an increase from HKD 573,663,000 in 2017, reflecting a growth of approximately 3.5%[7] - The net profit attributable to shareholders for 2018 was HKD 48,223,000, a significant recovery from a net loss of HKD 13,631,000 in 2017, marking a turnaround in profitability[7] - Total revenue for 2018 was HKD 593,680,000, an increase from HKD 573,663,000 in 2017, representing a growth of approximately 1.8%[32] - Net profit for the year was HKD 78,338,000, a significant recovery from a loss of HKD 28,149,000 in 2017[32] - Total comprehensive income for the year amounted to HKD 77,448,000, compared to a loss of HKD 25,699,000 in the previous year[32] - Basic earnings per share for 2018 was HKD 0.091, recovering from a loss of HKD 0.026 in 2017[32] Market Conditions - The average Baltic Dry Index for 2018 was 1,353 points, up from 1,145 points in 2017, indicating a notable improvement in the bulk shipping market[7] - The bulk shipping market was favorable for the company in most of 2018, supported by strong asset prices and stable earnings, but conditions rapidly changed in the last months of 2018 due to factors like the US-China trade war and unexpected supply issues from Brazil and Australia[171] - The net new supply of bulk carriers in 2019 and 2020 is expected to account for approximately 3% of the total bulk carrier fleet, with the supply of newbuilds at the lowest level since 2000[172] Fleet and Operations - The company owns 19 self-owned vessels as of December 31, 2018, employing 421 crew members[18] - The fleet utilization rate remained stable at 99% in both 2018 and 2017[25] - The average daily time charter rate increased by 22% to $9,922 (approximately HKD 77,000) in 2018, compared to $8,111 (approximately HKD 63,000) in 2017[25] - The daily operating cost of vessels slightly increased by 5% from $3,843 (approximately HKD 30,000) in 2017 to $4,028 (approximately HKD 31,000) in 2018[25] - The daily financial cost of vessels decreased by 32% from $568 (approximately HKD 4,000) in 2017 to $387 (approximately HKD 3,000) in 2018[25] Financial Position - As of December 31, 2018, the capital-to-debt ratio decreased to 6% from 13% at the end of 2017, primarily due to the repayment of restructured loans and ship mortgage loans[8] - Current liabilities improved to HKD (433,714,000) from HKD (654,071,000) in 2017, indicating a reduction in short-term debt[39] - Total equity increased to HKD 2,106,620,000 from HKD 2,037,858,000 in 2017, reflecting a growth of approximately 3.4%[41] - The capital debt ratio improved to 6% in 2018 from 13% in 2017, indicating a stronger financial position[43] Governance and Compliance - The company maintained compliance with corporate governance codes as per the listing rules, ensuring transparency and accountability[46] - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balanced composition[56] - The board has established three committees: the audit committee, the remuneration committee, and the nomination committee, which assist the board in decision-making[57] - All independent non-executive directors have confirmed their independence according to the relevant listing rules, ensuring compliance with governance standards[57] Risk Management - The management emphasizes strengthening risk management to mitigate potential counterparty risks in its operations[14] - The group has established effective risk management and internal control systems, which are reviewed annually by the board and the audit committee[82] - The board is committed to continuously reviewing and enhancing its risk management and internal control systems[88] Environmental and Social Responsibility - The company has established policies and procedures to ensure compliance with safety and environmental regulations, including ISM, ISPS, and MARPOL[17] - The company reduced carbon dioxide emissions from 334,961 tons in 2017 to 277,769 tons in 2018, a decrease of 57,192 tons, primarily due to a reduction in fleet size[156] - The company has adopted a ship energy efficiency management plan (SEEMP) since February 2013 to improve energy efficiency and reduce fuel consumption and carbon emissions[156] Investment and Acquisitions - The company entered into four memorandums of agreement to sell four super handymax vessels for a total consideration of $32.6 million[118] - The group has committed to additional capital expenditures for investment properties totaling approximately HKD 66,691,000, with no prior commitments in 2017[138] - The group anticipates strong leasing demand in the global commercial property market, particularly in core business districts in Hong Kong and Shanghai, which is expected to provide stable and recurring income[138] Shareholder Relations - The company is committed to maintaining effective communication with shareholders, particularly through annual general meetings[98] - The company encourages shareholder participation by allowing individual resolutions to be proposed at general meetings[98] - The board has resolved not to recommend any final dividend for the year ended December 31, 2018, resulting in no dividends being distributed for the entire year[195]