Jinhui Shipping and Transport Ltd.

Earnings Release • Feb 26, 2010

FOURTH QUARTER REPORT FOR THE QUARTER ENDED 31 DECEMBER 2009 AND PRELIMINARY ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009

HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2009:

- Revenue for the year: US$349 million

- Net profit for the year: US$154 million

- Basic earnings per share: US$1.8305

- Gearing ratio as at 31 December 2009 reduced to 45%

HIGHLIGHTS FOR THE FOURTH QUARTER OF 2009:

- Revenue for the quarter: US$83 million

- Net profit for the quarter: US$33 million

- Basic earnings per share: US$0.3906

The Board of Directors of Jinhui Shipping and

Transportation Limited (the 'Company') is pleased to

announce the unaudited consolidated results of the

Company and its subsidiaries (the 'Group') for the

quarter and year ended 31 December 2009.

The Group achieved revenue of US$349,340,000 and net

profit of US$153,842,000 for year 2009 in the midst

of financial crisis and the extremely tough

environment in the dry bulk sector. Basic earnings

per share for year 2009 was US$1.8305 whereas

US$2.8417 was reported in 2008.

In the fourth quarter, the Group reported revenue and

net profit of US$82,680,000 and US$32,826,000 as

comparing to US$105,543,000 and US$10,609,000 over

the last corresponding quarter. Basic earnings per

share for the quarter was US$0.3906 whereas US$0.1262

was reported in last corresponding quarter.

The dry bulk market environment was extremely

challenging after the harsh hit of the financial

turmoil at end of 2008. In early 2009, the global

trade slump had resulted in oversupply of dry bulk

fleet and low charter rates over all types of vessels

in the sector. In order to alleviate the impact of

the worst financial crisis, governments across the

globe have supported their economies by injecting

unprecedented amount of liquidity into financial

systems and these government funding have turned into

massive investments in infrastructure investments

especially in China, India and other emerging

economies. Since then, the demand for dry bulk

commodities resumed in Asia-Pacific region reflected

primarily, the persistent demand from China and

secondly, traditional commodities importing countries

like Korea and Japan.

Comparing to year 2008, where global dry bulk market

soared to record high but slumped unprecedentedly at

end of year, the Group's revenue fell 26% from

US$475,148,000 to US$349,340,000. It was mainly

attributable to the non-performance of certain high

earnings longer term time-charter contracts in early

2009 and low spot charter rates upon redeploying the

relevant vessels into spot contracts. Hence, the

Group's operating results was consequentially

affected and the net profit for the year dropped 36%

to US$153,842,000 when comparing to record net profit

of US$238,828,000 for year 2008. Nevertheless,

majority of our existing reputable charterers

continued to honor the time-charter contracts that

bring a stable earnings stream and a positive

cashflow to the Group in 2009.

During the year, the Group disposed five motor

vessels in order to enhance our financial position as

well as reduce future reliance on leverage. A net

gain of US$8,504,000 on disposal of motor vessels was

recognized in 2009. Excluding the net gain on

disposal of motor vessels, the Group's net profit

would have been US$145,338,000 for the year and

US$176,042,000 for year 2008, representing a decrease

of 17%.

For details, please see attachment on

[http://www.newsweb.no].

This information is subject of the disclosure

requirements acc. to §5-12 vphl (Norwegian Securities

Trading Act).