Jinhui Shipping and Transport Ltd.

Earnings Release • May 26, 2010

FIRST QUARTER REPORT FOR THE QUARTER ENDED 31 MARCH 2010

HIGHLIGHTS FOR THE FIRST QUARTER OF 2010:

- Revenue for the quarter: US$76 million

- Net profit for the quarter: US$34 million

- Basic earnings per share: US$0.4067

- Gearing ratio as at 31 March 2010: 52%

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 ended 31 March 2010.

The Baltic Dry Index stood at 3,005 points on 1

January 2010, hovered around 3,000 points during the

quarter and closed at 2,998 points on 31 March 2010.

The Group managed to report a net profit of

US$34,185,000 for the quarter as compared to the net

profit of US$50,445,000 for last corresponding

quarter. Excluding the non-recurring items

recognized in 2009, the Group's net profit for the

quarter would have been outperformed last

corresponding quarter by 64%. The solid improvement

in operating results was largely attributable to

stable earnings stream from the Group's fleet and the

reduction in the Group's shipping related expenses in

the quarter.

Basic earnings per share for the quarter was

US$0.4067 whereas US$0.6002 was reported in the first

quarter of 2009.

Comparing to last corresponding quarter, the Group's

revenue for the quarter dropped by 8% to

US$75,625,000 as fewer chartered-in vessels were in

operation during the quarter, albeit three additional

owned vessels were delivered to the Group in March

2010. As the market charter rates in the first

quarter of 2010 had outstripped the exceptionally low

rates in last corresponding quarter, the Group was

able to fix the time-charter contracts at respectable

rates that brought stable earnings stream and a

positive cash flow to the Group. As at 31 March

2010, the Group had twenty seven owned vessels and

operated five chartered-in vessels.

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).