Jinhui Shipping &Transportation Limited

2009 Q1 Presentation

May 29, 2009

Jinhui Shipping &Transportation Limited

2009 Q1 Presentation

May 29, 2009

2

Forward Looking Statements

This presentation may contain forward looking statements. These statements are based uponvarious assumptions, many of which are based, in turn, upon further assumptions, including theCompany’s management's examination of historical operating trends. Although the Companybelieves that these assumptions were reasonable when made, because assumptions are inherentlysubject to significant uncertainties which are difficult or impossible to predict and are beyond itscontrol, the Company cannot give assurance that it will achieve or accomplish these expectations,beliefs or targets.

Key risk factors that could cause actual results to differ materially from those discussed in thispresentation will include but not limited to the way world economies, currencies and interest rateenvironment may evolve going forward, general market conditions including fluctuations in charterrates and vessel values, counterparty risk, changes in demand in the dry bulk market, changes inoperating expenses including bunker prices, crewing costs, drydocking and insurance costs,changes in governmental rules and regulations or actions taken by regulatory authorities, potentialliability from pending or future litigation, general domestic and international political conditions,potential disruption of shipping routes due to accidents, piracy or political events, and otherimportant factors described from time to time in the reports filed by the Company.

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Q1 2009 Highlights

Q1 2009 revenue dropped 28% to US$82.6 million

Gearing ratio as at 31 March 2009 : 66%

Disposed 2 Supramaxes at a total consideration of US$60 million

Net profit slightly increased to US$50.4 million as compared to US$43.3 million in Q1 2008

2 newly built Supramaxes and 1 second hand Supramax were delivered

Basic EPS increased from US$0.6002 to US$0.5154

Financial Highlights

Fleet Highlights

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Financial highlights

Revenue 82,565 114,778 -28.1%

Operating profit 53,303 48,966 8.9%

EBITDA 61,260 56,294 8.8%

Net profit for the period 50,445 43,319 16.5%

Basic earnings per share US$0.6002 US$0.5154 16.5%

Q1 2008

(Unaudited)

Q1 2009

(Unaudited)QoQ (%)

For the 3 months ended 31 March 2009

US$'000

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Key financial ratios

Total assets (US$’000) 1,112,492 951,453

Return on average equity (%) 9.3% 12.9%

Return on average asset (%) 4.7% 4.9%

Interest coverage (X) 18.7X 8.7X

EBITDA / Finance costs (X) 21.4X 10.0X

Q1 2009

(Unaudited)

Q1 2008

(Unaudited)

Net gearing (%) * 66.3% 143.1%

* = Total interest bearing debts - bank balances and cash -marketable securities shareholders equity

For the 3 months ended 31 March 2009

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Jinhui’s fleet - one of the youngest in the industryOwned vessels

Current Fleet Type Size (dwt) Year Built Status Shipyard

1 Jin Tai Capesize 173,880 2004 Owned Waigaoqiao2 Jin Rui Panamax 76,583 2009 Owned Imabari3 Jin He Panamax 77,250 2006 Owned Oshima4 Jin Wan Supramax 56,897 2009 Owned Shanghai Shipyard5 Jin Shun Supramax 54,768 2009 Owned Oshima6 Jin Sui Supramax 56,968 2008 Owned Shanghai Shipyard7 Jin Tong Supramax 56,952 2008 Owned Shanghai Shipyard8 Jin Man Supramax 55,496 2008 Owned Oshima9 Jin Pu Supramax 55,496 2008 Owned Oshima

10 Jin Yuan Supramax 55,496 2007 Owned Oshima11 Jin Yi Supramax 55,496 2007 Owned Oshima12 Jin Xing Supramax 55,496 2007 Owned Oshima13 Jin Sheng Supramax 52,050 2006 Owned IHI14 Jin Yao Supramax 52,050 2004 Owned IHI15 Jin Cheng Supramax 52,961 2003 Owned Oshima16 Jin Kang Supramax 52,454 2003 Owned Tsuneishi17 Jin Quan Supramax 51,104 2002 Owned Oshima18 Jin Ping Supramax 50,777 2002 Owned Oshima19 Jin Fu Supramax 50,777 2001 Owned Oshima20 Jin Li Supramax 50,777 2001 Owned Oshima21 Jin Zhou Supramax 50,209 2001 Owned Mitsui22 Jin An Supramax 50,786 2000 Owned Oshima23 Jin Hui Supramax 50,777 2000 Owned Oshima24 Jin Rong Supramax 50,236 2000 Owned Mitsui25 Jin Bi Handymax 48,220 2000 Owned Oshima

As of 28 May 2009

Total Capacity of Owned Vessels: 1,493,956 dwtAverage Age: 4.48 years

To bedisposed

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10 Daehan #1* Capesize *170,500 2008 Nov-08 Dec-13

11 Daehan #2* Capesize *170,500 2009 Jan-09 Apr-14 Delayed

Jinhui’s fleet - one of the youngest in the industry

As of 28 May 2009

Total Capacity of Chartered-in Vessels: 934,139 dwt (exclude * Daehan#1 & 2)Average Age: 3.4 years

Name of Vessel Type Size (dwt) Year Built Charter in date ExpiryExpiry After

OptionPurchaseOption

1 Scope Capesize 174,008 2006 Jul-08 Apr-132 Channel Alliance Capesize 171,978 1996 Nov-07 Oct-093 Golden Shui Capesize 170,500 2009 May-09 Feb-144 Golden Sakura Panamax 76,662 2007 Aug-07 Jul-095 Golden Kiji Panamax 76,662 2007 Nov-07 Oct-096 Red Lily Panamax 76,500 2004 Sep-04 Jul-09 Sep-117 CMB Sakura Panamax 75,765 2006 May-08 Sep-098 Tenmyo Maru Supramax 58,470 2008 Nov-08 Oct-139 Thermidor Supramax 53,594 2007 Mar-08 Aug-09

Chartered-in vessels

Assuming the Group will not exercise the options to charter-in the vessel during the optional periods, if any.

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Jinhui’s fleet - capacity at a glance

Capacity of owned vessels

- 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000

2009

2010 (E)

2011 (E)

2012 (E)

2013 (E)

DWT

Capesize Post-Panamax Panamax Supramax Handymax & Handysize

Our strategy: Maintain a young and modern fleet to serve our customers

Estimated number of owned vessels by 2013 : 44 vessels; average age : 6 years

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Capital expenditure

44.6

169.3

16.3

4.6

13.8

91.7

53.7

174.7

11.1

78.5

9.2

22.9

-

50.0

100.0

150.0

200.0

250.0

2009 2010 2011 2012 2013 Year

US$ (m) 2009 Delivery 2010 Delivery 2011 Delivery 2012 Delivery 2013 Delivery

As of 29 May 2009, capital expenditure represented 21 vessels including 2 Post-Panamaxes, 1 Panamax,17 Supramaxes and 1 Handysize to be delivered to the Group in year 2009 to 2013.

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1,167

2,353

7,200

1,283991

7,441

720360

4,770

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Capesize Panamax Supramax & Handymax

Nu

mbe

r of

Day

s

2008 2009 (E) 2010 (E)

100% 80%

97%

100%

86%

89%

67%

49%

50%

Contract coverage of Owned and Chartered-in vessels

Covered days 2009 -2010 forecast

Over 80% contractcoverage for year 2009

Approx. 50% contractcoverage for year 2010

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US$5,662US$6,385

US$3,543US$3,659

US$1,477US$2,371

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2008 Q1 2009

US$ Opex Depreciation Finance Costs

US$ 11,521US$ 11,575

Daily cost of owned vessels

Keep Lowdaily cost ofowned vessels

Daily cost = Operating expenses (crew expenses, insurance, dry-docking written off, consumablestores, spare parts, repairs and maintenance and excluding provision for impairment loss on tradereceivables) + Depreciation + Finance costs

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Breakdown of cargo type

* Including steaming coal and coking coal

Total cargo volume for both owned and chartered-in fleet

Cargo Volume Q1 2008

12%3%

59%

18%

3% 3%2%

Cargo Volume Q1 2009

53%

26%

10%3%

8%

Minerals Coal* Agricultural Products Steel Products Fertilizer Cement Alumina Others

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Breakdown of cargo typeCargo by volume Q1 2009 vs Q1 2008

* Including steaming coal and coking coal

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

Minerals Coal* AgriculturalProducts

SteelProducts

Fertilizer Cement Alumina

Tonn

es

Q1 2009 Q1 2008

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Turnover breakdown by geographyFor the 3 months ended 31 March 2009

Loading Port Analysis Q1 2009 vs Q1 2008

0

20

40

60

80

100

120

140

160

Asia ex

cludin

g Chin

aAust

ralia

Africa

China

Euro

peNor

th A

mer

icaSou

th A

mer

ica

Other

s

Mill

ion

Tonn

es

Q1 2009 Q1 2008

15

Turnover breakdown by geography

For the 3 months ended 31 March 2009

Discharging Port Analysis Q1 2009 vs Q1 2008

0

10

20

30

40

50

60

Asia ex

cludin

g Chin

aAust

ralia

Africa

China

Euro

peNor

th A

mer

icaSou

th A

mer

ica

Other

s

Mill

ion

Tonn

es

Q1 2009 Q1 2008

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Turnover breakdown by geographyTotal cargo volume by loading ports and discharging ports

Loading ports analysis - Q1 2009

43%

18%

4%

4%

3%

13%

15%

Asia excluding China Australia Africa China Europe North America South America Others

Discharging ports analysis - Q1 2009

14%

4%

58%

10%3%

1%

10%

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Owned and Chartered-in Fleet- revenue covered:

32,05426,786US$Daily TCE

4,7707,441DaysOperating daysSupramax/HandymaxFleet

38,20022,488US$Daily TCE

3601,283DaysOperating daysPanamax Fleet

83,70486,528US$Daily TCE

720991DaysOperating daysCapesize Fleet

20102009Unit

6780%Coverage

50

4989%Coverage

86%Coverage

The above operating statistic included considerable changes since last quarter 2008. These changes arelargely due to counterparties’ defaults which are beyond the Company’s prediction and control.

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36,00040,800US$Daily TCE cost

365665DaysOperating daysSupramax/HandymaxFleet

N/A29,034US$Daily TCE cost

N/A899DaysOperating daysPanamax Fleet

40,75050,319US$Daily TCE cost

730883DaysOperating daysCapesize Fleet

20102009Unit

Daily cost of chartered-in vessels

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Outlook remains to be challenging

MACRO PICTURE

SHIPPING/FREIGHT MARKET

Risk of cheap newbuilding offerings down the road, due to excess shipbuilding capacity (China & Koreain particular)

Credit market seems to be “unclogging“, but liquidity remains to be trapped within the financial sector

Dramatic improvement in sentiment despite economic recovery a long way ahead - rational expectations?

Improvement in spot rates is encouraging, likely to be temporary phenomenon as no significantimprovement in underlying fundamantals

Orderbook remains to be high despite recent reduction in number of deliveries - delayed or cancelled?

Demand for export remains sluggish - as seen in container shipping

Lending to corporates (incl. shipping) remains to be stagment - crucial to kick start economic growth

Limited period enquiries suggest cautious medium/longer term demand