To go through the highlights, Q1 2024, we recorded a revenue of $28 million for the quarter. A net profit of $2 million for this first quarter. Earnings before interest, tax, depreciation, and amortization at $13 million. Basic earnings per share at $0.022 per share. Gearing ratio as of at end of March 2024, 4%. We continue to be very conservative with regards to borrowing, given the uncertainty in interest rates going forward. The group reported consolidated net profit for the quarter of $2 million. Chartering revenue increased 93% to $28 million for the current quarter, as compared to $14 million of the corresponding quarter in 2023.
There's a good rebound in freight rates as a result in a much better sentiment on the dry bulk shipping market. Reported average TC of the group's fleet is much stronger this quarter. It increased 86% to $12,218 per day in this quarter, as compared to $6,580 per day for Q1 2023. There's a decrease in shipping-related expenses, mainly due to decrease in owned vessels and vessel operating expenses, such as a lower crew cost and our cost reduction strategy. Other crew manning costs under pandemic were also relaxed, since COVID is over, and we are back to pre-COVID levels. There's a net gain on financial assets at fair value through the P&L of $1.7 million.
Finance costs increased slightly to $1.5 million for the current quarter, from $1.3 million, due to rising interest rates. As of end March 2024, secured bank loans amount to $59.5 million, with current portion $9.3 million and non-current portion $50.2 million, respectively. During the quarter, we repaid $28.7 million of bank borrowings. As of the end of March 2024, we have 22 owned vessels and six chartered in vessels, with a total carrying capacity of 1.685 million metric tons. During the quarter, we have contracted to acquire a 2012-built Capesize at a consideration of $31 million. The vessel will be delivered to the group during the third quarter of 2024.
We also, during the quarter, contracted to acquire a 2019-built Panamax at a consideration of $31 million again, coincidentally. The vessel was delivered to the group in mid-May 2024. Subsequent to the reporting date, the group entered into two long-term time charter in agreements for two Ultramaxes. Both vessels were delivered to the group as of today. Finally, in addition, a long-term time charter in agreement for one Capesize was entered, and the vessel was scheduled to be delivered in Q1 2025. I think these, the financial highlights, these, numbers on the P&L are pretty, self-explanatory, so I wouldn't go through it. On the key finance ratios, as of Q1 2024, the total assets amount to $460 million. Net equity, $351.6 million.
As mentioned previously, the secured bank loans $59.5 million, a significant reduction from Q1 2023. Current ratio now at 2.02 to 1. Gearing, net gearing further dropped to 4%. Working capital $33.4 million, and we currently have an available liquidity of $47 million. If you look at the chart, this is our fleet development, very should be self-explanatory again. Note that, post-reporting date, now we have 23 vessels as of May 2024, as of today. Our owned fleet, we now have 23 owned vessels. On the owned fleet side, we have 1.36 million deadweight tons and an average age of 13.7 years. In terms of chartered-in fleet, we have 2 Panamax and 2 Ultramax.
We also showed you the names of those vessels: Pacific Lily, Pacific Jasmine, Ever Shining, and Taho Circular. The total capacity for chartered-in vessels are 610,000 deadweight tons. As of Q1 2024, the maturity profile has, we have further stretched to a more conservative mix. So 16% of our loan will be repayable within one year, and 84% will be repayable within two years. In terms of cargo mix analysis, 40% of our cargoes are minerals, 29% coal, 19% steel products, 4% cement, 3% agricultural products, fertilizers 1%, and other 4%. I hope you like our new charts. I personally find them, you know, very, very well done by my colleagues.
Distribution of cargo: 45% Asia, excluding China, 22% China, 5% Australia, 5% Africa, 4% Europe, 4% North America, and 15% South America. I want to take the opportunity before I forget, just going on this chart. One of our shareholders asked about, you know, the rationale behind going Capesize, as well as Newcastlemaxes, or other different sizes fleet, different size ships other than Supramax. I think, you know, if you look at our cargo distribution, we want to be more diversified in terms of geographical presence as well as the cargo mix.
So looking at this chart and the other chart, you know, there's a thinking behind, you know, apart from a general opportunity to grow in in other sectors of ships, other size ships, it's always positive to have some kind of diversification just like your own investment portfolio. For us, you know, the only assets that we invest in are ships. So it's also would be nice to have ships that, you know, are more flexible in terms of traveling to the harsher ports, like North America and Australia, and carry, you know, more cargoes such as grains, iron ore, et cetera, et cetera. So we want to have some kind of diversification in terms of distribution of cargo, a younger age vessels, as well as geographical presence.
In terms of discharging ports, 43% of our cargo are discharged in Asia, 38% in China, 1% in Europe, 8% in Africa, 1% in South America, and 9% in North America. In terms of time charter equivalent of our fleet. As of Q1 2024, the Panamax, the Panamax fleet TCE $17,081. Ultramax, Supramax, $11,819. Average $12,218 per day. In terms of running costs, as of Q1 2024, the daily vessel running cost of our own vessels has dropped to $8,167 dollars per day. Comparison of the corresponding quarter in 2023 as of also the 2023 annual average. This is a significant- this is a good drop. Significant drop, in fact.
We worked very hard on this cost reduction for obvious reasons. But of course, this is also due to partly due to the post-COVID, you know, effect, where a lot of the unusual and, you know, extraordinary, expenses due to, COVID measures, are no longer required. In terms of outlook, I think you can see from our, the way that we've been managing, we do want to grow, both in, in terms of carrying capacity, opportunistically, you know, renew or refresh our fleet profile. We do want that. But at the same time, because the world is very complex right now, we wish to, we want to be as conservative as possible. Hence, we maintain a very, very low gearing.
The financial markets, money markets, complex interest rates, uncertain, so, we believe we have to, take actions one step at a time. Ship values and secondhand markets, remain stable. We do believe that, given the very, very strong, asset prices, you know, as of today, there's an indication that, you know, freight, the actual freight that a ship is earning, should point positively in coming quarters. We certainly hope that we are right. Touching on this point again, another shareholder has sent me an email to ask about, you know what, theoretically, you know, a lot of the ships, you know, should have increased in value, et cetera, et cetera. And I think, you know, I understand from his perspective, asking, you know, would there be any revaluation in assets?
I hear, you know, his theory behind this, but I hope, you know, investors should realize that we report our financials on a quarterly basis. It's unwise, and actually, that also it does not make good sense to revalue assets based on, you know, three months, even six months of observation. So until we see or there's evidence that there's a very good support in terms of solid, long-term asset price increase, in terms of ship values, which is measured in various ways. You know, you can measure this in terms of, you know, transaction done in the market, secondhand, secondhand transaction. You know, what the yards are asking you for new buildings, and then discount accordingly, et cetera, et cetera. But at the end of the day, ships are cashflow generating assets.
So from a cash flow perspective, you know, you may, some may call it DCF, et cetera, discounted cash flow. Until this, there's sufficient evidence to put this into a spreadsheet that the long-term asset values are very, very solid and have increased significantly from the last reported date, reporting date. We do not believe in introducing unnecessary fluctuation to asset values. Now, changing asset values would have to go through P&L nowadays. It does introduce unnecessary volatility to the P&L. We continue to look for young and efficient secondhand tonnages. On this front, again, I would like to stress that we would do so opportunistically. And finally, we will continue to maintain a conservative financial position at all times. Again, I previously stressed that, you know, we do want to grow our asset base.
We want to grow the business, if I would like to put it simply, but at the same time, we want to do so safely. Okay. Hi, Lawrence. Thank you. You have two questions. Update on the status of the legal case with Parakou and what impact that will bring to the financial of the company as to quantum and dates. Two, regarding the newest acquisition of the Capesize, what is the company's business plan for this segment? This is more of the comment than question. Could you refer the management of providing some dividends to create more liquidity for the shares? Thank you, Lawrence. Let me do this in reverse order. Dividend.
The more profits that, you know, Jinhui will achieve, and subject to the board of directors' decision, you know, I also hope that, you know, I could deliver good news in terms of dividend payout, you know, in the in coming quarters. The new acquisition of the Capesize. I think I already answered this question in terms of, you know, is the rationale is like not... It's threefold. Right? Overall, we want to refresh our fleet, we want to carry other different cargos, like clean cargos. Fresher ships that, you know, that wouldn't, you know, pose, you know, too much challenges in, you know, challenging to visit or calling ports such as, you know, Australian or American ports, can carry grain, et cetera. I think you understand. Status of the legal case with Parakou.
We are working on bringing an end to the legal case with Parakou. Details, because this is a multi-jurisdiction legal case, so it's a little bit complex. Once this is done, we will let shareholders know as to the date, exact date, and also the quantum. Despite the case, which has been... Well, I would call this a legal case, but I actually personally call this an ongoing saga, the ever ongoing saga, between ourselves and Parakou. Where I think both sides have decided that it's time to bring this to an end. Although the actual quantum, you know, that has grown, you know, based on interest rates is, it's huge.
However, after all these years, the realistic sum that we can achieve is much lower than that. It would not, this will not create, you know, a huge significant windfall to our P&L or to our balance sheet. However, it's als- it's still a fairly welcoming sum, which, once, you know, the dust settled, we will report this, accordingly in our next report, hopefully. I hope I've answered your question. Okay, Anthony, he does increasing, rising recently, shipping capacity has become tight. Jinhui has recently purchased and leased a number of ships. Oh, how long do I think the tight shipping capacity will last, and what further steps does Jinhui have for purchasing and leasing new ships? I wish I have the crystal ball. Of course, I wish this tight situation will be as long as possible.
You know, given the newbuilding berths available in various shipyards around the world and stretches, you know, the delivery time of new ships now stretches to quite far, given that berths are mainly occupied by our friends in container shipping, as well as tankers, LNGs, et cetera. So bulk plus newbuilding deliveries, you know, are tight. Getting a berth is not easy, and the delivery times are quite far away. On this basis, we hope that at least in, you know, I do not wish to predict anything, you know, beyond beyond my understanding. But I would hope that, you know, for the next coming quarters, you know, we are also hopeful that there will be a positive movement in terms of freight rate.
Ah, Thor, one short-term chartered, which is not listed on our chartered list comments. Oh, I think, you know, if it's very short term, you know, it doesn't have any booking on the balance sheet, or it is basically come and go, you know, within a very short term, we have not reported that. I'll have to look into this, to be honest. Actually, we have so many ship movements that I, right now I've, you know, forgotten about that one. Increased share of bank borrowing on later ship purchases. They're not delivered yet. I think our plan would be to borrow no more than 60%. No more than 60%, from banks. Thank you, Thor.
I think we always report, you know, on the conservative side, maximum 70%, but I think even our financials, I think we will, you know, probably go for 60%. It could change. I don't think this is, you know, to be honest, anything... It depends on, you know, what the bank would offer us, what rates, what tenor. To be honest, given the high SOFR, you know, our minds would change depending on the margins they're asking for. To be honest, if we can have lower leverage, we will probably go for lower leverage. It's a very complex decision, so, you know, we haven't decided on that yet, Thor. For example, the Capesize we bought at $31 million, it has substantially increased in asset value. But would we borrow against, you know, the market value? Probably not.
So 60, 70, or even 50, to be honest with you, we'll have to work it out, you know, as the offers come in. Are banks more interested in us as a customer than in the last few years? Hmm, interesting question, Thor. Firstly, I wonder, why would you ask, you know, whether they're interested in us more now than in the past? I think banks have been, you know, banks are very smart. They know how to select customers as long as they can pay back. So, I don't know how to answer your question, you know, like this, like this, to be honest. But, you know, we have, you know, a few banking friends. Thanks. I love this Scandinavian way of questioning. Very straightforward, I like it.
Actually, maybe I can add in a little more here, you know, Thor. You know, I know, you know, you're a very precise person, you know, based on our email exchange. If the freight rate, you know, strengthen quicker than we think, you know, i.e., if our cash flow comes in, you know, more, we will have different decisions, you know, as to when as to towards the delivery of these ships in terms of, you know, the leverage amount or leverage level. Again, I think I hope you understand, you know, our perspective, our strategy. We would like to grow the business, but we would like to do so safely, and that means maintaining a fairly conservative leverage.
No, thank you for asking me these questions, and it's my job to answer you. Anyone else has any further questions? Okay, if there are no more questions, then I'll call this an end to this Zoom presentation gathering. Thank you very much for joining, and if any shareholders, investors have any further questions, you know, you're all welcome to email me. Thank you very much.