Good morning and good afternoon to all of you, ladies and gentlemen. Thank you for joining Jinhui Shipping and Transportation Limited Q3 2024 results presentation. I hope everyone can hear me. Can someone confirm that you can hear me? Thank you. I believe you would have all had a glimpse of the results, third quarter results, as well as nine-month report. Let's not wait any longer and begin. First things first, financial highlights. Q3 revenue for the quarter: $46 million. Earnings before interest, taxes, depreciation, and amortization at $22 million. Sorry, another two joining. Net profit for the quarter: $8 million. Basic earnings per share: $0.07 per share. For the nine months 2024, we recorded a revenue of $115 million. Earnings before interest, taxes, depreciation, and amortization: $55 million. Net profit for the period: $19 million. Basic earnings per share at $0.172 per share.
Gearing ratio as of end September 2024: 12%. We've had a busy quarter. Given the rebound of the market rates driven by strong demand for dry bulk commodities, limited supply of vessels, and the increase in number of owned as well as chartered-in vessels, we recorded a significant increase in performance for the nine months ended 2024. Sorry, there are still people joining. The group reported a consolidated net profit of $8 million for Q3 alone and $19 million for nine months into 2024. The chartering revenue increased to $46 million for the current quarter as compared to $20 million for Q3 2023. This represents a doubling of revenue for chartering year over year. Reported Q3 2024 average Time Charter Equivalent of the group's fleet is significantly stronger than in Q3 2023.
This increased 74% to $15,290 per day for Q3 2024, as compared to $8,796 per day for Q3 2023. Jinhui achieved an average Time Charter Equivalent of $14,555 for Panamax Fleet and $15,228 for Ultramax/Supramax Fleet for the current quarter, as compared to $15,104 for Panamax Fleet and $8,531 per day for Ultramax/Supramax Fleet for Q3 in the previous year. Shipping-related expenses increased to $24.1 million, mainly attributable to the rise in hire payments as the group entered into certain inward-time charter engagements during the nine months of 2024. Hire payment of $8 million on short-term leases was incurred during the quarter. We have been rather active, not just engaging our own ships but also increased our tonnage via chartering in third-party vessels.
The daily running cost of our own vessels slightly increased from $5,181 of Q3 2023 to $5,302 of Q3 2024, as certain initial running costs and expenses were incurred for our newly delivered vessels. We recorded a net gain on financial assets at fair value through the P&L of $2.1 million. A CapEx of $68 million was incurred for the first nine months of 2024, mainly on acquisition of two vessels and capitalized on our dry docking. During the nine months of 2024, a drawdown of $51 million and a repayment of $52 million bank borrowings, in which the vessel mortgage loans were fully repaid in the first quarter of 2024. As at the end of September 2024, secured bank loans amounted to $87 million, with current portion and non-current portion of $17 million and $70 million, respectively.
As at the end of September 2024, 24 owned vessels and nine chartered-in vessels are operating within Jinhui, with a total carrying capacity of approximately 2.15 million metric tons. In Q3 2024, the group entered into a contract to acquire a 2008-built Capesize at a consideration of $24 million. This is expected to be delivered in the final quarter of 2024. A 2012-built Capesize was acquired at a consideration of $31 million and was delivered to the group in August 2024. I think our numbers are relatively simple and self-explanatory, so I won't waste any time on this page. Key financial ratios. As of Q3 2024, we recorded a good increase. Total assets is now $514.29 million, total equity $367.5 million, secured bank loans $87 million, current ratio 1.16 to 1, net gearing 12%, available liquidity $43 million, and a return on equity of 2.09%.
We've been very, very careful, and it's been responsive to how the market trends and slowly increasing our fleet. As of November 2024, we have 24 owned vessels. Here's the list of our fleet. We're mainly focusing on the Supramax, one Capesize, one Kamsarmax. Actually, maybe I can slightly correct because to be accurate, the 63,000 are not really quite Supramax now. We are doing everything to watch out for opportunities, to modernize our fleet, both in terms of age as well as the spec, as well as carrying capacity. In response to opportunities in the market, we've been increasing our activity in chartered-in vessels. We have chartered- in two Panamax, two Ultramax for long-term, one Panamax, and three Ultramax for short-term, and you can see the names as well as the size and build of these long-term chartered-in vessels.
The total capacity for chartered-in vessels was 556,000 deadweight metric tons. In terms of our debt maturity profile, we have been working to stretch the maturity profile, and I'm delighted to report to all of you that we have successfully increased our stretch of maturity profile as of Q3 2024. The total debt as of end of September 2024 is $87 million. 19% of this debt will be repayable within the next 12 months, 8% within the next two years, and 73% will be three years or more. In terms of the cargo mix analysis, 72% of the cargo we carry are minerals, 15% coal, 5% steel product, 2% agricultural products, 1% cement, and 5% other cargoes.
Another objective going forward will be we will try our best to diversify or increase the mix of cargo that our fleet carries going forward. In terms of the loading ports, 50% of our cargoes are loaded in Asia, excluding China, 29% China, 8% Australia, 6% Africa, 5% South America, 2% North America. I hope all of you would notice that even in terms of cargo, we are also aiming to further diversify in terms of the geographical spread. In terms of discharging of cargo, 40% of our cargoes are discharged in China, 35% Asia, excluding China, 17% Africa, 5% North America, and 3% Europe. Again, on the discharging port analysis, we are also positioning our fleet as well as our customers as a business mix in order to achieve further diversification. Time Charter Equivalent of our fleet.
For Q3 2024, we have our Capesize Fleet $23,788 per day. Panamax Fleet for Q3 2024, $14,555. Ultramax, Supramax Fleet, $15,228. I think it's self-explanatory. We are seeing market improvement year on year. Also, comparing the nine months 2024, nine months 2023, we are recording a significant improvement. Sorry, another two persons have joined. We have a pretty good 37 participants today. As of today, to give all of you some idea on our coverage, we have successfully covered 73.91% and 62.75% of our Capesize and Ultramax, Supramax vessel days for the fourth quarter of 2024 at an average of $28,000 and $15,271 per day, respectively. For Panamax, we have covered 100% of our vessel days at $15,616 for the fourth quarter of 2024.
For our daily vessel running cost of owned vessels, this is calculated as the aggregate of crew expenses, insurance, consumable stores, spare parts, repairs and maintenance, and other vessels' miscellaneous expenses divided by the ownership days during the year or period. Since we have taken delivery of some new vessels or newly delivered vessels, there will be a slight increase in daily running cost. The daily vessel finance cost is calculated as the aggregate of vessels' finance cost divided by the ownership days during the year and period. Vessel mortgage loans were fully repaid during the first quarter. Now, if we look at Q3 2024, the running cost is $5,302, a slight increase compared to Q3 2023. Depreciation is $3,467. And as of this Q3, we have no finance cost. The reason being for this is we have changed the mode of financing.
So we have paid back shipping mortgage and instead used corporate facilities instead for the time being. In terms of outlook, we believe and expect the market to be rather muted and quiet in the next few months. Hence, we locked in our vessels, some of our vessels at least, at when the market is good, I think at fairly respectable rates. In order to control risk as our fleet expands, we also like to increase revenue visibility. However, given the overall picture of the fleet, the global fleet profile, we believe there will be further opportunities going forward for renewal opportunities. However, this is extremely hard to plan, especially we're operating against an economic backdrop which is now characterized by volatility and uncertainty. However, we'll remain nimble and react quickly and promptly to any market opportunities. Jinhui has been operating in the market for a long, long time.
We've seen a number of cycles. We're not going to be carried away when the market is good, nor are we going to be too concerned when the market is quiet or slightly depressed. I think at Jinhui, we've seen very good times, and we've experienced also very bad times, and we will remain very, very prudent, and we will balance our ambition to grow the company without sacrificing financial stability. That's all for me from now. If you have any questions, please type it in the group chat so that everybody can see it and it won't create chaos by participants screaming across. No, actually, thank you for your question. In terms of operating a Capesize, this is not the first time that we operate a Capesize. It's just there has been a number of years that we have not been running Capesize.
In fact, Capesize in terms of operations is even easier than our Supramax, Ultramax Fleet. For example, just to point out the obvious, the absence of cranes, for example, means that there's a significantly less amount of work for our crew to look after. And also, in terms of complexity of operations, the Capesize will be visiting ports with automated loading and unloading facility. So operation is actually even easier. In terms of thank you. I think I received your email before on the Parakou legal dispute. Yes, there's $3.5 billion in Q2, and so far nothing in Q3. Because legal outcomes, the timing is very, very hard to point out and when do we receive the money because the legal process is actually in the hands of the court and not us. That's why we have not been too descriptive about this.
Since you asked the question, I would be happy to let all of you know that we have brought an end on the Parakou saga, okay? After all these years, the settlement sum is being calculated and will be distributed hopefully early next year. The exact sum, it's still being calculated, so I'm not going to disclose it here. I believe we will know firmly the amount, and this will be announced in the final annual results where the actual sum we receive will be fully disclosed there. But we will be spending minimal before the whole saga comes to an end, and we will focus our energy on business rather than fighting these long-term or long-standing legal saga. Intrinsic value of the company, share buyback, dividends. I have not had any instructions or comments from the board of directors about share buyback or dividends at this juncture.
Again, I think the last time, the last quarter presentation, I was saying to all of you that I hope that I can bring good news in terms of financial performance. I hope this quarter we have shown some improvement on the operation as well as the business performance. Let's hope that next quarter I can bring you further good news on this front. Although we have a low gearing, I believe here at Jinhui, we do not think spending money on share buybacks to boost short-term financial performance or stock price performance is the best way to deploy the capital. We are working hard on the business. We're working hard on the operation. We hopefully with time, when we deliver better and better results, the intrinsic value of the stock price will be reflected. Q1 2025.
I do not wish to convey too much forward-looking statements in the presentation or in our financial announcements. We are subject to two jurisdiction regulations in terms of listing regulations. So forward statement is often very, very sensitive because we do not only need to adhere to the Oslo Stock Exchange rules, but also the Hong Kong Stock Exchange rules. But to give you some light and hint, I would say that no, not most of our vessels. We have locked in some visibility into the Q1 2025 for part of our fleet, but not most of our vessels. We hope that I will be allowed to shed further light, but this will have to be done properly and officially through statutory announcements and presentations in the next quarter or year-end announcements.
It's hard to say, but I think on this front, as a shipping executive for quite a number of years, I always resort to fundamentals. Looking at the supply and demand of different types of ships, at the moment, I think Capesize, in comparison to other size ships on this metric, the supply demand is more favorable for Capesize at this juncture. But then again, I will remind you all that Capesize, when the market is good, obviously it's very, very good. But in terms of cargo flexibility, it is not as good as Ultramax and Supramax.
So we are trying to strike the balance on this front so that we can capture both relative stability and flexibility, well, stability in earnings and flexibility in cargo, but at the same time with some exposure where we can take advantage of dislocation of supply and demand in certain types of ships. Hi, Nick. If you look at the presentation, the size of our own fleet and the TC-in fleet is in there. If I quickly go to that page, if you look at hold on a second. We have 1.542 million deadweight metric tons, 24 owned vessels on our own fleet, and for our chartered- in fleet, 556,000 deadweight tons. Can I indicate the ideal size of the Jinhui owned fleet and TC-in fleet? No, I cannot indicate that, I'm afraid, because as I previously described, shipping is a business that is characterized by uncertainty, volatility.
I don't want to waffle and give you some kind of arbitrary target and say and then not achieve it. We are actually very, very frank with you that we do not have any particular plan. We are not Apple. We are not a manufacturer of iPhones. Sorry. Let me step back. I'm not an OEM manufacturer of Apple iPhones that I receive an order from Apple of so many units of Apple iPhones. So I can expand my manufacturing lines according to a contract. We don't do that. To a certain extent, we are. It is a high-risk, high-capital-intensive industry. We often have to be very nimble and respond to market conditions. Regarding our fleet renewal, do you have any plans to increase your fleet any further by S&P or how's the general condition of the older vessels? Do you have a need for selling these off?
I think for older vessels, there's a way to operate older vessels that can still remain profitable. We maintain our older vessels still at very, very respectable conditions, and should the market goes red hot or go improve, we are obviously open to sell older ships in exchange to buy some younger ships. But again, we don't cast any of these in stone as a plan. As I said, the magnitude of the settlement of the Parakou case has not been pinned down yet. It's now working between the lawyers. I prefer to actually ascertain this and receive this and then let all of you know what is the amount. It's better that way. It's not going to be some kind of colossal sum that you're imagining. I'm afraid not. No M&A ideas are on the back of our minds or on our tables. Yes, the gearing is low.
Share price, yes, it may be depressed, but we are working. Again, we rather focus on the business and let the share price reflect itself. In terms of dividend, again, I have no instructions from the board of directors on any dividend payouts. I hope going forward, I will bring such good news to you. For new buildings to be delivered, right now they are on schedule. If there are any change in delivery schedule, we will let all of you know. Just to cover your thought in case you think that I ignore you, I see your question on the magnitude of the amount. But again, I cannot give you any magnitude because there is no plan on the magnitude of share buyback nor any magnitude of dividends at present. I'd like to be conservative and only deliver news to you that are concrete, deliverable news.
I hope you are sympathetic to me on that front. Okay. I presume there are no more questions. Any further questions? If there aren't any further questions, then we will all go back to deliver and work hard on the business and hopefully deliver better results to you, even better results to you in the next quarter and year-end. Okay. Thank you very much. I'll call this an end to the presentation. Thank you so much for joining. I hear you guys. I will let the board of directors know about your wish for share buybacks, M&A, etc., etc., and I will again update you if necessary in strict accordance to the rules and regulations by announcement. Otherwise, I look forward to delivering results and good news to you again in the final quarter of 2024. Thank you very much.