Go through the highlights for 2024. For Q4 2024, we recorded a revenue of $44 million, EBITDA at $19 million, and a net profit of $5 million. This included non-cash reversal of impairment loss on Group's fleet of $6.5 million. Basic earnings per share, $0.047. Now, for the full year 2024, we recorded a total revenue of $159 million, EBITDA of $74 million, a net profit of $24 million, also including that $6.5 million of reversal of impairment, of course. For the full year, we have a basic earnings of $0.22, gearing ratio of 15%, and we are proposing a final dividend of $0.03.
This meeting is being recorded.
We have enjoyed a fairly good, well, I would say, pretty solid year. Good demand for dry bulk commodities and a limited supply of vessels. We took actions to expand our fleet, both in terms of our own tonnage as well as chartered-in tonnage, and we recorded a significant increase in performance, financial performance. For Q4, we have an 80% increase in quarterly chartering revenue, and for the full year, a 94% increase in chartering revenue. This chart is very clear to show the comparison, whether quarter on quarter or year on year. I think this is fairly self-explanatory. Q4 2024, we have a profit of $5.2 million versus Q4 2023 of a net loss of $27.7 million. For the full year 2024, we have a net profit of $24 million versus full year net loss of $55 million.
Similarly, this is also reflected through the time charter equivalent, which is also very clear. For Q4 2024, the average TCE increased by 46%. Compared to Q4 2023, which was $10,642 per day, Q4 2024 is $15,567. For the full year 2024, the average TCE is $14,741 per day versus 2023, $9,063 per day. The shipping-related expense increased to $84.4 million, mainly attributable to the rise in hire payments as we entered into certain inward time charter engagements during the year. Hire payment of $21.8 million on short-term leases was incurred during the year. The daily running cost of owned vessels slightly increased from $5,569 of 2023 to $5,606 for year 2024 because certain initial running costs and expenses were incurred for newly delivered vessels. We recorded a net gain on financial assets at fair value through P&L of $4.9 million.
$95 million of CapEx was incurred during the year, mainly on acquisition of three delivered vessels and capitalization of dry docking. During 2024, a drawdown of $65 million loan upon delivery of three vessels, and at the same time, a repayment of $56 million in bank borrowings related to vessel mortgage loans. As of 31st December 2024, secured bank loans amounted to $98 million, with current portion and non-current portion of $8 million and $19 million, respectively. For the year 2024, we concluded to acquire two Cape sizes, one Panamax and one Ultramax. We have engaged with a shipyard in China, Jiangsu Hantong , for the construction of two Ultramax new buildings to be delivered in 2016 and 2017. Sorry, 2026 and 2027. My apologies. As at 31st of December 2024, 25 owned vessels and eight chartered-in vessels with a total carrying capacity of approximately 2.3 million metric tons.
I think this summary is very self-explanatory, so I'm not going to go through it. It's fairly simple. Key financial ratios. Our total assets has increased to $524 million from $483.6 million as of end 2023. Total equity has increased to $371.6 million versus $349.9 million in the end of 2023. Secured bank loans also increased slightly to almost $98 million from $88 million at our 2023 year end. Current ratio, 1.27 : 1. Net gearing at 15%. Our available liquidity as of 2024, $40.9 million. As of the end 2024, our ROE is 6.65% versus end 2023 minus 14.47%. Our fleet has been evolving since the inception of the company. We're now. It will go up and down. There's always the saying that from very old ship-owning company that sometimes at certain time of a cycle, a ship owner can have no owned tonnages.
As of today, we have 26 owned vessels. Here's the list of our 26 owned vessels, which amounts to 1.78 million deadweight metric tons, average age 14.46 years. In order to expand our carrying capacity without too much CapEx, long-term CapEx, or owning the ship, we have been steadily increasing our chartered-in vessel when the opportunity is suitable. We now have a total of nine chartered-in vessels, one Capesize chartered-in for long-term, two Panamax for long-term, one short-term Panamax, two Ultramax chartered-in on long-term, three chartered-in for short-term. In total, nine vessels chartered-in. This carrying capacity amounts to 764,000 deadweight metric tons. The total debt as of end 2024 amounts to $98 million versus $88 million in 2023. If you look at the green bar—sorry, the green bar is the numbers for 2023—we have worked to further extend the debt maturity profile.
8% will be repayable within the next 12 months. 9% will be repayable within the next 24 months. Three years and beyond, 83%. In terms of the cargo mix, the types of commodities that we carry: 60% are in minerals, 18% coal, 11% steel products, 4% agricultural products, 2% cement, 1% fertilizer, and 4% others. In terms of where we load our cargo, 48% will be in Asia, excluding China; 24% China, 11% South America, 7% Australia, 6% Africa, 3% North America, and 1% Europe. Note that this breakdown is through the chartering revenue instead of tonnages. In terms of discharging of cargo, 35% of our cargoes are discharged in Asia, excluding China. 43% are discharged in China, 15% in Africa, 4% North America, 2% in Europe, and 1% in South America. Here's a more detailed breakdown of the time charter equivalent.
For Q4, TCE of our Capesize is $24,500. When we look at the full year, the TCE for Capesize is $24,298. For our Panamax fleet, Q4 2024, $13,900, which marks a drop from Q4 2023. For the full year 2024, $15,528. For Ultramax/Supramax fleet, Q4 2024, the TCE is $15,356, which is a significant increase compared to Q4 in 2023. For the full year 2024, the TCE of this sector of ships, $14,466 per day. For Q4 2024, the average TCE for all our ships, $15,567. For the full year 2024, $14,741 per day. From both Q- on- Q as well as year- on- year, it's a significant improvement. We hope that this trend will continue, which since the current trend, it looks encouraging.
As ship owners, we have always tried our focus, a lot of our effort into keeping cost under control. Inflation is something that always keeps us on our toes. The daily vessel running cost is calculated as the aggregate of crew expenses, insurance, consumable stores, spare parts, repairs, and maintenance, and other vessels' miscellaneous expenses divided by ownership days during the year or period, depending on, for example, certain ships we were only delivered in, let's say, June the 1st, then it will be pro rata. Increase in daily running cost is due to initial running cost incurred for freshly delivered vessels. The daily vessel finance cost is calculated as the aggregate of vessels' finance cost divided by the ownership days during the year or period. Some vessel mortgage loans were fully repaid during the first quarter.
The depreciation is calculated as the aggregate of vessels' depreciation divided by ownership days during the year or period. The decrease was mainly due to the decrease in carrying amounts of owned vessels after the recognition of impairment loss on vessels in 2023. Of course, when we have a reverse impairment, there could be some slight changes in the depreciation figures in the next quarter. I think those who follow our company closely will appreciate that. The running cost for Q4 2024, 6,872, versus Q4 2023, 6,214. If we look at the full year, I think our running cost is still very competitive. For the full year 2024, the daily running cost is $5,606 per day. A very, very small increase over the full year 2023 figure of $5,569. Thank you for your message. I will address that in a minute. I also saw your email.
An update on this very long legal saga between Parakou and our company. I think the details were written in the announcement, so I urge you to read that in detail. In a nutshell, we have formally brought the ongoing global legal dispute to an end because the overall legal battles involved several jurisdictions, namely Singapore, Hong Kong, as well as South Africa. It took some time to untie the knot. A settlement sum of about $3.5 million was settled for the Hong Kong action, which is the main knot that ties the global action together. And SGD 27.6 million were received. In total, approximately $23.8 million were received in April 2024 and January 25, respectively. Outlook. This is always the difficult one to call. From the industry perspective, the supply-demand fundamentals remain in favor.
However, and I note this gentleman who wrote me an email over his various suggestions on reviving the share price, really appreciate that. We remain in a very low gearing because we are operating in an increasingly uncertain operating environment, not just shipping, but in terms of the financial markets, interest rate cycle. It's very, very hard or literally impossible to put your chips on to whether interest rates are going down or going up, especially with the geopolitical risk right now. We rather maintain a low gearing so that when the time comes, we can gear up. We will always leave buffers for further gearing up when an opportunity arises. I think this worry is not just our own view; it's shared by other players within the industry.
From secondhand asset prices to new building asset prices, it has kind of corrected or right now a little frozen because most of industry players are on the sidelines. I think the I name one, for example, which we caught on time to include in the presentation is from the U.S. potential actions from the U.S. government on the USTR proposals. It's still unknown what would be, if it goes through, what would be the impact. In the last, I can't remember, 24, 36 hours, there's also news about the potential action over copper. We are facing a lot of uncertainties. That is very, very hard to predict. For example, I understand with good intentions, some of our shareholders would have ideas about, "Oh, M&A activities, blah, blah, blah." We hear that.
We are not only responsible for our shareholders, but for all stakeholders, including our seafarers, including our staff. Our main objective is for the long-term viability of the company. We are not here for the short haul. We're in this business for the long haul. We have seen the best of times in shipping, but we have also seen the worst of times in shipping where I can very openly say some of our current shareholders have not seen. It is all very, very nice and easy for some shareholders for their own short-term share price performance to make very, very various colorful suggestions. We have to consider the issues from more directions than you can imagine. Answering Anthony's question, the Russian-Ukraine war may end soon. Once the war is finished, the freight demand may decline. Will this affect Jinhui's freight demand?
Again, I think you rightly phrase this statement. The freight demand may decline. To me, and it's a billion-dollar question, it may or may not decline. What we have been doing is, as you can see, our overall old tonnage fleet is increasing in age. When the opportunity arises and we determined after various considerations and analysis that we can stomach such risk, we will, whether secondhand market or even selectively new building market, increase our tonnage. At the same time, we will also look for alternative ways to increase our tonnage, increase our carrying capacity by chartered in vessel, some short-term, some longer-term. This is the way how we manage the risk. We want to increase our business, increase our revenue, but at the same time, we do not want to expose ourselves to too much long-term risk.
Right now, on the USTR issued a notice, as I highlighted, we do not see any impact on our capacity and cost. If you look at our loading and discharging analysis, we've always done a very small proportion of business in North America. Should USTR impact the dry bulk shipping industry, we will just further shy away from that market. From my personal opinion, I think the USTR proposals may impact container shipping more than dry bulk. On the True Neptune, sorry, it's actually New Neptune. We have made an announcement on the cost of that vessel. It is not in our practice to disclose individual ship TCEs. I'm afraid I do not have authorization to break this practice. I'm afraid I cannot tell you the exact TCE income that is fetching on its current contract. I can give you some flavor.
It is not profitable right now, but we will work very hard to turn it profitable. We will be monitoring the markets very, very carefully and pick the counterparties as well as contracts very carefully to make this or to cause the ship to generate positive cash flow for the company. For the cash received from Parakou, I think we currently have no plans to spend it yet. We're very rather old-fashioned. When we receive money, we keep it in the wallet and let it warm a little while first before deciding how to splash it, if you get what I mean. As I have just described, despite the industry fundamentals, it seems encouraging. We see that we are entering a period where there are many, many unpredictable uncertainties in the horizon.
We would rather be conservative and spend any CapEx or spend any windfall cash very, very carefully. I'm afraid we will have to use a microscope to look at the situation before we press any buttons. Any further questions? I hope you guys can appreciate that shipping is, when you look at it from the outside, it's a very simple business model. The number of factors that we have to consider really is often more than a non-practitioner can imagine. In terms of the length of the charters, some of them are still obviously working on short-term contracts. Some of them have been chartered out on period charters. Our period charters would range from seven months to five years. By the way, this is talking about the chartered out. Any further questions? Sorry, I'm not sure whether I paused or muted just now.
On the length of charters, I presume you're talking about chartering out. Our fleet will be engaged in both short-term spot to longer-term charters. For those which are on period charters, they range from seven months to five years chartered out. One comment on your questions. I think a very good observation, Peter, on the seems very stable in Q4. We have been taking the opportunity to lock some of our fleet, some of our ships out to secure visible recurring income. We'll continue to look to do so. Okay. If there are no further questions, I call this an end. I encourage you to email me, not at the IR.
The recording has stopped.
You can always mail any questions to me directly at the following email address. Thank you very much for joining us. Have a good day, everyone. Thank you.