Good morning to those in Europe and good afternoon to those in Asia. This is Wei Ching of Jinhui Shipping and Transportation Limited speaking. Thank you for joining the company's Q2 and first half 2025 Results Presentation. We'll quickly run through the results. As of Q2 2025, revenue for the quarter: $40 million. EBITDA for the quarter: $15 million. Net loss for the quarter: $1.9 million. Basic loss per share for the quarter: $0.018 per share. For the first six months of 2025, revenue for the period: $80 million. EBITDA for the period: $50 million. For the six months of 2025, we recorded a net profit of $15 million. Basic earnings per share: $0.139. As of the end of June 2025, gearing is at 15%. On a quarter-to-quarter basis, Q2 2025 has recorded a drop in revenue of 2% relative to Q2 2024.
In terms of net profit, we're down $11 million compared to Q2 2024, quarter- on- quarter. The average time charter equivalent is $13,860, which is 10% down from Q2 2024 of $15,407. For the full first half of 2025, revenue is up 15% compared to first half of 2024. Net profit is up $3.9 million relative to first half 2024 at $15.1 million. The average TCE for the full six months of 2025 relative to first half 2024 has dropped 2.9% at $13,538/ day. The group reported a consolidated net loss of $2 million for the current quarter, with chartering revenue slightly decreased 2% to $40 million. For the first half of 2025, the group reported a consolidated net profit of $15 million and chartering revenue increased 15% to $80 million.
This included a loss of $2.4 million on a disposal of a Supramax , which was delivered to the purchaser in May 2025. Shipping-related expenses increased to $22.9 million primarily due to increased shipping operational costs, particularly crew costs, spare parts, and consumables associated with the expansion of the group's fleet, which reached 25 vessels as of 30, June 2025. This rise in shipping-related expenses was partially offset by the reduction in hire payments for chartered-in vessels, following a decrease in the number of chartered-in vessels during the quarter. Higher payment of $2.2 million on short-term leases was increased during the quarter, as compared to $6.9 million for the last corresponding quarter. Bunker-related expenses rose due to increased fuel consumption associated with repositioning of vessels between time charter contracts and bunker usage for voyage charter operations.
Daily running costs of owned vessels increased from Q2 2024 of $5,396/ day, daily running costs, Q2 2025 of $6,719/ day due to the expansion of fleet size as certain initial costs, especially spare parts and consumables stores, were incurred for newly delivered vessels. The rise in finance costs mainly attributes to the loan drawdown for financing of vessels upon the deliveries from the second half of 2024 to the first half of 2025. Capital expenditure of $6.9 million was incurred for the current quarter, mainly for installment paid for new buildings and dry docking costs. We repaid $11 million of bank borrowings during the quarter. As at June 30, 2025, secured bank loans amount to $100 million, with current portion and non-current portion of $10 million and $19 million, respectively.
As at the end of June 2025, 32 vessels, of which 25-o wned vessels, including the one which has been disposed of and classified under assets held for sale, and seven chartered-in vessels with total carrying capacity of 2.3 million metric tons. Two vessels have been arranged under two sales and leaseback agreements, both of which became effective in early July 2025. This is the summary financials, which I think is self-explanatory. I've gone through in the previous slides, so I won't repeat. The key financial ratios as of Q2 2025, total assets of $549 million, which represent a good increase relative to Q2 2024. The numbers are self-explanatory. Total equity $383.85 million. Secured bank loans now stand at $100 million, a little above, which is an increase from Q2 2024 due to our fleet size. Current ratio 1.5 to 1. Net gearing 15% relative to 7% in Q2 2024.
Available liquidity at $42.99 million and return on equity minus 0.5%. During the quarter, the group entered into an agreement to dispose of a 208 Supramax at a consideration of $10.2 million. The vessel was delivered to the purchaser in July 2025. The group also entered into two sales and leaseback for two vessels as the group believes that the agreements can gain access to additional working capital at a reasonable cost. Total consideration of about CNY 203 million. This is Chinese yuan. Both agreements became effective in early July 2025. As at June 30, 2025, 32 vessels, of which 25- owned vessels, including two vessels under sales and leaseback agreements and one which has been disposed of and reclassified under assets held for sale, and seven chartered-in vessels with total carrying capacity of 2.3 million metric tons.
Subsequent to the reporting date, the group entered into three agreements to dispose of three Supramax vessels at total consideration of $32.3 million. Two were delivered to the purchasers in July 2025, and the third one will be delivered to the purchaser in the fourth quarter of 2025. I think if you look at our S&P activities, you would notice that we have been taking advantage of demand of older vessels in the market and take the opportunity to sell out older vessels, get liquidity back to the company, and get ourselves ready to take delivery of two newer ones, two new buildings, which will be delivered in 2027. We do this also because the interest rate environment is still fluid. Borrowing costs are high. We believe it's prudent to maintain a strong financial balance sheet and keep gearing under check. This chart, again, pretty self-explanatory.
It looks very nice, showing the evolvement of our owned fleet. This is a full list of the particulars of our vessels, our owned vessels. The average age of our owned vessels is now 14 years old. In terms of chartered-in vessel, we have one Capes ize chartered in for long term, two Panamax chartered in for long term, two long-term chartered-in Ultramax, and two short-term chartered-in Ultramax. The long-term chartered-in vessels, their names and their weight and their size and their age, year built, are self-explanatory on the slide. The total carrying capacity of chartered-in vessels is 676,000 metric tons. As of end of June 2025, we have $100 million of secured bank loans. 10% will be repayable within one year. Another 10% will be repayable within two years, and 80% will be repayable within three years.
We will, of course, manage this debt position so that it will be, the maturity profile will be healthy, at all times. Total cargo volume as of Q2 2025, 3.23 million tons, 58% are minerals, 16% coal, 7% steel products, 5% cement, 4% agricultural products, and 10% other miscellaneous goods. In terms of distribution of cargo, 30% of our cargoes are being loaded in China, 28% in Africa, 23% Asia, excluding China, 10% South America, 7% Australia, and 2% North America. This is in terms of chartering revenue. In terms of discharging, 37% of the cargo are being discharged in China, 30% in Africa, 29% Asia, excluding China, 2% South America, 1% North America, and 1% Australia. A more detailed breakdown of our time charter equivalent. As of Q2 2025, let's look at the Capes ize first. Q2, $19,300/ day.
For the full six months, first half of 2025, this TCE for Cape Size will be $21,203/ day. For Panamax fleet, Q2 2025, $15,046/ day. This is a drop from Q2 2024 TCE of $17,702. For the first half 2025, the TCE of the Panamax is $13,795/ day. For Ultramax, Q2 2025, $13,158. This also represents a drop from Q2 2024. First half 2025, $12,674/ day. This translates to for all ships, Q2 2025, $13,860/ day. For first half 2025, $13,538/ day. As of the date of the announcement, we have successfully covered 67% of our Capes ize and Panamax vessel days for the second half of 2025. That's starting from July 1, with an average rate of $22,000 and $18,000/ day, respectively.
For Ultramax, Supramax, 45% of vessel days were covered at an average rate of $14,000/ day for the second half of 2025. For the daily vessel running cost of owned vessels, as mentioned in the earlier slides, for Q2 2025, the daily running cost of our owned vessels, $6,719/ day, which represents a good increase from Q2 2024, but this is mainly due to taking on new vessels where a lot of the initial cost, spares, and consumables will be bought right away. I think this pattern is, most of those who follow our company will be quite familiar. Outlook. The outlook is, I have to say in the current operating environment, there's a lot of uncertainty. There's uncertainty due to geopolitics, trade war between, China-U.S. trade war, tariff war, actual military, military actions taking place in, from Ukraine to the Middle East.
There's a lot of unrest in our world right now that causes a lot of disruptions in terms of trade routes. What we have observed is that the appetite to commit long term has reduced, be it from long-term charters to the ordering of new vessels, has reduced in recent months. Market participants, our fellowship owners, charters are all afraid to commit to long term. Adding to that, I think there has been, although the supply-demand, maybe let me step back, maybe not supply-demand, but the supply of new ships has been relatively sensible in our view. However, nevertheless, a lot of new ships were ordered, and these ships will be coming online. They are actually already slowly coming online.
This actually will somewhat add supply to the market, given the market has been relatively buoyant, where the scrapping of old vessels is not as high as we wished them to be. Overall, we believe that we remain again to be cautiously optimistic. We will continue to maintain a very healthy balance sheet. We are doing our best to take opportunities to maintain a young fleet, sell down older ships to other aspiring owners, and take on new ships. We ordered a couple in the new building market, and we will, when the opportunity arises, as shown before, we are not afraid to buy some younger ships in the secondhand market. All these actions will be subject to maintaining a strong balance sheet. I think having a strong balance sheet, maintaining good liquidity, low gearing is crucial. It's of pinnacle importance for shipping. This is all from me.
If you have any questions, please fire away. Thank you for your question. You know, when we consider a sales and leaseback agreement, we have to consider firstly, is there good demand in the S&P market? When I say good demand, I mean aspiring buyers willing to pay a price tag that, you know, we find attractive. Second consideration is that, you know, whether we have any, our customers, we see from our customer base whether there's need to maintain higher, you know, maintain the current carrying capacity. For example, right now, we have 2.6 million tons of carrying capacity. If we sell down ships directly, then we lose that carrying capacity. Sometimes we want to maintain certain carrying capacity so that we can continue to service our customers.
Some ships, some of our ships, our customers, you know, have a preference over, so we would continue to use certain ships and hence arrange a sales and leaseback arrangement to service certain customers. I hope this answers your question if you understand what I mean. Yeah, crew costs are a hard nut to crack in our world. There's been a bit of inflation, but also a good part of it is because when we take on new ships, we need to buy quite a substantial amount of new spare parts, consumables, etc. All these will be booked right away. This will cause a rise on average, average daily running cost. It will, it should ease. Sorry, it's not should. It will ease off as quickly as in Q3. Part of it will be inflation, in particular crew costs.
We are also doing some voyage contracts, so we will be absorbing some bunker costs. This will be subject to how the bunker price will move in the future. Inflation, I'm afraid, is something that we cannot avoid. Okay. If there are no further questions, I'll call this the end of the presentation. Thank you very much for joining Jinhui Shipping and Transportation Q2 and half-year Results Presentation. We look forward to bringing further good news to shareholders in the next quarter. Thank you.