Good morning to everyone. All those in Europe, Americas. Good afternoon to those in Asia. This is Raymond Ching from Jinhui Shipping and Transportation. Welcome to Jinhui Shipping and Transportation Q3 2022 results presentation. I believe you all have read the announcement and have a copy of the presentation, I shall begin. First, I would like to go through the Q3 2022 financial highlights. For the third quarter, we recorded a revenue of $14 million. The net profit for the quarter, $0.3 million. EBITDA at $12 million. Basic earnings per share, $0.003. Gearing ratio at 7%. In Q3, the chartering revenue decreased 2% to $40 million.
This is due to a weakening of the dry bulk market during the quarter. This is despite The number of owned and chartered vessels has increased compared to the last quarter, as in 2021. The reported average TC for Post-Panamax fleet and Supramax fleet are $20,607 per day and $19,408 per day, respectively. A net loss of $3.8 million on bunker was recognized during the quarter. An increase in shipping-related expense is mainly due to increase in vessel operating expenses, such as the crew cost and other pandemic-related manning expenses, as well as increase in number of owned vessels as compared to last corresponding period.
Obviously, you know, there's some non-cash item as well because we have revalued the assets upwards, you know, previously, and as a result, the depreciation figure would have increased. Further, there's a net loss of $4.3 million recognized in the current quarter on the financial assets. This is compared to a net loss of $2.9 million from Q3 2021. During the quarter, we have drawn down new secured bank loans on $24.4 million for the financing of acquisition vessels, and repaid $6.1 million of bank borrowings. There was a CapEx of $38.8 million, of which $25.5 million was paid for a Supramax which was delivered in July 2022, and $13.3 million for dry docking and ballast water tank system.
We previously contracted to acquire two 2014-built Supramaxes, each at a consideration of $25.5 million. Both vessels were delivered in Q4 2022. After the reporting date, i.e. the end of September 2022, two Post-Panamaxes were disposed at a consideration of $17.3 million each. Both vessels were delivered to the purchasers in Q4 2022. One further older Supramax was contracted to dispose at a consideration, or to disposal, at a consideration of $13.3 million and will be delivered to the purchaser before the end of 2022. This next slide are all, you know, reported figures. I think they're self-explanatory, so I won't go through that. The key finance ratios. Total assets as of Q3 2022, $605 million. Secured bank loans, $94.8 million or $94.9 million.
Current ratio at 1.31: 1. Gearing is kept very low at 7%. Working capital, $22.4 million. The available liquidity at $62 million. The return on equity dropped to 0.06%, and so has the return on total assets, 0.05%, a significant drop from before. This is, there's been a lot of volatility in the market. This is not a nice set of performance figures, I'm afraid. In terms of fleet development, we are now at 25 vessels within our fleet. The average age of our fleet is now at 13 years old. Again, we have been, you know, we continue to try to maintain a respectable age profile for our fleet, but avoiding new buildings still.
The outlook is getting more complex and we will be very careful in terms of our fleet development. In terms of chartered-in vessel, we are now operating one chartered-in vessel, a Panamax named TAHO CIRCULAR. We have three vessels remaining that requires ballast water systems. These are the three vessels, and they will be installed in year 2023 and year 2024, respectively. The total debt as of the end of September was $95 million. 51% of that will be repayable within a year, 26% within one to two years, and 23% between two to five years. We have transported more cargo in Q3 2022, 4.1 million tons versus 2.7 million tons as of Q3 2021.
84% of these are the minerals, 8% steel carb products, and 8% is coal. Much of our activity, you know, in Asia, 77% of the cargos are loaded in Asia, excluding China, 14% from Australia, and 9% out of China. In terms of discharging ports, 70% of our cargo are discharged in Asia and 22% in Asia, excluding China. The time charter equivalent as of end Q3. For the Post-Panamax, Panamax fleet, $20,607. Supramax fleet, $19,408. An average of $19,562. You can see this is a decline versus Q3 2021, mainly of the decline in freight rates of the Supramax market. The nine months figure represent a more a better figure.
For the nine months, 2022, the Post-Panamax, Panamax fleet has a $21,593 per day TCE. For the Supramax fleet, $21,125. Average of the fleet, $21,168. In terms of the daily vessel running costs of our own vessels, I'm afraid inflation really has kicked in. Majority is due to the crew costs. Insurance, spare parts, et cetera, all has gone up, but, you know, the main component will be the crew expenses. Including, you know, asking the crew to work in this environment, they are really asking for more remuneration, you know, this is the market. We have been trying to reduce this or put this under control as much as possible.
For example, we are using, you know, a not purely Chinese crew. We've been we're increasing the use of Philippine crews as well. This, you know, the overall inflation in the trend is not changing. You know, all the headline items you read in the financial markets of inflation, you know, they are pretty real. For Q3 2022, the running cost is $6,095 per day, versus Q3 2021, it was below $5,000. Obviously, there will be some. This quarter, there will be additional figures because we have taken in. There will be due to new vessels delivery, et cetera.
The overall trend, I'm afraid that, you know, this running costs will be on an uptrend, I'm afraid. The depreciation figure, as I've mentioned previously, has increased because there was a revaluation upwards before. Hence, this non-cash depreciation item would have increased. There's also a slight increase in finance cost, obviously, because of the drawdown in new loans. As interest rate cycle is not favorable, you know, the interest rates, U.S. dollar interest rates going up, finance cost has also gone up slightly.
In terms of the outlook, I think, you know, before I go into these individual points, you would have noticed that, while we have been increasing or we have bought, you know, new, younger second-hand vessels, at the same time we have been, you know, disposing our older, vessels within our fleet. This serves two purposes. One, it keeps the age profile in check. Secondly, this also serves as, you know, monetizing assets, you know, in order to reduce the debt. We want to keep, you know, our bank borrowings, you know, in check because, in the foreseeable future we do not see, the interest rate cycle, you know, in favor of borrowers.
At the same time, you know, we are keeping, you know, we are becoming more and more aware, you know, of, you know, what's happening in the world. Across the board irregardless of industry we see there's an increased uncertainty in terms of the global economic growth. Since dry bulk, you know, is very much driven by the Asian countries in especially China who has been the biggest commodity importer in the past over a decade. As well as, you know, because you can see the majority of our cargoes are discharged in China. We see, you know, some warning signs that, you know, we need to be prudent in the short term at least.
At the same time, you know, I think, you know, because of this macro environment that many or most people or most business owners or ship owners will be aware of, you know, this actually translates to a reducing investment appetite. This in particular to a sector means that, you know, there's a low appetite to order new building. This has the benefit of keeping the supply in check, of course. This goes to the third point, you know, the limited new building orders given economic and regulatory outlook. Of course, you know, the regulatory outlook, we're talking about the future generation of vessels, you know, that will satisfy all the environmental rules, you know, that will kick in.
Right now again, you know, we don't see any consensus on what is or what will exactly, you know, happen, you know, to the next generation of ship design. Ourselves plus many others are staying on the sideline, you know, shying away from new building orders. Apart from business risk, apart from economic risk, one of the risks that is very, very hard to gauge and predict is the geopolitical risks, you know, all around. That is continues to linger around and we are very, very mindful of that and how these beyond our control geopolitical events would shape the economic future.
The overall way we see the world progress or change going forward is we see that there will be a competition for energy and food supplies. This hopefully will translate to a positive development in our industry. The good thing is that supply is in check, so the missing variable, you know, in the equation would be how would all these factors translate to, you know, possible possible positive demand of dry seaborne trade. Overall, you know, we are cautious. Cautiously optimistic I would say in the short term. It's close to year-end.
I think that, you know, right now that there won't be, you know, any big changes, you know, in, before the let's say Christmas or, you know, actually a few weeks after Christmas it'll be the Chinese New Year holiday. I don't expect any big movements or big positive developments in the freight rates. I think it will be after that. In the meantime, you know, we'll be very, very careful, and we remain hopeful. We'll watch the market very carefully and to try and capture the uptrend or try to maximize the revenue as much as possible. That is all from me now. If you would like to...
If there's any questions, why don't you fire away either verbally or you can type your questions out. Okay, first question. We have noticed the company has sold two Post-Panamax recently. The company's only operating Supramaxes for several fleet. Can you share if there's any plan for restructuring the fleet? Okay, I believe you are talking about, you know, restructuring of the fleet in terms of other dry bulk vessels or maybe other sectors.
The answer is no. Despite the Supramax market recently is not favorable, i.e. has been weak, we still believe that, according and in accordance to our experience, this sector of vessels, given its cargo flexibility, given its flexibility to visit, you know, a huge number of ports relative to larger size vessels, we still believe this is the best class of dry bulk vessels which we know best. We will continue to focus in this sector. If you are talking about other sector of shipping, then the answer is no. We do not have any plans, you know, on that front either. Yes, correct. You know, the bank loans, we've drawn down additional loans, you know, for the as on the page two, I believe, you know, of this presentation, you know, for the acquisition of vessels. The bank loan. Correct.
In terms of, you know, going forward, whether we will continue to dispose vessel and does it mean we'll stop to acquire vessels? You know, again, you know, I would like to stress that, you know, shipping is very volatile, you know, to start with. Right now, you know, the world is very unpredictable, you know, to start with. I think, you know, on both fronts, it's, it has become increasingly, you know, hard to project. Okay. I think, you know, let's say before, you know, if companies would have five scenarios of how the future would play out, you know, in terms of cash flow, you know, forecast, et cetera. Right now, there will probably be 15. It's very hard to predict. You know, it's not an easy.
In terms of your second question, it's very hard for me to answer. Right now, I would say yes. There is a reducing investment appetite. Correct. Will we continue to dispose vessels then? You know, again, it would, you know, it's again, a question that depends on, you know, what, how well the market will be doing. Obviously, we're not gonna buy or sell anything at any prices, but we will just have to be very nimble and react accordingly, to how both the dry bulk shipping market is performing as well as how, you know, against what kind of global economic backdrop, you know, we are facing. You're asking a billion-dollar question.
Again, you know, it's, there's not a hard and fast, you know, sharp rule whether it's a discount to the market or, you know, relatively similar to the, you know, to the market level. I guess it's just timing. Timing of, you know, when the vessels were, you know, finished their previous employment and whether they have been able to capture, you know, certain strengths in the market. No, no particular reason. If it performs in according to the market, better than the market or below the market, it's very often not something that, you know, we have a magic wand to control that.
It just so happens it, you know, a matter of, you know, a few days, in terms of, you know, when, you know, we renew the contract, you know, the numbers will change. I think, you know, a bit more maybe on how we manage our fleet, you know. Obviously, you know, the marketplace is changing so rapidly, you know. I think, you know, not just for us. I believe all of you are very, you know, intimate with the financial markets, equity market, you know. You can see that, you know, there's been a lot of fluidity in the market, where, you know, no matter how seasoned an investor you are, no matter how seasoned an analyst you are, it has been very hard to predict.
For example, when we bought, you know, two younger 2014 second-hand vessels, our objective obviously is to reduce the age profile as well as having, you know, newer vessels, you know, which could allow us, you know, to explore more trades, you know, that could go to, you know, the most demanding ports or carry, you know, let's say for example, carry more grain, for example. Which require, you know, a higher requirement, younger vessels, you know, to put it in simple terms. The market, you know, has become so volatile that, you know, we became very, very alert.
At the same time, you know, we have to sell, you know, some of our older vessels, which again, I would say it serves, it kills several birds in one stone. You know, one, reduce the age profile. Two, monetize assets, you know, to keep, you know, gearing in check. It has not been easy. Sometimes, you know, we just have to be very, very nimble. Anyone has any further questions? If there are no further questions, you know, I'll call this an end. Maybe I can add one further point in terms of, you know, investment appetite. I think, you know, looking at, you know, both, you know, the market in, on the shipping side, looking at the economic outlook, and if we...
I also add another point, looking at the lending appetite from banks. We noticed that, you know, even though when banks are still willing to lend, it's coming at an additional price, given the Fed actions and expectation of how the interest rate will trend. We believe that we have to be very, very careful in terms of loading on too much debt. Call us conservative, when the demand is so unpredictable, when the global economy is so unpredictable, I think it's worthwhile to exercise additional prudence. Okay, that's all from me. I'll call this an end.
Thank you very much and, have a very nice day to everyone. Thank you.