FOURTH QUARTER REPORT FOR THE QUARTER ENDED 31 DECEMBER 2009 AND PRELIMINARY ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009

HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2009:
- Revenue for the year: US$349 million
- Net profit for the year: US$154 million
- Basic earnings per share: US$1.8305
- Gearing ratio as at 31 December 2009 reduced to 45%

HIGHLIGHTS FOR THE FOURTH QUARTER OF 2009:
- Revenue for the quarter: US$83 million
- Net profit for the quarter: US$33 million
- Basic earnings per share: US$0.3906

The Board of Directors of Jinhui Shipping and
Transportation Limited (the 'Company') is pleased to
announce the unaudited consolidated results of the
Company and its subsidiaries (the 'Group') for the
quarter and year ended 31 December 2009.

The Group achieved revenue of US$349,340,000 and net
profit of US$153,842,000 for year 2009 in the midst
of financial crisis and the extremely tough
environment in the dry bulk sector. Basic earnings
per share for year 2009 was US$1.8305 whereas
US$2.8417 was reported in 2008.

In the fourth quarter, the Group reported revenue and
net profit of US$82,680,000 and US$32,826,000 as
comparing to US$105,543,000 and US$10,609,000 over
the last corresponding quarter. Basic earnings per
share for the quarter was US$0.3906 whereas US$0.1262
was reported in last corresponding quarter.

The dry bulk market environment was extremely
challenging after the harsh hit of the financial
turmoil at end of 2008. In early 2009, the global
trade slump had resulted in oversupply of dry bulk
fleet and low charter rates over all types of vessels
in the sector. In order to alleviate the impact of
the worst financial crisis, governments across the
globe have supported their economies by injecting
unprecedented amount of liquidity into financial
systems and these government funding have turned into
massive investments in infrastructure investments
especially in China, India and other emerging
economies. Since then, the demand for dry bulk
commodities resumed in Asia-Pacific region reflected
primarily, the persistent demand from China and
secondly, traditional commodities importing countries
like Korea and Japan.

Comparing to year 2008, where global dry bulk market
soared to record high but slumped unprecedentedly at
end of year, the Group's revenue fell 26% from
US$475,148,000 to US$349,340,000. It was mainly
attributable to the non-performance of certain high
earnings longer term time-charter contracts in early
2009 and low spot charter rates upon redeploying the
relevant vessels into spot contracts. Hence, the
Group's operating results was consequentially
affected and the net profit for the year dropped 36%
to US$153,842,000 when comparing to record net profit
of US$238,828,000 for year 2008. Nevertheless,
majority of our existing reputable charterers
continued to honor the time-charter contracts that
bring a stable earnings stream and a positive
cashflow to the Group in 2009.

During the year, the Group disposed five motor
vessels in order to enhance our financial position as
well as reduce future reliance on leverage. A net
gain of US$8,504,000 on disposal of motor vessels was
recognized in 2009. Excluding the net gain on
disposal of motor vessels, the Group's net profit
would have been US$145,338,000 for the year and
US$176,042,000 for year 2008, representing a decrease
of 17%.

For details, please see attachment on
[http://www.newsweb.no].

This information is subject of the disclosure
requirements acc. to §5-12 vphl (Norwegian Securities
Trading Act).