FIRST QUARTER REPORT FOR THE QUARTER ENDED 31 MARCH 2010

HIGHLIGHTS FOR THE FIRST QUARTER OF 2010:
- Revenue for the quarter: US$76 million
- Net profit for the quarter: US$34 million
- Basic earnings per share: US$0.4067
- Gearing ratio as at 31 March 2010: 52%

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 ended 31 March 2010.

The Baltic Dry Index stood at 3,005 points on 1
January 2010, hovered around 3,000 points during the
quarter and closed at 2,998 points on 31 March 2010.
The Group managed to report a net profit of
US$34,185,000 for the quarter as compared to the net
profit of US$50,445,000 for last corresponding
quarter. Excluding the non-recurring items
recognized in 2009, the Group's net profit for the
quarter would have been outperformed last
corresponding quarter by 64%. The solid improvement
in operating results was largely attributable to
stable earnings stream from the Group's fleet and the
reduction in the Group's shipping related expenses in
the quarter.

Basic earnings per share for the quarter was
US$0.4067 whereas US$0.6002 was reported in the first
quarter of 2009.

Comparing to last corresponding quarter, the Group's
revenue for the quarter dropped by 8% to
US$75,625,000 as fewer chartered-in vessels were in
operation during the quarter, albeit three additional
owned vessels were delivered to the Group in March
2010. As the market charter rates in the first
quarter of 2010 had outstripped the exceptionally low
rates in last corresponding quarter, the Group was
able to fix the time-charter contracts at respectable
rates that brought stable earnings stream and a
positive cash flow to the Group. As at 31 March
2010, the Group had twenty seven owned vessels and
operated five chartered-in vessels.

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).