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CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS AND FULL YEAR ENDED 31 DECEMBER 2023

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Condensed Interim Financial Statements for the six months and full Year ended 31 December 2023


Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income



Other Comprehensive Income



Review of Performance
Income statement



Income statement


The Group recorded revenue of USD277.0 million in 2H2023, 46.1% lower than USD514.4 million in 2H2022. In FY2023, the Group recorded revenue of USD582.9 million in FY2023, a 41.2% contraction from USD990.6 million in FY2022. The decrease in both periods resulted from significantly lower freight rates specifically in the container shipping segment.

In 2H2023, the Group’s container shipping segment recorded revenue of USD256.7 million compared to USD498.5 million in 2H2022 despite a 7% higher container volume of 1,049,000 TEUs. The segment recorded a revenue USD545.3 million in FY2023 versus USD963.4 million in the previous financial year. Container volume handled in FY2023 rose by 1% to 1,956,000 TEUs. While container volume handled was marginally higher yearon-year for both periods, average freight rates had declined during the financial year from the pandemic-driven highs.

The bulk and tanker segment registered a 59.1% rise in revenue to USD10.5 million in 2H2023, from USD6.6 million in 2H2022, mainly due to the deployment of an additional liquefied petroleum gas tanker in July 2023. For FY2023, revenue rose 70.4% to USD18.3 million, from USD10.7 million a year ago, as a result of higher employment days from a larger fleet.

The agency and logistics business generated a stable year-on-year revenue of USD10.0 million in 2H2023. Revenue in FY2023 rose 6.1% to USD19.7 million from USD18.5 million in FY2022. The segment’s performance takes into account higher business volume from its third-party logistics subsidiary in Indonesia.

Cost of sales for FY2023 declined 25.3% to USD474.0 million, taking into account lower bunker prices and a decrease in third-party slot purchases, partly offset by the impairment on right-of-use asset arising from a timechartered vessel.

On account of the above, the Group recorded a gross profit of USD108.9 million in FY2023 compared to USD355.7 million in FY2022.

Other operating income rose to USD8.0 million, from USD0.6 million a year ago, mainly due to a USD3.2 million gain on consolidation in relation to the Group’s acquisition of a 50% stake in the logistics subsidiary in Indonesia as well as foreign exchange gain of USD3.8 million in view of the strengthening of the Indonesian Rupiah and the Singapore Dollar against the US Dollar.

Financial income rose to USD13.1 million in FY2023, compared to USD2.5 million a year ago, contributed by higher interest rate income received for the Group’s fixed deposits.

Share of profit from the Group’s joint venture company rose to USD5.7 million, from USD1.9 million in FY2022, following the increase in the Group’s stake in the joint venture company to 50% in December 2022, from 25% previously.

In view of the above, the Group recorded a net profit after tax of USD101.0 million in FY2023.


Balance sheet
The Group recorded fixed assets of USD217.0 million as at 31 December 2023, compared to USD119.8 million as at 31 December 2022, following the addition of a liquefied petroleum gas tanker and two container vessels.

Right-of-use assets increased to USD173.5 million at the close of FY2023, compared to USD159.3 million at endFY2022, taking into account the net addition of container vessels under long-term charter.

Cash and bank balances amounted to USD358.7 million as at end-FY2023, compared to USD380.9 million as at end-FY2022, taking into account dividend payment and acquisition of new vessels.

The declines in trade receivables and trade payables resulted from lower freight revenue and bunker price.

The increase in current and non-current term loans was mainly due to the financing of the newly acquired vessels, while the increase in current and non-current lease liabilities factored in financing for the new container vessels on long-term time charter.


Condensed Interim Statements of Financial Position



Commentary On Next 12 months prospects


Operating conditions in the container shipping industry are expected to remain challenging, amid disruptions to vessel availability and port congestions wrought by the Red Sea conflict. The Group thus expects freight rates and vessel charter rates to be volatile in the near term. Meanwhile, stronger demand for bunker fuel as vessels reroute to bypass the conflict is expected to put upward pressure on bunker costs.

The Group has taken delivery of six new build container vessels during the year, four on long-term time charter and two acquired. These younger and more efficient vessels will replace older ones and will allow the Group to improve operating cost.

The Group’s tanker fleet comprises a liquefied petroleum gas tanker, a liquefied natural gas tanker and four chemical tankers. The Group continues to expand this segment by signing memorandums of agreement before the close of FY2023 to acquire two ethylene gas carriers to tap into the growing ethylene market in Indonesia. The Group expects to take delivery of the carriers by first half of 2024.

In the meantime, the Group expects its agency and logistics business to continue delivering positive returns – having secured new fourth-party logistics (4PL) contracts for its warehouse in Indonesia.

It will continue to identify viable opportunities to enhance its land-side logistics offerings, including warehouse management and operations.

The Group will maintain its prudent and nimble approach towards cost and operations management, with prevailing macroeconomic challenges in mind. It will also continue to work closely with its partners and customers to meet their logistics needs.