CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2025
Financials Archive
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Condensed Interim Financial Statements for the Half Year ended 30 June 2025
Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income
Other Comprehensive Income
Review of Performance
Income statement
Income statement
Group revenue rose 28.0% to USD285.5 million in 1H2025, from USD223.0 million in 1H2024. This was mainly
driven by increased business activity and container freight rate improvements.
The Container segment delivered a 29.3% rise in revenue to USD261.9 million, from USD202.5 million in 1H2024.
Container volume handled in 1H2025 rose to 990,000 TEUs, compared to 879,000 TEUs in 1H2024 due to higher
volume in existing services as well as taking into account the introduction of two new services in the Middle Eastern
region at end of 2024. This revenue growth was also supported by higher freight rates and an ad-hoc chartering
out of vessels in this segment.
Revenue from the Bulk & Tanker segment grew 15.4% to USD14.7 million from USD12.7 million in 1H2024 due to
the increase in employment days in 1H2025 compared to 1H2024, arising from the addition of two ethylene gas
vessels to the fleet in 1H 2024.
The Logistics segment recorded a 15.6% increase in revenue to USD9.1 million, from USD7.8 million in 1H2024.
This was mainly due to an increase in fourth-party logistics business in Indonesia.
Cost of services amounted to USD232.8 million, 19.7% higher than USD194.5 million in 1H2024. This was largely
in line with the increase in operating activities.
Gross profit for 1H2025 thus rose 85.4% to USD52.7 million in 1H2025, compared to USD28.4 million in 1H2024.
In the Bulk and Tanker segment, the gross profit was adversely affected due to technical challenges for certain
vessels.
Marketing & administrative expenses rose 21.5% to USD11.8 million, from USD9.7 million a year ago due to
additional staff and higher salaries to cope with growing business and general increase in the overhead cost.
Other operating income increased to USD2.5 million, compared to USD1.7 million a year ago, mainly due to a
higher foreign exchange gain of USD1.5 million, versus USD0.4 million in 1H2024, in view of the strengthening of
the Singapore Dollar against the US Dollar.
Finance income fell 8.5% to USD7.0 million, compared to USD7.7 million in 1H2024 resulted from lower interest
rates on the Group’s fixed deposits. Finance expenses rose 18.4% to USD8.2 million, from USD6.9 million in
1H2024, reflecting higher bank borrowings secured to finance vessel acquisitions.
Net profit attributable to owners of the Company for 1H2025 thus amounted to USD41.8 million, a two-fold improvement from USD20.9 million in 1H2024.
Balance sheet
Property, plant and equipment amounted to USD273.2 million as at 30 June 2025, compared to USD275.7 million
as at 31 December 2024. The marginal decrease resulted from depreciation charges offset against the capitalisation
of deferred charges arising from scheduled docking of several vessels. Right-of-use assets stood at USD155.1
million as at end-June 2025, versus USD145.2 million as at 31 December 2024, in view of the renewal of two
container vessels on long-term charter hire at higher rates.
The Group held cash and bank balances of USD382.6 million as at 30 June 2025, higher compared to the USD374.5
million held as 31 December 2024.
Trade receivables and trade payables as at 30 June 2025 rose following an increase in business activity in 1H2025.
The decrease in non-current term loans was mainly attributable to the repayment of borrowings. Current and non-current lease liabilities increased, following the renewal of charter-hire agreements for two container vessels.
Condensed Interim Statements of Financial Position
Commentary On Next 12 months prospects
The Group expects the operating environment for the container shipping industry to remain challenging in the near
term. Globally, container freight rates have begun to moderate from earlier highs, following a period of frontloading
of cargoes. Further softening of freight rates is expected, in view of the progressive implementation of US tariffs
across various countries and ongoing geopolitical tensions in the Middle East. While the impact of these shifting
global demand patterns on regional trade lanes is uncertain, the prevailing tightness in vessel supply could provide
some support to freight levels.
Charter rates for container vessels should stay firm, given limited availability of charter tonnage and a newbuild
pipeline stretching into 2027 and beyond. Resale prices for recently built vessels are thus expected to command a
premium. The Group will continue to assess vessel acquisition opportunities carefully, taking into account timing of
customer and vessel requirements, as well as prevailing market conditions as it continues to identify viable
opportunities to expand its services.
While the gas tankers in the Group’s tanker fleet encountered operational challenges in 1H2025, the Group expects
the fleet to improve in employment days in the second half of the financial year.
The logistics business is expected to deliver positive returns, supported by fourth-party logistics business. The
Group continues to see opportunities to grow its fourth-party logistics business, leveraging its expanding track
record and growing demand for such services in Indonesia.
The Group remains committed to a prudent and disciplined approach in managing costs and investments, while maintaining operational agility to respond to market developments.