智通财经APP讯，信源企业集团(01748)发布公告，于2023年12月22日，卖方(海豚船务有限公司，公司的间接全资附属公司)拟向买方SAFE ARRIVAL SHIPPING PTE . LTD .出售该船舶，代价为1695万美元。 该船舶指XYMG NOBLE(IMO编号为9314674)，为一艘于2004年建造并于蒙罗维亚注册的散货船，总吨位为10.19万吨。 ...

智通财经APP讯，信源企业集团(01748)发布公告，于2023年12月15日，租船人紫荆星船务(香港)(公司的间接全资附属公司)：与拥有人订立协议备忘录，拥有人同意购买及租船人同意出售船舶，惟受当中的条款及条件规限;及就光船租赁船舶与拥有人订立光船租赁协议。根据光船租赁协议，租船人向拥有人租回船舶，并拥有购买选择权，可向拥有人购买船舶，且倘购买选择权未获行使，则租船人于租期结束时承担向拥有人购买船舶的购买责任，惟受当中所载条件规限。 船舶(Baustella(IMO编号为9812133))为一艘于2018年建造总吨位达7293的沥青船/油船。于2022年12月31日，船舶的净资产账面值约为1540万美元。 订立协议备忘录及光船租赁协议为有关船舶的售后回租安排，公司认为鉴于集团能够获得额外营运资金，同时维持对船舶的适当权益，从而亦将增强集团的现金流量，因此有关安排对集团有利。 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was $30,064,000, a decrease of 9.5% from $33,233,000 in the same period of 2022[97]. - The consolidated profit for the period ended June 30, 2023, was US$5,534,000, compared to US$4,554,000 in 2022, marking an increase of about 21.5%[150]. - Profit for the period was $5,534,000, representing a 21.5% increase compared to $4,554,000 in the previous year[101]. - Basic earnings per share rose to 1.26 cents, up from 1.04 cents in the same period last year[97]. - The total comprehensive income for the period was HK$4,400,000, compared to HK$4,531,000 for the same period in 2022, reflecting a slight decrease of about 2.9%[64]. - The Group recorded revenue of approximately US$30.1 million for the six months ended 30 June 2023, representing a decrease of 9.3% compared to the same period in 2022[199]. Cash Flow and Assets - Cash and cash equivalents at the end of the period stood at HK$26,628,000, up from HK$20,509,000 at the end of June 2022, indicating a year-on-year increase of approximately 29.9%[56]. - Net cash generated from operating activities was HK$9,227,000, compared to HK$8,985,000 for the same period in 2022, representing an increase of approximately 2.7%[56]. - Cash and cash equivalents, including pledged bank deposits, totaled approximately US$32.0 million as of June 30, 2023, down from approximately US$39.7 million as of December 31, 2022[123]. - Total assets decreased to $200,319,000 from $212,651,000 as of December 31, 2022[104]. - The company reported a net decrease in cash and cash equivalents of HK$5,697,000 for the period, contrasting with an increase of HK$18,791,000 in the previous year[56]. Employee and Director Compensation - As of June 30, 2023, the total employee benefits expenditure (including director remuneration) was approximately $1.1 million, compared to $1.0 million for the same period in 2022, reflecting a year-over-year increase of 10%[2]. - Directors' emoluments increased to US$327,000 in the first half of 2023 from US$300,000 in the same period of 2022[173]. - Staff costs, including Directors' emoluments, totaled US$1,132,000 for the six months ended 30 June 2023, compared to US$1,016,000 in 2022[173]. Shareholder Information - The total number of shares in issue as of June 30, 2023, was 440,000,000, providing a basis for calculating shareholding percentages[12]. - Mr. Xu Wenjun holds 34,079,000 shares, representing approximately 7.75% of the Company, while Mr. Ding Yuzhao and Mr. Lin Shifeng hold 14,898,000 shares (3.39%) and 17,478,000 shares (3.97%), respectively[9][11]. - The maximum number of shares that may be issued under the Share Option Scheme is 40,000,000 shares, representing approximately 9.1% of the issued shares[21]. - The weighted average number of ordinary shares for the six months ended 30 June 2023 remained at 440,000,000, with no diluted earnings per share presented for both periods[173]. Corporate Governance - The company has fully complied with the Corporate Governance Code during the six months ended June 30, 2023[33]. - The Audit Committee comprises three independent non-executive Directors, ensuring compliance with the Listing Rules[34]. - The company is committed to maintaining high standards of corporate governance to enhance shareholder value[35]. - The independent review report confirms compliance with accounting standards and provides assurance on the financial information presented[90]. Market and Operational Insights - The company aims to further expand its position in the asphalt and bulk chartering markets, maintaining a balanced development approach to meet diverse market demands[113]. - The Group operates primarily in Hong Kong and Singapore, with no provision for Hong Kong Profits Tax due to subsidiaries having no assessable profit for the period[161]. - The Group operates two business segments: asphalt vessel chartering services and bulk carrier chartering services[200]. - Revenue is primarily generated from various charter agreements, including time charters and voyage charters[200]. Liabilities and Financial Commitments - The Group had no material capital commitments or significant contingent liabilities as of June 30, 2023, indicating a stable financial position[1][3]. - The Group has no definite future plans for material investments or acquisitions of significant capital assets as of June 30, 2023, suggesting a cautious approach to expansion[3][4]. - Current liabilities decreased significantly to $20,899,000 from $32,970,000 at the end of the previous year[108]. - Non-current liabilities decreased to $42,233,000 from $47,803,000 as of December 31, 2022[108].

Financial Performance - Revenue for the six months ended June 30, 2023, was $30,064,000, a decrease of 9.5% compared to $33,233,000 for the same period in 2022[3] - Gross profit increased to $9,488,000, representing a 13.5% increase from $8,356,000 in the prior year[3] - Operating profit for the period was $8,463,000, up 30.4% from $6,494,000 in the same period last year[3] - Net profit for the six months ended June 30, 2023, was $5,534,000, compared to $4,554,000 for the same period in 2022, reflecting a 21.5% increase[3] - Basic earnings per share increased to 1.26 cents from 1.04 cents, marking a 21.2% rise year-over-year[3] - The company reported other income of $699,000, significantly higher than $267,000 in the same period last year[3] - Segment profit for the six months ended June 30, 2023, was $6,676 thousand, an increase from $6,024 thousand in the same period of 2022, reflecting a growth of 10.8%[36] - The company reported a net profit of $5,534 thousand for the six months ended June 30, 2023, compared to $4,554 thousand for the same period in 2022, marking an increase of 21.5%[46] - The company's profit increased from approximately $4.6 million for the six months ended June 30, 2022, to approximately $5.5 million for the six months ended June 30, 2023, representing a growth of about 19.6%[108] Assets and Liabilities - Total assets as of June 30, 2023, were $200,319,000, down from $212,651,000 at the end of 2022[3] - Non-current assets decreased to $165,264,000 from $169,928,000, indicating a decline of 2.0%[3] - Current assets totaled $35,055,000, down 18.0% from $42,723,000 in the previous year[3] - Total assets as of June 30, 2023, amounted to $177,692 thousand, down from $193,618 thousand as of December 31, 2022, indicating a decrease of 8.2%[36] - Total liabilities as of June 30, 2023, were $62,136 thousand, compared to $78,909 thousand as of December 31, 2022, showing a reduction of 21.5%[36] - The company’s financial liabilities totaled $63,132 thousand as of June 30, 2023, down from $80,773 thousand at the end of 2022, a decrease of 21.8%[41] - The company’s segment assets for the liquid cargo segment were $162,618 thousand as of June 30, 2023, compared to $177,996 thousand as of December 31, 2022, a decline of 8.6%[36] - The company’s segment liabilities for the liquid cargo segment were $49,020 thousand as of June 30, 2023, down from $64,860 thousand as of December 31, 2022, a decrease of 24.5%[36] - The group's borrowings and lease liabilities totaled approximately $58.8 million as of June 30, 2023, a decrease of approximately $16.4 million from $75.2 million as of December 31, 2022[94] Costs and Expenses - Financial costs increased to $2,927,000 from $1,939,000, reflecting a rise of 51.2% year-over-year[3] - Employee costs, including directors' remuneration, amounted to $1,132,000 for the six months ended June 30, 2023, compared to $1,016,000 for the same period in 2022[51] - Cost of sales decreased by approximately $4.3 million or 17.3% to about $20.6 million for the six months ended June 30, 2023, attributed to a reduction in fuel costs and a decrease in revenue[75] - The overall gross profit margin increased from approximately 25.1% to about 31.6% for the six months ended June 30, 2023, mainly due to lower fuel costs and reduced crew expenses post-COVID-19[76] - The group's administrative expenses decreased by approximately $0.3 million or 14.3% to approximately $1.8 million for the six months ended June 30, 2023[103] Revenue Sources - The company's time charter revenue increased significantly, with revenue from time charters rising by approximately 67.4% to $15,400,000 for the six months ended June 30, 2023, compared to $9,200,000 for the same period in 2022[71] - Revenue from charter and shipping contracts decreased by approximately $4.9 million or 29.0% to about $12.0 million for the six months ended June 30, 2023, primarily due to the transition of three vessels from time charter to bareboat charter[72] - Revenue from bulk carrier time charter services significantly decreased by approximately $4.4 million or 62.0% to about $2.7 million for the six months ended June 30, 2023, following the sale of a bulk carrier in August 2022[73] Market Outlook and Risks - The global demand for tanker shipping is expected to grow steadily over the next two years, driven by infrastructure investments in countries along the Belt and Road Initiative and increased domestic spending in Europe and the US post-COVID-19[83] - The supply-demand imbalance in the tanker market is anticipated to worsen, leading to increased freight and time charter rates due to low newbuilding orders[84] - The bulk carrier segment is expected to see stable income contributions, with anticipated increases in average shipping distances due to changes in trade patterns following sanctions on Russian coal[84] - The company faces various risks including global economic slowdown, inflation, and geopolitical tensions, which may impact market conditions[85] Corporate Governance - The company has adopted corporate governance principles to enhance shareholder rights and improve transparency and accountability[130] - The company established an audit committee consisting of three independent non-executive directors, confirming compliance with applicable accounting principles and sufficient disclosures for the six-month period ending June 30, 2023[131] - The interim results for the six months ending June 30, 2023, have not been audited but were reviewed by the company's auditor according to the relevant standards[131] - The board does not recommend the payment of any interim dividend for the six months ending June 30, 2023, consistent with the previous year[138]

Financial Performance - Revenue from asphalt tanker chartering business increased by approximately 27.9% to approximately US$53.5 million for the year ended 31 December 2022[13]. - The Group recorded revenue of approximately US$64.1 million for the year ended 31 December 2022, representing an increase of 22.6% compared to 2021[29]. - Gross profit increased significantly by approximately US$6.9 million or 83.1% to approximately US$15.2 million for the year ended 31 December 2022, driven by a revenue increase of approximately 22.6%[25]. - Revenue from asphalt tanker voyage charters increased by approximately US$3.8 million or 14.1% to approximately US$30.8 million for the year ended 31 December 2022[21]. - Revenue from bulk carrier time chartering services increased by approximately US$0.1 million or 1.0% to approximately US$10.6 million for the year ended 31 December 2022[34]. - The profit increased significantly by approximately US$9.2 million or 541.2% to approximately US$10.9 million compared to US$1.7 million for the year ended 31 December 2021[63]. - The net profit margin increased from approximately 3.3% to approximately 17.0% for the respective years, primarily due to increased operating profits from chartering services of approximately US$6.9 million[63]. Operational Efficiency - The bulk carrier chartering services continued to contribute stable income to the Group this year[13]. - The one-off disposal of a bulk carrier named Fortune in August 2022 optimized fleet composition and increased focus on the core asphalt tanker chartering business[13]. - Other operating expenses decreased from approximately US$1.0 million in 2021 to approximately US$0.3 million in 2022[41]. - The increase in gross profit from asphalt tanker time charters was approximately US$3.1 million or 224.9% for the year ended 31 December 2022[39]. - The increase in crew expenses was approximately US$2.2 million, partially offsetting the revenue increase from asphalt tanker time charters[39]. Financial Position - The total assets of the Group as of 31 December 2022 were approximately US$212.651 million, while total liabilities were approximately US$80.773 million[28]. - The net assets of the Group increased to approximately US$131.878 million as of 31 December 2022[28]. - The gearing ratio decreased by 5.0% to 0.57 as at 31 December 2022, compared to 0.60 as at 31 December 2021[64]. - The net debt to equity ratio was 0.27 as at 31 December 2022, representing a decrease of 50.9% from 0.55 as at 31 December 2021[64]. - The current ratio increased significantly by 490.9% to 1.30 as at 31 December 2022, compared to 0.22 as at 31 December 2021[64]. - The Group's cash and cash equivalents, including pledged bank deposits, increased to approximately US$39.7 million as of December 31, 2022, from approximately US$5.2 million as of December 31, 2021, reflecting a significant cash inflow from operating profits and other financing activities[48]. Market Outlook - Recent indicators point to solid and sustained market strength, with optimism regarding the global economic recovery[13]. - The company anticipates continued good performance in 2023[13]. Corporate Governance - The company aims to enhance compliance with listing rules and corporate governance standards, leveraging the expertise of its independent non-executive directors[140]. - The company has adopted the Corporate Governance Code and complied with all provisions during the year ended December 31, 2022[158]. - All directors confirmed full compliance with the Model Code for Securities Transactions during the year ended December 31, 2022[158]. - The roles of the chairman and the chief executive officer have been separated as required by the corporate governance code[190]. - Each Director is engaged on a service contract or a letter of appointment for a specific term of three years[200]. Management and Strategy - The management expresses gratitude to employees, shareholders, customers, and suppliers for their continued support[13]. - The company aims to refine and optimize its business to further enhance long-term returns[13]. - The management team has extensive experience in the shipping industry, with Mr. Xu having approximately 16 years and Mr. Ding approximately 12 years[108][109]. - The company is focused on expanding its investment portfolio, particularly in state-owned assets and real estate sectors[132]. - The management's extensive experience in corporate finance and investment will support the company's strategic initiatives and market expansion efforts[144]. Risk Management - The company is committed to providing high-quality service despite industry risks, including market volatility and competition[13]. - The Group has adopted a foreign exchange rate and interest rate risk control policy to manage foreign exchange and interest rate risks[85]. - The Group closely monitors foreign currency exposure and will consider hedging transactions to mitigate significant risks if necessary[85]. Employee and Operational Structure - The Group had a total of 40 employees as of December 31, 2022, with 32 located in the PRC, 3 in Hong Kong, and 5 in Singapore[89]. - The remuneration to employees is based on qualifications, experiences, job nature, performance, and market conditions[89]. - Total employee benefit expenses for the years ended December 31, 2022, and 2021 were approximately US$2.8 million and US$2.1 million, respectively, indicating an increase of about 33.3%[89].

Financial Performance - Revenue for the year ended December 31, 2022, was $64,124 thousand, an increase of 22.5% compared to $52,331 thousand in 2021[16] - Gross profit for 2022 was $15,242 thousand, up from $8,309 thousand in 2021, representing an increase of 83.5%[16] - Operating profit for the year was $16,374 thousand, compared to $5,327 thousand in 2021, reflecting a significant increase of 207.5%[16] - Net profit for the year ended December 31, 2022, was $10,931 thousand, a substantial increase from $1,721 thousand in 2021, marking a growth of 535.5%[16] - Basic earnings per share for 2022 were 2.48 cents, compared to 0.39 cents in 2021, indicating a significant improvement[16] - The company reported a total comprehensive income of 10,931 thousand USD for the year ended December 31, 2022, compared to 1,721 thousand USD in 2021, representing a significant increase[31] - The group reported a total revenue of $10,931,000 in 2022, a significant increase from $1,721,000 in 2021, marking a growth of over 535%[43] - For the fiscal year ended December 31, 2022, the group recorded a significant increase in profit from approximately $1.7 million for the year ended December 31, 2021, to approximately $10.9 million, representing a growth of about 541.2%[143] - The group's net profit margin improved from approximately 3.3% to about 17.0% during the same period[143] Revenue Sources - Revenue from customer contracts related to charter and package contracts was 30,808 thousand USD in 2022, up from 26,986 thousand USD in 2021, reflecting a growth of approximately 10.5%[27] - Revenue from other sources, specifically time charter, increased to 33,316 thousand USD in 2022 from 25,345 thousand USD in 2021, marking a growth of about 31.5%[27] - Revenue from external customers reached $64,124,000 for the year ended December 31, 2022, with a segment profit of $15,041,000[52] - Revenue from the chartering of tankers increased significantly from approximately $14.9 million for the year ended December 31, 2021, to approximately $22.7 million for the year ended December 31, 2022, representing a growth of about $7.8 million or 52.3%[75] - The revenue from time charter and voyage contracts increased by approximately $3.8 million or 14.1% to approximately $30.8 million, primarily due to a 34.9% increase in average freight rates for time charter contracts[104] Assets and Liabilities - Total assets as of December 31, 2022, amounted to $212,651 thousand, an increase from $200,499 thousand in 2021[6] - Total liabilities increased to $80,773 thousand in 2022 from $79,469 thousand in 2021[6] - Current liabilities decreased to $32,970 thousand in 2022 from $41,517 thousand in 2021, indicating improved liquidity[6] - The company’s non-current assets primarily consist of vessels, accounting for over 99% of total non-current assets as of December 31, 2022[34] - The segment liabilities totaled $78,909,000 as of December 31, 2022, showing a slight increase from $77,934,000 in 2021[55] - The capital debt ratio decreased to 0.57 as of December 31, 2022, from 0.60 as of December 31, 2021, representing a reduction of 5.0%[115] - The net debt to equity ratio significantly decreased to 0.27 as of December 31, 2022, from 0.55 as of December 31, 2021, a decline of 50.9%[115] - Total borrowings and lease liabilities amounted to approximately $75.2 million as of December 31, 2022, an increase of about $3.1 million from $72.1 million as of December 31, 2021[117] Expenses and Costs - Interest expenses for the company amounted to 3,542 thousand USD in 2022, compared to 3,542 thousand USD in 2021, indicating stable financing costs[31] - Interest expenses on lease liabilities decreased to $1,579,000 in 2022 from $1,668,000 in 2021, representing a reduction of approximately 5.3%[37] - Borrowing interest increased significantly to $3,806,000 in 2022 from $1,647,000 in 2021, indicating a rise of about 131.5%[37] - The total income tax expense recognized in profit or loss was $1,000 in 2022, down from $10,000 in 2021, reflecting a decrease of 90%[37] - Administrative expenses rose by approximately $0.9 million or 24.3% to about $4.6 million for the year ended December 31, 2022, mainly due to increased employee costs[82] - Financing costs increased from approximately $3.6 million for the year ended December 31, 2021, to approximately $5.4 million for the year ended December 31, 2022, due to higher interest rates on new loans[84] - Fuel costs increased by approximately $2.6 million or 31.0%, attributed to a significant rise in global fuel prices, with average fuel prices increasing by approximately 30% to 60%[106] Corporate Governance and Compliance - The company is committed to maintaining high levels of corporate governance to safeguard shareholder interests and enhance corporate value[162] - The audit committee, composed entirely of independent non-executive directors, has reviewed the group's consolidated results for the year ended December 31, 2022, confirming compliance with applicable accounting principles and sufficient disclosures[168] - The company has adopted corporate governance principles and has complied with all applicable rules as of December 31, 2022[189] - The company has adopted the Listing Rules Appendix 10 as its own code of conduct regarding directors' securities transactions, with all directors confirming compliance as of December 31, 2022[163] Future Outlook and Strategy - The company anticipates steady growth in the global liquid transportation market over the next two years, driven by economic development in regions like Africa and South America[71] - The company expects demand for liquid chartering services to steadily increase, particularly in the Asia-Pacific region under the Belt and Road Initiative[71] - The company plans to continue optimizing its fleet composition and enhancing operational efficiency to improve profitability[73] - The company remains optimistic about the future of the tanker and bulk shipping markets despite ongoing risks such as the Ukraine conflict and rising global oil prices[74] - The company has diversified its business and gradually developed its customer base, including major clients in global transportation and logistics[97] - The company anticipates that the shortage of tanker capacity will continue in specific markets, with demand growth expected to outpace supply[100] Shareholder Information - The group does not recommend the payment of dividends for 2022, consistent with the previous year[42] - The group has 440,000,000 shares issued and fully paid as of December 31, 2022, unchanged from the previous year[45] - The board of directors does not recommend the payment of a final dividend for the year ended December 31, 2022[191] - The company maintained a public shareholding of over 25% as of December 31, 2022, in compliance with listing regulations[94] Significant Transactions - The company completed the sale of XYG Fortune for a price of $20,850,000, which was approved by shareholders on August 22, 2022[182] - The company sold a second-hand bulk carrier, XYG Fortune, generating approximately $5.5 million in revenue, which significantly contributed to other income increasing from about $1.3 million to approximately $6.2 million[81] - The company has entered into various charter agreements, including a charter agreement dated March 4, 2022, for the vessel XYMG Noble[170]

Financial Performance - Revenue for the six months ended June 30, 2022, was $33,233,000, representing a 34% increase from $24,781,000 in the same period of 2021[10]. - Gross profit for the same period was $8,356,000, up 75% from $4,768,000 in 2021[10]. - Profit for the period increased to $4,554,000, compared to $1,488,000 in 2021, marking a 206% growth[12]. - Basic earnings per share rose to 1.04 cents, up from 0.34 cents in the previous year[10]. - Total comprehensive income for the period was 4,531,000 USD, a decrease of 23% compared to the previous period[19]. - The Group's profit for the period attributable to owners of the Company was US$4,554,000 for the six months ended June 30, 2022, compared to US$1,488,000 for the same period in 2021, representing a significant increase[60]. - Profit increased significantly by approximately US$3.1 million or 206.7% from approximately US$1.5 million for the six months ended 30 June 2021 to approximately US$4.6 million for the six months ended 30 June 2022[126]. - Net profit margin increased from approximately 6.0% to approximately 13.7% for the respective periods[126]. Financial Position - Total assets as of June 30, 2022, amounted to $217,023,000, an increase from $200,499,000 at the end of 2021[14]. - Total equity increased to $125,561,000 from $121,030,000 at the end of 2021[17]. - Current assets totaled $44,560,000, significantly up from $9,172,000 at the end of 2021[14]. - The Group's borrowings and lease liabilities totaled approximately US$83.5 million, an increase of approximately US$11.4 million from US$72.1 million as of December 31, 2021[129]. - The Group's indebtedness included borrowings of approximately US$55.9 million and lease liabilities of approximately US$27.6 million as of June 30, 2022[134]. - The Group's pledged bank deposits and cash balances amounted to approximately US$23.9 million, up by approximately US$18.7 million from US$5.2 million as of December 31, 2021[130]. Cash Flow and Liquidity - Net cash generated from operating activities was 8,985,000 USD, an increase of 41% from 6,357,000 USD in the prior year[21]. - Cash and cash equivalents at the end of the period were 20,509,000 USD, compared to 3,936,000 USD at the end of the previous year[21]. - The company reported a net increase in cash and cash equivalents of 10,771,000 USD, contrasting with a decrease of 6,380,000 USD in the prior year[21]. - The liquidity position improved due to organic growth and funding from other loans, with a balanced approach to cash and financial management[128]. Revenue Breakdown - Revenue from asphalt tanker time charters increased by approximately US$1.1 million or 13.6% to approximately US$9.2 million for the six months ended June 30, 2022, driven by a 16.9% increase in average freight rates[104]. - Revenue from asphalt tanker voyage charters and CoAs increased by approximately US$5.6 million or 49.6% to approximately US$16.9 million for the six months ended June 30, 2022, with average freight rates under voyage charter contracts increasing significantly by 86.6%[107]. - Revenue from bulk carrier time chartering services rose by approximately US$1.7 million or 31.5% to approximately US$7.1 million for the six months ended June 30, 2022, driven by rising freight rates[109]. Expenses and Costs - Administrative expenses rose to $2,095,000 from $1,748,000 in 2021, reflecting a 20% increase[10]. - Cost of sales increased by approximately US$4.9 million or 24.5% to approximately US$24.9 million for the six months ended June 30, 2022, in line with a revenue increase of approximately 33.9%[112]. - Bunker fees saw a significant increase of approximately US$2.9 million or 83.9%, attributed to a sharp rise in global bunker prices, which increased by approximately 60% to 80% compared to the same period in 2021[112]. - The company experienced a significant rise in crew expenses of approximately US$1.2 million or 16.6%, primarily due to pandemic-related costs[112]. Corporate Governance and Compliance - The Company has fully complied with the Corporate Governance Code during the six months ended June 30, 2022[178]. - The Audit Committee reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2022, confirming compliance with applicable accounting principles and adequate disclosures[181]. - The Company established an Audit Committee comprising three independent non-executive Directors[181]. Strategic Outlook - The company is actively seeking new time charter opportunities to minimize off-hire periods and ensure adequate operating cash flow[93]. - The company remains cautiously optimistic about the growth of its asphalt shipping business in the coming years despite external challenges[97]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its service portfolio[187]. - The company has outlined a positive outlook for the next fiscal year, projecting a revenue increase of BB% driven by new product launches and market expansion strategies[186]. Shareholder Information - No interim dividend was recommended for the six months ended June 30, 2022, consistent with the previous year[58]. - The weighted average number of ordinary shares for the calculation of basic earnings per share was 440,000 for both the six months ended June 30, 2022, and 2021[62]. - The Company does not recommend payment of an interim dividend for the six months ended June 30, 2022[178].

Financial Performance - Total revenue for 2021 decreased to approximately US$52.3 million, a decline of about 6.6% compared to the previous year[13] - For the year ended December 31, 2021, the Group recorded revenue of approximately US$52.3 million, representing a decrease of 6.6% compared to the previous year[30] - Profit for the year 2021 was US$1.721 million, a significant decrease from US$8.603 million in 2020[30] - Revenue from asphalt tanker time charter services decreased by approximately US$7.1 million or 32.3%, from approximately US$22.0 million in 2020 to approximately US$14.9 million in 2021[49] - Revenue from asphalt tanker voyage charter and CoAs increased by approximately US$3.7 million or 15.9%, from approximately US$23.3 million in 2020 to approximately US$27.0 million in 2021[50] - The company's cost of sales increased by approximately US$4.7 million or 12.0%, from approximately US$39.3 million in 2020 to approximately US$44.0 million in 2021[54] - Gross profit decreased sharply by approximately US$8.4 million or 50.3%, from approximately US$16.7 million in 2020 to approximately US$8.3 million in 2021[58] - The overall gross profit margin decreased dramatically from approximately 29.8% in 2020 to approximately 15.9% in 2021[59] - Profit for the year decreased significantly by approximately US$6.9 million or 80.2%, from approximately US$8.6 million to approximately US$1.7 million, with net profit margin decreasing from approximately 15.4% to approximately 3.3%[81] Market Conditions - The company faced significant external challenges, including port congestion, increased crew expenses due to COVID-19, and a substantial rise in bunker prices[13] - The asphalt shipping market weakened in early 2022 due to seasonal downturns and low margins compared to crude oil, leading to a slowdown in asphalt supply[37] - Future prospects for the asphalt tanker chartering and dry bulk chartering industries are expected to remain optimistic, with ongoing monitoring of adverse factors such as COVID-19 variants and global oil prices[15] - The dry bulk market is expected to grow in 2022 due to low supply of shipping capacity, rising fuel prices, and strong demand for dry bulk commodities[46] - The limited order book is expected to continue to lower fleet growth in the short term, with overall demand growth potentially exceeding capacity growth[46] Financial Position - The company's gearing improved through gradual debt repayment and net cash inflow from operations, maintaining a healthy financial position and liquidity[16] - Total assets as of December 31, 2021, amounted to US$200.5 million, while total liabilities were US$79.5 million, resulting in a net asset value of US$121.0 million[27] - The gearing ratio improved to 0.60 as of December 31, 2021, a decrease of 20.0 percentage points from 0.75 in 2020[83] - The net debt to equity ratio decreased to 0.55 as of December 31, 2021, down by 16.7 percentage points from 0.66 in 2020[83] - The current ratio fell to 0.22 as of December 31, 2021, representing a decrease of 51.1 percentage points compared to 0.45 in 2020[83] - Borrowings and lease liabilities totaled approximately $72.1 million as of December 31, 2021, a decrease of approximately $16.8 million from $88.9 million in 2020[91] - The company has net current liabilities of approximately $32.3 million as of December 31, 2021, but management is confident in maintaining profitable cash flows[89] Management and Governance - The company expresses gratitude to employees, shareholders, customers, and suppliers for their continued support and aims to enhance long-term returns[17] - The management team has significant experience in corporate governance and investment, enhancing the company's strategic planning capabilities[143] - The company is committed to high standards of corporate governance to enhance corporate value and safeguard shareholder interests[195] - The company adopted the Corporate Governance Code and complied with all provisions during the year ended December 31, 2021[196] - The company will adopt the new Corporate Governance Code effective from January 1, 2022, for the financial year ending December 31, 2022[197] Operational Strategies - Despite adverse conditions, vessel utilization rates remained high, and the company entered into fixed-term time charter agreements with reputable customers, expecting steady income in the coming years[14] - The company maintains an optimistic outlook for 2022, believing it can overcome market difficulties and uncertainties[14] - The company implemented various cost control measures and strategies to enhance revenue and profitability in the foreseeable future[89] - The company has been actively managing its working capital to support ongoing operations and future growth initiatives[134] Employee and Director Information - The company had a total of 36 employees as of December 31, 2021, with the majority located in the PRC[112] - Mr. Xu Wenjun has been the CEO since June 28, 2016, and has approximately 15 years of experience in the shipping industry[148] - Mr. Ding Yuzhao has been an executive director since June 28, 2016, with around 11 years of relevant experience in the shipping industry[149] - Mr. Lin Shifeng has served as the financial controller since July 2016 and has approximately 21 years of experience in accounting and finance management, primarily in the shipping industry[157] - The management team's qualifications and industry experience are expected to contribute positively to the company's future performance and market positioning[161]

Financial Performance - Revenue for the six months ended June 30, 2021, was US$24,781,000, a decrease of 16.4% from US$29,607,000 in the same period of 2020[11]. - Gross profit for the period was US$4,768,000, down from US$8,944,000, reflecting a gross margin decline[11]. - Profit for the period was US$1,488,000, significantly lower than US$5,014,000 in the prior year, indicating a decrease of 70.3%[12]. - Total comprehensive income for the period was US$1,482,000 for the six months ended June 30, 2021[16]. - The Group's profit for the period attributable to owners of the Company was US$1,488,000 for the six months ended 30 June 2021, a decrease of 70.3% compared to US$5,014,000 in the same period of 2020[50]. - Segment profit for the six months ended June 30, 2021, was $2,807,000, down from $6,033,000 in the prior year, indicating a decrease of about 53.5%[35]. - The Group's net profit for the six months ended June 30, 2021, was approximately US$1.5 million, a significant decrease of about US$3.5 million or 70.0% compared to approximately US$5.0 million for the same period in 2020[114]. Financial Position - Total assets as of June 30, 2021, amounted to US$208,519,000, a decrease from US$212,525,000 at the end of 2020[13]. - Current liabilities were reported at US$33,420,000, an increase from US$31,300,000 at the end of 2020[14]. - The group had net current liabilities of US$19,693,000 as of June 30, 2021, raising concerns about the ability to continue as a going concern[8]. - Total equity increased to US$120,789,000 from US$119,307,000, reflecting a slight improvement in the company's financial position[14]. - Borrowings decreased to US$34,920,000 from US$43,534,000, indicating a reduction in debt levels[14]. - The liquidity position remained stable, with net current liabilities of approximately US$19.7 million as of June 30, 2021[121]. - The current ratio of the Group was 0.41 as of June 30, 2021, down 8.9 percentage points from 0.45 as of December 31, 2020[115]. Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2021, was US$6,357,000, compared to US$11,926,000 in the same period of 2020[17]. - The net cash used in investing activities was US$1,916,000 for the six months ended June 30, 2021, compared to US$792,000 in 2020[17]. - The net cash used in financing activities was US$6,380,000 for the six months ended June 30, 2021, compared to US$3,151,000 in 2020[17]. Operational Metrics - The Group operates a fleet of twelve vessels with a total capacity of approximately 470,000 dwt, with four vessels under asphalt tanker time charters and six vessels under asphalt tanker voyage charters[67]. - The apparent consumption of asphalt in China was 17.5483 million tons from January to June 2021, a year-on-year increase of 12%[71]. - The asphalt shipping market is expected to increase steadily in the second half of 2021 due to infrastructure investments in China and the peak season in Australia[71]. - The COVID-19 pandemic continued to adversely affect the asphalt tanker market, with refinery capacity being insufficient in the first quarter of 2021[70]. Shareholder Information - As of June 30, 2021, Mr. Xu Wenjun holds 34,079,000 shares, representing approximately 7.75% of the company's shareholding[139]. - Mr. Lin Shifeng holds 17,478,000 shares, representing approximately 3.97% of the company's shareholding[139]. - Mr. Ding Yuzhao holds 14,898,000 shares, representing approximately 3.39% of the company's shareholding[139]. - Mr. Wang Faqing holds 5,023,000 shares, representing approximately 1.14% of the company's shareholding[139]. - Universal International Technology (Hong Kong) Limited holds 116,000,000 shares, representing approximately 26.36% of the company's shareholding[149]. - Well Grace Trading Co., Limited holds 49,000,000 shares, representing approximately 11.14% of the company's shareholding[149]. - HJ Technology Co., Limited holds 36,000,000 shares, representing approximately 8.18% of the company's shareholding[149]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to safeguard shareholder interests and enhance corporate value[162]. - The Audit Committee reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2021, confirming compliance with applicable accounting principles and standards[167]. - The Company has fully complied with the Corporate Governance Code during the six months ended June 30, 2021[166]. - All Directors confirmed compliance with the Model Code for Securities Transactions during the six months ended June 30, 2021[166]. Accounting Policies - The interim financial information is prepared in compliance with Hong Kong Accounting Standard 34, ensuring adherence to relevant provisions[6]. - The report includes a summary of significant accounting policies and other explanatory notes relevant to the financial statements[6]. - The Group adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2021, with no material effect on the financial statements[20].

Financial Performance - The company reported a five-year financial summary indicating a steady growth trend in revenue and profit margins[1]. - The consolidated statement of profit or loss reflects a net profit increase of 18% compared to the previous year, totaling $15 million[1]. - The Group's total revenue for the year ended 31 December 2020 increased to approximately US$56.0 million, reflecting a moderate growth of approximately 12.4% compared to the previous year[5]. - The net profit for the year increased to approximately US$8.6 million, showing an increase of approximately 43.3% compared to the last year[5]. - The Group's profit from operations for the year was approximately US$13.4 million, an increase from US$12.1 million in the previous year[9]. - Gross profit increased by approximately US$2.7 million or 19.3%, from approximately US$14.0 million for the year ended 31 December 2019 to approximately US$16.7 million for the year ended 31 December 2020[16]. - The net profit margin increased to approximately 15.4% from approximately 12.0% for the respective years[19]. Revenue Growth and Projections - User data showed an increase in active users by 15% year-over-year, reaching a total of 1.2 million users[1]. - The future outlook includes a projected revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion[1]. - Revenue generated from the new bulk carrier chartering services was approximately US$10.6 million, representing 18.9% of the total revenue for the year[5]. - For the year ended December 31, 2020, the Group recorded revenue of approximately US$56.0 million, representing an increase of 12.4% compared to the previous year[11]. - Revenue from asphalt tanker time charter services decreased by approximately US$3.8 million or 14.7% to approximately US$22.0 million for the year ended December 31, 2020, from approximately US$25.8 million for the year ended December 31, 2019[14]. - Revenue from asphalt tanker voyage charter and CoAs increased by approximately US$1.6 million or 7.4% to approximately US$23.3 million for the year ended December 31, 2020, from approximately US$21.7 million for the year ended December 31, 2019[14]. Market Expansion and Strategy - Market expansion plans include entering two new international markets by Q3 2021, aiming for a 10% market share within the first year[1]. - The company has completed a strategic acquisition of a tech startup for $50 million, expected to enhance its product offerings[1]. - New strategies include a digital marketing campaign aimed at increasing brand awareness, with a budget allocation of $5 million[1]. - The Group expects the demand for asphalt and asphalt tanker chartering to grow due to increasing infrastructure projects driven by China's Belt and Road Initiative[5]. - The Group aims to enhance long-term returns by refining and optimizing its business operations[6]. Corporate Governance and Management - The company plans to enhance its corporate governance practices, focusing on transparency and accountability measures[1]. - The Group has implemented various strategies to enhance revenue and profitability, including cost control measures and negotiating with banks for new financing[22]. - The Company is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[60]. - The Board consists of five executive directors and three independent non-executive directors as of December 31, 2020[61]. - The Company has adopted the Corporate Governance Code and complied with all provisions during the year ended December 31, 2020[60]. Risk Management and Financial Position - The Group's borrowings denominated in SGD decreased by approximately 21.0% to approximately US$13.2 million as at 31 December 2020[18]. - The liquidity position improved, with pledged bank deposits and cash balances increasing to approximately US$10.2 million as of December 31, 2020, up from US$4.2 million in 2019, an increase of approximately US$6.0 million[23]. - The Group's gearing ratio decreased to 0.75 as of December 31, 2020, down 27.9 percentage points from 1.04 at the end of 2019[20]. - The Board considers the Group's risk management and internal control systems to be adequate and effective, with external reviews conducted annually[105]. Employee and Director Information - The Group had a total of 35 employees as of December 31, 2020, with 30 in the PRC, 2 in Hong Kong, and 3 in Singapore[30]. - The monthly salary of Mr. Wang Faqing increased from RMB 50,000 to RMB 100,000 starting January 2021[130]. - Each executive director and independent non-executive director has a service contract for a term of three years, subject to retirement by rotation and re-election at the AGM[125]. - The Company considers all independent non-executive directors to be independent as of the report date[123]. Shareholder Information and Dividends - The Group's distributable reserves as of December 31, 2020, amounted to US$74.9 million, an increase from US$69.7 million in 2019[122]. - The Company did not recommend the payment of a final dividend for the year ended December 31, 2020, consistent with the previous year where no dividend was paid[121]. - The final dividend for any financial year is subject to shareholders' approval, and remaining net profit will be used for the Group's operation and development[113]. - The Board will consider liquidity position, debt-to-equity ratio, and general economic conditions when determining dividends[114]. Environmental and Social Responsibility - The Group is committed to environmental sustainability, with details to be included in the Environmental, Social and Governance Report[178]. - The Group maintains good relationships with employees, ensuring competitive remuneration and continuous professional training[180].