Financial Performance - The company reported a condensed consolidated profit or loss statement for the six-month period ending June 30, 2020, detailing financial performance[9]. - Revenue for the six months ended June 30, 2020, was US$29,607,000, representing a 20.4% increase from US$24,581,000 in the same period of 2019[14]. - Gross profit for the same period was US$8,944,000, up 26.7% from US$7,061,000 in 2019[14]. - Profit for the period was US$5,014,000, a significant increase of 54.0% compared to US$3,253,000 in 2019[15]. - Basic earnings per share increased to 1.23 cents, up from 0.81 cents in the previous year, reflecting a 51.9% growth[14]. - The total comprehensive income for the period was US$4,989,000, compared to a loss of US$15,000 in the previous period, indicating a significant turnaround[20]. - The consolidated profit for the period was $5,014,000, up from $3,253,000 in the first half of 2019, representing a growth of 54.1%[63]. Financial Position - The interim financial information includes a condensed consolidated statement of financial position as of June 30, 2020, reflecting the company's financial health[9]. - Total assets as of June 30, 2020, were US$220,377,000, slightly up from US$218,965,000 at the end of 2019[17]. - Total equity increased to US$115,708,000 from US$105,090,000, marking a 10.4% rise[17]. - Current liabilities decreased to US$32,376,000 from US$43,672,000, indicating a reduction of 26.0%[17]. - Non-current liabilities increased to US$72,293,000 from US$70,203,000, reflecting a 2.9% rise[17]. - The Group recorded net current liabilities of US$15,497,000 as of June 30, 2020, raising concerns about the ability to continue as a going concern[12]. - The Group's net current liabilities were approximately US$15.5 million as of June 30, 2020[135]. Cash Flow - For the six months ended June 30, 2020, the net cash generated from operating activities was US$11,926,000, compared to US$7,243,000 for the same period in 2019, representing an increase of approximately 65.5%[22]. - The Group reported a net increase in cash and cash equivalents of US$7,983,000 for the six months ended June 30, 2020, compared to a decrease of US$5,695,000 in the same period of 2019[22]. - The Group's cash and cash equivalents at the end of the period were US$9,041,000, compared to US$4,711,000 at the end of the previous period, reflecting a strong liquidity position[22]. Compliance and Governance - The report complies with Hong Kong Accounting Standard 34 "Interim Financial Reporting," ensuring adherence to regulatory requirements[10]. - The independent review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, focusing on financial and accounting inquiries[11]. - The company is responsible for the preparation and presentation of the interim financial information, ensuring accuracy and compliance[10]. - The Group has adopted all new and revised Hong Kong Financial Reporting Standards effective from January 1, 2020, with no material effect on its financial statements[35]. - The Audit Committee reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2020, confirming compliance with applicable accounting principles and standards[184]. - The Company has adopted the Corporate Governance Code and confirmed compliance with all provisions during the six months ended 30 June 2020[180]. Share Capital and Dividends - The Company did not recommend the payment of an interim dividend for the six months ended 30 June 2020, consistent with the previous year where no dividend was declared[78]. - The issued and fully paid share capital increased to US$4,400,000 as of 30 June 2020, up from US$4,000,000 as of 31 December 2019, following the issuance of 40,000,000 new shares[91]. - An aggregate of 40,000,000 shares was allotted and issued at HK$1.092 per share, raising total cash consideration of HK$43,680,000 (approximately US$5,628,866) on June 3, 2020[189]. Operational Insights - The report outlines the management discussion and analysis section, which provides insights into the company's performance and strategic direction[2]. - The Group operates a fleet of twelve vessels with a total capacity of approximately 470,000 dwt, with seven vessels under asphalt tanker time charters and three under asphalt tanker voyage charters[104]. - The Group's major customers include global shipping and logistics groups, independent energy traders, and publicly traded energy companies based in the United States[105]. - The Group is cautiously optimistic about the asphalt tanker charter market in the second half of the year, anticipating increased expenditure on construction and infrastructure sectors post-COVID-19[111]. Risks and Challenges - The company faced challenges from geopolitical risks, including increased sanctions against Iran and Venezuela, which may impact economic recovery and the shipping industry[115]. - The Baltic Exchange Capesize Index (BCI) experienced a downturn, marking its first negative territory for almost two months, influenced by multiple factors including seasonality and the COVID-19 pandemic[114]. Employee and Corporate Structure - As of June 30, 2020, the Group had a total of 37 employees, with 32 in the PRC, 2 in Hong Kong, and 3 in Singapore[155]. - The company has a significant concentration of shareholding, with several shareholders holding over 5% of the issued share capital[168].

Financial Performance - Total revenue for the year ended December 31, 2019, increased by approximately 16.6% to approximately HK$49.8 million[7] - Revenue for the year ended December 31, 2019, was $49,751,000, representing a 16.5% increase from $42,716,000 in 2018[18] - Profit for the year ended December 31, 2019, was $6,004,000, a slight decrease of 9.2% compared to $6,613,000 in 2018[18] - The Group's gross profit for 2019 was $13,989,000, which is a decrease of 3.5% from $14,491,000 in 2018[18] - Revenue from asphalt tanker time charter services increased by approximately US$2.3 million or 9.8% from approximately US$23.5 million for the year ended December 31, 2018 to approximately US$25.8 million for the year ended December 31, 2019[41] - Revenue generated from asphalt tanker voyage charter and CoAs increased by approximately US$2.5 million or 13.0% from approximately US$19.2 million for the year ended December 31, 2018 to approximately US$21.7 million for the year ended December 31, 2019[41] - The Group's overall gross profit margin dropped from approximately 33.9% for the year ended December 31, 2018 to approximately 28.1% for the year ended December 31, 2019, attributed to a drop in profit margin from asphalt tanker voyage charters and relatively low profit margin from the new asphalt trading business[43] Business Operations - The company commenced asphalt trading business in the first half of 2019, leveraging strong industry networks with major refineries and energy trading companies[8] - The fleet was enlarged by acquiring two second-hand Capesize vessels, increasing the total number of vessels in operation to twelve with a total capacity of 470,000 dwt[9] - The Group operates a fleet of 12 vessels with a total capacity of 470,000 dwt, including 6 asphalt tankers and 2 second-hand Capesize vessels acquired in late 2019[22] - The acquisition of two second-hand Capesize vessels aims to explore new business models and mitigate risks associated with global economic uncertainties[23] - The Group has diversified its business segments, including asphalt tanker chartering, bulk carrier chartering, and asphalt trading[21] Financial Position - The Group's total assets as of December 31, 2019, amounted to $218,965,000, up from $211,014,000 in 2018, indicating a growth of 3.9%[19] - Total liabilities as of December 31, 2019, were $113,875,000, a marginal increase from $111,910,000 in 2018[19] - The Group's net assets amounted to approximately US$105.1 million as of December 31, 2019, compared to US$99.1 million at the end of 2018[52] - The gearing ratio was 1.04 as of December 31, 2019, a decrease of 4.6 percentage points from 1.09 at the end of 2018[52] - The current ratio decreased to 0.23 as of December 31, 2019, down 80.2 percentage points from 1.16 at the end of 2018[52] Economic Environment - The global economic uncertainties due to the COVID-19 outbreak may adversely affect chartering services in 2020[10] - Management remains mindful of uncertainties in the global chartering industry due to trade protectionism and sanctions against Iran and Venezuela[35] - The COVID-19 pandemic has created uncertainty in predicting the impact on chartering services, with management closely monitoring the situation[37] Cost Management - The Group's administrative expenses for 2019 were $2,535,000, a decrease from $3,864,000 in 2018, indicating improved cost management[18] - Administrative expenses decreased by approximately US$1.4 million or 35.9% from approximately US$3.9 million for the year ended December 31, 2018 to approximately US$2.5 million for the year ended December 31, 2019, mainly due to non-recurring listing expenses recognized in 2018[46] - Other income decreased by approximately US$6.7 million or 81.7% from approximately US$8.2 million for the year ended December 31, 2018 to approximately US$1.5 million for the year ended December 31, 2019, primarily due to the absence of non-recurring insurance compensation income[45] Management and Governance - Mr. Xu Wenjun has been the CEO since the company's incorporation on June 28, 2016, and has approximately 13 years of experience in the shipping industry[87] - The company has independent non-executive directors with diverse backgrounds in law and finance, enhancing governance and strategic oversight[100][102][104] - The Company has adopted the Corporate Governance Code and complied with all provisions during the year ended December 31, 2019[125] - The Board consists of six Directors, including three executive Directors and three independent non-executive Directors as of December 31, 2019[127] - The Company is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[123] Risk Management - The Group is exposed to various market risks, including foreign exchange and interest rate fluctuations[191] - The Group has adopted a foreign exchange rate and interest rate risk control policy to manage foreign currency risks, with foreign currency forward contracts previously established for bank loans denominated in SGD, which fully matured during the year ended December 31, 2019[63] - The Group does not have an internal audit function and will engage external parties to review risk management annually[191] Future Outlook - The Group is cautiously optimistic about the asphalt market in the near future, driven by increased demand due to infrastructure projects like the "One Belt One Road" initiative[31] - The Group has no definite future plans for material investments or acquisitions of material capital assets as of December 31, 2019[74]

Financial Overview - The interim financial information includes the condensed consolidated statement of financial position as of June 30, 2019, and related financial statements for the six-month period [7]. - The company is required to prepare interim financial information in compliance with Hong Kong Accounting Standard 34, ensuring accuracy and adherence to regulations [10]. - The independent review report concluded that nothing has come to attention that suggests the interim financial information is not prepared in accordance with HKAS 34 [10]. - The report was conducted by RSM Hong Kong, a certified public accountant firm, on August 27, 2019 [9]. - Revenue for the six months ended June 30, 2019, was $24,581,000, representing a 19.0% increase from $20,641,000 in the same period of 2018 [12]. - Gross profit for the same period was $7,061,000, a decrease of 7.6% compared to $7,642,000 in 2018 [12]. - Profit for the period was $3,253,000, down 32.2% from $4,805,000 in the previous year [13]. - Basic earnings per share decreased to 0.81 cents from 1.60 cents year-over-year [12]. - Total assets as of June 30, 2019, were $204,664,000, a decrease from $211,014,000 at the end of 2018 [14]. - Total equity increased to $102,342,000 from $99,104,000 at the end of 2018, reflecting a growth of 2.3% [15]. - Non-current liabilities decreased to $79,628,000 from $88,861,000, indicating a reduction of 10.5% [15]. - Current liabilities totaled $22,694,000, slightly down from $23,049,000 at the end of 2018 [15]. - Other income increased to $1,226,000 from $713,000, marking a significant growth of 72.0% [12]. - The company reported an exchange loss of $124,000 compared to a gain of $392,000 in the previous year [12]. - Net cash generated from operating activities for the six months ended June 30, 2019, was $7,243,000, compared to $4,065,000 in 2018, representing an increase of 78.8% [20]. - Net cash used in investing activities was $3,446,000 for the six months ended June 30, 2019, a slight decrease from $3,881,000 in 2018 [20]. - Cash and cash equivalents at the end of the period were $4,711,000, up from $2,839,000 at the end of the same period in 2018, indicating a year-over-year increase of 66% [20]. Corporate Governance and Management Changes - The company has appointed Mr. Wang Faqing as Chairman on August 30, 2019, following the resignation of Mr. Ding Xiaoli [3]. - The Group's bank and cash balances totaled $15,949,000, with restricted bank balances amounting to $2,238,000 [20]. - The Group did not recommend the payment of an interim dividend for the six months ended June 30, 2019, consistent with no dividend in the same period of 2018 [90]. - The Audit Committee has reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2019, confirming compliance with applicable accounting principles and standards [183]. - The Audit Committee comprises three independent non-executive Directors, with Mr. Suen Chi Wai as the chairman [182]. - The Company established the Audit Committee in compliance with Rule 3.21 of the Listing Rules and the CG Code [182]. - The Company has adopted the Corporate Governance Code and believes it has complied with the Code during the six months ended June 30, 2019 [179]. - Mr. Ding Xiaoli resigned as the chairman of the Board and executive Director on August 30, 2019 [186]. Lease Accounting and Financial Liabilities - The Group adopted HKFRS 16 Leases from January 1, 2019, which introduced a single on-balance sheet accounting model for lessees [22]. - The cumulative effect of the initial application of HKFRS 16 is recognized in retained profits as of January 1, 2019, without restating comparative information for 2018 [24]. - The Group's principal elements of lease payments amounted to $5,821,000 for the six months ended June 30, 2019 [20]. - The repayment of bank loans was $3,671,000 for the six months ended June 30, 2019, compared to $6,140,000 in 2018, showing a decrease of 40% [20]. - The Group recognized right-of-use assets totaling US$111,930,000 as of June 30, 2019, down from US$114,986,000 on January 1, 2019 [29]. - The right-of-use assets include US$111,767,000 for vessels and US$163,000 for office properties as of June 30, 2019 [29]. - The Group's lease liabilities are initially measured at the present value of lease payments not paid at the commencement date, discounted using the incremental borrowing rate [33]. - The Group's financial liabilities included interest rate swap contracts with a fair value of $264,000 as of June 30, 2019 [66]. - The Group's financial liabilities also included interest rate swap contracts with a fair value of $(167,000) as of June 30, 2019 [67]. - The Group's total liabilities increased by US$199,000 due to the recognition of lease liabilities [40]. - The Group's bank loans and lease liabilities totaled approximately US$98.6 million as of June 30, 2019, a decrease of US$9.2 million compared to December 31, 2018 [141]. - Lease liabilities of approximately US$62.5 million are similarly secured by charges over vessels and corporate guarantees [150]. Revenue and Profitability - Segment profit for the asphalt tanker chartering services was $4,150,000 for the six months ended June 30, 2019, down 32% from $6,107,000 in the same period of 2018 [72]. - The Group commenced its asphalt trading business during the six months ended June 30, 2019, contributing $1,708,000 to total revenue [71]. - Total profit or loss of reportable segments was $4,150,000 for the six months ended June 30, 2019, compared to $6,107,000 in 2018, reflecting a decrease of 32% [72]. - Consolidated profit for the period was $3,253,000, down 32% from $4,805,000 in the same period of 2018 [72]. - The Group's revenue from asphalt tanker chartering services was $22,873,000 for the six months ended June 30, 2019, compared to $20,641,000 in 2018, representing an increase of 11% [80]. - Revenue from time charter services slightly decreased by approximately 2.5% to approximately US$11.7 million for the six months ended June 30, 2019, primarily due to a daily hire rate drop of around 7.6% [122]. - Revenue generated from voyage charter and CoAs increased by approximately US$2.6 million or 30.2%, attributed to the operational commencement of the vessel Lotstella in November 2018 [123]. - The new asphalt trading business commenced during the six months ended June 30, 2019, contributing approximately US$1.7 million to the Group's revenue [124]. - Cost of sales increased by approximately US$4.5 million or 34.6% for the six months ended 30 June 2019 compared to the same period in 2018, driven by an increase in the number of vessels operated and the commencement of a new asphalt trading business [125]. - Gross profit decreased from approximately US$7.6 million for the six months ended 30 June 2018 to US$7.0 million for the six months ended 30 June 2019, a decline of approximately US$0.6 million or 7.9% [130]. - Gross profit margin dropped from approximately 37.0% to 28.7% for the same periods, mainly due to a drop in profit margin from time charters and a low profit margin of approximately 6.3% from the new asphalt trading business [130]. Shareholding Structure - As of June 30, 2019, Mr. Ding Xiaoli holds 264,685,985 shares, representing approximately 66.17% of the company's shareholding [166]. - Mr. Xu Wenjun holds 264,131,725 shares, which is about 66.03% of the company's shareholding [166]. - Mr. Ding Yuzhao has an interest in 272,445,740 shares, equating to approximately 68.11% of the company's shareholding [166]. - Centennial Best Limited, controlled by Mr. Ding Xiaoli, holds approximately 66.03% of the company [166]. - The total number of shares held by major shareholders reflects a concentrated ownership structure, with the top shareholders holding over 66% of the company [175]. - The company has a significant number of shares held by spouses of major shareholders, indicating potential influence on corporate governance [176]. - The report highlights the importance of understanding the shareholding dynamics for assessing control and decision-making within the company [176]. Future Outlook and Strategic Initiatives - The company plans to purchase a secondhand Capesize vessel for approximately US$16.5 million to provide iron ore and coal charter services, adapting to current market conditions [112]. - The demand for asphalt is expected to increase due to infrastructure projects like the "One Belt One Road" initiative, enhancing the company's focus on asphalt trading [112]. - The management remains cautious about uncertainties in the asphalt industry due to trade protectionism and sanctions affecting oil-exporting countries [117]. - The Group aims to enhance service standards and competitiveness through customized shipbuilding plans tailored to customer requirements [107].

Financial Performance - The Group achieved a revenue growth of approximately 26.7% for the year ended December 31, 2018[11]. - Net profit increased by 10.0% during the same period[11]. - Revenue for the year ended December 31, 2018, was US$42,716,000, representing a 26.5% increase from US$33,727,000 in 2017[17]. - Gross profit for 2018 was US$14,491,000, up from US$13,269,000 in 2017, indicating a growth of 9.2%[17]. - Profit for the year 2018 was US$6,613,000, an increase from US$6,032,000 in 2017, marking a growth of 9.6%[17]. - Other income surged by approximately US$7.9 million or 2,633.3% to approximately US$8.2 million for the year ended December 31, 2018, mainly due to US$6.8 million in insurance compensation related to a vessel fire incident[49]. - Profit and total comprehensive income for the year ended 31 December 2018 increased by approximately US$0.6 million or 10.0% to approximately US$6.6 million, while net profit margin slightly decreased to 15.5% from 17.9%[61]. Fleet Expansion - The fleet was strengthened by the addition of three new vessels, bringing the total operational fleet to ten vessels with a total capacity of 92,000 dwt[11]. - The company plans to build two new vessels with a carrying capacity of approximately 21,000 dwt each in 2019, expected to be delivered starting in 2020[31]. - The company plans to continue expanding its fleet and strengthen marketing efforts to seek new asphalt-related business opportunities[12]. - The company plans to build two new vessels in 2019, each with a deadweight of approximately 21,000 tons, aiming to expand the fleet to 12 vessels by 2020[34]. - The increase in profit was primarily due to the revenue growth from three new vessels, which contributed to the overall performance[64]. Financial Position - The total assets of the company increased to US$211,014,000 in 2018, compared to US$164,033,000 in 2017, reflecting a growth of 28.6%[19]. - Total liabilities increased to US$111,910,000 in 2018 from US$89,598,000 in 2017, representing a rise of 24.9%[19]. - The liquidity position improved significantly, with bank deposits and cash balances increasing to approximately US$19.6 million from US$3.9 million in 2017, an increase of approximately US$15.7 million[68]. - The net debt to equity ratio improved to 0.89 as of December 31, 2018, down 9.2 percentage points from 0.98 at the end of 2017[65]. - The gearing ratio as of December 31, 2018, was 1.09, a slight increase of 4.8 percentage points from 1.04 at the end of 2017[65]. Corporate Governance - The company has adopted the Corporate Governance Code to enhance corporate value and safeguard shareholder interests[159]. - The Board believes the company has complied with all applicable code provisions of the Corporate Governance Code since the Listing Date up until December 31, 2018[159]. - The Company has adopted the Model Code for securities transactions by Directors, which was applicable from September 26, 2018[161]. - The Board consists of six Directors, including three executive Directors and three independent non-executive Directors as of December 31, 2018[164]. - The Company encourages all Directors to participate in continuous professional development at the Company's expense[187]. Management Team - The company has a strong management team with diverse backgrounds in shipping, law, and investment, enhancing operational efficiency and strategic decision-making[137]. - The management team has a strong focus on business development and operational efficiency, leveraging their industry experience[107][112]. - The overall management structure includes directors responsible for various aspects of the business, ensuring comprehensive oversight and strategic direction[96][107][112]. - The company emphasizes safety management and operational planning, which are critical in the shipping industry[140]. Listing and Shareholder Relations - The Company successfully listed its shares on the Main Board of The Stock Exchange of Hong Kong Limited on September 26, 2018[10]. - The shares of the company were successfully listed on the Main Board of the Stock Exchange of Hong Kong Limited on September 26, 2018, with a global offering of 100,000,000 shares at HK$1.50 each[29]. - Approximately 90.2% of the net proceeds from the Global Offering, or approximately HK$111.1 million (equivalent to approximately US$14.2 million), will be used for expanding the Group's fleet by purchasing two new vessels in the next two years[89]. - The net proceeds raised by the Group have not been utilized from the Listing Date up to the date of this report, with plans to execute shipbuilding in the second half of 2019[92]. Challenges and Outlook - The management is confident about future growth despite challenges ahead[12]. - The global asphalt tanker chartering market is expected to remain relatively stable in 2019 despite potential declines in demand due to slowing economic growth[36].