Core Viewpoint - The shipping sector is experiencing a significant rebound due to the recent reduction in tariffs between China and the U.S., leading to increased stock prices and a surge in shipping demand [1][6]. Group 1: Market Performance - Several listed companies in the shipping sector have seen their stock prices rise sharply, with China National Aviation's stock increasing over 19% on May 15, and its price doubling over four trading days [1]. - The average booking volume for container shipments from China to the U.S. has surged by 277% as of May 14, indicating strong market demand [1]. - In Q1 2025, the shipping sector's top 10 companies reported an average revenue of 8.89 billion yuan, a year-on-year increase of 14.5%, and an average net profit of 1.56 billion yuan, up 35.3% [2][3]. Group 2: Company Performance - Leading companies like China COSCO Shipping Holdings reported a net profit of 11.695 billion yuan in Q1 2025, a 73.12% increase year-on-year, while Jinjiang Shipping's net profit surged by 187.07% to 357 million yuan [2][3]. - China Merchants Port has expanded its global port layout, completing a 51% equity transfer for an Indonesian project and signing an agreement for a Brazilian oil terminal project [5]. Group 3: Operational Trends - The shipping sector is witnessing a diversification in operations, with companies like China COSCO Shipping Ports reporting a 367% increase in overseas terminal profits, driven by contributions from the Mediterranean and Middle East regions [4][5]. - The trend towards green and low-carbon transformation is notable, with several companies investing in methanol-powered vessels and reducing carbon emissions [5]. Group 4: Future Outlook - The recent tariff reductions are expected to lead to a surge in shipping demand, particularly in the Asia-Europe and trans-Pacific routes, as companies rush to mitigate costs and meet delivery deadlines [6][10]. - Analysts predict that the shipping sector is at a turning point, with potential for significant growth as traditional shipping seasons approach and demand rebounds [10].

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue increased by 8.9% to approximately $282.1 million, up from about $259.0 million in 2023[16] - Gross profit rose by 60.5% to $64.4 million, with the gross margin improving from 15.5% in the previous year to 22.8%[11] - Net profit attributable to shareholders surged by 231.6% to $70.3 million, resulting in a net profit margin of 26.5%[11] - Adjusted net profit rose to $74.8 million from $23.8 million, reflecting a significant increase of 213.4%[18] - Total assets increased by 21.7% year-on-year to approximately $598.9 million (2023: $492.1 million), while total borrowings rose by 24.5% to approximately $268.8 million (2023: $215.9 million)[41] - The company recorded other income of approximately $42.9 million, significantly up from about $5.6 million in the previous year, mainly due to gains from the sale of properties and equipment[62] - The company’s profit attributable to shareholders increased from approximately $21.2 million for the year ended December 31, 2023, to about $70.3 million for the current year, representing a growth of 231.6%[65] - The company achieved a profit margin of approximately 33.2% in the shipping services segment, up from 8.4% in 2023, with pre-tax profit increasing by 292.1% to $68.1 million (2023: $17.4 million)[47] Fleet Expansion and Management - The company expanded its fleet capacity by adding 268,574 dwt through the acquisition of 2 new ships, leasing 1, and investing in 5 vessels during the year[9] - A total of 28 new shipbuilding orders were signed, including 13 bulk carriers and chemical tankers, enhancing fleet diversity and reducing market volatility risks[9] - The company plans to launch 5 new bulk carriers, 3 new chemical tankers, and 2 crew transport vessels by 2025, adding a total capacity of 662,651 dwt[21] - The fleet's total capacity decreased by 14.6% year-on-year to 1.23 million dwt, down from 1.41 million dwt in 2023[25] - The number of managed vessels increased by 25% year-on-year, achieving a renewal rate of over 95% in management contracts, reflecting high customer satisfaction[10] - The company plans to expand its fleet, with 20 vessels under construction and an additional 18 vessels ordered through joint ventures, totaling 38 vessels expected to be delivered between 2025 and 2027[52] Market Strategy and Operations - The company plans to establish new offices in Houston, USA, and Dubai, UAE, to strengthen regional market penetration[12] - The company aims to enhance cost control through centralized procurement and resource integration, further improving operational efficiency[12] - The outlook for 2025 indicates a focus on fleet expansion and optimization to mitigate market risks amid global economic uncertainties[11] - The company aims to enhance its market share by leveraging its position as the largest third-party ship management service provider in China, with plans to open offices in Houston and Dubai by 2025[54] - The company has established subsidiaries in key markets including China, Singapore, Japan, Greece, and Germany to enhance service coverage[29] Environmental and Social Governance (ESG) - The company is committed to achieving carbon neutrality and will replace older vessels with new, lower-emission ships as part of its environmental strategy[24] - The company aims to reduce carbon intensity by 40% by 2030 and achieve a 70% reduction by 2050, in line with international regulations[34] - The company received the "Best Energy Saving and Carbon Reduction Action Award" and "Best ESG Practice Case Award" at the 2024 Hong Kong International Financial Forum[35] - The company’s ESG rating improved to A grade following the release of its 2023 ESG report, reflecting enhanced ESG performance[36] - The company has established an Environmental, Social, and Governance (ESG) policy to ensure sustainable business operations and compliance with environmental laws and regulations[109] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[192] - The board consists of 7 members, including 4 executive directors and 3 independent non-executive directors, ensuring a balance of skills and experience[198] - The independent non-executive directors have confirmed their independence according to the listing rules[143] - The company has adopted the principles and code provisions of the Corporate Governance Code as the basis for its governance practices[192] - The board has established mechanisms to ensure independent views and opinions are available, encouraging active participation from independent non-executive directors[197] Financial Commitments and Investments - The company has a capital commitment of approximately $333.7 million as of December 31, 2024, related to 17 vessels under construction, with expected delivery dates spread across 2025 to 2027[75] - The company provided financial assistance to Golden Pegasus Shipping Company Limited totaling approximately $77.3 million, exceeding 8% of the asset ratio[144] - The company entered into a sale agreement for the acquisition of six subsidiaries, with guarantees totaling approximately $237 million and shareholder loans up to $5.6 million[146] - The total amount of advances provided to various subsidiaries is $243,417,000, with $6,417,000 in loans and $237,000,000 in financing guarantees[149] Employee and Talent Management - The company has a competitive compensation package and offers various benefits, including paid annual leave and maternity allowances, to attract and retain talent[115] - The total employee compensation expenses, including directors' remuneration, amounted to approximately $20.7 million for the year[131] - The total remuneration for directors, including basic salary, housing allowance, and discretionary bonuses, was approximately $1.98 million[137] - The group has 320 employees as of December 31, 2024, emphasizing the importance of maintaining good relationships with staff[131] Risks and Challenges - The group faces risks related to fluctuating charter rates and fuel prices, which could adversely affect profitability and cash flow[107] - The group has experienced significant competition in the shipping industry, which may impact customer retention and acquisition[107] - The company is focused on understanding and managing overall business risks effectively[194] Shareholder Information - The major shareholders include Tricor Equity Trustee Limited with 318,750,000 shares (63.75%) and Shining Friends Limited with 247,500,000 shares (49.50%)[160] - The company’s directors hold significant stakes, with Mr. Guo holding 288,750,000 shares (57.75%) and Mr. Chen holding 75,000,000 shares (15.00%) as of December 31, 2024[153] - The company has not granted, exercised, or allowed any options to expire under the share option plan as of the report date[171] Future Plans and Developments - The company plans to utilize the net proceeds of HKD 333.8 million, with 57% allocated for fleet expansion and optimization, including 20 to 25 charter agreements[178] - Digital technology and advanced information technology will be implemented in operations, with an investment of HKD 10 million[178] - The company's annual general meeting is scheduled for June 26, 2025[188]

执行董事兼传播管理集团总裁赵勇先生今天的发布会将分为两个部分首先管理层将针对2024年运营情况业绩表现以及未来发展战略为我们深入讲解之后是问答环节那么接下来我先把时间交给贺总谢谢好的感谢主持人尊敬的各位投资者大家下午好下面由我来 给大家介绍一下公司24年取得的经营情况公司是2012年底注册成立的经过12年的发展公司形成了集传播投资运营及服务的综合一体的航运服务商我们的主要的业务板块主要有三块一个是传播的投资传播的运营和传播的管理 经过12年的发展公司在传播管理方面已经成为全球前十大的传播管理公司我们首次入围是在2023年那2024年的蝉联也是进入到世界的前十名同时我们拥有了一支主船队控制的运力达181万载重墩同时我们是有26艘控制的船队在新建的船我们有38条 新建的船的运力为104万载重吨在控制船队方面在24年底我们自己持有的船舶为26条其中干伞货船为15条邮轮化学品为11条我们是以干伞货船队起家的经过多年的发展随着23年和24年船队整体的 船型的调配发展到今天我们能看到我们的干伞货船是15条邮轮化学品11条逐渐地增加了集团在邮轮和化学品船队的投入同时随着我们不断地出售老旧船舶新船下水使我们的运力不断地增加使 ...

Financial Performance - Revenue for the year ended December 31, 2024, increased to $282.136 million, up from $259.034 million in 2023, representing a growth of approximately 8.1%[5] - Gross profit for the year was $64.376 million, compared to $40.103 million in 2023, reflecting a significant increase of 60.4%[5] - Operating profit surged to $90.103 million, a substantial rise from $28.775 million in the previous year, marking an increase of 213.5%[5] - Net profit for the year reached $74.785 million, compared to $22.018 million in 2023, indicating an increase of 238.5%[5] - Basic earnings per share for the year were $0.141, up from $0.045 in 2023, representing a growth of 213.3%[5] - The company reported a total comprehensive income of $74.613 million for the year, compared to $22.010 million in 2023, reflecting an increase of 238.5%[6] - The company reported a profit before tax of $77,422,000 for the year ended December 31, 2024, up from $22,379,000 in 2023, representing a significant increase of 245.5%[17] - Net profit attributable to shareholders surged by 231.6%, increasing to approximately $70.3 million from $21.2 million in 2023[39] Assets and Liabilities - Total assets as of December 31, 2024, amounted to $598.896 million, an increase from $492.057 million in 2023, reflecting a growth of 21.6%[7] - Total equity attributable to shareholders increased to $225.600 million from $172.332 million in 2023, representing a growth of 30.9%[8] - Non-current liabilities rose to $283.299 million, compared to $245.990 million in 2023, indicating an increase of 15.2%[8] - Total borrowings increased from approximately $215.9 million as of December 31, 2023, to about $268.8 million as of December 31, 2024[82] - Total liabilities increased from approximately $318.3 million to about $367.5 million[86] - The net debt-to-equity ratio improved from approximately 150.5% to about 110.8% due to an increase in cash and cash equivalents[86] Cash Flow and Liquidity - Cash and cash equivalents increased significantly to $65.822 million from $27.996 million in 2023, marking a growth of 135.0%[7] - The company's cash and cash equivalents rose from approximately $28.0 million to about $65.8 million, reflecting a significant increase[88] - The current ratio improved from 1.0 to 1.3, indicating better short-term financial health[88] Fleet and Operations - The company received 2 new ships and invested in 5 additional vessels, adding a total capacity of 268,574 dwt during the year[42] - The company plans to launch 5 new bulk carriers, 3 new chemical tankers, and 2 crew transport vessels in 2025, which will add an additional capacity of 662,651 dwt[42] - The company controls 20 vessels and has invested in 6 joint venture vessels, with a total capacity of 1.23 million dwt, a 14.6% decrease from 1.41 million dwt as of December 31, 2023[46] - The average age of the fleet has decreased from 7.0 years in 2023 to 6.0 years in 2024, reflecting the company's efforts to optimize fleet structure in response to environmental policies[46] - Approximately 120 charter agreements were established during the year, with a combined capacity of about 0.58 million dwt, enhancing operational flexibility[49] Revenue Segmentation - The shipping business generated $205,340,000 in revenue, while the ship management business contributed $76,796,000 for the year ended December 31, 2024[21] - Revenue from the ship management services segment increased by 50.4% year-on-year to $76.8 million, up from $51.1 million in 2023[60] - Revenue from shipping services decreased by approximately $2.6 million or 1.3% to about $205.3 million, primarily due to a reduction in chartered vessels[72] Strategic Initiatives - The company plans to establish new offices in Houston and Dubai by 2025 to enhance service efficiency and market share[43] - The company aims to achieve carbon neutrality with specific targets, including a 40% reduction in carbon intensity by 2030 and a 70% reduction by 2050, in line with international regulations[53] - The company has established a comprehensive shipping management system utilizing big data and AI, enhancing operational efficiency and decision-making capabilities[52] - The company is actively pursuing digital technology and advanced information systems to streamline operations and reduce financial costs[44] Corporate Governance and Compliance - The company has adopted the corporate governance code as the basis for its governance practices and has complied with all applicable code provisions during the year, except for the separation of the roles of Chairman and CEO[105] - The audit committee has reviewed the group's financial controls, risk management, and internal control systems during the year[108] - The company's auditor, PwC, confirmed that the figures in the annual performance announcement are consistent with the audited consolidated financial statements for the year[109] Shareholder Information - The annual general meeting for shareholders is scheduled for June 26, 2025[110] - The company will suspend the registration of share transfers from June 23 to June 26, 2025, to determine eligible shareholders for the annual general meeting[111] - The annual report containing all required information will be made available to shareholders and published on the stock exchange and the company's website[112]

Financial Performance - Revenue for the six months ended June 30, 2024, increased by 15.6% to approximately $137.8 million, up from $119.2 million in the same period of 2023[11]. - Gross profit surged by 127.4% to approximately $37.8 million, compared to $16.6 million in the prior year[11]. - Adjusted net profit rose by 156.5% to approximately $32.6 million, up from $12.7 million in the previous year[11]. - Net profit for the period was approximately $32.6 million, compared to $10.9 million in the same period of 2023[12]. - Earnings before interest and taxes (EBIT) increased to approximately $41.8 million from $16.0 million year-on-year[12]. - Earnings per share (EPS) rose to $0.061, compared to $0.025 in the same period last year[12]. - The group recorded a profit of approximately $32.6 million for the period, up from approximately $10.9 million, reflecting an increase of about $21.7 million or 199.1%[52]. - The group reported a net profit of $30.72 million for the six months ended June 30, 2024, compared to $11.03 million for the same period in 2023, representing a substantial increase of 178.5%[123]. Fleet and Operational Capacity - The controlled fleet consists of 30 vessels with a total capacity of 1.45 million dwt, representing a 9.8% increase from 1.32 million dwt as of June 30, 2023[19]. - The company signed orders for 13 new vessels, all oil tankers/chemical carriers, which will add a total capacity of 353,100 dwt to the fleet[21]. - The company has 20 new vessels under construction, including 13 chemical tankers/oil tankers and 7 bulk carriers, expected to enhance operational capacity significantly[14]. - The average age of the fleet decreased from 7.3 years to 7.0 years compared to the same period last year[19]. - The fleet's total capacity increased by 9.8% year-on-year to 1.45 million dwt, up from 1.32 million dwt in the same period last year[29]. Market Position and Strategy - The company was recognized as one of the top ten ship management companies globally by Lloyd's List in 2023, highlighting its market position[10]. - The company aims to expand its service offerings and enhance operational efficiency in the upcoming quarters[11]. - The management is focused on leveraging its industry experience to capture new market opportunities and drive growth[10]. - Future strategies include potential market expansion and investment in new technologies to improve service delivery[11]. - The company plans to increase the number of oil and chemical tankers to meet improving market demand[39]. Financial Position and Assets - The company's total assets increased by 19.8% to approximately $589.7 million as of June 30, 2024, compared to $492.1 million at the end of 2023[31]. - The asset-liability ratio stood at approximately 67.9%, reflecting a healthy financial position[31]. - The total liabilities rose to approximately $400.4 million as of June 30, 2024, compared to about $318.3 million as of December 31, 2023[62]. - The net debt-to-equity ratio remained relatively stable at approximately 150.2% as of June 30, 2024, compared to 150.5% as of December 31, 2023[62]. - Cash and cash equivalents rose to approximately $44.1 million as of June 30, 2024, compared to about $28.0 million as of December 31, 2023[64]. Employee and Corporate Governance - The group has implemented a stock option plan to attract and retain skilled personnel, as approved by shareholders and directors on March 2, 2023[76]. - The group maintains a good working relationship with employees, with no significant operational disruptions due to industrial actions or labor disputes during the reporting period[76]. - The company has adhered to all applicable corporate governance code provisions, with the exception of the separation of the roles of chairman and CEO[110]. - The company is committed to enhancing corporate governance practices to ensure compliance with the latest developments[110]. Legal and Compliance Matters - A customer lawsuit regarding a cargo shortage was ruled in favor of the group, with the court dismissing the claim for approximately RMB 1.8 million[77]. - The group reached a settlement in April 2024 regarding a lawsuit involving a rental expense dispute, with the court previously ordering compensation of RMB 7,446,326[77]. - The group did not have any sales to a single customer that accounted for 10% or more of total revenue during the reporting period[143]. Environmental Commitment - The company aims to achieve carbon neutrality by gradually replacing older vessels with new, lower-emission ships[18]. - The company aims to reduce carbon intensity by 40% by 2030 and achieve carbon neutrality by 2050, in line with international regulations on greenhouse gas emissions[28]. - The company received the 2024 Green Decarbonization Innovation Application Award for its "GREEN FUTURE" greenhouse gas emission management system, highlighting its commitment to carbon neutrality[28].

Financial Performance - Revenue for the six months ended June 30, 2024, was $137,778,000, an increase of 15.6% compared to $119,171,000 for the same period in 2023[2] - Gross profit for the same period was $37,835,000, significantly up from $16,636,000, reflecting a gross margin improvement[2] - Operating profit increased to $41,122,000 from $14,678,000, indicating a strong operational performance[2] - Net profit for the period was $32,556,000, compared to $10,859,000 in the previous year, representing a year-over-year growth of 200.5%[2] - Basic and diluted earnings per share for the period were both $0.061, up from $0.025 in the prior year[3] - The company reported a net profit attributable to shareholders of $30,721,000 for the six months ended June 30, 2024, compared to $11,028,000 for the same period in 2023, representing an increase of 178%[20] - Adjusted net profit for the period rose by 156.5% year-on-year, from approximately $12.7 million in the first half of 2023 to approximately $32.6 million in the first half of 2024[29] - Earnings before interest and taxes (EBIT) for the period was $41.8 million, up from $16.0 million in the first half of 2023[30] - The group recorded a profit of approximately $32.6 million for the period, an increase of about $21.7 million or 199.1% compared to $10.9 million for the six months ended June 30, 2023[63] Assets and Liabilities - Total assets as of June 30, 2024, amounted to $589,710,000, an increase from $492,057,000 at the end of 2023[5] - Total liabilities increased to $400,350,000 from $318,327,000, reflecting a rise in borrowings and lease liabilities[5] - The company's total assets increased by 19.8% to approximately $589.7 million as of June 30, 2024, compared to $492.1 million at the end of 2023[43] - The total liabilities rose to approximately $400.4 million as of June 30, 2024, up from about $318.3 million as of December 31, 2023, indicating an increase of approximately 25.8%[69] - As of June 30, 2024, the group's total borrowings and lease liabilities amounted to approximately $323.0 million, up from $282.5 million as of December 31, 2023[65] - The net debt-to-equity ratio remained relatively stable at approximately 150.2% as of June 30, 2024, compared to 150.5% as of December 31, 2023[69] Cash Flow and Liquidity - Cash and cash equivalents rose to $44,090,000 from $27,996,000, indicating improved liquidity[4] - The current ratio slightly increased from 1.01 as of December 31, 2023, to 1.02 as of June 30, 2024, indicating improved liquidity[71] - The lease liabilities decreased from approximately $66.6 million as of December 31, 2023, to about $48.9 million as of June 30, 2024, a reduction of approximately 26.6%[68] Fleet and Operations - The controlled fleet consists of 30 vessels with a total capacity of 1.45 million dwt, a 9.8% increase from 1.32 million dwt as of June 30, 2023[34] - The company has 20 new vessels under construction, including 13 chemical tankers/oil tankers and 7 bulk carriers, expected to add a total capacity of 353,100 dwt[36] - The average age of the fleet decreased from 7.3 years to 7.0 years year-on-year[34] - The company has diversified its fleet with various types of vessels, including Capesize, Panamax, and Supramax bulk carriers, to better respond to market changes[32] - The company signed over 55 charter agreements during the period, adding approximately 0.25 million dwt to its fleet capacity[36] - The company aims to achieve carbon neutrality by gradually replacing older vessels with new, lower-emission ships[32] Revenue Segmentation - Total revenue for the shipping business was $104,846,000, and for the ship management business was $32,932,000, resulting in a total of $137,778,000 for the six months ended June 30, 2024[12] - Revenue from the shipping services segment increased by 8.3% to $104.8 million in the first half of 2024, compared to $96.8 million in the same period of 2023[47] - Revenue from ship management services surged by approximately $10.5 million or 47.2% to about $32.9 million, mainly due to an increase in the number of managed vessels under a higher fee structure[55] - The ship management services segment's revenue increased by 47.2% year-on-year to $32.9 million, driven by an increase in managed vessels[45] Gains and Losses - The company incurred a net foreign exchange loss of $2,591,000 for the six months ended June 30, 2024, compared to a loss of $403,000 in the same period of 2023[17] - The company recognized a gain of $16,009,000 from the sale of properties, plants, and equipment for the six months ended June 30, 2024[17] - The company completed the sale of 3 vessels, generating a net gain of approximately $16.0 million from these transactions[31] Corporate Governance and Future Plans - The board did not recommend the distribution of an interim dividend for the period[75] - The board is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[81] - The company has adopted the corporate governance code as a basis for its governance practices and has complied with all applicable code provisions during the reporting period[81] - The company plans to reduce carbon intensity by 40% by 2030 and achieve carbon neutrality by 2050, in line with international regulations[40] - The group plans to expand its fleet by adding 26 vessels from the second half of 2024 to 2027, which is expected to increase total capacity by an additional 940,000 dwt[1] Use of Proceeds - The net proceeds from the global offering amount to approximately HKD 333.8 million after deducting underwriting fees and related expenses[77] - 57% of the net proceeds, approximately HKD 190.3 million, will be used to expand and optimize the company's fleet through the establishment of 20 to 25 charter agreements[77] - 10% of the net proceeds, approximately HKD 33.4 million, is allocated for setting up new offices in strategic locations such as Shanghai, Greece, the Philippines, and Japan to enhance ship management capabilities[77] - 3% of the net proceeds, approximately HKD 10.0 million, will be invested in digital technology and advanced information technology implementation by the end of 2024[77] - 10% of the net proceeds, approximately HKD 33.4 million, is designated for general working capital and other corporate purposes[77] - The total allocation of the net proceeds is 100%, with approximately HKD 329.9 million earmarked for specific uses[77]

Fleet and Operations - The company's fleet consists of a diverse and modern range of dry bulk carriers, including Capesize, Panamax, and Supramax vessels, allowing for flexibility in responding to market changes[1] - The company aims to enhance its fleet by phasing out older vessels and adopting energy-efficient operational measures ahead of the EU emissions trading system implementation in 2024[8] - The company anticipates an increase in demand for new oil tankers due to the expected retirement of older vessels in the shipping industry[14] - The company’s fleet mainly consists of bulk carriers capable of transporting various dry bulk commodities, including coal, grain, and iron ore[40] Financial Performance - The group's revenue for the year ended December 31, 2023, was approximately $259.0 million, a decrease of about $100.1 million or 27.9% from approximately $359.1 million in 2022[44] - Revenue from the management services segment decreased by 4.1% year-on-year to approximately $51.1 million, with a pre-tax profit decline of 23.7% to about $5.0 million, resulting in a profit margin of approximately 9.8%[11] - The gross profit margin decreased from approximately 17.4% in 2022 to about 15.5% in 2023, resulting in a gross profit reduction of 35.7% to approximately $40.1 million, down from $62.4 million in 2022[38] - The net profit attributable to shareholders decreased by 63.0% from approximately $57.3 million in 2022 to about $21.2 million in 2023[38] - The adjusted net profit, excluding listing expenses, decreased by 60.8% from approximately $60.8 million in 2022 to about $23.8 million in 2023[38] Debt and Financial Position - The company's total borrowings and lease liabilities amounted to approximately $282.5 million as of December 31, 2023, compared to $144.2 million as of December 31, 2022[23] - Total borrowings increased from approximately $71.4 million as of December 31, 2022, to about $215.9 million as of December 31, 2023, primarily due to new ship leasing arrangements[52] - The net debt-to-equity ratio rose from approximately 115.1% as of December 31, 2022, to about 150.5% as of December 31, 2023, attributed to increased borrowings[54] - The asset-liability ratio stood at approximately 64.7% as of December 31, 2023, compared to 62.1% a year earlier, indicating a healthy financial position[28] Capital Commitments and Investments - The capital commitments as of December 31, 2023, were approximately $278.5 million, primarily related to nine vessels under construction, with expected deliveries in 2024 and 2025[27] - The company has entered into an agreement to acquire a 40% stake in Seacon Enterprise Pte. Ltd. for $730,000, completed on August 1, 2023[30] - Seacon Shipping agreed to purchase four vessels for a total consideration of $129,200,000 under four shipbuilding contracts[197] - Seacon Shipping entered into a financing lease arrangement to sell a vessel for $30,000,000 and lease it back[171] Risk Management - The company faced foreign exchange risks due to currency fluctuations, with revenues primarily denominated in USD and operational costs in multiple currencies[56] - The group faces potential profitability challenges due to rising marine fuel prices, which may adversely affect business operations[72] - The group is sensitive to fluctuations in the Baltic Dry Index (BDI), which affects charter rates and consequently impacts profitability and cash flow[101] - The group has outsourced crew recruitment to agencies, which poses a risk of liability in case of fraud or misconduct by these agencies[102] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance as detailed in the annual report[195] - The group has complied with all relevant laws and regulations that significantly impact its business operations during the year[104] - The board confirmed compliance with applicable disclosure requirements for related party transactions[152] - The group has established an Environmental, Social, and Governance (ESG) committee to assess and manage climate-related risks and ensure compliance with environmental laws[106] Employee Relations and Culture - The group emphasizes the importance of employees as valuable assets and is committed to providing competitive compensation and attractive promotion opportunities[80] - The group has maintained good working relationships with employees, with no significant operational disruptions due to industrial actions or labor disputes during the year[80] - The group has a training culture aimed at attracting and retaining talent, providing internal training and external seminars related to quality, operations, and safety policies[80] Shareholder Communication and Engagement - The company has established a shareholder communication policy to ensure equal and timely access to information for shareholders[136] - Shareholders can request public information at any time and will receive designated contact details for inquiries[137] - The company encourages shareholders to provide their email addresses for timely communication[141] - All shareholder communications and press releases will be available on the company's website[144] - The board members and senior management will attend the annual general meeting to address shareholder questions[147] - Shareholders are encouraged to participate in meetings and can appoint proxies if unable to attend[145] Charitable Contributions - The group reported a total charitable donation of $4,134.24 during the year, a significant decrease from $23,662.60 in 2022[86] Future Plans and Meetings - The company plans to hold the 2024 Annual General Meeting on June 26, 2024[199] - The proposed final dividend and special dividend are expected to be paid to shareholders listed on the register by July 9, 2024[200] - The company will suspend share transfer registration from July 3 to July 9, 2024, to qualify for the proposed dividends[200]

Financial Performance - The company's net profit for the year was approximately $22.0 million, a decrease from $58.9 million in the previous year[1]. - Revenue decreased by approximately $100.1 million or 27.9% from about $359.1 million for the year ended December 31, 2022, to about $259.0 million for the current year[22]. - Revenue from shipping services fell by approximately $97.9 million or 32.0% from about $305.9 million to about $208.0 million, primarily due to reduced global trade and shipping service demand[23]. - Gross profit declined by approximately $22.3 million or 35.7% from about $62.4 million to about $40.1 million, with a gross margin decrease from approximately 17.4% to 15.5%[27]. - Net profit attributable to shareholders dropped by 63.0% from approximately $57.3 million in 2022 to about $21.2 million in 2023[98]. - Total comprehensive income for the year was $22,010 thousand, a decrease from $58,823 thousand in 2022[109]. - Operating profit decreased to $28,775 thousand from $57,335 thousand, indicating a significant reduction in profitability[106]. Revenue and Fleet Management - Revenue from the managed fleet decreased by 4.1% year-on-year to approximately $51.1 million, with a pre-tax profit decline of 23.7% to about $5.0 million[7]. - The total fleet controlled by the company consisted of 28 vessels, with a total capacity of 1.41 million dwt, representing a 36.9% increase compared to the previous year[8]. - The company has successfully launched 6 new vessels and acquired 2 additional vessels with a total capacity of 33,674 dwt during the year[18]. - The company plans to expand its fleet with 19 vessels currently under construction, expected to be delivered between 2024 and 2027, adding a total of 1,000,590 dwt in new capacity[18]. - The company has signed contracts for over 120 chartered vessels, with a combined capacity of approximately 0.66 million dwt as of December 31, 2023[174]. Market Conditions and Future Outlook - The average daily BDI index decreased by 28.7% year-on-year to approximately 1,378 points, impacting overall revenue which fell by 32% to about $208.0 million[11]. - The company anticipates a recovery in shipping rates, which will drive financial performance growth in the coming year[18]. - Total revenue decreased by 27.9% from approximately $359.1 million in 2022 to about $259.0 million in 2023 due to global trade and geopolitical factors impacting the shipping market[97]. Financial Position and Liabilities - Total assets increased from approximately $287.2 million as of December 31, 2022, to about $492.1 million as of December 31, 2023[47]. - Total liabilities rose from approximately $178.2 million to about $318.3 million during the same period[47]. - The company’s total borrowings increased from about $71.4 million to approximately $215.9 million, mainly due to new vessel leasing arrangements[40]. - The company's net debt-to-equity ratio increased from approximately 115.1% as of December 31, 2022, to about 150.5% as of December 31, 2023, due to increased borrowings[49]. - The debt-to-asset ratio stood at approximately 64.7%, compared to 62.1% as of December 31, 2022, indicating a healthy financial position[100]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.15 per share and a special dividend of HKD 0.115 per share, with the special dividend expected to be paid on July 9, 2024[65]. - The net proceeds from the global offering amounted to approximately HKD 333.8 million, after deducting underwriting fees and related expenses[69]. Environmental and Regulatory Compliance - The company aims to reduce carbon intensity by 40% by 2030 and achieve carbon neutrality by 2050 through fleet renewal and energy-saving measures[96]. - The International Maritime Organization (IMO) requires a 20% reduction in carbon emissions from international shipping by 2030 compared to 2008 levels[180]. - By 2040, the IMO mandates a 70% reduction in carbon emissions from international shipping compared to 2008 levels[180]. - The goal is to achieve net-zero emissions by 2050 or around that timeframe[180]. Operational Developments - The company is focused on expanding its shipping and vessel management services, aiming to enhance operational efficiency and market reach[115]. - The company has established subsidiaries in key markets including China, Singapore, Japan, Greece, and Germany to enhance service delivery[175]. - The company is committed to utilizing digital technology and implementing advanced IT in its operations, with 3% of the net proceeds allocated for this purpose, amounting to HKD 10 million[70].

智通财经APP讯，洲际船务(02409)发布公告，截至2023年12月31日止年度公司股东应占溢利预计将较截至2022年12月31日止年度的公司股东应占溢利减少约60%至70%。 该减少主要由于：收入因本期间全球贸易及航运服务需求下降以及本期间市场租船费及运费率下降而减少;折旧开支因本期间增加若干控制船舶而增加;销售、一般及行政开支增加，主要由于本期间公司股份于2023年3月在联交所上市而产生非经常性上市开支;融资成本增加，主要由于本期间增加若干控制船舶导致外部融资增加以及美国联邦储备局于本期间上调利率导致利率上升;及分占联营公司的溢利净额减少，主要由于本期间全球贸易及航运服务需求下降以及本期间市场租船费及运费率下降导致公司若干联营公司的盈利能力下降。 ...

Financial Performance - Gross profit for the first half of 2023 decreased by 53.8%, from approximately $36.0 million in H1 2022 to about $16.6 million[6]. - Total revenue dropped from approximately $206.0 million in H1 2022 to about $119.2 million in H1 2023, a decrease of 42.2%[19]. - The company recorded a net profit of approximately $1.2 million, down from about $5.2 million in the same period last year, primarily due to reduced global trade and shipping service demand[32]. - The company's profit decreased from approximately $36.2 million for the six months ended June 30, 2022, to about $10.9 million, a decline of approximately $25.3 million or 70.0%[64]. - Revenue for the six months ended June 30, 2023, was $119,171 thousand, a decrease of 42.2% compared to $206,029 thousand for the same period in 2022[186]. - Gross profit for the same period was $16,636 thousand, down 53.8% from $35,988 thousand in 2022[186]. - Operating profit decreased to $14,678 thousand, a decline of 58.8% from $35,592 thousand in the previous year[186]. - Net profit for the period was $10,859 thousand, a decrease of 70.0% compared to $36,220 thousand in 2022[186]. - Total comprehensive income for the period was $10,799 thousand, a significant drop of 70.1% from $36,162 thousand in 2022[161]. Revenue and Costs - Revenue from ship management services decreased by approximately $5.5 million or 19.9% to about $22.4 million from about $27.9 million in the six months ended June 30, 2022[29]. - The company's sales costs decreased from approximately $170.0 million for the six months ended June 30, 2022, to about $102.5 million, a reduction of approximately $67.5 million or 39.7%[61]. - Financing costs increased from about $3.0 million for the six months ended June 30, 2022, to approximately $4.6 million, an increase of about $1.6 million or 52.1%[63]. - The company reported a decrease in sales, general, and administrative expenses to $8,631 thousand, an increase of 65.5% from $5,225 thousand in the previous year[186]. Fleet and Operations - The company has commissioned the construction of 13 new vessels, with 4 already operational in H1 2023, adding a capacity of 321,200 dwt[8]. - An additional 2 new vessels are expected to be operational in the second half of 2023, contributing a further capacity of 98,500 dwt[8]. - The company announced the acquisition of 5 vessels with capacities of 62,000 dwt, 42,200 dwt, and 13,500 dwt to optimize and expand its fleet[8]. - The fleet consists of a diverse range of vessels, including Capesize, Panamax, and Supramax bulk carriers, allowing for flexible market responses[9]. - The company has established strong relationships with shipyards, enabling it to acquire vessels at lower costs and reduce operational expenses[24]. Market Conditions - The average daily BDI index fell by nearly 50% compared to H1 2022, impacting the company's revenue from owned vessels[19]. - In the first half of 2023, the average Baltic Dry Index (BDI) decreased by approximately 49.2% to about 1,157 points from around 2,279 points in the same period of 2022[25]. - The average Baltic Clean Tanker Index (BCTI) fell by about 20.7% to approximately 828 points compared to about 1,044 points in the first half of 2022[25]. - The company reported a decrease in revenue from external customers in the shipping business, down from $178,103,000 in the same period last year to $96,794,000[95]. - The ship management business also saw a decline in revenue from external customers, falling from $27,926,000 to $22,377,000 year-over-year[95]. Strategic Initiatives - The company aims to achieve a 40% reduction in carbon intensity by 2030 and a 70% reduction by 2050, with a goal of carbon neutrality[18]. - The company plans to establish subsidiaries or offices in strategic markets such as Germany and the Philippines to expand its network coverage[14]. - The company plans to establish a business presence in Germany and Southeast Asia, including the Philippines, to enhance ship management capabilities and optimize human resource allocation[27]. - The company is exploring new strategies for market expansion and product development to enhance future performance[97]. - The company plans to actively implement its environmental, social, and governance strategies, including timely fleet updates and eliminations[58]. Financial Position - As of June 30, 2023, the company's capital commitments amounted to approximately $224.6 million, up from $183.0 million as of December 31, 2022, related to nine vessels under purchase contracts[38]. - The company's total segment assets increased from $270,193,000 at the end of 2022 to $414,662,000 as of June 30, 2023[96]. - Total assets for the shipping business as of June 30, 2023, amounted to $398,692,000, with total liabilities of $248,566,000[95]. - Total liabilities increased to $251,412 thousand as of June 30, 2023, compared to $178,237 thousand at the end of 2022, representing an increase of 40.9%[164]. - Non-current borrowings rose to $143,613 thousand, up 133.3% from $61,575 thousand at the end of 2022[164]. - The company’s total equity reached $163,250 thousand, up from $109,010 thousand, indicating a growth of 49.8%[190]. Cash Flow - For the six months ended June 30, 2023, cash generated from operating activities was $15,023,000, a decrease of 55.7% compared to $33,890,000 for the same period in 2022[135]. - Net cash inflow from operating activities was $14,961,000, down from $32,563,000 in the previous year, reflecting a significant decline[135]. - Cash outflow from investing activities totaled $83,021,000, compared to $1,729,000 in the prior period, indicating increased investment expenditures[135]. - Cash inflow from financing activities was $83,984,000, a substantial increase from a cash outflow of $32,068,000 in the same period last year[135]. - The net increase in cash and cash equivalents was $15,924,000, contrasting with a decrease of $1,234,000 in the previous year[135]. - As of June 30, 2023, the total cash and cash equivalents amounted to $35,348,000, up from $23,680,000 at the end of the previous period[135]. Shareholder Information - The company did not recommend the distribution of an interim dividend for the period[44]. - The company has implemented a share option scheme approved by shareholders on March 2, 2023[98]. - The total number of issued ordinary shares as of the report date was 500,000,000[104]. - The total number of shares available for issuance under the stock option plan is 50,000,000 shares, representing 10% of the total issued shares[143]. - The company has not granted, exercised, or allowed any stock options under the stock option plan since its adoption on March 2, 2023[143]. Risk Management - The company continues to face various financial risks, including market, credit, and liquidity risks, which are managed through established financial policies[197]. - The company has not changed its risk management policies since the end of the last fiscal year, maintaining its approach to financial risk management[198]. - The company faces foreign exchange risks due to currency fluctuations, as its revenues are denominated in USD while some expenses are in RMB and JPY[72].