Sailing Through Changing Times — Annual Report 2025/2026
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentUS dollars thousands | 98,595 | 104,830 | – | – | PDF p. 76 |
| Right-of-use assetsUS dollars thousands | 454 | 866 | – | – | PDF p. 76 |
| GoodwillUS dollars thousands | 466 | 544 | – | – | PDF p. 76 |
| Interests in subsidiariesUS dollars thousands | – | – | 124,172 | 33,274 | PDF p. 76 |
| Investment in an associated companyUS dollars thousands | – | 1,815 | – | * | PDF p. 76 Label p. 76 |
| Derivative financial assetUS dollars thousands | 309 | 554 | – | – | PDF p. 76 |
| Non-current assetsUS dollars thousands | 99,824 | 108,609 | 124,172 | 33,274 | PDF p. 76 |
| Current assets | |||||
| InventoriesUS dollars thousands | 318 | 404 | – | – | PDF p. 76 |
| Trade and other receivablesUS dollars thousands | 4,270 | 3,439 | 17 | 13 | PDF p. 76 |
| Amount due from subsidiariesUS dollars thousands | – | – | 18,164 | 85,739 | PDF p. 76 |
| Other investmentsUS dollars thousands | 1,177 | – | – | – | PDF p. 76 |
| Derivative financial assetUS dollars thousands | 285 | 437 | – | – | PDF p. 76 |
| Cash and bank balancesUS dollars thousands | 97,643 | 80,014 | 72 | 254 | PDF p. 76 |
| Current assetsUS dollars thousands | 103,693 | 84,294 | 18,253 | 86,006 | PDF p. 76 |
| Current liabilities | |||||
| Trade and other payablesUS dollars thousands | 7,303 | 5,747 | 115 | 106 | PDF p. 76 |
| Amount due to subsidiariesUS dollars thousands | – | – | 8,114 | 9,982 | PDF p. 76 |
| Lease liabilitiesUS dollars thousands | 453 | 419 | – | – | PDF p. 76 |
| Bank borrowingUS dollars thousands | 5,310 | 5,310 | – | – | PDF p. 76 |
| Current liabilitiesUS dollars thousands | 13,066 | 11,476 | 8,229 | 10,088 | PDF p. 76 |
| Net current assetsUS dollars thousands | 90,627 | 72,818 | 10,024 | 75,918 | PDF p. 76 |
Original report: PDF p. 76 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Lease liabilitiesUS dollars thousands | 39 | 485 | – | – | PDF p. 77 |
| Bank borrowingUS dollars thousands | 13,277 | 18,587 | – | – | PDF p. 77 |
| Deferred incomeUS dollars thousands | 32,988 | 31,523 | – | – | PDF p. 77 |
| Non-current liabilitiesUS dollars thousands | 46,304 | 50,595 | – | – | PDF p. 77 |
| Net assetsUS dollars thousands | 144,147 | 130,832 | 134,196 | 109,192 | PDF p. 77 |
| Equity attributable to owners | |||||
| of the Company Share capitalUS dollars thousands | 33,575 | 33,575 | 33,575 | 33,575 | PDF p. 77 Label p. 77 |
| Treasury sharesUS dollars thousands | (2,013) | (2,013) | (2,013) | (2,013) | PDF p. 77 |
| Other reservesUS dollars thousands | 71 | 51 | – | – | PDF p. 77 |
| Retained earningsUS dollars thousands | 112,514 | 99,219 | 102,634 | 77,630 | PDF p. 77 |
| Total equityUS dollars thousands | 144,147 | 130,832 | 134,196 | 109,192 | PDF p. 77 |
Original report: PDF p. 77 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Group income statement — FY2026 source | |||
| RevenueUS dollars thousands | 50,593 | 48,554 | PDF p. 74 |
| Other operating incomeUS dollars thousands | 545 | 719 | PDF p. 74 |
| Depreciation expenseUS dollars thousands | (7,907) | (8,177) | PDF p. 74 |
| Vessel operation costsUS dollars thousands | (5,371) | (6,010) | PDF p. 74 |
| Transportation, warehouse and terminal operating costsUS dollars thousands | (7,557) | (8,919) | PDF p. 74 |
| Staff and crew costsUS dollars thousands | (15,312) | (14,352) | PDF p. 74 |
| Other operating expensesUS dollars thousands | (2,203) | (2,014) | PDF p. 74 |
| Results from operating activitiesUS dollars thousands | 12,788 | 9,801 | PDF p. 74 |
| Finance and investment incomeUS dollars thousands | 1,880 | 2,653 | PDF p. 74 |
| Finance costsUS dollars thousands | (740) | (930) | PDF p. 74 |
| Exchange differencesUS dollars thousands | 2,479 | (214) | PDF p. 74 |
| Share of results of an associated company, net of taxUS dollars thousands | 10 | 74 | PDF p. 74 |
| Profit before taxUS dollars thousands | 16,417 | 11,384 | PDF p. 74 |
| Income tax expenseUS dollars thousands | (2) | (2) | PDF p. 74 |
| Profit for the yearUS dollars thousands | 16,415 | 11,382 | PDF p. 74 |
| Attributable to: Owners of the CompanyUS dollars thousands | 16,415 | 11,382 | PDF p. 74 Label p. 74 |
Original report: PDF p. 74 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Earnings per share (US cents): | |||
| Basic and dilutedUS cents per share | 4.1 | 2.8 | PDF p. 74 |
Original report: PDF p. 74 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Group comprehensive income — FY2026 source | |||
| Profit for the yearUS dollars thousands | 16,415 | 11,382 | PDF p. 75 |
| Items that are or may be reclassified subsequently to profit or loss: | |||
| Cash flow hedges: - Effective portion of changes in fair value of cash flow hedgesUS dollars thousands | 127 | 16 | PDF p. 75 Label p. 75 |
| - Realised and transferred to income statementUS dollars thousands | (524) | (888) | PDF p. 75 |
| Cash flow hedges:US dollars thousands | (397) | (872) | PDF p. 75 |
| Foreign currency translationUS dollars thousands | 417 | 75 | PDF p. 75 |
| Other comprehensive income for the year, net of taxUS dollars thousands | 20 | (797) | PDF p. 75 |
| Total comprehensive income for the yearUS dollars thousands | 16,435 | 10,585 | PDF p. 75 |
| Attributable to: Owners of the CompanyUS dollars thousands | 16,435 | 10,585 | PDF p. 75 Label p. 75 |
Original report: PDF p. 75 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group — Share capital | 2026Group — Treasury shares | 2026Group — Hedging reserve | 2026Group — Currency translation reserve | 2026Group — Retained earnings | 2026Group — Equity attributable to owners | Source |
|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2026 source | |||||||
| Balance at 1 April 2025US dollars thousands | 33,575 | (2,013) | 991 | (940) | 99,219 | 130,832 | PDF p. 78 |
| Total comprehensive income | |||||||
| for the year Profit for the yearUS dollars thousands | – | – | – | – | 16,415 | 16,415 | PDF p. 78 Label p. 78 |
| Other comprehensive income for the yearUS dollars thousands | – | – | (397) | 417 | – | 20 | PDF p. 78 Label p. 78 |
| TotalUS dollars thousands | – | – | (397) | 417 | 16,415 | 16,435 | PDF p. 78 |
| Contributions by and distributions to owners | |||||||
| Dividends paidUS dollars thousands | – | – | – | – | (3,120) | (3,120) | PDF p. 78 |
| TotalUS dollars thousands | – | – | – | – | (3,120) | (3,120) | PDF p. 78 |
| Balance at 31 March 2026US dollars thousands | 33,575 | (2,013) | 594 | (523) | 112,514 | 144,147 | PDF p. 78 |
Original report: PDF p. 78 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — Share capital | 2025Group — Treasury shares | 2025Group — Hedging reserve | 2025Group — Currency translation reserve | 2025Group — Retained earnings | 2025Group — Equity attributable to owners | Source |
|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2026 source | |||||||
| Balance at 1 April 2024US dollars thousands | 33,575 | (2,013) | 1,863 | (1,015) | 90,913 | 123,323 | PDF p. 79 |
| Total comprehensive income | |||||||
| for the year Profit for the yearUS dollars thousands | – | – | – | – | 11,382 | 11,382 | PDF p. 79 Label p. 79 |
| Other comprehensive income for the yearUS dollars thousands | – | – | (872) | 75 | – | (797) | PDF p. 79 Label p. 79 |
| TotalUS dollars thousands | – | – | (872) | 75 | 11,382 | 10,585 | PDF p. 79 |
| Contributions by and distributions to owners | |||||||
| Dividends paidUS dollars thousands | – | – | – | – | (3,076) | (3,076) | PDF p. 79 |
| TotalUS dollars thousands | – | – | – | – | (3,076) | (3,076) | PDF p. 79 |
| Balance at 31 March 2025US dollars thousands | 33,575 | (2,013) | 991 | (940) | 99,219 | 130,832 | PDF p. 79 |
Original report: PDF p. 79 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Company — Share capital | 2026Company — Treasury shares | 2026Company — Retained earnings | 2026Company — Equity attributable to owners | Source |
|---|---|---|---|---|---|
| Company changes in equity — FY2026 source | |||||
| Balance at 1 April 2025US dollars thousands | 33,575 | (2,013) | 77,630 | 109,192 | PDF p. 80 |
| Total comprehensive income | |||||
| for the year Profit for the yearUS dollars thousands | – | – | 28,124 | 28,124 | PDF p. 80 Label p. 80 |
| TotalUS dollars thousands | – | – | 28,124 | 28,124 | PDF p. 80 |
| Contributions by and distributions to owners | |||||
| Dividends paidUS dollars thousands | – | – | (3,120) | (3,120) | PDF p. 80 |
| TotalUS dollars thousands | – | – | (3,120) | (3,120) | PDF p. 80 |
| Balance at 31 March 2026US dollars thousands | 33,575 | (2,013) | 102,634 | 134,196 | PDF p. 80 |
Original report: PDF p. 80 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company — Share capital | 2025Company — Treasury shares | 2025Company — Retained earnings | 2025Company — Equity attributable to owners | Source |
|---|---|---|---|---|---|
| Contributions by and distributions to owners | |||||
| Balance at 1 April 2024US dollars thousands | 33,575 | (2,013) | 56,563 | 88,125 | PDF p. 80 |
| Total comprehensive income | |||||
| for the year Profit for the yearUS dollars thousands | – | – | 24,143 | 24,143 | PDF p. 80 Label p. 80 |
| TotalUS dollars thousands | – | – | 24,143 | 24,143 | PDF p. 80 |
| Contributions by and distributions to owners | |||||
| Dividends paidUS dollars thousands | – | – | (3,076) | (3,076) | PDF p. 80 |
| TotalUS dollars thousands | – | – | (3,076) | (3,076) | PDF p. 80 |
| Balance at 31 March 2025US dollars thousands | 33,575 | (2,013) | 77,630 | 109,192 | PDF p. 80 |
Original report: PDF p. 80 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before taxUS dollars thousands | 16,417 | 11,384 | PDF p. 81 |
| Adjustments for: | |||
| Depreciation expenseUS dollars thousands | 7,907 | 8,177 | PDF p. 81 |
| Interest incomeUS dollars thousands | (1,837) | (2,539) | PDF p. 81 |
| Dividend incomeUS dollars thousands | – | (69) | PDF p. 81 |
| Gain on disposal of investment securitiesUS dollars thousands | – | (45) | PDF p. 81 |
| Gain on step-up acquisition from an associate to a subsidiaryUS dollars thousands | (42) | – | PDF p. 81 Label p. 81 |
| Finance costsUS dollars thousands | 740 | 930 | PDF p. 81 |
| Foreign exchange differencesUS dollars thousands | (2,369) | (195) | PDF p. 81 |
| Share of results of an associated company, net of taxUS dollars thousands | (10) | (74) | PDF p. 81 |
| Operating cash flows before changes in working capitalUS dollars thousands | 20,806 | 17,569 | PDF p. 81 |
| Changes in working capital: | |||
| InventoriesUS dollars thousands | 86 | 88 | PDF p. 81 |
| Trade and other receivablesUS dollars thousands | (742) | 2,048 | PDF p. 81 |
| Trade and other payablesUS dollars thousands | 1,570 | (621) | PDF p. 81 |
| Deferred incomeUS dollars thousands | 1,465 | 1,410 | PDF p. 81 |
| Cash flows from operationsUS dollars thousands | 23,185 | 20,494 | PDF p. 81 |
| Income tax paidUS dollars thousands | (2) | (2) | PDF p. 81 |
| Net cash flows from operating activitiesUS dollars thousands | 23,183 | 20,492 | PDF p. 81 |
Original report: PDF p. 81 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Cash flows from investing activities | |||
| Purchase of property, plant and equipmentUS dollars thousands | (57) | (130) | PDF p. 82 |
| Payment for drydocking expenditureUS dollars thousands | (1,175) | (2,666) | PDF p. 82 |
| Proceeds from disposal of investment securitiesUS dollars thousands | – | 2,020 | PDF p. 82 |
| Interest receivedUS dollars thousands | 1,759 | 3,020 | PDF p. 82 |
| Dividend income from investment securitiesUS dollars thousands | – | 69 | PDF p. 82 |
| Dividend income from an associated companyUS dollars thousands | 1,710 | – | PDF p. 82 |
| Proceeds from capital reduction from an associated companyUS dollars thousands | 157 | – | PDF p. 82 |
| Purchase of other investmentsUS dollars thousands | (1,190) | – | PDF p. 82 |
| Movement in time depositsUS dollars thousands | (70,901) | 37,940 | PDF p. 82 |
| Net cash flows (used in)/generated from investing activitiesUS dollars thousands | (69,697) | 40,253 | PDF p. 82 Label p. 82 |
| Cash flows from financing activities | |||
| Repayment of bank borrowingUS dollars thousands | (5,310) | (5,310) | PDF p. 82 |
| Repayment of lease liabilitiesUS dollars thousands | (471) | (435) | PDF p. 82 |
| Payment of finance costsUS dollars thousands | (718) | (894) | PDF p. 82 |
| Dividends paidUS dollars thousands | (3,120) | (3,076) | PDF p. 82 |
| Net cash flows used in financing activitiesUS dollars thousands | (9,619) | (9,715) | PDF p. 82 |
| Net (decrease)/increase in cash and cash equivalentsUS dollars thousands | (56,133) | 51,030 | PDF p. 82 |
| Cash and cash equivalents at beginning of the yearUS dollars thousands | 56,157 | 4,780 | PDF p. 82 |
| Effect of exchange rate changes on cash and cash equivalentsUS dollars thousands | 2,861 | 347 | PDF p. 82 Label p. 82 |
| Cash and cash equivalents at end of the yearUS dollars thousands | 2,885 | 56,157 | PDF p. 82 |
| Cash and bank balances comprise the following: | |||
| Cash and cash equivalentsUS dollars thousands | 2,885 | 56,157 | PDF p. 82 |
| Time depositsUS dollars thousands | 94,758 | 23,857 | PDF p. 82 |
| Cash and bank balances comprise the following:US dollars thousands | 97,643 | 80,014 | PDF p. 82 |
Original report: PDF p. 82 ↗
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| Metric / unit | 2022Group; financial year ended 31 March | 2023Group; financial year ended 31 March | 2024Group; financial year ended 31 March | 2025Group; financial year ended 31 March | 2026Group; financial year ended 31 March | Source |
|---|---|---|---|---|---|---|
| Financial Results | ||||||
| Revenue (US$’000)US$’000 | 45,808 | 47,366 | 45,492 | 48,554 | 50,593 | PDF p. 24 |
| Net Profit (US$’000)US$’000 | 9,834 | 11,514 | 9,136 | 11,382 | 16,415 | PDF p. 24 |
| Earnings per Share (US cent)US cent | 2.48 | 2.90 | 2.27 | 2.84 | 4.10 | PDF p. 24 |
| Dividend per Share (Singapore cent)Singapore cent | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | PDF p. 24 |
| Return on Equity (%)% | 9.29 | 9.77 | 7.41 | 8.70 | 11.39 | PDF p. 24 |
Original report: PDF p. 24 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group; as at 31 March | 2023Group; as at 31 March | 2024Group; as at 31 March | 2025Group; as at 31 March | 2026Group; as at 31 March | Source |
|---|---|---|---|---|---|---|
| Financial Position | ||||||
| Current AssetsUS$’000 | 54,239 | 67,976 | 75,817 | 84,294 | 103,693 | PDF p. 24 |
| Financial and Other AssetsUS$’000 | 1,482 | 2,160 | 1,754 | 1,964 | 1,229 | PDF p. 24 |
| Investment in an Associated CompanyUS$’000 | 1,638 | 1,672 | 1,741 | 1,815 | - | PDF p. 24 |
| Property, Plant and EquipmentUS$’000 | 121,485 | 115,470 | 109,792 | 104,830 | 98,595 | PDF p. 24 |
| Total AssetsUS$’000 | 178,844 | 187,278 | 189,104 | 192,903 | 203,517 | PDF p. 24 |
| Trade and Other LiabilitiesUS$’000 | 33,114 | 34,950 | 36,574 | 38,174 | 40,783 | PDF p. 24 |
| Bank BorrowingUS$’000 | 39,827 | 34,517 | 29,207 | 23,897 | 18,587 | PDF p. 24 |
| Total LiabilitiesUS$’000 | 72,941 | 69,467 | 65,781 | 62,071 | 59,370 | PDF p. 24 |
| EquityUS$’000 | 105,903 | 117,811 | 123,323 | 130,832 | 144,147 | PDF p. 24 |
| Net Asset Value per Share (US cent)US cent | 26.98 | 29.26 | 30.79 | 32.66 | 35.98 | PDF p. 24 |
Original report: PDF p. 24 ↗
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| Metric / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Group / Company cash and bank balances — Note19 | |||||
| Cash at banks and on handUS dollars thousands | 2,178 | 6,080 | 72 | 254 | PDF p. 125 |
| Short term depositsUS dollars thousands | 95,465 | 73,934 | – | – | PDF p. 125 |
| Total cash and bank balancesUS dollars thousands | 97,643 | 80,014 | 72 | 254 | PDF p. 125 |
Original report: PDF p. 125 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Group cash and cash equivalents reconciliation — Note19 | |||
| Cash and bank balances (as above)US dollars thousands | 97,643 | 80,014 | PDF p. 125 |
| Less: Time deposits (with maturity of more than three months)US dollars thousands | (94,758) | (23,857) | PDF p. 125 |
| Cash and cash equivalents per consolidated statement of cash flowsUS dollars thousands | 2,885 | 56,157 | PDF p. 125 Label p. 125 |
Original report: PDF p. 125 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group and Company | 2025Group and Company | Source |
|---|---|---|---|
| Group / Company paid and proposed dividends — Note28 | |||
| Declared and paid during the financial year: Dividends on ordinary shares: - Final tax exempt (one-tier) dividend for 2025 of 1.0 Singapore cent (2024: 1.0 Singapore cent) per shareUS dollars thousands | 3,120 | 3,076 | PDF p. 132 Label p. 132 |
| Proposed but not recognised as a liability as at 31 March: Dividends on ordinary shares, subject to shareholders’ approval at the Annual General Meeting: - Final tax exempt (one-tier) dividend for 2026 of 1.0 Singapore cent (2025: 1.0 Singapore cent) per shareUS dollars thousands | 3,105 | 2,989 | PDF p. 132 Label p. 132 |
Original report: PDF p. 132 ↗
Dividend rates are Singapore cents, whereas amounts are US dollars thousands. Paid2026amount refers to FY2025final; proposed2026amount is as disclosed at31March2026, not a claim about present approval status.
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| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| EPS denominator — Note9 | |||
| Weighted average number of ordinary shares for basic andthousands of shares | 400,576 | 400,576 | PDF p. 112 |
Original report: PDF p. 112 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | 2024Company | 2023Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentUS dollars thousands | 109,792 | 115,470 | – | – | PDF p. 75 |
| Right-of-use assetsUS dollars thousands | 74 | 367 | – | – | PDF p. 75 |
| GoodwillUS dollars thousands | 622 | 699 | – | – | PDF p. 75 |
| Investment in subsidiariesUS dollars thousands | – | – | 33,274 | 33,274 | PDF p. 75 |
| Amount due from subsidiariesUS dollars thousands | – | – | 443 | 566 | PDF p. 75 |
| Investment in an associated companyUS dollars thousands | 1,741 | 1,672 | * | * | PDF p. 75 |
| Derivative financial assetsUS dollars thousands | 1,058 | 1,094 | – | – | PDF p. 75 |
| Non-current assetsUS dollars thousands | 113,287 | 119,302 | 33,717 | 33,840 | PDF p. 75 |
| Current assets | |||||
| InventoriesUS dollars thousands | 492 | 539 | – | – | PDF p. 75 |
| Trade and other receivablesUS dollars thousands | 5,968 | 4,920 | 116 | 424 | PDF p. 75 |
| Amount due from subsidiariesUS dollars thousands | – | – | 51,199 | 24,494 | PDF p. 75 |
| Investment securitiesUS dollars thousands | 1,975 | 1,915 | – | – | PDF p. 75 |
| Derivative financial assetsUS dollars thousands | 805 | 1,209 | – | – | PDF p. 75 |
| Cash and bank balancesUS dollars thousands | 66,577 | 59,393 | 11,008 | 29,261 | PDF p. 75 |
| Current assetsUS dollars thousands | 75,817 | 67,976 | 62,323 | 54,179 | PDF p. 75 |
| Current liabilities | |||||
| Trade and other payablesUS dollars thousands | 6,383 | 6,904 | 121 | 108 | PDF p. 75 |
| Amount due to subsidiariesUS dollars thousands | – | – | 7,794 | 8,112 | PDF p. 75 |
| Lease liabilitiesUS dollars thousands | 51 | 356 | – | – | PDF p. 75 |
| Bank borrowingUS dollars thousands | 5,310 | 5,310 | – | – | PDF p. 75 |
| Current liabilitiesUS dollars thousands | 11,744 | 12,570 | 7,915 | 8,220 | PDF p. 75 |
| Net current assetsUS dollars thousands | 64,073 | 55,406 | 54,408 | 45,959 | PDF p. 75 |
Original report: PDF p. 75 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | 2024Company | 2023Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Lease liabilitiesUS dollars thousands | 27 | 35 | – | – | PDF p. 76 |
| Bank borrowingUS dollars thousands | 23,897 | 29,207 | – | – | PDF p. 76 |
| Advance payments from customerUS dollars thousands | 30,113 | 27,655 | – | – | PDF p. 76 |
| Non-current liabilitiesUS dollars thousands | 54,037 | 56,897 | – | – | PDF p. 76 |
| Net assetsUS dollars thousands | 123,323 | 117,811 | 88,125 | 79,799 | PDF p. 76 |
| Equity attributable to owners of | |||||
| the Company Share capitalUS dollars thousands | 33,575 | 33,575 | 33,575 | 33,575 | PDF p. 76 Label p. 76 |
| Treasury sharesUS dollars thousands | (2,013) | (1,638) | (2,013) | (1,638) | PDF p. 76 |
| Other reservesUS dollars thousands | 848 | 1,116 | – | – | PDF p. 76 |
| Retained earningsUS dollars thousands | 90,913 | 84,758 | 56,563 | 47,862 | PDF p. 76 |
| Total equityUS dollars thousands | 123,323 | 117,811 | 88,125 | 79,799 | PDF p. 76 |
Original report: PDF p. 76 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Group income statement — FY2024 source | |||
| RevenueUS dollars thousands | 45,492 | 47,366 | PDF p. 73 |
| Other operating incomeUS dollars thousands | 650 | 913 | PDF p. 73 |
| Depreciation expenseUS dollars thousands | (8,164) | (8,287) | PDF p. 73 |
| Vessel operation costsUS dollars thousands | (6,026) | (5,201) | PDF p. 73 |
| Transportation, warehouse and terminal operating costsUS dollars thousands | (7,725) | (8,372) | PDF p. 73 |
| Staff and crew costsUS dollars thousands | (13,991) | (13,906) | PDF p. 73 |
| Other operating expensesUS dollars thousands | (2,190) | (2,035) | PDF p. 73 |
| Results from operating activitiesUS dollars thousands | 8,046 | 10,478 | PDF p. 73 |
| Finance and investment incomeUS dollars thousands | 2,794 | 1,587 | PDF p. 73 |
| Finance costsUS dollars thousands | (1,066) | (1,245) | PDF p. 73 |
| Exchange differencesUS dollars thousands | (705) | 661 | PDF p. 73 |
| Share of results of an associated company, net of taxUS dollars thousands | 69 | 34 | PDF p. 73 |
| Profit before taxUS dollars thousands | 9,138 | 11,515 | PDF p. 73 |
| Income tax expenseUS dollars thousands | (2) | (1) | PDF p. 73 |
| Profit for the yearUS dollars thousands | 9,136 | 11,514 | PDF p. 73 |
| Attributable to: Owners of the CompanyUS dollars thousands | 9,136 | 11,514 | PDF p. 73 Label p. 73 |
Original report: PDF p. 73 ↗
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| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Earnings per share (US cents): | |||
| Basic and dilutedUS cents per share | 2.3 | 2.9 | PDF p. 73 |
Original report: PDF p. 73 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Group comprehensive income — FY2024 source | |||
| Profit for the yearUS dollars thousands | 9,136 | 11,514 | PDF p. 74 |
| Items that are or may be reclassifi ed subsequently to profi t or loss: | |||
| Cash flow hedges: - Effective portion of changes in fair value of cash flow hedgesUS dollars thousands | 1,032 | 1,259 | PDF p. 74 Label p. 74 |
| - Realised and transferred to income statementUS dollars thousands | (1,132) | 85 | PDF p. 74 |
| Cash flow hedges:US dollars thousands | (100) | 1,344 | PDF p. 74 |
| Foreign currency translationUS dollars thousands | (168) | 194 | PDF p. 74 |
| Other comprehensive income for the year, net of taxUS dollars thousands | (268) | 1,538 | PDF p. 74 |
| Total comprehensive income for the yearUS dollars thousands | 8,868 | 13,052 | PDF p. 74 |
| Attributable to: Owners of the CompanyUS dollars thousands | 8,868 | 13,052 | PDF p. 74 Label p. 74 |
Original report: PDF p. 74 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group — Share capital | 2024Group — Treasury shares | 2024Group — Hedging reserve | 2024Group — Currency translation reserve | 2024Group — Retained earnings | 2024Group — Equity attributable to owners | Source |
|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2024 source | |||||||
| Balance at 1 April 2023US dollars thousands | 33,575 | (1,638) | 1,963 | (847) | 84,758 | 117,811 | PDF p. 77 |
| Total comprehensive income for | |||||||
| the year Profi t for the yearUS dollars thousands | – | – | – | – | 9,136 | 9,136 | PDF p. 77 Label p. 77 |
| Other comprehensive income for the yearUS dollars thousands | – | – | (100) | (168) | – | (268) | PDF p. 77 Label p. 77 |
| TotalUS dollars thousands | – | – | (100) | (168) | 9,136 | 8,868 | PDF p. 77 |
| Contributions by and distributions to owners | |||||||
| Dividends paidUS dollars thousands | – | – | – | – | (2,981) | (2,981) | PDF p. 77 |
| Purchase of treasury sharesUS dollars thousands | – | (375) | – | – | – | (375) | PDF p. 77 |
| TotalUS dollars thousands | – | (375) | – | – | (2,981) | (3,356) | PDF p. 77 |
| Balance at 31 March 2024US dollars thousands | 33,575 | (2,013) | 1,863 | (1,015) | 90,913 | 123,323 | PDF p. 77 |
Original report: PDF p. 77 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group — Share capital | 2023Group — Treasury shares | 2023Group — Hedging reserve | 2023Group — Currency translation reserve | 2023Group — Retained earnings | 2023Group — Equity attributable to owners | Source |
|---|---|---|---|---|---|---|---|
| Contributions by and distributions to owners | |||||||
| Balance at 1 April 2022US dollars thousands | 31,886 | (1,546) | 619 | (1,041) | 75,985 | 105,903 | PDF p. 77 |
| Total comprehensive income for | |||||||
| the year Profi t for the yearUS dollars thousands | – | – | – | – | 11,514 | 11,514 | PDF p. 77 Label p. 77 |
| Other comprehensive income for the yearUS dollars thousands | – | – | 1,344 | 194 | – | 1,538 | PDF p. 77 Label p. 77 |
| TotalUS dollars thousands | – | – | 1,344 | 194 | 11,514 | 13,052 | PDF p. 77 |
| Contributions by and distributions to owners | |||||||
| Issuance of ordinary sharesUS dollars thousands | 1,689 | – | – | – | – | 1,689 | PDF p. 77 |
| Dividends paidUS dollars thousands | – | – | – | – | (2,741) | (2,741) | PDF p. 77 |
| Purchase of treasury sharesUS dollars thousands | – | (92) | – | – | – | (92) | PDF p. 77 |
| TotalUS dollars thousands | 1,689 | (92) | – | – | (2,741) | (1,144) | PDF p. 77 |
| Balance at 31 March 2023US dollars thousands | 33,575 | (1,638) | 1,963 | (847) | 84,758 | 117,811 | PDF p. 77 |
Original report: PDF p. 77 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company — Share capital | 2024Company — Treasury shares | 2024Company — Retained earnings | 2024Company — Equity attributable to owners | Source |
|---|---|---|---|---|---|
| Company changes in equity — FY2024 source | |||||
| Balance at 1 April 2023US dollars thousands | 33,575 | (1,638) | 47,862 | 79,799 | PDF p. 78 |
| Total comprehensive income for the | |||||
| year Profit for the yearUS dollars thousands | – | – | 11,682 | 11,682 | PDF p. 78 Label p. 78 |
| TotalUS dollars thousands | – | – | 11,682 | 11,682 | PDF p. 78 |
| Contributions by and distributions to owners | |||||
| Dividends paidUS dollars thousands | – | – | (2,981) | (2,981) | PDF p. 78 |
| Purchase of treasury sharesUS dollars thousands | – | (375) | – | (375) | PDF p. 78 |
| TotalUS dollars thousands | – | (375) | (2,981) | (3,356) | PDF p. 78 |
| Balance at 31 March 2024US dollars thousands | 33,575 | (2,013) | 56,563 | 88,125 | PDF p. 78 |
Original report: PDF p. 78 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Company — Share capital | 2023Company — Treasury shares | 2023Company — Retained earnings | 2023Company — Equity attributable to owners | Source |
|---|---|---|---|---|---|
| Contributions by and distributions to owners | |||||
| Balance at 1 April 2022US dollars thousands | 31,886 | (1,546) | 38,675 | 69,015 | PDF p. 78 |
| Total comprehensive income for the | |||||
| year Profit for the yearUS dollars thousands | – | – | 11,928 | 11,928 | PDF p. 78 Label p. 78 |
| TotalUS dollars thousands | – | – | 11,928 | 11,928 | PDF p. 78 |
| Contributions by and distributions to owners | |||||
| Issuance of ordinary sharesUS dollars thousands | 1,689 | – | – | 1,689 | PDF p. 78 |
| Dividends paidUS dollars thousands | – | – | (2,741) | (2,741) | PDF p. 78 |
| Purchase of treasury sharesUS dollars thousands | – | (92) | – | (92) | PDF p. 78 |
| TotalUS dollars thousands | 1,689 | (92) | (2,741) | (1,144) | PDF p. 78 |
| Balance at 31 March 2023US dollars thousands | 33,575 | (1,638) | 47,862 | 79,799 | PDF p. 78 |
Original report: PDF p. 78 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before taxUS dollars thousands | 9,138 | 11,515 | PDF p. 79 |
| Adjustments for: | |||
| Depreciation expenseUS dollars thousands | 8,164 | 8,287 | PDF p. 79 |
| Interest incomeUS dollars thousands | (2,621) | (1,259) | PDF p. 79 |
| Dividend incomeUS dollars thousands | (114) | (106) | PDF p. 79 |
| Net fair value (gain)/loss on investment securitiesUS dollars thousands | (59) | 179 | PDF p. 79 |
| Gain on maturity of investment securitiesUS dollars thousands | – | (401) | PDF p. 79 |
| Finance costsUS dollars thousands | 1,066 | 1,245 | PDF p. 79 |
| Loss on foreign exchangeUS dollars thousands | 250 | 353 | PDF p. 79 |
| Share of results of an associated company, net of taxUS dollars thousands | (69) | (34) | PDF p. 79 |
| Net fair value loss/(gain) on derivative financial instrumentsUS dollars thousands | 340 | (467) | PDF p. 79 |
| Operating cash flows before changes in working capitalUS dollars thousands | 16,095 | 19,312 | PDF p. 79 |
| Changes in working capital: | |||
| InventoriesUS dollars thousands | 47 | (9) | PDF p. 79 |
| Trade and other receivablesUS dollars thousands | (747) | (948) | PDF p. 79 |
| Trade and other payablesUS dollars thousands | (506) | 46 | PDF p. 79 |
| Advance payments from customerUS dollars thousands | 2,458 | 1,628 | PDF p. 79 |
| Cash flows from operationsUS dollars thousands | 17,347 | 20,029 | PDF p. 79 |
| Income tax paidUS dollars thousands | (2) | (1) | PDF p. 79 |
| Net cash flows from operating activitiesUS dollars thousands | 17,345 | 20,028 | PDF p. 79 |
Original report: PDF p. 79 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Cash flows from investing activities | |||
| Purchase of property, plant and equipmentUS dollars thousands | (164) | (268) | PDF p. 80 |
| Payment for drydocking expenditureUS dollars thousands | (1,985) | (1,711) | PDF p. 80 |
| Purchase of investment securitiesUS dollars thousands | – | (4,833) | PDF p. 80 |
| Proceeds from maturity of investment securitiesUS dollars thousands | – | 8,567 | PDF p. 80 |
| Interest receivedUS dollars thousands | 2,320 | 843 | PDF p. 80 |
| Dividend income from investment securitiesUS dollars thousands | 114 | 106 | PDF p. 80 |
| Movement in time depositsUS dollars thousands | (21,515) | (2,564) | PDF p. 80 |
| Net cash flows (used in)/generated from investing activitiesUS dollars thousands | (21,230) | 140 | PDF p. 80 |
| Cash flows from financing activities | |||
| Repayment of bank borrowingUS dollars thousands | (5,310) | (5,310) | PDF p. 80 |
| Repayment of lease liabilitiesUS dollars thousands | (368) | (298) | PDF p. 80 |
| Payment of finance costsUS dollars thousands | (1,080) | (1,242) | PDF p. 80 |
| Dividends paidUS dollars thousands | (2,981) | (1,052) | PDF p. 80 |
| Purchase of treasury sharesUS dollars thousands | (375) | (92) | PDF p. 80 |
| Net cash flows used in financing activitiesUS dollars thousands | (10,114) | (7,994) | PDF p. 80 |
| Net (decrease)/increase in cash and cash equivalentsUS dollars thousands | (13,999) | 12,174 | PDF p. 80 |
| Cash and cash equivalents at beginning of the yearUS dollars thousands | 19,111 | 6,879 | PDF p. 80 |
| Effect of exchange rate changes on cash and bank balancesUS dollars thousands | (332) | 58 | PDF p. 80 |
| Cash and cash equivalents at end of the yearUS dollars thousands | 4,780 | 19,111 | PDF p. 80 |
| Cash and bank balances comprise the following: | |||
| Cash and cash equivalentsUS dollars thousands | 4,780 | 19,111 | PDF p. 80 |
| Time depositsUS dollars thousands | 61,797 | 40,282 | PDF p. 80 |
| Cash and bank balances comprise the following:US dollars thousands | 66,577 | 59,393 | PDF p. 80 |
Original report: PDF p. 80 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | 2022Company | 2021Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentUS dollars thousands | 121,485 | 128,469 | – | – | PDF p. 64 |
| Right-of-use assetUS dollars thousands | – | 30 | – | – | PDF p. 64 |
| GoodwillUS dollars thousands | 777 | 782 | – | – | PDF p. 64 |
| Investment in subsidiariesUS dollars thousands | – | – | 32,625 | 32,625 | PDF p. 64 |
| Amount due from subsidiariesUS dollars thousands | – | – | 1,346 | 5,715 | PDF p. 64 |
| Investment in associated companyUS dollars thousands | 1,638 | 1,637 | * | * | PDF p. 64 |
| Derivative fi nancial assetsUS dollars thousands | 705 | – | – | – | PDF p. 64 |
| Other assetsUS dollars thousands | – | 54 | – | – | PDF p. 64 |
| Non-current assetsUS dollars thousands | 124,605 | 130,972 | 33,971 | 38,340 | PDF p. 64 |
| Current assets | |||||
| InventoriesUS dollars thousands | 530 | 272 | – | – | PDF p. 64 |
| Trade and other receivablesUS dollars thousands | 3,556 | 3,206 | 29 | 36 | PDF p. 64 |
| Amount due from subsidiariesUS dollars thousands | – | – | 35,119 | 19,405 | PDF p. 64 |
| Investment securitiesUS dollars thousands | 5,556 | 2,209 | – | – | PDF p. 64 |
| Cash and cash equivalentsUS dollars thousands | 44,597 | 38,726 | 9,894 | 15,438 | PDF p. 64 |
| Current assetsUS dollars thousands | 54,239 | 44,413 | 45,042 | 34,879 | PDF p. 64 |
| Current liabilities | |||||
| Trade and other payablesUS dollars thousands | 6,874 | 6,563 | 124 | 117 | PDF p. 64 |
| Amount due to subsidiariesUS dollars thousands | – | – | 9,874 | 15,134 | PDF p. 64 |
| Lease liabilityUS dollars thousands | – | 33 | – | – | PDF p. 64 |
| Bank borrowingsUS dollars thousands | 5,310 | 7,078 | – | – | PDF p. 64 |
| Derivative fi nancial liabilitiesUS dollars thousands | 213 | 780 | – | – | PDF p. 64 |
| Current liabilitiesUS dollars thousands | 12,397 | 14,454 | 9,998 | 15,251 | PDF p. 64 |
| Net current assetsUS dollars thousands | 41,842 | 29,959 | 35,044 | 19,628 | PDF p. 64 |
Original report: PDF p. 64 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | 2022Company | 2021Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Bank borrowingsUS dollars thousands | 34,517 | 39,829 | – | – | PDF p. 65 |
| Derivative fi nancial liabilitiesUS dollars thousands | – | 1,014 | – | – | PDF p. 65 |
| Deferred incomeUS dollars thousands | 26,027 | 23,483 | – | – | PDF p. 65 |
| Non-current liabilitiesUS dollars thousands | 60,544 | 64,326 | – | – | PDF p. 65 |
| Net assetsUS dollars thousands | 105,903 | 96,605 | 69,015 | 57,968 | PDF p. 65 |
| Equity attributable to owners of | |||||
| the Company Share capitalUS dollars thousands | 31,886 | 31,886 | 31,886 | 31,886 | PDF p. 65 Label p. 65 |
| Treasury sharesUS dollars thousands | (1,546) | (210) | (1,546) | (210) | PDF p. 65 |
| Other reservesUS dollars thousands | (422) | (2,706) | – | – | PDF p. 65 |
| Retained earningsUS dollars thousands | 75,985 | 67,635 | 38,675 | 26,292 | PDF p. 65 |
| Total equityUS dollars thousands | 105,903 | 96,605 | 69,015 | 57,968 | PDF p. 65 |
Original report: PDF p. 65 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Group income statement — FY2022 source | |||
| RevenueUS dollars thousands | 45,808 | 42,169 | PDF p. 62 |
| Other operating incomeUS dollars thousands | 1,247 | 698 | PDF p. 62 |
| Depreciation expenseUS dollars thousands | (7,991) | (8,309) | PDF p. 62 |
| Vessel operation costsUS dollars thousands | (4,354) | (4,549) | PDF p. 62 |
| Transportation, warehouse and terminal operating costsUS dollars thousands | (9,352) | (5,768) | PDF p. 62 |
| Staff and crew costsUS dollars thousands | (12,867) | (12,037) | PDF p. 62 |
| Other operating expensesUS dollars thousands | (1,603) | (1,454) | PDF p. 62 |
| Results from operating activitiesUS dollars thousands | 10,888 | 10,750 | PDF p. 62 |
| Finance and investment incomeUS dollars thousands | 145 | 649 | PDF p. 62 |
| Finance costsUS dollars thousands | (1,423) | (1,669) | PDF p. 62 |
| Exchange differencesUS dollars thousands | 225 | 650 | PDF p. 62 |
| Share of results of associated company, net of taxUS dollars thousands | 1 | (106) | PDF p. 62 |
| Profi t before taxationUS dollars thousands | 9,836 | 10,274 | PDF p. 62 |
| TaxationUS dollars thousands | (2) | (1) | PDF p. 62 |
| Profi t for the yearUS dollars thousands | 9,834 | 10,273 | PDF p. 62 |
| Attributable to: Owners of the CompanyUS dollars thousands | 9,834 | 10,273 | PDF p. 62 Label p. 62 |
Original report: PDF p. 62 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Earnings per share (US cents): | |||
| BasicUS cents per share | 2.5 | 2.6 | PDF p. 62 |
| DilutedUS cents per share | 2.5 | 2.6 | PDF p. 62 |
Original report: PDF p. 62 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Group comprehensive income — FY2022 source | |||
| Profi t for the yearUS dollars thousands | 9,834 | 10,273 | PDF p. 63 |
| Items that are or may be reclassifi ed subsequently to profi t or loss: | |||
| Cash fl ow hedges: - Effective portion of changes in fair value of cash fl ow hedgesUS dollars thousands | 3,061 | 2,239 | PDF p. 63 Label p. 63 |
| - Realised and transferred to income statementUS dollars thousands | (714) | (538) | PDF p. 63 |
| Cash flow hedges:US dollars thousands | 2,347 | 1,701 | PDF p. 63 |
| Foreign currency translationUS dollars thousands | (63) | 608 | PDF p. 63 |
| Other comprehensive income for the year, net of taxUS dollars thousands | 2,284 | 2,309 | PDF p. 63 |
| Total comprehensive income for the yearUS dollars thousands | 12,118 | 12,582 | PDF p. 63 |
| Attributable to: Owners of the CompanyUS dollars thousands | 12,118 | 12,582 | PDF p. 63 Label p. 63 |
Original report: PDF p. 63 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group — Share capital | 2022Group — Treasury shares | 2022Group — Hedging reserve | 2022Group — Currency translation reserve | 2022Group — Retained earnings | 2022Group — Equity attributable to owners | Source |
|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2022 source | |||||||
| Balance at 1 April 2021US dollars thousands | 31,886 | (210) | (1,728) | (978) | 67,635 | 96,605 | PDF p. 66 |
| Total comprehensive income for the year | |||||||
| Profi t for the yearUS dollars thousands | – | – | – | – | 9,834 | 9,834 | PDF p. 66 |
| Other comprehensive income for the yearUS dollars thousands | – | – | 2,347 | (63) | – | 2,284 | PDF p. 66 |
| TotalUS dollars thousands | – | – | 2,347 | (63) | 9,834 | 12,118 | PDF p. 66 |
| Contributions by and distributions to owners | |||||||
| Dividends paidUS dollars thousands | – | – | – | – | (1,484) | (1,484) | PDF p. 66 |
| Purchase of treasury sharesUS dollars thousands | – | (1,336) | – | – | – | (1,336) | PDF p. 66 |
| TotalUS dollars thousands | – | (1,336) | – | – | (1,484) | (2,820) | PDF p. 66 |
| Balance at 31 March 2022US dollars thousands | 31,886 | (1,546) | 619 | (1,041) | 75,985 | 105,903 | PDF p. 66 |
Original report: PDF p. 66 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group — Share capital | 2021Group — Treasury shares | 2021Group — Hedging reserve | 2021Group — Currency translation reserve | 2021Group — Retained earnings | 2021Group — Equity attributable to owners | Source |
|---|---|---|---|---|---|---|---|
| Contributions by and distributions to owners | |||||||
| Balance at 1 April 2020US dollars thousands | 31,886 | (7,688) | (3,429) | (1,586) | 67,980 | 87,163 | PDF p. 66 |
| Total comprehensive income for the year | |||||||
| Profi t for the yearUS dollars thousands | – | – | – | – | 10,273 | 10,273 | PDF p. 66 |
| Other comprehensive income for the yearUS dollars thousands | – | – | 1,701 | 608 | – | 2,309 | PDF p. 66 |
| TotalUS dollars thousands | – | – | 1,701 | 608 | 10,273 | 12,582 | PDF p. 66 |
| Contributions by and distributions to owners | |||||||
| Dividends paidUS dollars thousands | – | – | – | – | (2,930) | (2,930) | PDF p. 66 |
| Purchase of treasury sharesUS dollars thousands | – | (210) | – | – | – | (210) | PDF p. 66 |
| Cancellation of treasury sharesUS dollars thousands | – | 7,688 | – | – | (7,688) | – | PDF p. 66 |
| TotalUS dollars thousands | – | 7,478 | – | – | (10,618) | (3,140) | PDF p. 66 |
| Balance at 31 March 2021US dollars thousands | 31,886 | (210) | (1,728) | (978) | 67,635 | 96,605 | PDF p. 66 |
Original report: PDF p. 66 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Company — Share capital | 2022Company — Treasury shares | 2022Company — Retained earnings | 2022Company — Equity attributable to owners | Source |
|---|---|---|---|---|---|
| Company changes in equity — FY2022 source | |||||
| Balance at 1 April 2021US dollars thousands | 31,886 | (210) | 26,292 | 57,968 | PDF p. 67 |
| Total comprehensive income for the year | |||||
| Profi t for the yearUS dollars thousands | – | – | 13,867 | 13,867 | PDF p. 67 |
| TotalUS dollars thousands | – | – | 13,867 | 13,867 | PDF p. 67 |
| Contributions by and distributions to owners | |||||
| Dividends paidUS dollars thousands | – | – | (1,484) | (1,484) | PDF p. 67 |
| Purchase of treasury sharesUS dollars thousands | – | (1,336) | – | (1,336) | PDF p. 67 |
| TotalUS dollars thousands | – | (1,336) | (1,484) | (2,820) | PDF p. 67 |
| Balance at 31 March 2022US dollars thousands | 31,886 | (1,546) | 38,675 | 69,015 | PDF p. 67 |
Original report: PDF p. 67 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Company — Share capital | 2021Company — Treasury shares | 2021Company — Retained earnings | 2021Company — Equity attributable to owners | Source |
|---|---|---|---|---|---|
| Contributions by and distributions to owners | |||||
| Balance at 1 April 2020US dollars thousands | 31,886 | (7,688) | 28,490 | 52,688 | PDF p. 67 |
| Total comprehensive income for the year | |||||
| Profi t for the yearUS dollars thousands | – | – | 8,420 | 8,420 | PDF p. 67 |
| TotalUS dollars thousands | – | – | 8,420 | 8,420 | PDF p. 67 |
| Contributions by and distributions to owners | |||||
| Dividends paidUS dollars thousands | – | – | (2,930) | (2,930) | PDF p. 67 |
| Purchase of treasury sharesUS dollars thousands | – | (210) | – | (210) | PDF p. 67 |
| Cancellation of treasury sharesUS dollars thousands | – | 7,688 | (7,688) | – | PDF p. 67 |
| TotalUS dollars thousands | – | 7,478 | (10,618) | (3,140) | PDF p. 67 |
| Balance at 31 March 2021US dollars thousands | 31,886 | (210) | 26,292 | 57,968 | PDF p. 67 |
Original report: PDF p. 67 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Cash fl ows from operating activities | |||
| Profi t before taxationUS dollars thousands | 9,836 | 10,274 | PDF p. 68 |
| Adjustments for: | |||
| Depreciation expenseUS dollars thousands | 7,991 | 8,309 | PDF p. 68 |
| Interest incomeUS dollars thousands | (181) | (286) | PDF p. 68 |
| Dividend incomeUS dollars thousands | (78) | (78) | PDF p. 68 |
| Net fair value loss/(gain) on investment securitiesUS dollars thousands | 114 | (285) | PDF p. 68 |
| Gain on disposal of other assetsUS dollars thousands | (274) | – | PDF p. 68 |
| Finance costsUS dollars thousands | 1,423 | 1,669 | PDF p. 68 |
| Gain on foreign exchangeUS dollars thousands | (23) | (505) | PDF p. 68 |
| Share of results of associated company, net of taxUS dollars thousands | (1) | 106 | PDF p. 68 |
| Operating cash fl ows before changes in working capitalUS dollars thousands | 18,807 | 19,204 | PDF p. 68 |
| Changes in working capital: | |||
| InventoriesUS dollars thousands | (258) | 9 | PDF p. 68 |
| Trade and other receivablesUS dollars thousands | (348) | 560 | PDF p. 68 |
| Trade and other payablesUS dollars thousands | 339 | (696) | PDF p. 68 |
| Deferred incomeUS dollars thousands | 2,544 | 2,593 | PDF p. 68 |
| Derivative fi nancial liabilitiesUS dollars thousands | 61 | – | PDF p. 68 |
| Cash fl ows from operationsUS dollars thousands | 21,145 | 21,670 | PDF p. 68 |
| Tax paidUS dollars thousands | (2) | (1) | PDF p. 68 |
| Net cash fl ows from operating activitiesUS dollars thousands | 21,143 | 21,669 | PDF p. 68 |
| Cash fl ows from investing activities | |||
| Purchase of property, plant and equipmentUS dollars thousands | (88) | (322) | PDF p. 68 |
| Payment for drydocking expenditureUS dollars thousands | (888) | (1,050) | PDF p. 68 |
| Purchase of investment securitiesUS dollars thousands | (3,461) | – | PDF p. 68 |
| Interest receivedUS dollars thousands | 179 | 449 | PDF p. 68 |
| Dividend income from investment securitiesUS dollars thousands | 78 | 78 | PDF p. 68 |
| Proceeds from disposal of other assetsUS dollars thousands | 328 | – | PDF p. 68 |
| Net cash fl ows used in investing activitiesUS dollars thousands | (3,852) | (845) | PDF p. 68 |
| Cash fl ows from fi nancing activities | |||
| Repayment of bank borrowingsUS dollars thousands | (7,080) | (7,667) | PDF p. 68 |
| Repayment of lease liabilityUS dollars thousands | (33) | (317) | PDF p. 68 |
| Payment of fi nance costsUS dollars thousands | (1,451) | (1,679) | PDF p. 68 |
| Dividends paidUS dollars thousands | (1,484) | (2,930) | PDF p. 68 |
| Purchase of treasury sharesUS dollars thousands | (1,336) | (210) | PDF p. 68 |
| Net cash fl ows used in fi nancing activitiesUS dollars thousands | (11,384) | (12,803) | PDF p. 68 |
| Net increase in cash and cash equivalentsUS dollars thousands | 5,907 | 8,021 | PDF p. 68 |
| Cash and cash equivalents at beginning of the yearUS dollars thousands | 38,726 | 30,524 | PDF p. 68 |
| Effect of exchange rate changes on cash and cash equivalentsUS dollars thousands | (36) | 181 | PDF p. 68 |
| Cash and cash equivalents at end of the yearUS dollars thousands | 44,597 | 38,726 | PDF p. 68 |
Original report: PDF p. 68 ↗
Where the money comes from
| Item / unit | 2026Ship owning | 2026Agency and logistics | 2026Unallocated items | 2026Inter-segment elimination | 2026Group | 2025Ship owning | 2025Agency and logistics | 2025Unallocated items | 2025Inter-segment elimination | 2025Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating segments | |||||||||||
| Group’s external revenueUS$’000 | 36,200 | 14,393 | – | – | 50,593 | 32,335 | 16,219 | – | – | 48,554 | PDF p. 133PDF p. 134 |
| Segment resultsUS$’000 | 15,127 | 575 | – | – | 15,702 | 10,690 | 1,867 | – | – | 12,557 | PDF p. 133PDF p. 134 |
| Finance costsUS$’000 | (704) | (36) | – | – | (740) | (879) | (51) | – | – | (930) | PDF p. 133PDF p. 134 |
| Share of results of an associated company, net of taxUS$’000 | 10 | – | – | – | 10 | 74 | – | – | – | 74 | PDF p. 133PDF p. 134 |
| Profit before unallocated itemsUS$’000 | 14,433 | 539 | – | – | 14,972 | 9,885 | 1,816 | – | – | 11,701 | PDF p. 133PDF p. 134 |
| Corporate costsUS$’000 | – | – | (2,914) | – | (2,914) | – | – | (2,756) | – | (2,756) | PDF p. 133PDF p. 134 |
| Finance and investment incomeUS$’000 | – | – | 1,880 | – | 1,880 | – | – | 2,653 | – | 2,653 | PDF p. 133PDF p. 134 |
| Exchange differencesUS$’000 | – | – | 2,479 | – | 2,479 | – | – | (214) | – | (214) | PDF p. 133PDF p. 134 |
| Profit before taxUS$’000 | 14,433 | 539 | 1,445 | – | 16,417 | 9,885 | 1,816 | (317) | – | 11,384 | PDF p. 133PDF p. 134 |
| Income tax expenseUS$’000 | – | (2) | – | – | (2) | – | (2) | – | – | (2) | PDF p. 133PDF p. 134 |
| Profit for the yearUS$’000 | 14,433 | 537 | 1,445 | – | 16,415 | 9,885 | 1,814 | (317) | – | 11,382 | PDF p. 133PDF p. 134 |
| Segment assetsUS$’000 | 198,783 | 5,873 | – | (1,139) | 203,517 | 184,792 | 7,709 | – | (1,413) | 191,088 | PDF p. 133PDF p. 134 |
| Total assetsUS$’000 | 198,783 | 5,873 | – | (1,139) | 203,517 | 186,607 | 7,709 | – | (1,413) | 192,903 | PDF p. 133PDF p. 134 |
| Total liabilitiesUS$’000 | 56,877 | 3,632 | – | (1,139) | 59,370 | 59,681 | 3,803 | – | (1,413) | 62,071 | PDF p. 133PDF p. 134 |
| Additions to non-current assetsUS$’000 | 1,198 | 34 | – | – | 1,232 | 2,729 | 1,277 | – | – | 4,006 | PDF p. 133PDF p. 134 |
| DepreciationUS$’000 | 7,416 | 491 | – | – | 7,907 | 7,714 | 463 | – | – | 8,177 | PDF p. 133PDF p. 134 |
| Investment in an associated companyUS$’000 | 1,815 | – | – | – | 1,815 | PDF p. 134 | |||||
* Unallocated items refer to corporate costs, finance and investment income and exchange differences.
| Item / unit | 2026% of total revenue | 2025% of total revenue | Source |
|---|---|---|---|
| Revenue from | |||
| Customer 1% of total revenue | 42 | 45 | PDF p. 135 |
| Customer 2% of total revenue | 30 | 23 | PDF p. 135 |
| Customer 3% of total revenue | 12 | 11 | PDF p. 135 |
There are 3 major customers identified by the management.
| Item / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Revenue | |||
| JapanUS$’000 | 21,385 | 21,652 | PDF p. 135 |
| SingaporeUS$’000 | 14,147 | 16,050 | PDF p. 135 |
| OthersUS$’000 | 15,061 | 10,852 | PDF p. 135 |
| Total revenue (unlabelled total line)US$’000 | 50,593 | 48,554 | PDF p. 135 |
Total line has no printed label.
Assets and capital expenditure by geography not allocated: vessels are deployed by customers worldwide so directors do not consider allocation of ship owning assets and capex meaningful; agency and logistics operations are mainly located in Singapore.
Debt
| Item / unit | 2026Carrying amount | 2026Contractual cash flows Total | 2026Not later than 1 year | 2026Between 1 and 5 years | 2026More than 5 years | Source |
|---|---|---|---|---|---|---|
| 2026 | ||||||
| Bank borrowing and accrued interestUS$'000 | 18,642 | 19,740 | 5,860 | 13,880 | – | PDF p. 140 |
| Lease liabilitiesUS$'000 | 492 | 507 | 468 | 39 | – | PDF p. 140 |
| 2026 Derivative financial instruments | ||||||
| Interest rate swap used for hedgingUS$'000 | (594) | (594) | (285) | (309) | – | PDF p. 140 |
Based on contractual undiscounted repayment obligations. Company has no borrowings or lease liabilities in its maturity table (page 142).
| Item / unit | 2025Carrying amount | 2025Contractual cash flows Total | 2025Not later than 1 year | 2025Between 1 and 5 years | 2025More than 5 years | Source |
|---|---|---|---|---|---|---|
| 2025 | ||||||
| Bank borrowing and accrued interestUS$'000 | 23,966 | 25,776 | 6,036 | 19,740 | – | PDF p. 141 |
| Lease liabilitiesUS$'000 | 904 | 952 | 454 | 498 | – | PDF p. 141 |
| 2025 Derivative financial instruments | ||||||
| Interest rate swap used for hedgingUS$'000 | (991) | (991) | (437) | (554) | – | PDF p. 141 |
Based on contractual undiscounted repayment obligations.
| Item / unit | 2026US$'000, as at 31 March 2026 | 2025US$'000, as at 31 March 2025 | Source |
|---|---|---|---|
| Bank borrowing (maturity 2026 – 2027) | |||
| Current bank borrowingUS$'000 | 5,310 | 5,310 | PDF p. 127 |
| Bank borrowing (maturity 2027 – 2029) | |||
| Non-current bank borrowingUS$'000 | 13,277 | 18,587 | PDF p. 127 |
Maturity column printed: current 2026 – 2027; non-current 2027 – 2029. Total row printed as 18,587 and 23,897.
Vessels mortgaged as security for the bank borrowing: carrying amount US$51,947,000 (2025: US$54,466,000) (Note 10).
Bank borrowing bears interest at a variable rate based on SOFR, adjusted for a Credit Spread Adjustment, plus an applicable margin.
Weighted average effective interest rate per annum (after taking into consideration the interest rate swap) is 3.24% (2025: 3.24%).
Interest rate swap swaps floating rates on US$18,587,000 (2025: US$23,897,000) of the bank borrowing to fixed rates.
Group complied with all loan covenants as at 31 March 2026 and 2025.
| Item / unit | 2026US$'000 | 2025US$'000 | Source |
|---|---|---|---|
| Bank borrowing | |||
| Total bank borrowing (unlabelled total row)US$'000 | 18,587 | 23,897 | PDF p. 127 |
Total row has no printed label; it sums current and non-current bank borrowing.
| Item / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Lease liabilitiesUS$'000 | 453 | 419 | – | – | PDF p. 76 |
| Bank borrowingUS$'000 | 5,310 | 5,310 | – | – | PDF p. 76 |
Balance Sheets as at 31 March 2026.
| Item / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Lease liabilitiesUS$'000 | 39 | 485 | – | – | PDF p. 77 |
| Bank borrowingUS$'000 | 13,277 | 18,587 | – | – | PDF p. 77 |
Balance Sheets as at 31 March 2026.
| Item / unit | 2026US$'000 | 2025US$'000 | Source |
|---|---|---|---|
| Lease liabilities presented as | |||
| CurrentUS$'000 | 453 | 419 | PDF p. 115 |
| Non-currentUS$'000 | 39 | 485 | PDF p. 115 |
| Lease liabilities movement | |||
| At 31 MarchUS$'000 | 492 | 904 | PDF p. 115 |
Maturity analysis of lease liabilities is disclosed in Note 30(b).
Cash outflows for leases of US$1,045,000 (2025: US$986,000).
| Item / unit | 2022US$'000 | 2023US$'000 | 2024US$'000 | 2025US$'000 | 2026US$'000 | Source |
|---|---|---|---|---|---|---|
| Financial Position | ||||||
| Bank BorrowingUS$'000 | 39,827 | 34,517 | 29,207 | 23,897 | 18,587 | PDF p. 24 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company’s dividend policy is to distribute a dividend of no less than half Singapore cent per share for each financial year, subject to and taking into account various factors outlined below as well as other factors deemed necessary by the Board: | Company | PDF p. 62 |
| Final dividend decision | the Company has decided to distribute a final dividend of 1 Singapore cent per share for FY2026. | Company, FY2026 | PDF p. 62 |
| Scrip Dividend Scheme | The Company announced the adoption of the Scrip Dividend Scheme on 8 July 2022. | Company | PDF p. 155 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final tax exempt (one-tier) dividend for 2026 | 1.0 Singapore cent per share | Group and Company; FY2026 final dividend proposed, subject to shareholders' approval at AGM (2025 comparative: 1.0 Singapore cent) | PDF p. 132 |
| Final tax exempt (one-tier) dividend for 2025 | 1.0 Singapore cent per share | Group and Company; FY2025 final dividend declared and paid during FY2026 (2024 comparative: 1.0 Singapore cent) | PDF p. 132 |
| Dividend per Share (Singapore cent) | 1.00 Singapore cent per share | Five-year highlights; FY2026 and FY2025 shown as 1.00 each (columns 2022 1.00, 2023 1.00, 2024 1.00, 2025 1.00, 2026 1.00) | PDF p. 24 |
| Books closure | 11 August 2026 | Proposed FY2026 final dividend | PDF p. 161 |
| Final dividend payment date | 28 September 2026 | Proposed FY2026 final dividend, if approved | PDF p. 161 |
Extracted from Sailing Through Changing Times — Annual Report 2025/2026 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Ernst & Young LLP | Group | PDF p. 73 |
| Engagement partner | Tan Seng Choon | Group | PDF p. 73 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view | Group and Company | PDF p. 68 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Basis of preparation | The financial statements of the Group have been prepared on the basis that it will continue to operate as a going concern. | Group | PDF p. 83 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Carrying Amount of Vessels | Carrying Amount of Vessels | Group | PDF p. 69 |
Extracted from Sailing Through Changing Times — Annual Report 2025/2026 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Sailing Through Changing Times — Annual Report 2025/2026, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Primary financial amounts are US dollars thousands; EPS is US cents. Group income/comprehensive income/cashflow and Group/Company financial position and changes in equity are separately scoped. Separate Company income/comprehensive income/cashflow statements are not disclosed.
A printed asterisk denotes an amount below US$1000; it is retained as an original literal, not converted to zero.
Current five-year highlights span FY2022–FY2026; primary statements from FY2026/FY2024/FY2022 preserve FY2021–FY2026. Summary EPS has two decimals whereas primary EPS has one; each original precision is retained. NAV and ROE remain reported source metrics without guessed formulas.
Cash equivalents exclude time deposits with maturities over three months:94758/23857US$thousand; these deposits are not treated as restricted cash. EPS denominator400576is thousands of shares, distinct from exact400576565voting shares.
Dividend amounts are US$thousands, rates are Singapore cents. Paid and proposed dividends are separately labelled; a proposal at year end is not described as pending today.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.