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Financials

Sailing Through Changing Times — Annual Report 2025/2026

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Group / Company financial position — FY2026 source / PDF76

20 metrics

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Group / Company financial position — FY2026 source / PDF76 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2026Group2025Group2026Company2025Company Source
Non-current assets
Property, plant and equipmentUS dollars thousands 98,595104,830–– PDF p. 76
Right-of-use assetsUS dollars thousands 454866–– PDF p. 76
GoodwillUS dollars thousands 466544–– PDF p. 76
Interests in subsidiariesUS dollars thousands ––124,17233,274 PDF p. 76
Investment in an associated companyUS dollars thousands –1,815–* PDF p. 76 Label p. 76
Derivative financial assetUS dollars thousands 309554–– PDF p. 76
Non-current assetsUS dollars thousands 99,824108,609124,17233,274 PDF p. 76
Current assets
InventoriesUS dollars thousands 318404–– PDF p. 76
Trade and other receivablesUS dollars thousands 4,2703,4391713 PDF p. 76
Amount due from subsidiariesUS dollars thousands ––18,16485,739 PDF p. 76
Other investmentsUS dollars thousands 1,177––– PDF p. 76
Derivative financial assetUS dollars thousands 285437–– PDF p. 76
Cash and bank balancesUS dollars thousands 97,64380,01472254 PDF p. 76
Current assetsUS dollars thousands 103,69384,29418,25386,006 PDF p. 76
Current liabilities
Trade and other payablesUS dollars thousands 7,3035,747115106 PDF p. 76
Amount due to subsidiariesUS dollars thousands ––8,1149,982 PDF p. 76
Lease liabilitiesUS dollars thousands 453419–– PDF p. 76
Bank borrowingUS dollars thousands 5,3105,310–– PDF p. 76
Current liabilitiesUS dollars thousands 13,06611,4768,22910,088 PDF p. 76
Net current assetsUS dollars thousands 90,62772,81810,02475,918 PDF p. 76
Definitions & sources

Group / Company financial position — FY2026 source / PDF77

10 metrics

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Group / Company financial position — FY2026 source / PDF77 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2026Group2025Group2026Company2025Company Source
Non-current liabilities
Lease liabilitiesUS dollars thousands 39485–– PDF p. 77
Bank borrowingUS dollars thousands 13,27718,587–– PDF p. 77
Deferred incomeUS dollars thousands 32,98831,523–– PDF p. 77
Non-current liabilitiesUS dollars thousands 46,30450,595–– PDF p. 77
Net assetsUS dollars thousands 144,147130,832134,196109,192 PDF p. 77
Equity attributable to owners
of the Company Share capitalUS dollars thousands 33,57533,57533,57533,575 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 7151–– PDF p. 77
Retained earningsUS dollars thousands 112,51499,219102,63477,630 PDF p. 77
Total equityUS dollars thousands 144,147130,832134,196109,192 PDF p. 77
Definitions & sources

Group income statement — FY2026 source

16 metrics

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Group income statement — FY2026 source from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2026Group2025Group Source
Group income statement — FY2026 source
RevenueUS dollars thousands 50,59348,554 PDF p. 74
Other operating incomeUS dollars thousands 545719 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 12,7889,801 PDF p. 74
Finance and investment incomeUS dollars thousands 1,8802,653 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 1074 PDF p. 74
Profit before taxUS dollars thousands 16,41711,384 PDF p. 74
Income tax expenseUS dollars thousands (2)(2) PDF p. 74
Profit for the yearUS dollars thousands 16,41511,382 PDF p. 74
Attributable to: Owners of the CompanyUS dollars thousands 16,41511,382 PDF p. 74 Label p. 74
Definitions & sources

Group basic and diluted EPS — FY2026 source

1 metrics

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Group basic and diluted EPS — FY2026 source from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2026Group2025Group Source
Earnings per share (US cents):
Basic and dilutedUS cents per share 4.12.8 PDF p. 74
Definitions & sources

Group comprehensive income — FY2026 source

8 metrics

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Group comprehensive income — FY2026 source from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2026Group2025Group Source
Group comprehensive income — FY2026 source
Profit for the yearUS dollars thousands 16,41511,382 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 12716 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 41775 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 16,43510,585 PDF p. 75
Attributable to: Owners of the CompanyUS dollars thousands 16,43510,585 PDF p. 75 Label p. 75
Definitions & sources

Group changes in equity — FY2026 source / ending2026

7 metrics

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Group changes in equity — FY2026 source / ending2026 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2026Group — Share capital2026Group — Treasury shares2026Group — Hedging reserve2026Group — Currency translation reserve2026Group — Retained earnings2026Group — Equity attributable to owners Source
Group changes in equity — FY2026 source
Balance at 1 April 2025US dollars thousands 33,575(2,013)991(940)99,219130,832 PDF p. 78
Total comprehensive income
for the year Profit for the yearUS dollars thousands ––––16,41516,415 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)41716,41516,435 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)112,514144,147 PDF p. 78
Definitions & sources

Group changes in equity — FY2026 source / ending2025

7 metrics

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Group changes in equity — FY2026 source / ending2025 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2025Group — Share capital2025Group — Treasury shares2025Group — Hedging reserve2025Group — Currency translation reserve2025Group — Retained earnings2025Group — 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)90,913123,323 PDF p. 79
Total comprehensive income
for the year Profit for the yearUS dollars thousands ––––11,38211,382 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)7511,38210,585 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)99,219130,832 PDF p. 79
Definitions & sources

Company changes in equity — FY2026 source / ending2026

6 metrics

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Company changes in equity — FY2026 source / ending2026 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2026Company — Share capital2026Company — Treasury shares2026Company — Retained earnings2026Company — Equity attributable to owners Source
Company changes in equity — FY2026 source
Balance at 1 April 2025US dollars thousands 33,575(2,013)77,630109,192 PDF p. 80
Total comprehensive income
for the year Profit for the yearUS dollars thousands ––28,12428,124 PDF p. 80 Label p. 80
TotalUS dollars thousands ––28,12428,124 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)102,634134,196 PDF p. 80
Definitions & sources

Company changes in equity — FY2026 source / ending2025

6 metrics

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Company changes in equity — FY2026 source / ending2025 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2025Company — Share capital2025Company — Treasury shares2025Company — Retained earnings2025Company — Equity attributable to owners Source
Contributions by and distributions to owners
Balance at 1 April 2024US dollars thousands 33,575(2,013)56,56388,125 PDF p. 80
Total comprehensive income
for the year Profit for the yearUS dollars thousands ––24,14324,143 PDF p. 80 Label p. 80
TotalUS dollars thousands ––24,14324,143 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)77,630109,192 PDF p. 80
Definitions & sources

Group cash flows — FY2026 source / PDF81

17 metrics

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Group cash flows — FY2026 source / PDF81 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2026Group2025Group Source
Cash flows from operating activities
Profit before taxUS dollars thousands 16,41711,384 PDF p. 81
Adjustments for:
Depreciation expenseUS dollars thousands 7,9078,177 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 740930 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 20,80617,569 PDF p. 81
Changes in working capital:
InventoriesUS dollars thousands 8688 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 1,4651,410 PDF p. 81
Cash flows from operationsUS dollars thousands 23,18520,494 PDF p. 81
Income tax paidUS dollars thousands (2)(2) PDF p. 81
Net cash flows from operating activitiesUS dollars thousands 23,18320,492 PDF p. 81
Definitions & sources

Group cash flows — FY2026 source / PDF82

22 metrics

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Group cash flows — FY2026 source / PDF82 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2026Group2025Group 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 1,7593,020 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 56,1574,780 PDF p. 82
Effect of exchange rate changes on cash and cash equivalentsUS dollars thousands 2,861347 PDF p. 82 Label p. 82
Cash and cash equivalents at end of the yearUS dollars thousands 2,88556,157 PDF p. 82
Cash and bank balances comprise the following:
Cash and cash equivalentsUS dollars thousands 2,88556,157 PDF p. 82
Time depositsUS dollars thousands 94,75823,857 PDF p. 82
Cash and bank balances comprise the following:US dollars thousands 97,64380,014 PDF p. 82
Definitions & sources

Financial Highlights — Financial Results

5 metrics

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Financial Highlights — Financial Results from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2022Group; financial year ended 31 March2023Group; financial year ended 31 March2024Group; financial year ended 31 March2025Group; financial year ended 31 March2026Group; financial year ended 31 March Source
Financial Results
Revenue (US$’000)US$’000 45,80847,36645,49248,55450,593 PDF p. 24
Net Profit (US$’000)US$’000 9,83411,5149,13611,38216,415 PDF p. 24
Earnings per Share (US cent)US cent 2.482.902.272.844.10 PDF p. 24
Dividend per Share (Singapore cent)Singapore cent 1.001.001.001.001.00 PDF p. 24
Return on Equity (%)% 9.299.777.418.7011.39 PDF p. 24
Definitions & sources

Financial Highlights — Financial Position

10 metrics

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Financial Highlights — Financial Position from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2022Group; as at 31 March2023Group; as at 31 March2024Group; as at 31 March2025Group; as at 31 March2026Group; as at 31 March Source
Financial Position
Current AssetsUS$’000 54,23967,97675,81784,294103,693 PDF p. 24
Financial and Other AssetsUS$’000 1,4822,1601,7541,9641,229 PDF p. 24
Investment in an Associated CompanyUS$’000 1,6381,6721,7411,815- PDF p. 24
Property, Plant and EquipmentUS$’000 121,485115,470109,792104,83098,595 PDF p. 24
Total AssetsUS$’000 178,844187,278189,104192,903203,517 PDF p. 24
Trade and Other LiabilitiesUS$’000 33,11434,95036,57438,17440,783 PDF p. 24
Bank BorrowingUS$’000 39,82734,51729,20723,89718,587 PDF p. 24
Total LiabilitiesUS$’000 72,94169,46765,78162,07159,370 PDF p. 24
EquityUS$’000 105,903117,811123,323130,832144,147 PDF p. 24
Net Asset Value per Share (US cent)US cent 26.9829.2630.7932.6635.98 PDF p. 24
Definitions & sources

Group / Company cash and bank balances — Note19

3 metrics

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Group / Company cash and bank balances — Note19 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2026Group2025Group2026Company2025Company Source
Group / Company cash and bank balances — Note19
Cash at banks and on handUS dollars thousands 2,1786,08072254 PDF p. 125
Short term depositsUS dollars thousands 95,46573,934–– PDF p. 125
Total cash and bank balancesUS dollars thousands 97,64380,01472254 PDF p. 125
Definitions & sources

Group cash and cash equivalents reconciliation — Note19

3 metrics

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Group cash and cash equivalents reconciliation — Note19 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2026Group2025Group Source
Group cash and cash equivalents reconciliation — Note19
Cash and bank balances (as above)US dollars thousands 97,64380,014 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 2,88556,157 PDF p. 125 Label p. 125
Definitions & sources

Group / Company paid and proposed dividends — Note28

2 metrics

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Group / Company paid and proposed dividends — Note28 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2026Group and Company2025Group 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 3,1203,076 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 3,1052,989 PDF p. 132 Label p. 132
Definitions & sources

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.

EPS weighted average share count — Note9

1 metrics

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EPS weighted average share count — Note9 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2026Group2025Group Source
EPS denominator — Note9
Weighted average number of ordinary shares for basic andthousands of shares 400,576400,576 PDF p. 112
Definitions & sources

Group / Company financial position — FY2024 source / PDF75

21 metrics

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Group / Company financial position — FY2024 source / PDF75 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2024Group2023Group2024Company2023Company Source
Non-current assets
Property, plant and equipmentUS dollars thousands 109,792115,470–– PDF p. 75
Right-of-use assetsUS dollars thousands 74367–– PDF p. 75
GoodwillUS dollars thousands 622699–– PDF p. 75
Investment in subsidiariesUS dollars thousands ––33,27433,274 PDF p. 75
Amount due from subsidiariesUS dollars thousands ––443566 PDF p. 75
Investment in an associated companyUS dollars thousands 1,7411,672** PDF p. 75
Derivative financial assetsUS dollars thousands 1,0581,094–– PDF p. 75
Non-current assetsUS dollars thousands 113,287119,30233,71733,840 PDF p. 75
Current assets
InventoriesUS dollars thousands 492539–– PDF p. 75
Trade and other receivablesUS dollars thousands 5,9684,920116424 PDF p. 75
Amount due from subsidiariesUS dollars thousands ––51,19924,494 PDF p. 75
Investment securitiesUS dollars thousands 1,9751,915–– PDF p. 75
Derivative financial assetsUS dollars thousands 8051,209–– PDF p. 75
Cash and bank balancesUS dollars thousands 66,57759,39311,00829,261 PDF p. 75
Current assetsUS dollars thousands 75,81767,97662,32354,179 PDF p. 75
Current liabilities
Trade and other payablesUS dollars thousands 6,3836,904121108 PDF p. 75
Amount due to subsidiariesUS dollars thousands ––7,7948,112 PDF p. 75
Lease liabilitiesUS dollars thousands 51356–– PDF p. 75
Bank borrowingUS dollars thousands 5,3105,310–– PDF p. 75
Current liabilitiesUS dollars thousands 11,74412,5707,9158,220 PDF p. 75
Net current assetsUS dollars thousands 64,07355,40654,40845,959 PDF p. 75
Definitions & sources

Group / Company financial position — FY2024 source / PDF76

10 metrics

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Group / Company financial position — FY2024 source / PDF76 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2024Group2023Group2024Company2023Company Source
Non-current liabilities
Lease liabilitiesUS dollars thousands 2735–– PDF p. 76
Bank borrowingUS dollars thousands 23,89729,207–– PDF p. 76
Advance payments from customerUS dollars thousands 30,11327,655–– PDF p. 76
Non-current liabilitiesUS dollars thousands 54,03756,897–– PDF p. 76
Net assetsUS dollars thousands 123,323117,81188,12579,799 PDF p. 76
Equity attributable to owners of
the Company Share capitalUS dollars thousands 33,57533,57533,57533,575 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 8481,116–– PDF p. 76
Retained earningsUS dollars thousands 90,91384,75856,56347,862 PDF p. 76
Total equityUS dollars thousands 123,323117,81188,12579,799 PDF p. 76
Definitions & sources

Group income statement — FY2024 source

16 metrics

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Group income statement — FY2024 source from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2024Group2023Group Source
Group income statement — FY2024 source
RevenueUS dollars thousands 45,49247,366 PDF p. 73
Other operating incomeUS dollars thousands 650913 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 8,04610,478 PDF p. 73
Finance and investment incomeUS dollars thousands 2,7941,587 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 6934 PDF p. 73
Profit before taxUS dollars thousands 9,13811,515 PDF p. 73
Income tax expenseUS dollars thousands (2)(1) PDF p. 73
Profit for the yearUS dollars thousands 9,13611,514 PDF p. 73
Attributable to: Owners of the CompanyUS dollars thousands 9,13611,514 PDF p. 73 Label p. 73
Definitions & sources

Group basic and diluted EPS — FY2024 source

1 metrics

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Group basic and diluted EPS — FY2024 source from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2024Group2023Group Source
Earnings per share (US cents):
Basic and dilutedUS cents per share 2.32.9 PDF p. 73
Definitions & sources

Group comprehensive income — FY2024 source

8 metrics

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Group comprehensive income — FY2024 source from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2024Group2023Group Source
Group comprehensive income — FY2024 source
Profit for the yearUS dollars thousands 9,13611,514 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 1,0321,259 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 8,86813,052 PDF p. 74
Attributable to: Owners of the CompanyUS dollars thousands 8,86813,052 PDF p. 74 Label p. 74
Definitions & sources

Group changes in equity — FY2024 source / ending2024

8 metrics

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Group changes in equity — FY2024 source / ending2024 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2024Group — Share capital2024Group — Treasury shares2024Group — Hedging reserve2024Group — Currency translation reserve2024Group — Retained earnings2024Group — 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)84,758117,811 PDF p. 77
Total comprehensive income for
the year Profi t for the yearUS dollars thousands ––––9,1369,136 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)9,1368,868 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)90,913123,323 PDF p. 77
Definitions & sources

Group changes in equity — FY2024 source / ending2023

9 metrics

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Group changes in equity — FY2024 source / ending2023 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2023Group — Share capital2023Group — Treasury shares2023Group — Hedging reserve2023Group — Currency translation reserve2023Group — Retained earnings2023Group — 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)75,985105,903 PDF p. 77
Total comprehensive income for
the year Profi t for the yearUS dollars thousands ––––11,51411,514 PDF p. 77 Label p. 77
Other comprehensive income for the yearUS dollars thousands ––1,344194–1,538 PDF p. 77 Label p. 77
TotalUS dollars thousands ––1,34419411,51413,052 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)84,758117,811 PDF p. 77
Definitions & sources

Company changes in equity — FY2024 source / ending2024

7 metrics

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Company changes in equity — FY2024 source / ending2024 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2024Company — Share capital2024Company — Treasury shares2024Company — Retained earnings2024Company — Equity attributable to owners Source
Company changes in equity — FY2024 source
Balance at 1 April 2023US dollars thousands 33,575(1,638)47,86279,799 PDF p. 78
Total comprehensive income for the
year Profit for the yearUS dollars thousands ––11,68211,682 PDF p. 78 Label p. 78
TotalUS dollars thousands ––11,68211,682 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)56,56388,125 PDF p. 78
Definitions & sources

Company changes in equity — FY2024 source / ending2023

8 metrics

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Company changes in equity — FY2024 source / ending2023 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2023Company — Share capital2023Company — Treasury shares2023Company — Retained earnings2023Company — Equity attributable to owners Source
Contributions by and distributions to owners
Balance at 1 April 2022US dollars thousands 31,886(1,546)38,67569,015 PDF p. 78
Total comprehensive income for the
year Profit for the yearUS dollars thousands ––11,92811,928 PDF p. 78 Label p. 78
TotalUS dollars thousands ––11,92811,928 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)47,86279,799 PDF p. 78
Definitions & sources

Group cash flows — FY2024 source / PDF79

18 metrics

Units appear below each metric. Scroll to compare years

Group cash flows — FY2024 source / PDF79 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2024Group2023Group Source
Cash flows from operating activities
Profit before taxUS dollars thousands 9,13811,515 PDF p. 79
Adjustments for:
Depreciation expenseUS dollars thousands 8,1648,287 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 1,0661,245 PDF p. 79
Loss on foreign exchangeUS dollars thousands 250353 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 16,09519,312 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 2,4581,628 PDF p. 79
Cash flows from operationsUS dollars thousands 17,34720,029 PDF p. 79
Income tax paidUS dollars thousands (2)(1) PDF p. 79
Net cash flows from operating activitiesUS dollars thousands 17,34520,028 PDF p. 79
Definitions & sources

Group cash flows — FY2024 source / PDF80

21 metrics

Units appear below each metric. Scroll to compare years

Group cash flows — FY2024 source / PDF80 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2024Group2023Group 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 2,320843 PDF p. 80
Dividend income from investment securitiesUS dollars thousands 114106 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 19,1116,879 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 4,78019,111 PDF p. 80
Cash and bank balances comprise the following:
Cash and cash equivalentsUS dollars thousands 4,78019,111 PDF p. 80
Time depositsUS dollars thousands 61,79740,282 PDF p. 80
Cash and bank balances comprise the following:US dollars thousands 66,57759,393 PDF p. 80
Definitions & sources

Group / Company financial position — FY2022 source / PDF64

22 metrics

Units appear below each metric. Scroll to compare years

Group / Company financial position — FY2022 source / PDF64 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2022Group2021Group2022Company2021Company Source
Non-current assets
Property, plant and equipmentUS dollars thousands 121,485128,469–– PDF p. 64
Right-of-use assetUS dollars thousands –30–– PDF p. 64
GoodwillUS dollars thousands 777782–– PDF p. 64
Investment in subsidiariesUS dollars thousands ––32,62532,625 PDF p. 64
Amount due from subsidiariesUS dollars thousands ––1,3465,715 PDF p. 64
Investment in associated companyUS dollars thousands 1,6381,637** 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 124,605130,97233,97138,340 PDF p. 64
Current assets
InventoriesUS dollars thousands 530272–– PDF p. 64
Trade and other receivablesUS dollars thousands 3,5563,2062936 PDF p. 64
Amount due from subsidiariesUS dollars thousands ––35,11919,405 PDF p. 64
Investment securitiesUS dollars thousands 5,5562,209–– PDF p. 64
Cash and cash equivalentsUS dollars thousands 44,59738,7269,89415,438 PDF p. 64
Current assetsUS dollars thousands 54,23944,41345,04234,879 PDF p. 64
Current liabilities
Trade and other payablesUS dollars thousands 6,8746,563124117 PDF p. 64
Amount due to subsidiariesUS dollars thousands ––9,87415,134 PDF p. 64
Lease liabilityUS dollars thousands –33–– PDF p. 64
Bank borrowingsUS dollars thousands 5,3107,078–– PDF p. 64
Derivative fi nancial liabilitiesUS dollars thousands 213780–– PDF p. 64
Current liabilitiesUS dollars thousands 12,39714,4549,99815,251 PDF p. 64
Net current assetsUS dollars thousands 41,84229,95935,04419,628 PDF p. 64
Definitions & sources

Group / Company financial position — FY2022 source / PDF65

10 metrics

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Group / Company financial position — FY2022 source / PDF65 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2022Group2021Group2022Company2021Company Source
Non-current liabilities
Bank borrowingsUS dollars thousands 34,51739,829–– PDF p. 65
Derivative fi nancial liabilitiesUS dollars thousands –1,014–– PDF p. 65
Deferred incomeUS dollars thousands 26,02723,483–– PDF p. 65
Non-current liabilitiesUS dollars thousands 60,54464,326–– PDF p. 65
Net assetsUS dollars thousands 105,90396,60569,01557,968 PDF p. 65
Equity attributable to owners of
the Company Share capitalUS dollars thousands 31,88631,88631,88631,886 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 75,98567,63538,67526,292 PDF p. 65
Total equityUS dollars thousands 105,90396,60569,01557,968 PDF p. 65
Definitions & sources

Group income statement — FY2022 source

16 metrics

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Group income statement — FY2022 source from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2022Group2021Group Source
Group income statement — FY2022 source
RevenueUS dollars thousands 45,80842,169 PDF p. 62
Other operating incomeUS dollars thousands 1,247698 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 10,88810,750 PDF p. 62
Finance and investment incomeUS dollars thousands 145649 PDF p. 62
Finance costsUS dollars thousands (1,423)(1,669) PDF p. 62
Exchange differencesUS dollars thousands 225650 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 9,83610,274 PDF p. 62
TaxationUS dollars thousands (2)(1) PDF p. 62
Profi t for the yearUS dollars thousands 9,83410,273 PDF p. 62
Attributable to: Owners of the CompanyUS dollars thousands 9,83410,273 PDF p. 62 Label p. 62
Definitions & sources

Group basic and diluted EPS — FY2022 source

2 metrics

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Group basic and diluted EPS — FY2022 source from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2022Group2021Group Source
Earnings per share (US cents):
BasicUS cents per share 2.52.6 PDF p. 62
DilutedUS cents per share 2.52.6 PDF p. 62
Definitions & sources

Group comprehensive income — FY2022 source

8 metrics

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Group comprehensive income — FY2022 source from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2022Group2021Group Source
Group comprehensive income — FY2022 source
Profi t for the yearUS dollars thousands 9,83410,273 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 3,0612,239 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 2,3471,701 PDF p. 63
Foreign currency translationUS dollars thousands (63)608 PDF p. 63
Other comprehensive income for the year, net of taxUS dollars thousands 2,2842,309 PDF p. 63
Total comprehensive income for the yearUS dollars thousands 12,11812,582 PDF p. 63
Attributable to: Owners of the CompanyUS dollars thousands 12,11812,582 PDF p. 63 Label p. 63
Definitions & sources

Group changes in equity — FY2022 source / ending2022

8 metrics

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Group changes in equity — FY2022 source / ending2022 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2022Group — Share capital2022Group — Treasury shares2022Group — Hedging reserve2022Group — Currency translation reserve2022Group — Retained earnings2022Group — Equity attributable to owners Source
Group changes in equity — FY2022 source
Balance at 1 April 2021US dollars thousands 31,886(210)(1,728)(978)67,63596,605 PDF p. 66
Total comprehensive income for the year
Profi t for the yearUS dollars thousands ––––9,8349,834 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)9,83412,118 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)75,985105,903 PDF p. 66
Definitions & sources

Group changes in equity — FY2022 source / ending2021

9 metrics

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Group changes in equity — FY2022 source / ending2021 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2021Group — Share capital2021Group — Treasury shares2021Group — Hedging reserve2021Group — Currency translation reserve2021Group — Retained earnings2021Group — 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)67,98087,163 PDF p. 66
Total comprehensive income for the year
Profi t for the yearUS dollars thousands ––––10,27310,273 PDF p. 66
Other comprehensive income for the yearUS dollars thousands ––1,701608–2,309 PDF p. 66
TotalUS dollars thousands ––1,70160810,27312,582 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)67,63596,605 PDF p. 66
Definitions & sources

Company changes in equity — FY2022 source / ending2022

7 metrics

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Company changes in equity — FY2022 source / ending2022 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2022Company — Share capital2022Company — Treasury shares2022Company — Retained earnings2022Company — Equity attributable to owners Source
Company changes in equity — FY2022 source
Balance at 1 April 2021US dollars thousands 31,886(210)26,29257,968 PDF p. 67
Total comprehensive income for the year
Profi t for the yearUS dollars thousands ––13,86713,867 PDF p. 67
TotalUS dollars thousands ––13,86713,867 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)38,67569,015 PDF p. 67
Definitions & sources

Company changes in equity — FY2022 source / ending2021

8 metrics

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Company changes in equity — FY2022 source / ending2021 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2021Company — Share capital2021Company — Treasury shares2021Company — Retained earnings2021Company — Equity attributable to owners Source
Contributions by and distributions to owners
Balance at 1 April 2020US dollars thousands 31,886(7,688)28,49052,688 PDF p. 67
Total comprehensive income for the year
Profi t for the yearUS dollars thousands ––8,4208,420 PDF p. 67
TotalUS dollars thousands ––8,4208,420 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)26,29257,968 PDF p. 67
Definitions & sources

Group cash flows — FY2022 source / PDF68

35 metrics

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Group cash flows — FY2022 source / PDF68 from Sailing Through Changing Times — Annual Report 2025/2026
Metric / unit 2022Group2021Group Source
Cash fl ows from operating activities
Profi t before taxationUS dollars thousands 9,83610,274 PDF p. 68
Adjustments for:
Depreciation expenseUS dollars thousands 7,9918,309 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 1,4231,669 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 18,80719,204 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 2,5442,593 PDF p. 68
Derivative fi nancial liabilitiesUS dollars thousands 61– PDF p. 68
Cash fl ows from operationsUS dollars thousands 21,14521,670 PDF p. 68
Tax paidUS dollars thousands (2)(1) PDF p. 68
Net cash fl ows from operating activitiesUS dollars thousands 21,14321,669 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 179449 PDF p. 68
Dividend income from investment securitiesUS dollars thousands 7878 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 5,9078,021 PDF p. 68
Cash and cash equivalents at beginning of the yearUS dollars thousands 38,72630,524 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 44,59738,726 PDF p. 68
Definitions & sources

Where the money comes from

Segment information

By business

Operating segments, year ended 31 March 17 lines
Operating segments, year ended 31 March
Item / unit 2026Ship owning2026Agency and logistics2026Unallocated items2026Inter-segment elimination2026Group2025Ship owning2025Agency and logistics2025Unallocated items2025Inter-segment elimination2025Group Source
Operating segments
Group’s external revenueUS$’000 36,20014,393––50,59332,33516,219––48,554 PDF p. 133PDF p. 134
Segment resultsUS$’000 15,127575––15,70210,6901,867––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–––1074–––74 PDF p. 133PDF p. 134
Profit before unallocated itemsUS$’000 14,433539––14,9729,8851,816––11,701 PDF p. 133PDF p. 134
Corporate costsUS$’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$’000 14,4335391,445–16,4179,8851,816(317)–11,384 PDF p. 133PDF p. 134
Income tax expenseUS$’000 –(2)––(2)–(2)––(2) PDF p. 133PDF p. 134
Profit for the yearUS$’000 14,4335371,445–16,4159,8851,814(317)–11,382 PDF p. 133PDF p. 134
Segment assetsUS$’000 198,7835,873–(1,139)203,517184,7927,709–(1,413)191,088 PDF p. 133PDF p. 134
Total assetsUS$’000 198,7835,873–(1,139)203,517186,6077,709–(1,413)192,903 PDF p. 133PDF p. 134
Total liabilitiesUS$’000 56,8773,632–(1,139)59,37059,6813,803–(1,413)62,071 PDF p. 133PDF p. 134
Additions to non-current assetsUS$’000 1,19834––1,2322,7291,277––4,006 PDF p. 133PDF p. 134
DepreciationUS$’000 7,416491––7,9077,714463––8,177 PDF p. 133PDF p. 134
Investment in an associated companyUS$’000 1,815–––1,815 PDF p. 134
Notes

* Unallocated items refer to corporate costs, finance and investment income and exchange differences.

Information about major customers 3 lines
Information about major customers — Group
Item / unit 2026% of total revenue2025% of total revenue Source
Revenue from
Customer 1% of total revenue 4245 PDF p. 135
Customer 2% of total revenue 3023 PDF p. 135
Customer 3% of total revenue 1211 PDF p. 135
Notes

There are 3 major customers identified by the management.

By geography

Revenue by geographical segments 4 lines
Revenue by geographical segments
Item / unit 2026Group2025Group Source
Revenue
JapanUS$’000 21,38521,652 PDF p. 135
SingaporeUS$’000 14,14716,050 PDF p. 135
OthersUS$’000 15,06110,852 PDF p. 135
Total revenue (unlabelled total line)US$’000 50,59348,554 PDF p. 135
Notes

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

Borrowings

Note 30(b) Contractual maturities of financial liabilities - Group 2026 (undiscounted)

Note 30(b) Contractual maturities of financial liabilities - Group 2026 (undiscounted) — Group
Item / unit 2026Carrying amount2026Contractual cash flows Total2026Not later than 1 year2026Between 1 and 5 years2026More than 5 years Source
2026
Bank borrowing and accrued interestUS$'000 18,64219,7405,86013,880– PDF p. 140
Lease liabilitiesUS$'000 49250746839– PDF p. 140
2026 Derivative financial instruments
Interest rate swap used for hedgingUS$'000 (594)(594)(285)(309)– PDF p. 140
Notes

Based on contractual undiscounted repayment obligations. Company has no borrowings or lease liabilities in its maturity table (page 142).

Note 30(b) Contractual maturities of financial liabilities - Group 2025 (undiscounted)

Note 30(b) Contractual maturities of financial liabilities - Group 2025 (undiscounted) — Group
Item / unit 2025Carrying amount2025Contractual cash flows Total2025Not later than 1 year2025Between 1 and 5 years2025More than 5 years Source
2025
Bank borrowing and accrued interestUS$'000 23,96625,7766,03619,740– PDF p. 141
Lease liabilitiesUS$'000 904952454498– PDF p. 141
2025 Derivative financial instruments
Interest rate swap used for hedgingUS$'000 (991)(991)(437)(554)– PDF p. 141
Notes

Based on contractual undiscounted repayment obligations.

Borrowing notes 6 tables

Bank borrowing

Bank borrowing — Group
Item / unit 2026US$'000, as at 31 March 20262025US$'000, as at 31 March 2025 Source
Bank borrowing (maturity 2026 – 2027)
Current bank borrowingUS$'000 5,3105,310 PDF p. 127
Bank borrowing (maturity 2027 – 2029)
Non-current bank borrowingUS$'000 13,27718,587 PDF p. 127
Notes

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.

Bank borrowing total

Bank borrowing total — Group
Item / unit 2026US$'0002025US$'000 Source
Bank borrowing
Total bank borrowing (unlabelled total row)US$'000 18,58723,897 PDF p. 127
Notes

Total row has no printed label; it sums current and non-current bank borrowing.

Balance sheet - current borrowings and lease liabilities

Balance sheet - current borrowings and lease liabilities
Item / unit 2026Group2025Group2026Company2025Company Source
Current liabilities
Lease liabilitiesUS$'000 453419–– PDF p. 76
Bank borrowingUS$'000 5,3105,310–– PDF p. 76
Notes

Balance Sheets as at 31 March 2026.

Balance sheet - non-current borrowings and lease liabilities

Balance sheet - non-current borrowings and lease liabilities
Item / unit 2026Group2025Group2026Company2025Company Source
Non-current liabilities
Lease liabilitiesUS$'000 39485–– PDF p. 77
Bank borrowingUS$'000 13,27718,587–– PDF p. 77
Notes

Balance Sheets as at 31 March 2026.

Lease liabilities presented as

Lease liabilities presented as — Group
Item / unit 2026US$'0002025US$'000 Source
Lease liabilities presented as
CurrentUS$'000 453419 PDF p. 115
Non-currentUS$'000 39485 PDF p. 115
Lease liabilities movement
At 31 MarchUS$'000 492904 PDF p. 115
Notes

Maturity analysis of lease liabilities is disclosed in Note 30(b).

Cash outflows for leases of US$1,045,000 (2025: US$986,000).

Five-year summary - Bank Borrowing

Five-year summary - Bank Borrowing — As at 31 March
Item / unit 2022US$'0002023US$'0002024US$'0002025US$'0002026US$'000 Source
Financial Position
Bank BorrowingUS$'000 39,82734,51729,20723,89718,587 PDF p. 24

Payout

Dividends & distributions

Dividend policy

ItemValuePeriod / scopeSource
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

Dividends declared and proposed

ItemValuePeriod / scopeSource
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

Audit & risk signals

Audit opinion

ItemValuePeriod / scopeSource
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

Going concern

ItemValuePeriod / scopeSource
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

Key audit matters

ItemValuePeriod / scopeSource
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.

How to read these figures

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.