Vallianz WPC
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Financials
Annual Report 2025
Explore the statements
10 tablesStatements of Financial Position – Group
39 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as at 31 December 2025 | 2024Group, as at 31 December 2024 | Source |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalentsUS$'000 | 7,623 | 11,988 | PDF p. 91 |
| Trade receivablesUS$'000 | 106,937 | 36,980 | PDF p. 91 |
| Other receivablesUS$'000 | 53,670 | 125,629 | PDF p. 91 |
| InventoriesUS$'000 | 1,053 | 424 | PDF p. 91 |
| Contract assetsUS$'000 | 83,160 | 36,822 | PDF p. 91 |
| Financial assets at fair value through other comprehensive incomeUS$'000 | – | 27,308 | PDF p. 91 |
| Total current assets excluding asset classified as held for saleUS$'000 | 252,443 | 239,151 | PDF p. 91 |
| Asset held for saleUS$'000 | – | 950 | PDF p. 91 |
| Total current assetsUS$'000 | 252,443 | 240,101 | PDF p. 91 |
| Non-current assets | |||
| Other receivablesUS$'000 | – | 14,055 | PDF p. 91 |
| Financial assets at fair value through other comprehensive incomeUS$'000 | 60,853 | 60,853 | PDF p. 91 |
| Joint venturesUS$'000 | 825 | 234 | PDF p. 91 |
| Property, plant and equipmentUS$'000 | 89,327 | 89,486 | PDF p. 91 |
| Right-of-use assetsUS$'000 | 70,537 | 62,383 | PDF p. 91 |
| Deferred tax assetsUS$'000 | 785 | – | PDF p. 91 |
| Total non-current assetsUS$'000 | 222,327 | 227,011 | PDF p. 91 |
| Assets | |||
| Total assetsUS$'000 | 474,770 | 467,112 | PDF p. 91 |
| Current liabilities | |||
| Trade payablesUS$'000 | 77,001 | 29,963 | PDF p. 91 |
| Other payablesUS$'000 | 139,762 | 92,062 | PDF p. 91 |
| Contract liabilitiesUS$'000 | 14,385 | 91,389 | PDF p. 91 |
| Term loansUS$'000 | 10,212 | 28,426 | PDF p. 91 |
| Lease liabilitiesUS$'000 | 12,902 | 15,483 | PDF p. 91 |
| Income tax payableUS$'000 | 285 | 1,644 | PDF p. 91 |
| Total current liabilitiesUS$'000 | 254,547 | 258,967 | PDF p. 91 |
| Non-current liabilities | |||
| Other payablesUS$'000 | 381 | – | PDF p. 91 |
| Retirement benefit obligationUS$'000 | 668 | 586 | PDF p. 91 |
| Term loansUS$'000 | 83,663 | 88,235 | PDF p. 91 |
| Lease liabilitiesUS$'000 | 31,089 | 34,675 | PDF p. 91 |
| Deferred tax liabilitiesUS$'000 | 3,798 | 1,215 | PDF p. 91 |
| Total non-current liabilitiesUS$'000 | 119,599 | 124,711 | PDF p. 91 |
| Capital and reserves | |||
| Share capitalUS$'000 | 382,274 | 382,274 | PDF p. 91 |
| Shareholder’s advancesUS$'000 | 121,911 | 113,596 | PDF p. 91 |
| Foreign currency translation reserveUS$'000 | (183) | (3) | PDF p. 91 |
| Other reserveUS$'000 | (613) | (621) | PDF p. 91 |
| Accumulated lossesUS$'000 | (378,039) | (388,689) | PDF p. 91 |
| Equity attributable to owners of the Company and capital securities holdersUS$'000 | 125,350 | 106,557 | PDF p. 91 |
| Non-controlling interestsUS$'000 | (24,726) | (23,123) | PDF p. 91 |
| Total equityUS$'000 | 100,624 | 83,434 | PDF p. 91 |
| Liabilities and equity | |||
| Total liabilities and equityUS$'000 | 474,770 | 467,112 | PDF p. 91 |
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Definitions & sources
Original report: PDF p. 91 ↗
Statements of Financial Position – Company
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, as at 31 December 2025 | 2024Company, as at 31 December 2024 | Source |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalentsUS$'000 | 30 | 210 | PDF p. 92 |
| Other receivablesUS$'000 | 377,934 | 486,551 | PDF p. 92 |
| Total current assetsUS$'000 | 377,964 | 486,761 | PDF p. 92 |
| Non-current assets | |||
| Subsidiary corporationsUS$'000 | 500 | 500 | PDF p. 92 |
| Total non-current assetsUS$'000 | 500 | 501 | PDF p. 92 |
| Assets | |||
| Total assetsUS$'000 | 378,464 | 487,262 | PDF p. 92 |
| Current liabilities | |||
| Other payablesUS$'000 | 193,184 | 299,730 | PDF p. 92 |
| Term loanUS$'000 | 443 | – | PDF p. 92 |
| Total current liabilitiesUS$'000 | 193,627 | 299,730 | PDF p. 92 |
| Non-current liabilities | |||
| Other payablesUS$'000 | 381 | – | PDF p. 92 |
| Term loanUS$'000 | 2,619 | – | PDF p. 92 |
| Total non-current liabilitiesUS$'000 | 3,000 | – | PDF p. 92 |
| Capital and reserves | |||
| Share capitalUS$'000 | 382,274 | 382,274 | PDF p. 92 |
| Shareholder’s advancesUS$'000 | 121,911 | 113,596 | PDF p. 92 |
| Other reserveUS$'000 | 28 | 28 | PDF p. 92 |
| Accumulated lossesUS$'000 | (322,376) | (308,366) | PDF p. 92 |
| Equity attributable to owners of the Company and capital securities holders, representing total equityUS$'000 | 181,837 | 187,532 | PDF p. 92 |
| Liabilities and equity | |||
| Total liabilities and equityUS$'000 | 378,464 | 487,262 | PDF p. 92 |
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Definitions & sources
Original report: PDF p. 92 ↗
* Less than US$1,000
Consolidated Statement of Profit or Loss and Other Comprehensive Income – Group
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025 | 2024Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueUS$'000 | 332,273 | 497,858 | PDF p. 93 |
| Cost of salesUS$'000 | (305,238) | (468,230) | PDF p. 93 |
| Gross profitUS$'000 | 27,035 | 29,628 | PDF p. 93 |
| Other income, netUS$'000 | 8,394 | 114 | PDF p. 93 |
| Administrative expensesUS$'000 | (10,062) | (10,227) | PDF p. 93 |
| Finance costsUS$'000 | (17,039) | (17,635) | PDF p. 93 |
| Share of results of joint ventureUS$'000 | 586 | 160 | PDF p. 93 |
| Operating profitUS$'000 | 8,914 | 2,040 | PDF p. 93 |
| Exceptional itemsUS$'000 | 2,531 | 19,150 | PDF p. 93 |
| Profit before taxUS$'000 | 11,445 | 21,190 | PDF p. 93 |
| Income tax expenseUS$'000 | (2,398) | (3,360) | PDF p. 93 |
| Profit for the yearUS$'000 | 9,047 | 17,830 | PDF p. 93 |
| Other comprehensive income | |||
| Exchange differences on translation of foreign operationsUS$'000 | (180) | 87 | PDF p. 93 |
| Other comprehensive (loss)/profit for the year, net of taxUS$'000 | (172) | 87 | PDF p. 93 |
| Total comprehensive income for the yearUS$'000 | 8,875 | 17,917 | PDF p. 93 |
| Profit for the year attributable to | |||
| Owners of the CompanyUS$'000 | 10,650 | 20,398 | PDF p. 93 |
| Non-controlling interestsUS$'000 | (1,603) | (2,568) | PDF p. 93 |
| SubtotalUS$'000 | 9,047 | 17,830 | PDF p. 93 |
| Total comprehensive income attributable to | |||
| Owners of the CompanyUS$'000 | 10,478 | 20,485 | PDF p. 93 |
| Non-controlling interestsUS$'000 | (1,603) | (2,568) | PDF p. 93 |
| SubtotalUS$'000 | 8,875 | 17,917 | PDF p. 93 |
| Earnings per share (US cents) | |||
| Basic and dilutedUS cents | 0.88 | 1.68 | PDF p. 93 |
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Definitions & sources
Original report: PDF p. 93 ↗
* Less than US$1,000
Consolidated Statement of Profit or Loss and Other Comprehensive Income
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY ended 31 December 2025 | 2024Group, FY ended 31 December 2024 | Source |
|---|---|---|---|
| Other comprehensive income: Item that may be reclassified subsequently to profit or loss | |||
| Exchange differences on translation of foreign operationsUS$'000 | (180) | 87 | PDF p. 93 |
| Other comprehensive income | |||
| Other comprehensive (loss)/profit for the year, net of taxUS$'000 | (172) | 87 | PDF p. 93 |
| Total comprehensive income | |||
| Total comprehensive income for the yearUS$'000 | 8,875 | 17,917 | PDF p. 93 |
| Profit for the year attributable to | |||
| Owners of the CompanyUS$'000 | 10,650 | 20,398 | PDF p. 93 |
| Non-controlling interestsUS$'000 | (1,603) | (2,568) | PDF p. 93 |
| Total comprehensive income attributable to | |||
| Owners of the CompanyUS$'000 | 10,478 | 20,485 | PDF p. 93 |
| Non-controlling interestsUS$'000 | (1,603) | (2,568) | PDF p. 93 |
| Earnings per share (US cents) | |||
| Basic and dilutedUS cents | 0.88 | 1.68 | PDF p. 93 |
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Definitions & sources
Original report: PDF p. 93 ↗
* Less than US$1,000
Profit attributable subtotal rows (9,047 / 17,830 and 8,875 / 17,917) are unlabelled totals in the source.
Group Statement of Changes in Equity – FY2025
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital | 2025Group, Shareholder's advances | 2025Group, Foreign currency translation reserve | 2025Group, Other reserve | 2025Group, Accumulated losses | 2025Group, Equity attributable to owners of the company and capital securities holders | 2025Group, Non-controlling interests | 2025Group, Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||
| At 1 January 2025US$'000 | 382,274 | 113,596 | (3) | (621) | (388,689) | 106,557 | (23,123) | 83,434 | PDF p. 94 |
| Total comprehensive income for the year | |||||||||
| Profit/(loss) for the yearUS$'000 | – | – | – | – | 10,650 | 10,650 | (1,603) | 9,047 | PDF p. 94 |
| Other comprehensive (loss)/income for the yearUS$'000 | – | – | (180) | 8 | – | (172) | – | (172) | PDF p. 94 |
| TotalUS$'000 | – | – | (180) | 8 | 10,650 | 10,478 | (1,603) | 8,875 | PDF p. 94 |
| Transactions with owners recognised directly in equity | |||||||||
| Deemed investment by a Shareholder, net (Note 25)US$'000 | – | 8,315 | – | – | – | 8,315 | – | 8,315 | PDF p. 94 |
| TotalUS$'000 | – | 8,315 | – | – | – | 8,315 | – | 8,315 | PDF p. 94 |
| Group | |||||||||
| At 31 December 2025US$'000 | 382,274 | 121,911 | (183) | (613) | (378,039) | (125,350) | (24,726) | 100,624 | PDF p. 94 |
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Definitions & sources
Original report: PDF p. 94 ↗
Equity attributable to owners at 31 December 2025 is printed as (125,350) in the statement of changes in equity, whereas the statement of financial position prints 125,350.
Wrapped label 'Deemed investment by a Shareholder, net (Note 25)' spans two lines in source.
Group Statement of Changes in Equity – FY2024
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital | 2024Group, Perpetual capital securities | 2024Group, Shareholder's advances | 2024Group, Foreign currency translation reserve | 2024Group, Equity component of convertible bonds | 2024Group, Other reserve | 2024Group, Accumulated losses | 2024Group, Equity attributable to owners of the Company and capital securities holders | 2024Group, Non-controlling interests | 2024Group, Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||||
| At 1 January 2024US$'000 | 382,274 | 22,500 | 46,783 | (90) | 5,919 | (621) | (426,286) | 30,479 | (24,071) | 6,408 | PDF p. 95 |
| Total comprehensive income for the year | |||||||||||
| Profit/(loss) for the yearUS$'000 | – | – | – | – | – | – | 20,398 | 20,398 | (2,568) | 17,830 | PDF p. 95 |
| Transactions with owners recognised directly in equity | |||||||||||
| Deemed investment by a Shareholder, net (Note 25)US$'000 | – | – | 66,813 | – | – | – | – | 66,813 | – | 66,813 | PDF p. 95 |
| TotalUS$'000 | – | – | 66,813 | – | – | – | – | 66,813 | – | 66,813 | PDF p. 95 |
| Group | |||||||||||
| Deconsolidation of subsidiaries due to loss of control (Note 6)US$'000 | – | – | – | – | – | – | – | – | 3,516 | 3,516 | PDF p. 95 |
| Recognition of equity component of convertible bondsUS$'000 | – | – | – | – | 30 | – | – | 30 | – | 30 | PDF p. 95 |
| Settlement of convertible bondsUS$'000 | – | – | – | – | (5,949) | – | 5,949 | – | – | – | PDF p. 95 |
| Settlement of perpetual capital securitiesUS$'000 | – | (22,500) | – | – | – | – | 11,250 | (11,250) | – | (11,250) | PDF p. 95 |
| At 31 December 2024US$'000 | 382,274 | – | 113,596 | (3) | – | (621) | (388,689) | 106,557 | (23,123) | 83,434 | PDF p. 95 |
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Definitions & sources
Original report: PDF p. 95 ↗
* Less than US$1,000
Company Statement of Changes in Equity – FY2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, Share capital | 2025Company, Shareholder's advance | 2025Company, Other reserve | 2025Company, Accumulated losses | 2025Company, Total equity | Source |
|---|---|---|---|---|---|---|
| Company | ||||||
| At 1 January 2025US$'000 | 382,274 | 113,596 | 28 | (308,366) | 187,532 | PDF p. 96 |
| Total comprehensive loss for the year | ||||||
| Loss for the yearUS$'000 | – | – | – | (14,010) | (14,010) | PDF p. 96 |
| TotalUS$'000 | – | – | – | (14,010) | (14,010) | PDF p. 96 |
| Transactions with owners, recognised directly in equity | ||||||
| Deemed investment by a shareholder (Note 25)US$'000 | – | 8,315 | – | – | 8,315 | PDF p. 96 |
| TotalUS$'000 | – | 8,315 | – | – | 8,315 | PDF p. 96 |
| Company | ||||||
| At 31 December 2025US$'000 | 382,274 | 121,911 | 28 | (322,376) | 181,837 | PDF p. 96 |
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Definitions & sources
Original report: PDF p. 96 ↗
Company Statement of Changes in Equity – FY2024
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Company, Share capital | 2024Company, Perpetual capital securities | 2024Company, Shareholder's advance | 2024Company, Other reserve | 2024Company, Accumulated losses | 2024Company, Equity component of convertible bonds | 2024Company, Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| Company | ||||||||
| At 1 January 2024US$'000 | 382,274 | 22,500 | 46,783 | 28 | (332,997) | 5,919 | 124,507 | PDF p. 97 |
| Total comprehensive income for the year | ||||||||
| Profit for the yearUS$'000 | – | – | – | – | 7,432 | – | 7,432 | PDF p. 97 |
| TotalUS$'000 | – | – | – | – | 7,432 | – | 7,432 | PDF p. 97 |
| Transactions with owners, recognised directly in equity | ||||||||
| Deemed investment by a shareholder (Note 25)US$'000 | – | – | 66,813 | – | – | – | 66,813 | PDF p. 97 |
| TotalUS$'000 | – | – | 66,813 | – | – | – | 66,813 | PDF p. 97 |
| Company | ||||||||
| Recognition of equity component of convertible bondsUS$'000 | – | – | – | – | – | 30 | 30 | PDF p. 97 |
| Settlement of convertible bondsUS$'000 | – | – | – | – | 5,949 | (5,949) | – | PDF p. 97 |
| Settlement of perpetual capital securitiesUS$'000 | – | (22,500) | – | – | 11,250 | – | (11,250) | PDF p. 97 |
| At 31 December 2024US$'000 | 382,274 | – | 113,596 | 28 | (308,366) | – | 187,532 | PDF p. 97 |
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Original report: PDF p. 97 ↗
Consolidated Statement of Cash Flows
46 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY ended 31 December 2025 | 2024Group, FY ended 31 December 2024 | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before taxUS$'000 | 11,445 | 21,190 | PDF p. 98 |
| Operating activities: Adjustments for | |||
| Net loss allowance for trade and other receivables reversedUS$'000 | (1,675) | (31) | PDF p. 98 |
| Bad debts written offUS$'000 | 830 | 1,686 | PDF p. 98 |
| Creditors written backUS$'000 | (35) | (1,818) | PDF p. 98 |
| Depreciation of property, plant and equipmentUS$'000 | 8,331 | 7,481 | PDF p. 98 |
| Depreciation of right-of-use assetsUS$'000 | 5,549 | 2,557 | PDF p. 98 |
| Gain from early termination of leaseUS$'000 | (52) | – | PDF p. 98 |
| Gain from disposal of plant and equipment, netUS$'000 | (3,877) | – | PDF p. 98 |
| Provision/(Reversal) for retirement benefit obligationUS$'000 | 90 | (14) | PDF p. 98 |
| Finance costsUS$'000 | 17,039 | 17,635 | PDF p. 98 |
| Impairment loss on remeasurement of asset held for salesUS$'000 | – | 640 | PDF p. 98 |
| Share of profit of joint ventureUS$'000 | (586) | (160) | PDF p. 98 |
| Exceptional gain on redemption of convertible bondsUS$'000 | – | (15,312) | PDF p. 98 |
| Exceptional gain on redemption of perpetual capital securitiesUS$'000 | – | (5,646) | PDF p. 98 |
| Exceptional loss on deconsolidation of subsidiaries, netUS$'000 | – | 1,808 | PDF p. 98 |
| Exceptional gain on loan restructuringUS$'000 | (2,531) | – | PDF p. 98 |
| Interest incomeUS$'000 | (31) | (112) | PDF p. 98 |
| Unrealised foreign exchange differencesUS$'000 | (180) | 88 | PDF p. 98 |
| Operating activities | |||
| Operating cash flows before working capital changesUS$'000 | 34,317 | 29,992 | PDF p. 98 |
| Operating activities: Working capital changes | |||
| Trade and other receivablesUS$'000 | 16,901 | 40,357 | PDF p. 98 |
| Trade and other payablesUS$'000 | 91,970 | 64,306 | PDF p. 98 |
| InventoriesUS$'000 | (629) | (42) | PDF p. 98 |
| Contract assetsUS$'000 | (46,338) | (18,541) | PDF p. 98 |
| Contract liabilitiesUS$'000 | (77,004) | (110,786) | PDF p. 98 |
| Operating activities | |||
| Cash generated from operationsUS$'000 | 19,217 | 5,286 | PDF p. 98 |
| Income tax paidUS$'000 | (1,639) | – | PDF p. 98 |
| Net cash generated from operating activitiesUS$'000 | 17,578 | 5,286 | PDF p. 98 |
| Investing activities | |||
| Net cash outflow on deconsolidation of subsidiariesUS$'000 | – | (7) | PDF p. 98 |
| Investment in joint ventureUS$'000 | (5) | (74) | PDF p. 98 |
| Interest receivedUS$'000 | 31 | 112 | PDF p. 98 |
| Purchase of property, plant and equipmentUS$'000 | (12,830) | (14,875) | PDF p. 98 |
| Proceeds from disposal of plant and equipment, netUS$'000 | 9,485 | – | PDF p. 98 |
| Proceeds from redemption of investments in unquoted preference sharesUS$'000 | 23,308 | 4,421 | PDF p. 98 |
| Net cash generated from/(used in) investing activitiesUS$'000 | 19,989 | (10,423) | PDF p. 98 |
| Financing activities | |||
| Decrease in cash pledgedUS$'000 | – | 356 | PDF p. 99 |
| Interest paidUS$'000 | (7,643) | (6,319) | PDF p. 99 |
| Proceeds from new term loans raisedUS$'000 | 5,585 | 249 | PDF p. 99 |
| Proceeds from shareholder’s advancesUS$'000 | 8,315 | 66,813 | PDF p. 99 |
| Principal payment of lease liabilitiesUS$'000 | (19,818) | (7,783) | PDF p. 99 |
| Repayment of term loansUS$'000 | (28,371) | (9,006) | PDF p. 99 |
| Settlement of convertible bondsUS$'000 | – | (30,040) | PDF p. 99 |
| Settlement of perpetual capital securitiesUS$'000 | – | (18,426) | PDF p. 99 |
| Net cash used in financing activitiesUS$'000 | (41,932) | (4,156) | PDF p. 99 |
| Net change in cash | |||
| Net decrease in cash and cash equivalentsUS$'000 | (4,365) | (9,293) | PDF p. 99 |
| Cash and cash equivalents at beginning of the yearUS$'000 | 11,988 | 21,281 | PDF p. 99 |
| Cash and cash equivalents at end of the yearUS$'000 | 7,623 | 11,988 | PDF p. 99 |
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Definitions & sources
Original report: PDF p. 98 ↗ PDF p. 99 ↗
Statement continues across physical pages 98 (operating and investing) and 99 (financing and closing cash).
Note references appear in a Note column and are not included in values.
Note 32 Earnings per share (Group)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY2025 | 2024Group, FY2024 | Source |
|---|---|---|---|
| Profit | |||
| Profit for the year attributable to owners of the Company (US$’000)US$’000 | 10,650 | 20,398 | PDF p. 159 |
| Number of shares | |||
| Weighted average number of ordinary shares for the purposes of basic earnings per share (’000)’000 shares | 1,211,620 | 1,211,620 | PDF p. 159 |
| Basic | |||
| Basic earnings per share (US cent per share)US cent per share | 0.88 | 1.68 | PDF p. 159 |
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Definitions & sources
Original report: PDF p. 159 ↗
Diluted earning per share is the same as basic earnings per share as there were no outstanding dilutive potential ordinary shares during the financial year. The Group’s convertible bonds were fully settled in the previous financial year.
Weighted average label wraps over two lines: 'Weighted average number of ordinary shares for the purposes of' / 'basic earnings per share (’000)'.
Where the money comes from
Segment information
By business
Segment revenue and results by reportable segment (Note 33) 7 lines
| Item / unit | 2025Vessel chartering and management | 2024Vessel chartering and management | 2025Shipyard and newbuild management services | 2024Shipyard and newbuild management services | 2025Investment holding | 2024Investment holding | 2025Elimination | 2024Elimination | 2025Total | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| External salesUS$'000 | 74,418 | 43,795 | 257,855 | 454,063 | – | – | – | – | 332,273 | 497,858 | PDF p. 160 |
| Intersegment salesUS$'000 | 3,593 | – | – | – | 4,703 | – | (8,296) | – | – | – | PDF p. 160 |
| Results | |||||||||||
| Segment resultsUS$'000 | 21,789 | 9,842 | 10,008 | 15,748 | (6,430) | (6,075) | – | – | 25,367 | 19,515 | PDF p. 160 |
| Finance costsUS$'000 | (8,011) | (6,467) | (560) | (134) | (8,468) | (11,034) | – | – | (17,039) | (17,635) | PDF p. 160 |
| Share of results of joint ventureUS$'000 | 586 | 160 | – | – | – | – | – | – | 586 | 160 | PDF p. 160 |
| Operating profit from ordinary activities and before exceptional itemsUS$'000 | 14,364 | 3,535 | 9,448 | 15,614 | (14,898) | (17,109) | – | – | 8,914 | 2,040 | PDF p. 160 |
| Exceptional itemsUS$'000 | – | – | – | – | 2,531 | 19,150 | – | – | 2,531 | 19,150 | PDF p. 160 |
Notes
Rows 'Profit before tax', 'Income tax expense' and 'Profit for the year' print only Total-column values (2025, 2024); the first 'Revenue' subtotal row (78,011 43,795 257,855 454,063 4,703 – (8,296) – 332,273 497,858) is unlabeled and omitted.
All assets and liabilities are allocated to reportable segments, except for deferred tax assets and deferred tax liabilities.
Segment assets, liabilities and other information (Note 33) 7 lines
| Item / unit | 2025Vessel chartering and management | 2024Vessel chartering and management | 2025Shipyard and newbuild management services | 2024Shipyard and newbuild management services | 2025Investment holding | 2024Investment holding | 2025Group | 2024Group | Source |
|---|---|---|---|---|---|---|---|---|---|
| Segment assets and segment liabilities | |||||||||
| Segment assetsUS$'000 | 169,404 | 162,866 | 208,076 | 197,780 | 96,505 | 106,466 | 473,985 | 467,112 | PDF p. 161 |
| Segment liabilitiesUS$'000 | 162,832 | 159,649 | 194,020 | 199,268 | 13,496 | 23,546 | 370,348 | 382,463 | PDF p. 161 |
| Other information | |||||||||
| Loss allowance for trade and other receivables (reversed)/(written off)/recognised (Note 28)US$'000 | (1,637) | (80) | (38) | 49 | – | – | (1,675) | (31) | PDF p. 161 |
| Depreciation of property, plant and equipment (Note 15)US$'000 | 6,393 | 5,795 | 1,627 | 1,625 | 311 | 61 | 8,331 | 7,481 | PDF p. 161 |
| Bad debt written off/(recovered) (Note 28)US$'000 | 269 | 1,819 | 515 | (212) | 46 | 79 | 830 | 1,686 | PDF p. 161 |
| Net foreign exchange (gain)/loss (Note 28)US$'000 | (87) | 162 | (2,525) | 438 | 244 | 63 | (2,368) | 663 | PDF p. 161 |
| Additions to property, plant and equipment (Note 15)US$'000 | 7,759 | 13,295 | 4,208 | 1,554 | 863 | 26 | 12,830 | 14,875 | PDF p. 161 |
Notes
Deferred tax assets, Deferred tax liabilities and Total liabilities print only Group-column values (2025, 2024). An unlabeled subtotal 474,770 467,112 (segment assets plus deferred tax assets) is omitted.
Geographical information (page 162): directors consider that operations across international waters preclude a meaningful allocation of revenue and non-current assets under SFRS(I) 8; no geographic table is printed. Revenue of US$259,326,000 (2024: US$319,392,000) is derived from a single related company.
Debt
Borrowings
Borrowing notes 4 tables
Term Loans
| Item / unit | 2025Group, US$'000 | 2024Group, US$'000 | 2025Company, US$'000 | 2024Company, US$'000 | Source |
|---|---|---|---|---|---|
| Term loans | |||||
| LoansUS$'000 | 93,875 | 116,661 | 3,062 | – | PDF p. 151 |
| Less: Amount due for settlement within 12 months (shown under current liabilities)US$'000 | (10,212) | (28,426) | (443) | – | PDF p. 151 |
| Amount due for settlement after 12 monthsUS$'000 | 83,663 | 88,235 | 2,619 | – | PDF p. 151 |
| Maturity profile | |||||
| Within 2 to 5 yearsUS$'000 | 83,663 | 88,235 | 2,037 | – | PDF p. 151 |
| After 5 yearsUS$'000 | – | – | 582 | – | PDF p. 151 |
| Term loans are represented by | |||||
| Term Loan IUS$'000 | 86,502 | 87,423 | – | – | PDF p. 151 |
| Term Loan IIUS$'000 | 3,062 | 27,308 | 3,062 | – | PDF p. 151 |
| Term Loan IIIUS$'000 | 4,311 | 1,930 | – | – | PDF p. 151 |
Notes
As at 31 December 2025 and 2024, the Group and the Company has various bank loans with repayment terms of up to 2031 (2024: 2029) and 2031 (2024: Nil) respectively.
The carrying amount of floating rate loans amounting to US$86,502,000 (2024: US$114,731,000) approximates the fair value as the interest rates approximate the prevailing market rates. Level 3 fair value hierarchy.
The bank loans are secured by: (i) mortgage over certain property, plant and equipment of the Group (Note 15) and a vessel held by a related company of a corporate shareholder; (ii) assignment of marine insurances in respect of mortgaged vessels; (iii) monies pledged; (iv) assignment of earnings/charter proceeds in respect of mortgaged vessels; (v) corporate guarantees from the Company (Note 35); and (vi) shares in certain subsidiary corporations incorporated in Singapore.
Term Loan I: final maturity 11 August 2029 under RA; covenants breached at 31 Dec 2025, waiver till 31 December 2026; US$77,372,000 classified non-current and US$9,130,000 current. Term Loan II classified as current since 31 March 2017 due to technical default. Term Loan III covenants breached at 31 Dec 2025; lender confirmed availability of facility subject to conditions.
Lease Liabilities
| Item / unit | 2025US$'000 | 2024US$'000 | Source |
|---|---|---|---|
| Maturity analysis | |||
| Year 1US$'000 | 15,648 | 19,078 | PDF p. 153 |
| Year 2US$'000 | 14,505 | 10,756 | PDF p. 153 |
| Year 3US$'000 | 17,953 | 9,296 | PDF p. 153 |
| Year 4US$'000 | 848 | 7,808 | PDF p. 153 |
| Year 5 & moreUS$'000 | 239 | 13,560 | PDF p. 153 |
| Less: Unearned interestUS$'000 | (5,202) | (10,340) | PDF p. 153 |
| Analysed as | |||
| CurrentUS$'000 | 12,902 | 15,483 | PDF p. 153 |
| Non-currentUS$'000 | 31,089 | 34,675 | PDF p. 153 |
Notes
Undiscounted maturity total 49,193 (2025) and 60,498 (2024), less unearned interest, gives lease liabilities of 43,991 and 50,158. The Group does not face a significant liquidity risk with regard to its lease liabilities.
Note 4(b)(v) Liquidity and interest risk analysis - Group, 31 December
| Item / unit | 2025weighted average effective interest rate % | 2025on demand or within 1 year, US$'000 | 2025within 2 to 5 years, US$'000 | 2025after 5 years, US$'000 | 2025adjustment, US$'000 | 2025total, US$'000 | 2024weighted average effective interest rate % | 2024on demand or within 1 year, US$'000 | 2024within 2 to 5 years, US$'000 | 2024after 5 years, US$'000 | 2024adjustment, US$'000 | 2024total, US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group 31 December | |||||||||||||
| Lease liabilities (fixed rate)% / US$'000 | 7.25 | 15,648 | 33,306 | 239 | (5,202) | 43,991 | 7.84 | 19,078 | 35,668 | 5,752 | (10,340) | 50,158 | PDF p. 125PDF p. 126 |
| Variable interest rate instruments% / US$'000 | 5.12 | 9,597 | 94,487 | – | (17,582) | 86,502 | 5.47 | 28,802 | 114,100 | – | (28,171) | 114,731 | PDF p. 125PDF p. 126 |
| Fixed interest rate instruments% / US$'000 | 4.82 | 1,159 | 5,766 | 2,767 | (2,318) | 7,374 | 6.25 | 1,866 | 191 | – | (127) | 1,930 | PDF p. 125PDF p. 126 |
Notes
Undiscounted cash flows including interest and principal, based on earliest date payment can be required. Non-interest bearing row (177,438 total) omitted as not borrowings.
Undiscounted cash flows including interest and principal. Non-interest bearing row omitted.
Note 4(b)(v) Liquidity and interest risk analysis - Company, 31 December 2025
| Item / unit | 2025weighted average effective interest rate % | 2025on demand or within 1 year, US$'000 | 2025within 2 to 5 years, US$'000 | 2025after 5 years, US$'000 | 2025adjustment, US$'000 | 2025total, US$'000 | Source |
|---|---|---|---|---|---|---|---|
| Company 31 December 2025 | |||||||
| Fixed interest rate instruments% / US$'000 | 5.47 | 468 | 2,468 | 802 | (675) | 3,063 | PDF p. 126 |
Notes
Company 31 December 2024 shows only non-interest bearing 299,730; no borrowings row.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | As at the date of this report, the Company does not have a formal dividend policy in place. However, the Company, in determining the form, frequency and amount of future dividends on the Company’s shares in any particular year, will take into account, among other things, the level of cash and retained earnings, the result of operations, the capital expenditure requirements, the expansion and/or investment plans and other factors that the Directors may deem appropriate. | Company, FY2025 | PDF p. 77 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend declared in respect of FY2025 | No dividend was declared in respect of FY2025. | Company, FY2025 | PDF p. 78 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | CLA Global TS Public Accounting Corporation | Group and Company, FY ended 31 December 2025 | PDF p. 90 |
| Engagement director | Lim Ju May | Group and Company, FY ended 31 December 2025 | PDF p. 90 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 | Group and Company, FY ended 31 December 2025 · As at 2025-12-31 | PDF p. 84 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Assessment of the going concern basis in preparation | Accordingly, management does not believe there is a material uncertainty over the ability of the Group to operate as a going concern. | Group, as at 31 December 2025 | PDF p. 86 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Assessment of the going concern basis in preparation | We identified the assessment of whether the financial statements have been prepared on a going concern basis as a key audit matter because of management’s judgements involved in determining the appropriateness of the use of the going concern assumption in preparing the financial statements. | Group, FY ended 31 December 2025 | PDF p. 86 |
Extracted from Annual Report 2025 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 Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.