Dear Shareholders, 

The financial year ended 31 December 2025 (“FY2025”) marked a year of strong execution as we delivered on what we had set out to do. We strengthened Coal Mining business as a key pillar alongside our Shipping Services segment, laying the foundation for the Group’s next phase of growth within Indonesia’s energy value chain. 

We are heartened by the progress of the PT TRIOP coal mine. Following commencement of production in September 2024, efforts in FY2025 were focused on fine-tuning mining operations and ramping up production towards steady-state levels. 

This momentum was reflected in performance, whereby the PT TRIOP mine produced 388,600 tonnes of coal in the first half of FY2025 and, by mid-November 2025, nearly doubled its output, achieving its RKAB coal production and sales target of 1.1 million tonnes. This strong performance underscores the management team’s execution capability, particularly given that PT TRIOP is a greenfield coal mine that only commenced production in September 2024.

POSITIONED FOR GROWTH 
Today, the Group is anchored on a robust business model, and we are upbeat on our prospects. Our Coal Mining business complements our Shipping Services segment, which operates an expanding fleet of TBBGs to transport coal from the mine’s jetty to customers. This in-house logistics capability generates revenue synergies across our integrated operations. 

Coal Mining: Optimising Operations and Cost Efficiency  

According to the International Energy Agency (“IEA”), global coal demand is expected to stabilise in the coming years as developed economies accelerate their energy transition. However, Southeast Asia is emerging as a key growth region, supported by strong economic expansion, rising electrification, and the rapid development of energy-intensive industries. The IEA projects regional electricity demand to grow by more than 4% annually through 2030, with Indonesia contributing over half of the increase. Indonesia’s expanding nickel and aluminium smelting projects require substantial baseload power, supporting coal’s continued role in meeting the country’s industrial and energy needs.  

Domestically, Indonesia’s coal production is regulated under the RKAB quota framework, which governs annual output approvals. Recent adjustments to the RKAB process coupled with tighter regulatory oversight, are expected to moderate supply growth and contribute to a more balanced and stable market environment.  

As PT TRIOP is a greenfield mine that has recently commenced operations, we will continue to optimise operations and improve cost efficiency. We will also remain vigilant in navigating evolving policies in Indonesia’s resource sector, including potential revisions to production quotas aimed at conserving resources, as well as stabilising prices amid the supply-demand dynamics and looming export taxes. At the same time, we will remain focused on disciplined execution and honing our mining capabilities.  

Shipping Services: Continued Fleet Expansion  

In FY2025, we added five sets of TBBGs, expanding our fleet size to 33 sets of TBBGs and increasing carrying capacity by 14.5%. Including our bulk carrier, total carrying capacity stood at 316,000 deadweight tonnage as at 31 December 2025.  

This expansion is timely in supporting the growth of our Coal Mining operations and enhancing flexibility to take on projects with varying turnaround times.  

Our Shipping Services segment is not solely dedicated to transporting coal from the PT TRIOP mine. We will continue to optimise fleet deployment and pursue higher-margin shipments across new routes and a broader range of commodities, including bauxite, nickel, and granite.  

During FY2025, in line with global trends, Indonesia recorded softer freight rates, reflecting both international and domestic pressures amid uncertainties in trade flows. Globally, shifting tariffs, an influx of new vessels, and reduced cargo volumes amid an economic slowdown weighed on freight rates across key trade lanes. Domestically, lower coal production and declining exports to key markets such as China and India resulted in an oversupply of vessels along traditional routes. Collectively, these factors dampened shipping demand.  

We remain focused on improving operational efficiency and service reliability to enhance our reputation as a reliable provider of chartering and transshipment services. 

FY2025 FINANCIAL HIGHLIGHTS  
FY2025 was a transformational year, with the Group recording its first full-year contribution from Coal Mining, complementing our Shipping Services. With two business pillars now firmly in place, total revenue increased by 50.0% to S$119.9 million. Total gross profit remained at S$37.5 million, while gross profit margin decreased to 31.3% in FY2025 (FY2024: 46.9%) due to softer freight rates and weaker coal prices. Profit attributable to equity holders of the company rose to S$24.8 million in FY2025 (FY2024: S$10.3 million), part of which was due to a S$18.2 million one-time gain on the disposal of 15% equity interest in PT SINI. Earnings per share increased by 129.0% to 4.97 Singapore cents.  

On a segmental basis, Shipping Services and Coal Mining accounted for 50.4% and 48.5% of revenue, and 54.4% and 43.6% of gross profit, respectively. Over time, as we gradually ramp up coal production, we anticipate a shift in the segmental mix towards Coal Mining.  

Revenue from Shipping Services decreased marginally by 1.7% to S$60.4 million, mainly due to weaker freight rates in 2025, which were partially mitigated by a 14.5% increase in tonnage following the addition of five sets of TBBGs during FY2025. Gross profit and gross profit margin decreased to S$20.4 million (FY2024: S$29.9 million) and 33.8% (FY2024: 48.7%), respectively, reflecting softer freight rates, higher fuel costs, and lower shipping volumes due to longer turnaround times on certain shipments arising from port congestion. Notwithstanding this, we are of the view that this level of gross margin remains healthy.  

Coal Mining recorded its first full-year revenue of S$58.1 million and gross profit of S$16.4 million in FY2025, with a gross profit margin of 28.2%.  

DIVIDEND 
To reward shareholders, we are pleased to declare a final tax-exempt dividend of 0.44 Singapore cents per share for FY2025, subject to shareholders’ approval at the upcoming annual general meeting to be held on 29 April 2026 (“AGM”). This represents a payout ratio of approximately 8.9%.  

IMPACT OF RECENT GEOPOLITICAL DEVELOPMENTS  
The ongoing conflict in the Middle East may have wider ripple effects on global economies and businesses, including higher energy costs and potential supply chain disruptions. Amid these uncertainties, we must remain agile in navigating business volatility.  

While such external developments are beyond our control, we will focus on factors which we can influence to further strengthen the Group. As the Group enters its next phase of growth, we will continue to maintain financial discipline and a strong balance sheet with low debt-to-equity. This equips us with the flexibility to pursue growth opportunities swiftly as they arise, while supporting long-term value creation.  

WORDS OF APPRECIATION  
We would like to express our sincere appreciation to Mr Francis Lee, who will be stepping down as Executive Director and Chief Executive Officer to facilitate leadership renewal as part of the Group’s long-term leadership succession planning, with effect from 30 April 2026. Under his leadership, and with the support of the management team, the Group expanded its operations and increased its market capitalisation significantly to over S$100 million. We thank Mr Lee for his contributions and wish him every success in his future endeavours. 

We would like to take this opportunity to thank our Independent Non-Executive Director, Mr Hew Koon Chan, for his guidance and invaluable contributions to the Board during his tenure. Mr Hew will not be seeking re-election and will retire as a Director of the Company at the conclusion of the AGM.  

We would also like to express our deepest appreciation to the management team, staff, customers and business partners for their unwavering support. Finally, we thank you, our valued shareholders, for your trust and confidence in the Group.  

The future ahead is exciting and we look forward to playing a bigger role in Indonesia’s energy value chain.  

Salim Limanto 
Executive Director and Deputy CEO