Mooreast Opens its First Northeast Asian Sales Office in Taiwan

TAIPEI, TW, June 26, 2024 – (ACN Newswire) – Mooreast Holdings Ltd. (“Mooreast” or the “Group”) inaugurated its sales office in Taiwan today, marking its foray to Northeast Asia as part of an expansion to offer total mooring solutions to the global emerging floating renewable energy sector.

On 16 May 2024, SGX Catalist-listed Mooreast incorporated Mooreast Taiwan Limited (“Mooreast Taiwan”) in Taipei, a wholly-owned subsidiary of Mooreast Renewable Pte. Ltd., which in turn is a wholly-owned subsidiary of the Group.

Representatives of Taiwan’s Industrial Development Administration witnessed the opening of the office. Representing Mooreast were Chairman Mr Joseph Ong, Deputy Chairman, Executive Director and CEO Mr Sim Koon Lam, and Head Commercial Mr Jaymes Sim, along with senior management.

Bringing more than three decades of mooring and offshore marine expertise, along with a strong track record of completing 21 offshore wind-related projects since 2013 – totalling 86.3 megawatts of energy capacity – Mooreast will offer a diverse range of products, services and solutions catered to supporting the next phase of Taiwan’s wind development into floating wind farms.

Mooreast, Asia’s only ultra-high power anchor manufacturer, said Taiwan offers one of the most exciting floating renewable markets in the region. The Group, together with its partners in the region, will jointly offer Engineering, Procurement, Construction and Installation services for floating energy projects.

Mooreast Chairman Mr Joseph Ong said the office in Taiwan will spur collaboration

The Taiwan expansion is part of the Group’s broader transformation to meet anticipated demand in the emerging floating offshore renewable market. On 19 June 2024, the Group announced it intends to acquire a 98,919 sqm (approx. 1.1 million sqft) facility from a subsidiary of Seatrium Limited. This will quadruple its production capacity in Singapore to better serve the fast-growing floating offshore renewable sector.

Mooreast has also signed a non-binding term sheet to secure a S$20.01 million convertible loan from SG-RT FUND, a sub-fund of CEC-SG VCC, a Singapore- registered umbrella variable capital company managed by N PrimePartners Capital Pte. Ltd. on 13 June 2024.

The funds will provide essential working capital for FY2024 and to support the Group’s expansion and growth strategies to strengthen the Group’s mooring supply chain internationally.

Mr Joseph Ong said, “Backed by 30 years of mooring expertise, we are confident of our ability to support the fast-growing offshore wind sector in Taiwan and, indeed, Northeast Asia. A physical presence in Taiwan will spur collaboration with contractors and partners to offer differentiated service and solutions to our customers.”

Mr Sim Koon Lam, said, “Taiwan is a key market for Mooreast, and we are committed to support its renewable energy initiatives. We look forward to nurturing relationships with existing and new partners to build a stronger eco-system for the floating renewable energy sector in the region.”

This press release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, W Capital Markets Pte. Ltd. (the “Sponsor”). This press release has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

The contact person for the Sponsor is Ms Alicia Chang, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3525.

Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

About Mooreast Holdings Ltd.

Mooreast is a total mooring solutions specialist, serving mainly the offshore renewable energy, offshore oil & gas (“O&G”) and marine industries, with operations primarily in Singapore, the Netherlands through its wholly-owned subsidiary in Rotterdam Mooreast Europe, and offices based in Scotland and Taiwan.

Mooreast’s solutions include the design, engineering, fabrication, supply and logistics, installation and commissioning of mooring systems. Mooreast is applying its experience and expertise in mooring solutions to floating renewable energy projects, in particular floating offshore wind farms. It has successfully participated in developmental and prototype projects for floating offshore wind turbines in Japan and Europe. For more information, please visit https://mooreast.com/

Media & Investor Contact Information
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Isaac Tang, mooreast@wer1.net (M: +65 9748 0688)

Wintermar Offshore (WINS:JK) Public Expose 2024

JAKARTA, June 21, 2024 – (ACN Newswire) – PT Wintermar Offshore Marine Tbk (WINS:JK) has invested US$13.9 million out of total planned capex of US$35 million for 2024, anticipating higher demand for OSVs driven by increased offshore investments and tight supply.

During the Virtual Public Expose on 21 June 2024, PT Wintermar Offshore Marine Tbk (Wintermar) updated on strategic plans to expand its fleet to capitalize on the anticipated growth in the oil and gas industry. The Company anticipates higher charter rates to come as investment into offshore deepwater oil and gas (O&G) fields and recent O&G discoveries have propelled demand for offshore supply vessels (OSV) while supply remains constrained.

By the end of May 2024, Wintermar’s fleet comprised 42 vessels, with a focus on the high value segment to drive future profitability. Wintermar has placed orders for two Heavy Load Barges (HLB), which are expected to be delivered by year end, and one Accommodation Work Barge (AWB) to its fleet. This was funded by internal cash flow and the sale of two low-yielding vessels, including one Anchor Handling Tug (AHT) and one Fast Utility Vessel (FUV). In April, one older Platform Supply Vessel (PSV) was sold at favorable valuation. Two PSVs are currently undergoing reactivation and are expected to commence operations by the end of the second half of 2024.

Fleet utilization in the 5-month period till end May 2024 was 68%, similar to the utilization rate in 2023. This reflects the current early stage of the oil and gas investment cycle with shorter term contracts associated with exploration activities. However, the average charter rates for the same 5-month period rose 23.1% for high-tier vessels and 14.5% for mid-tier vessels compared to the average for the full year 2023. The Company expects further increases in charter rates and utilization in the second half of 2024.

Finance Director Janto Lili reported that the Company’s Gross Profit for the 1Q2024 reached US$5.0 million, reflecting a significant improvement compared to 1Q2023 of US$3.0 million. This increase was driven by additional higher-value vessels starting operations and higher charter rates, leading to margin expansion. The gross profit margin increased to 27.1% in the first quarter of 2024, compared to 20.7% for the full year 2023. Wintermar’s low net gearing of below 1% positions the Company well to fund growth initiatives and capitalize on market opportunities. The strong financial performance is expected to continue, supported by the anticipated increase in charter rates and fleet utilization in 2H2024.

Managing Director Sugiman Layanto expressed confidence in the coming years, in anticipation of continued strong demand for offshore support vessels driven by rising investments in deepwater oil and gas projects. This is in line with the Company’s strategy in recent years to focus the fleet on higher-value vessels including dynamic positioning vessels. This positive outlook comes at a time when the supply for OSVs remains tight due to the industry’s downturn over the past years, which bodes well for sustained higher charter rates.

For the future, Wintermar will continue to focus on the selective acquisition of higher-value vessels to improve overall fleet profitability. The Company is actively seeking fleet expansion opportunities and is developing in house digital applications to enhance operational capacity through technology. Wintermar’s strategy includes targeting high-tier and specialized vessels to meet the increasing demand from deepwater and ultra-deepwater projects. Additionally, the Company aims to strengthen its presence in international markets to capitalize on higher charter rates and expanding opportunities.

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com .

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

SGX-Listed Mooreast to Acquire 98,919 sqm Facility from Seatrium, Quadrupling Production Capacity to Serve Floating Offshore Renewable Sector

SINGAPORE, June 18, 2024 – (ACN Newswire) – Mooreast Holdings Ltd. (“Mooreast” or the “Group”), announced today that its wholly-owned subsidiary, Mooreast Asia Pte. Ltd., intends to acquire a 98,919 sqm (approx. 1.1 million sqft) facility from a subsidiary of Seatrium Limited (“Seatrium”), quadrupling its production capacity in Singapore to serve the fast-growing floating offshore renewable sector.

The SGX Catalist-listed specialist in total mooring solutions catering to the renewable sector has been granted an option to purchase 60 Shipyard Crescent by Seatrium New Energy Limited, which is a wholly-owned subsidiary of Seatrium, a leading provider of engineering solutions to the global offshore, marine and energy industries.

Mooreast, Asia’s only ultra-high power anchor manufacturer says it expects to complete the proposed acquisition (subject to approval by JTC Corporation, the facility’s lessor) and commence operations at the new facility by the end of 2024. The consideration for the new facility will be funded through internal resources.

The facility adjoins Mooreast’s current 30,691 sqm (approx. 323,000 sqft) yard at 51 Shipyard Road, which is one of the world’s largest drag anchor manufacturing sites with in-house fabrication capabilities. Together, these two facilities will have a total land area of 129,609 sqm (approx. 1.4 million sqft). The combined value of right-of-use assets and equipment is estimated at approximately S$50 million including machinery/equipment.

The enlarged facility will increase its production capacity by four-fold, further cementing Mooreast’s position as one of only three ultra-high power anchor manufacturers globally. This will enable Mooreast to produce enough subsea foundations to support between 1.5 gigawatts (“GW”) to 2GW of floating offshore wind energy per annum, a significant increase from 0.5GW currently.

The new facility will be used to fabricate high-value sub-sea foundations and serve as a logistics hub to handle holding, staging and assembly of equipment and blocks. This will streamline operations and enhance efficiency, enabling Mooreast to manage and execute larger-scale projects.

The new facility’s 865-metre water frontage will further strengthen the Group’s Yard division. It will be able to accommodate specialist vessels for mobilisation and demobilisation for both onshore and offshore projects globally. Mooreast will also install solar panels on the facility’s rooftop to power on-site operations, in line with the Group’s commitment to sustainability.

This expansion is a major part of Mooreast’s strategy to increase its capacity to meet anticipated demand in the emerging floating offshore renewable market. It has been introducing new products and stepping up marketing efforts. Mooreast is also widening its geographical footprint, having incorporated Mooreast Taiwan this month and Mooreast UK in July 2022.

These efforts have helped Mooreast secure several project wins, including for the supply of its proprietary anchors to a pre-commercial floating offshore wind farm in Southern France, as well as supply of buoys to Japan’s first commercial-scale floating wind farm.

Mr Sim Koon Lam, founder, Executive Director, CEO and Deputy Chairman of Mooreast, said, “The acquisition of 60 Shipyard Crescent will expand our manufacturing capabilities significantly. Apart from economies of scale with a wide sea-front, we will also be able to position ourselves better to meet the growing global demand.”

“We are already fielding enquiries from several developers of floating offshore renewable energy projects. Mooreast is now ready to handle even bigger, commercial-scale wind projects. This will strengthen our value proposition and competitive edge in international markets significantly,” he added

The contact person for the Sponsor is Ms Alicia Chang, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3525.

Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

About Mooreast Holdings Ltd.

For more information, please visit https://mooreast.com/

Media & Investor Contact Information
WeR1 Consultants Pte Ltd
1 Raffles Place #02-01
One Raffles Place Mall Suite 332
Singapore 048616
Isaac Tang, mooreast@wer1.net (M: +65 9748 0688)

Pertamina International Shipping (PIS) Welcomes 2 VLGC Tankers to Its Fleet, Takes Top-Tier Position in ASEAN LPG Transport

GEOJE, South Korea, May 10, 2024 – (ACN Newswire) – PT Pertamina International Shipping (PIS) is solidifying its position as a top-tier player in ASEAN LPG transport by acquiring two additional Very Large Gas Carriers (VLGCs), named VLGC Pertamina Gas Caspia and VLGC Pertamina Gas Dahlia.

These new vessels are specifically optimized for transporting vital commodities like liquefied petroleum gas (LPG), as well as other petrochemicals such as propylene and ammonia, intended for international trade routes.

Each of the new tankers measures an impressive 300 meters in length or equivalent to two football fields, with a capacity of 91,000m3. They were constructed at Hanwha Ocean, a globally renowned shipyard located in South Korea.

The two giant tankers were officially launched on May 9, 2024 at Hanwha-Okpo Shipyard in Geoje City, South Korea, a shipping hub located over 300 kilometers away from the capital Seoul. Stakeholders witnessing this important launch included Secretary of the Indonesian Ministry of State-Owned Enterprises (SOEs), Rabin Indrajad Hattari; Chargé d’Affaires Ad Interim of the Indonesian Embassy in Seoul, Zelda Wulan Kartika. Representing PIS at the event were Director of Business Planning Eka Suhendra and Director of Fleet Muhammad Irfan Zainul Fikri.

Secretary of the Indonesian Ministry of SOEs, Rabin Indrajad Hattari, extended a warm welcome to the arrival of PIS’s two latest VLGCs, reinforcing its pivotal role in Indonesia’s energy distribution landscape and amplifying Indonesia’s maritime prowess on the global stage.

“These VLGCs signify more than mere vessels; but a testament to international collaboration, technological advancement, and an unwavering commitment to bolstering Indonesia’s energy security. We believe this international collaboration can enhance the capabilities of PIS, as part of Pertamina, in strengthening energy infrastructure,” Hattari emphasized on Thursday (09/05).

He stressed these vessels’ timely arrival and pivotal role in LPG distribution, championing a more eco-friendly energy solution for both industries and households.

“The arrival of these VLGCs signals our unwavering dedication to strengthening Indonesia’s maritime industry. As we expand our fleet with advanced, modern vessels, we create opportunities for our skilled workforce, boost our maritime capabilities, and elevate Indonesia’s standing as a leading regional force in the shipping sector,” added Hattari.

CEO of Pertamina International Shipping (PIS), Yoki Firnandi, stated that the addition of these vessels positions PIS as the foremost VLGC fleet owner in Southeast Asia, bolstering the fleet to a total of seven vessels. “As we continue to grow our environmentally-friendly VLGC fleet, we affirm our commitment to supporting the energy transition and fostering sustainable business development.”

These vessels are currently the world’s largest environmentally-friendly giant gas tankers equipped with the latest technology. The vessels were named after flowers: Caspia symbolizes success and memories, while Dahlia represents happiness and respect.

The new tankers are prioritized for international routes and scheduled to embark on their inaugural voyage from Houston, Texas in the US in early May 2024. Currently, there are 419 VLGC tankers sailing around the world, with an average ship age of 10.08 years. With the addition of two new fleets, PIS now has seven VLGC tankers with an average age of 3.42 years.

“The PIS VLGC vessels’ relatively young average age is advantageous, ensuring operational quality, compliance with regulations, utilization of new technology to reduce emissions, and competitiveness,” stated Yoki.

Previously, PIS also had several new environmentally-friendly dual-fuel LPG tankers in Indonesia, including Pertamina Gas 1, Pertamina Gas 2, Pertamina Gas Amaryllis, Pertamina Gas Tulip, and Pertamina Gas Bergenia.

Furthermore, VLGC Pertamina Gas Caspia and VLGC Pertamina Gas Dahlia also have several superior features, such as the highest load flexibility in their class, up to 39 cargo combinations, and full accommodation anti-piracy measures for crew safety and comfort.

In fact, the VLGC Pertamina Gas Dahlia is directly managed by PIS and operated by a fully Indonesian crew.

As part of Pertamina’s sustainability commitments, the vessels are equipped with energy-saving devices and shaft generators that increase fuel efficiency and reduce carbon emissions, and they use environmentally-friendly dual-fuel and selective catalytic reduction (SCR) technology to reduce acid rain (NOx) pollution.

With the addition of these vessels, PIS’s fleet now totals 102 units, comprising Very Large Crude Carriers (VLCCs), Very Large Gas Carriers (VLGCs), Suezmax vessels, and other fleets of various sizes, with 60 of them serving international routes.

Media Contact:
Muh. Aryomekka Firdaus
Corporate Secretary
M: +62(0)811-872-272
E: aryomekka@pertamina.com

About Pertamina International Shipping (PIS):

Pertamina International Shipping (PIS), a subsidiary of Pertamina, was established in 2016. In 2021, PIS assumed the role of parent subholding of Integrated Marine Logistics (SH IML), consolidating all shipping, marine services, and logistics businesses under its umbrella. See https://pertamina-pis.com/.

Wintermar Offshore (WINS:JK) Reports 1Q2024 Results

JAKARTA, Apr 29, 2024 – (ACN Newswire) – PT Wintermar Offshore Marine Tbk (WINS:JK) reported US$5 million Gross Profit and US$2.2million Net Attributable Profit for 1Q2024, driven by Owned Vessels gross margin expansion.

Total Gross Profit increased 66.8%YOY to US$5.0 million for 1Q2024 as compared to US$3 million in 1Q2023, while total revenues were 16.3% YOY higher at US$18.4 million compared to 1Q2023. Higher charter rates resulted in a widening of gross margins from the Owned Vessel Division.

Owned Vessel Division

In 1Q2024, Owned Vessel gross profit experienced an increase to US$3.9 million (+129.4% YOY) as compared to 1Q2023, generated from revenues of US$14 million (+44.6% YOY). This was achieved despite only a modest rise in fleet utilization from 67% in 1Q2023 to 69% in 1Q2024, because of rising charter rates and additional revenue from vessels acquired in 2022 and 2023 coming onstream.

If compared to the previous quarter, revenue from Owned vessels fell by 8% for 1Q2024 compared to 4Q2023, as some vessels came off spot contracts, reflecting the short term nature of the projects in operation at the present moment. However, gross profit was maintained at US$3.9million (-1%QOQ) compared to US$4million in 4Q2023, as the effect of wider margins arising from better charter rates for Spot contracts offset the lower utilization.

Owned Vessel Direct expenses increased by 26.4% YOY to US$10.1 million for 1Q2024, primarily driven by a higher number of operational vessels as compared to 1Q2023. The biggest increases were in maintenance expenses which rose +104.2% YOY to US$2.4 million, and crewing expenses of US$2.5 million (+17.9% YOY). Apart from a higher number of vessels, maintenance costs were higher due to the preparation of several vessels for overseas operations. Crewing costs have risen in line with the increased number crew and vessels operating internationally, necessitating a higher crew cost to meet charter requirements. Additionally, depreciation expenses climbed to US$3.5 million, up 17.2% YOY, reflecting the growth in fleet size.

Chartering Division and Other Services

Chartering Division saw a 25.3% YOY decline in revenue to US$ 3.0 million for 1Q2024 compared to 1Q2023, as two vessels which were previously chartered were purchased last year and are now reflected in Owned Vessel Division. Gross profits in the Chartering Division also decreased by 49.4%YOY to US$ 0.2 million. Revenue from Other Services decreased by 33.0% YTD, while gross profits in this division remained relatively stable, showing a slight increase of 1.2% YTD to US$ 0.9 million.

Indirect Expenses and Operating Profit

Indirect Expenses increased by 61.4% YOY to US$ 2.3 million. A significant factor was the one-time reversal in employee benefit expenses in 2023 due to the Company’s adoption of the changes in the Omnibus Law, which did not recur in 1Q2024. Salary expenses also rose to US$ 1.7 million, up 41.4%YOY from 1Q2023, primarily due to increase in permanent employees following business expansion.

Operating Profit for 1Q2024 was US$2.7 million, which increased 71.7% YOY.

Other Income, Expenses and Net Attributable Profit

Interest expenses decreased by 5.9% YOY to US$0.2 million for 1Q2024 with ongoing reduction in debt as the Company’s net gearing ratio has now fallen to only 0.9% as of 31 March 2024.

Income from equity in associates turned positive, reaching US$0.2 million in 1Q2024 compared to a loss of US$0.4 million in 1Q2023. This improvement reflects higher utilization and better profits from an associate’s recovering business.

The net profit attributable to shareholders for 1Q2024 amounted to US$2.2 million, marking a significant increase compared to US$0.18million in 1Q2023.

Industry Outlook

The rise in global energy consumption demand is leading to investments in oil and gas exploration and production, emphasizing the industry’s resilience and adaptability amid geopolitical tensions and a shifting energy landscape. In 2024, the global oil market remains robust, with IEA projecting demand growth of 1.2 million barrels per day.

Indonesia’s oil and gas sector aligns with this trajectory, showing signs of renewed activity and expansion. Recent discoveries and the final approval of the Masela Field plan of development will likely drive increased deepwater exploration and development work, which will create increased demand for higher value OSVs. Progress in bringing offshore gas discoveries like the Mako field into production, along with the drilling of a significant ultra-deepwater gas prospect in the Andaman Sea, further highlight the potential growth for OSV services in the region.

OSV demand has strengthened further, driven by a continuation of increased offshore activities, including drilling and maintenance. The market is seeing tightening conditions due to rising requirements for OSVs arising from an increase in active rigs while OSV supply remains limited. These conditions have pushed up utilization of OSVs globally, and are likely to persist due to current limited orderbooks for newbuilds, which will support even higher charter rates.

Business Prospects

In 1Q2024, the Company further expanded operations beyond Indonesia, securing contracts in Brunei and Thailand, and commencing a long-term contract in India. These contracts offer improved charter rates and diversify service offerings, including specialized support for subsea and geo inspection tasks.

Subsequent Events

In line with plans to rejuvenate our fleet composition, the management took advantage of an attractive bid and sold one of our earliest purchased PSVs at a very favorable price in April 2024. The proceeds of this sale will enable the Company to reinvest in more attractive yielding assets in the market at present.

The Company had been locked into 2 long-term contracts since 2019 at charter rates much lower than the current market level. These contracts were not extended and have concluded by late April, thus freeing up the vessels to benefit from higher market rates.

Contracts on hand as at end March 2024 amounted to US$71.6 million.

About Wintermar Offshore Marine Group

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

SGX-Listed Mooreast Secures Anchor Order for Floating Offshore Wind Project in Southern France

SINGAPORE, Apr 2, 2024 – (ACN Newswire) – Mooreast Holdings Ltd. (“Mooreast” or the “Group”) has secured an order to supply its proprietary anchors for a pre-commercial floating offshore wind farm. Located off the French coast of Port-La Nouvelle and Gruissan in Southern France, Eolmed is a project developed by Qair, a European independent energy company, with TotalEnergies and floating technology supplier BW Ideol.

Mooreast and Bourbon Offshore at the first steel cut ceremony; Mooreast will supply its MA5S mooring drag anchors to the biggest of the first three floating wind energy projects in France

Singapore Exchange-listed Mooreast, a total mooring solutions specialist and Asia’s only ultra-high power anchor manufacturer, announced today that it has partnered with French Installation Contractor Bourbon Offshore to supply Mooreast’s MA5S mooring drag anchors. The latter will provide transport and installation services to the 30MW pre-commercial project, which is the biggest of the first three floating wind energy projects to be developed in the country.

Up to 35 tonnes each, the anchors command a holding power of up to 1,210 metric tonnes, underscoring its remarkable strength-to-weight ratio and efficiency. The anchors will be used to moor three floating wind turbines. The anchors are expected to be delivered by October 2024, and the order will contribute positively to Mooreast’s FY2024 performance.

Singapore-based Mooreast is leveraging more than 30 years of mooring and offshore marine expertise to target the floating offshore wind sector worldwide. The fresh order marks Mooreast’s 15th offshore wind-related project since undertaking its first project in 2013, underscoring its strong track record in the emerging sector.

Apart from specialist anchors and equipment, Mooreast also offers geotechnical and geophysical studies such as soil data analysis to determine project feasibility and engineering design for mooring configuration for floating wind turbines.

The anchors will be manufactured at Mooreast’s yard at 51 Shipyard Road, Singapore, where the Group has also developed a range of anchors, chain stoppers and buoys to moor floating platforms.

Mr Sim Koon Lam, founder, Executive Director, CEO and Deputy Chairman of Mooreast, said, “The project win in France underscores the growing confidence that international players in the floating renewable industry have in us. The European floating wind energy sector is known for its rigorous standards and we are proud that Mooreast is able to achieve market acceptance in this region.”

“Already, we are in active discussions with several project developers looking to tap into our expertise and capacity for subsea foundation production. As more floating wind farms gain traction, Mooreast can add value through its specialist solutions and products. We are establishing a manufacturing facility in Aberdeen, Scotland, in addition to our regional marketing office in the Netherlands. We remain focused on offering differentiated value even as we see to capture more opportunities in the near future in this exciting sector.”

None of the Directors or substantial shareholders of the Group, as well as their respective associates, has any interest (direct or indirect) in this new project, other than through their shareholdings in the Group.

The contact person for the Sponsor is Ms Alicia Chang, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3525.

Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

About Mooreast Holdings Ltd.

Mooreast is a total mooring solutions specialist, serving mainly the offshore oil & gas (“O&G”), marine and offshore renewable energy industries, with operations primarily in Singapore, the Netherlands through its wholly-owned subsidiary in Rotterdam Mooreast Europe, and the United Kingdom through Mooreast UK, an office based in Scotland.

For more information, please visit https://mooreast.com/

Media & Investor Contact Information
WeR1 Consultants Pte Ltd
1 Raffles Place #02-01
One Raffles Place Mall Suite 332
Singapore 048616
Isaac Tang, mooreast@wer1.net (M: +65 9748 0688)

Wintermar Offshore (WINS:JK) Reports FY2023 Results

JAKARTA, Mar 28, 2024 – (ACN Newswire) – Wintermar Offshore Marine (WINS:JK) has announced results for FY2023. Wintermar’s net attributable profit jumped by 501.1%YOY to US$ 6.7 million for FY2023 backed by higher charter rates.

Higher utilization and rising charter rates towards the 4th quarter lifted gross margins and led to a strong operational performance in FY2023 with EBITDA up 24.4% to US$21.8million on total revenue of US$72.6 million (+19.0%YOY).

Owned Vessel Division

The Owned Vessel Division’s revenue saw a 33.3% YOY increase to US$ 48.2 million, outpacing the owned vessel direct cost growth of 22.4%. Maintenance costs increased by 70.9% in 2023, with 3 additional mid tier vessels starting operations in 2023 and the full year effect of 1 additional high tier vessel which commenced work in late 2022. These costs will stay high in line with our growing fleet of high tier vessels. Operations costs rose by 64.4%, as result of increased operational cost due to a larger number of vessels working outside Indonesia where agency and other costs are higher. Additionally, fuel costs were up by 30.5%, as result of mobilization and demobilization costs of vessels working outside Indonesia. Owned Vessel gross margins increased to 22.6%, up from 15.7% in FY2022, primarily due to increased charter rates. These improvements more than compensated for the higher direct expenses.

Full year utilization rate stood at 68% compared to 73% in 2022, impacted by low utilization in 2Q2023. This was due to a number of our high-tier vessels needing maintenance following the conclusion of long-term contracts.

Utilization was stronger towards the second half of FY2023, with 2H2023 utilization at 73% compared to 62% at 1H2023. The growth in Owned Vessel revenue was weighted towards the 2nd half as utilization and charter rates started to improve in the latter part of the year. Revenue from Owned Vessels grew 51.3% in 2H2024 compared to 1H2024. Gross profit from this division jumped by 91.8% YOY to US$10.9 million.

Throughout 2023, the Company broadened its operational capacity by acquiring two mid-tier vessels and bringing one lower-tier vessel back into service. Two more high tier vessels are now estimated to start operations only in 2H2024. By the end of the year, the Company’s total fleet size reached 44 vessels.

Chartering Division and Other Services

Chartering Division experienced a slight revenue drop of -4.4%, with Gross Profit from Chartering also decreasing by -54.9%YOY to US$1.1million from US$2.4million in 2022. Revenue from Other Services saw a increase of 4.5%. However, the gross profit for this division slightly declined, to US$3.1 million in FY2023, a 3.1% decrease from the previous year’s US$3.2 million.

Total Gross Profit for FY2023 stood at US$15.1million, a substantial 33.7% increase from the previous year.

Indirect Expenses and Operating Profit

Indirect expenses, rose by only 4.3%YOY at US$ 6.2 million. The largest cost was higher salary expenses of US$4.8 million (+15.8%YOY) due to increased hiring in line with business recovery. Professional fees rose by 30.7% to US$0.3 million from US$0.2 million in 2022 due to implementation of a new internal communication and workflow management system. The rise in other indirect expenses was offset by a large non recurring reduction of US$0.7million in employee pension liabilities as a result of the Company’s adoption of the Omnibus Law and adjustment of US$0.2 million over accrual in 2022, which led to an income of US$0.26million instead of expense under employee benefit.

Operating Profit for FY2023 was US$8.8 million, which increased 66.5% compared to the previous year.

Other Income, Expenses and Net Attributable Profit

Interest expenses decreased by 12.9% YOY to US$1.2 million as the Company cut its debt by US$5.9 million throughout the year, reducing its net gearing to only 3.0% as of 31 December 2023.

Income from equity in associates increased to US$0.5 million in FY2023 from US$0.4 million the prior year, reflecting our share of the profits from an associate’s successful sale of a vessel.

The net profit attributable to shareholders for FY2022 amounted to US$ 6.7 million, a jump of 501.1 %YOY.

EBITDA for FY2023 increased by +24.4%YOY to US$21.8million.

Outlook for Oil and Gas Exploration

In 2023, the oil and gas industry saw a steady upturn, with global oil demand surpassing 100 million barrels per day for the first time. This demand upswing led to increased investment in upstream activities reaching the highest levels since 2015. Particularly in the Middle East, as well as in other regions worldwide, national oil companies escalated their spending to fortify national energy security by securing sufficient reserves of future supply to meet energy demand.

The following charts illustrate the rising upstream oil and gas capital expenditure. Most of the new investments are offshore, with deepwater growing much faster than shelf.

Business Outlook

In line with the data showing a concentration in offshore deepwater investments, there has been over the past year more aggressive charter rate hikes in particular for High Tier vessels that cater to deeper offshore waters. Until now, Indonesian charter rates have lagged behind the global market in adjusting to higher demand. However, with recent discoveries in Indonesia and the approval of the Masela Field plan of development late last year, there will be increasing deepwater exploration and development work in Indonesia in the coming years which will underpin demand for high tier vessels.

The supply for Offshore Support Vessels remains constrained, partly due to the industry’s anticipation and uncertainty over the renewable fuel of choice for next-generation propulsion technologies. These tight conditions are expected to persist, which should in turn gradually push rates higher in the coming years.

We have successfully secured contracts outside Indonesia in regions like India, Brunei, and Thailand, where we benefit from more favourable charter rates. Additionally, we are actively preparing two PSVs for operations that are anticipated to come online in the 2H2024, providing further growth opportunities for the coming year.

There are challenges in operating an older fleet with higher maintenance costs and unavailability of spare parts. We therefore expect higher annual maintenance and operational costs in line with our fleet age profile. The nature of our contract tenures still being very much dominated by spot contracts, particularly in the High Tier segment, will add volatility to our quarterly revenue, on top of seasonality factors which usually contribute to a weaker first half.

Now that the Company has a much stronger balance sheet and low net gearing, management will be seeking opportunities for fleet rejuvenation to improve the fleet yield and diversify revenue sources through managing our fleet composition with investments in the current year.

Contracts on hand as at end February 2024 amounted to US$75 million.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel: (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

Digitalization Empowering Foreign Trade Shipping – Nanhua Logistics, a COSCO Shipping Group Subsidiary, Partners with Bravowhale Technology to Spearhead the Online Implementation of ESG Compliance Standards

HONG KONG, Feb 27, 2024 – (ACN Newswire) – Based on customs statistics, China’s total value of goods trade imports and exports soared to RMB 41.76 trillion in 2023, marking a record high of 645,000 foreign trade enterprises. Despite the ongoing positive growth trend in China’s overall import and export activities, the escalating global ESG-related regulations have imposed more stringent export compliance requirements on foreign trade enterprises. Consequently, enterprises find themselves grappling with uncertainty and a lack of clarity on how to proceed. Moreover, the industry currently lacks standardized and targeted ESG compliance service channels to promptly tackle the challenges faced by enterprises.

As the main artery for international freight transportation, maritime shipping shoulders nearly 90% of China’s foreign trade transport volume. COSCO SHIPPING, a Fortune Global 500 company, holds the top spot globally in terms of comprehensive capacity and scale among state-owned shipping enterprises. With a fleet of over 1,300 vessels and more than 50 terminals, it spans routes covering 1,500 ports across 160 countries. Against this backdrop, aiming to assist foreign trade enterprises in tackling export ESG compliance challenges, Nanhua Logistics under COSCO Shipping partnered with Shanghai Bravowhale Information Technology Co., Ltd. (referred to as “Bravowhle Technology”) on February 22nd. This collaboration, formalized at the Customs Building on the Bund in Shanghai, signifies a commitment to jointly deliver swift and convenient standardized export ESG compliance services to foreign trade enterprises. This initiative aims to empower businesses to achieve export compliance with low costs, high efficiency, and heightened certainty.

Customs Building on the Bund in Shanghai

Participants of the signing ceremony included: GU Weidong, Vice President of COSCO Shipping Specialized Carriers Co., Ltd., and Chairman of Nanhua Logistics; ZHANG Wei, Deputy General Manager of COSCO Shipping Logistics Supply Chain Co., Ltd., Shanghai Branch; LIU Yi, General Manager and Director, and MENG Daguan, Vice General Manager of Nanhua Logistics; ZHU Shaokang, CEO of Bravowhale Technology; CHEN Chao, Deputy General Manager of CITIC Consulting of State Development & Investment Corporation; and LI Jian, Director of Deloitte China’s Climate Change and Sustainable Development Business Group. Nanhua Logistics, a joint venture between COSCO Shipping Specialized Carriers Co., Ltd. and COSCO Shipping Logistics Supply Chain Co., Ltd., operates as an international logistics supply chain service company.

Liu Yi (left) and Zhu Shaokang (right) Captured in a Signing Photo

COSCO Shipping affirms its commitment to leveraging the leading role of state-owned enterprises in facilitating trade. With its extensive customer base, experience in serving export enterprises, and Bravowhale Technology’s expertise in technology systems and intelligent solutions, the company aims to penetrate the secondary freight forwarding market through intelligent terminals. By providing a streamlined pathway for ESG compliance processes, COSCO Shipping aims to offer standardized compliance services to Chinese foreign trade enterprises. This initiative will effectively address challenges such as high export costs and inefficiencies faced by businesses.

Bravowhale Technology has always been at the forefront of ESG compliance services. With the support of the “Going Global” navigation network, we have partnered with local governments and business service agencies to establish offline service centers in key foreign trade export and multinational supply chain hubs. This initiative has already assisted hundreds of supply chain enterprises in industries such as chemicals, textiles, and automobiles in achieving export ESG compliance. The collaboration with COSCO Shipping represents a significant step forward for Bravowhale Technology in expanding its online ESG compliance services. By leveraging technological advancements, it aims to simplify the complex ESG compliance process through standardized online products and automated solutions, providing the shipping industry with convenient and effective export compliance solutions.

COSCO Shipping has stated that, with the support of Bravowhale Technology in the future, it will leverage its port network advantages and stabilize shipping logistics supply chain services. This initiative is geared towards enhancing the efficiency and transparency of multinational supply chains. Through standardized services, they aim to reduce customer export costs, enabling efficient and compliant international operations.

Wintermar Offshore (WINS:JK) Invests in Bruneian Company for Offshore Supply Vessel Operations

JAKARTA, Feb 2, 2024 – (ACN Newswire) – On January 30, 2024, PT Wintermar Offshore Marine Tbk (WINS:JK) entered a strategic venture through a 49% stake in SAVWIN Sdn Bhd with a Brunei-based partner.

Through this partnership, Wintermar will have an advantage in tendering for longer term contracts in Brunei which favour local content. Savwin Sdn Bhd will initially operate a Fast Multi-Purpose Supply Vessel which is currently on a long term contract in Brunei until 2027. This initiative signifies our strategic expansion to enhancing our maritime service offerings and strengthening our local presence in Brunei’s maritime sector, where Wintermar has been operating since 2014.

Wintermar group’s 4Q2023 fleet utilization reached 74%, which was better than 70% recorded in 3Q2023. Total contracts on hand as at 31 December 2023 amounted to US$ 82 million.

About Wintermar Offshore Marine Group

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel: (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

PIS with BGN Adds Two Giant Gas Tankers, Supporting Energy Resilience and Global Market Expansion for Indonesia

MOKPO, South Korea, Jan 12, 2024 – (ACN Newswire) – Pertamina International Shipping (PIS) has strengthened its fleet by adding two Very Large Gas Carriers (VLGC), giant gas tankers optimized for transporting LPG both domestically and internationally. Named the VLGC Pertamina Gas Tulip and the VLGC Pertamina Gas Bergenia, they are among the world’s largest gas tankers, environmentally friendly and using the latest technology.

The twin tankers, each spanning twice the length of a football field, were constructed at Hyundai Samho shipyard in South Korea and officially launched on Tuesday, January 9th. The ownership of these tankers is a result of the collaboration between PIS and BGN, the global energy and commodities trading company, which commenced in December 2022 and accelerated with the signing of an agreement in October 2023.

The launch of these new vessels was officiated by the President Director of PT Pertamina (Persero) Nicke Widyawati, Group CEO of BGN Ruya Bayegan, President and CEO of Hyundai Samho Heavy Industries Shin Hyeon Dae, CEO of Pertamina International Shipping (PIS) Yoki Firnandi, and witnessed by Pertamina Commissioner Iggi Haruman Achsien and PIS Commissioner Lina Santi.

“The presence of these two VLGC ships will undoubtedly enhance the capability of the Pertamina Group in securing energy supplies to support national energy resilience. Their cutting-edge technology is evidence of Pertamina Group’s commitment to sustainable business,” said Pertamina’s President Director Nicke Widyawati.

The latest VLGCs, said Nicke, have also been qualified to sail internationally, thereby expanding Indonesia’s presence in the global shipping arena.

Ruya Bayegan, Group CEO of BGN, added: “We are delighted to see these two modern, efficient ships on the water, thanks to our collaborative partnership with PIS. We are pleased to help strengthen the energy security of Indonesia at the same time as supporting BGN’s global energy and commodities trading platform with these maritime assets.”

Yoki Firnandi, CEO of PIS, said that as the Sub-Holding Integrated Marine Logistics (SH IML) of Pertamina, PIS plays a crucial role in ensuring the national energy distribution of Indonesia, an archipelagic country where nearly two-thirds of its territory is ocean.

PIS plans to continue expanding its tanker fleet for transporting LPG and other gas commodities. “We plan to add 6 VLGCs in 2024, starting with these 2 VLGCs at the beginning of the year, which will further strengthen PIS’s position in the global LPG transportation business. The purchase of these environmentally friendly VLGCs is in line with our mission to be a maritime logistics company supporting Indonesia’s NDC target by 2030,” Yoki said.

The vessels’ sustainability advantages that contribute to the global energy transition include having dual-fuel tanks, enabling the optimization of low sulfur fuel and gas. The vessels can transport not only gas or LPG but also petrochemical commodities such as ammonia.

The latest technology on VLGC Pertamina Gas Tulip and Pertamina Gas Bergenia is said to improve the ship’s speed with even more efficient fuel usage, up to 16%. Moreover, these vessels have incorporated Artificial Intelligence (AI) and Augmented Reality (AR) technologies into their operations.

The names Tulip and Bergenia were chosen as they hold special meanings for PIS, which may also be applied to BGN. The Tulip symbolizes magnificence, while Bergenia signifies strength.

With the addition of these vessels, PIS’s fleet now totals 97 units, including 61 tankers operating internationally. “We are optimistic that this number will continue to grow in the future, in line with the company’s targets,” concluded Yoki.

Media Contacts:

Muh. Aryomekka Firdaus
Corporate Secretary,
PT Pertamina International Shipping
E: aryomekka@pertamina.com
U: https://pertamina-pis.com

Giles Broom
Global Head of Communications,
BGN International
E: mediabgn@bgn-int.com
U: https://bgn-int.com