DUBAI, Dec 2, 2023 – (ACN Newswire) – Pertamina International Shipping (PIS) and KAPOWERSHIP are proud to announce the formalization of a groundbreaking General Partnership Agreement (GPA) to develop critical energy infrastructure in Indonesia.
The partnership was formalized during the COP28 in Dubai, Friday (1/12), signifying the parties’ joint commitment to providing cleaner, more accessible energy solutions on a global stage.
The agreement, signed by CEO of PIS Yoki Firnandi, and DoÄŸan Karadeniz, founding partner of KARPOWERSHIP. The signing moment was witnessed by President Director of PT Pertamina (Persero) Nicke Widyawati and Rabin Indrajad Hattari, the permanent secretary at the State-Owned Enterprises (SOE) Ministry of Indonesia.
Under the GPA, both entities will join forces to explore and implement various initiatives aimed at advancing the energy landscape in Indonesia and beyond. The key focus areas include power generation opportunities with a special focus on cutting-edge Powership technology; unlocking gas assets through liquefaction with a great potential of a Floating Liquefied Natural Gas (FLNG) development and deployment; collaborating on LNG infrastructural projects including Floating Storage and Regasification Units (FSRUs) and small-scale LNG distribution.
Both parties will also work together on extensive studies for the development of alternative fuel sources, including hydrogen, ammonia, methanol, and other biofuels. This reflects a shared commitment to exploring sustainable, cleaner energy solutions.
Nicke Widyawati, President Director of PT Pertamina (Persero), highlighted this collaboration between PIS and KARPOWERSHIP was a form of commitment to the energy transition to ensure Net Zero Emissions 2060.
“Collaboration is about exploring other business opportunities to optimize existing assets, such as floating mini-LNG and floating CNG facilities. We believe this development is the key to the energy transition because gas is a bridge to renewable energy,” Nicke added.
Highlighting the strategic importance of this collaboration, the founding partner of Karpowership DoÄŸan Karadeniz said: “We look forward to working together with PIS both in Indonesia and Southeast Asia and supporting countries in their important energy transition paths.”
This collaborative venture is poised to drive positive change in the energy sector, combining Karpowership’s expertise in efficient modular power generation with PIS’s commitment to supporting ongoing energy transition and sustainable energy initiatives. The partnership also establishes a flexible framework for both parties to explore lucrative business that contribute to the country’s economic development while simoltaneuosly accelerating the global transition to cleaner and more sustainable energy sources.
About KARPOWERSHIP:
The energy transition company Karpowership is the pioneer of the modern Powership. With over 25 years of experience in the floating power plant industry, Karpowership has over 6,000 MW of installed capacity globally via its Powerships and onshore plants, as well as a fleet of floating LNG infrastructure which includes LNG carriers and floating storage and regasification units (FSRUs). Operating in 14 different international markets across 4 continents, Karpowership provides a fast, flexible, and reliable solution to energy demand, and can provide base load, mid-merit, or peak-shaving electricity generation capacity to a host’s grid. As a plug-and-play solution, the company’s Powerships can deploy and begin generating electricity in as little as 30 days.
About PIS:
PT Pertamina Internasional Shipping (PIS) as a Sub-holding of Integrated Marine Logistics (IML) PT Pertamina (Persero) carrying out all shipping, marine services, and logistics businesses. Serving Pertamina Group, PIS shows its track record and expertise in distributing energy across the Indonesia’s waters. PIS owns more than 400 vessels including 96 owned tankers, 6 fuel and LPG storage terminals and operates 140 ports. With extensive and comprehensive services, PIS aggressively expands its non-captive market and already sailing in 50 international routes throughout the globe. Continuously strengthen the company with highly capable, experienced professionals, and wide-ranging fleet and facilities, PIS is committed to delivering excellent services.
For media inquiries or further information, please contact: Muh. Aryomekka Firdaus Corporate Secretary of PT Pertamina International Shipping M.: (+62) 811-872-272 E.: aryomekka@pertamina.com
HONG KONG, Nov 22, 2023 – (ACN Newswire) – The annual flagship event in the logistics, maritime, aviation and supply chain industry, the Asian Logistics, Maritime and Aviation Conference (ALMAC) 2023, jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), concluded successfully after two fruitful days. This year, near 80 experts and industry leaders in shipping, air transport, logistics and supply chains participated in 20 thematic forums, sharing insights on hot topics in the industry. The conference attracted over 2,000 participants from 36 countries and regions, providing a platform for discussing industry trends and exploring business opportunities.
The Asian Logistics, Maritime and Aviation Conference (ALMAC) 2023, jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), concluded successfully today, attracting over 2,000 physical participants from 36 countries and regions
Digital future: shaping the new landscape of supply chains
This year’s conference theme was Future-proofing Supply Chains: Diversification. Decarbonisation. Digitalisation. Industry giants led discussions on the challenges and potential of global supply chains, as well as how companies could effectively drive business growth and promote sustainable development through supply chain transformation and innovation in the current economic environment. Digital transformation emerged as the optimal strategy to consolidate Hong Kong’s position as a logistics hub and to optimise supply chains for enterprises.
Gladis Araujo, Former Global Supply Chain Strategy Vice President of at Mattel Inc and Business Partner & Chief Supply Chain Officer at Prodensa Group noted that the pandemic has brought challenges and opportunities as well as technology progress and visibility. “The only way to move forward is to innovate and to take business to the next level. It is essential to work on creating a resilient and agile supply chain, in which we have a truly competitive advantage in our business, where the foundation is ESG and sustainability. And using technology as an enabler, or as a tool to make this thing happen, in an ecosystem that should be human-centred, in which I see that the new role of the game is collaboration.”
Gladis Araujo, Former Global Supply Chain Strategy Vice President of at Mattel Inc and Business Partner & Chief Supply Chain Officer at Prodensa Group (centre)
The road to zero carbon: building green supply chains
Global corporate development has irreversibly embarked on a decarbonisation path. Industry representatives delved into the impact of impending carbon taxes and other environmental, social and corporate governance (ESG) measures, as well as how the 3D approach – decarbonisation, digitalisation and decentralisation – could bring businesses sustained development opportunities. David Benattar, Sustainability Lead, The Warehouse Group Limited, expressed his view that the first challenge was to create a culture of sustainability. Transformation is probably one of the biggest challenges and the opportunities that could fully transition organisations. “The efficient way to create a culture was to do things that touch you very personal. Think about what type of activities will result again in that mindset of sustainability transformation. It’s a work that you have to do every day, like going to the gym and even building a muscle that you need to build in the organisation.”
David Benattar, Sustainability Lead, The Warehouse Group Limited (left)
Diversified logistics development fosters regional connectivity
With the Regional Comprehensive Economic Partnership (RCEP) coming into full effect in June, coupled with collaborations such as railway transportation and multimodal connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), regional interconnectivity has been strengthened, enabling the logistics industry to diversify its development and mitigate risks.
Thomas Kowitzki, Vice President, Global Head of China Rail at DHL Global Forwarding, said the Belt and Road Initiative had transformed logistics chains between Asia and Europe. During the pandemic years, rail freight was the sole viable solution. The Middle Corridor (through Turkey) had potential. It was not a matter of a fast, flexible alternative. “It’s more about connecting as well as the Central Asian countries. You see the push from China towards Central Asia and the Middle Corridor routing is addressing its markets.”
Logtech Salon showcases innovative applications of logistics technology
During ALMAC, close to 100 exhibitors showcased cutting-edge logistics and supply chain solutions from across the world. The inaugural Logtech Salon displayed robots, AI and data systems tailored for the industry, allowing participants to explore developments and applications in the field of innovation and technology.
This year, three workshops debuted, focusing on ESG, E-commerce and Youth Empowerment giving industry professionals from different sectors the latest and most practical information.
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
HONG KONG, Nov 21, 2023 – The 13th edition of the Asian Logistics, Maritime and Aviation Conference (ALMAC) 2023, jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and Hong Kong Trade Development Council (HKTDC), commenced today (21 November) at the Hong Kong Convention and Exhibition Centre.
In her welcoming remarks, Margaret Fong, Executive Director of the Hong Kong Trade Development Council (HKTDC), stated, “With collaboration the lynchpin of the success of the logistics, maritime and aviation industries, all sectors of society must come together to address supply chain vulnerabilities”
This annual gathering for the logistics, maritime and aviation sectors attracts industry professionals from around the world. Themed Future-proofing Supply Chains: Diversification – Decarbonisation – Digitalisation, the conference draws nearly 70 speakers to share their insights in 20 forums, fostering exchange and discussion on industry developments. Fu Xuyin, Vice Minister of the Ministry of Transport of the People’s Republic of China delivered the Keynote Address in person, and Financial Secretary of the HKSAR Government Paul Chan was the Guest of Honour and delivered Opening Remarks.
Paul Chan, Financial Secretary of the HKSAR Government, delivered the opening address
Welcoming participants, Margaret Fong, Executive Director of the HKTDC, said: “With collaboration the lynchpin of the success of the logistics, maritime and aviation industries, all sectors of society must come together to address supply chain vulnerabilities. Industry players, supply chain management service providers and shippers from all over the world once again gather in Hong Kong for this annual event, underlining the city’s status as a key logistics, maritime and aviation hub. ALMAC highlights the myriad of opportunities arising from increased regional connectivity, with a focus on the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and Regional Comprehensive Economic Partnership (RCEP) as well as the development of railways connecting China to Europe. In light of the importance of greener, more sustainable supply chains today, industry leaders will discuss the opportunities and challenges that come with reducing emissions across supply chains as well as the circular economy. We also have sessions on how you can better integrate sustainability into your business operations.”
The Asian Logistics, Maritime and Aviation Conference (ALMAC) 2023, jointly organised by the HKTDC and the HKSAR Government, commenced today (21 November) at the Hong Kong Convention and Exhibition Centre and will run until tomorrow
In his speech, Mr Chan, the Financial Secretary, mentioned: “There will be more business with the ASEAN (Association of Southeast Asian Nations), Middle East and indeed the Belt and Road countries. In other words, the demand for logistics, maritime and aviation services with and within this region will rise rapidly. The trade figures published by China and economies in these regions have demonstrated such a clear trend. And Hong Kong will remain committed to our super-connector role and be a platform providing high value-added logistics, maritime, aviation, financial and risk management services. We will continue to be a steadfast supporter of free trade and multilateralism, advocating for the reduction in trade barriers, and the free flow of goods and services, people and capital.”
Reshaping global supply chains: accelerating diversification
Supply chains are essential for trade and business development. In recent years, global geopolitical factors, freight supply imbalances, surging transportation costs and labour shortages have challenged the industry, highlighting the need to establish people-centric, innovation-driven, collaborative and sustainable supply chains executed in real time. RCEP has created the world’s largest free trade area, contributing to the consolidation and strengthening of regional industrial supply chains.
Prominent industry leaders, including Gladis Araujo, Former Global Supply Chain Strategy Vice President of at Mattel Inc and Business Partner & Chief Supply Chain Officer at Prodensa Group, and Phil Showering, Chief Supply Chain Officer at Ghassan Aboud Group and Chief Executive Officer at Gallega Global Logistics, discussed global supply chain challenges and potential under the theme Driving Global Economic Growth through Supply Chain Transformation. During the session, Mr Showering said: “Pandemic has pushed all the industry stakeholders to change and prioritise collaboration for the first time. Work with all kinds of suppliers and ports to develop new trade lines, as well as with government entities, and with countries. We can facilitate collaboration through electronic trade, breaking down new barriers.”
As global trade evolves, supply chains continue to diversify, prompting businesses to actively recalibrate and decentralise supply chain networks. Adeline Franger Chouraqui, CEO, CMA CGM Greater China; Thomas Kowitzki, Vice President, Global Head of China Rail, DHL Global Forwarding and Semyon Pak, Managing Director for International Business and Member of the Management Board, Kazpost JSC, shared insights at the Power Dialogue session Spotlight on Asia: Reshaping the Global Supply Chains. They explored cooperation in areas such as RCEP, the GBA, railway transportation and multimodal transportation, emphasising the need to strengthen regional connectivity.
Digital transformation fortifies Hong Kong’s shipping, aviation hub status
The Policy Address by HKSAR Chief Executive John Lee last month presented several recommendations to consolidate Hong Kong’s position as an international shipping centre and aviation hub. These included establishing a smart port to strengthen competitiveness by setting up a port community system to facilitate the flow and sharing of data among operators and other stakeholders in shipping, ports and logistics.
International technology company representatives, including Andrés de León, Chief Executive Officer, HyperloopTT; Rachelle Woodsford, Global Head of Strategic Customers, Dronamics; Kyongsoo Noh, Chief Operating Officer, Seadronix Corp; and Nathan Zeng, CFA, Senior Director of Global Technology Services, Hai Robotics, discussed revolutionary solutions and cutting-edge technologies driving the modernisation of logistics and intelligent supply chains.
Challenges and opportunities of green transformation
As the International Maritime Organization, under the United Nations, set the net-zero target for carbon emissions from international shipping at 2050, green business has become an irreversible trend. Peter Hui, Vice Chairman, Textile Council and Willy Lin, Chairman, Hong Kong Shippers’ Council, will delve into implications of impending carbon taxes and other environmental, social and governance (ESG) measures during tomorrow’s SCM & Logistics Forum.
Shippers – including industries from various sectors in apparel, sports, electronics and e-commerce – join this year to gain insight into innovative logistics solutions. At tomorrow’s Shippers’ Forum – themed E-commerce Logistics and Fulfillment – Lai Tze Siung, Chief Logistics Officer, Pomelo Fashion, Ma Wei, General Manager of JD Logistics Hong Kong Express Business and MaoLingke, General Manager of Air Freight Department, Cainiao Global Supply Chain, will present best practices on e-commerce logistics and fulfillment, covering such areas as warehouse optimisation, last-mile delivery, supply chain traceability and visibility, to empower businesses to streamline operations and stay competitive in the e-commerce landscape.
Facilitating business networking is a key focus point for the HKTDC and is an important aspect of this event, enabling collaboration and mutual success across various industries. The exhibition segment is also a conference highlight as nearly 100 exhibitors showcase cutting-edge logistics and supply chain solutions from around the world. The inaugural Logtech Salon will display robots, artificial intelligence systems and data systems tailored for the industry, giving insiders valuable insights into developments and applications of innovative technology in the field.
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
HONG KONG, Nov 7, 2023 – (ACN Newswire) – The Asian Logistics, Maritime and Aviation Conference (ALMAC) 2023, the annual flagship event for logistics and supply chain industry, jointly organised by the Hong Kong Trade Development Council (HKTDC) and Government of the Hong Kong Special Administrative Region (HKSAR), returns to the Hong Kong Convention and Exhibition Centre on 21 and 22 November. In his latest Policy Address, HKSAR Chief Executive John Lee proposed measures to strengthen Hong Kong’s position as an international maritime centre and aviation hub.
Introducing highlights of the 13th Asian Logistics, Maritime and Aviation Conference (ALMAC) at media briefing are the Hon Frankie YICK Chi-ming, GBS, JP, Chairman of HKTDC Logistics Services Advisory Committee and Member of Legislative Council (Functional Constituency – Transport) (R) and Dr Patrick Lau, Deputy Executive Director of HKTDC
This year’s conference, themed Future-proofing Supply Chains: Diversification · Decarbonisation · Digitalisation, will focus on adopting diverse strategies to address global trade changes and uncertainties, promoting carbon reduction, facilitating sustainable development and globally showcasing Hong Kong’s advantages. Digitalisation will also emerge as a key supply chain management trend and industry experts will share insights on accelerating business development through digital transformation.
Prominent industry leaders will gather at ALMAC, with representatives from industry giants such as CMA CGM, Dell, DHL, FedEx, UPS and JD Logistics. They will share insights on five key thematic areas – 1) global trade outlook and supply chain trends, 2) supply chain diversification, 3) connectivity and collaboration driving trade development, 4) sustainability, and 5) innovation and technology.
Dr Patrick Lau, Deputy Executive Director of the Hong Kong Trade Development Council (HKTDC), said: “With the Government’s new Policy Address announcing a number of initiatives to promote Hong Kong’s logistics industry by sea, land and air, and the launch of the Action Plan on Modern Logistics Development, the ALMAC is a timely event to help the industry explore new opportunities and develop co-operation. This year’s conference will be attended by a strong line-up of invited guests. Fu Xuyin, Vice Minister of the Ministry of Transport of the People’s Republic of China, will deliver a keynote address at the conference on the first day (21 November). Many international giants in the logistics, shipping and air freight industries will discuss the latest hot topics and share their insights with the industry. Three new workshops will be staged, where industry practitioners will share practical tips on Environmental, Social and Governance (ESG), E-Commerce and Youth Empowerment to promote comprehensive development of the logistics industry.”
The Government’s newly released Action Plan on Modern Logistics Development outlines five major directions for Hong Kong’s logistics industry development – intelligence, modernisation, greening and sustainability, internationalisation and facilitation – with a view to realising long-term development of the industry and enhancing its competitiveness, helping companies grasp opportunities and enhance competitiveness and sustainable development.
Echoing the ALMAC 2023 theme, conference sessions will focus on business opportunities and development in these focal areas.
Driving business growth and strengthening regional collaboration
At the plenary session – Driving Global Economic Growth through Supply Chain Transformation – Rob McIntosh, Senior Vice President, Global Fulfillment, Logistics & Trade, Dell Technologies; Jeremy Goldstrich, Vice President of North Pacific Operations at FedEx; Gladis Araujo, Former Vice President of Global Supply Chain Strategy at Mattel and Business Partner & Chief Supply Chain Officer of Prodensa Group, and Phil Showering, Chief Supply Chain Officer at Ghassan Aboud Group and Chief Executive Officer at Gallega Global Logistics will discuss challenges and potential of global supply chains and how businesses can effectively drive growth and promote sustainable development through supply chain transformation and innovation in the current economic environment.
In the first Power Dialogue, Adeline Franger Chouraqui, CEO, CMA CGM Greater China; Thomas Kowitzki, Vice President, Global Head of China Rail, DHL Global ForwardingVishal Sharma, CEO, Greater China, DB Schenker and Assel Zhanassova, Member of the Board of Directors, CEO, Kazpost will examine the strategies on leveraging regional trade and supply chain integration to seize the regional opportunities. The panelists will discuss the Regional Comprehensive Economic Partnership (RCEP) trade bloc, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), development of rail logistics and multimodal connectivity, and how to enhance logistics industry collaboration and connectivity in the region.
Promoting green logistics and carbon reduction strategies
Decarbonisation is a hot market topic and sustainable development is crucial for businesses to respond to global concerns and ensure long-term operational success. In the Power Dialogue on the second day, Tim Edmunds, Partner for Sustainability Strategy & Transformation, PwC; Andrew Clennett, Co-founder and Chief Executive Officer, Hiringa Energy; David Benattar, Sustainability Lead, The Warehouse Group Limited; Peter Harris, Vice President, International Sustainability, UPS and Serena Mak, Executive Director, Sustainable Finance, Institutional Banking Group, DBS Bank (Hong Kong) Limited will explore challenges and opportunities in reducing supply chain carbon emissions, application of new energy and promoting a circular economy.
Digitalisation and technologies drive smart logistics development
Technological advances are rapidly transforming the logistics industry, fundamentally changing how businesses deploy logistics resources to digitally transform enterprises. In the Logtech Forum, international technology company representatives such as Andrés de León, Chief Executive Officer, HyperloopTT;Tim Martin, Chief Revenue Officer, Dronamics; Kyongsoo Noh, Chief Operating Officer, Seadronix Corp; and Nathan Zeng, CFA, Senior Director of Global Technology Services, Hai Robotics will discuss revolutionary solutions and cutting-edge technologies driving the development of modern logistics and intelligent supply chains. On the other hand, Arun Nandi, Head of Data & Analytics, Unilever, will share insights on applying generative AI to business processes and supply chain management, including demand forecasting, production, inventory management, warehouse operations and transport optimisation. Understanding the potential of generative AI and how it can revolutionise modern supply chains will enable businesses to establish more efficient and flexible networks.
Shippers are important logistics industry stakeholders. Last year, shippers accounted for 35% of ALMAC participants and they are well-known brands from various industries such as fashion, sports, electronics, e-commerce and retail sectors. This year’s Shippers’ Forum will focus on E-commerce Logistics and Fulfillment. Lai Tze Siung, Chief Logistics Officer, Pomelo Fashion and MA Wei, General Manager of JD Logistics Express Business Hong Kong will discuss best practices in e-commerce logistics and distribution, including warehouse optimisation, last-mile delivery, supply chain traceability and visibility. These insights will help businesses streamline operations and maintain competitiveness in the sector.
Three new workshops provide practical tips and strategies
Three workshops will debut this year, providing practical tips and strategies for participants, covering regulatory developments, investment practices and practical techniques for measuring and reporting ESG and circular economy indicators; content strategies, marketing tactics, product distribution, user experience and customer service strategies in e-commerce; and youth empowerment to enhance relevant skills crucial for the industry.
ALMAC will also feature about 100 exhibitors, including the inaugural Logtech Salon showcasing robots, AI and data systems. This exhibition aims to provide insights into technological developments and applications.
The forums will gather a diverse group of renowned speakers, including (listed in alphabetical order by surname).
Ms Gladis Araujo, Former Supply Chain Strategy Vice President, Mattel Inc. and Business Partner & Chief Supply Chain Officer, Prodensa Group
Ms Yamby Lun, Director, East Asia Region, Ocean Network Express (East Asia) Ltd.
Mr Keith Chan, Chief Executive Officer, Tahuhu Limited
Ms Serena Mak, Executive Director, Sustainable Finance, Institutional Banking Group, DBS Bank (Hong Kong) Limited
Mr Tim Edmunds, Partner for Sustainability Strategy & Transformation, PwC
Mr Tim Martin, Chief Revenue Officer, Dronamics
Ms Adeline Franger Chouraqui, CEO, CMA CGM Greater China
Mr Rob McIntosh, Senior Vice President, Global Fulfillment, Logistics & Trade, Dell Technologies
Mr Jeremy Goldstrich, Vice President of North Pacific, FedEx Express
Mr Arun Nandi, Head of Data & Analytics, Unilever
Mr Peter Harris, Vice President, International Sustainability, UPS
Mr Dennis Ngai, Vice President, Sustainable Finance, Institutional Banking Group, DBS Bank (Hong Kong) Limited
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
Why is foiling the future, and how can it give you the ride of your life? How one visionary company started with those questions and let their ideas take flight.
Valo Hyperfoil is a two-person electric foiling PWC (personal watercraft) that seamlessly combines an exhilarating experience with visionary design
Tech start-up Valo has revealed more details of its revolutionary new personal watercraft, the Valo Hyperfoil. This unique new product has already seen immense demand from consumers, with the limited production run of Founder’s Edition vehicles to be built in 2024 already being oversubscribed by 300%. The general production run is scheduled for 2025 with pre-orders currently open.
The Valo Hyperfoil is a two-person, high-performance, all-electric thrill ride that marks the evolution of the jet ski. Having moved from concept to first prototype in a matter of months, the rapid pace of development matches the scintillating performance and handling that it offers riders. The craft features a twin-foil setup with a 45kW drive motor and proprietary Skyride flight stabilization system.
With retracting foils, the Valo Hypefoil is easy launched and transportable on a standard trailer
Inspired engineering
It’s a dream that Ed Kearney – the company’s founder and CEO – has held since childhood when his father showed him a video of an early foiler. “I was about 12 or 13 years old, and my dad – who was an inventor kind of guy – showed me this video of some MIT students who had built a pedal-powered hydrofoil boat that broke the world record for a human-powered boat because it was so efficient,” Kearney says. “I remember asking myself, why aren’t all boats like this? Here is a technology that can completely revolutionize how we transport things on the water by making them ten times more efficient and incredibly comfortable at the same time”.
Born and raised in Australia and studying engineering before moving to California seven years ago, Kearney noticed that there was not much in the way of commercial hydrofoil development. “So I said why don’t we just do this? I wanted to create something no one else was making, because it was captivating and the world needed it.”
Taking flight
It is these cues from other industries, and drawing on the expertise of people like pioneering foiling naval architect Paul Bieker who serves as a consulting designer on Valo’s designs, that have led to the rapid development of the Valo Hyperfoil. The team – which was joined in early 2023 by CTO Reo Baird, a tech entrepreneur and boat fanatic who had previously been developing foiling boats with the company Navier – moved from concept to prototype in just six months, showing not only the pace and flexibility of an agile start-up but also proving that the concept was built on rock-solid design and engineering principles.
Since then, the team has tweaked the design to further enhance the experience for riders, moving to a twin-foil canard system for the foils aligned fore and aft on the centreline, and with the aft strut also housing the shaft-driven propulsion unit. The new design has resulted in 33% less strut drag than the alpha prototype while conferring improved stability and agility, and an increased maximum bank angle. Anhedral (swept-down) wings now deliver 30% more roll authority and contribute to the improved max bank angle.
The Valo Hyperfoil is fully computer stabilized
Technological two-step
At the core of the Valo Hyperfoil’s performance is the clever foil package and shaft-driven propulsion system, which can propel the craft at a max speed of 35 knots while offering over two hours of endurance, good for more than 60 miles on a single charge. When combined with the proprietary Skyride active stabilization software, the Valo Hyperfoil represents a double step forward in marine mobility.
Skyride is developed fully in-house and has the role of keeping the vehicle stable as it slices through the water and waves. Hydrofoil vehicles are inherently unstable and hard to control since their center of gravity is very high above the point of support, just like walking on long stilts or riding a unicycle – balancing something very top-heavy is hard. Added to that, the vehicle has to operate very close to the surface of the water without going too high or too low.
Skyride solves this by combining data from various sensors around the Valo Hyperfoil and using aerospace derived algorithms to deliver hundreds of micro-adjustments per second to the various mechanical actuators that control the craft to keep it stable and agile.
“The Valo Hyperfoil is fully computer stabilized, and when you turn it enters into what’s called a coordinated banked turn,” CTO Reo Baird explains. “Think of it exactly like when a plane banks and turns, you don’t feel you are being pushed out of the turn and your coffee doesn’t spill because the forces run straight up and down through your vertical axis. This is how the Valo Hyperfoil turns using the Skyride software, and it’s truly exhilarating – and it allows for tight, highly precise turns. Making it feel good is not that straightforward – it’s something we’ve worked on a lot and it’s something we’ve solved!”
The software also allows for various modes – normal and sport, for example – while including full safety features. “The sport mode is designed to deliver much more exhilaration with sharper and harder handling,” says Baird, “but there are also lots of safety elements at the limit to make sure you can’t roll the Valo Hyperfoil over or crash. The software does have a more controlled hand in how the Valo Hyperfoil behaves,” he adds, “but we also want to make sure the driver feels like he is controlling the vehicle. It’s not like using cruise control on a car – it’s heavily weighted to the inputs on steering and throttle from the rider but while maintaining full stability to keep it safe. It’s a very delicate balance and it’s one I think we’ve struck perfectly.”
Practical magic
Central to the ethos of the Valo Hyperfoil is not only to make it as thrilling and as enjoyable as possible, but also to focus on reliability, robustness and practicality. What this means in practice is that construction will draw on high-quality parts, from carbon fiber, titanium and stainless steel for the body construction to selecting known suppliers for the components – the battery system and electric motor, for example, are being sourced from experienced manufacturers in the US and UK respectively.
Further, the team has considered how the Valo Hyperfoil is likely to be used when designing key elements. Not only is the Valo Hyperfoil trailerable on a standard rig, it can also be beached just like a conventional jet ski thanks to a lifting front canard – the foil slots into a recess in the hull – and a rear strut that tils similar to an outboard, allowing for shallow water propulsion. “It may not seem as simple as having a vertical lifting rear element,” says Kearney, “but the truth is those vertical lifting struts with drive elements can be a nightmare for jamming down or up. Our solution is both highly reliable and highly practical, which means riders can focus fully on the fun without fear of something going wrong.”
What’s more, the nod to sustainable boating with zero emissions, noise and wake means Valo Hyoerfoil riders will be able to explore places that other personal watercraft can’t access – and be able to do so without disturbing other people in the same area. This, perhaps, is as much the leap forward in personal water mobility as the design and hyperformance of the Valo Hyperfoil itself.
Future present
As Valo Hyperfoil moves toward production, with delivery of the first Founder’s Edition models scheduled for 2024, the company is celebrating the pre-launch success of their creation – they have taken more than US$3.3 million in advance orders already. They are also well into the development of a new product range for boat builders so they can easily enter the electric foiling era.
“It very much feels like the dawn of a new age for the marine industry,” says CTO Reo Baird. “It’s clearly the right time and place for the marine industry to make this move forward toward a new type of marine mobility.”
“It’s clean, with zero emissions, zero noise and zero wake; it’s fun, because you can enjoy exhilarating hyperformance in a wide range of sea conditions; it’s safe and comfortable because the Skyride software takes care of everything; and it’s practical, because you can do everything and go anywhere a conventional jet ski can go, and more besides,” Baird concludes. “It’s the future, and it’s right here, right now. We’re very excited to be moving into the production phase, and from the number of orders we’ve already received I think there are a lot of excited people out there too.”
As Kearney himself will tell you, “The Future is Foiling.”
About Valo
Valo is a marine technology start-up backed by the accelerator Y Combinator, Fifty Years, as well as Chris Sacca’s Lower Carbon Capital and former Meta CTO Mike Schroepfer. Their mission is to build the future of clean water transportation by using hydrofoil technology.
JAKARTA, Oct 30, 2023 – (ACN Newswire) – Wintermar Offshore Marine (WINS:JK) has announced results for 9M2023. Wintermar records 9M2023 Net Attributable Profit of US$2.8million compared to a loss of US$2.1million in 9M2022, on the back of better margins from a rise in fleet utilization and charter rates.
Rising fleet utilization through 3Q2023 along with better charter rates contributed to a 30.7%QOQ increase in revenue for 3Q2023, and boosted the gross profit margin to 23.4% for the quarter compared to 15.9% for 2Q2023.
For 9M2023, total revenue was up 23.3%YOY to US$51.2million of which US$20million was booked in 3Q2023.
Owned Vessel Division
In 3Q2023, the Owned Vessel Division saw a 43.7%QOQ jump in revenue to US$13.7million from US$9.5million in 2Q2023, as several mid and high tier vessels started charter contracts with higher daily rates. Direct costs for Owned Vessels rose by 17.0%YOY, largely from maintenance and operational costs from mobilizing vessels to new contracts.
Utilization of the fleet rose steadily through the quarter resulting in average utilization of 70% for 3Q2023, up from 56% in 2Q2023.
For 9M2023 Gross Profit from Owned Vessels reached US$6.8million (+242.9% YOY).
Chartering and Other Services
Revenue from the Chartering Division stayed flat at US$12.9million (+0.8%YOY), while gross profit for the Division in 9M2023 was US$1million, lower than US$1.5million in 9M2022.
Gross Profit from Other Services had a 29.6% YOY increase to US$2.3million for 9M2023.
Indirect Expenses and Operating Profit
Throughout the 9M2023, overall indirect expenses increased by 5.8% YOY to US$4.9 million. As business momentum picked up, there was an increase in staff salaries to US$3.6 million (+9.3% YOY), primarily due to the hiring of additional employees.
Operating Profit jumped to US$5.2million for 9M2023 (+778.1%) compared to only US$0.6million in 9M2022.
Other Income, Expenses and Net Attributable Profit
Interest expenses continued to fall by 10.0%YOY due to regular loan repayments while associated companies recorded a loss of US$0.3 million compared to a profit US$0.5milllion in 9M2022. Total Net Income before Taxes amounted to US$3.6 million for 9M2023, compared to a loss of US$2.4million in 9M2022.
As a result, the Company recorded a turnaround with Net Attributable profit of US$2.8million as compared with a loss of US$2.1million in 9M2022.
The group’s EBITDA also jumped by 50.4% YOY to US$14.7 million.
Outlook for O&G and the OSV Industry
Voluntary production cuts by Saudi Arabia and Russia while China, India, and Brazil continue to drive strong oil demand.
There has been a consistent increase in offshore oil and gas investments with long term projects that will drive utilization of offshore rigs and OSV demand into 2028.
Over the past nine months, the availability of Offshore Support Vessels (OSVs) has seen a decline due to drilling projects in the Middle East, Africa, and Latin America drawing the operationally ready OSVs toward the region. This tightness subsequently led to South East Asian rates finally beginning to increase in 2H2023.
Despite the rising demand, major OSV companies are still hesitant to invest in new vessels, emphasizing capital conservation and concerns about vessel longevity in the context of the ongoing energy shift towards renewable fuels for propulsion. This indicates that the upward momentum on charter rates will continue.
Company Outlook
Wintermar expects the strong performance to be maintained throughout the remainder of 2023. Charter rates are rising, but have not yet recovered to levels seen in the last peak. We expect the demand for high tier OSVs to gradually drive charter rates higher in the coming years. There is a structural shift in upstream oil and gas investments which favours offshore over onshore. In view of the high levels of approved investments in offshore through towards 2028, this recovery is likely to continue for the coming few years.
As at end of September 2023, the Company’s Contracts on hand amounted to US$76 million.
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
Abu Dhabi, 4 Oct, 2023 – (ACN Newswire) – PT Pertamina International Shipping (PIS) has once again engaged international partners to expand its presence in the global market and explore additional business opportunities in support of energy supply and security.
PIS has signed an agreement with BGN, a leader in global energy, in which the two companies outlined prospective collaborations that span joint ownership of Very Large Gas Carrier (VLGC) vessels, LPG cargo transportation, vessel leasing, amongst others, establishing the foundation for an enduring partnership. The first two vessels may be delivered as early as the first quarter of 2024.
With a current fleet size of 97 vessels, this deal further strengthens PIS’s position as a key player in the maritime industry. It also reinforces BGN’s position as an emerging maritime asset owner, with a growing number of LPG carriers in its fleet to facilitate the company’s trading operations.
BGN, present in 23 countries including offices in Dubai, Geneva, Houston, Rotterdam and Singapore, is a significant LPG trader and is a supplier to Indonesia.
The signing took place at ADIPEC (Abu Dhabi International Petroleum Exhibition and Conference) 2023, the world’s largest energy exhibition and conference, where this year’s theme is “Decarbonising. Faster. Together.” It was hosted at the Indonesian Pavilion led by SKK Migas (Special Task Force for Upstream Oil and Gas Business Activities).
The collaborative agreement was signed by PIS CEO Yoki Firnandi, and BGN CEO Ruya Bayegan, and witnessed by the Head of SKK Migas Dwi Soetjipto, Independent Commissioner of PT Pertamina (Persero) Iggi H. Achsien, Technical Advisor at Ministry of Energy and Mineral Resources Nanang Untung, Special Advisor to Minister for Acceleration of Infrastructure Development and Investment at Ministry of Energy and Mineral Resources Triharyo Susilo, Vice President SKK Migas Erwin Suryadi, and other distinguished guests, along with BGN’s head of shipping Ozan Turgut and other senior executives.
“The collaboration on VLGC and LPG cargo businesses with BGN is a tangible expression of PIS’s commitment to expand LPG commodity businesses and increase PIS’s share in its non-captive market, to strengthen national energy security,” stated Yoki.
BGN CEO Ruya Bayegan added “BGN excels at strong business partnerships and we are pleased to move forward with this new arrangement with Pertamina International Shipping (PIS). BGN’s collaboration with PIS will further enhance our maritime fleet to facilitate our growing energy trading business, cementing our position as a significant LPG trader, as well as supporting the Indonesian energy system.”
PIS and BGN have also been contributing to the vibrancy of ADIPEC 2023, which gathers together the global players in the oil and gas industry and supports the key themes of the forthcoming COP28 climate summit that will also take place in the UAE. This year’s ADIPEC has attracted participation from over 2,200 companies representing 30 countries worldwide, with a total of more than 15,000 delegates and 160,000 attendees.
About Pertamina International Shipping (PIS) Pte Ltd
As an Integrated Marine Logistics Subholding, PT Pertamina International Shipping (PIS) supports Indonesia’s economic growth through safe and sustainable operations, becoming a trusted and reliable maritime partner. Besides a total of 750 owned ships, PIS manages time and spot charters that can be leased through e-chartering. See https://pertamina-pis.com
About BGN International
As a leading energy companies, BGN efficiently conducts trading, storage, and transportation of petroleum products, petrochemicals, and commodities worldwide. Our integrated business model ranges from oil and gas trading and distribution to financing energy projects. Thanks to our established relationships with refineries, producers, state oil companies and international traders, we are present throughout the energy value chain. We also invest in infrastructure development to enhance our trading activities. Visit https://bgn-int.com.
DOVER, DE / ACN Newswire / September 20, 2023 / Pacific Green Technologies, Inc. (the “Company” or “Pacific Green”, (OTCQB:PGTK)) announces that James Tindal-Robertson has been appointed as Chief Financial Officer, effective September 20th, 2023.
James, who takes over from retiring Richard Fraser-Smith, will oversee all finance and accounting functions for Pacific Green.
James was previously group Finance Director at sustainable energy solutions provider, VivoPower International (NASDAQ: VVPR), prior to which he held senior finance positions at PetroSaudi Oil Services and Chicago Bridge & Iron Corporation.
Scott Poulter, Pacific Green’s Chief Executive, commented: “We want to thank Richard for everything he has done for the Company and we are very pleased that James is joining with his track-record of disciplined financial management and experience in debt and equity financing – this will be an incredible asset to Pacific Green as we continue our growth and expand into new markets around the world.“
James qualified as a chartered accountant with KPMG, following a degree in physics at Imperial College, London.
About Pacific Green Technologies, Inc.:
Pacific Green Technologies, Inc. is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers Battery Energy Storage Solutions (BESS), Concentrated Solar Power (CSP) and Photovoltaic (PV) energy solutions to complement its marine environmental technologies and emissions control divisions.
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, any potential business developments and future interest in the Company’s battery, solar and emissions control technologies.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in the Company’s annual report on Form 10-K for the most recent fiscal year, the Company’s quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact:
Scott Poulter, Chairman & CEO Pacific Green Technologies T: +1 (302) 601-4659
HONG KONG, Aug 30, 2023 – (ACN Newswire) – China International Marine Containers (Group) Co., Ltd. ("CIMC Group" or the "Group", stock code: 000039.SZ/02039.HK) is pleased to announce the unaudited interim results for the six months ended 30 June, 2023 (the "Reporting Period").
The management of CIMC Group said, "In the first half of 2023, the growth momentum of global economy and trade weakened. However, with the accelerated recovery of the global container market, prosperous demand for energy consumption and improving market environment for offshore marine engineering, the Group fully utilized its global leading position in the logistics field, diversified layout in the energy sector, and diversified financing channels to accelerate the cultivation of "specialization, expertise, and innovation" in businesses, while continuously optimizing its business structure during the Reporting Period. With the solid foundation of its global operating platform, the Group can mitigate risks and fluctuations in a single region and achieve stable and high-quality development. During the Reporting Period, domestic and overseas businesses contributed 51.61% and 48.39%, respectively, to total revenue, maintaining a level similar to that of the corresponding period of last year and an optimal market distribution. Although the overall performance was down from the corresponding period of 2021-2022 but still outperformed the pre-pandemic period, especially the brilliant results of CIMC Vehicles and CIMC Enric. Overcoming the impact of global trade downturn, the container manufacturing segment recorded a net profit beyond RMB700 million; offshore engineering business saw continuous loss narrowing. Offshore engineering asset pool management realized more than 10% revenue growth and a significant improvement in operating contribution margin."
A review of the main businesses is as follows:
In the container manufacturing business, as the growth momentum of global economy and trade slowed down and the demand in the container shipping market weakened, the production and sales volume of the container manufacturing business declined from the same period last year. In particular, the accumulated sales volume of dry containers reached 263,100 TEUs (same period in 2022: 675,000 TEUs), representing decreased of approximately 61.02% year-on-year (YoY) . The accumulated sales volume of reefer containers reached 51,500 TEUs (same period in 2022: 68,400 TEUs), representing decreased of approximately 24.71% (YoY). However, the profit level remained stable owing to effective cost control. During the Reporting Period, the container manufacturing business recorded a revenue of RMB13,668 million (Same period of 2022: RMB22,768 million), decreased by 39.97% (YoY) and a net profit of RMB768 million (Same period of 2022: RMB3,053 million)
In the road transportation vehicles business, following the full implementation of "Light Tower Manufacturing Network 2023", the domestic market has been strengthened, the overseas market continued its growth trend, and the emerging market achieved remarkable performance by recording revenue and net profit growth. The revenue increased by 20.31% YoY to RMB13,470 million (Same period of 2022: RMB11,196 million); net profit grew 410.91% YoY to RMB1,892 million (Same period of 2022: RMB370 million).
In the energy, chemical and liquid food equipment business, it recorded a revenue of RMB11,388 million, up 18.96% YoY (Same period of 2022: RMB9,594 million); net profit of RMB435 million (Same period of 2022: RMB468 million). The core business of CIMC Enric experienced significant growth in order demand due to the prosperous industry environment. Generally, for clean energy business, the growth in demand was mainly driven by the pick-up in consumption of onshore LNG, the ship newbuilding price hike attributable to the growth in demand on LNG/LPG vessels and the speed up in the implementation of the green hydrogen business, under which CIMC Enric's market-leading advantage has been further leveraged and therefore resumed growth in segment results. The chemical and environment segment recorded strong operating performance and a high level of industry demand as with standard tank containers return to balanced demand and specialized tank containers received the thriving demand from new energy and semiconductor industries. For the liquid food equipment segment, it saw satisfactory and stable progress in development, largely supported by rich professional experience, diversified business layout and one-stop total solution.
In the offshore engineering business, the global market environment for shipping and offshore engineering continued to improve, and therefore the new orders received by the Group's offshore engineering segment have successively entered construction stage. During the Reporting Period, the revenue increased by 60.41% YoY to RMB4,119 million (Same period of 2022: RMB 2,568 million); the number of new orders recorded a YoY growth of 144% to USD1,490 million (Same period of 2022: USD610 million); accumulated orders on hand amounted to USD5,110 million, up 141% YoY (same period of 2022: USD2,120 million), in which the ratio between oil and gas business and non-oil and gas business maintained at 4:6, which effectively eased the periodic fluctuation of oil and gas and demonstrated a successful strategic transformation.
The finance and asset management business is mainly engaged in the centralized management of funds for the Group and the offshore asset pool management platform through diversified means of financial service and special asset management mode. During the Reporting Period, it realized a revenue of RMB802 million (same period of 2022 including CIMC Finance Lease: RMB1,150 million). Benefitting from the recovering market, the Group acquired two new lease contracts for offshore drilling platform for its offshore engineering asset operation. By the end of June of 2023, out of the existing 14 leasable offshore engineering platforms, the Group acquired lease contracts for 10 platforms, on which six jack-up platforms were leased out, four semi-submersible offshore platforms (including 2 living platforms) were leased out, and the remaining term of the lease contracts ranged from 7-74 months.
Outlook and future development
Logistics Segment In the container manufacturing business, according to CLARKSONS' forecast, global container trade growth rates for 2023 and 2024 are projected at 1.0% and 3.4%, respectively. Market expectations show a clear upward trend, indicating a steady recovery in global trade that will provide robust support for the accelerated resurgence of industry demand. By 2024 and 2025, Drewry anticipates global container production to return to a level of 4 million TEUs.
In the road transportation vehicle business, the global automotive industry is poised for an upswing in China's commercial vehicle market. China's strategy to expand its commercial vehicles overseas is gaining momentum, particularly in emerging markets such as semitrailers with significant growth potential. Simultaneously, backed by policy support, China's new energy light truck market is ripe for exploration. CIMC Vehicles is focusing on strengthening the "National Unified Commercial Vehicle and Special Vehicle Large Market." By entering the new energy commercial vehicle sector with innovative technology and business models, the Company aims to achieve intrinsic growth driven by innovation and steady performance improvement.
Energy Segment In the energy, chemicals, and liquid food equipment business, the International Energy Agency (IEA) forecasts that by 2030-2035, LNG will replace coal as the world's second-largest energy source. The drive for energy decarbonization continues to garner market attention and support. Coupled with the acceleration of ship-to-ship transfer demand and green shipping upgrades, China's burgeoning hydrogen energy sector is experiencing robust commercial development. CIMC Enric leveraging its clean energy leadership and technological advantages, will further enhance its comprehensive "production-storage-transportation-refueling-application" layout and integrated solutions. This strategic move will propel its business to achieve steady and rapid growth. Additionally, CIMC Enric will closely monitor changes in demand and application scenarios in the chemical tank container market, seize opportunities in the global craft brewing and emerging beverage consumption and industrial transformation, and continue to enhance its market share.
In the offshore engineering business, the global FPSO market is witnessing an evident upswing trend in the cycle, with accelerated transformation towards carbon neutrality in the global marine equipment sector. The new energy vehicle industry is driving the expansion of global automotive shipping trade volume, while strong demand for new-build ro-ro ships persists. In the latter half of 2023, the Group will actively promote business transformation and the introduction of strategic investors, expedite industrial breakthroughs, and expand gradually into new energy, based on the fundamental prospects of marine oil and gas. This approach aims to establish a combination that stabilizes the cycle.
Financial and Asset Management Segment
The offshore engineering asset pool management platform will continue to promote lean management, leveraging existing project experience and business capabilities. This strategy will seize market opportunities to enhance asset occupancy rates and project profitability. The Group will further solidify cooperation with domestic and international clients, leveraging its excellent marine platform operation and management capabilities to integrate resources and enhance upstream and downstream cooperation.
The Group's management concludes, "We will continue reinforcing our global layout strategy, with research and development centers and manufacturing bases distributed across nearly 20 countries and regions worldwide. With over 30 overseas entities, our primary focus is on Europe, the Americas, and Southeast Asia. On one hand, we will establish a strong domestic presence and expand our industrial layout in the domestic market. On the other hand, through local manufacturing overseas, we will seize the evolving market space in global logistics and energy sectors, creating a dual-engine development strategy for our Group driven by both domestic and international demand."
About China International Marine Containers (Group) Co., Ltd. The CIMC Group is a world leading equipment and solution provider in logistics and energy industries, and its industry cluster mainly covers logistics and energy fields, strengthening its position as a global market leader. In the logistics field, the Group still adheres to taking container manufacturing business as its core business, based on which to develop road transportation vehicles business, airport facilities and logistics equipment/fire safety and rescue equipment business and to a lesser extent, logistics services business and recycled load business providing products and services in professional field of logistics; in the energy field, the Group is principally engaged in energy/chemical/liquid food equipment business and offshore engineering business; meanwhile, the Group also continuously develops emerging industries and has finance and asset management business that serves the Group itself. As a diversified multinational industrial group that shoulders the mission of global serving, CIMC has 3 listed companies and over 300 member enterprises in Asia, North America, Europe, Australia and others, and extensive customers and sales networks covering more than 100 countries and regions. During the year, the Group recorded a revenue of RMB141.54 billion, with gross profit margin remained at 15.28% and net profit attributable to shareholders of the Company after deducting non-recurring profit or loss of RMB4.28 billion. The Group was recognized by Fortune as one of the "China's Most Admired Companies 2022", and was ranked 84th in the Fortune 500 China 2022, an increase of 35 places over the previous year. For more information, please visit http://www.cimc.com
HONG KONG, Aug 24, 2023 – (ACN Newswire) – Chu Kong Shipping Enterprises (Group) Company Limited ("Chu Kong Shipping", or the "Company", together with its subsidiaries, the "Group"; Stock Code: 560.HK) is pleased to announce its interim results for the six months ended 30 June 2023 (the "Period"). During the Period, the complex and volatile market environment, coupled with weakened business demand, the Group's cargo transportation business was affected to a certain extent. Nevertheless, benefiting from the orderly resumption of normal traveler clearance in Guangdong, Hong Kong and Macao, a number of cross-border water passenger transport routes of the Group ushered in the resumption of service, while several long-awaited new routes were successfully launched, and the passenger transportation business has gradually recovered. The Group maintained a steady and robust development in its overall business operations.
In the first half of 2023, the Group recorded consolidated revenue of HK$1,233.1 million (1H 2022: HK$1,601.2 million). Profit for the period increased by 1.0% year on year to HK$62.3 million (1H 2022: HK$61.7 million), while profit attributable to the equity holders of the Company increased by 6.3% year on year to HK$58.4 million (1H 2022: HK$54.9 million).
Promoting the Upgrade of the Logistics Strategy and Achieving Steady Development in Cargo Transportation Business The Group continued to optimise its strategic layout planning by fully leveraging the advantages of the terminals' network within the Guangdong-Hong Kong-Macao Greater Bay Area, facilitating the synergistic development of diversified businesses, achieving new breakthroughs in construction logistics, e-commerce, and air freight logistics businesses. During the Period, regarding the cargo transportation business, the container transportation volume recorded 646,000 TEU, representing a year-on-year increase of 0.2%. The break bulk cargoes transportation volume amounted to 202,000 tons, while the volume of container hauling and trucking recorded 90,000 TEU. As for the cargo handling business, the container handling volume recorded 527,000 TEU and the break bulk cargoes handling volume recorded 3,222,000 tons. During the Period, Chu Kong Transhipment & Logistics Company Limited ("CKTL") adjusted its business strategy timely and reduced operating costs while developing diversified business actively and enhancing market competitiveness. Based on Tuen Mun Godown Wharf, CKTL expanded the area of climate-controlled warehouse at Tuen Mun warehouses, and continued to tap the transportation business for Modular Integrated Construction modules. CKTL also won the bid for a sand supply project for part of the Hong Kong International Airport Second Runway refurbishment project. Meanwhile, CKTL actively developed freight cargo business, successfully developed the cross-border railway-chartered transportation business, achieved growth in Southeast Asian routes, and actively prepared for the establishment of a logistics network in Vietnam. During the Period, each subsidiary strived to overcome multiple hurdles and adopted various measures to enhance income of cargo handling and storage business, resulting in a steady improvement in the operating efficiency of a number of regions.
Continuously Optimising Airport Strategy amid Recovery of Cross-border Passenger Transportation Business The Group's operation of the cross-border waterway passenger route has resumed in an orderly manner since 8 January 2023. Even though the cross-border passenger transportation business of the Group in the first half of the year increased significantly compared with the same period last year, there was still a gap as compared with the pre-pandemic level. During the Period, Chu Kong Passenger Transport Company Limited ("CKPT") recorded total number of passengers for agency services and the number of passengers for terminal services of 647,000 and 423,000 respectively, representing year-on-year increase of 1,825.3% and 1,158.3%. During the Period, ten cross-border waterway passenger transportation routes commenced operation, including the three newly opened routes of "Shenzhen Airport Ferry Terminal-China Ferry Terminal", "Guangzhou Pazhou-China Ferry Terminal" and "Guangzhou Pazhou-Hong Kong International Airport". The Group continued to deepen cooperation with airlines, travel agencies and other industries, and strengthened business marketing and promotion to achieve an orderly recovery of cross-border passenger transportation business, with passenger load factor of some routes returning to pre-pandemic levels. CKPT,sticking around the airport strategy, continued to increase the layout of airport projects and extend businesses around the airport, gradually enhancing its competitive advantage.
Rapidly Expanding Local Business while Receiving Compliments on Services Regarding local ferry services, along with the full resumption of people travelling between Hong Kong and China, the Group's local ferry business recorded a total number of passengers of 6,333,000 during the Period, representing a year-on-year increase of 23.4%. Regarding the water cultural tourism business, the effect of market cultivation demonstrated in Oriental Pearl Cruise Company Limited through its ongoing product innovation and service optimisation. During the Period, a cumulative passenger flow of 21,000 passengers was recorded, representing a significant increase of 261.4% year-on-year. The cruise ship "Oriental Pearl" also accomplished a reception for senior officials of the Chinese government in a high-quality manner, which was awarded a letter of praise by the Hong Kong Development Bureau. As to the fuel supply business, Sun Kong Petroleum Company Limited continued to promote business transformation, and achieved "double growth" in both diesel and engine oil sales. Furthermore, it successfully won the bid for the HKSAR Government's bunkering project, and successfully reached a cooperation of the lubricating oil supply chain agency project.
Outlook In the second half of the year, with the normalisation of cross-border passenger and cargo flows after the normal traveller clearance, the HKSAR Government will implement further measures to stimulate the local economy and improve people's livelihood while enhancing Hong Kong's competitiveness. Additionally, the comparative advantages of the Greater Bay Area will be fully utilised. The Group will firmly grasp the strategic opportunities brought by the National "14th Five-Year Plan", the Guangdong-Hong Kong-Macao Greater Bay Area development, as well as the "Belt and Road" initiative, build on the livelihood of the people in Hong Kong, integrate the resources in the Bay Area, plan for the layout of ASEAN, and promote the development of enterprises in a high-quality manner. The Group will promote high-quality enterprise development in the following areas:
Firstly, the Group will promote the integration of its main businesses and enhance operational and management capabilities. The Group will professionalise the cross-border waterway passenger transportation business across Guangdong-Hong Kong, and steadily promote the integrated operation of cross-border passenger transport. The Group will also enhance the local ferry and cultural tourism sectors in the long run, and build a professional passenger transport operation platform that is more resilient and synergistic. The Group will actively shape five platforms, namely port operation, integrated logistics, warehousing logistics, construction logistics and new business development, to enhance the coordination and synergy of internal and external logistics resources, strengthen the linkage between cargo terminals and navigation, consolidate the advantages of resources, and explore the market potential to build a more active and competitive professional logistics operation platform.
Secondly, the Group will build up its strategic advantages in logistics to enhance its market influence. The Group will utilise its advantages in professional construction logistics platform and actively participate in the construction projects of Hong Kong's "Northern Metropolis" and "Kau Yi Chau Artificial Islands", and vigorously expand the construction logistics and building materials supply businesses. To coordinate the layout of integrated storage centre, the Group will vigorously develop its modern logistics businesses including air freight logistics, supply chain logistics, cold chain logistics and duty-free product storage, facilitating its logistics business to extend into high-end industrial chain. Moreover, the Group will accelerate the establishment of logistics business network in the ASEAN region and capture emerging market share to create a profit growth driver under the "One Belt, One Road" initiative.
Thirdly, the Group will promote the transformation of its waterway passenger transportation to enhance the sustainability of the enterprise. The Group will strive to launch more high-quality routes by focusing on cultivating core routes including the expansion of Pazhou, Shenzhen, Zhongshan and other route networks. The Group will strive to integrate its business into the Hong Kong airport business circle, optimise airport passenger routes while actively bidding for more high-quality service projects of the Hong Kong International Airport. Moreover, the Group will improve the "sea-land-air intermodal" service chain continuously, and strive to become a comprehensive service provider for the Hong Kong International Airport.
Fourthly, the Group will strengthen the expansion of its local business to enhance its regional penetration. The Group will actively seize the opportunity of winning bunkering projects of the HKSAR Government and further expand the market share by providing high-quality bunkering services to the government. The Group will continue to explore the potential of the local ferry market, enhance its business control and industry influence and further consolidate its advantages in the ferry business. Moreover, the Group will deepen the cooperation between the cross-border passenger transport and fuel supply businesses, aiming to achieve cost reduction and efficiency enhancement as well as synergistic enhancement. The Group will focus on developing the "Oriental Pearl" Victoria Harbour Tour project by stepping up its efforts in brand promotion through multiple channels, enhancing the resources utilisation rate for the passenger transportation business of cultural tourism, and expanding business channels such as advertising and sponsoring campaigns, recurring consumption and value-added services, with a view to continuously strengthening the water cultural tourism industry.
About Chu Kong Shipping Enterprises (Group) Company Limited Chu Kong Shipping is a listed company incorporated in Hong Kong held by Chu Kong Shipping Enterprises (Holdings) Company Limited and subject to Guangdong Provincial Port & Shipping Group Company Limited. Chu Kong Shipping operates and manages the largest high-speed passenger fleet and network of waterway passenger transport in Guangdong, Hong Kong Macau which is based in Hong Kong and covered cities in the Guangdong-Hong Kong-Macao Greater Bay Area namely Guangzhou, Shenzhen, Shunde, Zhongshan, Dongguan, Macau and so on. CKSG operates the local ferry services in Hong Kong, providing services on five main inner harbour and outlying island ferry routes, and developing the Victoria Harbour water cultural tourism projects simultaneously. Chu Kong Shipping is also one of the largest operators of inland terminal and logistics service in the PRD. Based in Hong Kong, Chu Kong Shipping builds up a network covering multiple cities in the PRD, including Zhaoqing, Qingyuan, Foshan, Guangzhou and Jiangmen etc., providing the operation of inland cargo terminals, integrated logistics, international forwarding and solutions to logistic supply chain and so on.
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