Marine & Offshore Archives - Page 4 of 9

13th Asian Logistics, Maritime and Aviation Conference opens

Industry titans gather to seize opportunities and plan green, efficient supply chains

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 Mao Lingke, 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.

ALMAC: https://www.almac.hk/main/en/
ALMAC programme: https://almac.hktdc.com/conference/almac/en/programme
ALMAC speaker list: https://almac.hktdc.com/conference/almac/en/speaker

Photo download: https://bit.ly/3MUDI0R

Media Enquiries
Please contact Raconteur Limited:
Molisa Lau, Tel: (852) 6187 7786, Email: molisalau@raconteur.hk
Betsy Tse, Tel: (852) 9742 7338, Email: betsytse@raconteur.hk

HKTDC’s Communications & Public Affairs Department:
Clayton Lauw, Tel: (852) 2584 4472, Email: clayton.y.lauw@hktdc.org

About HKTDC
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

Flagship logistics and supply chain event – Asian Logistics, Maritime and Aviation Conference (ALMAC) returns

Attendees will develop a new paradigm for Future-proofing Supply Chains: Diversification, Decarbonisation, Digitalisation

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 Forwarding Vishal 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
Ms Heidi Ho, Principal Consultant, GS1 Hong Kong	Mr Kyongsoo Noh, Chief Operating Officer Seadronix Corp.
Mr Peter Hui, Vice Chairman, Textiles Council	Mr Vishal Sharma, CEO, Greater China, DB Schenker
Mr Thomas Kowitzki, Vice President, Global Head of China Rail, DHL Global Forwarding	Mr Chandler So, Airfreight Director, North Asia Sub-region, GEODIS
Mr Lai Tze Siung, Chief Logistic Officer, Pomelo Fashion	Dr Mark Yong, Managing Director (Asia-Pacific), Blume Global
Mr Andy Law, Partner, Climate & Sustainability, PwC	Mr Nathan Zeng, CFA, Senior Director of Global Technology Services, Hai Robotics
Mr Andrés de León, Chief Executive Officer, HyperloopTT	Mr Assel Zhanassova, Member of the Board of Directors, Chief Executive Officer, KazPost JSC
Mr Willy Lin, Chairman, The Hong Kong Shippers’ Council

Members of the media wishing to interview speakers can email interview requests to molisalau@raconteur.hk or molisalau@raconteur.hk by 17 November 2023. For the latest programme and speaker list, please visit: https://www.almac.hk/main/en/.

Photo download: https://bit.ly/40n0R1D

Media Enquiries
Please contact Impact Communications Company:
Molisa Lau, Tel: (852) 6187 7786, Email: molisalau@raconteur.hk
Betsy Tse, Tel: (852) 9742 7338, Email: betsytse@raconteur.hk

HKTDC’s Communications & Public Affairs Department:
Clayton Lauw, Tel: (852) 2584 4472, Email: clayton.y.lauw@hktdc.org

How the Valo Hyperfoil is playing a leading role in the marine mobility revolution

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.

For more information: https://www.ridevalo.com/

PRESS OFFICE / SAND PEOPLE COMMUNICATION
sandpeoplecommunication.com
Melissa Nasuelli
valo@sandpeoplecommunication.com
m. +39 345 4480252

Wintermar Offshore (WINS:JK) Reports 9M2023 Results

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

Pertamina International Shipping (PIS) Partners Energy Trader BGN, Expanding Global Fleet of LPG Carriers

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.

The signing took place at ADIPEC (Abu Dhabi International Petroleum Exhibition and Conference) 2023, the world’s largest energy exhibition and conference.

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.

Media Contact
Suh. Aryomekka Firdaus
Corporate Secretary, PI
M: +62 (0) 811 872 2722
E: aryomekka@pertamina.com

Giles Broom
Global Head of Communications, BGN
M: +41 (0) 79 468 6499
E: mediabgn@bgn-int.com

James Tindal-Robertson Joins Pacific Green as Group Chief Financial Officer

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 20^th, 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.

For more information, visit Pacific Green’s website: www.pacificgreen.com.

Notice Regarding Forward-Looking Statements:

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

CIMC Group Announces 2023 Interim Results

Leading Edges of Logistics & Energy Segments Become Prominent
Q2 Results Recorded Significant Rebound

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

Wintermar Offshore (WINS:JK) Reports 1H2023 Results

PT Wintermar Offshore Marine Tbk (WINS:JK) has announced results for 1H2023. Wintermar’s Gross Profit from Owned Vessels jumps to US$3.1 million for 1H2023 from US$0.2 million in 1H2022 on the back of 32.6%YOY increase in Owned Vessels revenue to US$ 19.2 million.

Total Gross Profit increased 140%YOY to US$5.4 million for 1H2023, while total revenues were 24.4% higher at US$31 million, largely driven by higher charter rates and additional fleet commencing operations.

Owned Vessel Division
In the first half of 2023, Owned Vessel gross profit experienced an exceptional increase to US$3.1 million, generated from revenues of US$19.2 million. This was achieved as a result of securing higher charter rates, in spite of a decrease in fleet utilization from 66% in 1H2022 to 61% in 1H2023. The lower utilization was due to a transitionary period where some vessels came off longer term contracts and were undergoing necessary maintenance before being deployed to new contracts.

As a result, maintenance costs increased by 80.0% YoY, with the majority of the increase focused on the higher value vessels. Bunker costs also rose by 23% to US$1.3 million due to a higher number of vessels being out of contract. In expectation of higher rates in the second half of the year, management was more selective in tendering for work during the period, which contributed to the lower utilization.

The Company currently owns a fleet of 42 vessels, including 9 additional higher value vessels that were acquired since 2021, including 1 mid-tier vessel acquired in 2Q2023. Of the 9 additional vessels, 6 were operational in 2Q2023, 2 more commenced work in June and July, with 1 expected to be deployed in the second semester of 2023, leaving only 1 left in the process of reactivation.

Chartering and Other Services
For the first half of 2023, Chartering Revenue was nearly flat at US$8.1million compared to US$7.9million in 1H2022. Due to lower margins the gross profit from Chartering Division fell by 26.5%YOY to US$0.7million. This was also due to one of the chartered vessels being acquired in 2Q2023 as the Company had secured a long-term contract for it. Other Services Revenue and Gross Profit increased significantly to US$3.8million (+47.2% YoY) and US$ 1.6 million (+40.7% YoY), respectively.

Indirect Expenses and Operating Profit
Management continued to exercise tight cost control in the first half of 2023. There was a one-off reversal to employee pension liabilities from the change in the omnibus law which resulted in a 4.5% YOY decrease in indirect expenses to US$3million.

Due to the much-improved industry conditions and controlled expenses, the Company booked an operating profit of US$2.4million for 1H2023 compared to a loss of US$0.9million in 1H2022.

Other Income, Expenses and Net Attributable Profit
Interest expenses fell by 26.1% YOY to US$0.5 million, as the group continued to reduce its outstanding bank debt. This resulted in a net debt-to-equity ratio of just 6.5% at the end of the first half of 2023.

The strong performance of the business resulted in a net income attributable to shareholders of US$1.1million for the first half of 2023, compared to a loss of US$1.0million in the same period of 2022.

The group’s EBITDA also jumped by 64% YOY to US$8.7 million.

Outlook for O&G and the OSV Industry
The International Energy Agency (IEA) released its May Oil Market Report, projecting global oil demand to reach 103m b/d in 2024 from the previous estimate below 103m b/d provided in July 2022. This represents an upward revision from the red to the blue demand curve in Figure 1. Oil supply as we know has been constrained by several years of underinvestment due to lackluster oil prices since 2015.

The more positive oil demand forecast combined with global concerns over energy security triggered by embargos on Russian oil has caused a strong upturn in oil and gas investment. Rystad projects a recovery in oil and gas investments to reach US$ 600 billion by 2025. For South East Asia alone, there are US$ 135 billion worth of investments which have been approved, but the biggest jump in investment is in the offshore deepwater segment, as can be seen in the dark blue part of the bar chart in Figure 2 below. Deepwater investments typically require more technologically advanced OSVs with Dynamic Positioning systems of DP2 certification, like Platform Supply Vessels (PSV) and larger Anchor Handling Tug Supply (AHTS).

The supply of OSVs in SE Asia has been getting tighter in the past six months as the commencement of drilling projects in the Middle East, Africa and Latin America has attracted available and operationally ready OSVs to those geographical locations. Charter rates in SE Asia have lagged those markets but have started to improve in 2Q2023. With the current rise in approved projects in the coming years, we expect even tighter conditions in the OSV market in Asia for the next few years.

Company Business Outlook
Wintermar expects a stronger performance throughout the remainder of the year, driven by the successful award of several contracts for high-tier vessels. These contracts feature charter rates that are much higher than previous contracted rates, with commencements expected in Q3 and Q4 of 2023. This positive development aligns with the overall improvement in OSV market conditions followed by the rising global OSV utilization and increasing charter rates.

As at end of June 2023, the Company’s Contracts on hand amounted to US$ 79 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

Signing Contracts for US$49.3M, PIS (Pertamina) Now Sails across 26 International Routes

PT Pertamina International Shipping (PIS), through its branch office in Dubai, PIS Middle East (PIS ME), has achieved another success by simultaneously signing four business cooperation agreements with global players.

PIS Pte Ltd (DMCC Branch) – PIS Middle East has signed business cooperation agreements with global players, namely with Gas Walio, Gas Widuri, Gas Arjuna and Gas Ambalat, for 4 vessels owned by PIS.

Erwin Paulian Sihombing, Commercial, PIS Pte Ltd (DMCC Branch) – PIS ME; Ugo Romano, Managing Director, Scorpio MENA DMCC (Neptune Pool); Andra Otmansyah Pelawi, Country Manager & Middle East Representative, PIS Pte Ltd (DMCC Branch) – PIS ME [L-R]

PIS ME signed the deals for 4 vessels owned by PIS – namely the Gas Walio vessel, Gas Widuri vessel, Gas Arjuna and Gas Ambalat vessels. The Gas Arjuna and Ambalat vessels are chartered by SHV Gas Supply & Risk Management, the Gas Walio vessel is chartered by Geogas Trading S.A, and the Gas Widuri vessel is chartered by Vitol S.A.

“The signing of this cooperation signifies the success of PIS ME’s aggressiveness in increasing revenue in the international market, as well as proving the reliability of PIS’s fleet which is qualified to sail in global scale waters,” said PIS CEO Yoki Firnandi at the signing ceremony on Tuesday, July 25.

The total transaction value for the four ship deal reached US$49.34 million, or the equivalent to Rp740.15 billion (dollar exchange rate of Rp15,000) with different contract durations ranging from 6 months to 3 years. The contracts also provided for new international routes and countries for the PIS fleet, including Chile (South America), Puerto Rico (USA), Dominican Republic (Caribbean), Tanzania, Poland, and Portugal.

Country Manager of PIS ME Andra Pelawi added that in addition to the successful commercialization of the four vessels, PIS ME has broken new business ground which will add to the company’s revenue potential. “Pertamina has, through PIS ME, entered Tankers International Pool, and a TC Syndication scheme with Scorpio for a Neptune VLGC vessel in the pool. PIS will have the potential for vessel rental at international market rates,” he said.

Through this breakthrough scheme by PIS, carried out initially during the second quarter of 2023 (since the VLGC vessel entered the pool in early May, through to the end of the quarter), PIS ME managed to realize a profit of around US$865 thousand, or the equivalent to Rp12.97 billion (dollar exchange rate of Rp15,000).

About PT Pertamina International Shipping (PIS) Pte Ltd
PT Pertamina International Shipping (PIS) as an Integrated Marine Logistics Subholding, has a total of 750 ships. Besides the owned ships, PIS also manages time charter and spot charter that can be rented through e-chartering. PIS ME is the second representative branch office of PIS located abroad, being established December 23, 2022. See https://pertamina-pis.com/.

Media Contact:
Muh. Aryomekka Firdaus
Corporate Secretary
M: +62 0811-872-272
E: aryomekka@pertamina.com

Huatai Securities Initiates Coverage of CIMC Group with “Overweight” Rating, Citing Recovery in Offshore Drilling Demand

Recently, Huatai Securities issued a research report pointed out that the recovery of offshore demand and the shortage in the supply side come at the same time. In light of this, offshore drilling platforms have become scarce in the industry chain. CIMC Group, having strategically laid out its offshore equipment business fifteen years ago, has emerged as the major player in deepwater platform design and construction in China. Its offshore oil drilling platforms have been successfully deployed worldwide in major offshore oil and gas production areas, showcasing an extensive product range.

Huatai Securities has initiated coverage of CIMC Group for the first time and accorded it a “Overweight” rating. Huatai’s expectations for CIMC Group’s 2023-2026 PE ratio lie in the range of 23-26 times, corresponding to a target price of RMB 7.6. Taking into account the average H and A-share PE ratios from 2023 to the present at 67%, along with a Hong Kong dollar exchange rate of 0.91, the corresponding H-share 2023 PE ratio is projected at 17.7x, resulting in a corresponding H-share target price of HKD 5.63.

The report also highlights that many new container ships are expected to be delivered in 2023-2024, along with a high volume of old containers reaching the replacement stage. As a leading container producer, CIMC Group’s renewal demand will provide sustained support to the industry. Concurrently, the global offshore market is gradually entering an upswing in the business cycle, leading to a significant increase in the Group’s new order intake. As of March 2023, CIMC Group’s new effective offshore orders have surged by 77% YoY, amounting to USD 2.56 billion, while the value of its accumulated orders in hand has grown by 122% YoY, reaching USD 3.9 billion.

Meanwhile, the Ministry of Industry and Information Technology recently issued the Fifth Batch of specialized, refinement, differential and innovation (“SRDI”) “Little Giants” Enterprises. Four subsidiaries under CIMC Group (000039.SZ/02039.HK) have been selected as national-level SRDI “little giants” enterprises, recognizing their leading key technologies and outstanding product innovation capabilities. With this recent recognition, CIMC Group now boasts a total of 13 subsidiaries awarded with this honor. As a global leader in logistics and energy industry manufacturing, CIMC Group maintains a wide business layout and sustains diversified development.

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.