Financial Performance - The company's net profit for the year was approximately $22.0 million, a decrease from $58.9 million in the previous year[1]. - Revenue decreased by approximately $100.1 million or 27.9% from about $359.1 million for the year ended December 31, 2022, to about $259.0 million for the current year[22]. - Revenue from shipping services fell by approximately $97.9 million or 32.0% from about $305.9 million to about $208.0 million, primarily due to reduced global trade and shipping service demand[23]. - Gross profit declined by approximately $22.3 million or 35.7% from about $62.4 million to about $40.1 million, with a gross margin decrease from approximately 17.4% to 15.5%[27]. - Net profit attributable to shareholders dropped by 63.0% from approximately $57.3 million in 2022 to about $21.2 million in 2023[98]. - Total comprehensive income for the year was $22,010 thousand, a decrease from $58,823 thousand in 2022[109]. - Operating profit decreased to $28,775 thousand from $57,335 thousand, indicating a significant reduction in profitability[106]. Revenue and Fleet Management - Revenue from the managed fleet decreased by 4.1% year-on-year to approximately $51.1 million, with a pre-tax profit decline of 23.7% to about $5.0 million[7]. - The total fleet controlled by the company consisted of 28 vessels, with a total capacity of 1.41 million dwt, representing a 36.9% increase compared to the previous year[8]. - The company has successfully launched 6 new vessels and acquired 2 additional vessels with a total capacity of 33,674 dwt during the year[18]. - The company plans to expand its fleet with 19 vessels currently under construction, expected to be delivered between 2024 and 2027, adding a total of 1,000,590 dwt in new capacity[18]. - The company has signed contracts for over 120 chartered vessels, with a combined capacity of approximately 0.66 million dwt as of December 31, 2023[174]. Market Conditions and Future Outlook - The average daily BDI index decreased by 28.7% year-on-year to approximately 1,378 points, impacting overall revenue which fell by 32% to about $208.0 million[11]. - The company anticipates a recovery in shipping rates, which will drive financial performance growth in the coming year[18]. - Total revenue decreased by 27.9% from approximately $359.1 million in 2022 to about $259.0 million in 2023 due to global trade and geopolitical factors impacting the shipping market[97]. Financial Position and Liabilities - Total assets increased from approximately $287.2 million as of December 31, 2022, to about $492.1 million as of December 31, 2023[47]. - Total liabilities rose from approximately $178.2 million to about $318.3 million during the same period[47]. - The company’s total borrowings increased from about $71.4 million to approximately $215.9 million, mainly due to new vessel leasing arrangements[40]. - The company's net debt-to-equity ratio increased from approximately 115.1% as of December 31, 2022, to about 150.5% as of December 31, 2023, due to increased borrowings[49]. - The debt-to-asset ratio stood at approximately 64.7%, compared to 62.1% as of December 31, 2022, indicating a healthy financial position[100]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.15 per share and a special dividend of HKD 0.115 per share, with the special dividend expected to be paid on July 9, 2024[65]. - The net proceeds from the global offering amounted to approximately HKD 333.8 million, after deducting underwriting fees and related expenses[69]. Environmental and Regulatory Compliance - The company aims to reduce carbon intensity by 40% by 2030 and achieve carbon neutrality by 2050 through fleet renewal and energy-saving measures[96]. - The International Maritime Organization (IMO) requires a 20% reduction in carbon emissions from international shipping by 2030 compared to 2008 levels[180]. - By 2040, the IMO mandates a 70% reduction in carbon emissions from international shipping compared to 2008 levels[180]. - The goal is to achieve net-zero emissions by 2050 or around that timeframe[180]. Operational Developments - The company is focused on expanding its shipping and vessel management services, aiming to enhance operational efficiency and market reach[115]. - The company has established subsidiaries in key markets including China, Singapore, Japan, Greece, and Germany to enhance service delivery[175]. - The company is committed to utilizing digital technology and implementing advanced IT in its operations, with 3% of the net proceeds allocated for this purpose, amounting to HKD 10 million[70].
洲际船务(02409) - 2023 - 年度业绩