Our competitive strengths are summarised as follows:

1. We have a proven track record as an owner-operator in the marine transportation of CPP and LPG across domestic and regional markets

   We began our business in 2007, initially providing shipbroking services and ship management services using third-party vessels. Following the acquisition of our first CPP tanker which was delivered in 2009, we have since established a track record over the past 16 years as an owner-operator specialising in the marine transportation of CPP. We expanded into marine transportation of LPG following the delivery of our first newbuild LPG tanker in 2015.

2. We command a leading position in terms of the number of CPP tankers registered in Malaysia, representing approximately 56% of the 27 Malaysian-registered chemical/petroleum tankers, enabling us to fulfil critical domestic energy demand that underpins the nation’s economic growth and rapid industrialisation
   

   According to the latest statistics available in 2024, there were 27 Malaysian-registered chemical/petroleum tankers (Source: IMR Report). Our company owns and operates 15 of these, representing approximately 56% of Malaysian-registered chemical and petroleum tankers in Malaysia, establishing our leading position in this area.

   In 2024, the apparent consumption volume of refined petroleum products in Malaysia was 32.1 million tonnes. Based on our total volume of 3.8 million tonnes of CPP and LPG that we transported and discharged in Malaysia, we have a market share of approximately 12% in 2024 (Source: IMR Report).

3. We have a stable stream of recurring revenue, reinforced by long-term contracts, ensuring earnings visibility and financial stability

   Our business is supported by a large recurring revenue base derived from long-term contracts of up to 10 years and often includes extension options. We generate recurring revenue through the chartering of our 15 CPP and 2 LPG tankers under 3 types of key contracts, namely, Time Charter, CVC, and COA charter. For the FYE 2022, FYE 2023 FYE 2024, and FPE 30 June 2025, recurring revenue accounted for 59.9% (RM189.0 million), 85.0% (RM257.1 million), 86.8% (RM274.9 million), and 95.2% (RM145.4 million) of our total revenue respectively.

4. Our strong customer base is anchored by key energy companies that are involved in CPP distribution and retail

   operations in Malaysia, providing us with a stable foundation for business growth Our strong customer base comprises energy companies through their respective marketing and distribution subsidiaries in Malaysia, which mainly include PETRONAS Group, Shell Group, Petron Malaysia, and BHPetrol.

5. Our relatively young vessel fleet with an average age of approximately 12 years and shallow draft capabilities granting us broader market access and scalable expansion potential

   The ages of our fleet of CPP and LPG tankers as at the LPD are as follows:

   Number of tankers			Average Age
   5 years old	10–15 years old	16–18 years old	12 years
   5 CPP	3 CPP, 2 LPG	8 CPP

   While there is no mandatory retirement age for CPP and LPG tankers, their typical service lifespan ranges from 25 to 30 years. As at the LPD, our fleet has an average age of approximately 12 years, positioning us favourably for continued, long-term operations.

   However, with the delivery of our 2 newbuild CPP tankers, which are currently under construction and scheduled for completion in 2027, our fleet’s average age is expected to reduce.

6. We are led by an experienced CEO and Key Senior Management team, supported by a pool of competent crews and officers for safe, efficient and reliable shipboard operations

   Our Group is headed by our CEO, Captain Cheah Sin Bi, who has approximately 25 years of experience in marine transportation operations including shipboard operations, with 14 years dedicated to our Group. Our CEO is supported by our team of Key Senior Management with working experience spanning across various industries. As at the LPD, majority of them have been with our Group for more than 12 years, providing stability to our operations.