SGX: S19 · Information cut-off 26 August 2026
Singapore Shipping owns five car carriers on time charter and earns additional fees from agency, terminal and logistics services.
By FY2026 contracted charter income had fallen to US$199m from US$502m in FY2016, while cash was US$97.6m against US$18.6m of debt and the fleet had not added a vessel since FY2015.
The central risk is that ageing ships roll off contract faster than surplus cash is redeployed into viable replacement tonnage.
The next test is the FY2027 lessor note, charter renewals and a funded fleet-replacement plan.
The live questionCan contracted charter hire and the retained cash balance fund a replacement vessel before the ageing fleet's charters expire?In FY2026 the board's outlook dropped its stability framing and said it may need to adopt a less risk-averse approach, making the funding of replacement tonnage the live question rather than next year's earnings.
FY2026 revenue rose 4.2% to US$50.6m, and the contractual charter rate is US$22.5k per vessel-day for the next twelve months against US$19.0k through FY2016–FY2024; the Boheme fixture showed a 26-year-old vessel securing a five-year charter, evidence the fleet is re-lettable.
In the same year the roll-forward residual after expected runoff was negative US$21.9m. It is not proof of lost contracted revenue: foreign exchange, timing and contract changes can affect the bridge. Roughly 80% of vessels are near the end of useful life and management's stated replacement cost is US$120–150m each against a US$92m market cap.
The negative US$21.9m residual could reflect foreign exchange, timing or contract changes, including a charter shortened or restructured. The 17 April 2026 announcement refers to an extended time charter at increased rates, but it does not reconcile the residual or establish that renewal economics have weakened.
A dated reconciliation of the roll-forward residual, including foreign exchange, timing and contract changes, and the terms of the next vessel decision — counterparty, rate, duration and financing.
Drawn from the evidence on this page: the improvement, the constraint, the benign reading and the fact that would settle it. It states no view on the shares.
Also on file for this company, behind the rated view 🔒 (author-only): the rating and full written view with fair value and scenarios · a dedicated credit opinion carrying the private issuer and instrument grades, the rating register, scenario migration and the full eight-remit review record · the complete initiation report (PDF) · a historical integrated workbook retained for audit, whose exact credit subset is adopted while the current equity model remains blocked · the presentation deck · the independent-review artifacts. Kept private; not for distribution.
26 August monitoring update. The FY2026 final dividend remains 1.0 Singapore cent, with scrip priced at S$0.266; the election window runs from 24 August to 4 September and payment/allotment remains 28 September. Executive chairman Ow Chio Kiat bought 107,000 shares on 24 August at S$0.28967 and 171,400 on 25 August at S$0.290. His direct interest rose to 168,220,553 shares; including 7,824,335 deemed shares, total interest was 176,044,888 shares, or 44.025% of 399,875,065 shares excluding treasury. Together with the 20–21 August purchases, these filings extend the insider-buying record but do not change the fleet, charter book or reported cash. Scrip notice · latest director-interest notice. (R/D)
Business anatomy · operations, customers and cash
Singapore Shipping commits capital to vessels chartered to shipping lines, while its smaller agency, terminal and logistics activities serve a broader account base.
Compare the business lines; dated mix appears only where reported segments map cleanly to a card.
Capital allocationVessel capital
What happensLong-term capital and ship finance fund a fleet of owned pure car and truck carriers.
Capital at riskOwnership creates maintenance, financing and residual-value exposure.
Business lineCharter lane
FY2026 segment mix DRevenue 71.6% · segment result 96.3%Annual Report FY2026, segment note
What happensShipping-line counterparties time-charter the vessels and operate the cargo service.
How it earnsThe charterer pays contracted vessel hire, commonly expressed per vessel-day.
Business lineService lane
FY2026 segment mix DRevenue 28.4% · segment result 3.7%Annual Report FY2026, segment note
What happensOther customers commission agency, terminal and logistics work around port calls and cargo requirements.
How it earnsCompleted port and logistics services earn service fees.
Revenue engineTwo cash engines
What happensVessel-hire cash and port-service cash reach the group through separate contracts and account bases.
How it earnsThe charter lane is more capital-heavy; the service lane is fee-based.
Investor translation
Four questions connect the business model to cash and balance-sheet risk. This is a factual reading aid, not a valuation or recommendation.
SSC owns five pure car and truck carriers and charters them out on long-term time charters — a tonnage provider, not an operator: no cargo competition, no freight-rate risk within a charter, no liner network. Alongside sits a small Singapore agency, terminal and logistics business. Revenue is (i) contracted hire from a handful of counterparties and (ii) fee income from many small accounts. (R)
The arc that produced today's balance sheet. The modern company begins in FY2011: vessels were bought in FY2011 and FY2014–15, the latter reportedly with ~15-year NYK charters already attached (E, corroborated by the FY2016 backlog structure) — capex underwritten by contract before the steel was paid for. Since FY2015, no vessel has been added. Fixed assets have declined every year to US$98.6m, debt has amortised to US$18.6m, and cash has accumulated. Depreciate, repay, accumulate, don't reinvest — that eleven-year pattern is the strategy, and also the problem. (R/D)
The "Group as a lessor" note makes the run-off exact: total contracted charter income has fallen from US$502m (FY2016) to US$199m (FY2026), and the portion due beyond five years has collapsed 88%, from US$322m to US$39m. The beyond-five-years bucket is the wrong cut, though — it empties mechanically in any ageing fixed book and detects nothing. The useful bridge is the roll-forward residual: closing total minus opening total plus the opening within-one-year bucket, which adds back expected runoff. It is a reconciliation residual, not proof that every positive amount is a new contract: terminations, currency and other movements can also affect it. (D)
| Roll-forward residual after expected runoff (US$'000) | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Residual after expected runoff | 0 | +1 | 0 | 0 | 0 | −1 | 0 | 0 | +75,792 | −21,940 |
Weighted average remaining charter term has fallen from about 6.0 years to about 3.5 — up on price, down on duration, which is the single most important pattern in this company’s numbers. (D)
But expiry is also a repricing event — at aged-tonnage discounts, not to market. Corrected 20 August 2026: an earlier version of this page derived the rate by dividing the P&L lease line by vessel-days, giving US$16.5k/day. That understates cash hire by 25–35% and is the most common analytical error made on this company. From FY2020 the group applies SFRS(I) 16, which splits a time charter into a straight-lined lease component and a service component and parks the difference in deferred income — so the lease line is an accounting construct, not cash. The contractual basis is the lessor note: US$22.5k per vessel-day contracted for the next twelve months, against US$19.0k through FY2016–FY2024 — the rate is rising. Bridge check: FY2025 contracted within-one-year US$37,811k vs FY2026 ship-owning revenue US$36,200k + deferred-income build US$1,465k = US$37,665k, a 0.4% gap. (R/D) The market benchmark for modern tonnage is ~US$55–67k/day (E). The one realised renewal (Boheme) roughly doubled its rate while remaining ~¼ of benchmark; the oldest vessels may not renew at all (Sirius Leader renewal "appears unlikely" — 2025 AGM, R). Each successful renewal reprices up ~2x; each non-renewal removes the vessel. Age decides which. (D/R)
| Year | Outlook wording (paraphrased) | What changed |
|---|---|---|
| FY2023 | Continues to cautiously evaluate investment opportunities; no gearing net of cash | — |
| FY2024 | Identical formulation | — |
| FY2025 | Stable results supported by the long-term charter model with high-quality counterparties | Boheme renewal cited |
| FY2026 | Ageing fleet, ~80% of vessels near end of useful life; replacement costs materially higher; long-term charters materially harder to secure; the Board "may need to adopt a less risk-averse approach for continuity of business" | The stability framing, the counterparty-quality language and the zero-gearing reassurance all vanished |
| FY2026 | Ship owning | Agency & logistics |
|---|---|---|
| Revenue (US$'000) | 36,200 | 14,393 |
| Segment result (US$'000) | 15,127 | 575 |
| Margin | 41.8% | 4.0% |
| Segment assets (US$'000) | 198,783 | 5,873 |
| Return on segment assets | 7.6% | 9.8% |
| Return, cash-adjusted / 8-yr average | 15.0% ex-cash | ~19% avg FY2019–26 |
Agency & logistics has out-returned ship owning in all eight years on reported assets — ~19% average against 6.7% — on 2.9% of segment assets, with no residual-value risk, negligible debt, and a many-small-customers base that diversifies the 84% charter concentration. Its FY2026 collapse (−70.4%) is cyclical — the absence of high-margin special-project work, the same driver as the FY2021 and FY2024 troughs. The genuine criticism runs the other way: this is the segment earning the higher return, and it is the one the group has starved — its assets have shrunk every year since FY2019. (D/O)
| US$'000 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | 42,169 | 45,808 | 47,366 | 45,492 | 48,554 | 50,593 |
| Net profit | 10,273 | 9,834 | 11,514 | 9,136 | 11,382 | 16,415 |
| Operating cash flow | 21,669 | 21,143 | 20,028 | 17,345 | 20,492 | 23,183 |
| Equity | 96,605 | 105,903 | 117,811 | 123,323 | 130,832 | 144,147 |
| Bank debt | 46,907 | 39,827 | 34,517 | 29,207 | 23,897 | 18,587 |
Operating cash flow has exceeded net profit every year available (1.41x–1.90x) for benign structural reasons: US$7.9m of non-cash depreciation, and deferred income building as charters are billed front-loaded but recognised straight-line. The caveat: FY2026 capex was US$1.2m against US$7.9m of depreciation — 16% — so the US$22m of "free cash flow" is partly the fleet liquidating itself. Maintenance is not replacement, and management has stated what replacement costs (US$120–150m per vessel, G). Charging an annual replacement reserve at the midpoint: (D)
| Renewal cadence scenario | Annual reserve | Owner earnings |
|---|---|---|
| One vessel every 5 years, 70% financed | US$8.1m | US$13.9m |
| One vessel every 4 years, 60% financed | US$13.5m | US$8.5m |
| Four vessels over 10 years, 60% financed | US$21.6m | US$0.4m |
A pre-registered accounting warning for FY2029–31: as old vessels' book values reach zero while they keep trading, depreciation stops and charter revenue falls almost straight to profit — a mechanical earnings jump that is optics, not economics. The deferred-income reversal will simultaneously drag reported operating cash flow the other way. The P&L and the cash-flow statement will tell opposite stories in that window; neither will be lying. (D/O)
US$’000, financial years ended 31 March, from the consolidated statements of cash flows in the FY2022, FY2024 and FY2026 annual reports. †† The dividend row is the CASH paid: FY2023’s declared dividend was US$2,741k, of which US$1,689k was satisfied by issuing new shares under the scrip dividend scheme. Total capital spend is the two lines above it added together: the company reports plant purchases and drydocking payments separately, and drydocking is the larger of the two in every year. Section 8.3 walks the FY2026 column in full; this is the same walk six years deep.
| US$’000 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Operating cash flow | 21,669 | 21,143 | 20,028 | 17,345 | 20,492 | 23,183 |
| Purchase of property, plant and equipment | 322 | 88 | 268 | 164 | 130 | 57 |
| Payment for drydocking | 1,050 | 888 | 1,711 | 1,985 | 2,666 | 1,175 |
| … total capital spend | 1,372 | 976 | 1,979 | 2,149 | 2,796 | 1,232 |
| Repayment of bank borrowing | 7,667 | 7,080 | 5,310 | 5,310 | 5,310 | 5,310 |
| Repayment of lease liabilities | 317 | 33 | 298 | 368 | 435 | 471 |
| Finance costs paid | 1,679 | 1,451 | 1,242 | 1,080 | 894 | 718 |
| Dividends paid in cash†† | 2,930 | 1,484 | 1,052 | 2,981 | 3,076 | 3,120 |
| Treasury shares purchased | 210 | 1,336 | 92 | 375 | – | – |
| Interest received | 449 | 179 | 843 | 2,320 | 3,020 | 1,759 |
| Cash and bank balances at year end | 38,726 | 44,597 | 59,393 | 66,577 | 80,014 | 97,643 |
The two years the track-record table could not show are the second and third best of the six. Operating cash flow was US$21.7m in FY2021 and US$21.1m in FY2022, both above FY2023, FY2024 and FY2025. Read from FY2023 onward the series looks like a climb from US$20.0m through a US$17.3m trough to a US$23.2m record; read across all six it is a business that generated between US$17m and US$23m every year for six years, and whose FY2026 record beats a level it had already reached in FY2021 by US$1.5m. Both figures are now filled in from the FY2022 annual report.
Capital spend is small, and most of it is drydocking rather than plant. Six years of purchases of property, plant and equipment come to US$1.03m in total. Drydocking, which maintains existing vessels rather than adding to them, is US$9.48m over the same period and larger than the plant line in every single year. The combined US$10.5m sits against US$48.8m of depreciation charged over the same six years — 8,309, 7,991, 8,287, 8,164, 8,177 and 7,907 — so capital spend has replaced 21.5% of what the accounts wrote off. The company is not renewing the fleet out of cash flow; it is maintaining it, and the accounts say so plainly once the two lines are read together.
The debt repayment is a fixed schedule, not a decision. Exactly US$5,310,000 of bank borrowing was repaid in each of FY2023, FY2024, FY2025 and FY2026 — the same figure four years running, which is contractual amortisation. Finance costs paid have fallen every year without exception, from US$1.68m to US$0.72m, a 57% reduction, because the balance being charged shrinks on that schedule. Almost nothing in those two rows is discretionary, which is the point: cash available for anything else rises mechanically each year as the interest bill retires.
The dividend row is cash, and in FY2023 the dividend was not all cash. The US$1.05m in that column is the cash half of a dividend of US$2.74m; the other US$1.69m was satisfied by issuing new shares under the scrip dividend scheme. So the declared dividend ran US$2.93m, US$1.48m, US$2.74m, US$2.98m, US$3.08m, US$3.12m — a single cut in FY2022 and a recovery since, not the collapse and tripling the cash line alone suggests. The distinction matters because a scrip dividend conserves cash without cutting the distribution, which is a different decision from cutting it. Buy-backs run the other way: US$2.01m across FY2021 to FY2024 and nothing at all in the last two years. The company stopped repurchasing at almost exactly the point the dividend recovered.
Where six years of cash went, in total: US$123.9m generated by operations; US$10.5m of capital spend; US$14.6m of dividends; US$36.0m of bank repayment and US$1.9m of lease repayment; US$7.1m of finance costs; US$2.0m of buy-backs. Against that, US$8.6m of interest was received. Cash and bank balances rose from US$30.5m at 31 March 2020 — where these six years of flows begin — to US$97.6m. The US$38.7m in the table is the balance at the end of FY2021, after the first year’s flows have already run.
Cash of US$97.6m (mostly time deposits) against US$18.6m of bank debt amortising at exactly US$5.31m a year to ~FY2030: net cash US$78.6m, equity 70.8% of assets, interest cover 17.3x, no maturity wall, no covenant cliff, share count unchanged for years. (R/D)
The nuance: deferred income of US$33.0m is cash already received for charter service not yet delivered — a genuine claim on future delivery. Management itself nets it off, quoting net cash of US$46.1m (97.6 − 18.6 − 33.0; the bridge reconciles exactly). Both definitions are defensible; the conservative one is management's own. And critically, the chairman has stated in writing that this cash is not surplus — current reserves are insufficient to fund fleet replacement at today's capital costs and must be preserved (R, FY2026 Chairman's Message). Whatever the cash pile suggests, the company has ruled out, in writing, the use of it that a reader might assume. (R/D)
Context on asset values, handled with care: press-sourced indications (E, unverified, cycle-dependent) put the fleet's market value at US$250–290m against a US$95.8m carrying value, and a 26-year-old PCTC sold for US$42m in July 2026. Historical depreciation has outrun economic consumption — prior years' profits were conservatively stated. These are secondhand-market indications in a hot asset market; an aged vessel's value is charter-attached, and the same rate cycle that supports them supports renewal economics — one factor, not two. (E/D)
SSC has no public bonds, no rated debt and no agency rating. What follows is the credit lens applied to the same filings: leverage, coverage, cash conversion, liquidity, security and what a replacement programme would do to all five. It was built once and then attacked by a separate review with a mandate to break it rather than confirm it — eight remits, from build integrity through adversarial challenge to a pre-mortem that assumes the conclusion is already wrong. Where the review changed something is more useful than where it agreed, and §8.7 records it. (D/O)
| US$'000 unless stated | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| EBITDA | 19,059 | 18,879 | 18,765 | 16,210 | 17,978 | 20,695 |
| EBITDA margin | 45.2% | 41.2% | 39.6% | 35.6% | 37.0% | 40.9% |
| Total debt (bank + leases) | 46,907 | 39,827 | 34,517 | 29,207 | 24,801 | 19,079 |
| Cash and bank balances | 38,726 | 44,597 | 59,393 | 66,577 | 80,014 | 97,643 |
| Net debt / (net cash) | 8,181 | (4,770) | (24,876) | (37,370) | (55,213) | (78,564) |
| Total debt / EBITDA | 2.46x | 2.11x | 1.84x | 1.80x | 1.38x | 0.92x |
| EBIT / finance costs | 6.44x | 7.65x | 8.42x | 7.55x | 10.54x | 17.28x |
| FFO / total debt | — | — | 53.2% | 59.7% | 81.1% | 113.9% |
| FFO ex-interest income / total debt | — | — | 50.8% | 51.8% | 68.9% | 104.7% |
| Free operating cash flow / total debt | — | — | 52.3% | 52.0% | 71.4% | 115.1% |
| Equity / total assets | 55.1% | 59.2% | 62.9% | 65.2% | 67.8% | 70.8% |
| Capex / depreciation | — | — | 23.9% | 26.3% | 34.2% | 15.6% |
Every leverage and coverage measure improved in every year of the series — net debt of US$8.2m in FY2021 became net cash of US$78.6m, and the company repaid US$36.0m of bank debt over the six years — US$7,667k in FY2021 and US$7,080k in FY2022, then exactly US$5,310k in each of FY2023 through FY2026. On the amortisation schedule the facility retires during FY2030: no maturity wall, no refinancing event, and the whole balance swapped from floating to fixed at a weighted average effective rate of 3.24%, unchanged from FY2025. (R/D)
Deferred income is not treated as debt here, and that is the agency convention rather than a generous reading. The US$33.0m arises from straight-lining the lease component of charter revenue — cash collected ahead of the revenue it will be recognised against — and it is discharged by providing charter service, not by paying cash. Including it would take leverage to 2.52x, which is still minimal. (R/D) The real point is not leverage but forward cash conversion: as charters run off, that US$33.0m unwinds into revenue with no cash behind it, in the same window in which the P&L is flattered by depreciation ending on fully written-down vessels (§6). The two statements will pull in opposite directions and neither will be wrong.
The operating model carries these credit measures beyond the last reported year. Consistent with the rest of this page, the forward view and its projected credit measures — forecast EBITDA, closing debt and cash, and the leverage and debt-service cover derived from them — are not published here. They are held with the private working files behind the rated view 🔒. What the reported record shows without any forecast is in §9.1: the facility amortises on a contracted schedule that retires it during FY2030, and every leverage and coverage measure improved in every year of the six-year series. The question a forecast cannot answer is the one that carries this credit — what happens if the board reintroduces debt to renew the fleet — and that is stressed on reported figures in §9.5.
| FY2026 cash waterfall (US$'000) | Amount | Note |
|---|---|---|
| Revenue | 50,593 | Ship owning 36,200; agency and logistics 14,393 |
| Cash operating costs | (29,898) | Revenue less EBITDA |
| EBITDA | 20,695 | Operating result 12,788 plus depreciation 7,907 |
| Non-operating items inside operating cash flow | 111 | Residual investment income and realised-versus-reversed FX |
| Working capital and deferred income | 2,379 | Of which deferred income +1,465 |
| Income tax paid | (2) | Singapore-flag shipping income is largely exempt |
| Net cash from operating activities | 23,183 | Ties to the reported figure |
| Capital expenditure | (1,232) | PP&E 57 plus drydocking 1,175 — 15.6% of depreciation |
| Free operating cash flow | 21,951 | Before any allowance for fleet replacement |
| Dividends paid | (3,120) | 1.0 Singapore cent per share |
| Interest received / finance costs paid | 1,041 | 1,759 received in investing; 718 paid in financing |
| Bank borrowing and lease repayment | (5,781) | Contractual amortisation |
| Associate capital reduction and dividend | 1,867 | The associate became a subsidiary during the year |
| Purchase of other investments | (1,190) | |
| Effect of exchange rate changes on cash | 2,861 | Translation of Singapore-dollar deposits |
| Increase in total cash and bank balances | 17,629 | US$80,014k to US$97,643k — ties exactly |
| Liquidity test (US$'000) | 12 months | 24 months |
|---|---|---|
| Cash and bank balances | 97,643 | 97,643 |
| Funds from operations | 21,734 | 43,468 |
| Total sources | 119,377 | 141,111 |
| Bank amortisation, leases, capex, dividends | (10,115) | (19,816) |
| Sources / uses | 11.80x | 7.12x |
The contractual maturity note supports it: total financial liabilities carry at US$24.7m and total US$25.9m undiscounted, of which US$11.9m falls within a year and US$13.9m between one and five. Nothing falls due beyond five years. The bank facility is secured by mortgage over vessels carrying at US$51.9m — 2.79x the drawn balance on book values alone, before any credit for the press-sourced market indications in §7, which are unverified and are not relied on. (R/D/E)
Three things a credit file would flag as not disclosed. The company states it complied with all covenants at 31 March 2026 and 2025, but the thresholds themselves are not published, so headroom cannot be measured. No committed undrawn facility is disclosed. The deposit-book currency split is undisclosed, which is why the FX sensitivity in §5 is an upper bound. And the mortgaged vessels are never named or counted — see above. None is assumed benign. (R/L)
Everything above describes a company that is not going to miss a payment. The credit question is what happens when it stops being that company — and management has said in writing that it may have to. One replacement vessel at the stated US$135m midpoint, financed 65% with debt, replacing a vessel earning the contracted rate of US$22.5k/day (§2 — corrected from the lease-line basis on 20 August 2026, which makes pro forma leverage higher at every rate):
| Charter rate secured (US$/day) | 25,000 | 35,000 | 45,000 | 55,000 | 65,000 |
|---|---|---|---|---|---|
| Incremental EBITDA from the rate uplift | 913 | 4,563 | 8,213 | 11,863 | 15,513 |
| Pro forma EBITDA | 21,608 | 25,258 | 28,908 | 32,558 | 36,208 |
| Pro forma total debt | 106,829 | 106,829 | 106,829 | 106,829 | 106,829 |
| Pro forma total debt / EBITDA | 4.94x | 4.23x | 3.70x | 3.28x | 2.95x |
| Pro forma net debt / EBITDA | 2.61x | 2.23x | 1.95x | 1.73x | 1.56x |
The credit view was attacked by a separate review across eight remits: build integrity, scope and publication boundary, the credit view itself, adversarial challenge, integration, hardening, builder-facing lessons, and a pre-mortem that assumes the conclusion is already wrong. Twenty-nine findings, four of them severity-1. Two changed facts on this page. (D/O)
| Challenge to the credit view | Outcome | What it changed |
|---|---|---|
| Free operating cash flow is overstated; capex at 15.6% of depreciation means the ratio describes a fleet consuming itself | Upheld | Replacement-adjusted cash flow carried alongside the reported ratio, with an explicit warning against extrapolating it |
| Funds from operations are flattered by interest income earned on the cash pile, not by the business | Upheld | An ex-interest-income line added through the ratio history — 104.7% against 113.9% — with the deposit-rate sensitivity attached |
| The governance reading mislabels a scheduled rotation as instability | Upheld | The most useful single finding of the review. Corrected above and in §9 |
| Which vessels secure the facility is unresolved, and it changes what an unsecured claim would recover | Upheld | The annual report says "vessels"; the operating model reads it as one. Recorded as an open gap rather than assumed either way |
| The cash is earmarked against replacement, so it should not count as ordinary liquidity | Upheld in substance, rejected as an adjustment | Stated intention is not a legal restriction. But the point cuts twice: the cash is not only earmarked, it does not fund even one vessel at US$120–150m |
| The deferred-income unwind will drag future operating cash flow | Upheld forward, rejected as debt | It is discharged by providing charter service, not by paying cash. Carried as the window in which the P&L and the cash-flow statement tell opposite stories |
| FY2026 profit is more than half currency, so the earnings are not what they appear | Rejected | Exchange differences sit below the operating line and are excluded from EBITDA by construction. Correct about net profit (§5); touches no credit measure here |
| Net leverage should not be used; the cash is not free | Rejected as framed | Every measure driving the conclusion is already on gross debt. The replacement stress reads the gross line and discards the net one |
Consistent with the rest of this page, the credit conclusion these teams reached is not published here. What is published is the evidence, the ratios, the waterfall, the stress work on reported figures and the record of what the review changed — which is the part a reader can check. The forecast the credit view was built on is not published here; it sits with the private working files behind the rated view 🔒. Working figures tie to the credit sheets of the model workbook.
Defensive against freight-rate cycles — revenue is contracted hire, which is why profit held stable through COVID and the 2022–23 rate shock, and US$41.0m of the next twelve months' income is already contracted. Exposed to counterparty loss, currency, and obsolescence — three legs, one factor: a vehicle-trade downturn would hit renewal appetite, residual values and the timing of replacement capex simultaneously. A mix-risk sharpens it: Chinese EV exports increasingly move on Chinese-controlled tonnage, while SSC's franchise is Japanese operators carrying Japanese brands — aggregate demand can grow while SSC's specific counterparties' cargo shrinks. (R/E/O)
Growth attribution: essentially none of the recent growth renews itself. The five-year revenue increase came from repricing one existing asset (Boheme), not from adding assets or winning share — and the same asset must be repriced again, or replaced, within years. The FY2026 headline should not be extrapolated. (D/O)
| Item | Verdict | Evidence |
|---|---|---|
| Customer concentration | Flag | Top three 84% of revenue; largest 42% |
| Finance-function turnover | Flag | Four CFO departures since Jan 2023; currently no CFO |
| Fleet age vs replacement capacity | Flag | ~80% of vessels near end of life; replacement US$120–150m each vs US$92m market cap |
| Inaccurate chairman's claim | Flag | "Never reported a loss" contradicted by the company's own FY2009 filings |
| Related-party / management take | Watch | ~US$5.0m to management and director-related companies vs US$3.1m of dividends |
| Cash-rich yet borrowing | Watch | Legacy amortising vessel debt; no refinancing risk |
| Useful-life change | Watch | Shortened prospectively, clearly quantified (+US$2.5m depreciation from FY2027) |
| Counterparty credit history | Watch | Daiichi Chuo's 2015 civil rehabilitation — survived without loss, but precedented |
| Equity fundraising / dilution | Clear | No issuance; net buyer of its own stock; scrip is the one watch item |
| Auditor | Clear | EY; single KAM is vessel carrying value — pointing at exactly what a skeptic would stress |
| Interest income vs cash | Clear | ~2.1% on average cash — consistent with SGD deposit rates; no phantom-cash signal |
Over the window Singapore Shipping returned +37.8% on a dividend-adjusted basis; the Straits Times Index returned +80.0% and the median of the 3 listed comparisons +71.5%.
Key: Singapore Shipping (S19) as a solid line; Straits Times Index rebased, dashed; peer median rebased, dotted; the benchmark runs off scale from Jul 25 and is clipped there; the peer median runs off scale from Oct 23 and is clipped there; filing ticks above the axis; ex-dividend ticks on it; numbered pins are moves with a written note; plain dots are other detected moves.
The five largest moves over a day or up to two weeks, with no day counted twice.
Each move is shown next to the market over the same days (and peers, where shown). News listed with a move was published within its dates; that does not mean the news caused the move. The quarter view has all the news.
Index: Straits Times Index. Peers: the median of three listed companies used as a sector check; the notes name them and their limits.
9 Nov 2023 · S$0.23 · 1H FY2024 results: revenue down 1.4% to US$22.9m, profit for the period up 7.7% to US$4.5m; no interim dividend.
Ship owning revenue fell 2.5% to US$15.9m and segment profit 3.3% to US$5.0m, which the company attributed to off-hire for drydocking. Agency and logistics revenue rose 1.2% to US$6.9m but segment profit fell 27.3% to US$0.7m in the absence of high-margin special projects. Finance and investment income rose to US$1.3m from US$0.3m on interest from time deposits; the exchange loss widened to US$1.1m from US$0.8m on US dollar appreciation. Earnings per share were 1.11 US cents against 1.06. Operating cash flow was US$9.1m; cash and bank balances were US$61.5m against bank borrowings of US$31.9m, and net asset value per share was 29.7 US cents.
Guidance: The company said it continues to record stable results in both segments, continues to cautiously evaluate investment opportunities and, net of cash, has no gearing.Next session (10 Nov): S19 +0.0% · STI −0.9% · peers −1.6%14 Nov 2023 · S$0.23 · CFO change: Ng Kah Poh, Joanna resigns as CFO and company secretary after less than a year; Ang Lay Kheng appointed from 9 February 2024.
Ms Ng, appointed on 28 February 2023, left on 1 January 2024 to pursue other interests; the company said there were no concerns over financial reporting and no disagreements with the board. Her successor, announced on 19 December 2023, came from Singtel, where she was Senior Finance Director.
10 Jan 2024 · S$0.24 · Share buy-back begins: 2,110,300 shares (0.52% of issued shares) bought between 10 January and 28 March 2024 at S$0.23-0.245.
The first purchase under the mandate renewed on 27 July 2023 was 10,000 shares at S$0.24 on 10 January 2024. There were 33 daily notices in all, the largest for 721,300 shares on 21 February 2024; total consideration across the run was S$504,035 (computed from the daily notices). Treasury shares rose from 7,940,300 to 10,050,600 and shares outstanding fell to 400,576,565. No further purchases were notified until July 2026.
Next session (11 Jan): S19 +2.1% · STI +0.7% · peers −1.1%31 Jan 2024 · S$0.24 · Board change: Huong Wei Beng resigns as independent director and audit committee chair; Hoon Chee Wai appointed to both roles from 1 February 2024.
Mr Huong, a director since July 2018, cited family commitments and personal interests. Mr Hoon, chief operating officer of Intraco, takes the Audit and Risk Management Committee chair and a Remuneration Committee seat. The board stays at six with three independent directors.
23 May 2024 · S$0.24 · FY2024 results: revenue down 4.0% to US$45.5m and profit down 20.7% to US$9.1m; final dividend held at 1.0 Singapore cent.
Ship owning revenue fell 2.6% to US$31.6m and segment profit 13.6% to US$8.9m on drydocking off-hire; agency and logistics revenue fell 7.0% to US$13.9m and segment profit 47.5% to US$1.1m on lower volumes and no high-margin special projects. The second half was weaker: 2H revenue of US$22.6m was down 6.4% and 2H profit of US$4.7m down 36.6%. Finance and investment income rose 76.1% to US$2.8m on deposit interest, while exchange differences swung to a US$0.7m loss from a US$0.7m gain, attributed to forward contracts to sell US dollars entered in FY2023. Earnings per share were 2.3 US cents. Operating cash flow was US$17.3m; cash and bank balances rose to US$66.6m against bank borrowing of US$29.2m; net asset value per share was 30.8 US cents.
Guidance: Excluding planned drydocking off-hire, the company said the ship owning segment continues to record stable results; it continues to cautiously evaluate investment opportunities and, net of cash, has no gearing.Next session (24 May): S19 −2.0% · STI −0.2% · peers +0.6%31 May 2024 · S$0.24 · Executive chairman Ow Chio Kiat begins a run of open-market purchases: 20,000 shares at S$0.24 on 28 May 2024, the first of 61 notices in the window.
The notices run to 19 August 2026, mostly for 10,000-100,000 shares at a time. Over the run his direct interest rose from 161,181,953 shares (40.24%) to 167,574,853 (41.91%), while his deemed interest fell from 10,918,635 to 7,824,335 shares after disposals by a registered holder notified from September 2025; his total interest moved from 42.97% to 43.86% (figures as filed on the first and last notices).
12 Jul 2024 · S$0.24 · Board change: Ow Cheo Guan, deputy executive chairman since 1994 and brother of the chairman, retires at the 30 July 2024 AGM.
The board falls to five: two executive directors (Ow Chio Kiat and CEO Ow Yew Heng) and three independent directors. Mr Ow Cheo Guan, 75, held a deemed interest in 13,200,000 shares.
30 Jul 2024 · S$0.24 · Responses to SIAS questions ahead of the AGM: no speculative newbuilds, a PCTC useful life of about 30 years, and Chinese operators named as possible partners.
The company said fuel choice is the charterer's prerogative, that it does not initiate newbuilds speculatively while LNG is a transitional fuel, and that any such project must be linked to a long-term charter with a blue-chip operator. On the 1999-built Boheme it said operators may restrict PCTCs beyond 30 years under energy-transition policies. It confirmed the internal audit function moved from CLA Global TS to Forvis Mazars and said it would explore partnerships or joint ventures with incoming Chinese operators.
8 Aug 2024 · S$0.23 · Ex-dividend: final FY2024 dividend of 1.0 Singapore cent per share.
Approved at the AGM of 30 July 2024; record date 12 August and paid on 23 August 2024. The chart's return series is adjusted for it, so the ex-date step is not counted as a move.
7 Nov 2024 · S$0.23 · 1H FY2025 results: revenue up 10.6% to US$25.3m and profit up 71.9% to US$7.7m, lifted by a US$2.1m exchange gain and special logistics projects.
Ship owning revenue fell 2.9% to US$15.5m and segment profit 24.6% to US$3.8m, which the company attributed to vessel off-hire from an operational issue. Agency and logistics revenue rose 41.5% to US$9.8m and segment profit 126.8% to US$1.6m on higher-margin special projects. Finance and investment income rose 8.5% to US$1.5m, and exchange differences swung to a US$2.1m gain from a US$1.1m loss on Singapore-dollar deposits as the Singapore dollar appreciated. Earnings per share were 1.92 US cents. Operating cash flow was US$8.8m; cash and bank balances were US$74.5m against bank borrowing of US$26.6m; net asset value per share was 31.9 US cents. No interim dividend.
Guidance: The company said the ship owning segment continues to record stable results and that it is 'optimistic to enjoy higher charter rate in the near term'; agency and logistics volumes showed 'sporadic improvement'. Net of cash, no gearing.Next session (8 Nov): S19 +6.4% · STI +1.4% · peers +1.2%2 Dec 2024 · S$0.26 · Boheme fixed on a new five-year time charter from 23 April 2025 with a charterer the company describes as reputable.
The 1999-built vessel, held through SSC Boheme Pte. Ltd., is the fleet's oldest. The company said the charter is expected to have a favourable impact on revenue and to contribute positively to net profit for its duration, and flagged that green-recycling requirements may raise demolition costs and lower the vessel's eventual scrap value. No rate was disclosed.
Next session (3 Dec): S19 +0.0% · STI +0.9% · peers −1.3%29 May 2025 · S$0.27 · FY2025 results: revenue up 6.7% to US$48.6m and profit up 24.6% to US$11.4m; final dividend held at 1.0 Singapore cent.
Ship owning revenue rose 2.3% to US$32.3m and segment profit 11.6% to US$9.9m on no drydocking off-hire and a US$0.6m waiver of an off-hire claim from the July 2024 operational issue. Agency and logistics revenue rose 16.7% to US$16.2m and segment profit 66.4% to US$1.8m on high-margin special projects, though both fell in the second half. 2H revenue of US$23.3m was up 2.9% but 2H profit of US$3.7m was down 20.7% on a US$2.4m exchange loss from forward contracts to sell US dollars. Finance and investment income eased 5.0% to US$2.7m. Earnings per share were 2.8 US cents. Operating cash flow was US$20.5m; cash and bank balances rose to US$80.0m against bank borrowing of US$23.9m; net asset value per share was 32.7 US cents.
Guidance: With global trade 'in flux amid rising tariffs and geopolitical shifts', the company said it continues to deliver stable results in ship owning on its long-term charter model, pointed to the Boheme renewal, and said it remains prudent on new investments with zero gearing net of cash.Next session (30 May): S19 +0.0% · STI −0.6% · peers +0.0%19 Jun 2025 · S$0.27 · CFO change: Ang Lay Kheng to leave on 16 September 2025 after 19 months; group financial controller Tan Chue Chin named acting CFO from 18 June 2025.
The company cited personal reasons and said there were no financial-reporting concerns or disagreements with the board. Mr Tan has been with the company since 2014. This is the second CFO departure in the window.
11 Jul 2025 · S$0.28 · Chairman buys a 2,500,000-share block at S$0.275, taking his direct interest to 41.66% and total interest to 44.39%.
The 9 July 2025 purchase was the largest single transaction in his two-year run of notices; direct holdings rose to 166,896,053 shares. The same evening the company issued the AGM notice, the dividend record-date notice and the proposed renewal of the share buy-back mandate.
29 Jul 2025 · S$0.29 · Board change: Chow Hoe Keong appointed independent director and audit committee chair, replacing Hoon Chee Wai, who did not seek re-election at the AGM.
Mr Hoon left on 29 July 2025 after 18 months in the role. Mr Chow, a director of Equifis Associates, chairs the Audit and Risk Management Committee and sits on the Remuneration Committee; the board remains five strong with three independent directors.
8 Aug 2025 · S$0.29 · Ex-dividend: final FY2025 dividend of 1.0 Singapore cent per share.
Approved at the AGM of 29 July 2025; record date 11 August and paid on 22 August 2025.
13 Nov 2025 · S$0.30 · 1H FY2026 results: revenue up 0.4% to US$25.4m and profit up 24.8% to US$9.6m as the Boheme renewal lifted ship owning profit 84.3%.
Ship owning revenue rose 16.3% to US$18.0m and segment profit to US$6.9m from US$3.8m, which the company attributed to the five-year Boheme charter renewal. Agency and logistics revenue fell 24.6% to US$7.4m and segment profit 73.8% to US$0.4m on fewer high-margin special projects. Finance and investment income fell 26.4% to US$1.1m on lower deposit rates; the exchange gain rose 18.6% to US$2.5m. Earnings per share were 2.39 US cents. Operating cash flow was US$10.4m; cash and bank balances rose US$9.1m to US$89.1m against bank borrowing of US$21.2m; net asset value per share was 34.3 US cents. No interim dividend. The company said the current charter is Boheme's final period before she is retired for demolition.
Guidance: Stable results in ship owning on the long-term charter model amid tariffs and geopolitical shifts; prudent on new investments with zero gearing net of cash.Next session (14 Nov): S19 −3.3% · STI −0.7% · peers −0.6%20 Mar 2026 · S$0.30 · Finance leadership change: acting CFO Tan Chue Chin to leave on 10 May 2026; Xiong Yuting appointed financial controller, the third finance head in the window.
Mr Tan, acting CFO since June 2025, cited personal reasons; the company said there were no financial-reporting concerns. Ms Xiong, finance manager since November 2023, takes responsibility for financial reporting, treasury and controls. The company secretary role also passed on the same day.
17 Apr 2026 · S$0.31 · Useful lives of four of the five vessels to be shortened from 1 April 2026; the company expects no material impact on FY2027 net profit because a vessel was re-fixed at higher rates from May 2026.
The revision is a change in accounting estimate applied prospectively; one vessel keeps a 30-year life on a fixed long-term charter. The company said the higher FY2027 depreciation is expected to be offset by a new extended time charter at increased rates commencing in May 2026. Neither the new lives nor the depreciation amount was quantified, and the re-fixed vessel was not named.
Guidance: Barring unforeseen circumstances, no material impact on consolidated net profit for FY2027.Next session (20 Apr): S19 +0.0% · STI +0.1% · peers −1.7%25 May 2026 · S$0.30 · FY2026 results: revenue up 4.2% to US$50.6m and profit up 44.2% to US$16.4m; dividend held at 1.0 Singapore cent; the board says it 'may need to adopt a less risk-averse approach'.
Ship owning revenue rose 12.0% to US$36.2m and segment profit 46.0% to US$14.4m on the Boheme renewal; agency and logistics revenue fell 11.3% to US$14.4m and segment profit 70.4% to US$0.5m without high-margin special projects. Exchange differences swung to a US$2.5m gain from a US$0.2m loss; finance and investment income fell 29.1% to US$1.9m. Earnings per share were 4.1 US cents. Operating cash flow was US$23.2m; cash and bank balances rose to US$97.6m against bank borrowing of US$18.6m; net asset value per share was 36.0 US cents. The commentary dropped the 'zero gearing' line of earlier releases and instead flagged an ageing fleet with about 80% of vessels nearing the end of their useful lives, rising replacement costs, lubricant shortages from the Iran crisis, and long-term charters becoming harder to secure.
Guidance: Higher operating costs expected from lubricant prices, spare parts and insurance; the board 'may need to adopt a less risk-averse approach for continuity of business'.Next session (26 May): S19 −1.6% · STI −0.8% · peers −0.6%29 Jun 2026 · S$0.31 · Scrip dividend scheme applied to the FY2026 final dividend of 1.0 Singapore cent: record date 11 August, issue price at up to a 10% discount, payment 28 September 2026.
Shareholders may take new shares in lieu of cash, with the issue price set from the volume-weighted average between the ex-date and the record date; the shares are to be issued under the general mandate. The scheme was last used for the FY2022 dividend, when 10,637,000 new shares were issued. A replacement on 1 July 2026 corrected a reference to the AGM date.
8 Jul 2026 · S$0.30 · Share buy-back resumes after 27 months: 701,500 shares bought between 8 July and 7 August 2026 at S$0.295-0.305.
Ten daily notices under the 2025 mandate took cumulative purchases to 551,100 shares by 28 July, and two more under the mandate renewed at the 30 July AGM added 150,400 (total computed). Consideration was S$210,161 across the run (computed from the daily notices). Treasury shares rose to 10,752,100 and shares outstanding fell to 399,875,065. The purchases ran alongside the chairman's own buying.
Next session (9 Jul): S19 +0.0% · STI +1.2% · peers +0.0%13 Jul 2026 · S$0.30 · Management change: Lim Bee Lan, chief operating officer of the agency subsidiary Island Line since 2014, to leave on 14 August 2026.
The company cited personal reasons. Island Line sits in the agency and logistics segment, whose profit had fallen 70.4% in FY2026.
31 Jul 2026 · S$0.29 · Board change: Tan Zhengxian, Jordan appointed independent director; Chow Hoe Keong becomes lead independent director after Pebble Sia stepped down under the nine-year rule.
Ms Sia, a director since July 2017 and lead independent director, left at the 30 July 2026 AGM. Mr Tan, co-managing partner of Audent Chambers, chairs the Nominating Committee and sits on the audit and remuneration committees. The board remains five strong with three independent directors.
7 Aug 2026 · S$0.29 · Ex-dividend: final FY2026 dividend of 1.0 Singapore cent per share, with a scrip option priced at S$0.266.
Approved at the AGM of 30 July 2026; record date 11 August, payment and crediting of new shares on 28 September 2026. On 12 August the company set the scrip issue price at S$0.266, a 9.83% discount to the average volume-weighted price over the two-day determination period.
The detector flagged 18 large moves in the window — 12 single sessions and 6 weekly windows — before any news was read. 3 market moves, 3 sector moves; 12 are left over after both controls, unexplained by them. Of those, 2 followed a filing by timestamp, 1 coincided with one in the same session or week and 9 have nothing filed against them beyond routine notices and are recorded as unexplained rather than explained away.
This section records the 36-month price history and puts every large move through two subtractions and reports what is left over, not what caused it: first the Straits Times Index, then the median of the 3 listed comparisons — Uni-Asia, Samudera Shipping and Marco Polo Marine — which trade the same session. “Left over” is what survives both controls.
Each quarter panel pairs two records. Key developments are the filings that carry information — results, the charter book, buy-backs and the scrip scheme, finance-head changes, dividend events — with the figures as filed, the guidance given, the close on the day and how the reacting session traded against the controls; a filing after the 09:00 open is read against the next session. Large price moves are the threshold-detected sessions, detected before any news was read and dispositioned from the controls and the enumerated tape; rows with a written note carry a numbered pin, the rest are dots on the line.
How to read the tags. Market-wide and Sector-wide mean the index or the peer median moved with the share over the same session or week; Residual means the move is still large after both are subtracted. A residual is what is left over, not a cause: it does not establish that the company’s own news moved the price, and an unchanged or thinly traded price is not proof that no information arrived. Returns use the dividend-adjusted close; a filing released after the open is read against the next session.
Prices are Yahoo Finance daily closes for S19.SI in Singapore dollars, adjusted for the three 1.0-cent ex-dividend dates (8 Aug 2024, 8 Aug 2025, 7 Aug 2026); the filings are every SGXNet announcement the issuer broadcast between 22 Aug 2023 and 21 Aug 2026, enumerated from the SGX announcements API on 23 Aug 2026 with SGX broadcast times. A filing after the open is read against the next session.
Limitations bound every row above. The tape is every SGXNet broadcast by Singapore Shipping Corporation between 22 August 2023 and 21 August 2026, with SGX broadcast times; 163 items, of which 61 are the chairman's Form 1 notices, 45 are daily share buy-back notices and 28 are AGM, annual-report, mandate, secretary and registrar paper; the register's 25 entries are drawn from the remaining 29 plus the first and last notice of each buy-back run and of the chairman's buying. Broker notes, block trades and substantial-shareholder timing beyond the chairman's own notices, trade press (including charter-market reporting on PCTC rates) and index reviews were not examined. The issuer's subsidiaries (SSC Boheme Pte. Ltd., Island Line Pte. Ltd. and the other vessel-owning companies) are unlisted and broadcast nothing of their own; the pack has no `research/entity-tape-register.json`, so no separate entity stream was enumerated. The peer set is three Singapore-listed shipping names (Uni-Asia, Samudera Shipping, Marco Polo Marine) whose businesses differ from a PCTC lessor's, and their session moves disperse widely — on 7 April 2025 the peer range was -5.0% to -20.0% — so the "sector" reading on any one day is a loose control. The company gives no numerical guidance; the `guidance` field carries its qualitative commentary as written.
A quarter shows only the columns it has. An empty developments column means: No filings beyond routine disclosures this quarter. An empty moves column means: No session cleared the large-move threshold this quarter.
| # | Session | S19 | STI | Peers | Left over | Control result | What the evidence supports |
|---|---|---|---|---|---|---|---|
| 1 | 13 Oct 2023 | −6.1% | −1.0% | +0.0% | −6.1% | Residual | Fell from S$0.245 to S$0.23 on 100,000 shares (2.5× median), reversing the two prior sessions' rise from S$0.23 (+4.3% on 11 October, +2.1% on 12 October). The index fell 1.0% and the peer median was flat (Samudera −0.7%, Uni-Asia and Marco Polo unchanged), leaving about six points. Nothing was filed between the AGM minutes of 24 August and the 1H FY2024 results of 9 November. The close was S$0.235 two sessions later. No filing explains it. UniAsia +0.0 · Samudera −0.7 · MarcoPolo +0.0 |
| 2 | 1 Nov 2023 | −8.2% | +0.3% | +0.0% | −8.2% | Residual | A 2.0-cent fall from S$0.245 to S$0.225, the low of the window, on 31,300 shares (0.8× median). The three prior sessions had no trades, so the S$0.245 reference is the 26 October close. The index rose 0.3% and the peer median was flat (Samudera −2.4%, Uni-Asia and Marco Polo unchanged), so the whole move is left over. Nothing was filed between the AGM minutes of 24 August and the 1H FY2024 results of 9 November, six sessions later, on which the shares did not move. The close recovered to S$0.23 on 3 November and S$0.235 by 15 November. No filing explains it. UniAsia +0.0 · Samudera −2.4 · MarcoPolo +0.0 |
| 3 | week to 3 Nov 2023 | −6.1% | +2.7% | +0.0% | −6.1% | Residual | Weekly window, 2023-10-27 to 2023-11-03: against an index move of +2.7% and a peer median of +0.0%, about 6 points are left over. No filing beyond routine notices inside the window. UniAsia +1.7 · Samudera −6.7 · MarcoPolo +0.0 |
| 4 | 5 Dec 2023 | +4.4% | −0.2% | +0.0% | +4.4% | Residual | Against an index move of −0.2% and a peer median of +0.0%, about 4 points are left over; 0.1× median volume. No filing beyond routine notices in the prior three sessions. UniAsia −0.6 · Samudera +0.0 · MarcoPolo +2.0 |
| 5 | 4 Sep 2024 | +6.1% | −1.1% | −0.6% | +6.8% | Residual | Rose from S$0.245 to S$0.26 on 246,100 shares (6.2× median), after a 2.1% rise on 153,100 shares the session before. The index fell 1.1% and the peer median 0.6% (Samudera −1.8%, Uni-Asia −0.6%, Marco Polo flat), leaving about seven points. The only filing within three sessions is the chairman's Form 1 of 30 August, broadcast at 18:26, recording 114,600 shares bought at S$0.235 on 28–29 August; the next filing of any kind is the 1H FY2025 results on 7 November. The rise reversed in full the next session. No filing explains it. UniAsia −0.6 · Samudera −1.8 · MarcoPolo +0.0 |
| 6 | 5 Sep 2024 | −5.8% | +0.5% | +0.0% | −5.8% | Residual | The next session gave back the whole of 4 September's gain, S$0.26 to S$0.245, on 64,800 shares (1.6× median), with the index up 0.5% and the peer median flat (Samudera +1.2%, Marco Polo −1.9%, Uni-Asia unchanged). Nothing was filed between the chairman's Form 1 of 30 August and the 1H FY2025 results of 7 November. The two sessions together are a round trip on elevated volume with nothing on the tape against either; the close then stayed between S$0.235 and S$0.245 until the results. UniAsia +0.0 · Samudera +1.2 · MarcoPolo −1.9 |
| 7 | 8 Nov 2024 | +6.4% | +1.4% | +1.2% | +5.2% | Residual | Followed the 1H FY2025 results, filed at 17:38 on 7 November after the close: revenue up 10.6% to US$25.3m and profit for the period up 71.9% to US$7.7m, with a US$2.1m exchange gain and higher-margin logistics projects accounting for the increase while ship-owning segment profit fell 24.6%, which the company attributed to off-hire; the company said it was 'optimistic to enjoy higher charter rate in the near term'. The shares rose from S$0.235 to S$0.25 on 194,900 shares (4.9× median); the index rose 1.4% and the peer median 1.2% (Uni-Asia +2.0%, Samudera +1.2%, Marco Polo flat), leaving about five points to the results. The close held at S$0.25 for the following six sessions on four to six times median volume, so there was no reversal. UniAsia +2.0 · Samudera +1.2 · MarcoPolo +0.0 |
| 8 | week to 6 Dec 2024 | +8.0% | +1.5% | +3.1% | +4.9% | Residual | The week included the Boheme announcement, filed at 17:49 on 2 December: a five-year time charter from 23 April 2025 for the fleet's oldest vessel, which the company expects to contribute positively to net profit for its duration; no rate was disclosed. Over the week the shares rose from S$0.25 to S$0.27 against an index move of +1.5% and a peer median of +3.1% (Marco Polo +5.8%, Samudera +3.1%, Uni-Asia flat), leaving about five points. The part after the filing was S$0.255 to S$0.27 over four sessions, the first of them on 511,300 shares, the heaviest session since February; the chairman's Form 1 notices of 5 and 9 December record 275,400 shares bought across 3–6 December at S$0.26–0.27. The close held at S$0.27 through the following week. UniAsia +0.0 · Samudera +3.1 · MarcoPolo +5.8 |
| 9 | 7 Apr 2025 | −11.1% | −7.5% | −12.2% | +1.1% | Sector-wide | Tracked the sector: against an index move of −7.5% and a peer median of −12.2%, about 1 points are left over. UniAsia −5.0 · Samudera −12.2 · MarcoPolo −20.0 |
| 10 | week to 11 Apr 2025 | −7.4% | −8.2% | −4.3% | −3.1% | Market-wide | In line with the market: against an index move of −8.2% and a peer median of −4.3%, about 3 points are left over. UniAsia −3.7 · Samudera −4.3 · MarcoPolo −15.6 |
| 11 | 1 Jul 2025 | −5.4% | +0.6% | +0.0% | −5.4% | Residual | Fell from S$0.28 to S$0.265 on 190,200 shares (4.8× median), with the index up 0.6% and the peer median flat (Uni-Asia −2.4%, Samudera +0.6%, Marco Polo unchanged), leaving about five points. The filings within three sessions are all the chairman's Form 1 notices: those of 25 and 27 June, before the session, record daily purchases of 30,100–40,400 shares at S$0.275–0.28; the notice broadcast at 18:10 on 1 July, after the close, covers 27 and 30 June; and the notice of 3 July records that he bought 60,000 shares at S$0.275 during the session itself. The CFO change filed on 19 June was eight sessions earlier, and the close had risen from S$0.27 to S$0.28 since. The close recovered to S$0.27 the next day and S$0.28 by 9 July. No filing explains it. UniAsia −2.4 · Samudera +0.6 · MarcoPolo +0.0 |
| 12 | week to 11 Jul 2025 | +5.6% | +1.9% | −0.6% | +6.2% | Market-wide | In line with the market: against an index move of +1.9% and a peer median of −0.6%, about 6 points are left over. UniAsia −0.6 · Samudera +3.5 · MarcoPolo −4.3 |
| 13 | 14 Jul 2025 | +5.3% | +0.5% | +0.0% | +5.3% | Residual | Followed six filings broadcast between 17:35 and 17:38 on Friday 11 July. Five are annual paper — the AGM notice, the annual report, the record date for the 1.0-cent final dividend declared on 29 May, the proposed renewal of the share buy-back mandate and a director's retirement — and the sixth is the chairman's Form 1 for a 2,500,000-share block bought at S$0.275 on 9 July, the session on which 2,729,900 shares printed, taking his total interest to 44.39%. The shares rose from S$0.285 to S$0.30 on 167,000 shares (4.2× median), with the index up 0.5% and the peer median flat (Samudera +2.2%, Uni-Asia and Marco Polo unchanged), leaving about five points; the rise continued to S$0.31 on 17 July and was back at S$0.295 by 21 July. None of the six filings carries a new figure for the business. UniAsia +0.0 · Samudera +2.2 · MarcoPolo +0.0 |
| 14 | week to 1 Aug 2025 | −6.6% | −2.5% | −3.0% | −3.5% | Sector-wide | Tracked the sector: against an index move of −2.5% and a peer median of −3.0%, about 4 points are left over. UniAsia −3.0 · Samudera +0.0 · MarcoPolo −6.7 |
| 15 | week to 8 Aug 2025 | +5.4% | +2.1% | +2.0% | +3.4% | Market-wide | In line with the market: against an index move of +2.1% and a peer median of +2.0%, about 3 points are left over. UniAsia −1.2 · Samudera +2.0 · MarcoPolo +7.1 |
| 16 | 5 Mar 2026 | +5.0% | +0.7% | −3.6% | +8.6% | Residual | The largest residual in the register: Singapore Shipping rose 5.0% from S$0.30 to S$0.315, matching the 26 February window high, on 528,500 shares (13.2× median), while the index rose 0.7% and the peer median fell 3.6% — Marco Polo −6.0%, Samudera −3.6%, Uni-Asia +0.6% — leaving about nine points. The session regained the prior day's 3.2% fall and a further half-cent. The only filing within three sessions is the chairman's Form 1 broadcast at 18:22 that evening, after the close, and it records a 200,000-share reduction in his deemed interest from a disposal by a registered holder on 3 March, not a purchase; nothing else was filed between 5 February and the finance-head change of 20 March. The gain was given back in full over the next three sessions, to S$0.30 on 10 March. No filing explains it. UniAsia +0.6 · Samudera −3.6 · MarcoPolo −6.0 |
| 17 | 1 Apr 2026 | +5.2% | +1.9% | +2.0% | +3.2% | Sector-wide | Tracked the sector: against an index move of +1.9% and a peer median of +2.0%, about 3 points are left over. UniAsia +0.0 · Samudera +2.0 · MarcoPolo +3.7 |
| 18 | 28 Apr 2026 | +5.0% | −0.1% | −0.6% | +5.6% | Residual | Rose from S$0.30 to S$0.315 on 833,000 shares, 20.8× median and the fourth-largest session volume in the window, with the index flat (−0.1%) and all three peers within a point (Uni-Asia −0.5%, Samudera −0.9%, Marco Polo −0.6%), leaving about six points. Nothing was filed within three sessions either side. The nearest filings are the revision of vessel useful lives broadcast at 17:38 on 17 April, seven sessions earlier, after which 653,200 shares changed hands on 20 April without moving the price, and the chairman's Form 1 notices of 7 April and 7 May, both of which record reductions in his deemed interest rather than purchases. The gain was given back over the next two sessions, to S$0.305 on 30 April, with a further 617,200 shares traded on 29 April. No filing explains it. UniAsia −0.5 · Samudera −0.9 · MarcoPolo −0.6 |
Every other test on this page waits for the company to file. These do not. Each row is a series you can look up yourself, free, today — with the level this reading was built against, the levels that would put it in question, and what the series cannot tell you.
Searched the maritime authority's port statistics and vessel-call series for a proxy. Port calls are published, but this segment earns fees from a specific customer list at one terminal rather than from national throughput, and the company's own page records that the smaller segment earns the higher return on capital — a mix effect no throughput series can see.
Searched the Baltic Exchange's free daily assessments, the car-carrier rate commentary and global light-vehicle production statistics. The finding is that none of them should be watched here, and that is the point: the fleet is on long-dated fixed charters to a small number of shipping lines, so the spot market does not reach revenue until a charter expires. A reader watching freight indices for this company would be reading a market it is deliberately insulated from. The contract book's run-off schedule — disclosed at results — is the real clock, and it is the company's own disclosure.
A print-ready PDF of this page, for reading away from the screen: Singapore Shipping Corporation evidence library (PDF). It carries the same content as this page — the contract book, the language delta, segment economics, the track record, cash quality, six years of capital allocation, the balance sheet, the credit view, governance, defensiveness and growth, the red-flags scorecard, the watch-list and the share price — and the same omissions: no rating, no fair value, no forecast.
Where the primary sources are filed. SGX issuer page for S19 — announcements, financial statements, annual reports · Singapore Shipping Corporation investor relations. Exchange portals re-file and purge documents over time; the text above cites each document by name and date so it can be found again. Tables on this page as data: JSON · CSV — the page’s own as-filed and recomputed tables, cell for cell, with their section and caption.
Annual reports FY2016–FY2026 and full-year results announcements (the FY2022 and FY2024 reports supply the credit comparatives, and the FY2026 notes 19, 22, 23, 24 and 30 the debt, security, maturity and liquidity detail); AGM minutes 2023–2025; the 17 Apr 2026 useful-lives announcement; Boheme recharter announcement (Dec 2024); scrip and buy-back announcement tape (351 notices, 12 months); director interest notices (95, 12 months); segment and lessor notes re-keyed throughout. Market/cycle figures are third-party (E) and labelled. Named gaps: the listing-by-introduction document and the Hai Sun Hup EGM circular do not survive on any archive — the "promised at listing vs delivered" test cannot be run; the deposit-book currency split is undisclosed (FX sensitivity is an upper bound); fleet market-value indications are press-sourced and unverified. Research process is AI-assisted with human verification; load-bearing figures re-verified against primary filings.
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Titles are from the linked SGX filing, with common words abbreviated. Summaries are written by AI and may contain inaccuracies; refer to the original announcement. Items after 26 August 2026 are not reflected in this page's analysis; earlier items are listed for reference, may not be discussed in it, and may have been updated by later announcements.
