New stock news | Backed by one of the world's busiest ports, Singaporean maritime services provider Pinnacle Marine files to list on the Hong Kong Stock Exchange.

According to the disclosure by the Hong Kong Stock Exchange on February 27th, Pinnacle Marine Holdings Ltd has submitted a listing application to the main board of the Hong Kong Stock Exchange, with the same person financing as its exclusive sponsor. Company Profile The prospectus shows that Pinnacle Marine is a comprehensive maritime service provider rooted in Singapore. Since starting operations in 2009, the company has established a synergistic operating platform covering aluminum workboat construction, workboat leasing and logistics support, ship agency services, ship supplies, and sales of machinery and spare parts. Pinnacle Marine's business model is centered around the maritime activities in the Port of Singapore, which is one of the busiest ports in the world. Ship traffic and port throughput drive the demand for the company's ship agency and ship supply services, including harbor coordination and regulatory compliance; and increased port utilization drives the demand for aluminum workboat construction and ship leasing services. The company's revenue mainly comes from four main business lines: (i) shipbuilding services, where the company constructs aluminum workboats for third-party customers on a project basis; (ii) workboat leasing, crew deployment, and logistics support services, where the company earns charter and lease income through renting out its own workboats; (iii) ship agency services, where the company earns fees through coordinating harbor procedures and various operational arrangements and reimbursing customers for agent fees; and (iv) ship supply and sales of machinery and spare parts, where the company generates transactional revenue by supplying supplies, consumables, ship machinery, and spare parts to ships and new construction workboat buyers calling at the Port of Singapore. Pinnacle Marine owns and operates a strategically located port terminal facility in Singapore, covering approximately 153,000 square feet, serving as the core hub for ship construction, maintenance, warehousing, and logistics operations. The facility has direct waterfront access for ship launching and sea trials, and was fully operational in January 2024, increasing the company's workboat construction capacity from two vessels to a maximum of five vessels. It is estimated that by 2025, the annual production capacity could reach approximately 15 workboats. Pinnacle Marine has entered into several research collaborations with industry partners and academic institutions to enhance the company's technical capabilities and promote sustainable development in the shipbuilding industry. These plans mainly focus on alternative fuels, workboat performance optimization, and emissions reduction. In October 2024, the company signed a research collaboration agreement with the China Classification Society, Supplier A, and Nanyang Technological University to conduct a continuous 1,000-hour harbor vessel sea trial using B100 bio-diesel. The trial was completed in January 2026, demonstrating the feasibility and operational reliability of B100 biofuel as an alternative fuel source for harbor workboats. Financial Information Revenue For the financial years 2023, 2024, and 2025, the company achieved revenues of approximately SGD 34.904 million, SGD 40.909 million, and SGD 46.417 million, respectively. Profit For the financial years 2023, 2024, and 2025, the company achieved total comprehensive income attributable to owners of the company of SGD 3.779 million, SGD 6.087 million, and SGD 9.714 million, respectively. Gross Profit Margin For the years ended December 31, 2023, 2024, and 2025, the company's gross profit margins were 30.2%, 37.1%, and 41.5%, respectively. Industry Overview Singapore's status as a maritime hub is reflected in its port performance indicators, including ship tonnage arrivals, cargo throughput, and container throughput. Despite short-term fluctuations in the global trade environment from 2019 to 2025, Singapore has maintained stable ship traffic and container throughput. In 2025, total ship tonnage arrivals reached approximately 3.22 billion gross tons, and container throughput reached approximately 44.66 million standard containers, both setting new historical records. According to JWA's report, ship tonnage arrivals are projected to increase from approximately 3.22 billion gross tons in 2025 to approximately 3.55 to 3.70 billion gross tons by 2030. Cargo throughput is expected to reach 780 to 800 million tons by 2030, while container throughput is expected to increase to approximately 55 to 58 million standard containers during the same period. By 2025, in terms of fleet size, the market growth for workboats is expected to increase by 3% year-on-year, and is forecasted to continue to grow at a rate of approximately 3% to 5% over the next five years. Board of Directors Information The board of directors consists of five directors, including two executive directors and three independent non-executive directors. The board is responsible for and has general authority over the management and operation of the company. Directors serve a term of three years and may be re-elected for another term upon expiry. Ownership Structure Prior to the restructuring, Pinnacle Marine was owned by Mr. Lim CP, ANBA Security Store, Ms. Lim SC, Mr. Chua TK, Mrs. Chua GC, and Mr. Chua TS, with approximately 4.62%, 7.70%, 9.22%, 62.77%, 9.23%, and 6.46% equity, respectively. On January 30, 2026, Mr. Lim CP, ANBA Security Store, Ms. Lim SC, Mr. Chua TK, Mrs. Chua GC, and Mr. Chua TS transferred their respective shares in the registered capital of Pinnacle Marine to PMS Group, comprising 10,001 shares, 16,680 shares, 20,000 shares, 136,001 shares, 20,000 shares, and 14,000 shares, respectively. The company issued and allotted shares to Mr. Lim CP, ANBA Security Store, Prompt Venture (a holding entity with 12.78% and 87.22% equity held by Ms. Lim SC and Mr. Chua TK, respectively), Mrs. Chua GC, and Mr. Chua TS, consisting of 10,001 shares, 16,680 shares, 156,001 shares (including 20,000 shares and 136,001 shares), 20,000 shares, and 14,000 shares (accounted for as fully paid). On the same day, Prompt Venture returned its subscriber share, which was subsequently canceled according to the return procedure. The above steps were completed on January 30, 2026. The entire issued share capital of the company is held by Mr. Lim CP, ANBA Security Store, Prompt Venture, Mrs. Chua GC, and Mr. Chua TS, with approximately 4.62%, 7.70%, 71.97%, 9.23%, and 6.46% equity, respectively. As a result, Pinnacle Marine has become an indirect wholly-owned subsidiary of PMS Group. Intermediary Team Exclusive Sponsor: Same Man Financing Company Limited Company's Legal Advisor: Hong Kong law: Ho Wei Law Firm; Singapore law: CNP Law LLP; Cayman Islands law: Ogier Exclusive Sponsor's Legal Advisor: Hong Kong law: TC & Co. Auditor and Reporting Accountant: Lowe Shenmei Accountants Industry Consultant: Justin Wee & Associates Pte Ltd Compliance Advisor: Same Man Financing Company Limited