New Stock News | Pinnacle Marine files with the Hong Kong Stock Exchange as a Singapore "one-stop" marine service provider

According to the disclosure by the Hong Kong Stock Exchange on October 8, Pinnacle Marine Holdings Ltd (referred to as: Pinnacle Marine) has submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with Altus Capital as its sole sponsor. Company Overview According to the prospectus, Pinnacle Marine is a marine service provider headquartered in Singapore. Since commencing business in 2009, the Company has established a synergistic operating platform covering (i) aluminium workboat construction, workboat chartering and logistics support; (ii) shipping agency services; and (iii) ship supplies and sale of machinery and spare parts. Workboats are primarily port workboats used to support operations within and around port limits. The Company's business is centred on vessel activities at the Port of Singapore, driving demand for its three interconnected service lines. Shipbuilding, Workboat Chartering, Crewing and Logistics Support Services: The Company builds aluminium workboats for third-party customers and its own charter fleet. Since commencing its shipbuilding business in 2018, it has delivered 67 workboats to date, of which 48 workboats were sold to customers and 19 were primarily deployed for chartering and to support certain shipping agency services. According to the JWA report, the Company ranked third among aluminium workboat builders in Singapore by number of vessels delivered in 2025. As of August 31, 2026, the Company had three workboats under construction, with an aggregate outstanding contract value of approximately S$1.2 million. Shipping Agency Services: The Company's shipping agency services at the Port of Singapore primarily involve coordinating port entry procedures and operational arrangements, including pre-arrival documentation, berth arrangements and departure clearance. The Company acts as local agent and provides such services in accordance with Singapore law, with customers paying in US dollars. Shipping agency customers are primarily shipowners and vessel operators, including customers from China. Revenue from shipping agency customers from China accounted for approximately 32.2%, 29.5%, 21.2% and 19.3% of the Group's revenue for the FY2023, FY2024, FY2025 and the first five months of 2026, respectively. Since 2019, the Company has also expanded to selected ports in Malaysia and Indonesia, coordinated by its Singapore-based team. Ship Supplies and Sale of Marine Machinery and Spare Parts: The Company supplies provisions and consumables as well as spare parts, tools and equipment to vessels calling at the Port of Singapore. It is also an authorised distributor in Singapore, distributing certain engines, generators and spare parts procured from Supplier A to buyers of newly built workboats and vessel operators requiring replacement parts. Financial Information Revenue For FY2023, FY2024, FY2025 and the first five months of 2026, the Company's revenue was approximately S$34.904 million, S$40.909 million, S$46.417 million and S$19.416 million, respectively (unit: Singapore dollars, same below). Profit For FY2023, FY2024, FY2025 and the first five months of 2026, the Company's total comprehensive income was S$3.779 million, S$6.087 million, S$9.714 million and S$3.312 million, respectively. Gross Profit Margin For FY2023, FY2024, FY2025 and the first five months of 2026, the Company's gross profit margins were 30.2%, 37.1%, 41.5% and 43.1%, respectively. Industry Overview According to the JWA report, the global maritime industry is expected to continue growing at a compound annual growth rate of approximately 1.5% through 2030. Ocean-going vessels require port infrastructure and support services for cargo operations, bunkering, crew changes and regulatory compliance. Situated along the Malacca Strait and Singapore Strait, Singapore is a leading maritime centre and transshipment hub connecting trade flows between Asia, Europe, the Middle East and the Americas. Between 2019 and 2025, Singapore maintained high levels of vessel traffic and container throughput. In 2025, total vessel arrivals reached approximately 3.22 billion gross tonnage, while container throughput reached approximately 44.66 million twenty-foot equivalent units (TEUs). According to the JWA report, total vessel arrivals are projected to grow from approximately 3.22 billion gross tonnage in 2025 to approximately 3.55 billion to 3.70 billion gross tonnage by 2030. Cargo throughput is expected to reach 780 million to 800 million tonnes by 2030, while container throughput over the same period is expected to increase to approximately 55 million to 58 million TEUs. This expected growth is based on the expansion of global maritime trade, increased intra-Asia trade, particularly between China and ASEAN, the development of Tuas Mega Port, and Singapore's position as a leading bunkering and transshipment hub. Market Size Growth Forecast for 2025 to 2030 and the Next Five Years In 2025, the workboat market is expected to grow by 3% year-on-year in terms of fleet size, and to continue growing at a curve of approximately 3% to 5% over the next five years. Singapore Workboat Market Overview Benefiting from increased commercial vessel traffic and port calls, order volumes for Singapore workboat builders are expected to grow by approximately 10% year-on-year in 2025 and maintain an upward trend over the next five years. In FY2025, Singapore accounted for approximately 7.5% of regional workboat construction volume, lower than Malaysia, Indonesia and Vietnam. Singapore's aluminium workboat construction market comprises a small number of established shipyards. The JWA report ranks the following builders by number of vessels delivered in 2025: Singapore Workboat Charter Market Workboat chartering generates revenue by deploying workboats within and around port limits, primarily for crew transfers and the delivery of supplies and spare parts between shore and vessels at anchorage. According to the JWA report, over the five years ended 2025, vessel arrivals grew at an average annual rate of approximately 11.1%, including a strong post-pandemic recovery in 2022 to 2023. The more recent average annual growth rate from 2023 to 2025 was approximately 4.2%, reflecting post-recovery growth. In the first five months of 2026, vessel arrivals increased further. On this basis, JWA forecasts that the workboat charter market will grow at an annual rate of approximately 3% to 4% from 2026 to 2030. Demand for shipping agency services in Singapore is inherently closely linked to overall port activity and the operational needs of vessels calling at the Port of Singapore. Over the five years ended 2025, Singapore's shipping agency services market expanded at an average annual growth rate of approximately 4%. As port activity and service demand continue to rise, the market is expected to grow further at an average annual growth rate of approximately 6% from 2026 to 2030. Board of Directors Information The Company's Board of Directors comprises 5 directors, including 2 executive directors and 3 independent non-executive directors. Directors serve a term of 3 years and are eligible for re-election upon expiry of their term. Shareholding Structure As of October 2, 2026, Prompt Venture held 71.99% of the Company's shares. Prompt Venture is held 87.22% and 12.78% by Mr. Chua TK and Ms. Lim SC, respectively. Mr. Chua TK is the spouse of Ms. Lim SC, and pursuant to a power of attorney executed by Ms. Lim SC and Mr. Chua TK on February 12, 2026, Ms. Lim SC has appointed Mr. Chua TK as her true and lawful authorised person and proxy in respect of her shares in Prompt Venture, whereby Mr. Chua TK is authorised to exercise the voting rights attached to such shares on behalf of Ms. Lim SC. Mr. Chua TK is therefore deemed to have an interest in the shares held by Prompt Venture. Intermediary Team Sole Sponsor: Altus Capital Limited Legal Advisers: As to Hong Kong law: Ho & Partners; as to Singapore law: CNPLaw LLP, Vijay & Co.; as to Cayman Islands law: Ogier; as to PRC law: DaHui Lawyers Legal Advisers to the Sole Sponsor: As to PRC law: DaHui Lawyers Auditor and Reporting Accountant: RSM Hong Kong Compliance Adviser: Altus Capital Limited Industry Adviser: Justin Wee & Associates Pte Ltd