Announcement • Aug 21
Singapore Shipping Corporation Limited Approves Final Tax Exempt (One-Tier) Dividend for the Financial Year Ended 31 March 2025 Singapore Shipping Corporation Limited at its Annual General Meeting held on 29 July 2025, approved a final tax exempt (one-tier) dividend of 1.0 Singapore cent per ordinary share for the financial year ended 31 March 2025. Upcoming Dividend • Aug 01
Upcoming dividend of S$0.01 per share Eligible shareholders must have bought the stock before 08 August 2025. Payment date: 22 August 2025. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Singaporean dividend payers (5.6%). Lower than average of industry peers (7.3%). Board Change • Jul 31
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Independent Non-Executive Director A. Selverajah was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Jul 14
Dividend of S$0.01 announced Dividend of S$0.01 is the same as last year. Ex-date: 8th August 2025 Payment date: 22nd August 2025 Dividend yield will be 3.3%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 5.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 12
Full year 2025 earnings released: EPS: US$0.028 (vs US$0.023 in FY 2024) Full year 2025 results: EPS: US$0.028 (up from US$0.023 in FY 2024). Revenue: US$49.3m (up 8.3% from FY 2024). Net income: US$11.4m (up 25% from FY 2024). Profit margin: 23% (up from 20% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. New Risk • May 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (S$106.2m market cap, or US$82.8m). Reported Earnings • Nov 12
First half 2025 earnings released: EPS: US$0.019 (vs US$0.011 in 1H 2024) First half 2025 results: EPS: US$0.019 (up from US$0.011 in 1H 2024). Revenue: US$25.3m (up 11% from 1H 2024). Net income: US$7.68m (up 72% from 1H 2024). Profit margin: 30% (up from 20% in 1H 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 01
Upcoming dividend of S$0.01 per share Eligible shareholders must have bought the stock before 08 August 2024. Payment date: 23 August 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Singaporean dividend payers (6.3%). In line with average of industry peers (4.2%). Reported Earnings • Jul 15
Full year 2024 earnings released: EPS: US$0.023 (vs US$0.029 in FY 2023) Full year 2024 results: EPS: US$0.023 (down from US$0.029 in FY 2023). Revenue: US$45.5m (down 4.0% from FY 2023). Net income: US$9.14m (down 21% from FY 2023). Profit margin: 20% (down from 24% in FY 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Declared Dividend • Jul 15
Dividend of S$0.01 announced Dividend of S$0.01 is the same as last year. Ex-date: 8th August 2024 Payment date: 23rd August 2024 Dividend yield will be 4.1%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Jul 13
Singapore Shipping Corporation Limited, Annual General Meeting, Jul 30, 2024 Singapore Shipping Corporation Limited, Annual General Meeting, Jul 30, 2024, at 10:00 Singapore Standard Time. Location: singapore chinese cultural centre, multi-purpose hall (level 7), 1 straits boulevard, singapore 018906, Singapore New Risk • May 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (S$96.1m market cap, or US$71.2m). Announcement • May 26
Singapore Shipping Corporation Limited Declares One-Tier Tax Exempt Final Dividend for the Financial Year Ended March 31, 2024 Singapore Shipping Corporation Limited declared One-Tier Tax Exempt Final Dividend of 1.0 Singapore cent per ordinary share for the financial year ended March 31, 2024. Board Change • Dec 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director A. Selverajah was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 15
Singapore Shipping Corporation Limited Announces Resignation of Ng Kah Poh as Company Secretary, Effective 1 January 2024 The Board of Directors (the "Board") of Singapore Shipping Corporation Limited announced the resignation of Ms Ng Kah Poh, Joanna as Company Secretary of the Company with effect from 1 January 2024. Upcoming Dividend • Jul 28
Upcoming dividend of S$0.01 per share at 3.9% yield Eligible shareholders must have bought the stock before 04 August 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Singaporean dividend payers (6.1%). Lower than average of industry peers (22%). Reported Earnings • Jul 13
Full year 2023 earnings released: EPS: US$0.029 (vs US$0.025 in FY 2022) Full year 2023 results: EPS: US$0.029 (up from US$0.025 in FY 2022). Revenue: US$47.4m (up 3.4% from FY 2022). Net income: US$11.5m (up 17% from FY 2022). Profit margin: 24% (up from 22% in FY 2022). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has remained flat. Reported Earnings • May 26
Full year 2023 earnings released: EPS: US$0.029 (vs US$0.025 in FY 2022) Full year 2023 results: EPS: US$0.029 (up from US$0.025 in FY 2022). Revenue: US$48.3m (up 5.4% from FY 2022). Net income: US$11.5m (up 17% from FY 2022). Profit margin: 24% (up from 22% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Announcement • May 26
Singapore Shipping Corporation Limited Declares One-Tier Tax Exempt Final Dividend for the Financial Year Ended March 31, 2023 Singapore Shipping Corporation Limited declared One-Tier Tax Exempt Final Dividend of 1.0 Singapore cent per ordinary share for the financial year ended March 31, 2023. Recent Insider Transactions • Jan 28
Executive Chairman recently bought S$89k worth of stock On the 26th of January, Chio Kiat Ow bought around 355k shares on-market at roughly S$0.25 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Chio Kiat has been a buyer over the last 12 months, purchasing a net total of S$181k worth in shares. Reported Earnings • Nov 13
First half 2023 earnings released: EPS: US$0.011 (vs US$0.013 in 1H 2022) First half 2023 results: EPS: US$0.011 (down from US$0.013 in 1H 2022). Revenue: US$23.7m (up 2.1% from 1H 2022). Net income: US$4.15m (down 23% from 1H 2022). Profit margin: 18% (down from 23% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 01
Upcoming dividend of S$0.01 per share Eligible shareholders must have bought the stock before 08 August 2022. Payment date: 28 September 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Singaporean dividend payers (6.1%). Lower than average of industry peers (11%). Reported Earnings • Jul 14
Full year 2022 earnings released: EPS: US$0.025 (vs US$0.026 in FY 2021) Full year 2022 results: EPS: US$0.025 (down from US$0.026 in FY 2021). Revenue: US$45.8m (up 8.6% from FY 2021). Net income: US$9.83m (down 4.3% from FY 2021). Profit margin: 22% (down from 24% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • May 29
Full year 2022 earnings released: EPS: US$0.025 (vs US$0.026 in FY 2021) Full year 2022 results: EPS: US$0.025 (down from US$0.026 in FY 2021). Revenue: US$47.1m (up 12% from FY 2021). Net income: US$9.83m (down 4.3% from FY 2021). Profit margin: 21% (down from 24% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Jul 14
Full year 2021 earnings released: EPS US$0.026 (vs US$0.022 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: US$42.2m (down 9.6% from FY 2020). Net income: US$10.3m (up 12% from FY 2020). Profit margin: 24% (up from 20% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • May 29
Full year 2021 earnings released: EPS US$0.026 (vs US$0.022 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: US$42.9m (down 8.2% from FY 2020). Net income: US$10.3m (up 12% from FY 2020). Profit margin: 24% (up from 20% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 2% per year. Is New 90 Day High Low • Jan 20
New 90-day high: S$0.27 The company is up 15% from its price of S$0.23 on 22 October 2020. The Singaporean market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 25% over the same period. Is New 90 Day High Low • Oct 23
New 90-day low: S$0.22 The company is down 20% from its price of S$0.28 on 24 July 2020. The Singaporean market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 6.0% over the same period. 
