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A nnua l R e po r t 2 0 1 0 / 2 0 1 1
CONTENTS
02 Chairmans Message
04 Board of Directors
06 Corporate Information
07 Shareholder Calendar
08 Financial Highlights
12 Fleet Composition
13 Corporate Governance Statement
26 Financial Statements
89 Shareholding Statistics
91 Notice of Annual General Meeting and Books Closure
Proxy Form
Steering
with
Steadfastness
CHAIRMANS MESSAGE
02 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi ted
MV Boheme, built in 1999, is one of the largest Lt-Gen (Retd) Ng has a distinguished career
car carriers in the world. It has a cargo carriage in the military where he was Chief of Defence
capacity of 7,200 cars. MV Sirius Leader, built in Force and in the business world where he
2000, has a capacity for 5,190 cars. took a company that he co-founded to
listing on SGX-ST Main-board. He also held
The Board is proposing a final one-tier tax many positions in statutory boards as well
exempt dividend of 1.0 Singapore cent per as government-linked and major private
ordinary share with the total payout of about companies including Deputy Chairman of
S$4.4 million. Central Provident Fund Board, Singapore.
Currently, Lt-Gen (Retd) Ng heads his own
business consultancy, August Asia Consulting
PROSPECTS Pte Ltd. He holds a Master of Arts (History)
Our principal ship-owning business is stable degree from Duke University, USA.
and expected to remain profitable, barring
unforeseen circumstances. In addition to Mr Ow Yew Heng is concurrently the Executive
contributions from MV Boheme and MV Sirius Director of Stamford Land Corporation
Leader, another wholly owned vessel, MV Singa Ltd as well as Non-Executive Director of
Ace, is also on a long-term charter generating Cougar Logistics Corporation Ltd. He holds
steady income flow. We also have a 30% a Bachelor of Business degree from the
interest in MV Cougar Ace that is on a five-year University of Technology, Sydney, majoring in
charter until January 2014. Accounting & Management.
The long-term charters of our ships protect As always, I am grateful to our loyal
the Group from any vagary in global shipping management and staff for contributing their
and we will continue to steer a steady course best efforts to uphold the reputable track
through prudent financial management and record that we have established for over three
judicious acquisitions. To further strengthen decades. Thanks also to our customers for
our fleet of car-carriers in line with our strategy their invaluable support. Last but not least, we
to re-fresh and purchase suitable tonnages, we are motivated by the trust of our shareholders
will look out for opportune acquisitions backed and will work towards attaining more good
by top quality charterers and attractive returns. years ahead.
APPRECIATION
I would like to express my appreciation to our
Board of Directors for their wise counsel and
take this opportunity to welcome Lt-Gen (Retd)
Ng Jui Ping who was appointed Independent
Director in July 2010 and Mr Ow Yew Heng who OW CHIO KIAT
joined as Executive Director in August 2010. EXECUTIVE CHAIRMAN
The Singapore Business Awards (jointly organised by The Business Times and
DHL) named Mr Ow Businessman of the Year in 2009. Mr Ow is a Fellow of the
Institute of Chartered Shipbrokers and is Singapores non-resident Ambassador
to Argentina.
Mr Ow, the son of the Executive Chairman, is also an Executive Director of SLC
and a Non-Executive Director of CLC.
Prior to joining SSC, Mr Ow Yew Heng held the position of Analyst, Private Wealth
Management with Deutsche Bank AG, Singapore. Mr Ow holds a Bachelor of
Business degree from the University of Technology, Sydney, where he majored
in Accounting & Management.
04 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi ted
MR TAN GUONG CHING INDEPENDENT DIRECTOR
Mr Tan holds a Bachelor and a Master of Engineering (Chemical) from McMaster
University, Canada.
He was the CEO of the Housing and Development Board, the Principal Private
Secretary to the Prime Minister and the Permanent Secretary of the Ministry of
Home Affairs, Ministry of the Environment and Ministry of Communications and
Information.
Mr Olsson held a number of top management positions over the years at the
Swedish American Line, Brostrms Shipping Co AB and Atlantic Container
Lines Services. For almost 15 years, Mr Olsson was President of Wallenius
Lines AB and still holds a position as Vice Chairman at the Swedish shipping
company. Mr Olsson is also chairman of Stolt Nielsen Ltd. and a director
of Atlantic Container Line, Rederi AB Transatlantic, Wallenius Wilhelmsen
Logistics and EUKOR Car Carrier Inc.
Lt-Gen (Retd) Ng holds a Master of Arts degree in History from Duke University,
USA. He also completed the Advanced Management Programme at Harvard
Business School, Harvard University, USA.
06 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi ted
SHAREHOLDER CALENDAR
July 2011 Annual General Meeting for financial year ended 31 March 2011 (FY 2011)
Announcement of financial year ending 31 March 2012 (FY 2012) first quarter results
August 2011 Scheduled payment of final dividend for FY 2011
November 2011 Announcement of FY 2012 second quarter results
February 2012 Announcement of FY 2012 third quarter results
May 2012 Announcement of FY 2012 full year results
RESULTS OF OPERATIONS
For the financial year ended 31 March
08 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi ted
FINANCIAL POSITION
As at 31 March
2011 2010 2009
US$'000 US$'000 US$'000
15,669
20,000 20,000
15,000 15,000
8,142
7,972
5,601
10,000 10,000
3,166
5,000 5,000
0 0
(3,223)
(5,000) (5,000)
1.5 12.0
1.3
6.5
1.0 8.0
0.7
0.5 4.0
0 0.0
(0.5) (4.0)
(0.7)
(6.6)
(1.0) (8.0)
10 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi ted
SHAREHOLDERS EQUITY NET ASSET VALUE PER SHARE
(US$000) (US$)
51,676
52,000 0.13
51,000
0.12
0.12
50,000
48,861
48,722
0.11
0.11
49,000
0.11
48,000
47,000 0.10
(US$000)
25,000 0.50
19,979
0.39
20,000 0.40
15,000 0.30
10,000 0.20
5,000 0.10
0 0
12 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi ted
CORPORATE GOVERNANCE STATEMENT
Singapore Shipping Corporation Limited (the Company) is committed to complying with the principles
and guidelines of the Code of Corporate Governance 2005 (the Code), so as to ensure greater
transparency and protection of shareholders interests. This statement outlines the main corporate
governance practices that were in place or implemented during the financial year.
1. BOARD MATTERS
The current Board comprises six directors and their principal functions are as follows:
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financial reporting and compliance processes
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of assets, corporate restructuring, dividend payments and other returns to shareholders
and on matters that may involve a conflict of interest for any director.
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practices, and all directors have access to information and further training on new
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out in the terms of reference of their appointments. They assist the Board operationally
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The Board currently holds at least four scheduled meetings each year to review and
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of the Group.
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Committee meetings held during the financial year and the attendance at those meetings
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Mr Tan Guong Ching 4 4 2 1
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Note:
(1)
Appointed on 10 August 2010
(2)
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14 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
1. BOARD MATTERS (continued)
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planning.
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other than operational expenditure or disposals that are conducted in the ordinary course
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this Annual Report.
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to the Board. The management staff who have prepared the papers, or who may provide
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d. Board membership
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for evaluating the Boards performance from year to year
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effectiveness of the Board in accordance with the assessment process and
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re-appointments of executive or non-executive directors
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the guidelines on independence as set out in the Code
16 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
1. BOARD MATTERS (continued)
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the fixed consultancy fee of US$500,000, for the provision of consultancy services. Such
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shipping assets, as well as the deployment of such shipping assets, and covered the
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i. the one-off, fixed fee arrangement effectively mitigates against any conflict
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effectively carry out his functions as an independent director.
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rotation rule.
e. Board Performance
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strategic directions.
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steer the Group in the right direction and the support it renders to the management
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activities.
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f. Access to Information
The Board is provided with timely and complete information, prior to Board meetings
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the Group.
The Board has separate and independent access to the senior management and the
Company Secretary at all times. If necessary, the Board may, in furtherance of their
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directors receive appropriate training as necessary.
18 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
2. REMUNERATION MATTERS
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The RC was formed to achieve this formal and transparent process to evaluate the
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executive and independent directors. The RC currently comprises:
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remuneration of the non-executive directors, executive directors and senior
executives
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the day-to-day administration of such plan or scheme to such persons as the
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JOEVTUSZQSBDUJDFTBOEOPSNTGPSSFNVOFSBUJPOQBDLBHFTBOENBZBMTPPCUBJOJOEFQFOEFOU
professional advice, if necessary.
/PEJSFDUPSJTJOWPMWFEJOBOZEJTDVTTJPOSFMBUJOHUPIJTPXOSFNVOFSBUJPO
BOEUFSNTBOE
conditions of service and the review of his own performance.
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2011 2010
US$000 US$000
%JSFDUPSTGFFT
%JSFDUPSTPGUIF$PNQBOZ 165 138
0UIFSEJSFDUPSTPGTVCTJEJBSJFT 3 4
%JSFDUPSTSFNVOFSBUJPO
%JSFDUPSTPGUIF$PNQBOZ 865 789
0UIFSEJSFDUPSTPGTVCTJEJBSJFT 290 392
'FFTGPSDPOTVMUBUJPOTFSWJDFT
%JSFDUPSPGUIF$PNQBOZ 500
1,823 1,323
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S$250,000.
Directors Total
Remuneration band Salary Bonuses Fees Others remuneration
% % % % %
Below S$250,000
0X:FX)FOH 49.6 12.0 29.2 9.2 100.0
20 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
2. REMUNERATION MATTERS (continued)
The Company adopts a remuneration policy for staff comprising a fixed component and a
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5IFWBSJBCMFDPNQPOFOUJTJOUIFGPSNPGBWBSJBCMFCPOVTUIBUJTMJOLFEUPUIF(SPVQBOE
each individuals performance.
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No. of
Academic/Professional years with Prior Working
Name and Designation Qualications the Group Experience
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16 (SPVQ'JOBODJBM
Chief Operating Ofcer (University of Sterling) Controller for
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Chartered Accountants Corporation Ltd
of Scotland
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General Manager &OHJOFFSJOH 4JOHBQPSF for Singa Ship
(Ship Management) 1PMZUFDIOJD
Management
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Competency as
'JSTU$MBTT&OHJOFFS
(Motorship)
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Christina The Association of Manager for the
Group Financial Controller/ Chartered Certified UIFO4FNCBXBOH
Joint Company Secretary Accountants Group of
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Company) of the Group are:
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external auditors
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management
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system of accounting and internal controls
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statements of the Group and of the Company as well as the auditors report thereon
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statements
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22 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
3. ACCOUNTABILITY AND AUDIT (continued)
The AC is given full access to, and receives full cooperation from the management. The AC has
full discretion to invite any director or management staff to attend its meetings. It is empowered
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BVEJUJOH
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SFTPVSDFTBOE
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*OUFSOBM"VEJUPSSFQPSUTUPUIF$IBJSNBOPGUIF"$)FQMBOTUIFJOUFSOBMBVEJUTDIFEVMFTXIJDI
includes a review of the effectiveness of the Groups material internal controls in consultation
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approval at the ACs meetings.
'PSNBMQSPDFEVSFTBSFJOQMBDFGPSUIFJOUFSOBMBOEFYUFSOBMBVEJUPSTUPSFQPSUUIFJSOEJOHTBOE
recommendations to the management and AC. The internal and external auditors also have
unrestricted access to the AC. In addition, the AC also meets with the internal and external
auditors separately, at least once a year, without the presence of the management, in order to
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5IFSF XFSF OP OPOBVEJU TFSWJDFT QSPWJEFE CZ UIF FYUFSOBM BVEJUPST EVSJOH UIF OBODJBM ZFBS
ended 31 March 2011.
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QVSTVBOUUPXIJDITUBGG
NBZ
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or other matters. This helps to ensure that arrangements are in place for the independent
investigation of such matters and for appropriate follow up action. All employees may address
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4. INTERNAL CONTROLS
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a. Risk Management
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i. Investment risk
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%JSFDUPSTGPSBQQSPWBM
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UIF(SPVQMFWFM"TPQFSBUJPOBMSJTLDBOOPUCFFMJNJOBUFEDPNQMFUFMZ
UIF(SPVQ
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TVGDJFOUJOTVSBODFDPWFSBHFUBLJOHJOUPBDDPVOUUIFDPTUPGDPWFSBOEUIFSJTL
QSPMFTPGUIFCVTJOFTTJOXIJDIJUPQFSBUFT5IF*OUFSOBM"VEJUUFBNDPNQMFNFOUT
UIFNBOBHFNFOUTSPMFCZQSPWJEJOHBOJOEFQFOEFOUQFSTQFDUJWFPOUIFDPOUSPMT
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"MUIPVHIUIFPQFSBUJOHCVTJOFTTVOJUTBSFSFTQPOTJCMFUPFOTVSFDPNQMJBODFXJUIUIF
relevant laws and regulations, the internal Legal department also assists in identifying,
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(SPVQ"EWJDFGSPNFYUFSOBMMFHBMBEWJTPSTBSFPCUBJOFEXIFSFOFDFTTBSZ
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Annual Report.
The Group has implemented appropriate guidelines on dealings in the Companys securities
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.BOVBM "MM %JSFDUPST BOE TUBGG PG UIF (SPVQ BSF OPU BMMPXFE UP USBEF JO UIF $PNQBOZT
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$PNQBOZT RVBSUFSMZ OBODJBM SFTVMUT
BOE POF NPOUI CFGPSF UIF BOOPVODFNFOU PG UIF
Companys half-year and full year financial results. To facilitate compliance, reminders are
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TUBGG
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from dealing in the Companys securities on short-term considerations.
24 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
5. COMMUNICATION WITH SHAREHOLDERS
The Company places great emphasis on regular, effective and open communication with our
shareholders. The announcements of the Groups results and material developments are released
UISPVHI4(9/&5UPUIF4(9TXFCTJUFJOBUJNFMZNBOOFSUPFOTVSFGBJSEJTDMPTVSFPGJOGPSNBUJPO
All shareholders receive the annual report and the notices of shareholder meetings. The notices
GPSTVDINFFUJOHTBSFBMTPBEWFSUJTFEJOBMPDBMOFXTQBQFSBOENBEFBWBJMBCMFPO4(9/&55IF
DIBJSQFSTPOTPGUIFWBSJPVTCPBSEDPNNJUUFFTBOEUIFFYUFSOBMBVEJUPSTBSFJOWJUFEUPCFQSFTFOU
BUPVSHFOFSBMNFFUJOHT
UPBEESFTTBOZRVFSJFTGSPNPVSTIBSFIPMEFST
5IF $PNQBOZ IBT FTUBCMJTIFE B QSPDFEVSF GPS SFDPSEJOH BOE SFQPSUJOH JOUFSFTUFE QFSTPO
USBOTBDUJPOT%FUBJMTPGTJHOJDBOUJOUFSFTUFEQFSTPOUSBOTBDUJPOTGPSUIFOBODJBMZFBSFOEFE
.BSDIBSFTFUPVUCFMPX
1BJEUPBTVCTJEJBSZ
of Stamford Land
Corporation Ltd
- Rental expense S$198,000
5IFBCPWF*15XBTDPODMVEFEPOOPSNBMDPNNFSDJBMUFSNT
4BWFBTPUIFSXJTFEJTDMPTFE
UIFSFXFSFOPPUIFSNBUFSJBMDPOUSBDUTPSMPBOFOUFSFEJOUPCZUIF
$PNQBOZBOEJUTTVCTJEJBSJFTJOWPMWJOHUIFJOUFSFTUTPGUIFDIJFGFYFDVUJWFPGDFS
EJSFDUPSTPS
DPOUSPMMJOHTIBSFIPMEFS
XIJDIBSFFJUIFSTVCTJTUJOHBUUIFFOEPGUIFOBODJBMZFBSPS
JGOPUUIFO
TVCTJTUJOH
FOUFSFEJOUPTJODFUIFFOEPGUIFQSFWJPVTOBODJBMZFBS
27 %JSFDUPST3FQPSU
31 4UBUFNFOUCZ%JSFDUPST
32 Independent Auditors Report
34 Consolidated Income Statement
35 Consolidated Statement of Comprehensive Income
36 4UBUFNFOUTPG'JOBODJBM1PTJUJPO
37 $POTPMJEBUFE4UBUFNFOUPG$IBOHFTJO&RVJUZ
38 $POTPMJEBUFE4UBUFNFOUPG$BTI'MPXT
40 /PUFTUPUIF'JOBODJBM4UBUFNFOUT
26 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
DIRECTORS REPORT
for the nancial year ended 31 March 2011
5IFEJSFDUPSTQSFTFOUUIFJSSFQPSUUPUIFNFNCFSTPGUIF$PNQBOZUPHFUIFSXJUIUIFBVEJUFEOBODJBM
statements for the financial year ended 31 March 2011.
DIRECTORS
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0X$IFP(VBO %FQVUZ$IBJSNBO
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DIRECTORS INTERESTS
"DDPSEJOH UP UIF SFHJTUFS LFQU CZ UIF $PNQBOZ GPS UIF QVSQPTFT PG 4FDUJPO PG UIF 4JOHBQPSF
Companies Act, Chapter 50 (the Act), particulars of interests of directors who held office at the end
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warrants or share options in the Company, or in related corporations are as follows:
Holdings at Holdings at
beginning of the year end of the year
0X$IFP(VBO
%FFNFEJOUFSFTUT 13,200,000 13,200,000
#ZWJSUVFPG4FDUJPOPGUIF"DU
.S0X$IJP,JBUJTEFFNFEUPIBWFBOJOUFSFTUJOBMMUIFTVCTJEJBSJFT
of the Company.
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financial year and 21 April 2011.
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BSSBOHFNFOUXIPTFPCKFDUTBSF
PSPOFPGXIPTFPCKFDUTJT
UPFOBCMFUIFEJSFDUPSTPGUIF$PNQBOZUP
BDRVJSFCFOFUTCZNFBOTPGUIFBDRVJTJUJPOPGTIBSFTJOPSEFCFOUVSFTPGUIF$PNQBOZPSBOZPUIFS
CPEZDPSQPSBUF
&YDFQUGPSTBMBSJFT
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TUBUFNFOUT
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EJSFDUPS
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financial interest.
SHARE OPTIONS
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XBTBQQSPWFEBUUIF
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UIF$PNQBOZT3FNVOFSBUJPO$PNNJUUFF
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.FTTST#FOHU$ISJTUFS0MTTPO
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$PNNJUUFFPO+VMZ
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B
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r FRVBMUPUIFBWFSBHFPGUIFMBTUEFBMUQSJDFTPGUIF$PNQBOZTTIBSFTPOUIF4JOHBQPSF
&YDIBOHF 4(9
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PS
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C
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D
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UPCFFYFSDJTBCMFBGUFSUIFGUIBOOJWFSTBSZPGUIFSFMFWBOUEBUFPGHSBOUVOMFTTUIFZIBWFCFFO
cancelled or have lapsed prior to that date.
4JODFUIFDPNNFODFNFOUPGUIF0QUJPO1MBO OPPQUJPOTIBWFCFFOHSBOUFE
5IFSFXFSFOPVOJTTVFETIBSFTPGUIF$PNQBOZPSJUTTVCTJEJBSJFTVOEFSPQUJPOTBTBUUIFFOEPGUIF
financial year.
28 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
SHARE-BASED INCENTIVE
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XBT
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1MBOJTBMTPBENJOJTUFSFECZUIF$PNQBOZT3FNVOFSBUJPO$PNNJUUFF
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Shares) in the Company, which are given free of charge to the participants according to the extent to
which their performance targets are achieved at the end of a specified performance period.
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SBOL
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success and development of the Group.
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AUDIT COMMITTEE
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5BO5FDL.FOH 3FTJHOFEPO+VOF
"MMNFNCFSTPGUIF"VEJU$PNNJUUFFBSFOPOFYFDVUJWFEJSFDUPST
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Manual and the Code of Corporate Governance.
The Audit Committee has held four meetings since the last directors report. In performing its functions,
the Audit Committee met with the Companys external and internal auditors to discuss the scope of
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system.
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r RVBSUFSMZOBODJBMJOGPSNBUJPOBOEBOOVBMOBODJBMTUBUFNFOUTPGUIF(SPVQBOEUIF$PNQBOZ
QSJPSUPUIFJSTVCNJTTJPOUPUIFEJSFDUPSTPGUIF$PNQBOZGPSBEPQUJPOBOE
r JOUFSFTUFEQFSTPOUSBOTBDUJPOT BTEFOFEJO$IBQUFSPGUIF4(9-JTUJOH.BOVBM
5IF "VEJU $PNNJUUFF IBT GVMM BDDFTT UP NBOBHFNFOU BOE JT HJWFO UIF SFTPVSDFT SFRVJSFE GPS JU UP
discharge its functions. It has full authority and the discretion to invite any director or executive officer
to attend its meetings. The Audit Committee also recommends the appointment of the external auditors
and reviews the level of audit and non-audit fees.
5IF"VEJU$PNNJUUFFJTTBUJTFEXJUIUIFJOEFQFOEFODFBOEPCKFDUJWJUZPGUIFFYUFSOBMBVEJUPSTBOEIBT
SFDPNNFOEFEUPUIF#PBSEPG%JSFDUPSTUIBUUIFBVEJUPST
,1.(--1
CFOPNJOBUFEGPSSFBQQPJOUNFOU
as auditors at the forthcoming Annual General Meeting of the Company.
AUDITORS
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Singapore
+VOF
30 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
STATEMENT BY DIRECTORS
for the nancial year ended 31 March 2011
In our opinion:
(a) the financial statements set out on pages 34 to 88 are drawn up so as to give a true and fair
view of the state of affairs of the Group and of the Company as at 31 March 2011, and the
SFTVMUT
DIBOHFTJOFRVJUZBOEDBTIPXTPGUIF(SPVQGPSUIFOBODJBMZFBSFOEFEPOUIBUEBUF
in accordance with the provisions of the Singapore Companies Act, Chapter 50 and Singapore
'JOBODJBM3FQPSUJOH4UBOEBSETBOE
C
B
UUIFEBUFPGUIJTTUBUFNFOU
UIFSFBSFSFBTPOBCMFHSPVOETUPCFMJFWFUIBUUIF$PNQBOZXJMMCF
BCMFUPQBZJUTEFCUTBTBOEXIFOUIFZGBMMEVF
0OCFIBMGPGUIF#PBSEPG%JSFDUPST
0X$IJP,JBU 0X$IFP(VBO
%JSFDUPS %JSFDUPS
Singapore
+VOF
8FIBWFBVEJUFEUIFOBODJBMTUBUFNFOUTPG4JOHBQPSF4IJQQJOH$PSQPSBUJPO-JNJUFE UIF$PNQBOZ
BOE JUT TVCTJEJBSJFT UIF (SPVQ
XIJDI DPNQSJTF UIF TUBUFNFOUT PG OBODJBM QPTJUJPO PG UIF (SPVQ
and the Company as at 31 March 2011, the income statement, statement of comprehensive income,
TUBUFNFOUPGDIBOHFTJOFRVJUZBOETUBUFNFOUPGDBTIPXTPGUIF(SPVQGPSUIFZFBSUIFOFOEFE
BOE
a summary of significant accounting policies and other explanatory information, as set out on pages
34 to 88.
.BOBHFNFOUJTSFTQPOTJCMFGPSUIFQSFQBSBUJPOPGOBODJBMTUBUFNFOUTUIBUHJWFBUSVFBOEGBJSWJFXJO
accordance with the provisions of the Singapore Companies Act, Chapter 50 (the Act) and Singapore
'JOBODJBM 3FQPSUJOH 4UBOEBSET
BOE GPS EFWJTJOH BOE NBJOUBJOJOH B TZTUFN PG JOUFSOBM BDDPVOUJOH
DPOUSPMT TVGDJFOU UP QSPWJEF B SFBTPOBCMF BTTVSBODF UIBU BTTFUT BSF TBGFHVBSEFE BHBJOTU MPTT GSPN
VOBVUIPSJTFEVTFPSEJTQPTJUJPOBOEUSBOTBDUJPOTBSFQSPQFSMZBVUIPSJTFEBOEUIBUUIFZBSFSFDPSEFEBT
OFDFTTBSZUPQFSNJUUIFQSFQBSBUJPOPGUSVFBOEGBJSQSPUBOEMPTTBDDPVOUTBOECBMBODFTIFFUTBOEUP
NBJOUBJOBDDPVOUBCJMJUZPGBTTFUT
AUDITORS RESPONSIBILITY
0VS SFTQPOTJCJMJUZ JT UP FYQSFTT BO PQJOJPO PO UIFTF OBODJBM TUBUFNFOUT CBTFE PO PVS BVEJU 8F
DPOEVDUFEPVSBVEJUJOBDDPSEBODFXJUI4JOHBQPSF4UBOEBSETPO"VEJUJOH5IPTFTUBOEBSETSFRVJSFUIBU
XFDPNQMZXJUIFUIJDBMSFRVJSFNFOUTBOEQMBOBOEQFSGPSNUIFBVEJUUPPCUBJOSFBTPOBCMFBTTVSBODF
BCPVUXIFUIFSUIFOBODJBMTUBUFNFOUTBSFGSFFGSPNNBUFSJBMNJTTUBUFNFOU
"OBVEJUJOWPMWFTQFSGPSNJOHQSPDFEVSFTUPPCUBJOBVEJUFWJEFODFBCPVUUIFBNPVOUTBOEEJTDMPTVSFT
JOUIFOBODJBMTUBUFNFOUT5IFQSPDFEVSFTTFMFDUFEEFQFOEPOUIFBVEJUPSTKVEHFNFOU
JODMVEJOHUIF
BTTFTTNFOUPGUIFSJTLTPGNBUFSJBMNJTTUBUFNFOUPGUIFOBODJBMTUBUFNFOUT
XIFUIFSEVFUPGSBVEPS
FSSPS*ONBLJOHUIPTFSJTLBTTFTTNFOUT
UIFBVEJUPSDPOTJEFSTJOUFSOBMDPOUSPMSFMFWBOUUPUIFFOUJUZT
preparation of the financial statements that give a true and fair view in order to design audit procedures
UIBU BSF BQQSPQSJBUF JO UIF DJSDVNTUBODFT
CVU OPU GPS UIF QVSQPTF PG FYQSFTTJOH BO PQJOJPO PO UIF
effectiveness of the entitys internal control. An audit also includes evaluating the appropriateness of
BDDPVOUJOHQPMJDJFTVTFEBOEUIFSFBTPOBCMFOFTTPGBDDPVOUJOHFTUJNBUFTNBEFCZNBOBHFNFOU
BT
well as evaluating the overall presentation of the financial statements.
8FCFMJFWFUIBUUIFBVEJUFWJEFODFXFIBWFPCUBJOFEJTTVGDJFOUBOEBQQSPQSJBUFUPQSPWJEFBCBTJTGPS
our audit opinion.
32 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
OPINION
In our opinion, the consolidated financial statements of the Group and the statement of financial position
of the Company are properly drawn up in accordance with the provisions of the Act and Singapore
'JOBODJBM3FQPSUJOH4UBOEBSETUPHJWFBUSVFBOEGBJSWJFXPGUIFTUBUFPGBGGBJSTPGUIF(SPVQBOEPGUIF
$PNQBOZBTBU.BSDIBOEUIFSFTVMUT
DIBOHFTJOFRVJUZBOEDBTIPXTPGUIF(SPVQGPSUIF
year ended on that date.
*OPVSPQJOJPO
UIFBDDPVOUJOHBOEPUIFSSFDPSETSFRVJSFECZUIF"DUUPCFLFQUCZUIF$PNQBOZBOE
CZUIPTFTVCTJEJBSJFTJODPSQPSBUFEJO4JOHBQPSFPGXIJDIXFBSFUIFBVEJUPSTIBWFCFFOQSPQFSMZLFQU
in accordance with the provisions of the Act.
KPMG LLP
Public Accountants and
Certied Public Accountants
Singapore
+VOF
The Group
(Re-presented)
2011 2010
Note US$000 US$000
Attributable to:
0XOFSTPGUIF$PNQBOZ 5,601 3,166
34 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the nancial year ended 31 March 2011
The Group
(Re-presented)
2011 2010
US$000 US$000
Currency translation:
'PSFJHOPQFSBUJPOT 840 114
- Realisation of currency translation reserve upon
MJRVJEBUJPOPGBTVCTJEJBSZ (309)
/FUDIBOHFJODVSSFODZUSBOTMBUJPOSFTFSWF 840 (195)
/FUDIBOHFJOGBJSWBMVFPGBWBJMBCMFGPSTBMFOBODJBM
assets 3
&GGFDUJWFQPSUJPOPGDIBOHFTJOGBJSWBMVFPG
cash flow hedges (284)
Other comprehensive income for the year, net of tax 556 (192)
Attributable to:
0XOFSTPGUIF$PNQBOZ 6,157 2,974
Non-current assets
1SPQFSUZ
QMBOUBOEFRVJQNFOU 12 69,488 6,216 11,868
Investment properties 13 113 194
4VCTJEJBSJFT 14 37,762 22,703 23,681
Associated company 15 3,016 2,851 2,267
"WBJMBCMFGPSTBMFOBODJBM
assets 16 7 7 4
0UIFSBTTFUT 17 235 213 224
72,746 9,400 14,557 37,762 22,703 23,681
Current assets
Inventories 206 39 161
5SBEFBOEPUIFSSFDFJWBCMFT 18 852 823 805 11,041 25,949 15,878
'JOBODJBMBTTFUTIFMEGPS
trading 19 735 972 1,426
$BTIBOEDBTIFRVJWBMFOUT 20 11,942 38,591 33,186 1,002 12,639 17,904
13,735 40,425 35,578 12,043 38,588 33,782
Less:
Current liabilities
5SBEFBOEPUIFSQBZBCMFT 21 1,865 1,088 1,265 7,785 20,637 19,787
#BOLCPSSPXJOH 22 4,404
$VSSFOUUBYQBZBCMF 14 4 9 2
6,269 1,102 1,269 7,785 20,646 19,789
Non-current liabilities
#BOLCPSSPXJOH 22 28,252
%FSJWBUJWFOBODJBMMJBCJMJUZ 23 284
%FGFSSFEUBYMJBCJMJUZ 10 1 5 1 5
28,536 1 5 1 5
36 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the nancial year ended 31 March 2011
Total
attributable
Currency to owners
Share Fair value Hedging translation Retained of the
capital reserve reserve reserve earnings Company
Note US$000 US$000 US$000 US$000 US$000 US$000
Total comprehensive
income (284) 840 5,601 6,157
Distributions to owners
%JWJEFOETQBJE 26 (3,203) (3,203)
Balance at
31 March 2011 31,665 4 (284) 117 20,174 51,676
Total comprehensive
income 3 (195) 3,166 2,974
Distributions to owners
%JWJEFOETQBJE 26 (3,113) (3,113)
Balance at
31 March 2010
as re-presented 31,665 4 (723) 17,776 48,722
(Re-presented)
2011 2010
Note US$000 US$000
Operating activities
1SPUCFGPSFUBYBUJPO 5,594 3,124
"EKVTUNFOUTGPS
%FQSFDJBUJPOFYQFOTFPOQSPQFSUZ
QMBOUBOEFRVJQNFOU 12 3,651 1,505
%FQSFDJBUJPOFYQFOTFPOJOWFTUNFOUQSPQFSUJFT 13 1 3
(BJO
MPTTPOEJTQPTBMPGQSPQFSUZ
QMBOUBOEFRVJQNFOU (1) 220
Gain on disposal of investment properties 5 (459) (734)
3FBMJTBUJPOPGDVSSFODZUSBOTMBUJPOSFTFSWFVQPOMJRVJEBUJPO
PGBTVCTJEJBSZ 5 (309)
Interest income 7 (78) (356)
%JWJEFOEJODPNF 7 (48) (66)
/FUDIBOHFJOGBJSWBMVFPGEJTQPTFEPVUTUBOEJOHOBODJBM
assets held-for-trading 7 (91) (807)
'JOBODFDPTUTPOCBOLCPSSPXJOH 8 763
Share of results of associated company, net of tax (164) (585)
9,168 1,995
$IBOHFTJOXPSLJOHDBQJUBM
Inventories (167) 121
5SBEFBOEPUIFSSFDFJWBCMFT 120 (3)
5SBEFBOEPUIFSQBZBCMFT 244 (39)
Cash generated from operations 9,365 2,074
*ODPNFUBYFT QBJE
SFGVOEFE (8) 58
Cash ows from operating activities 9,357 2,132
Investing activities
1VSDIBTFPGQSPQFSUZ
QMBOUBOEFRVJQNFOU 12 (66,906) (30)
1BZNFOUTGPSESZEPDLJOHFYQFOEJUVSF 12 (18)
1VSDIBTFPGOBODJBMBTTFUTIFMEGPSUSBEJOH (1,000) (179)
Interest received 116 355
%JWJEFOETSFDFJWFEGSPNRVPUFEFRVJUZTFDVSJUJFT 48 63
1SPDFFETGSPNNBUVSJUZPGOBODJBMBTTFUTIFMEGPSUSBEJOH 1,000 178
1SPDFFETGSPNTBMFPGOBODJBMBTTFUTIFMEGPSUSBEJOH 410 1,203
1SPDFFETGSPNTBMFPGQSPQFSUZ
QMBOUBOEFRVJQNFOU 2 3,957
1SPDFFETGSPNTBMFPGJOWFTUNFOUQSPQFSUJFT 605 834
Cash ows from investing activities (65,743) 6,381
38 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
(Re-presented)
2011 2010
Note US$000 US$000
Financing activities
%SBXEPXOPGCBOLCPSSPXJOH 35,000
3FQBZNFOUPGCBOLCPSSPXJOH (2,344)
1BZNFOUPGOBODFDPTUTPOCBOLCPSSPXJOH (784)
%JWJEFOETQBJE 26 (3,203) (3,113)
Cash ows from nancing activities 28,669 (3,113)
5IFOBODJBMTUBUFNFOUTXFSFBVUIPSJTFEGPSJTTVFCZUIF#PBSEPG%JSFDUPSTPO+VOF
Singapore Shipping Corporation Limited (the Company) is incorporated in Singapore and listed
POUIF4JOHBQPSF&YDIBOHF*UTSFHJTUFSFEPGDFJTBU$BOUPONFOU3PBE
4PVUIQPJOU
Singapore 089763.
The principal activity of the Company is that of investment holding. The principal activities of the
Group are those relating to investment holding, ship owning and ship management.
5IF DPOTPMJEBUFE OBODJBM TUBUFNFOUT SFMBUF UP UIF $PNQBOZ BOE JUT TVCTJEJBSJFT UPHFUIFS
referred to as the Group and individually as Group entities) and the Groups interest in
associated companies.
2. BASIS OF PREPARATION
5IFOBODJBMTUBUFNFOUTIBWFCFFOQSFQBSFEJOBDDPSEBODFXJUIUIF4JOHBQPSF'JOBODJBM
3FQPSUJOH4UBOEBSET '34T
5IF OBODJBM TUBUFNFOUT IBWF CFFO QSFQBSFE PO UIF IJTUPSJDBM DPTU CBTJT FYDFQU GPS
financial instruments which are stated at the fair values as disclosed in the accounting
policies set out in note 3.
Items included in the financial statements of each entity in the Group are measured using
UIF DVSSFODZ UIBU CFTU SFFDUT UIF FDPOPNJD TVCTUBODF PG UIF VOEFSMZJOH FWFOUT BOE
circumstances relevant to that entity (the functional currency).
40 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
2. BASIS OF PREPARATION (continued)
%VSJOH UIF DVSSFOU OBODJBM ZFBS
UIF $PNQBOZ BOE DFSUBJO TVCTJEJBSJFT DIBOHFE
their functional currencies from Singapore dollars (S$) to United States dollars (US$).
.BOBHFNFOU JT PG UIF WJFX UIBU UIF DIBOHF JO GVODUJPOBM DVSSFODZ UP 64 XJMM CFUUFS
SFFDU UIF FDPOPNJD TVCTUBODF PG UIF VOEFSMZJOH FWFOUT BOE DJSDVNTUBODFT SFMFWBOU
UP UIF $PNQBOZ BOE UIFTF TVCTJEJBSJFT
EVF UP UIF DIBOHF JO DJSDVNTUBODFT JO UIFTF
affected entities:
44$1JTDFT1UF-UE 1VSDIBTFE B WFTTFM JO "QSJM BOE JUT TIJQ PXOJOH BOE
chartering operations are primarily denominated in US$.
SSC Ship In line with the Groups strategy to expand its fleet of vessels,
.BOBHFNFOU1UF-UE with effect from 1 April 2010, the principal focus of the entity is
on ship management activities, which are primarily denominated
in US$.
5IF FGGFDU PG UIF DIBOHF JO GVODUJPOBM DVSSFODZ IBT CFFO BDDPVOUFE GPS QSPTQFDUJWFMZ
with all items translated into the new functional currencies of the relevant entities using
the exchange rate at the date of the change.
*O MJOF XJUI UIF BCPWF DIBOHFT
UIF $PNQBOZ BOE UIF (SPVQ IBWF DIBOHFE UIFJS
QSFTFOUBUJPODVSSFODZGSPN4UP64XJUIFGGFDUGSPN"QSJM5IFDIBOHFCSJOHTUIF
$PNQBOZBOE(SPVQTQSFTFOUBUJPODVSSFODZUPCFJOMJOFXJUIUIFGVODUJPOBMDVSSFODJFT
PGUIF$PNQBOZBOEJUTNBJOPQFSBUJOHTVCTJEJBSJFT5IFQSFTFOUBUJPOJO64XJMMIFMQUP
facilitate the comparison of the Groups performance with other listed companies in the
shipping industry, that use US$ as the presentation currency.
*OMJOFXJUIUIFDIBOHFJOQSFTFOUBUJPODVSSFODZ
DPNQBSBUJWFTIBWFCFFOSFQSFTFOUFE
GSPN4UP645IFGPMMPXJOHNFUIPETIBWFCFFOBEPQUFEGPSUIFQVSQPTFPGUSBOTMBUJOH
the comparative information from S$ to US$ for presentation purposes:
4VCTJEJBSJFTXJUIOPDIBOHFJO
functional currency:
5IF SFTVMUBOU FYDIBOHF EJGGFSFODFT BSJTJOH GSPN UIF BCPWF BSF SFDPHOJTFE JO PUIFS
comprehensive income.
"MM OBODJBM JOGPSNBUJPO QSFTFOUFE JO 64 IBT CFFO SPVOEFE UP UIF OFBSFTU UIPVTBOE
unless otherwise stated.
5IFQSFQBSBUJPOPGUIFOBODJBMTUBUFNFOUTJODPOGPSNJUZXJUI'34TSFRVJSFTNBOBHFNFOU
UPNBLFKVEHFNFOUT
FTUJNBUFTBOEBTTVNQUJPOTUIBUBGGFDUUIFBQQMJDBUJPOPGBDDPVOUJOH
QPMJDJFT BOE UIF SFQPSUFE BNPVOUT PG BTTFUT
MJBCJMJUJFT
JODPNF BOE FYQFOTFT "DUVBM
results may differ from these estimates.
&TUJNBUFTBOEVOEFSMZJOHBTTVNQUJPOTBSFSFWJFXFEPOBOPOHPJOHCBTJT3FWJTJPOTUP
accounting estimates are recognised in the period in which the estimates are revised and
in any future periods affected.
42 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
2. BASIS OF PREPARATION (continued)
*OGPSNBUJPOBCPVUFTUJNBUJPOVODFSUBJOUJFTBOEDSJUJDBMKVEHFNFOUTJOBQQMZJOHBDDPVOUJOH
policies that have the most significant effect on the amounts recognised in the financial
statements is included in the following notes:
8JUIFGGFDUGSPN"QSJM
UIF(SPVQIBTBEPQUFEUIFGPMMPXJOHOFXSFWJTFE'34T
which are relevant to the Groups operations:
'34 SFWJTFE
Consolidated and Separate Financial Statements
'34 SFWJTFE
Business Combinations
*NQSPWFNFOUTUP'34T
5IF BEPQUJPO PG UIF BCPWF '34T IBT CFFO BQQMJFE QSPTQFDUJWFMZ BOE IBT OP NBUFSJBM
impact on the earnings per share.
5IFBDDPVOUJOHQPMJDJFTTFUPVUCFMPXIBWFCFFOBQQMJFEDPOTJTUFOUMZUPBMMQFSJPETQSFTFOUFE
JOUIFTFOBODJBMTUBUFNFOUT
BOEIBWFCFFOBQQMJFEDPOTJTUFOUMZCZ(SPVQFOUJUJFT
FYDFQUBT
explained in note 2(e), which addresses changes in accounting policies.
Business combinations
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BTTFUTHJWFO
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FYDIBOHF
QMVTDPTUTEJSFDUMZBUUSJCVUBCMFUPUIFBDRVJTJUJPO5IFFYDFTTPGUIF(SPVQT
JOUFSFTUJOUIFOFUGBJSWBMVFPGUIFJEFOUJBCMFBTTFUT
MJBCJMJUJFTBOEDPOUJOHFOUMJBCJMJUJFT
PWFSUIFDPTUPGBDRVJTJUJPOXBTDSFEJUFEUPQSPUPSMPTTJOUIFQFSJPEPGUIFBDRVJTJUJPO
'PS CVTJOFTT DPNCJOBUJPOT UIBU XFSF BDIJFWFE JO TUBHFT
BOZ FYJTUJOH FRVJUZ JOUFSFTUT
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SFDPHOJTFEBTBOBEKVTUNFOUUPUIFDPTUPGBDRVJTJUJPOPOMZXIFOJUXBTQSPCBCMFBOEDBO
CFNFBTVSFESFMJBCMZ
#VTJOFTTDPNCJOBUJPOTBDRVJSFEGSPN"QSJM
BSFBDDPVOUFEGPSVTJOHUIFBDRVJTJUJPO
NFUIPEBTBUUIFBDRVJTJUJPOEBUF
XIJDIJTUIFEBUFPOXIJDIDPOUSPMJTUSBOTGFSSFEUP
the Group. Control is the power to govern the financial and operating policies of an entity
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UIF (SPVQ UBLFT JOUP
DPOTJEFSBUJPOQPUFOUJBMWPUJOHSJHIUTUIBUBSFDVSSFOUMZFYFSDJTBCMF
The consideration transferred does not include amounts related to the settlement of pre-
existing relationships. Such amounts are generally recognised in profit or loss.
$PTUTSFMBUFEUPUIFBDRVJTJUJPO
PUIFSUIBOUIPTFBTTPDJBUFEXJUIUIFJTTVFPGEFCUPS
FRVJUZTFDVSJUJFT
UIBUUIF(SPVQJODVSTJODPOOFDUJPOXJUIBCVTJOFTTDPNCJOBUJPOBSF
expensed as incurred.
"OZDPOUJOHFOUDPOTJEFSBUJPOQBZBCMFJTSFDPHOJTFEBUGBJSWBMVFBUUIFBDRVJTJUJPOEBUF*G
UIFDPOUJOHFOUDPOTJEFSBUJPOJTDMBTTJFEBTFRVJUZ
JUJTOPUSFNFBTVSFEBOETFUUMFNFOU
JTBDDPVOUFEGPSXJUIJOFRVJUZ0UIFSXJTF
TVCTFRVFOUDIBOHFTUPUIFGBJSWBMVFPGUIF
contingent consideration are recognised in profit or loss.
Goodwill
r UIFGBJSWBMVFPGUIFDPOTJEFSBUJPOUSBOTGFSSFEQMVT
r UIFSFDPHOJTFEBNPVOUPGBOZOPODPOUSPMMJOHJOUFSFTUTJOUIFBDRVJSFFQMVT
r JG UIF CVTJOFTT DPNCJOBUJPO JT BDIJFWFE JO TUBHFT
UIF GBJS WBMVF PG UIF FYJTUJOH
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PGUIFJEFOUJBCMFBTTFUTBDRVJSFE
BOEMJBCJMJUJFTBTTVNFE
44 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
3. SIGNIFICANT ACCOUNTING POLICIES (continued)
Goodwill (continued)
8IFOUIFFYDFTTJTOFHBUJWF
BCBSHBJOQVSDIBTFHBJOJTSFDPHOJTFEJNNFEJBUFMZJOQSPU
or loss.
Subsidiaries
4VCTJEJBSJFTBSFFOUJUJFTDPOUSPMMFECZUIF(SPVQ5IFOBODJBMTUBUFNFOUTPGTVCTJEJBSJFT
are included in the consolidated financial statements from the date that control
DPNNFODFTVOUJMUIFEBUFUIBUDPOUSPMDFBTFT-PTTFTBQQMJDBCMFUPUIFOPODPOUSPMMJOH
JOUFSFTUT JO B TVCTJEJBSZ BSF BMMPDBUFE UP UIF OPODPOUSPMMJOH JOUFSFTUT FWFO JG EPJOH TP
DBVTFTUIFOPODPOUSPMMJOHJOUFSFTUTUPIBWFBEFDJUCBMBODF
"DRVJTJUJPOTPGOPODPOUSPMMJOHJOUFSFTUTBSFBDDPVOUFEGPSBTUSBOTBDUJPOTXJUIPXOFST
in their capacity as owners and therefore no goodwill is recognised as a result of such
USBOTBDUJPOT5IFBEKVTUNFOUTUPOPODPOUSPMMJOHJOUFSFTUTBSFCBTFEPOBQSPQPSUJPOBUF
BNPVOUPGUIFOFUBTTFUTPGUIFTVCTJEJBSZ
$IBOHFTJOUIF(SPVQTJOUFSFTUJOTVCTJEJBSJFTUIBUEPOPUSFTVMUJOBMPTTPGDPOUSPMBSF
BDDPVOUFEGPSBTFRVJUZUSBOTBDUJPOT6QPOUIFMPTTPGDPOUSPM
UIF(SPVQEFSFDPHOJTFT
UIF BTTFUT BOE MJBCJMJUJFT PG UIF TVCTJEJBSZ
BOZ OPODPOUSPMMJOH JOUFSFTUT BOE UIF PUIFS
DPNQPOFOUT PG FRVJUZ SFMBUFE UP UIF TVCTJEJBSZ "OZ TVSQMVT PS EFDJU BSJTJOH PO UIF
loss of control is recognised in the profit or loss. If the Group retains any interest in the
QSFWJPVTTVCTJEJBSZ
UIFOTVDIJOUFSFTUJTNFBTVSFEBUGBJSWBMVFBUUIFEBUFUIBUDPOUSPMJT
MPTU4VCTFRVFOUMZJUJTBDDPVOUFEGPSBTBOFRVJUZBDDPVOUFEJOWFTUFFPSBTBOBWBJMBCMF
for-sale financial asset depending on the level of influence retained.
Associated companies are those entities in which the Group has significant influence,
CVU OPU DPOUSPM
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JOVFODF JT QSFTVNFE UP FYJTU XIFO UIF (SPVQ IPMET CFUXFFO BOE PG UIF
voting power of another entity.
*OWFTUNFOUTJOBTTPDJBUFEDPNQBOJFTBSFBDDPVOUFEGPSVTJOHUIFFRVJUZNFUIPE FRVJUZ
accounted investees) and are recognised initially at cost. The cost of the investments
includes transaction costs.
The consolidated financial statements include the Groups share of the profit or loss and
PUIFS DPNQSFIFOTJWF JODPNF PG UIF FRVJUZBDDPVOUFE JOWFTUFFT
BGUFS BEKVTUNFOUT UP
BMJHOUIFBDDPVOUJOHQPMJDJFTPGUIFFRVJUZBDDPVOUFEJOWFTUFFTXJUIUIPTFPGUIF(SPVQ
where the amounts involved are considered significant to the Group, from the date that
significant influence commences until the date that significant influence ceases.
8IFOUIF(SPVQTTIBSFPGMPTTFTFYDFFETJUTJOUFSFTUJOBOFRVJUZBDDPVOUFEJOWFTUFF
the carrying amount of that interest, including any long-term investments, is reduced to
zero, and the recognition of further losses is discontinued except to the extent that the
(SPVQIBTBOPCMJHBUJPOPSIBTNBEFQBZNFOUTPOCFIBMGPGUIFJOWFTUFF
*OUSBHSPVQCBMBODFTBOEUSBOTBDUJPOT
BOEBOZVOSFBMJTFEJODPNFBOEFYQFOTFTBSJTJOH
from intra-group transactions, are eliminated in preparing the consolidated financial
statements. Unrealised gains arising from transactions with associated companies are
eliminated against the investment to the extent of the Groups interest in the investee.
6OSFBMJTFE MPTTFT BSF FMJNJOBUFE JO UIF TBNF XBZ BT VOSFBMJTFE HBJOT
CVU POMZ UP UIF
extent that there is no evidence of impairment.
*OWFTUNFOUT JO TVCTJEJBSJFT BOE BTTPDJBUFE DPNQBOJFT BSF TUBUFE JO UIF $PNQBOZT
statement of financial position at cost less accumulated impairment losses.
/PONPOFUBSZBTTFUTBOEMJBCJMJUJFTEFOPNJOBUFEJOGPSFJHODVSSFODJFTUIBUBSFNFBTVSFE
at cost are translated into the functional currency at the exchange rate at the date of the
USBOTBDUJPO/PONPOFUBSZBTTFUTBOEMJBCJMJUJFTEFOPNJOBUFEJOGPSFJHODVSSFODJFTUIBU
are measured at fair value are retranslated to the functional currency at the exchange rate
at the date on which the fair value was determined.
46 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
3. SIGNIFICANT ACCOUNTING POLICIES (continued)
Foreign operations
5IF BTTFUT BOE MJBCJMJUJFT PG GPSFJHO PQFSBUJPOT
FYDMVEJOH HPPEXJMM BOE GBJS WBMVF
BEKVTUNFOUT BSJTJOH PO BDRVJTJUJPO PG UIF GPSFJHO PQFSBUJPOT
BSF USBOTMBUFE UP 64 BU
exchange rates prevailing at the end of the reporting period. Income and expenses of
foreign operations are translated to US$ at the exchange rates prevailing at the dates
PGUIFUSBOTBDUJPOT(PPEXJMMBOEGBJSWBMVFBEKVTUNFOUTBSJTJOHPOUIFBDRVJTJUJPOPGB
GPSFJHOPQFSBUJPOPOPSBGUFS+BOVBSZBSFUSFBUFEBTBTTFUTBOEMJBCJMJUJFTPGUIF
GPSFJHOPQFSBUJPOBOEUSBOTMBUFEBUUIFDMPTJOHSBUF'PSBDRVJTJUJPOTQSJPSUP+BOVBSZ
UIFFYDIBOHFSBUFTBUUIFEBUFPGBDRVJTJUJPOXFSFVTFE
'PSFJHOFYDIBOHFEJGGFSFODFTBSJTJOHPOUSBOTMBUJPOBSFSFDPHOJTFEJOPUIFSDPNQSFIFOTJWF
JODPNFBOEQSFTFOUFEBTDVSSFODZUSBOTMBUJPOSFTFSWFJOFRVJUZ)PXFWFS
JGUIFPQFSBUJPO
JTBOPOXIPMMZPXOFETVCTJEJBSZ
UIFOUIFSFMFWBOUQSPQPSUJPOBUFTIBSFPGUIFUSBOTMBUJPO
EJGGFSFODF JT BMMPDBUFE UP UIF OPODPOUSPMMJOH JOUFSFTUT 8IFO B GPSFJHO PQFSBUJPO JT
EJTQPTFEPG
TVDIUIBUDPOUSPM
TJHOJDBOUJOVFODFPSKPJOUDPOUSPMJTMPTU
UIFDVNVMBUJWF
amount in the translation reserve related to that foreign operation is reclassified to profit
or loss as part of the gain or loss on disposal.
8IFOUIF(SPVQEJTQPTFTPGPOMZQBSUPGJUTJOUFSFTUJOBTVCTJEJBSZUIBUJODMVEFTBGPSFJHO
operation while retaining control, the relevant proportion of the cumulative amount is
SFBUUSJCVUFE UP OPODPOUSPMMJOH JOUFSFTUT 8IFO UIF (SPVQ EJTQPTFT PG POMZ QBSU PG JUT
investment in an associated company, that includes a foreign operation, while retaining
TJHOJDBOUJOVFODFPSKPJOUDPOUSPM
UIFSFMFWBOUQSPQPSUJPOPGUIFDVNVMBUJWFBNPVOUJT
reclassified to profit or loss.
8IFOUIFTFUUMFNFOUPGBNPOFUBSZJUFNSFDFJWBCMFGSPNPSQBZBCMFUPBGPSFJHOPQFSBUJPO
JTOFJUIFSQMBOOFEOPSMJLFMZJOUIFGPSFTFFBCMFGVUVSF
GPSFJHOFYDIBOHFHBJOTBOEMPTTFT
arising from such a monetary item are considered to form part of a net investment in a
foreign operation and are recognised in other comprehensive income, and are presented
BTDVSSFODZUSBOTMBUJPOSFTFSWFJOFRVJUZ
3FWFOVFDPNQSJTFTDIBSUFSIJSF
PUIFSTIJQQJOHJODPNFBOESFOUBMJODPNF1SPWJEFEJU
JTQSPCBCMFUIBUUIFFDPOPNJDCFOFUTXJMMPXUPUIF(SPVQ
BOEUIBUUIFSFWFOVFBOE
DPTUT
JGBQQMJDBCMF
DBOCFNFBTVSFESFMJBCMZ
SFWFOVFJTSFDPHOJTFEJOUIFQSPUPSMPTT
in the following manners:
r $IBSUFSIJSFJODPNFJTSFDPHOJTFEPOBTUSBJHIUMJOFCBTJTPWFSUIFUJNFEVSBUJPO
stated in the charter hire agreement.
r 0UIFSTIJQQJOHJODPNFJTSFDPHOJTFEBTBOEXIFOTIJQNBOBHFNFOUBOEPUIFS
related shipping services are rendered.
r 3FOUBM JODPNF GSPN JOWFTUNFOU QSPQFSUZ JT SFDPHOJTFE PO B TUSBJHIUMJOF CBTJT
over the term of the lease. Lease incentives granted are recognised as an integral
part of the total rental income, over the term of the lease.
Interest income is recognised in profit or loss as it accrues, using the effective interest
method.
%JWJEFOE JODPNF JT SFDPHOJTFE JO QSPU PS MPTT PO UIF EBUF UIBU UIF (SPVQT SJHIU UP
SFDFJWFQBZNFOUJTFTUBCMJTIFE
XIJDIJOUIFDBTFPGRVPUFETFDVSJUJFT
JTOPSNBMMZUIF
ex-dividend date.
'JOBODF DPTUT DPNQSJTF GFFT BOE JOUFSFTU FYQFOTF PO CBOL CPSSPXJOH BOE JOUFSFTU
rate swaps.
'JOBODF DPTUT UIBU BSF OPU EJSFDUMZ BUUSJCVUBCMF UP UIF BDRVJTJUJPO
DPOTUSVDUJPO PS
QSPEVDUJPOPGBRVBMJGZJOHBTTFUBSFSFDPHOJTFEJOUIFQSPUPSMPTTVTJOHUIFFGGFDUJWF
interest method.
&YDIBOHFEJGGFSFODFTDPNQSJTFOFUGPSFJHODVSSFODZHBJOTPSMPTTFTBOEOFUDIBOHFJO
fair value of foreign exchange options recognised in the profit or loss.
The foreign currency gains and losses are, however, reported separately if they are
material.
(g) Taxation
Income tax expense, which comprises current and deferred tax, is recognised in profit or
MPTTFYDFQUUPUIFFYUFOUUIBUJUSFMBUFTUPBCVTJOFTTDPNCJOBUJPO
PSJUFNTSFDPHOJTFE
EJSFDUMZJOFRVJUZPSJOPUIFSDPNQSFIFOTJWFJODPNF
$VSSFOUUBYJTUIFFYQFDUFEUBYQBZBCMFPSSFDFJWBCMFPOUIFUBYBCMFJODPNFPSMPTTGPS
UIFOBODJBMZFBS
VTJOHUBYSBUFTFOBDUFEPSTVCTUBOUJWFMZFOBDUFEBUUIFSFQPSUJOHEBUF
BOEBOZBEKVTUNFOUUPUBYQBZBCMFJOSFTQFDUPGQSFWJPVTZFBST
48 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
3. SIGNIFICANT ACCOUNTING POLICIES (continued)
%FGFSSFE UBY JT SFDPHOJTFE JO SFTQFDU PG UFNQPSBSZ EJGGFSFODFT CFUXFFO UIF DBSSZJOH
BNPVOUTPGBTTFUTBOEMJBCJMJUJFTGPSOBODJBMSFQPSUJOHQVSQPTFTBOEUIFBNPVOUTVTFE
GPSUBYBUJPOQVSQPTFT%FGFSSFEUBYJTOPUSFDPHOJTFEGPS
r UFNQPSBSZEJGGFSFODFTPOUIFJOJUJBMSFDPHOJUJPOPGBTTFUTPSMJBCJMJUJFTJOBUSBOTBDUJPO
UIBUJTOPUBCVTJOFTTDPNCJOBUJPOBOEUIBUBGGFDUTOFJUIFSBDDPVOUJOHOPSUBYBCMF
QSPUPSMPTT
r UFNQPSBSZEJGGFSFODFTSFMBUFEUPJOWFTUNFOUTJOTVCTJEJBSJFTUPUIFFYUFOUUIBUJUJT
QSPCBCMFUIBUUIFZXJMMOPUSFWFSTFJOUIFGPSFTFFBCMFGVUVSFBOE
r UBYBCMFUFNQPSBSZEJGGFSFODFTBSJTJOHPOUIFJOJUJBMSFDPHOJUJPOPGHPPEXJMM
%FGFSSFEUBYJTNFBTVSFEBUUIFUBYSBUFTUIBUBSFFYQFDUFEUPCFBQQMJFEUPUIFUFNQPSBSZ
EJGGFSFODFTXIFOUIFZSFWFSTF
CBTFEPOUIFMBXTUIBUIBWFCFFOFOBDUFEPSTVCTUBOUJWFMZ
FOBDUFECZUIFSFQPSUJOHEBUF
%FGFSSFEUBYBTTFUTBOEMJBCJMJUJFTBSFPGGTFUJGUIFSFJTBMFHBMMZFOGPSDFBCMFSJHIUUPPGGTFU
DVSSFOUUBYMJBCJMJUJFTBOEBTTFUTBOEUIFZSFMBUFUPJODPNFUBYFTMFWJFECZUIFTBNFUBY
BVUIPSJUZPOUIFTBNFUBYBCMFFOUJUZ
PSPOEJGGFSFOUUBYFOUJUJFT
CVUUIFZJOUFOEUPTFUUMF
DVSSFOUUBYMJBCJMJUJFTBOEBTTFUTPOBOFUCBTJTPSUIFJSUBYBTTFUTBOEMJBCJMJUJFTXJMMCF
realised simultaneously.
" EFGFSSFE UBY BTTFU JT SFDPHOJTFE GPS VOVTFE UBY MPTTFT
UBY DSFEJUT BOE EFEVDUJCMF
UFNQPSBSZEJGGFSFODFT
UPUIFFYUFOUUIBUJUJTQSPCBCMFUIBUGVUVSFUBYBCMFQSPUTXJMMCF
BWBJMBCMFBHBJOTUXIJDIUIFZDBOCFVUJMJTFE%FGFSSFEUBYBTTFUTBSFSFWJFXFEBUFBDI
SFQPSUJOHEBUFBOEBSFSFEVDFEUPUIFFYUFOUUIBUJUJTOPMPOHFSQSPCBCMFUIBUUIFSFMBUFE
UBYCFOFUXJMMCFSFBMJTFE
5IF (SPVQ QSFTFOUT CBTJD BOE EJMVUFE FBSOJOHT QFS TIBSF EBUB GPS JUT PSEJOBSZ TIBSFT
#BTJD FBSOJOHT QFS TIBSF
JT DBMDVMBUFE CZ EJWJEJOH UIF QSPU PS MPTT BUUSJCVUBCMF UP
PSEJOBSZ TIBSFIPMEFST PG UIF $PNQBOZ CZ UIF XFJHIUFE BWFSBHF OVNCFS PG PSEJOBSZ
TIBSFTPVUTUBOEJOHEVSJOHUIFZFBS%JMVUFEFBSOJOHTQFSTIBSFJTEFUFSNJOFECZBEKVTUJOH
UIFQSPUPSMPTTBUUSJCVUBCMFUPPSEJOBSZTIBSFIPMEFSTBOEUIFXFJHIUFEBWFSBHFOVNCFS
of ordinary shares outstanding, for the effects of all dilutive potential ordinary shares.
"OPQFSBUJOHTFHNFOUJTBDPNQPOFOUPGUIF(SPVQUIBUFOHBHFTJOCVTJOFTTBDUJWJUJFT
from which it may earn revenue and incur expenses, including revenue and expenses that
relate to transactions with any of the Groups other components. An operating segments
PQFSBUJOHSFTVMUTBSFSFWJFXFESFHVMBSMZCZUIFDIJFGEFDJTJPONBLFSUPNBLFEFDJTJPOT
BCPVUSFTPVSDFTUPCFBMMPDBUFEUPUIFTFHNFOUBOEUPBTTFTTJUTQFSGPSNBODF
BOEGPS
XIJDIEJTDSFUFOBODJBMJOGPSNBUJPOJTBWBJMBCMF
*UFNT PG QSPQFSUZ
QMBOU BOE FRVJQNFOU BSF NFBTVSFE BU DPTU MFTT BDDVNVMBUFE
depreciation and accumulated impairment losses.
$PTUJODMVEFTFYQFOEJUVSFUIBUJTEJSFDUMZBUUSJCVUBCMFUPUIFBDRVJTJUJPOPGUIFBTTFU
5IFHBJOPSMPTTPOEJTQPTBMPGBOJUFNPGQSPQFSUZ
QMBOUBOEFRVJQNFOUJTEFUFSNJOFECZ
comparing the proceeds from disposal with the carrying amount of property, plant and
FRVJQNFOU
BOEJTSFDPHOJTFEOFUXJUIJOPUIFSJODPNFPUIFSFYQFOTFTJOQSPUPSMPTT
8IFOSFWBMVFEBTTFUJTTPME
BOZSFMBUFEBNPVOUJODMVEFEJOUIFSFWBMVBUJPOSFTFSWFJT
transferred to retained earnings.
Subsequent costs
5IF DPTU PG SFQMBDJOH B DPNQPOFOU PG BO JUFN PG QSPQFSUZ
QMBOU BOE FRVJQNFOU JT
SFDPHOJTFEJOUIFDBSSZJOHBNPVOUPGUIFJUFNJGJUJTQSPCBCMFUIBUUIFGVUVSFFDPOPNJD
CFOFUT FNCPEJFE XJUIJO UIF DPNQPOFOU XJMM PX UP UIF (SPVQ BOE JUT DPTU DBO CF
NFBTVSFESFMJBCMZ5IFDBSSZJOHBNPVOUPGUIFSFQMBDFEDPNQPOFOUJTEFSFDPHOJTFE5IF
DPTUT PG UIF EBZUPEBZ TFSWJDJOH PG QSPQFSUZ
QMBOU BOE FRVJQNFOU BSF SFDPHOJTFE JO
profit or loss as incurred.
Depreciation
%FQSFDJBUJPOJTCBTFEPOUIFDPTUPGBOBTTFUMFTTJUTSFTJEVBMWBMVF4JHOJDBOUDPNQPOFOUT
of individual assets are assessed and if a component has a useful life that is different from
the remainder of that asset, that component is depreciated separately.
%FQSFDJBUJPO JT SFDPHOJTFE JO QSPU PS MPTT PO B TUSBJHIUMJOF CBTJT PWFS UIF FTUJNBUFE
VTFGVMMJWFTPGFBDIDPNQPOFOUPGBOJUFNPGQSPQFSUZ
QMBOUBOEFRVJQNFOU
%SZEPDLJOHFYQFOEJUVSFJTDBQJUBMJTFEXIFOJODVSSFEBOEEFQSFDJBUFEPOBTUSBJHIUMJOF
CBTJTPWFSUIFQFSJPEUPUIFOFYUBOUJDJQBUFEESZEPDLJOHEBUF
The estimated useful lives for the current and comparative periods are as follows:
Vessels 15 to 30 years
%SZEPDLJOHFYQFOEJUVSF UPZFBST
Renovations, furniture and fittings 5 years
&RVJQNFOU UPZFBST
Computers 3 years
50 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
3. SIGNIFICANT ACCOUNTING POLICIES (continued)
Depreciation (continued)
FQSFDJBUJPO NFUIPET
VTFGVM MJWFT BOE SFTJEVBM WBMVFT BSF SFWJFXFE BU FBDI OBODJBM
%
ZFBSFOEBOEBEKVTUFEJGBQQSPQSJBUF
Investment properties are properties held either to earn rental income or for capital
BQQSFDJBUJPOPSGPSCPUI
CVUOPUGPSTBMFJOUIFPSEJOBSZDPVSTFPGCVTJOFTT
VTFJOUIF
production or supply of goods or services or for administrative purposes.
%FQSFDJBUJPOJTSFDPHOJTFEJOQSPUPSMPTTPOBTUSBJHIUMJOFCBTJTPWFSUIFFTUJNBUFEVTFGVM
lives (or lease term, if shorter) of each component of an item of investment properties.
The estimated useful lives for the current and comparative periods are as follows:
'SFFIPMEQSPQFSUJFT ZFBST
Leasehold properties Lease period (66 years)
/PEFQSFDJBUJPOJTQSPWJEFEPOGSFFIPMEMBOE
%FQSFDJBUJPONFUIPETBOEVTFGVMMJWFTBSFSFWJFXFEBUUIFFOEPGFBDISFQPSUJOHQFSJPE
BOEBEKVTUFEJGBQQSPQSJBUF
5IF(SPVQJOJUJBMMZSFDPHOJTFTMPBOTBOESFDFJWBCMFTBOEEFQPTJUTPOUIFEBUFUIBUUIFZ
BSF PSJHJOBUFE 'JOBODJBM BTTFUT DMBTTJFE BT IFMEGPSUSBEJOH BOE BWBJMBCMFGPSTBMF
JOWFTUNFOUTBSFSFDPHOJTFECZUIF(SPVQPOUIFTFUUMFNFOUEBUFPGUIFJOWFTUNFOUT
The Group derecognises a financial asset when the contractual rights to the cash flows
from the asset expire, or it transfers the rights to receive the contractual cash flows on
UIF OBODJBM BTTFU JO B USBOTBDUJPO JO XIJDI TVCTUBOUJBMMZ BMM UIF SJTLT BOE SFXBSET PG
ownership of the financial asset are transferred. Any interest in transferred financial assets
UIBUJTDSFBUFEPSSFUBJOFECZUIF(SPVQJTSFDPHOJTFEBTBTFQBSBUFBTTFUPSMJBCJMJUZ
'JOBODJBMBTTFUTBOEMJBCJMJUJFTBSFPGGTFUBOEUIFOFUBNPVOUQSFTFOUFEJOUIFTUBUFNFOUPG
financial position when, and only when, the Group has a legal right to offset the amounts
BOEJOUFOETFJUIFSUPTFUUMFPOBOFUCBTJTPSUPSFBMJTFUIFBTTFUBOETFUUMFUIFMJBCJMJUZ
simultaneously.
The Group classifies non-derivative financial assets into the following categories: financial
BTTFUT BU GBJS WBMVF UISPVHI QSPU PS MPTT
MPBOT BOE SFDFJWBCMFT BOE BWBJMBCMFGPSTBMF
financial assets.
A financial asset is classified at fair value through profit or loss if it is classified as held-for-
USBEJOHPSJTEFTJHOBUFEBTTVDIVQPOJOJUJBMSFDPHOJUJPO'JOBODJBMBTTFUTBSFEFTJHOBUFE
BUGBJSWBMVFUISPVHIQSPUPSMPTTJGUIF(SPVQNBOBHFTTVDIJOWFTUNFOUTBOENBLFT
QVSDIBTF BOE TBMF EFDJTJPOT CBTFE PO UIFJS GBJS WBMVF JO BDDPSEBODF XJUI UIF (SPVQT
EPDVNFOUFESJTLNBOBHFNFOUPSJOWFTUNFOUTUSBUFHZ"UUSJCVUBCMFUSBOTBDUJPODPTUTBSF
SFDPHOJTFEJOQSPUPSMPTTBTJODVSSFE'JOBODJBMBTTFUTBUGBJSWBMVFUISPVHIQSPUPSMPTT
are measured at fair value, and changes therein are recognised in profit or loss.
'JOBODJBMBTTFUTEFTJHOBUFEBUGBJSWBMVFUISPVHIQSPUPSMPTTJODMVEFFRVJUZTFDVSJUJFT
UIBUPUIFSXJTFXPVMEIBWFCFFODMBTTJFEBTBWBJMBCMFGPSTBMF
-PBOTBOESFDFJWBCMFTBSFOBODJBMBTTFUTXJUIYFEPSEFUFSNJOBCMFQBZNFOUTUIBUBSF
OPU RVPUFE JO BO BDUJWF NBSLFU 4VDI BTTFUT BSF SFDPHOJTFE JOJUJBMMZ BU GBJS WBMVF QMVT
BOZEJSFDUMZBUUSJCVUBCMFUSBOTBDUJPODPTUT4VCTFRVFOUUPJOJUJBMSFDPHOJUJPO
MPBOTBOE
SFDFJWBCMFTBSFNFBTVSFEBUBNPSUJTFEDPTUVTJOHUIFFGGFDUJWFJOUFSFTUNFUIPE
MFTTBOZ
impairment losses.
-PBOTBOESFDFJWBCMFTDPNQSJTFUSBEFBOEPUIFSSFDFJWBCMFT
$BTIBOEDBTIFRVJWBMFOUTDPNQSJTFDBTICBMBODFTBOECBOLEFQPTJUT
"WBJMBCMFGPSTBMFOBODJBMBTTFUTBSFOPOEFSJWBUJWFOBODJBMBTTFUTUIBUBSFEFTJHOBUFE
BT BWBJMBCMF GPS TBMF PS BSF OPU DMBTTJFE JO BOZ PG UIF BCPWF DBUFHPSJFT PG OBODJBM
BTTFUT4VCTFRVFOUUPJOJUJBMSFDPHOJUJPO
UIFZBSFNFBTVSFEBUGBJSWBMVFBOEDIBOHFT
therein, other than impairment losses, are recognised in other comprehensive income
BOEQSFTFOUFEJOUIFGBJSWBMVFSFTFSWFJOFRVJUZ8IFOBOJOWFTUNFOUJTEFSFDPHOJTFE
UIFHBJOPSMPTTBDDVNVMBUFEJOFRVJUZJTSFDMBTTJFEUPQSPUPSMPTT
"WBJMBCMFGPSTBMF OBODJBM BTTFUT DPNQSJTF RVPUFE FRVJUZ TFDVSJUJFT
XIJDI BSF OPU
IFMEGPSUSBEJOHPSFOUJUJFTPWFSXIJDIUIF(SPVQEPFTOPUIBWFDPOUSPM
KPJOUDPOUSPMPS
significant influence.
52 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
3. SIGNIFICANT ACCOUNTING POLICIES (continued)
The Group holds derivative financial instruments to hedge its foreign currency and interest
SBUFSJTLFYQPTVSFT
0O JOJUJBM EFTJHOBUJPO PG UIF EFSJWBUJWF BT UIF IFEHJOH JOTUSVNFOU
UIF (SPVQ GPSNBMMZ
EPDVNFOUTUIFSFMBUJPOTIJQCFUXFFOUIFIFEHJOHJOTUSVNFOUBOEIFEHFEJUFN
JODMVEJOH
UIFSJTLNBOBHFNFOUPCKFDUJWFTBOETUSBUFHZJOVOEFSUBLJOHUIFIFEHFUSBOTBDUJPOBOE
UIFIFEHFESJTL
UPHFUIFSXJUIUIFNFUIPETUIBUXJMMCFVTFEUPBTTFTTUIFFGGFDUJWFOFTT
PGUIFIFEHJOHSFMBUJPOTIJQ5IF(SPVQNBLFTBOBTTFTTNFOU
CPUIBUUIFJODFQUJPOPGUIF
IFEHFSFMBUJPOTIJQBTXFMMBTPOBOPOHPJOHCBTJT
PGXIFUIFSUIFIFEHJOHJOTUSVNFOUT
BSFFYQFDUFEUPCFiIJHIMZFGGFDUJWFuJOPGGTFUUJOHUIFDIBOHFTJOUIFGBJSWBMVFPSDBTI
PXTPGUIFSFTQFDUJWFIFEHFEJUFNTBUUSJCVUBCMFUPUIFIFEHFESJTL
BOEXIFUIFSUIF
BDUVBMSFTVMUTPGFBDIIFEHFBSFXJUIJOBSBOHFPG'PSBDBTIPXIFEHF
PGBGPSFDBTUUSBOTBDUJPO
UIFUSBOTBDUJPOTIPVMECFIJHIMZQSPCBCMFUPPDDVSBOETIPVME
present an exposure to variations in cash flows that could ultimately affect reported profit
or loss.
%FSJWBUJWFTBSFSFDPHOJTFEJOJUJBMMZBUGBJSWBMVFBOEUIFBUUSJCVUBCMFUSBOTBDUJPODPTUTBSF
SFDPHOJTFEJOQSPUPSMPTTBTJODVSSFE4VCTFRVFOUUPJOJUJBMSFDPHOJUJPO
UIFEFSJWBUJWFT
BSFNFBTVSFEBUGBJSWBMVF
BOEDIBOHFTUIFSFJOBSFBDDPVOUFEGPSBTEFTDSJCFECFMPX
Cash ow hedges
8IFOBEFSJWBUJWFJTEFTJHOBUFEBTUIFIFEHJOHJOTUSVNFOUJOBIFEHFPGUIFWBSJBCJMJUZJO
DBTIPXBUUSJCVUBCMFUPBQBSUJDVMBSSJTLBTTPDJBUFEXJUIBSFDPHOJTFEBTTFUPSMJBCJMJUZPS
BIJHIMZQSPCBCMFGPSFDBTUUSBOTBDUJPOUIBUDPVMEBGGFDUQSPUPSMPTT
UIFFGGFDUJWFQPSUJPO
of changes in fair value of the derivative is recognised in other comprehensive income
BOEQSFTFOUFEJOUIFIFEHJOHSFTFSWFJOFRVJUZ"OZJOFGGFDUJWFQPSUJPOPGDIBOHFTJOUIF
fair value of the derivative is recognised immediately in profit or loss.
5IFBNPVOUBDDVNVMBUFEJOFRVJUZJTSFDMBTTJFEUPQSPUPSMPTTJOUIFTBNFQFSJPEUIBU
the hedged item affects profit or loss. If the hedged instrument no longer meets the criteria
for hedge accounting, expires or is sold, terminated or exercised, or the designation is
SFWPLFE
UIFOIFEHFBDDPVOUJOHJTEJTDPOUJOVFEQSPTQFDUJWFMZ*GUIFGPSFDBTUUSBOTBDUJPO
JTOPMPOHFSFYQFDUFEUPPDDVS
UIFOUIFCBMBODFJOFRVJUZJTSFDMBTTJFEJOQSPUPSMPTT
8IFO B EFSJWBUJWF OBODJBM JOTUSVNFOU JT OPU EFTJHOBUFE JO B IFEHF SFMBUJPOTIJQ UIBU
RVBMJFTGPSIFEHFBDDPVOUJOH
BMMDIBOHFTJOJUTGBJSWBMVFBSFSFDPHOJTFEJNNFEJBUFMZJO
profit or loss.
A financial asset not carried at fair value through profit or loss is assessed at the end
PGFBDISFQPSUJOHQFSJPEUPEFUFSNJOFXIFUIFSUIFSFJTBOZPCKFDUJWFFWJEFODFUIBUJUJT
JNQBJSFE"OBODJBMBTTFUJTJNQBJSFEJGPCKFDUJWFFWJEFODFJOEJDBUFTUIBUBMPTTFWFOUIBT
occurred after the initial recognition of the asset, and that the loss event has a negative
FGGFDUPOUIFFTUJNBUFEGVUVSFDBTIPXTPGUIBUBTTFUUIBUDBOCFFTUJNBUFESFMJBCMZ
0CKFDUJWFFWJEFODFUIBUOBODJBMBTTFUTBSFJNQBJSFEDBOJODMVEFEFGBVMUPSEFMJORVFODZ
CZBEFCUPSSFTUSVDUVSJOHPGBOBNPVOUEVFUPUIF(SPVQPOUFSNTUIBUUIF(SPVQXPVME
OPUDPOTJEFSPUIFSXJTFJOEJDBUJPOTUIBUBEFCUPSPSJTTVFSXJMMFOUFSCBOLSVQUDZPSUIF
EJTBQQFBSBODF PG BO BDUJWF NBSLFU GPS B TFDVSJUZ *O BEEJUJPO
GPS BO JOWFTUNFOU JO BO
FRVJUZTFDVSJUZ
BTJHOJDBOUPSQSPMPOHFEEFDMJOFJOJUTGBJSWBMVFCFMPXJUTDPTUJTPCKFDUJWF
evidence of impairment.
"MMJOEJWJEVBMMZTJHOJDBOUOBODJBMBTTFUTBSFBTTFTTFEGPSTQFDJDJNQBJSNFOU'JOBODJBM
assets that are not individually significant are collectively assessed for impairment in
HSPVQTUIBUTIBSFTJNJMBSSJTLDIBSBDUFSJTUJDT
*NQBJSNFOUMPTTFTPOBWBJMBCMFGPSTBMFFRVJUZTFDVSJUZBSFSFDPHOJTFECZSFDMBTTJGZJOHUIF
MPTTFTBDDVNVMBUFEJOUIFGBJSWBMVFSFTFSWF JOFRVJUZUPQSPUPSMPTT5IFDVNVMBUJWFMPTT
UIBUJTSFDMBTTJFEGSPNFRVJUZUPQSPUPSMPTTJTUIFEJGGFSFODFCFUXFFOUIFBDRVJTJUJPO
cost and the current fair value, less any impairment loss recognised previously in profit
PSMPTT"OZTVCTFRVFOUSFDPWFSZJOUIFGBJSWBMVFPGBOJNQBJSFEBWBJMBCMFGPSTBMFFRVJUZ
security is recognised in other comprehensive income.
The carrying amounts of the Groups non-financial assets, other than inventories and
deferred tax assets, are reviewed at each reporting date to determine whether there is
BOZJOEJDBUJPOPGJNQBJSNFOU*GBOZTVDIJOEJDBUJPOFYJTUT
UIFOUIFBTTFUTSFDPWFSBCMF
BNPVOUJTFTUJNBUFE'PSHPPEXJMM
UIFSFDPWFSBCMFBNPVOUJTFTUJNBUFEBUFBDISFQPSUJOH
date, and as and when indicators of impairment are identified. An impairment loss is
recognised if the carrying amount of an asset or its related cash-generating unit (CGU)
FYDFFETJUTFTUJNBUFESFDPWFSBCMFBNPVOU
54 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
3. SIGNIFICANT ACCOUNTING POLICIES (continued)
5IFSFDPWFSBCMFBNPVOUPGBOBTTFUPS$(6JTUIFHSFBUFSPGJUTWBMVFJOVTFBOEJUTGBJS
value less costs to sell. In assessing value in use, the estimated future cash flows are
EJTDPVOUFEUPUIFJSQSFTFOUWBMVFVTJOHBQSFUBYEJTDPVOUSBUFUIBUSFFDUTDVSSFOUNBSLFU
BTTFTTNFOUTPGUIFUJNFWBMVFPGNPOFZBOEUIFSJTLTTQFDJDUPUIFBTTFUPS$(6'PS
UIFQVSQPTFPGJNQBJSNFOUUFTUJOH
BTTFUTUIBUDBOOPUCFUFTUFEJOEJWJEVBMMZBSFHSPVQFE
together into the smallest group of assets that generates cash inflows from continuing
VTFUIBUBSFMBSHFMZJOEFQFOEFOUPGUIFDBTIJOPXTPGPUIFSBTTFUTPS$(64VCKFDUUPBO
operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to
XIJDIHPPEXJMMIBTCFFOBMMPDBUFEBSFBHHSFHBUFETPUIBUUIFMFWFMBUXIJDIJNQBJSNFOU
testing is performed, reflects the lowest level at which goodwill is monitored for internal
SFQPSUJOHQVSQPTFT(PPEXJMMBDRVJSFEJOBCVTJOFTTDPNCJOBUJPOJTBMMPDBUFEUPHSPVQT
PG$(6TUIBUBSFFYQFDUFEUPCFOFUGSPNUIFTZOFSHJFTPGUIFDPNCJOBUJPO
The Groups corporate assets do not generate separate cash inflows. If there is an
JOEJDBUJPO UIBU B DPSQPSBUF BTTFU NBZ CF JNQBJSFE
UIFO UIF SFDPWFSBCMF BNPVOU JT
EFUFSNJOFEGPSUIF$(6UPXIJDIUIFDPSQPSBUFBTTFUCFMPOHT
Impairment losses are recognised in profit or loss. Impairment losses recognised in respect
of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the
CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the
CGU (group of CGUs) on a pro rataCBTJT
Goodwill that forms part of the carrying amount of an investment in an associated company
is not recognised separately, and therefore is not tested for impairment separately.
Instead, the entire amount of the investment in an associated company is tested for
JNQBJSNFOUBTBTJOHMFBTTFUXIFOUIFSFJTPCKFDUJWFFWJEFODFUIBUUIFJOWFTUNFOUJOBO
BTTPDJBUFEDPNQBOZNBZCFJNQBJSFE
(p) Inventories
5IF(SPVQJOJUJBMMZSFDPHOJTFTEFCUTFDVSJUJFTJTTVFEBOETVCPSEJOBUFEMJBCJMJUJFTPOUIF
EBUFUIBUUIFZBSFPSJHJOBUFE"MMPUIFSOBODJBMMJBCJMJUJFT JODMVEJOHMJBCJMJUJFTEFTJHOBUFEBU
fair value through profit or loss) are recognised initially on the trade date, which is the date
UIBUUIF(SPVQCFDPNFTBQBSUZUPUIFDPOUSBDUVBMQSPWJTJPOTPGUIFJOTUSVNFOU
5IF (SPVQ EFSFDPHOJTFT B OBODJBM MJBCJMJUZ XIFO JUT DPOUSBDUVBM PCMJHBUJPOT BSF
discharged, cancelled or expire.
'JOBODJBMBTTFUTBOEMJBCJMJUJFTBSFPGGTFUBOEUIFOFUBNPVOUQSFTFOUFEJOUIFTUBUFNFOUPG
financial position when, and only when, the Group has a legal right to offset the amounts
BOEJOUFOETFJUIFSUPTFUUMFPOBOFUCBTJTPSUPSFBMJTFUIFBTTFUBOETFUUMFUIFMJBCJMJUZ
simultaneously.
5IF(SPVQDMBTTJFTOPOEFSJWBUJWFOBODJBMMJBCJMJUJFTJOUPPUIFSOBODJBMMJBCJMJUJFTXIJDI
DPNQSJTF CBOL CPSSPXJOH BOE USBEF BOE PUIFS QBZBCMFT 4VDI OBODJBM MJBCJMJUJFT BSF
SFDPHOJTFEJOJUJBMMZBUGBJSWBMVFQMVTBOZEJSFDUMZBUUSJCVUBCMFUSBOTBDUJPODPTUT4VCTFRVFOU
UPJOJUJBMSFDPHOJUJPO
UIFTFOBODJBMMJBCJMJUJFTBSFNFBTVSFEBUBNPSUJTFEDPTUVTJOHUIF
effective interest method.
(r) Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or
DPOTUSVDUJWFPCMJHBUJPOUIBUDBOCFFTUJNBUFESFMJBCMZ
BOEJUJTQSPCBCMFUIBUBOPVUPX
PGFDPOPNJDCFOFUTXJMMCFSFRVJSFEUPTFUUMFUIFPCMJHBUJPO1SPWJTJPOTBSFEFUFSNJOFE
CZ EJTDPVOUJOH UIF FYQFDUFE GVUVSF DBTI PXT BU B QSFUBY SBUF UIBU SFFDUT DVSSFOU
NBSLFUBTTFTTNFOUTPGUIFUJNFWBMVFPGNPOFZBOEUIFSJTLTTQFDJDUPUIFMJBCJMJUZ5IF
unwinding of the discount is recognised as finance cost.
4IPSUUFSN FNQMPZFF CFOFU PCMJHBUJPOT BSF NFBTVSFE PO BO VOEJTDPVOUFE CBTJT BOE
BSFFYQFOTFEBTUIFSFMBUFETFSWJDFJTQSPWJEFE"MJBCJMJUZJTSFDPHOJTFEGPSUIFBNPVOU
FYQFDUFEUPCFQBJEVOEFSTIPSUUFSNDBTICPOVTPSFNQMPZFFTFOUJUMFNFOUTUPBOOVBM
leave when they accrue to employees, if the Group has a present legal or constructive
PCMJHBUJPOUPQBZUIJTBNPVOUBTBSFTVMUPGQBTUTFSWJDFQSPWJEFECZUIFFNQMPZFFBOE
UIFPCMJHBUJPODBOCFFTUJNBUFESFMJBCMZ
56 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
3. SIGNIFICANT ACCOUNTING POLICIES (continued)
"EFOFEDPOUSJCVUJPOQMBOJTBQPTUFNQMPZNFOUCFOFUQMBOVOEFSXIJDIBOFOUJUZQBZT
YFEDPOUSJCVUJPOTJOUPBTFQBSBUFFOUJUZBOEXJMMIBWFOPMFHBMPSDPOTUSVDUJWFPCMJHBUJPO
UPQBZGVSUIFSBNPVOUT0CMJHBUJPOTGPSDPOUSJCVUJPOTUPEFOFEDPOUSJCVUJPOQMBOTBSF
SFDPHOJTFEBTBOFNQMPZFFCFOFUFYQFOTFJOQSPUPSMPTTJOUIFQFSJPETEVSJOHXIJDI
TFSWJDFTBSFSFOEFSFECZFNQMPZFFT
Share-based payments
The share option programme allows certain employees of the Group and
BTTPDJBUFEDPNQBOJFTUPBDRVJSFTIBSFTPGUIF$PNQBOZ5IFGBJSWBMVFPGPQUJPOT
granted is recognised as an employee expense with a corresponding increase
JO FRVJUZ 5IF GBJS WBMVF JT NFBTVSFE BU HSBOU EBUF BOE TQSFBE PWFS UIF QFSJPE
EVSJOH XIJDI UIF FNQMPZFFT CFDPNF VODPOEJUJPOBMMZ FOUJUMFE UP UIF PQUJPOT "U
FBDISFQPSUJOHEBUF
UIF$PNQBOZSFWJTFTJUTFTUJNBUFTPGUIFOVNCFSPGPQUJPOT
UIBUBSFFYQFDUFEUPCFDPNFFYFSDJTBCMF*USFDPHOJTFTUIFJNQBDUPGUIFSFWJTJPO
PGPSJHJOBMFTUJNBUFTJOFNQMPZFFFYQFOTFBOEJOBDPSSFTQPOEJOHBEKVTUNFOUUP
FRVJUZPWFSUIFSFNBJOJOHWFTUJOHQFSJPE
5IF QSPDFFET SFDFJWFE OFU PG BOZ EJSFDUMZ BUUSJCVUBCMF USBOTBDUJPOT DPTUT BSF
credited to share capital when the options are exercised.
An initial estimate is made for the cost of compensation under the Companys
QFSGPSNBODFTIBSFQMBOCBTFEPOUIFOVNCFSPGTIBSFTFYQFDUFEUPCFBXBSEFE
BUUIFFOEPGUIFQFSGPSNBODFQFSJPE
WBMVFEBUNBSLFUQSJDFBUUIFEBUFPGUIF
HSBOU PG UIF BXBSE 5IF DPTU JT DIBSHFE UP QSPU PS MPTT PO B CBTJT UIBU GBJSMZ
SFFDUTUIFNBOOFSJOXIJDIUIFCFOFUTXJMMBDDSVFUPUIFFNQMPZFFVOEFSUIF
plan over the service period to which the performance criteria relate.
"UFBDISFQPSUJOHEBUF
UIFDPNQFOTBUJPODPTUJTSFNFBTVSFECBTFEPOUIFMBUFTU
FTUJNBUF PG UIF OVNCFS PG TIBSFT UIBU XJMM CF BXBSEFE CBTFE PO OPONBSLFU
vesting conditions. Any increase or decrease in compensation cost over the
previous estimate is recorded in that reporting period.
5IF OBM NFBTVSF PG DPNQFOTBUJPO DPTU JT CBTFE PO UIF OVNCFS PG TIBSFT
ultimately awarded at the date the performance criteria are met.
1BZNFOUTNBEFVOEFSPQFSBUJOHMFBTFTBSFSFDPHOJTFEJOQSPUPSMPTTPOBTUSBJHIUMJOF
CBTJTPWFSUIFUFSNPGUIFMFBTF-FBTFJODFOUJWFTSFDFJWFEBSFSFDPHOJTFEBTBOJOUFHSBM
part of the total lease expense, over the term of the lease.
$POUJOHFOUMFBTFQBZNFOUTBSFBDDPVOUFEGPSCZSFWJTJOHUIFNJOJNVNMFBTFQBZNFOUT
PWFSUIFSFNBJOJOHUFSNPGUIFMFBTFXIFOUIFMFBTFBEKVTUNFOUJTDPOSNFE
8IFSF UIF $PNQBOZ FOUFST JOUP OBODJBM HVBSBOUFF DPOUSBDUT UP HVBSBOUFF UIF
JOEFCUFEOFTTPGPUIFSDPNQBOJFTXJUIJOJUT(SPVQ
UIF$PNQBOZDPOTJEFSTUIFTFUPCF
insurance arrangements, and accounts for them as such. In this respect, the Company
USFBUT UIF HVBSBOUFF DPOUSBDU BT B DPOUJOHFOU MJBCJMJUZ VOUJM TVDI UJNF BT JU CFDPNFT
QSPCBCMFUIBUUIF$PNQBOZXJMMCFSFRVJSFEUPNBLFBQBZNFOUVOEFSUIFHVBSBOUFF
0SEJOBSZ TIBSFT BSF DMBTTJFE BT FRVJUZ *ODSFNFOUBM DPTUT EJSFDUMZ BUUSJCVUBCMF UP UIF
JTTVFPGPSEJOBSZTIBSFTBOETIBSFPQUJPOTBSFSFDPHOJTFEBTBEFEVDUJPOGSPNFRVJUZ
net of any tax effects.
,FZ NBOBHFNFOU QFSTPOOFM PG UIF (SPVQ BSF UIPTF QFSTPOT IBWJOH BVUIPSJUZ BOE
SFTQPOTJCJMJUZ GPS QMBOOJOH
EJSFDUJOH BOE DPOUSPMMJOH UIF BDUJWJUJFT PG UIF (SPVQ 5IF
#PBSEPG%JSFDUPSTPGUIF(SPVQBOEUIFTFOJPSNBOBHFNFOUUFBNBSFDPOTJEFSFEBTLFZ
management personnel of the Group.
$BTI HSBOUT SFDFJWFE GSPN UIF HPWFSONFOU JO SFMBUJPO UP UIF +PCT $SFEJU 4DIFNF BSF
SFDPHOJTFEVQPOSFDFJQU4VDIHSBOUTBSFQSPWJEFEUPEFGSBZUIFXBHFDPTUTJODVSSFECZ
the Group and are offset against staff costs in the financial statements.
58 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
4. REVENUE
The Group
2011 2010
US$000 US$000
5. OTHER GAINS
The Group
2011 2010
US$000 US$000
5IFGPMMPXJOHJUFNTIBWFCFFOJODMVEFEJOBSSJWJOHBUSFTVMUTGSPNPQFSBUJOHBDUJWJUJFT
The Group
2011 2010
US$000 US$000
$POUSJCVUJPOTUPEFOFEDPOUSJCVUJPOQMBOT
included in staff costs 136 124
+PCTDSFEJUTPGGTFUBHBJOTUTUBGGDPTUT (5) (55)
0QFSBUJOHMFBTFFYQFOTF 148 170
7. FINANCE INCOME
The Group
2011 2010
US$000 US$000
*OUFSFTUJODPNFPOEFQPTJUTXJUICBOLT 74 354
Interest income on security notes 4 2
%JWJEFOEJODPNFGSPNRVPUFEFRVJUZTFDVSJUJFT 48 66
/FUDIBOHFJOGBJSWBMVFPGEJTQPTFEPVUTUBOEJOH
financial assets held-for-trading 91 807
217 1,229
The Group
2011 2010
US$000 US$000
$PNNJUNFOUGFFPOCBOLCPSSPXJOHGBDJMJUZ 36
"NPSUJTBUJPOPGVQGSPOUGFFPOCBOLCPSSPXJOH 24
Interest expense:
- interest rate swaps 236
CBOLCPSSPXJOH 467
763
9. EXCHANGE DIFFERENCES
The Group
2011 2010
US$000 US$000
/FUFYDIBOHFHBJO MPTT
708 (212)
708 (212)
60 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
10. TAXATION
The Group
2011 2010
US$000 US$000
$VSSFOUUBYDSFEJU FYQFOTF
.PWFNFOUT JO EFGFSSFE UBY BTTFU BOE MJBCJMJUJFT PG UIF (SPVQ QSJPS UP PGGTFUUJOH PG CBMBODFT
during the financial year are as follows:
Credited / Credited /
(charged) (charged)
At 1 April to income At 31 March to income At 31 March
2009 statement 2010 statement 2011
US$000 US$000 US$000 US$000 US$000
%FGFSSFE UBY MJBCJMJUZ BOE BTTFU BSF PGGTFU XIFO UIFSF JT B MFHBMMZ FOGPSDFBCMF SJHIU UP TFU PGG
DVSSFOUUBYBTTFUBHBJOTUDVSSFOUUBYMJBCJMJUZBOEXIFOUIFEFGFSSFEUBYFTSFMBUFUPUIFTBNFUBY
authority. The amounts determined after appropriate offsetting are included in the statements of
financial position as follows:
%FGFSSFEUBYBTTFU
(note 17) 9
%FGFSSFEUBYMJBCJMJUZ (1) (5) (1) (5)
(1) 4 (1) (5)
5IFUBYMPTTFTBSFTVCKFDUUPBHSFFNFOUCZUIFUBYBVUIPSJUJFT%FGFSSFEUBYBTTFUJTSFDPHOJTFE
GPSUBYMPTTFTDBSSJFEGPSXBSEUPUIFFYUFOUUIBUSFBMJTBUJPOPGUIFSFMBUFEUBYCFOFUTUISPVHI
GVUVSFUBYBCMFQSPUTBSFQSPCBCMF*OBTTFTTJOHUIFQSPCBCJMJUZPGGVUVSFUBYBCMFQSPUTBWBJMBCMF
GPSVUJMJTBUJPOPGUIFUBYCFOFUT
NBOBHFNFOUIBTDPOTJEFSFEQSPUGPSFDBTUTCBTFEPODFSUBJO
assumptions which may change.
62 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
10. TAXATION (continued)
"TBU.BSDI
DFSUBJOTVCTJEJBSJFTPGUIF(SPVQIBWFVOVUJMJTFEUBYMPTTFTPGBQQSPYJNBUFMZ
4
4
5IFVOVUJMJTFEUBYMPTTFTBSFBWBJMBCMFGPSDBSSZGPSXBSEBOE
TFUPGGBHBJOTUGVUVSFUBYBCMFQSPUTTVCKFDUUPBHSFFNFOUCZUIF$PNQUSPMMFSPG*ODPNF5BYBOE
DPNQMJBODFXJUIUIFSFMFWBOUQSPWJTJPOTPGUIF*ODPNF5BY"DU0GUIFTFVOVUJMJTFEUBYMPTTFT
EFGFSSFEUBYBTTFUBNPVOUJOHUP4
4
IBWFOPUCFFOSFDPHOJTFEJO
UIFOBODJBMTUBUFNFOUTCFDBVTFJUJTOPUQSPCBCMFUIBUGVUVSFUBYBCMFQSPUTXJMMCFBWBJMBCMF
BHBJOTUXIJDIUIFBGPSFNFOUJPOFETVCTJEJBSJFTDBOVUJMJTFUIFCFOFUTBSJTJOHUIFSFGSPN
The Group
2011 2010
US$000 US$000
#BTJDBOEEJMVUFEFBSOJOHTQFSTIBSFJTCBTFEPO
1SPUBUUSJCVUBCMFUPPXOFSTPGUIF$PNQBOZ 5,601 3,166
8FJHIUFEBWFSBHFOVNCFSPGPSEJOBSZTIBSFTJOJTTVFGPS
CBTJDBOEEJMVUFEFBSOJOHTQFSTIBSF
436,017 436,017
#BTJD BOE EJMVUFE FBSOJOHT QFS TIBSF BSF DBMDVMBUFE CZ EJWJEJOH UIF QSPU BUUSJCVUBCMF UP
PXOFSTPGUIF$PNQBOZCZUIFXFJHIUFEBWFSBHFOVNCFSPGPSEJOBSZTIBSFTJOJTTVFEVSJOH
the financial year.
Renovations, Equipment
Drydocking furniture and
The Group Vessels expenditure and ttings computers Total
US$000 US$000 US$000 US$000 US$000
Cost
At 1 April 2009 59,566 2,053 163 587 62,369
Additions 30 30
%JTQPTBMT (16,558) (4) (161) (16,723)
At 31 March 2010 43,008 2,049 163 456 45,676
Additions 66,787 18 2 117 66,924
8SJUFPGG (2,049) (2,049)
%JTQPTBMT (33) (33)
At 31 March 2011 109,795 18 165 540 110,518
Accumulated
depreciation
At 1 April 2009 49,175 683 65 578 50,501
%FQSFDJBUJPODIBSHF 650 824 21 10 1,505
%JTQPTBMT (12,381) (4) (161) (12,546)
At 31 March 2010 37,444 1,503 86 427 39,460
%FQSFDJBUJPODIBSHF 3,055 546 19 31 3,651
8SJUFPGG (2,049) (2,049)
%JTQPTBMT (32) (32)
At 31 March 2011 40,499 105 426 41,030
Carrying amount
At 1 April 2009 10,391 1,370 98 9 11,868
At 31 March 2010 5,564 546 77 29 6,216
At 31 March 2011 69,296 18 60 114 69,488
Impairment assessment
&BDI PG UIF (SPVQT WFTTFMT JT B TFQBSBUF DBTIHFOFSBUJOH VOJU 6OEFS UIF (SPVQT GPSNBM
JNQBJSNFOU BTTFTTNFOU PG JUT WFTTFMT
UIF SFDPWFSBCMF BNPVOU GPS FBDI WFTTFM JT EFUFSNJOFE
CBTFEPOWBMVFJOVTFDBMDVMBUJPO
64 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
12. PROPERTY, PLANT AND EQUIPMENT (continued)
#BTFEPONBOBHFNFOUTBTTFTTNFOU OPJNQBJSNFOUMPTTIBTCFFOJEFOUJFE
The Group reviews the estimated useful lives of the vessels regularly in order to determine the
BNPVOUPGEFQSFDJBUJPOFYQFOTFUPCFSFDPSEFEGPSFBDIOBODJBMZFBS$IBOHFTJOUIFFYQFDUFE
level of use of the vessels could impact the economic useful lives and the residual values of
the vessels. Any changes in the economic useful lives and the residual values could impact
UIFEFQSFDJBUJPODIBSHFTBOEDPOTFRVFOUMZBGGFDUUIF(SPVQTSFTVMUT5IFSFTJEVBMWBMVFTBSF
reviewed at each financial year-end, with any changes in estimates accounted for as a change
in estimate and therefore prospectively.
The residual values of the vessels for the purpose of calculating the annual depreciation
expense for the year is estimated using the long-range average scrap steel price in US$ per
light displacement ton less estimated costs of disposal of a complete vessel with all normal
NBDIJOFSZBOEFRVJQNFOUPOCPBSE
%SZEPDLJOHDPTUTBSFBNPSUJTFEPOBTUSBJHIUMJOFCBTJTPWFSUIFQFSJPEUPUIFOFYUBOUJDJQBUFE
ESZEPDLJOHEBUF5IF(SPVQSFWJFXTUIFDPOEJUJPOTPGUIFWFTTFMTPQFSBUFECZUIFNBOEUPHFUIFS
with the Groups historical experience with similar vessels and the relevant regulations governing
UIF WFTTFMT
UIF (SPVQ EFUFSNJOFT UIF OFYU BOUJDJQBUFE ESZEPDLJOH EBUF PG FBDI JOEJWJEVBM
WFTTFM"OZDIBOHFTUPUIFOFYUBOUJDJQBUFEESZEPDLJOHEBUFDPVMEJNQBDUUIFBNPSUJTBUJPOBOE
DPOTFRVFOUMZ BGGFDU UIF (SPVQT SFTVMUT 5IF OFYU BOUJDJQBUFE ESZEPDLJOH EBUF JT SFWJFXFE BU
each reporting date.
Change in estimates
%VSJOHUIFOBODJBMZFBS
UIFSFTJEVBMWBMVFGPSPOFPGUIFWFTTFMTIBTCFFOSFWJTFE5IFDIBOHFJO
residual value of the vessel constitutes a change in estimates and the effects of the change have
CFFOBQQMJFEQSPTQFDUJWFMZ5IFFGGFDUPGUIFDIBOHFJTBSFEVDUJPOJOEFQSFDJBUJPOFYQFOTFJO
UIFDVSSFOUZFBSCZBQQSPYJNBUFMZ64
"TUIFSFTJEVBMWBMVFPGUIFWFTTFMTBSFSFWJFXFE
at each financial year-end and any changes in estimates are accounted for prospectively, the
FGGFDUPOGVUVSFQFSJPETJTJNQSBDUJDBCMFUPFTUJNBUF
Freehold
land and Leasehold
The Group properties properties Total
US$000 US$000 US$000
Cost
At 1 April 2009 266 204 470
Currency translation differences 20 17 37
%JTQPTBM (286) (286)
At 31 March 2010 221 221
Currency translation differences 17 17
%JTQPTBM (238) (238)
At 31 March 2011
Accumulated depreciation
At 1 April 2009 179 97 276
Currency translation differences 14 8 22
%FQSFDJBUJPODIBSHF 3 3
%JTQPTBM (193) (193)
At 31 March 2010 108 108
Currency translation differences 8 8
%FQSFDJBUJPODIBSHF 1 1
%JTQPTBM (117) (117)
At 31 March 2011
Carrying value
At 1 April 2009 87 107 194
At 31 March 2010 113 113
At 31 March 2011
5IF SFOUBM JODPNF FBSOFE BOE EJSFDU PQFSBUJOH FYQFOTFT JODVSSFE CZ UIF (SPVQ PO JUT
investment properties amount to approximately US$19,000 (2010: US$31,000) and US$6,000
(2010: US$11,000) respectively.
66 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
14. SUBSIDIARIES
The Company
2011 2010 1 April 2009
US$000 US$000 US$000
5IFJOWFTUNFOUTJOTVCTJEJBSJFTBSFUFTUFEGPSJNQBJSNFOUXIFOBTVCTJEJBSZJTJOBOFUMJBCJMJUJFT
QPTJUJPOPSIBTTVGGFSFEDPOUJOVBMPQFSBUJOHMPTTFTPSIBTBOZPUIFSLOPXOJNQBJSNFOUJOEJDBUPST
5IJTUFTUSFRVJSFTTJHOJDBOUKVEHFNFOU
#BTFEPOUIJTBTTFTTNFOU
BOJNQBJSNFOUMPTTIBTCFFOSFDPHOJTFEJOSFTQFDUPGUIFJOWFTUNFOU
JOPOFPGUIFTVCTJEJBSJFT
5IFDIBOHFJOJNQBJSNFOUMPTTJOSFTQFDUPGUIFJOWFTUNFOUJOBTVCTJEJBSZEVSJOHUIFZFBSJT
as follows:
The Company
2011 2010 1 April 2009
US$000 US$000 US$000
5IFOFUBTTFUTPGUIFTVCTJEJBSZ
XIJDIDPNQSJTFNBJOMZDVSSFOUNPOFUBSZBTTFUTBOEMJBCJMJUJFT
approximate the fair value less costs to sell.
5IF OPOUSBEF BNPVOU EVF GSPN B TVCTJEJBSZ JT VOTFDVSFE BOE JOUFSFTU GSFF 5IF TFUUMFNFOU
PG UIF MPBO JT OFJUIFS QMBOOFE OPS MJLFMZ UP PDDVS JO UIF GPSFTFFBCMF GVUVSF "T UIJT MPBO JT
JO
TVCTUBODF
BQBSUPGUIF$PNQBOZTOFUJOWFTUNFOUJOUIFTVCTJEJBSZ
JUJTTUBUFEBUDPTUMFTT
accumulated impairment, if any.
%FUBJMTPGUIFTVCTJEJBSJFTBSFBTGPMMPXT
B
/PUSFRVJSFEUPCFBVEJUFECZUIFMBXTPGUIFDPVOUSZPGJODPSQPSBUJPO
C
-JRVJEBUFEJO':
"MMUIFTVCTJEJBSJFTBSFBVEJUFECZ,1.(--1
FYDFQUGPSUIFTVCTJEJBSJFTUIBUBSFOPUSFRVJSFEUP
CFBVEJUFECZUIFMBXTPGUIFDPVOUSZPGJODPSQPSBUJPOPSXFSFMJRVJEBUFE
6ORVPUFEFRVJUZTIBSFT
at cost * * * * * *
Groups share of post-
BDRVJTJUJPOQSPUT
and reserves, net of
dividends received 3,016 2,851 2,267
3,016 2,851 2,267
$PTUJTCFMPX64
68 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
15. ASSOCIATED COMPANY (continued)
%FUBJMTPGUIFBTTPDJBUFEDPNQBOZBSFBTGPMMPXT
.0#$PVHBS1UF-UE Singapore 30 30 30
5IFBTTPDJBUFEDPNQBOZJTBVEJUFECZ,1.(--1
5IF TVNNBSJTFE OBODJBM JOGPSNBUJPO SFMBUJOH UP UIF BTTPDJBUFE DPNQBOZ JT OPU BEKVTUFE GPS
UIF QFSDFOUBHF PG PXOFSTIJQ IFME CZ UIF (SPVQ 5IF OBODJBM JOGPSNBUJPO PG UIF BTTPDJBUFE
company is as follows:
Results
Revenue 5,693 4,695 7,866
1SPUBGUFSUBYBUJPO 548 1,949 2,080
5IFDPOUJOHFOUMJBCJMJUZPGUIFBTTPDJBUFEDPNQBOZJTTFUPVUJOOPUF B
JJ
The Group
2011 2010 1 April 2009
US$000 US$000 US$000
2VPUFEFRVJUZTFDVSJUJFT
BWBJMBCMFGPSTBMF 7 7 4
The Group
2011 2010 1 April 2009
US$000 US$000 US$000
%FGFSSFEUBYBTTFU OPUF
9
$MVCNFNCFSTIJQT 235 213 215
235 213 224
5SBEFSFDFJWBCMFT 21 3 5
%VFGSPNSFMBUFEQBSUJFT
(trade) 1 3 1
%VFGSPNTVCTJEJBSJFT
(non- trade) 20,586 33,290 22,282
Less: Impairment loss (9,554) (7,354) (6,426)
11,032 25,936 15,856
%FQPTJUT 41 43 46 1
Accrued interest
SFDFJWBCMF 5 42 41 6 15
4VOESZEFCUPST 354 605 488
0UIFST 186
-PBOTBOESFDFJWBCMFT 608 696 581 11,033 25,942 15,871
Advances 14 3 16 2 2 1
1SFQBZNFOUT 230 124 208 6 5 6
852 823 805 11,041 25,949 15,878
5IF OPOUSBEF BNPVOUT EVF GSPN TVCTJEJBSJFT BSF VOTFDVSFE
JOUFSFTUGSFF BOE SFQBZBCMF
on demand.
3FMBUFEQBSUJFTSFGFSUPTVCTJEJBSJFTPGUIFDPNQBOJFTXJUIBTVCTUBOUJBMTIBSFIPMEFSJODPNNPO
with the Company.
70 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
18. TRADE AND OTHER RECEIVABLES (continued)
Impairment loss
5IF OPOUSBEF BNPVOUT EVF GSPN TVCTJEJBSJFT BSF UFTUFE GPS JNQBJSNFOU XIFO B TVCTJEJBSZ
SFDPSET B OFU MJBCJMJUJFT QPTJUJPO PS IBT TVGGFSFE DPOUJOVBM PQFSBUJOH MPTTFT 5IJT UFTU SFRVJSFT
TJHOJDBOUKVEHFNFOU
#BTFEPOUIJTBTTFTTNFOU
BOJNQBJSNFOUMPTTIBTCFFOSFDPHOJTFEJOSFTQFDUPGBOPOUSBEF
BNPVOUEVFGSPNBTVCTJEJBSZ
5IFDIBOHFJOJNQBJSNFOUMPTTJOSFTQFDUPGOPOUSBEFSFDFJWBCMFTEVSJOHUIFZFBSJTBTGPMMPXT
The Company
2011 2010 1 April 2009
US$000 US$000 US$000
The Group
2011 2010 1 April 2009
US$000 US$000 US$000
&RVJUZMJOLFEOPUFT 283
2VPUFEFRVJUZTFDVSJUJFT 735 972 1,143
735 972 1,426
As at reporting date, the weighted average effective interest rate per annum is as follows:
5SBEFQBZBCMFT 181 65 89
%VFUPSFMBUFEQBSUJFT
(trade) 2 1 2
%VFUPTVCTJEJBSJFT
(non-trade) 7,458 20,363 19,516
Sundry creditors 43 28 28 32 28 28
"DDSVFEJOUFSFTUQBZBCMF 165
Accrued operating
expenses 1,309 895 1,046 295 246 243
'JOBODJBMMJBCJMJUJFTBU
amortised cost 1,700 989 1,165 7,785 20,637 19,787
Advance receipts from
customers 165 99 100
1,865 1,088 1,265 7,785 20,637 19,787
72 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
21. TRADE AND OTHER PAYABLES (continued)
5IFOPOUSBEFBNPVOUTEVFUPTVCTJEJBSJFTBSFVOTFDVSFE JOUFSFTUGSFFBOESFQBZBCMFPOEFNBOE
3FMBUFE QBSUJFT SFGFS UP TVCTJEJBSJFT PG B DPNQBOZ XJUI B TVCTUBOUJBM TIBSFIPMEFS JO DPNNPO
with the Company.
The Group
2011 2010 1 April 2009
US$000 US$000 US$000
Current
$VSSFOUQPSUJPOPGMPOHUFSNCBOL
CPSSPXJOH 4,404
Non-current
-POHUFSNCBOLCPSSPXJOH 28,252
%VSJOHUIFOBODJBMZFBS
BXIPMMZPXOFETVCTJEJBSZPGUIF(SPVQIBTGVMMZESBXOEPXOJUTCBOL
CPSSPXJOHPG64NJMMJPO5IFJOUFSFTUSBUFTBSFCFJOHSFQSJDFEBUJOUFSWBMTPGPOFUPUISFF
NPOUIT5IFTVCTJEJBSZIBTFOUFSFEJOUPJOUFSFTUSBUFTXBQTUPTXBQPBUJOHJOUFSFTUSBUFPO
64NJMMJPOPGUIFCBOLCPSSPXJOHUPZFBSTBOEZFBSTYFEJOUFSFTUSBUFT5IFJOUFSFTUSBUFT
GPSUIFCBOLCPSSPXJOH BGUFSUBLJOHJOUPDPOTJEFSBUJPOUIFJOUFSFTUSBUFTXBQT
SBOHFGSPN
UPQFSBOOVN
BOEUIFXFJHIUFEBWFSBHFFGGFDUJWFJOUFSFTUSBUFQFSBOOVNBUUIFCBMBODF
TIFFUEBUFJT
5IFCBOLCPSSPXJOHJTTFDVSFECZBDPSQPSBUFHVBSBOUFFGSPNUIF$PNQBOZ
STUQSJPSJUZNPSUHBHF
PWFSUIFBGPSFNFOUJPOFETVCTJEJBSZTWFTTFM
BOESTUQSJPSJUZBTTJHONFOUPGUIFWFTTFMTDIBSUFS
FBSOJOHTBOEJOTVSBODFT5IFOFUCPPLWBMVFPGUIFWFTTFMNPSUHBHFEBTTFDVSJUZGPSUIFCBOL
CPSSPXJOHJTBQQSPYJNBUFMZ64NJMMJPOBTBU.BSDI
5IF CBOL CPSSPXJOH JT CFJOH SFQBJE CZ FRVBM NPOUIMZ JOTUBMMNFOUT BOE UIF OBM NPOUIMZ
JOTUBMMNFOUXJMMGBMMEVFPO+VOF
Notional Negative
amount fair value
US$000 US$000
Current
'PSFJHODVSSFODZPQUJPO 750 *
/FHBUJWFGBJSWBMVFJTCFMPX64
Non-current
Interest rate swaps 15,000 284
5IFJOUFSFTUSBUFTXBQTBSFEFTJHOBUFEBTDBTIPXIFEHFGPSUIF(SPVQTCBOLCPSSPXJOH4FF
note 22 for further details.
Ordinary shares
The Company
000
/VNCFSPGTIBSFTBU"QSJMBOE.BSDI 436,017
/VNCFSPGTIBSFTBU"QSJMBOE.BSDI 436,017
The holders of ordinary shares are entitled to receive dividends as declared from time to time
BOEBSFFOUJUMFEUPPOFWPUFQFSTIBSFBUNFFUJOHTPGUIF$PNQBOZ"MMTIBSFTSBOLFRVBMMZXJUI
regard to the Companys residual assets.
Capital management
5IF #PBSET QPMJDZ JT UP IBWF B TUSPOH DBQJUBM CBTF UP NBJOUBJO JOWFTUPS
DSFEJUPS BOE NBSLFU
DPOEFODFBOEUPTVTUBJOGVUVSFEFWFMPQNFOUPGUIFCVTJOFTT
The Group defines capital to include funds raised through the issuance of ordinary share capital and
BMMDPNQPOFOUTPGFRVJUZ5IF(SPVQNBOBHFTJUTDBQJUBMUPFOTVSFFOUJUJFTJOUIF(SPVQXJMMCFBCMF
to continue as a going concern while maximising the return to shareholders through optimisation
PGUIFEFCUBOEFRVJUZCBMBODF5IF(SPVQBDUJWFMZSFWJFXTJUTDBQJUBMTUSVDUVSFBOEDPOTJEFSTUIF
DPTUPGDBQJUBMBOEUIFSJTLTBTTPDJBUFEXJUIFBDIDMBTTPGDBQJUBM"TBU.BSDI
UIF(SPVQ
IBEBOPVUTUBOEJOHEFCUFYQPTVSFPG64
':/JM
5IF(SPVQCBMBODFTJUTPWFSBMM
capital structure through the payment of dividends, return of capital to shareholders, new share
JTTVFTBTXFMMBTUIFJTTVFPGOFXEFCUPSUIFSFEFNQUJPOPGFYJTUJOHEFCU
74 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
24. SHARE CAPITAL (continued)
There were no changes in the Groups approach to capital management during the year.
5IF(SPVQTTIJQPXOJOHTVCTJEJBSJFTBSFTVCKFDUUPFYUFSOBMMZJNQPTFEDBQJUBMSFRVJSFNFOUTBT
SFRVJSFEVOEFS3FHVMBUJPOPGUIF.FSDIBOU4IJQQJOH"DU $IBQUFS
5IFTFDPNQBOJFTIBWF
DPNQMJFEXJUIUIFSFRVJSFNFOUTEVSJOHUIFOBODJBMZFBS
The Group
2011 2010 1 April 2009
Note US$000 US$000 US$000
'BJSWBMVFSFTFSWF (a) 4 4 1
)FEHJOHSFTFSWF C
(284)
Currency translation reserve (c) 117 (723) (528)
(163) (719) (527)
5IFGBJSWBMVFSFTFSWFDPNQSJTFTUIFDVNVMBUJWFOFUDIBOHFTJOUIFGBJSWBMVFPGBWBJMBCMF
for-sale financial assets.
The hedging reserve comprises the effective portion of changes in fair value of cash
flow hedges.
The currency translation reserve comprises all foreign exchange differences arising
from the translation of the financial statements of foreign operations whose functional
currencies are different from the functional currency of the Company.
26. DIVIDENDS
The Company
2011 2010
US$000 US$000
Dividends paid
In respect of financial year ended 31 March 2009
'JOBMPOFUJFSUBYFYFNQUEJWJEFOEPG
1 Singapore cent per share 3,113
In respect of financial year ended 31 March 2010
'JOBMPOFUJFSUBYFYFNQUEJWJEFOEPG
1 Singapore cent per share 3,203
3,203 3,113
'PSUIFOBODJBMZFBSFOEFE.BSDI
UIFEJSFDUPSTIBWFQSPQPTFEBOBMPOFUJFSUBYFYFNQU
dividend of 1 Singapore cent per share amounting to approximately S$4,360,000. The financial
TUBUFNFOUTEPOPUSFFDUUIJTEJWJEFOEQBZBCMF
XIJDIXJMMCFBDDPVOUFEGPSJOUIFTIBSFIPMEFST
FRVJUZBTBOBQQSPQSJBUJPOPGUIFSFUBJOFEFBSOJOHTJOUIFOBODJBMZFBSFOEJOH.BSDI
5IF4JOHBQPSF4IJQQJOH$PSQPSBUJPO-JNJUFE4IBSF0QUJPO1MBO UIF0QUJPO1MBO
XBTBQQSPWFE
BU UIF $PNQBOZT &YUSBPSEJOBSZ (FOFSBM .FFUJOH IFME PO "VHVTU 5IF $PNQBOZT
3FNVOFSBUJPO $PNNJUUFF
DPNQSJTJOH .FTTST #FOHU $ISJTUFS 0MTTPO
5BO (VPOH $IJOH BOE
/H +VJ 1JOH BENJOJTUFST UIF 0QUJPO 1MBO -U(FO 3FUE
/H +VJ 1JOH XBT BQQPJOUFE UP UIF
3FNVOFSBUJPO$PNNJUUFFPO+VMZ
0UIFSJOGPSNBUJPOSFHBSEJOHUIF0QUJPO1MBOJTTFUPVUCFMPX
B
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4JOHBQPSF &YDIBOHF 4(9
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PS
r BEJTDPVOUUPUIFNBSLFUQSJDFPGUIF$PNQBOZTTIBSFTPOUIF4(9
QSPWJEFEUIF
NBYJNVNEJTDPVOUXIJDINBZCFHJWFOEPFTOPUFYDFFEUXFOUZQFSDFOUPGUIF
NBSLFUQSJDFJOSFTQFDUPGUIBUPQUJPO UIF%JTDPVOUFE1SJDF0QUJPO
C
5
IF.BSLFU1SJDF0QUJPONBZCFFYFSDJTFEPOFZFBSBGUFSUIFSFMFWBOUEBUFPGHSBOU5IF
%JTDPVOUFE1SJDF0QUJPONBZCFFYFSDJTFEUXPZFBSTBGUFSUIFSFMFWBOUEBUFPGHSBOU
D
QUJPOT HSBOUFE UP (SPVQ FYFDVUJWFT XJMM DFBTF UP CF FYFSDJTBCMF BGUFS UIF UFOUI
0
BOOJWFSTBSZPGUIFSFMFWBOUEBUFPGHSBOUVOMFTTUIFZIBWFCFFODBODFMMFEPSIBWFMBQTFE
QSJPSUPUIBUEBUF0QUJPOTHSBOUFEUPOPOFYFDVUJWFEJSFDUPSTBOEBTTPDJBUFEDPNQBOJFT
FYFDVUJWFTXJMMDFBTFUPCFFYFSDJTBCMFBGUFSUIFGUIBOOJWFSTBSZPGUIFSFMFWBOUEBUFPG
HSBOUVOMFTTUIFZIBWFCFFODBODFMMFEPSIBWFMBQTFEQSJPSUPUIBUEBUF
4JODFUIFDPNNFODFNFOUPGUIF0QUJPO1MBO OPPQUJPOTIBWFCFFOHSBOUFE
76 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
28. SHARE-BASED INCENTIVE
5IF4JOHBQPSF4IJQQJOH$PSQPSBUJPO-JNJUFE1FSGPSNBODF4IBSF1MBO UIF1FSGPSNBODF1MBO
XBTBQQSPWFEBUUIF$PNQBOZT&YUSBPSEJOBSZ(FOFSBM.FFUJOHIFMEPO"VHVTU5IF
1FSGPSNBODF1MBOJTBMTPBENJOJTUFSFECZUIF$PNQBOZT3FNVOFSBUJPO$PNNJUUFF
5IF 1FSGPSNBODF 1MBO JT B TIBSFCBTFE JODFOUJWF UP SFXBSE QBSUJDJQBOUT CZ UIF BXBSE PG
new shares (the Shares) in the Company, which are given free of charge to the participants
according to the extent to which their performance targets are achieved at the end of a specified
performance period.
5IF TFMFDUJPO PG B QBSUJDJQBOU BOE UIF OVNCFS PG 4IBSFT HSBOUFE UP B QBSUJDJQBOU TIBMM CF
EFUFSNJOFE BU UIF BCTPMVUF EJTDSFUJPO PG UIF 3FNVOFSBUJPO $PNNJUUFF
XIJDI TIBMM UBLF JOUP
BDDPVOUUIFQBSUJDJQBOUTSBOL
KPCQFSGPSNBODF
ZFBSTPGTFSWJDF
QPUFOUJBMGPSGVUVSFEFWFMPQNFOU
BOEDPOUSJCVUJPOTUPUIFTVDDFTTBOEEFWFMPQNFOUPGUIF(SPVQ
4JODFUIFDPNNFODFNFOUPGUIF1FSGPSNBODF1MBO OP4IBSFTIBWFCFFOBXBSEFE
IF(SPVQJTQSJODJQBMMZFOHBHFEJOTIJQPXOJOHBOETIJQNBOBHFNFOU5IFBTTFUT
MJBCJMJUJFT
5
BOEDBQJUBMFYQFOEJUVSFPGUIF(SPVQBSFNBJOMZFNQMPZFEJOUIJTTPMFSFQPSUBCMFTFHNFOU
*O QSFTFOUJOH JOGPSNBUJPO PO UIF CBTJT PG HFPHSBQIJDBM TFHNFOUT
TFHNFOU SFWFOVF JT
CBTFEPOUIFDPVOUSZPGEPNJDJMFPGUIFDVTUPNFST
The Group
2011 2010
US$000 US$000
Revenue
+BQBO 5,585 7,790
Singapore 167 182
Sweden 9,917
15,669 7,972
"TUIF(SPVQTWFTTFMTBSFEFQMPZFECZUIFDVTUPNFSTUPWBSJPVTQBSUTPGUIFXPSME
UIF
%JSFDUPSTEPOPUDPOTJEFSJUNFBOJOHGVMUPBMMPDBUFUIFBTTFUTBOEDBQJUBMFYQFOEJUVSFUP
specific geographical segments.
3FWFOVFGSPNUXP POF
NBKPSDVTUPNFSTBNPVOUFEUP64
/JM
and US$5,297,000 (2010: US$7,790,000) respectively arising from chartering of vessels.
(a) Overview
5IF(SPVQIBTFYQPTVSFUPUIFGPMMPXJOHSJTLTGSPNJUTVTFPGOBODJBMJOTUSVNFOUT
r DSFEJUSJTL
r MJRVJEJUZSJTL
r NBSLFUSJTL
5IJTOPUFQSFTFOUTJOGPSNBUJPOBCPVUUIF(SPVQTFYQPTVSFUPFBDIPGUIFBCPWFSJTLTBOE
UIF(SPVQTPCKFDUJWFT
QPMJDJFTBOEQSPDFTTFTGPSNFBTVSJOHBOENBOBHJOHUIFTFSJTLT
5IF(SPVQTNBOBHFNFOUPGDBQJUBMJTTFUPVUJOOPUF'VSUIFSRVBOUJUBUJWFEJTDMPTVSFT
are included throughout these consolidated financial statements.
5IF#PBSEPG%JSFDUPSTIBTPWFSBMMSFTQPOTJCJMJUZGPSUIFFTUBCMJTINFOUBOEPWFSTJHIUPG
UIF(SPVQTSJTLNBOBHFNFOUGSBNFXPSL
5IF(SPVQIBTBTZTUFNPGDPOUSPMTJOQMBDFUPDSFBUFBOBDDFQUBCMFCBMBODFCFUXFFOUIF
DPTUPGSJTLTPDDVSSJOHBOEUIFDPTUPGNBOBHJOHUIFSJTLT5IFNBOBHFNFOUDPOUJOVBMMZ
NPOJUPSTUIF(SPVQTSJTLNBOBHFNFOUQSPDFTTUPFOTVSFUIBUBOBQQSPQSJBUFCBMBODF
CFUXFFO SJTL BOE DPOUSPM JT BDIJFWFE 3JTL NBOBHFNFOU QPMJDJFT BOE TZTUFNT BSF
SFWJFXFESFHVMBSMZUPSFFDUDIBOHFTJONBSLFUDPOEJUJPOTBOEUIF(SPVQTBDUJWJUJFT
The Audit Committee oversees how management monitors compliance with the
(SPVQTSJTLNBOBHFNFOUQPMJDJFTBOEQSPDFEVSFTBOESFWJFXTUIFBEFRVBDZPGUIFSJTL
NBOBHFNFOUGSBNFXPSLJOSFMBUJPOUPUIFSJTLTGBDFECZUIF(SPVQ5IF"VEJU$PNNJUUFF
JTBTTJTUFEJOJUTPWFSTJHIUSPMFCZ*OUFSOBM"VEJU*OUFSOBM"VEJUVOEFSUBLFTCPUISFHVMBS
BOEBEIPDSFWJFXTPGSJTLNBOBHFNFOUDPOUSPMTBOEQSPDFEVSFT
UIFSFTVMUTPGXIJDIBSF
reported to the Audit Committee.
$SFEJU SJTL JT UIF SJTL PG OBODJBM MPTT UP UIF (SPVQ JG B DVTUPNFS PS DPVOUFSQBSUZ UP B
OBODJBMJOTUSVNFOUGBJMTUPNFFUJUTDPOUSBDUVBMPCMJHBUJPOT
BOEBSJTFTQSJODJQBMMZGSPN
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DBTI BOE DBTI FRVJWBMFOUT
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held-for-trading and derivative instruments.
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financial asset, including derivative financial instruments, in the statement of financial
position.
The Group has in place policies to ensure that services are rendered to customers with
an appropriate credit history and rating.
78 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
30. FINANCIAL RISK MANAGEMENT (continued)
5IF(SPVQQMBDFTJUTDBTIBOEYFEEFQPTJUTXJUICBOLTBOEOBODJBMJOTUJUVUJPOTXIJDI
are regulated, to limit its credit exposure.
5IF(SPVQMJNJUTJUTDSFEJUSJTLCZJOWFTUJOHJOTFDVSJUJFTPGXFMMFTUBCMJTIFEDPNQBOJFT
FOUFSJOHJOUPJOUFSFTUSBUFTXBQTQVSDIBTFTFRVJUZMJOLFEOPUFT
EFCUTFDVSJUZOPUFTBOE
TUSVDUVSFEEFQPTJUTGSPNBOEEFBMTJOGPSFJHOFYDIBOHFPQUJPOTXJUICBOLTBOEOBODJBM
institutions which are regulated and have sound credit rating.
-JRVJEJUZSJTLJTUIFSJTLUIBUUIF(SPVQPSUIF$PNQBOZXJMMOPUCFBCMFUPNFFUJUTOBODJBM
PCMJHBUJPOTBTUIFZGBMMEVF5IF(SPVQTBQQSPBDIUPNBOBHJOHMJRVJEJUZJTUPFOTVSF
BT
GBSBTQPTTJCMF
UIBUJUXJMMBMXBZTIBWFTVGDJFOUMJRVJEJUZUPNFFUJUTMJBCJMJUJFTXIFOEVF
VOEFSCPUIOPSNBMBOETUSFTTFEDPOEJUJPOT5IJTJTBDIJFWFEUISPVHINPOJUPSJOHUIFDBTI
PXSFRVJSFNFOUTDMPTFMZBOEPQUJNJTJOHJUTDBTISFUVSOPOJOWFTUNFOUT
5IFGPMMPXJOHBSFUIFDPOUSBDUVBMNBUVSJUJFTPGOBODJBMMJBCJMJUJFT
More than
Carrying Contractual 1 year 1 year to More than
amount cash ows or less 2 years 2 years
US$000 US$000 US$000 US$000 US$000
The Group
2011
Non-derivative
nancial liabilities
5SBEFQBZBCMFT 183 (183) (183)
0UIFSQBZBCMFT 43 (43) (43)
Accrued operating
expenses 1,309 (1,309) (1,309)
#BOLCPSSPXJOHDVN
interest 32,821 (37,235) (5,033) (5,276) (26,926)
Derivative nancial
liabilities
Interest rate swaps
used for hedging 284 (280) (203) (155) 78
34,640 (39,050) (6,771) (5,431) (26,848)
More than
Carrying Contractual 1 year 1 year to More than
amount cash ows or less 2 years 2 years
US$000 US$000 US$000 US$000 US$000
The Group
2010
Non-derivative nancial
liabilities
5SBEFQBZBCMFT 66 (66) (66)
0UIFSQBZBCMFT 28 (28) (28)
Accrued operating
expenses 895 (895) (895)
989 (989) (989)
2010
0UIFSQBZBCMFT 20,391 (20,391) (20,391)
Accrued operating expenses 246 (246) (246)
20,637 (20,637) (20,637)
.BSLFU SJTL JT UIF SJTL UIBU DIBOHFT JO NBSLFU QSJDFT
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XIJMFPQUJNJTJOHUIFSFUVSO
POSJTL
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continuously monitoring the performance of the investments held and assessing the
NBSLFUSJTLSFMFWBOUUPXIJDIUIFJOWFTUNFOUPQFSBUFT
80 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
30. FINANCIAL RISK MANAGEMENT (continued)
5IF(SPVQJTFYQPTFEUPGPSFJHODVSSFODZSJTLPOUSBOTBDUJPOTEFOPNJOBUFEJOGPSFJHO
currencies arising from normal trading and investment activities.
5IF (SPVQ NBJOUBJOT B OBUVSBM IFEHF XIFOFWFS QPTTJCMF
CZ CPSSPXJOH JO DVSSFODJFT
UIBUNBUDIUIFGVUVSFSFWFOVFTUSFBNUPCFHFOFSBUFEGSPNJUTBTTFUT5IF(SPVQBMTP
SFHVMBSMZSFWJFXTJUTFYQPTVSFUPGPSFJHODVSSFODZSJTLBOENBOBHFTJUCZFOUFSJOHJOUP
GPSFJHOFYDIBOHFPQUJPOTBOEPSGPSXBSEFYDIBOHFDPOUSBDUTXIFSFBQQMJDBCMF
%VSJOH UIF OBODJBM ZFBS
UIF $PNQBOZ BOE DFSUBJO PG JUT TVCTJEJBSJFT IBWF DIBOHFE
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DVSSFODZSJTLJTOPXQSJNBSJMZUIF4JOTUFBEPGUIF64
The Group and the Companys exposures to foreign currencies are as follows:
2011 2010
Singapore US
dollar dollar
US$000 US$000
The Group
"WBJMBCMFGPSTBMFOBODJBMBTTFUT 7
0UIFSBTTFUT 235
5SBEFBOEPUIFSSFDFJWBCMFT 78 543
'JOBODJBMBTTFUTIFMEGPSUSBEJOH 638 394
$BTIBOEDBTIFRVJWBMFOUT 10,668 11,216
5SBEFBOEPUIFSQBZBCMFT (66) (187)
/FUFYQPTVSF 11,560 11,966
The Company
5SBEFBOEPUIFSSFDFJWBCMFT 21,507 250
$BTIBOEDBTIFRVJWBMFOUT 736 11,127
5SBEFBOEPUIFSQBZBCMFT (3,754) (847)
/FUFYQPTVSF 18,489 10,530
t 4FOTJUJWJUZBOBMZTJT
Financial instruments
TUSFOHUIFOJOHPGUIFGVODUJPOBMDVSSFODZBHBJOTUUIFGPMMPXJOHDVSSFODJFTBT
"
BUUIFSFQPSUJOHEBUFXPVMEJODSFBTF EFDSFBTF
DVSSFODZUSBOTMBUJPOSFTFSWFBOE
FBSOJOHTCZUIFBNPVOUTTIPXOCFMPX
2011
S$ (7) (571) (924)
2010
US$ (18) (580) (527)
" XFBLFOJOH PG UIF GVODUJPOBM DVSSFODZ BHBJOTU UIF BCPWF DVSSFODJFT BT BU
UIF SFQPSUJOH EBUF XPVME IBWF IBE UIF FRVBM CVU PQQPTJUF FGGFDU PO UIF BCPWF
DVSSFODJFTUPUIFBNPVOUTTIPXOBCPWF
.BOBHFNFOU JT PG UIF WJFX UIBU UIF BCPWF TFOTJUJWJUZ BOBMZTJT NBZ OPU CF
SFQSFTFOUBUJWFPGUIFJOIFSFOUGPSFJHODVSSFODZSJTLBTZFBSFOEFYQPTVSFNBZOPU
reflect the actual exposure and circumstances during the year.
5IF(SPVQTWBSJBCMFSBUFOBODJBMJOTUSVNFOUTBSFFYQPTFEUPBSJTLPGDIBOHFJODBTI
flows due to changes in interest rates.
5IF(SPVQNBOBHFTJUTFYQPTVSFUPDIBOHFTJOJOUFSFTUSBUFTPOCBOLCPSSPXJOHCZVTJOH
JOUFSFTUSBUFTXBQTUPDPOWFSUUIFPBUJOHSBUFTVOEFSUIFCBOLCPSSPXJOHUPYFESBUFT
82 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
30. FINANCIAL RISK MANAGEMENT (continued)
As at 31 March 2011, the Group has interest rate swaps with a total notional contract
BNPVOUPG64NJMMJPO /JM
XIFSFCZJUQBZTYFEJOUFSFTUSBUFTBOESFDFJWFTB
WBSJBCMFSBUFFRVBMUPUIFNPOUI64-POEPO*OUFSCBOL0GGFS3BUF5IF(SPVQDMBTTJFT
these interest rate swaps as cash flow hedges. The interest rate swaps will mature over
the next two to four years.
t 4FOTJUJWJUZBOBMZTJT
*GJOUFSFTUSBUFTPOWBSJBCMFSBUFOBODJBMJOTUSVNFOUTBOEUIFJOUFSFTUSBUFTXBQT
BDDPVOUFEGPSBTBDBTIPXIFEHF
IBECFFOCBTJTQPJOUTIJHIFSBHBJOTU
UIFSBUFTBUUIFSFQPSUJOHEBUF
XJUIBMMPUIFSWBSJBCMFTIFMEDPOTUBOU
JUXPVME
JODSFBTF EFDSFBTF
UIF(SPVQTFBSOJOHTPOBQFSBOOVNCBTJTCZUIFBNPVOUT
TIPXOCFMPX
The Group
2011 2010
US$000 US$000
'JYFEEFQPTJUT 55 191
'MPBUJOHJOUFSFTUSBUFCBOLCPSSPXJOH (163)
Interest rate swaps 75
(33) 191
*GJOUFSFTUSBUFTPOWBSJBCMFSBUFOBODJBMJOTUSVNFOUTBOEUIFJOUFSFTUSBUFTXBQT
BDDPVOUFE GPS BT B DBTI PX IFEHF
IBE CFFO CBTJT QPJOUT MPXFS BHBJOTU
UIFSBUFTBUUIFSFQPSUJOHEBUF
XJUIBMMPUIFSWBSJBCMFTIFMEDPOTUBOU
JUXPVME
JODSFBTF EFDSFBTF
UIF(SPVQTFBSOJOHTPOBQFSBOOVNCBTJTCZUIFBNPVOUT
TIPXOCFMPX
The Group
2011 2010
US$000 US$000
.BOBHFNFOU JT PG UIF WJFX UIBU UIF BCPWF TFOTJUJWJUZ BOBMZTJT NBZ OPU CF
SFQSFTFOUBUJWF PG UIF JOIFSFOU JOUFSFTU SBUF SJTL BT ZFBSFOE FYQPTVSF NBZ OPU
reflect the actual exposure and circumstances during the year.
&RVJUZ TFDVSJUZ QSJDF SJTL JT UIF SJTL PG DIBOHFT JO DBTI PXT BOE GBJS WBMVF PG UIF
(SPVQTJOWFTUNFOUTEVFUPDIBOHFTJOUIFVOEFSMZJOHFRVJUZTFDVSJUZQSJDFT5IFSJTLJT
DPODFOUSBUFEJOUIF(SPVQTJOWFTUNFOUTJOFRVJUZTFDVSJUJFT
t 4FOTJUJWJUZBOBMZTJT
5IFBCPWFBOBMZTFTBTTVNFBMMPUIFSWBSJBCMFTSFNBJODPOTUBOU
.BOBHFNFOU JT PG UIF WJFX UIBU UIF BCPWF TFOTJUJWJUZ BOBMZTFT NBZ OPU CF
SFQSFTFOUBUJWFPGUIFJOIFSFOUFRVJUZTFDVSJUZQSJDFSJTLBTZFBSFOEFYQPTVSFNBZ
not reflect the actual exposure and circumstances during the year.
5IF (SPVQ EFUFSNJOFT UIF GBJS WBMVF PG JUT OBODJBM BTTFUT BOE MJBCJMJUJFT VTJOH WBSJPVT
measurements. The different levels of fair value measurements are as follows:
5IFGBJSWBMVFPGRVPUFEFRVJUZTFDVSJUJFTJTEFUFSNJOFECZSFGFSFODFUPUIFJSRVPUFECJE
prices at the reporting date without any deduction for transaction costs.
5IFGBJSWBMVFPGUIF(SPVQTRVPUFEFRVJUZTFDVSJUJFTGBMMTVOEFS-FWFM
84 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
31. ESTIMATION OF FAIR VALUES (continued)
(c) Derivatives
5IFGBJSWBMVFPGJOUFSFTUSBUFTXBQTJTCBTFEPOCSPLFSTRVPUFT5IFTFRVPUFTBSFUFTUFE
GPSSFBTPOBCMFOFTTCZEJTDPVOUJOHFTUJNBUFEGVUVSFDBTIPXTCBTFEPOUIFUFSNTBOE
NBUVSJUZPGFBDIDPOUSBDUBOEVTJOHNBSLFUJOUFSFTUSBUFTGPSBTJNJMBSJOTUSVNFOUBUUIF
measurement date.
The fair value of the interest rate swaps falls under Level 2.
5IFOPUJPOBMBNPVOUTPGOBODJBMBTTFUTBOEMJBCJMJUJFTXJUIBNBUVSJUZPGMFTTUIBOPOF
ZFBS JODMVEJOHUSBEFBOEPUIFSSFDFJWBCMFT
DBTIBOEDBTIFRVJWBMFOUT
BOEUSBEFBOE
PUIFSQBZBCMFT
BSFBTTVNFEUPBQQSPYJNBUFUIFJSGBJSWBMVFTCFDBVTFPGUIFTIPSUQFSJPE
UPNBUVSJUZ5IFGBJSWBMVFPGUIFCBOLCPSSPXJOHBQQSPYJNBUFTJUTDBSSZJOHWBMVFBTUIFZ
are repriced every 1 to 3 months.
$PNQFOTBUJPOQBJEBOEQBZBCMFUPUIFLFZNBOBHFNFOUQFSTPOOFMBSFBTGPMMPXT
The Group
2011 2010
US$000 US$000
The Group
2011 2010
US$000 US$000
*OBEEJUJPOUPUIFUSBOTBDUJPOTBOECBMBODFTEJTDMPTFEFMTFXIFSFJOUIFOPUFTUPUIFOBODJBM
statements, this item includes the following:
Management and
<----------service fees----------> Rental
Received and Paid and Paid and
receivable payable payable
US$000 US$000 US$000
2011
Associated company 2
2010
Associated company 2
3FMBUFE QBSUJFT SFGFS UP DPNQBOJFT BOE UIFJS TVCTJEJBSJFT XJUI B TVCTUBOUJBM TIBSFIPMEFS JO
common with the Company.
86 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
33. COMMITMENTS
As lessor
5IF GVUVSF NJOJNVN MFBTF QBZNFOUT UP CF SFDFJWFE VOEFS OPODBODFMMBCMF MFBTF
agreements for vessels and investment properties are as follows:
The Group
2011 2010
US$000 US$000
The Group leases out its vessels under operating leases. The leases typically run for initial
periods of three to fifteen years.
As at 31 March 2011, the Group has committed to purchase fixed rate security notes
BNPVOUJOHUP64
/JM
(i) The Company has given a counter indemnity of US$1,200,000 (2010: US$1,200,000)
UPBTIBSFIPMEFSPGBOBTTPDJBUFEDPNQBOZXIPIBEHJWFOVOEFSUBLJOHUPJTTVF
letter of guarantee in respect of an uncommitted short-term loan facility granted
to the associated company. At 31 March 2011, the Companys share of the facility
utilised was US$348,000 (2010: US$444,000).
JJ
O+VMZ
BOBTTPDJBUFEDPNQBOZTWFTTFMFODPVOUFSFEBTIJQEJTUSFTT
0
"TBDPOTFRVFODF
BDMBJNXBTMFEPO'FCSVBSZ
BHBJOTUUIFBTTPDJBUFE
DPNQBOZ JOXIJDIUIF(SPVQIBTJOUFSFTU
BOEUIFDIBSUFSFSPGUIFWFTTFM
The charterer and their insurers are handling and co-ordinating the defence on
CFIBMG PG BMM QBSUJFT 5P UIF (SPVQT LOPXMFEHF
JO UIF FWFOU UIF DMBJN BHBJOTU
the charterers protection and indemnity insurance fails, the associated company
may have to claim against its protection and indemnity insurance, which carries a
EFEVDUJCMFPG64
IFVMUJNBUFPVUDPNFPGUIFNBUUFSDBOOPUCFSFBTPOBCMZEFUFSNJOFEQSFTFOUMZ
5
BOEOPQSPWJTJPOGPSBOZMJBCJMJUZUIBUNBZSFTVMUIBTCFFONBEFJOUIFBTTPDJBUFE
companys or the Groups financial statements.
J
VSJOHUIFOBODJBMZFBS
UIF$PNQBOZIBTQSPWJEFEBDPSQPSBUFHVBSBOUFFUPB
%
CBOLXJUISFTQFDUUPBCBOLCPSSPXJOHBHSFFNFOUCFUXFFOBTVCTJEJBSZBOEUIF
CBOL"U.BSDI
UIFPVUTUBOEJOHPCMJHBUJPOVOEFSUIFCBOLCPSSPXJOHJT
US$32,656,000.
JJ
%VSJOHUIFOBODJBMZFBS
UIF$PNQBOZIBTQSPWJEFEBQFSGPSNBODFHVBSBOUFFUP
a third party with respect to a charter party agreement for the charter of a vessel
CZBTVCTJEJBSZUPUIFUIJSEQBSUZ
/FXTUBOEBSET
BNFOENFOUTUPTUBOEBSETBOEJOUFSQSFUBUJPOTUIBUBSFOPUZFUFGGFDUJWFGPSUIF
ZFBSFOEFE.BSDIIBWFOPUCFFOBQQMJFEJOQSFQBSJOHUIFTFOBODJBMTUBUFNFOUT/POF
of these is expected to have a significant impact on the financial statements of the Group.
88 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
SHAREHOLDING STATISTICS
as at 17 June 2011
/VNCFSPG4IBSFTJO*TTVF : 436,016,591
/VNCFSPG4IBSFIPMEFST : 9,639
Class of Shares : 0SEJOBSZ4IBSFT
Treasury Shares : /JM
Voting rights : 0OFWPUFQFSTIBSF
SUBSTANTIAL SHAREHOLDER
.S0X$IJP,JBUJTEFFNFEUPIBWFBOJOUFSFTUJOUIFTIBSFTPXOFECZ B
IJTTQPVTF
.BEBN-JN
4JFX'FOH
TIBSFT
C
)BJ4VO)VQ(SPVQ1UF-UE
TIBSFT
BOE D
.BSJUJNF
1SPQFSUJFT1UF-UE
TIBSFT
PUBLIC FLOAT
3VMFPGUIF-JTUJOH.BOVBMPGUIF4JOHBQPSF&YDIBOHF4FDVSJUJFT5SBEJOH-JNJUFESFRVJSFTUIBUBU
MFBTU PG UIF UPUBM OVNCFS PG JTTVFE TIBSFT FYDMVEJOH QSFGFSFODF TIBSFT BOE DPOWFSUJCMF FRVJUZ
TFDVSJUJFT
PG B MJTUFE DPNQBOZ JO B DMBTT UIBU JT MJTUFE JT BU BMM UJNFT IFME CZ UIF QVCMJD #BTFE PO
JOGPSNBUJPOBWBJMBCMFUPUIF$PNQBOZBTBU+VOF
BQQSPYJNBUFMZPGUIFJTTVFEPSEJOBSZ
TIBSFTPGUIF$PNQBOZXBTIFMECZUIFQVCMJDBOEUIFSFGPSF
3VMFPGUIF-JTUJOH.BOVBMIBTCFFO
complied with.
90 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
NOTICE OF ANNUAL GENERAL MEETING AND BOOKS CLOSURE
Singapore Shipping Corporation Limited
Company Registration No. 198801332G (Incorporated in the Republic of Singapore)
NOTICE IS HEREBY GIVEN that the 23rd Annual General Meeting of Singapore Shipping Corporation
-JNJUFE UIFi$PNQBOZu
XJMMCFIFMEBU)PF$IJBOH3PBE,FQQFM5PXFST4JOHBQPSF
PO5IVSTEBZ
+VMZBUBNUPUSBOTBDUUIFGPMMPXJOHCVTJOFTT
ORDINARY BUSINESS
Resolution 1. 5P SFDFJWF BOE BEPQU UIF "VEJUFE 'JOBODJBM 4UBUFNFOUT GPS UIF OBODJBM ZFBS
FOEFE.BSDIBOEUIF%JSFDUPST3FQPSUBOE"VEJUPST3FQPSUUIFSFPO
Resolution 2. To declare a final dividend (one-tier tax exempt) of Singapore one cent (S$0.01)
per ordinary share for the financial year ended 31 March 2011.
Note: Mr Ow Cheo Guan will, upon his re-election as Director, remain as member
of the Executive Committee.
Resolution 6. To re-elect Mr Tan Guong Ching, who is retiring in accordance with Article 91 of
UIF"SUJDMFTPG"TTPDJBUJPOPGUIF$PNQBOZ
BTB%JSFDUPS
Note: Mr Tan Guong Ching will, upon his re-election as Director, remain as
Chairman of the Audit Committee, and member of the Remuneration and
Nominating Committees. He is considered independent for the purposes of
Rule 704(8) of the Listing Manual of the Singapore Exchange Securities Trading
Limited (SGX-ST).
Note: Lt-Gen (Retd) Ng Jui Ping will, upon his re-election as Director, remain
as Chairman of the Nominating Committee, and member of the Audit and
Remuneration Committees. He is considered independent for the purposes of
Rule 704(8) of the Listing Manual of the SGX-ST.
Resolution 8. 5P SFBQQPJOU ,1.( --1 BT "VEJUPST PG UIF $PNQBOZ BOE UP BVUIPSJTF UIF
%JSFDUPSTUPYUIFJSSFNVOFSBUJPO
SPECIAL BUSINESS
To consider and, if thought fit, to pass, with or without modifications, the following resolutions as
ordinary resolutions:
Resolution 9. 5IBUBVUIPSJUZCFBOEJTIFSFCZHJWFOUPUIF%JSFDUPSTUP
B
J
JTTVFTIBSFTJOUIFDBQJUBMPGUIF$PNQBOZ iTIBSFTu
XIFUIFSCZ
XBZPGSJHIUT
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JJ
NBLF PS HSBOU PGGFST
BHSFFNFOUT PS PQUJPOT DPMMFDUJWFMZ
i*OTUSVNFOUTu
UIBUNJHIUPSXPVMESFRVJSFTIBSFTUPCFJTTVFE
JODMVEJOH CVU OPU MJNJUFE UP UIF DSFBUJPO BOE JTTVF PG BT XFMM
BT BEKVTUNFOUT UP
XBSSBOUT
EFCFOUVSFT PS PUIFS JOTUSVNFOUT
DPOWFSUJCMF JOUP TIBSFT
BU BOZ UJNF BOE VQPO TVDI UFSNT BOE
conditions and for such purposes and to such persons as the
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C
OPUXJUITUBOEJOH UIF BVUIPSJUZ DPOGFSSFE CZ UIJT 3FTPMVUJPO NBZ IBWF
DFBTFE UP CF JO GPSDF
JTTVF TIBSFT JO QVSTVBODF PG BOZ *OTUSVNFOUT
NBEFPSHSBOUFECZUIF%JSFDUPSTXIJMFUIJT3FTPMVUJPOXBTJOGPSDF
provided that:
J
UIF BHHSFHBUF OVNCFS PG TIBSFT UP CF JTTVFE QVSTVBOU UP UIJT
3FTPMVUJPO JODMVEJOH TIBSFT UP CF JTTVFE JO QVSTVBODF PG
Instruments made or granted pursuant to this Resolution), does not
FYDFFEPGUIFJTTVFETIBSFTJOUIFDBQJUBMPGUIF$PNQBOZ BT
DBMDVMBUFEJOBDDPSEBODFXJUITVCQBSBHSBQI JJ
CFMPX
PGXIJDI
UIFBHHSFHBUFOVNCFSPGTIBSFTUPCFJTTVFEPUIFSUIBOPOBQSP
SBUBCBTJTUPTIBSFIPMEFSTPGUIF$PNQBOZ JODMVEJOHTIBSFTUPCF
issued in pursuance of Instruments made or granted pursuant to
UIJT3FTPMVUJPO
EPFTOPUFYDFFEPGUIFJTTVFETIBSFTJOUIF
DBQJUBM PG UIF $PNQBOZ BT DBMDVMBUFE JO BDDPSEBODF XJUI TVC
QBSBHSBQI JJ
CFMPX
JJ
TVCKFDUUPTVDINBOOFSPGDBMDVMBUJPOBTNBZCFQSFTDSJCFECZ
UIF4(945
GPSUIFQVSQPTFPGEFUFSNJOJOHUIFBHHSFHBUFOVNCFS
PG TIBSFT UIBU NBZ CF JTTVFE VOEFS TVCQBSBHSBQI J
BCPWF
UIF QFSDFOUBHF PG JTTVFE TIBSFT TIBMM CF CBTFE PO UIF OVNCFS
of issued shares in the capital of the Company at the time this
3FTPMVUJPO JT QBTTFE
BOE BEKVTUJOH GPS
OFX TIBSFT BSJTJOH
GSPN UIF DPOWFSTJPO PS FYFSDJTF PG BOZ DPOWFSUJCMF TFDVSJUJFT PS
share options or vesting of share awards which are outstanding
PS TVCTJTUJOH BU UIF UJNF UIJT 3FTPMVUJPO JT QBTTFE BOE
BOZ
TVCTFRVFOUCPOVTJTTVF
DPOTPMJEBUJPOPSTVCEJWJTJPOPGTIBSFT
92 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
JJJ
JOFYFSDJTJOHUIFBVUIPSJUZDPOGFSSFECZUIJT3FTPMVUJPO
UIF$PNQBOZ
TIBMMDPNQMZXJUIUIFQSPWJTJPOTPGUIF-JTUJOH.BOVBMPGUIF4(945
GPSUIFUJNFCFJOHJOGPSDF VOMFTTTVDIDPNQMJBODFIBTCFFOXBJWFE
CZUIF4(945
BOEUIF"SUJDMFTPG"TTPDJBUJPOGPSUIFUJNFCFJOHPG
UIF$PNQBOZBOE
JW
VOMFTTSFWPLFEPSWBSJFECZUIF$PNQBOZJO(FOFSBM.FFUJOH
UIF
BVUIPSJUZDPOGFSSFECZUIJT3FTPMVUJPOTIBMMDPOUJOVFJOGPSDFVOUJMUIF
conclusion of the next Annual General Meeting of the Company or
UIFEBUFCZXIJDIUIFOFYU"OOVBM(FOFSBM.FFUJOHPGUIF$PNQBOZ
JTSFRVJSFECZMBXUPCFIFME
XIJDIFWFSJTUIFFBSMJFS
Note: This Resolution, if passed, authorises the Directors to issue shares in the
capital of the Company and to make or grant instruments (such as warrants or
debentures) convertible into shares, and to issue shares in pursuance of such
instruments, up to an amount not exceeding in total 50% of the issued shares
in the capital of the Company, with a sub-limit of 20% for issues other than on a
pro rata basis to shareholders.
Resolution 11. 5IBU UIF %JSFDUPST PG UIF $PNQBOZ CF BOE BSF IFSFCZ BVUIPSJTFE UP HSBOU
awards (Awards) of fully paid-up shares in accordance with the provisions
PG UIF i4JOHBQPSF 4IJQQJOH $PSQPSBUJPO -JNJUFE 1FSGPSNBODF 4IBSF 1MBOu
UIFi1FSGPSNBODF4IBSF1MBOu
BOEUPBMMPUBOEJTTVFGSPNUJNFUPUJNFTVDI
OVNCFS PG GVMMZ QBJEVQ TIBSFT BT NBZ CF SFRVJSFE UP CF JTTVFE QVSTVBOU UP
UIF WFTUJOH PG "XBSET VOEFS UIF 1FSGPSNBODF 4IBSF 1MBO
QSPWJEFE UIBU UIF
BHHSFHBUF OVNCFS PG TIBSFT UP CF JTTVFE QVSTVBOU UP UIF 4IBSF 0QUJPO 1MBO
BOEUIF1FSGPSNBODF4IBSF1MBOTIBMMOPUFYDFFEPGUIFUPUBMJTTVFETIBSF
capital of the Company from time to time.
OTHER BUSINESS
5PUSBOTBDUBOZPUIFSCVTJOFTTUIBUNBZCFUSBOTBDUFEBUBO"OOVBM(FOFSBM.FFUJOHPGUIF$PNQBOZ
*GBQQSPWFE UIFQSPQPTFEEJWJEFOEXJMMCFQBJEPO"VHVTU
#:03%&30'5)�"3%
Singapore
+VMZ
Notes:
"NFNCFSPGUIF$PNQBOZFOUJUMFEUPBUUFOEBOEWPUFBUUIF.FFUJOHJTFOUJUMFEUPBQQPJOUOPUNPSFUIBOUXPQSPYJFTUPBUUFOE
BOEWPUFJOIJTTUFBE8IFSFBNFNCFSBQQPJOUTNPSFUIBOPOFQSPYZ
IFTIBMMTQFDJGZUIFQSPQPSUJPOPGIJTTIBSFIPMEJOHTUPCF
SFQSFTFOUFECZFBDIQSPYZ"QSPYZOFFEOPUCFBNFNCFSPGUIF$PNQBOZ
5IFJOTUSVNFOUBQQPJOUJOHBQSPYZNVTUCFEFQPTJUFEBUUIFSFHJTUFSFEPGDFPGUIF$PNQBOZBU$BOUPONFOU3PBE
4PVUIQPJOU
4JOHBQPSFOPUMFTTUIBOIPVSTCFGPSFUIFUJNFBQQPJOUFEGPSIPMEJOHUIF.FFUJOH
94 S in ga p o r e S h ip p i ng Cor p or a ti on L i mi te d
PROXY FORM *.1035"/5'03$1'*/7&450340/-:
5IJT"OOVBM3FQPSUJTGPSXBSEFEUPUIFNBUUIFSFRVFTUPGUIFJS$1'
SINGAPORE SHIPPING CORPORATION LIMITED "QQSPWFE/PNJOFFTBOEJTTFOUTPMFMZ'03*/'03."5*0/0/-:
5IJT1SPYZ'PSNJTOPUWBMJEGPSVTFCZ$1'*OWFTUPSTBOETIBMMCF
Company Registration No. 198801332G JOFGGFDUJWF GPS BMM JOUFOUT BOE QVSQPTFT JG VTFE PS QVSQPSUFE UP CF
(Incorporated in the Republic of Singapore) VTFECZUIFN
$1'*OWFTUPSTXIPXJTIUPBUUFOEUIFNFFUJOHBT0CTFSWFSTIBWF
UP TVCNJU UIFJS SFRVFTUT UISPVHI UIFJS SFTQFDUJWF "HFOU #BOLT TP
UIBUUIFJS"HFOU#BOLTNBZSFHJTUFSXJUIUIF$PNQBOZT3FHJTUSBS
QMFBTFTFF/PUF/PPOUIFSFWFSTF
*8F
of
CFJOHBNFNCFSNFNCFSTPGUIFBCPWFNFOUJPOFE$PNQBOZ
IFSFCZBQQPJOU
Name Address NRIC/Passport Proportion of
Number Shareholdings
No. of Shares %
BOEPS QMFBTFEFMFUFBTBQQSPQSJBUF
5PUBM/VNCFSPG
Shares held
4JHOBUVSF T
PS$PNNPO4FBMPG.FNCFS T
Affix
1PTUBHF4UBNQ
" NFNCFS PG UIF $PNQBOZ FOUJUMFE UP BUUFOE BOE WPUF BU B GENERAL
meeting of the Company is entitled to appoint one or two proxies
UPBUUFOEBOEWPUFJOTUFBEPGIJN"QSPYZOFFEOPUCFBNFNCFS 5IF $PNQBOZ TIBMM CF FOUJUMFE UP SFKFDU UIF JOTUSVNFOU BQQPJOUJOH B
of the Company. QSPYZPSQSPYJFTJGJUJTJODPNQMFUF
JNQSPQFSMZDPNQMFUFEPSJMMFHJCMF
PS XIFSF UIF USVF JOUFOUJPOT PG UIF BQQPJOUPS BSF OPU BTDFSUBJOBCMF
8IFSFBNFNCFSBQQPJOUTUXPQSPYJFT
UIFBQQPJOUNFOUTTIBMM from the instructions of the appointor specified in the instrument
CFJOWBMJEVOMFTTIFTQFDJFTUIFQSPQPSUJPOPGIJTTIBSFIPMEJOH appointing a proxy or proxies. In addition, in the case of shares
FYQSFTTFEBTBQFSDFOUBHFPGUIFXIPMF
UPCFSFQSFTFOUFECZ FOUFSFE JO UIF %FQPTJUPSZ 3FHJTUFS
UIF $PNQBOZ NBZ SFKFDU BOZ
each proxy. JOTUSVNFOUBQQPJOUJOHBQSPYZPSQSPYJFTMPEHFE
JGUIFNFNCFS
CFJOH
the appointor, is not shown to have shares entered against his name
5P CF FGGFDUJWF
UIF JOTUSVNFOU BQQPJOUJOH B QSPYZ PS QSPYJFT JO UIF %FQPTJUPSZ 3FHJTUFS BT BU IPVST CFGPSF UIF UJNF BQQPJOUFE
NVTU CF DPNQMFUFE BOE EFQPTJUFE BU UIF SFHJTUFSFE PGDF PG GPS IPMEJOH UIF NFFUJOH
BT DFSUJFE CZ 5IF $FOUSBM %FQPTJUPSZ 1UF
the Company at 200 Cantonment Road, #09-01, Southpoint, Limited to the Company.
4JOHBQPSF OPU MFTT UIBO IPVST CFGPSF UIF UJNF
appointed for the meeting.
5IFJOTUSVNFOUBQQPJOUJOHBQSPYZPSQSPYJFTNVTUCFFYFDVUFE
under the hand of the appointor or of his attorney duly authorised
JO XSJUJOH 8IFSF UIF JOTUSVNFOU BQQPJOUJOH B QSPYZ PS QSPYJFT
JTFYFDVUFECZBDPSQPSBUJPO
JUNVTUCFFYFDVUFEFJUIFSVOEFS
its common seal or under the hand of an officer or attorney duly
authorised.
200 Cantonment Road, #09-01 Southpoint, Singapore 089763
Tel: (65) 6220 4906 Fax: (65) 6236 6252
www.singaporeshipping.com.sg
Company Registration No. 198801332G