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04
CHAIRMAN’SMESSAGE
Chairman and CEO
MrMichioTanamoto
DEAR VALUED SHAREHOLDERS,
On behalf of the Board and management, I am pleased
to present to you the annual report of Uni-Asia Holdings
Limited and its subsidiaries (the “Group” or “Uni-Asia”) for
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It has been widely reported that the shipping market,
in particular the dry bulk market, is in its worst shape in
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term fundamentals in our shipping, property and hotel
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Board has proposed an ordinary dividend of 6.25 Singapore
cents per share, the same dividend amount per share
(adjusted for share consolidation) as last year, subject to
your approval at the forthcoming Annual General Meeting
on 29 April 2016.
A downturn is a double edged sword. It can either be
the worst of times for one to thrive or the best of times
for one to build on one’s fundamentals and strengthen
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downturn disrupt our growth plans. At the same time, we
will capitalise on the current opportunities to enjoy the
fruits when the upturn comes. I shall explain how we plan
to achieve this.
First, let me start with our shipping business. Our ship
owning business can be broadly categorised into ships
owned through our subsidiaries (which are consolidated
into our Group accounts) and ships owned through joint-
investment companies (which are booked as fair valued
investments).
Our main ship owning subsidiary is Uni-Asia Shipping
Limited (“Uni-Asia Shipping”), which focuses on small
handysize dry bulk carriers. As at date of this report,
Uni-Asia Shipping has a portfolio of 9 handysize dry bulk
carriers. Most of these 9 ships are contracted to charterers
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less susceptible to the current dismal dry bulk market.
However, charters for some of the older ships in Uni-Asia
Shipping’s portfolio were contracted for short period
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renewed. This impacted Uni-Asia Shipping’s performance
in 2015 as Baltic Dry Index hit new low. Notwithstanding
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Build on
Fundamentals
,
Strengthen
Capabilities
