• Improved processes and enhanced cost structure • Supporting vessel owners to comply with EEXI and CII regulations KEY DEVELOPMENTS INTEGRATED MARINE SERVICES On track with transformation to become a ‘Full-Fledged’ Third Party Shipmanager Having embarked on our transformation journey to become an Agency-based business model in 2021. Eaglestar in 2022 has successfully established ourselves as a full-fledged Agency business model by aligning our business practices with third party ship managers and adopting third party ship management industry best practices and marketing approaches. This has enabled us to provide competitive services for our customers as well as to be self-sustaining in managing our daily operation and business. Furthermore, we have also diversified our customer base beyond MISC Group to augment our future growth and profitability. SUCCESSFULLY TRANSFORMED TO BECOME AN AGENCY-BASED BUSINESS MODEL Eaglestar has continued to ensure excellent delivery on our newbuild projects on time and as per contract schedule. By end of 2022, we delivered a total of eight vessels consisting of six DPSTs and two dual-fuel VLCCs. Another three dual-fuel VLCC projects are ongoing, with delivery scheduled in 2023. We are also progressing with two LNGC projects, to be delivered in 2023. Throughout 2022, Eaglestar had 87 vessels under management, of which 47 were petroleum, 37 gas and three product vessels. We remain committed to diligently executing our projects and vessels under management in line with ensuring project excellence. We have significantly improved our processes and conducted a benchmarking exercise to enhance our cost structure and market competitiveness. This has enabled Eaglestar to offer our customers competitively priced services. To support vessel owners and charterers with their decarbonisation efforts, Eaglestar has embarked on decarbonisation-centred collaborations with various industry leaders. This includes The Castor Initiative as well as leading maritime institutions to develop seafarers training syllabus/ standards in our quest to be a responsible ship operator. We are promoting energy efficiency initiatives amongst shipowners to optimize existing vessels’ performance and efficiency to meet the IMO’s EEXI and CII requirements. Our focused efforts will strengthen our visibility in the international shipping sector as a service provider that prioritises supporting vessel owners on their decarbonisation journey. FOCUSED ON EXCELLENT PROJECT DELIVERY AND VESSEL MANAGEMENT • Delivered 8 vessels in 2022 – 6 DPSTs and 2 dual-fuel VLCCs • 3 VLCCs and 2 LNGCs scheduled for delivery in 2023 • 87 vessels under management New projects: • 14 LNGCs In 2022, Eaglestar successfully secured new projects which has strengthened our future revenue streams. Among them were ship supervision and project management services for 12 LNGCs to be delivered to QatarEnergy. We have also secured project management services and ship management of vessel contracts for two LNGCs to be delivered to SeaRiver Maritime LLC (SRM). SECURED NEW PROJECTS TO SUPPLEMENT OUR REVENUE STREAM AUGMENTED OUR MARKET PROPOSITION The safety of our people and assets managed has always been our topmost priority and is demonstrated through our efforts to institutionalise and promote a HSSE Generative culture throughout our organisation. Our unswerving commitment to upholding the highest standards of health and safety was recognised through various awards obtained during the year. In 2022, Eaglestar was nominated for the Gold Class 1 MSOSH Award 2022 by the Malaysian Society for Occupational Safety and Healthy. On top of that, all the six VLECs managed by the Eaglestar team received the QUALSHIP 21 certification from the USCG. EXCELLENT HEALTH AND SAFETY STANDARDS • Nominated for Gold Class 1 MSOSH Award 2022 by the Malaysian Society for Occupational Safety and Healthy • All 6 VLECs managed by Eaglestar received the QUALSHIP 21 certification from USCG MOVING FORWARD The market outlook for 2023 is being shaped by various external drivers. There is growing demand for LNGC and dual-fuel vessel segments, as well as new growth in zero-emission and technologically advanced vessels. These are driving demand for crew who have the skill sets to man these vessels. At the same time, global inflation is causing SOC to rise. Stringent new regulations from the IMO will require Eaglestar to provide services in line with ensuring adherence to these new requirements. These challenges make it imperative for Eaglestar to strengthen our position as an integrated maritime service provider which can provide cost-competitive solutions for our customers. We are cognisant of the need to reskill and retool our talent pool to meet new demands and manage vessels equipped with advanced technology. Based on our analysis of our operating environment, Eaglestar’s plans to implement the following business and operational strategies for 2023 till 2027 within three Strategic Priorities: • Upskilling and reskilling existing talent and resources for external vessel growth need • Develop crew and shore technical capabilities in the latest technology and digital applications • Increase external vessels in the niche LNGC and dual-fuel segments • Intensify our marketing focus and commercial initiatives in China and Brazil • Develop/provide Offshore O&M and Near Coastal /Harbour asset management • Enter into external partnerships and collaborations to develop inorganic growth and strengthen economies of scale • Introduce customised bespoke services for external owners • Drive operational efficiency through optimum resource management onboard and ashore • Enforce generative safety culture and responsibility to pursue operational excellence • Leverage on technology and digitalisation to drive optimisation • Implement a cost management strategy focusing on countering and cushioning inflationary impact Sustainable Business Growth Operational Excellence & Cost Optimisation Dynamic Workforce for A Competitive Edge Business Review Business Review 133 132 MISC Berhad Integrated Annual Report 2022
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