The Group is investing in 8 Very Large Crude Carrier (“VLCC”) newbuilds of approximately 319,000 DWT each to be constructed by a large Chinese shipyard with deliveries scheduled in 2028, 2029 and 2030, which will be funded through a combination of equity co-investment and debt financing.

• Each Vessel is built to the latest energy-efficiency standards, featuring a fuel-optimised hull form, an electronically-controlled main engine and energy-saving devices designed to achieve an Energy Efficiency Design Index ("EEDI") rating that meets or exceeds Phase 3 requirements under IMO regulations.

• Each Vessel will be equipped with an exhaust gas cleaning system ("scrubber”), enabling compliance with the IMO 0.5% global sulphur cap while retaining the operational flexibility to burn high-sulphur fuel oil, supporting fuel cost optimisation across varying market conditions.

Separately, the Group signed contracts for the sale of 4 new medium-range tankers (49,800 DWT).

• The vessel sale transactions are expected to contribute positively to the Group’s financial performance, subject to completion, delivery schedules and applicable accounting recognition, barring unforeseen circumstances.

• The sale transactions highlight the Group’s proven capabilities and track record to originate, build, monetise and recycle capital across the maritime value chain.

• The sale transactions also underscore the Group’s ability to generate healthy capital gains through disciplined vessel monetisation, unlocking value from its maritime assets amid supportive industry fundamentals, including fleet renewal demand and tightening vessel supply, which continue to present attractive opportunities for value realisation.