To capitalise on improved business opportunities in the marine sector, our business strategies are as follows :To provide a wider and more comprehensive range of shipyard services
While we have currently been able to provide a range of services in both our Singapore and Batam shipyards, we intend to become an integrated provider of marine engineering and logistics services. For our shipbuilding and shiprepair businesses, we intend to increase the size/tonnage and types of vessels that we may build or service.To expand or develop the range of sectors serviced by our shipchartering business
Our customers in the shipchartering business largely operate in the offshore and marine infrastructure, and other sectors/industries. We have established our Group as a significant player in the marine transportation of granite and other resource materials in the region whose demand is largely dependent on the offshore and marine infrastructure sector.
In order to diversify our revenue base, we intend to broaden our end-user base by expanding the range of sectors serviced by our shipchartering business.To expand the geographical coverage of our vessels and/or our current client base by actively marketing our services in other countries and/or through strategic alliances, joint ventures and/or acquisition opportunities
Our strategic location near vital shipping lanes gives us a competitive advantage vis-ŕ-vis other shipping and shipyard companies which are located in other parts of Asia such as Malaysia and PRC. However, the marine industry is becoming increasingly regionalised/globalised, with local shipping and shipyard companies experiencing stiffer competition from other players mainly from Singapore and also from the rest of Asia. To meet these challenges, we intend to actively market our services to countries other than Singapore and Indonesia. We also intend to explore strategic alliances, joint ventures and/or acquisition opportunities to expand the geographical scope of our facilities base in order to cover more strategic points in Asia and the Middle East.To further strengthen relationships with our existing customers
We intend to strengthen relationships with our existing customers particularly with repeat customers, who accounted for the major part of our revenue for the last three financial years. This will enable us to continue to capitalise on and possibly improve our revenue generation from such customers.To maintain commitment to quality and turnaround time reliability
We are committed to the provision of quality newbuildings and services and reliable turnaround time, that is, limited delays, with respect to our shipbuilding, shiprepair and shipchartering business. We believe that this commitment has been instrumental to our Group's market entrenchment as a provider of shipyard and shipchartering services.To maintain competitive price positioning through improvements in costs efficiency
We understand the need to offset any increase in costs due to inflation and the pressure on prices brought on by increasing competition both locally and from within Asia and the Middle East. We aim to improve our cost efficiency in order to maintain both price competitiveness and profitability by having operations overseas (apart from Batam) where there are locational costs advantages, investing in capacity expansion and/or upgrading of our fleet, equipment and facilities, improvement of our business processes and strengthening the benefits of cross-border collaborations of our shipyard facilities.