Pinnacle Marine Holdings files for listing on HKEX: No.3 aluminium workboat builder in Singapore

NewTimeSpace News: On 8 October 2026, Pinnacle Marine Holdings Ltd (the "Company") filed an application for listing on HKEX. The Company is a Singapore-based marine services provider that, since commencing operations in 2009, has developed a coordinated operating platform spanning aluminium workboat construction, workboat chartering and logistics support, shipping agency services, and chandelling and sale of machinery and spare parts, anchored on vessel activity at the Port of Singapore. Alliance Capital Partners Limited acts as the sole sponsor.

According to the Application Proof, since commencing boatbuilding operations in 2018 and up to the Latest Practicable Date, the Company has delivered 67 workboats, of which 48 were sold to customers and 19 were deployed primarily for chartering and to support certain shipping agency services. According to the JWA Report, the Company ranked third among aluminium workboat builders in Singapore by the number of vessels delivered in 2025. As at 31 August 2026, it had three ongoing workboat construction projects with an outstanding aggregate contract value of approximately S$ 1.2 million.

For FY2023, FY2024, FY2025 and 5M2026, the Company delivered and sold a total of 4, 9, 14 and 7 workboats at average selling prices of approximately S$ 593,000, S$ 820,000, S$ 793,000 and S$ 909,000, respectively. The lower average selling price in FY2025 compared with FY2024 reflected a higher proportion of 13-metre workboats priced at approximately S$ 400,000 to S$ 450,000.

Under Singapore law, vessel owners and operators must appoint a locally incorporated ship agent to handle immigration, port clearance and towage requirements while their vessels call at the Port of Singapore. Revenue from PRC shipping agency customers accounted for approximately 32.2%, 29.5%, 21.2% and 19.3% of the Company's revenue for FY2023, FY2024, FY2025 and 5M2026, respectively.

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