Vantage Corp (Singapore)

Management Commentary

“Fiscal 2026 was shaped by a challenging market environment, including softer freight market conditions, shifting trade flows, and geopolitical disruption that affected activity across the broader maritime transportation sector,” said Andre D’Rozario, CEO of Vantage Corp. “Despite these headwinds, we remained focused on disciplined execution, adapting our operations to changing market conditions, and continuing to advance our strategic priorities. We are pleased with the underlying fundamentals of our business, particularly the trends in total fixing volume which increased across DPP, Specialized, and Projects segments on a year-over-year basis. While the first half of fiscal 2027 is expected to reflect the full impact of the restrictions placed on the Strait of Hormuz, early indicators over the past several months suggest total fixture volume has remained stable and have growth compared to the same period in fiscal 2026 and 2025. We view this sustained level of activity as a positive indicator, particularly given the significant reduction in demand caused by the current market environment. We believe these trends demonstrate the resilience of our platform and the benefits of building a more diversified revenue base.

“We are also pleased to report the positive impact our recent acquisitions and entry into the China market have had on our business. While current market conditions have weighed on petrochemical deal activity across the industry, PJ’s domestic focus and market coverage have remained relatively insulated, supported by domestic policy measures aimed at maintaining supply continuity and mitigating broader regional disruption. PJ’s niche illustrates the value of adding differentiated and resilient revenue streams into Vantage, and we intend to continue evaluating opportunities that can further diversify revenue and strengthen our business model.

“Looking ahead, our focus remains on positioning the business for long-term, sustainable growth. We intend to continue prioritizing term contracts to grow our forward order book and support greater revenue visibility. While current market conditions have impacted growth across forward order book, we believe demand for larger and longer-term deals will return once markets normalize. Regional expansion also continues to remain a top priority. This includes expanding our presence and activity in both Dubai and China especially as activity from the Arabian Gulf normalizes. M&A also remains a top priority to expand into key markets such as the European, North, and South American markets. Lastly, Opswiz and our IT business remain developing opportunities and our goal is to begin monetizing Opswiz by the end of this year. Although the timing of market normalization remains unpredictable, we believe our diversified platform, disciplined approach, and strategic investments position us to create long-term value for shareholders.”