Sustainable Investment
Investment in Pinnacle Marine (Singapore) Pte Ltd
As part of our commitment to sustainability management and investment, ABO SHOTEN, LTD. has invested in Pinnacle Marine (Singapore) Pte Ltd (hereinafter referred to as "Pinnacle Marine"), a company engaged in the construction of aluminum launch boats in Singapore.
Established in 2009, Pinnacle Marine initially focused on the supply and delivery of ship chandlery and ship agency services.
In 2018, they ventured into the construction of launch boats, specializing in environmentally friendly aluminum boats that meet the growing demand for reduced carbon dioxide emissions, thereby contributing to the decarbonization of the Port of Singapore.
ABO SHOTEN is also actively promoting sustainable investment, for example, by increasing the proportion of high-performance eco-ships in our own fleet.
Recognizing the alignment of Pinnacle Marine's goals with our own, we believe that supporting their business development will contribute to the realization of a sustainable society. Therefore, we remain committed to our collaboration.
[Photos from 2023]
[Photos from 2024]
1. Investment in Pinnacle Marine - February 2023
On 4th February, 2023, ABO SHOTEN invested SGD 5 million in Pinnacle Marine through a contract signing ceremony held in Singapore, acquiring 7.7% of Pinnacle Marine's shares.
In their small vessel construction business, Pinnacle Marine has been a pioneer in building environmentally friendly aluminum boats, a relatively small segment in Singapore at the time of their establishment.
This focus on sustainable management and investment contributes significantly to the decarbonization of the Port of Singapore.
ABO SHOTEN also prioritizes environmental initiatives, and this investment in Pinnacle Marine is based on our shared commitment to sustainability management.
Moving forward, both companies will collaborate on the decarbonization of harbor workboats in the Singapore region, with plans to develop diesel-electric hybrid vessels and build charging infrastructure.
From a business perspective, this investment in Pinnacle Marine allows ABO SHOTEN to diversify its operations and mitigate risks associated with fluctuations in the shipping market.
We anticipate a future where older, less environmentally friendly wooden boats are phased out, creating a growing need for low-emission vessels.
Pinnacle Marine is well-positioned to meet this societal need, and our investment aims to support their sustainable business development, thereby contributing to the realization of a sustainable society.
2.Support for B100 Biofuel Operation Test - November 2024
On 13th November, 2024, at the head office of ABO SHOTEN, LTD., we entered into a consortium agreement to provide SGD 60,000 in group-wide support for a biofuel vessel operation test project involving Pinnacle Marine.
"B100" refers to fuel made from 100% biofuel. The Singapore government is promoting the electrification or the use of B100 for small vessels operating within the Port of Singapore by 2030, aiming for net-zero emissions by 2050.
ABO SHOTEN believes that this project will help clarify the technical requirements for using B100.
This initiative will not only support environmental measures in Singapore but also provide valuable insights for our own fleet of general commercial vessels, leading to our decision to provide support.