Operates 152 cargo ships (tankers, bulk carriers, container vessels) plus develops green hydrogen and ammonia fuel infrastructure—think FedEx but for ocean freight, pivoting toward clean energy.
Marine division generates recurring revenue from vessel charter rates and cargo transport. 2025 revenue USD 1.67B with 28.94% gross margin; net income USD 0.16B reflects cyclical shipping rates and transition costs. Prior years showed 92.62% net margin (2024),
Fleet size and long-term charter contracts provide some stickiness, but shipping is commoditized—rates set by global supply/demand. Green hydrogen division (H2 Infra, H2 Industry) is nascent and faces entrenched energy incumbents (Shell, BP, Equinor) with deep
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