![]() ![]() Passenger vessel means a ship of three hundred or more gross tons with a fuel capacity of at least six thousand gallons carrying passengers for compensation.Ĭhartering Authority means (i) with respect to a national bank, the Office of the Comptroller of the Currency, (ii) with respect to a Federal savings association or savings bank, the Office of Thrift Supervision, (iii) with respect to a bank or savings institution chartered by a State, the agency of such State charged with primary responsibility for regulating and/or closing banks or savings institutions, as the case may be, (iv) the Corporation in accordance with 12 U.S.C. Public vessel ’ means a vessel owned or bareboat chartered and operated by the United States, by a State or political subdivision thereof, or by a foreign nation, except when such vessel is engaged in commerce executive directors) in order to allocate resources to segments and to assess their performance.Ĭhartering of vessels by our Group to SINOTRANS & CSC Group On 9 November 2007, our Company and SINOTRANS & CSC Group Company entered into the master chartering agreement, which was supplemented and revised on 8 April 2009, and was renewed with the similar terms and conditions stipulated in the master chartering agreement.Ĭhartering of vessels to and from Mandated Interested PersonsAll contracts entered into or transactions with Mandated Interested Persons for chartering of vessels (whether to or from Mandated Interested Persons) are to be carried out at the prevailing market rates, as obtained from third party brokers, on terms which are no more favourable to the Mandated Interested Person than the usual commercial terms extended to or from unrelated third parties or otherwise in accordance with applicable market norms.Īddress Commission 231 1,853B) Chartering of vessels by Sinochart to the Combined Group Transactionamount (US$’000)Annual cap (US$’000) (a) Charter Hire and C/V/E Fee – 58,725(b) Address Commission – 2,202 As Marine Peace Shipping Limited (an indirect wholly-owned subsidiary of the Company) is entitled to appoint and remove a majority of the board of directors of Sinochart, Sinochart is a non-wholly-owned subsidiary of the Company.Ĭhartering of vessels Revenue is recognised overtime as and when the charter hire services are performed using the cost incurred method.Ĭhartering of vessels by the SINOTRANS & CSC Group to our Group Transactionamount (US$’000)Annual cap (US$’000) (a) Charter Hire and C/V/E Fee 4,076 21,042 SINOTRANS & CSC Group Company is the ultimate controlling shareholder interested in approximately 68.15% of all the issued shares of the Company and is therefore a connected person of the Company for the purpose of the Listing Rules. The operating segments comprise: - Chartering of vessels - Property investment and development - Others primarily comprise the money lending business HKFRS 8 “Operating Segments” requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision makers (i.e. The operating segments comprise: - Chartering of vessels - Property investment and development HKFRS 8 “Operating Segments” requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by CODM in order to allocate resources to segments and to assess their performance.Ĭhartering of vessels and rental of cranes and equipment The review of the charter and/or rental rates, the revision of rates, or the revised terms upon which the charter and/or rental agreements are to be entered/renewed (as the case may be) will be determined by the senior management staff of the relevant company of the Group (who has no interest, direct or indirect, in the transaction) who will ensure that they are on normal commercial terms.Ĭhartering of vessels is a sensitive area and one where regional fisheries organisations may have a more important role to play in the future. Other: Includes management of all divisions and administrative activities. ![]()
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