Trai Thien USA Inc (OTC Markets:TRTH), through its subsidiary Trai Thien Logistics, announced that it is planning to establish Singapore as a new Shipping and Trade Hub for the Company to expand ahead of the formation of the ASEAN Economic Community ("AEC") in 2015.
The AEC is ASEAN's most resolute step to date to transform the region into a single market and production base by 2015.
The Port of Singapore is the busiest in the world, surpassing Rotterdam and Hong Kong. In addition, Singapore's port infrastructure and skilled workforce, due in part to the success of the country's education policy in producing skilled workers, is also fundamental in providing easier access to markets for both importing and exporting.
Trai Thien currently has six vessels operating at full shipping capacity. The six vessels realized 26 trips in the first quarter 2012, and are projected to make a total of 120 intra-regional voyages for the 2012 fiscal year. When factoring in down time for scheduled maintenance and repairs, a TRTH vessel completes a commercial voyage every 18 days on average. The full operational capacity status reflects the ability of Company management to fulfill its long-term plan of becoming a key player in inter-ASEAN cargo shipping.
Year-end 2011 revenues increased over 20.9% as compared to the previous fiscal year, from $12,232,991 in 2010 to $14,794,939 in 2011. Income from Operations increased over 148% from 2010 to 2011, from $1,051,543 to $2,615,000.
Net Income increased from a loss of $539,452 in fiscal 2010 to a positive $1,377,391 in 2011.
The Company is operating a 21,990 DWT fleet comprised of six geared bulk vessels specialized in providing ocean transportation services for raw material input items such as coal, ore, grain, lumber, cement, steel and fertilizer throughout the Southeast Asia region.
The new Singapore Hub is expected to add to the capacity of Trai Thien beginning in late 2012 and early 2013.