Singapore Shipping Corp announced it’s full year result not too long ago.

• Current Share Price: SG$0.27
• Number of Outstanding Shares: 436 mil
• Current Annualized Dividend Per Share: SG$0.01 ( 3.7% Dividend Yield)

The result was largely positive on the surface.. However, when the share price open at the next trading day, prices fell 4 cents to close at $0.27. What could have cause the fall in share price?

A Change in Ship Owning Revenue Accounting

If you look at the net profits and the free cash flow, they are better than last year.

• Q4 FY 2015 Net Profit: US$2.3 mil
• Q4 FY 2016 Net Profit: US$1.2 mil

This is strange. Last year fourth quarter, SSC’s result included only a few weeks of contribution from Taurus Leader. This year’s fourth quarter should be better. Much of the performance was eroded by higher ......