Business Concept for Proposed Purchase of VLCC and HSFO Trading

To seek funding for USD35 million for acquisition of one unit VLCC for FSU project at Port
Klang for the financing cost at 6% and tenure of 36 months.
Objective
Also to seek for trade financing line at estimated value of about USD70 million per one cycle
trading.

To buy a oil taner vessel of VLCC size for FSU service as follow:
1
Business Plan
2
3
1
Potential Clients for 2
storage leasing
business 3
4
1
Revenue
2
STS coordinates belong to Mariner Services Sdn Bhd in Port Klang
Location of VLCC 1
2
Seller Trader in Venezuela
Buyer Trader in Singapore (not involving trader in China)
1
Cargo type
2
Loading Port Jose Terminal Port, Venezuela
1,000,000 bbl (one million) per loading only. Limitation by Terminal capacity for each
Quantity
loading.
1
Buying Price
2

Selling Price MOPS - USD15 per metric Ton

1
Margin
2
usiness Concept for Proposed Purchase of VLCC and HSFO Trading

To seek funding for USD35 million for acquisition of one unit VLCC for FSU project at Port
Klang for the financing cost at 6% and tenure of 36 months.

Also to seek for trade financing line at estimated value of about USD70 million per one cycle
trading.

To buy a oil taner vessel of VLCC size for FSU service as follow:
To conduct trading business of cargo HSFO from Venezuela
For leasing as Floating Storage of partial storage space system 1 and 2
For storage of own trading cargo of partial storage space system 3
Petronas (please refer to LOI from Petronas)
Sinopec
ExxonMobil
Traders for short term storage services
Revenue from oil trading and using the VLCC as own floating storage
Revenue from leasing the storage space to other oil traders.
STS coordinates belong to Mariner Services Sdn Bhd in Port Klang
Coordinate 1. LAT 2 ° 45.75' N LONG 101°18.82' E
Coordinate 2. LAT 2 ° 46.70' N LONG 101°16.90' E
Trader in Venezuela
Trader in Singapore (not involving trader in China)
High Sulphur Fuel Oil (HSFO)
Heavy Crude Oil M16 origin Venezuela (at later stage)
Jose Terminal Port, Venezuela
1,000,000 bbl (one million) per loading only. Limitation by Terminal capacity for each
loading.
Fixed n Firmed USD55 per bbl for FOB, Jose VeJot Venezuela
Fixed n Firmed USD55 + USD4 = USD59 (after freighting cost) per bbl for CIF Port
Klang
MOPS - USD15 per metric Ton
Trading A Gross Margin = USD68.76 - USD59 = USD9.76/bbl
Trading B Gross Margin = USD66.76 - USD59 = USD7.76/bbl
 PROJECT PURCHASING ONE UNIT VLCC FOR FSU SERVICE AT PORT KLANG USED FOR FLOATING TERMINAL TRADING OF CARGO

A Timeline & Exchange Rate

Period 1 2 3 4
Month Jun-24 Jul-24 Aug-24 Sep-24
No of Days in a month 30 31 31 30
USD to RM 4.67 4.67 4.67 4.67

B Floating Terminal Income

Cargo Space MT 319,529 319,529 319,529 319,529
Leasing Group 1 Tank system (Tenant A) 103,376 5.75 USD 594,412 594,412 594,412 594,412
Leasing Group 2 Tank system (Tenant B) 102,555 5.75 USD 589,691 589,691 589,691 589,691
Leasing Group 3 Tank system (Tenant C) 113,598 - USD Own use Own use Own use Own use

C Trading Income HSFO Venz

Volume per month 1 1,000,000 BBL
Buying Price FOB Load Port 0 USD - - - -
Freight cost voyage from Load Port to Port Klang 0 USD - - - -
Buying Price CIF Port Klang 59.00 USD 59,000,000.00 59,000,000.00 59,000,000.00 59,000,000.00
Financing Charge @ 1% 1% USD 590,000.00 590,000.00 590,000.00 590,000.00
Financing Other Admin Charge 0.5% USD 295,000.00 295,000.00 295,000.00 295,000.00
Selling Price FOB Port Klang by FSU 68.76 34,380,000.00 34,380,000.00 34,380,000.00 34,380,000.00
Selling Price FOB Port Klang direct discharge 481 66.76 USD 33,380,000.00 33,380,000.00 33,380,000.00 33,380,000.00

Gross Trading Margin USD 9,059,103.25 9,059,103.25 9,059,103.25 9,059,103.25

D Cost of Sale for Trading Import Loading

STS for import Loading Cost All-In 1 160,000.00 USD 160,000.00 160,000.00 160,000.00 160,000.00
Port Dues at Port Klang 0.40 16,421.19 USD 16,421.19 16,421.19 16,421.19 16,421.19
Tugboat Standby 7 29,978.59 USD 29,978.59 29,978.59 29,978.59 29,978.59

E Cost of Sale for Trading Export Discharging

STS for Export Discharging Cost All-In 1.5 80,000.00 USD 120,000.00 120,000.00 120,000.00 120,000.00
Port Dues at Por Klang 0.40 6,167.02 USD 6,167.02 6,167.02 6,167.02 6,167.02
Tugboat Standby 4 17,130.62 USD 17,130.62 17,130.62 17,130.62 17,130.62

Total Cost of Sale for Trading USD 349,697.42 349,697.42 349,697.42 349,697.42

F VLCC FSU Monthly Expenses

Monthly Financing Payment (Principal) 35,000,000.00 USD 972,222.00 972,222.22 972,222.22 972,222.22
Monthly Financing Payment (Interest) - 170,138.89 165,277.78 160,416.67

Total Financial Payment (P&I) USD 972,222.00 1,142,361.11 1,137,500.00 1,132,638.89

Bunker utilisation per month (in MT) DIESEL 550 MT

Bunker Cost per Metric Tonnes - DIESEL 800 USD 440,000.00 440,000.00 440,000.00 440,000.00
Bunker utilisation per month (in MT) FUEL OIL 500 MT
Bunker Cost per Metric Tonnes - FUEL OIL 650 USD 325,000.00 325,000.00 325,000.00 325,000.00

Total Bunker Cost per month USD 765,000.00 765,000.00 765,000.00 765,000.00

Other Cost per Month on VLCC FSU

Port and marine charges USD 25,000.00 25,000.00 25,000.00 25,000.00
Oil Spill Response USD 8,000.00 8,000.00 8,000.00 8,000.00
Tugboat Rental for Standby 1,927.19 30 USD 57,815.85 57,815.85 57,815.85 57,815.85
Crew Expenses USD 98,000.00 98,000.00 98,000.00 98,000.00
Spares & Stores USD 50,000.00 50,000.00 50,000.00 50,000.00
Launch Boat Hire 40 600 USD 24,000.00 24,000.00 24,000.00 24,000.00
Agency Fees USD 15,000.00 15,000.00 15,000.00 15,000.00
Repair And Maintenance USD 50,000.00 50,000.00 50,000.00 50,000.00
Insurance(H&M,P&I) USD 60,000.00 60,000.00 60,000.00 60,000.00
POAC 4 3000 USD 12,000.00 12,000.00 12,000.00 12,000.00
Loading Masters 15 3000 USD 45,000.00 45,000.00 45,000.00 45,000.00
Office and Stationary USD 2,500.00 2,501.00 2,502.00 2,503.00
Victualling 28 40 USD 33,600.00 33,600.00 33,600.00 33,600.00
Fender and Hoses rental 30 2000 USD 60,000.00 60,000.00 60,000.00 60,000.00
STS box rental USD 40,000.00 40,001.00 40,002.00 40,003.00
Overheads USD 60,000.00 60,000.00 60,000.00 60,000.00
Others and misc USD 25,000.00 25,000.00 25,000.00 25,000.00

Total other cost per month USD 665,915.85 665,917.85 665,919.85 665,921.85

Total Expenses Per Month for VLCC FSU USD 2,752,835.27 2,922,976.38 2,918,117.27 2,913,258.16

G TRADING COMPANY(TradeCom)
Total Trading and Storage Income USD 68,944,103.25 68,944,103.25 68,944,103.25 68,944,103.25
Total Trading, Finance and Opeartion Expense USD 62,637,835.27 62,807,976.38 62,803,117.27 62,798,258.16
Total Trading Gross Margin USD 9,059,103.25 9,059,103.25 9,059,103.25 9,059,103.25
Total Cost Per Month for VLCC USD (2,752,835.27) (2,922,976.38) (2,918,117.27) (2,913,258.16)

Gross Profit USD 6,306,267.98 6,136,126.87 6,140,985.98 6,145,845.09

H PROFIT SHARING STRUCTURE

PROFIT ALLOCATION FOR FINANCIER (FOR VLCC PURCHASE

65% USD 4,099,074.19 3,988,482.47 3,991,640.89 3,994,799.31
AND TRADE FINANCING)

PROFIT ALLOCATION FOR MARINER SERVICES SDN BHD

35% USD 2,207,193.79 2,147,644.40 2,149,345.09 2,151,045.78
(FSU OPERATOR, STS BOX OWNER, AND CARGO TRADER)

I SUMMARY OF FINANCIALS (ANNUAL PERFORMANCE) 2024 2025 2026 2027

7 months 12 months 12 months 5 months
Total Net Profit USD 43,195,915.87 74,304,079.77 75,003,791.77 31,458,092.13

Month Jun-24 Jul-24 Aug-24 Sep-24

VLCC
Term Loan repayment Schedule for VLCC

Interest Computation
Vessel amount (USD30M for vessel purchase + USD5M for running capital)
Term loan amount
Loan tenure 3 year
Monthly repayment, principal
Interest rate (COF + )
days

Principal Repayment Outstanding

Principal
1 1-Jun-24 35,000,000.00 972,222.00 34,027,778.00
2 1-Jul-24 34,027,778.00 972,222.22 33,055,555.78
3 31-Jul-24 33,055,555.78 972,222.22 32,083,333.56
4 30-Aug-24 32,083,333.56 972,222.22 31,111,111.33
5 29-Sep-24 31,111,111.33 972,222.22 30,138,889.11
6 29-Oct-24 30,138,889.11 972,222.22 29,166,666.89
7 28-Nov-24 29,166,666.89 972,222.22 28,194,444.67
8 28-Dec-24 28,194,444.67 972,222.22 27,222,222.44
9 27-Jan-25 27,222,222.44 972,222.22 26,250,000.22
10 26-Feb-25 26,250,000.22 972,222.22 25,277,778.00
11 28-Mar-25 25,277,778.00 972,222.22 24,305,555.78
12 27-Apr-25 24,305,555.78 972,222.22 23,333,333.56
13 27-May-25 23,333,333.56 972,222.22 22,361,111.33
14 26-Jun-25 22,361,111.33 972,222.22 21,388,889.11
15 26-Jul-25 21,388,889.11 972,222.22 20,416,666.89
16 25-Aug-25 20,416,666.89 972,222.22 19,444,444.67
17 24-Sep-25 19,444,444.67 972,222.22 18,472,222.44
18 24-Oct-25 18,472,222.44 972,222.22 17,500,000.22
19 23-Nov-25 17,500,000.22 972,222.22 16,527,778.00
20 23-Dec-25 16,527,778.00 972,222.22 15,555,555.78
21 22-Jan-26 15,555,555.78 972,222.22 14,583,333.56
22 21-Feb-26 14,583,333.56 972,222.22 13,611,111.33
23 23-Mar-26 13,611,111.33 972,222.22 12,638,889.11
24 22-Apr-26 12,638,889.11 972,222.22 11,666,666.89
25 22-May-26 11,666,666.89 972,222.22 10,694,444.67
26 21-Jun-26 10,694,444.67 972,222.22 9,722,222.44
27 21-Jul-26 9,722,222.44 972,222.22 8,750,000.22
28 20-Aug-26 8,750,000.22 972,222.22 7,777,778.00
29 19-Sep-26 7,777,778.00 972,222.22 6,805,555.78
30 19-Oct-26 6,805,555.78 972,222.22 5,833,333.56
31 18-Nov-26 5,833,333.56 972,222.22 4,861,111.33
32 18-Dec-26 4,861,111.33 972,222.22 3,888,889.11
33 17-Jan-27 3,888,889.11 972,222.22 2,916,666.89
34 16-Feb-27 2,916,666.89 972,222.22 1,944,444.67
35 18-Mar-27 1,944,444.67 972,222.22 972,222.44
 36 17-Apr-27 972,222.44 972,222.22 0.22
37
38
#REF!

35,000,000

USD TO RM @ 14/12/23
 USD
35,000,000
35,000,000
36 months
972,222
2.75%
360

Interest Amt Total COF rate Interest rate

(Principal + Int)
972,222.00 3.25% 6.00%
170,138.89 1,142,361.11 3.25% 6.00%
165,277.78 1,137,500.00 3.25% 6.00%
160,416.67 1,132,638.89 3.25% 6.00%
155,555.56 1,127,777.78 3.25% 6.00%
150,694.45 1,122,916.67 3.25% 6.00%
145,833.33 1,118,055.56 3.25% 6.00%
140,972.22 1,113,194.45 3.25% 6.00%
136,111.11 1,108,333.33 3.25% 6.00%
131,250.00 1,103,472.22 3.25% 6.00%
126,388.89 1,098,611.11 3.25% 6.00%
121,527.78 1,093,750.00 3.25% 6.00%
116,666.67 1,088,888.89 3.25% 6.00%
111,805.56 1,084,027.78 3.25% 6.00%
106,944.45 1,079,166.67 3.25% 6.00%
102,083.33 1,074,305.56 3.25% 6.00%
97,222.22 1,069,444.45 3.25% 6.00%
92,361.11 1,064,583.33 3.25% 6.00%
87,500.00 1,059,722.22 3.25% 6.00%
82,638.89 1,054,861.11 3.25% 6.00%
77,777.78 1,050,000.00 3.25% 6.00%
72,916.67 1,045,138.89 3.25% 6.00%
68,055.56 1,040,277.78 3.25% 6.00%
63,194.45 1,035,416.67 3.25% 6.00%
58,333.33 1,030,555.56 3.25% 6.00%
53,472.22 1,025,694.45 3.25% 6.00%
48,611.11 1,020,833.33 3.25% 6.00%
43,750.00 1,015,972.22 3.25% 6.00%
38,888.89 1,011,111.11 3.25% 6.00%
34,027.78 1,006,250.00 3.25% 6.00%
29,166.67 1,001,388.89 3.25% 6.00%
24,305.56 996,527.78 3.25% 6.00%
19,444.45 991,666.67 3.25% 6.00%
14,583.33 986,805.56 3.25% 6.00%
9,722.22 981,944.45 3.25% 6.00%
 4,861.11 977,083.33 3.25% 6.00%

3,062,500 38,062,500
634,375.00
21,145.83

4.67
VLCC
Term Loan repayment Schedule for VLCC

Interest Computation
Vessel amount (USD30M for vessel purchase + USD5M for running capital)
Term loan amount
Loan tenure 5 year
Monthly repayment, principal
Interest rate (COF + )
days

Principal Repayment Outstanding

Principal
1 1-Jun-23 35,000,000.00 583,333.33 34,416,666.67
2 1-Jul-23 34,416,666.67 583,333.33 33,833,333.33
3 31-Jul-23 33,833,333.33 583,333.33 33,250,000.00
4 30-Aug-23 33,250,000.00 583,333.33 32,666,666.67
5 29-Sep-23 32,666,666.67 583,333.33 32,083,333.33
6 29-Oct-23 32,083,333.33 583,333.33 31,500,000.00
7 28-Nov-23 31,500,000.00 583,333.33 30,916,666.67
8 28-Dec-23 30,916,666.67 583,333.33 30,333,333.33
9 27-Jan-24 30,333,333.33 583,333.33 29,750,000.00
10 26-Feb-24 29,750,000.00 583,333.33 29,166,666.67
11 27-Mar-24 29,166,666.67 583,333.33 28,583,333.33
12 26-Apr-24 28,583,333.33 583,333.33 28,000,000.00
13 26-May-24 28,000,000.00 583,333.33 27,416,666.67
14 25-Jun-24 27,416,666.67 583,333.33 26,833,333.33
15 25-Jul-24 26,833,333.33 583,333.33 26,250,000.00
16 24-Aug-24 26,250,000.00 583,333.33 25,666,666.67
17 23-Sep-24 25,666,666.67 583,333.33 25,083,333.33
18 23-Oct-24 25,083,333.33 583,333.33 24,500,000.00
19 22-Nov-24 24,500,000.00 583,333.33 23,916,666.67
20 22-Dec-24 23,916,666.67 583,333.33 23,333,333.33
21 21-Jan-25 23,333,333.33 583,333.33 22,750,000.00
22 20-Feb-25 22,750,000.00 583,333.33 22,166,666.67
23 22-Mar-25 22,166,666.67 583,333.33 21,583,333.33
24 21-Apr-25 21,583,333.33 583,333.33 21,000,000.00
25 21-May-25 21,000,000.00 583,333.33 20,416,666.67
26 20-Jun-25 20,416,666.67 583,333.33 19,833,333.33
27 20-Jul-25 19,833,333.33 583,333.33 19,250,000.00
28 19-Aug-25 19,250,000.00 583,333.33 18,666,666.67
29 18-Sep-25 18,666,666.67 583,333.33 18,083,333.33
30 18-Oct-25 18,083,333.33 583,333.33 17,500,000.00
31 17-Nov-25 17,500,000.00 583,333.33 16,916,666.67
32 17-Dec-25 16,916,666.67 583,333.33 16,333,333.33
33 16-Jan-26 16,333,333.33 583,333.33 15,750,000.00
34 15-Feb-26 15,750,000.00 583,333.33 15,166,666.67
35 17-Mar-26 15,166,666.67 583,333.33 14,583,333.33
36 16-Apr-26 14,583,333.33 583,333.33 14,000,000.00
37 16-May-26 14,000,000.00 583,333.33 13,416,666.67
38 15-Jun-26 13,416,666.67 583,333.33 12,833,333.33
39 15-Jul-26 12,833,333.33 583,333.33 12,250,000.00
40 14-Aug-26 12,250,000.00 583,333.33 11,666,666.67
41 13-Sep-26 11,666,666.67 583,333.33 11,083,333.33
42 13-Oct-26 11,083,333.33 583,333.33 10,500,000.00
43 12-Nov-26 10,500,000.00 583,333.33 9,916,666.67
44 12-Dec-26 9,916,666.67 583,333.33 9,333,333.33
45 11-Jan-27 9,333,333.33 583,333.33 8,750,000.00
46 10-Feb-27 8,750,000.00 583,333.33 8,166,666.67
47 12-Mar-27 8,166,666.67 583,333.33 7,583,333.33
48 11-Apr-27 7,583,333.33 583,333.33 7,000,000.00
49 11-May-27 7,000,000.00 583,333.33 6,416,666.67
50 10-Jun-27 6,416,666.67 583,333.33 5,833,333.33
51 10-Jul-27 5,833,333.33 583,333.33 5,250,000.00
52 9-Aug-27 5,250,000.00 583,333.33 4,666,666.67
53 8-Sep-27 4,666,666.67 583,333.33 4,083,333.33
54 8-Oct-27 4,083,333.33 583,333.33 3,500,000.00
55 7-Nov-27 3,500,000.00 583,333.33 2,916,666.67
56 7-Dec-27 2,916,666.67 583,333.33 2,333,333.33
57 6-Jan-28 2,333,333.33 583,333.33 1,750,000.00
58 5-Feb-28 1,750,000.00 583,333.33 1,166,666.67
59 6-Mar-28 1,166,666.67 583,333.33 583,333.33
60 5-Apr-28 583,333.33 583,333.33 0.00

35,000,000

USD TO RM @ 14/12/23
 USD
35,000,000
35,000,000
60 months
583,333
2.75%
360

Interest Amt Total COF rate Interest rate

(Principal + Int)
583,333.33 3.250% 6.000%
172,083.33 755,416.67 3.250% 6.000%
169,166.67 752,500.00 3.250% 6.000%
166,250.00 749,583.33 3.250% 6.000%
163,333.33 746,666.67 3.250% 6.000%
160,416.67 743,750.00 3.250% 6.000%
157,500.00 740,833.33 3.250% 6.000%
154,583.33 737,916.67 3.250% 6.000%
151,666.67 735,000.00 3.250% 6.000%
148,750.00 732,083.33 3.250% 6.000%
145,833.33 729,166.67 3.250% 6.000%
142,916.67 726,250.00 3.250% 6.000%
140,000.00 723,333.33 3.250% 6.000%
137,083.33 720,416.67 3.250% 6.000%
134,166.67 717,500.00 3.250% 6.000%
131,250.00 714,583.33 3.250% 6.000%
128,333.33 711,666.67 3.250% 6.000%
125,416.67 708,750.00 3.250% 6.000%
122,500.00 705,833.33 3.250% 6.000%
119,583.33 702,916.67 3.250% 6.000%
116,666.67 700,000.00 3.250% 6.000%
113,750.00 697,083.33 3.250% 6.000%
110,833.33 694,166.67 3.250% 6.000%
107,916.67 691,250.00 3.250% 6.000%
105,000.00 688,333.33 3.250% 6.000%
102,083.33 685,416.67 3.250% 6.000%
99,166.67 682,500.00 3.250% 6.000%
96,250.00 679,583.33 3.250% 6.000%
93,333.33 676,666.67 3.250% 6.000%
90,416.67 673,750.00 3.250% 6.000%
87,500.00 670,833.33 3.250% 6.000%
84,583.33 667,916.67 3.250% 6.000%
81,666.67 665,000.00 3.250% 6.000%
78,750.00 662,083.33 3.250% 6.000%
75,833.33 659,166.67 3.250% 6.000%
72,916.67 656,250.00 3.250% 6.000%
70,000.00 653,333.33 3.250% 6.000%
67,083.33 650,416.67 3.250% 6.000%
64,166.67 647,500.00 3.250% 6.000%
61,250.00 644,583.33 3.250% 6.000%
58,333.33 641,666.67 3.250% 6.000%
55,416.67 638,750.00 3.250% 6.000%
52,500.00 635,833.33 3.250% 6.000%
49,583.33 632,916.67 3.250% 6.000%
46,666.67 630,000.00 3.250% 6.000%
43,750.00 627,083.33 3.250% 6.000%
40,833.33 624,166.67 3.250% 6.000%
37,916.67 621,250.00 3.250% 6.000%
35,000.00 618,333.33 3.250% 6.000%
32,083.33 615,416.67 3.250% 6.000%
12,031.25 595,364.58 3.250% 6.000%
10,694.44 594,027.78 3.250% 6.000%
9,357.64 592,690.97 3.250% 6.000%
8,020.83 591,354.17 3.250% 6.000%
6,684.03 590,017.36 3.250% 6.000%
5,347.22 588,680.56 3.250% 6.000%
4,010.42 587,343.75 3.250% 6.000%
2,673.61 586,006.94 3.250% 6.000%
1,336.81 584,670.14 3.250% 6.000%
0.00 583,333.33 3.250% 6.000%

5,062,240 40,062,240
667,703.99
22,256.80

4.67