Jul. 30 at 12:45 AM
$IOTR $BANL The Singfar Group is a Singaporean subsidiary of CBL. The June 24 IO3 PR confirms the digitization contract with Singfar began in mid-2024 with one vessel. It's reasonable to assume this is Customer A in the Annual Report that generated
$1.32M revenue (the VSight project).
The PR then indicates that the remaining Singfar fleet, roughly 46 different vessels with 6-8 new vessels expected in 2026, will be similarly digitized "in due course". Applying revenue figures for Customer A's digitization across the existing Singfar fleet, you have a potential revenue opportunity of over
$65M in 2025-26, assuming all the ships are digitized.
If you add in connectivity services figures to this contract, another big assumption, you could see another
$51M in revenue from the entire Singfar Group fleet contract.
Lots of assumptions and rough calcs but they support the
$100M valuation (or
$4 SP) the company used in their IPO. Hard to tell for sure when the company provides limited information.
