58 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 Under the Singapore Green Plan 2030, the LTA has outlined a comprehensive EV Roadmap to drive EV adoption, setting a target of 60,000 EV charging points by 2030. This includes working with the private sector to achieve 40,000 charging points in public car parks and 20,000 charging points in private premises. The Singapore government has also announced ambitions for every HDB town to be an ‘EV-Ready Town’, with approximately 2,000 car parks to be equipped with charging points by 2025. Additionally, in Singapore, the harbour craft vessel segment has also broadened the spectrum of decarbonisation. Beginning in 2030, all new harbour craft operating in Singapore’s ports must be fully electric, capable of using B100 (straight) biofuel, or be compatible with net zero fuels such as hydrogen. By 2050, Singapore aims for all harbour craft to operate with net zero emissions. Singapore’s Maritime and Port Authority (“MPA”) has made tremendous progress in encouraging electrification, with pilot programmes for the port’s first fully electric ferry and lighter craft on schedule to begin this year. The MPA is also launching a charging station plan to support electric vessel operations, with the first location slated to begin operating on Pulau Bukom in a few months. A broader charging station plan covering more locations will be completed in 2025. As a business involved in green technology, including our mobility and marine segments, the opportunities for growth and innovation are vast. Both Malaysia and Singapore are at their respective inflection points in this space and we believe we are well positioned to capture the opportunities that will present themselves as these markets reach critical mass. We will continue investing in the research and MARKET LANDSCAPE development (“R&D”) of new technologies and working closely with policymakers to contribute to the transition to a low-carbon and sustainable future. OFFSHORE MARINE The offshore support vessel (“OSV”) market in Malaysia has seen a pickup in activity levels in 2022 and is expected to see even greater levels of activity in 2023 following the 10 hydrocarbon discoveries made in Malaysia in 2022. According to Malaysia Petroleum Management, eight oil & gas discoveries were made off the coast of Sarawak and one each off the coast of Sabah and Peninsular Malaysia. This bodes well for the local OSV industry as local vessels will continue to be prioritised under panel arrangements. However, there are emerging signs of a shortage of OSVs in Malaysia as the building of new vessels has slowed over the past six years. About 60% of the OSVs operating in Malaysia are now 12 years old on average, which puts the industry at risk due to the age cap in place for Petroliam Nasional Berhad (“PETRONAS”) tenders. However, negotiations are underway to increase the age cap to 20 years instead of 15 years. This will mitigate the shortage by enabling existing vessels to be utilised for a longer period. Another challenge is with regards to charter rates, where despite oil prices having strengthened, the charter rates for OSVs have yet to increase. In addition, we note that some crew are forming private unions to take advantage of shortages in the market to obtain higher salaries for certain positions. Growth (Source: www.ev-volumes.com) +55% +70% +46% +59% +65% +9% +43% +109% +55% EV VOLUMES 0.2% 0.4% 0.6% 0.9% 1.3% 2.2% 2.5% 4.2% 8.3% 13.0% 10,522 2022 2021 2020 2017 2019 2016 2014 2018 2015 2013 6,768 3,244 2,276 2,082 1,262 791 543 320 206 GLOBAL BEV AND PHEV SALES (‘000s) Battery Electric Vehicles Plug-In Hybrids EV Market Share
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