Foreword

Fiscal uncertainty, economic downturn, defense austerity — such pessimistic state of affairs tend to be the bane of most enterprises, big or small.

I am, however, excited about the opportunities that present themselves in the current ambiguous climate. The circumstance has enabled the Glenn Marine Group to re-assess and re-align its forward strategy in pursuit of business sustainability, instead of merely riding on the wave of growth.

Since the Glenn Marine house flag was hoisted on our first vessel as it set sail on its maiden voyage in 1946, we knew we are destined to be a formidable force in the maritime sphere of influence. Those of you who have accompanied us in our trajectory over the years would have noted how much we have evolved, widened our reach and extended our clout. Not resting on our laurels, we are ever ready to adapt to the fluid operational environment. The Glenn Marine Group is, and will always be, an active agent for innovative ideas and change.

At the turn of this decade, we pursued diversification as part of our strategy to re-position ourselves in the maritime domain. While naval defense support remains the linchpin of our business, our foray into cruise terminal operations has reaped spectacular results. In fact, our acquisition of the Port Klang Cruise Centre in Malaysia in 2010 was very timely. In spite of the ongoing geopolitical and economic challenges, cruise tourism receipts in Asia continue to remain healthy, propelled in part by the region’s growing middle class and emerging market economies. We are also in the midst of bidding to build a container port in Port Klang, in anticipation of the area’s need for additional capacity after 2018. Once this materializes, it will confer synergy to both sectors.

Militarily, the Asia–Pacific is undergoing an invigorating phase. You have all heard about the increased presence of navies in the South China Sea, as well as the gradual rebalance of US military attention to the region. As the leading naval logistics and husbanding agent in the Asia–Pacific, the relevance of our partnership is even more apparent.

Our business direction underscores the value proposition of the Glenn Marine Group — a robust organization uniquely positioned to meet the pressing and varying needs of our stakeholders in the maritime sector.

My sincere thanks to all those who have made us what we are today.

 

LEONARD G. FRANCIS
Executive Group Chairman & President