Penguin International accelerated its sustainability and decarbonization efforts in FY2025 through investments in electric ferries, renewable energy, low-emission vessels, fleet modernization, and workforce development. The company continued integrating environmental, social, and governance (ESG) priorities across its shipbuilding and vessel chartering businesses while supporting the maritime industry’s transition to cleaner transportation.
Sustainability initiatives are overseen by Captain Kevin Wong, General Manager of Group Operations and Sustainable Developments, who leads the company’s environmental and climate-related programs.
Renewable Energy Adoption Gains Momentum
Penguin strengthened the use of renewable energy across its operations during FY2025. The company’s Tuas shipyard sourced 80 percent of its electricity from renewable energy, contributing to a 2 percent reduction in electricity consumption.
The use of renewable electricity supports Penguin’s long-term objective of reducing environmental impact across its shipbuilding and maintenance operations while improving energy efficiency, Penguin International Sustainability Report 2025 indicated.
Electric Dream Project Delivers Significant Carbon Savings
The company’s flagship Electric Dream marine electrification initiative completed its second full year of commercial operation in 2025.
The project consists of three fully electric 28.7-metre commuter ferries – Penguin Refresh, Penguin Recharge and Penguin Renewable – supported by three rapid DC shore charging stations.
Operating between Pasir Panjang Ferry Terminal and Pulau Bukom, the electric ferry fleet transports approximately 3,000 passengers daily. By replacing conventional diesel-powered ferries, the vessels eliminate around 6,000 tonnes of CO2 emissions annually, demonstrating the commercial viability of zero-emission maritime transport.
Ambitious Emissions Reduction Targets
Penguin has established clear climate targets to reduce emissions across its operations.
The company aims to reduce shipyard CO2 emissions intensity by 2 percent annually and achieve a 10 percent reduction by FY2030, measured in tonnes of CO2 per newbuild.
For vessel operations, Penguin is targeting a 2 percent annual reduction and a 10 percent reduction by FY2030 in vessel emissions intensity, measured in tonnes of CO2 per vessel running hour.
Hybrid-Electric Vessels Advance Decarbonization
During FY2025, Penguin delivered four Hybrid Lite, Electric-Ready Crew Transfer Vessels (CTVs) for offshore wind farm operations.
These vessels utilize shaft-generated electricity stored in lithium batteries, reducing the need for diesel generators. Depending on operating conditions, each vessel can reduce emissions by approximately 1 tonne of CO2 every two to three days.
The vessels are equipped with IMO Tier III engines that reduce nitrogen oxide (NOx) emissions by 90 percent compared with conventional IMO Tier II engines.
Young Fleet Enhances Fuel Efficiency
Penguin continues to operate one of the youngest commercial fleets in its markets.
The company’s wholly owned crewboat fleet expanded from 27 vessels in FY2024 to 34 vessels in FY2025, while maintaining an average fleet age of approximately 2.4 years.
A younger fleet delivers improved fuel efficiency, lower emissions, enhanced reliability, and reduced maintenance requirements compared with older vessels, contributing to both environmental and financial performance.
Shipbuilding Business Delivers Advanced Vessel Projects
Penguin’s shipbuilding operations remained active throughout FY2025. The company delivered four Hybrid Lite, Electric-Ready windfarm Crew Transfer Vessels and completed its largest vessel project to date – two 56-metre passenger-cum-vehicle ferries for Abu Dhabi Ports.
Each ferry is capable of carrying 180 passengers and 25 vehicles while achieving service speeds of up to 35 knots.
The company continues to utilize standardized aluminum vessel designs and efficient manufacturing processes to improve material utilization, reduce waste, and support sustainable shipbuilding practices.
Financial Performance Supports Sustainability Investments
Penguin reported strong financial performance during FY2025, creating a solid foundation for continued sustainability investments.
Revenue increased 31 percent to $173.5 million from $132.5 million in FY2024.
Net profit rose 28 percent to $31.3 million compared with $24.4 million in FY2024.
Vessel chartering revenue climbed 24 percent to a record $70.6 million, while shipbuilding revenue increased 36 percent to $102.9 million.
The company invested $15.4 million in capital expenditure during FY2025, including vessel construction and infrastructure projects that support future growth and sustainability objectives.
Workforce Growth and Training
Penguin expanded its workforce significantly during FY2025.
Total employee headcount increased to 1,092 from 886 employees in FY2024, representing growth of approximately 23 percent.
The company delivered 7,690 training hours during the year to strengthen employee skills, safety awareness, and professional development.
ESG Reporting and Governance
Penguin continues to align sustainability reporting with internationally recognized frameworks, including the Global Reporting Initiative (GRI) Standards and the Task Force on Climate-related Financial Disclosures (TCFD).
The company maintains transparency around climate risks, environmental performance, governance practices, and sustainability objectives, enabling stakeholders to assess progress against long-term ESG commitments.
Outlook
With 80 percent renewable electricity at its Tuas shipyard, three fully electric ferries transporting 3,000 passengers daily, annual carbon savings of 6,000 tonnes of CO2, four hybrid-electric crew transfer vessels, a fleet of 34 crewboats averaging 2.4 years in age, and clear 2030 emissions reduction targets, Penguin International is positioning itself at the forefront of sustainable maritime transportation.
As electrification, renewable energy adoption, and low-carbon vessel technologies continue to evolve, Penguin remains focused on delivering commercially viable solutions that reduce emissions while supporting long-term business growth and maritime decarbonization.
SHAFANA FAZAL
