During the years ended December 31, 2019, 2020 and 2021 and the nine months ended September 30, 2022, the transaction costs of the crew manning services procured from Haizhou Crew Manning (Qingdao) and Sinostar Crew Manning Co., Ltd amounted to approximately USD11.5 million, USD19.3 million, USD25.8 million and USD14.2 million, respectively, representing approximately 45.8%, 57.8%, 53.9% and 34.8% of our total crew manning expenses for the corresponding periods.
Business · p. 268
Our Directors consider that outsourcing crew manning to our related parties Haizhou Crew Manning (Qingdao) and Sinostar Crew Manning during the Track Record Period is in our commercial interests as our related parties are able to provide the necessary crewing services that suit our needs most appropriately at service fees not higher than service fees we pay Independent Third Parties in comparable transactions.
Business · p. 268
The company's explanation, the adviser's view and the page in the filing: see MattersCompletion of the transfer of shares in Haizhou Crew Manning (Qingdao) took place on October 27, 2022, and the transfer of shares in Sinostar Crew Manning took place on November 14, 2022.
Business · p. 269