364587202022-01-012022-12-31364587202022-01-012022-12-311364587202022-01-012022-12-31RevPers2364587202022-01-012022-12-31RevPers3364587202022-01-012022-12-31fsa:ContributedCapitalMember364587202022-01-012022-12-31fsa:ProposedDividendRecognisedInEquityMember364587202022-01-012022-12-31fsa:RetainedEarningsMember364587202021-01-012021-12-31364587202022-12-31364587202022-01-01fsa:ContributedCapitalMember364587202022-01-01fsa:ProposedDividendRecognisedInEquityMember364587202022-01-01fsa:RetainedEarningsMember364587202021-12-31xbrli:purexbrli:pureiso4217:USDxbrli:sharesTo the shareholders of Ocean7 Chartering ApS Basis of opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibility under those standards and requirements are further described in the “Auditors' responsibility for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statement in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion We have audited the financial statements of Ocean7 Chartering ApS for the financial year 1 January 2022 - 31 December 2022, which comprise an income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2022 and of the results of its operations for the financial year 1 January 2022 - 31 December 2022 in accordance with the Danish Financial Statements Act. 2023-05-17SvendborgOur responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: *Identify and assess the risk of material misstatements in the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or override of internal control. *Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. *Evaluate whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. *Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. *Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control which we identify during our audit. , The auditor's responsibility for the audit of the financial statements Our responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: *Identify and assess the risk of material misstatements in the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or override of internal control. *Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. *Evaluate whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. *Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. *Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control which we identify during our audit. Management's responsibility for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management considers necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern; disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting in preparing the financial statements unless Management either intends to either liquidate the Company or suspend operations, or has no realistic alternative but to do so.Statement on Management's Review Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of opinion providing assurance regarding the Management's review. Our responsibility in connection with our audit of the financial statements is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or with the knowledge we have gained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review meets the disclosure requirements in the Danish Financial Statements Act. Based on our procedures, we are of the opinion that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements in the Danish Financial Statements Act. In our opinion, the Management's review is not materially misstated. , Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of opinion providing assurance regarding the Management's review. Our responsibility in connection with our audit of the financial statements is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or with the knowledge we have gained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review meets the disclosure requirements in the Danish Financial Statements Act. Based on our procedures, we are of the opinion that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements in the Danish Financial Statements Act. In our opinion, the Management's review is not materially misstated. Grundlag for konklusionKonklusion3548617835486178mne31470mne34290Morten Troels PedersenMichael Jensby JakobsenStefan Nordby PetersenRevisionsFirmaet Edelbo,RevisionsFirmaet Edelbo,ManagerRevisionspåtegningtrue19851640348835760016198778643749Regnskabsklasse C, stor virksomhed76977697198516403488357666959926264752Income is recognised in the Income Statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortised cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the Income Statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the Income Statement. Assets are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the Annual Report, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. , Basis of recognition and measurement Income is recognised in the Income Statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortised cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the Income Statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the Income Statement. Assets are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the Annual Report, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Current tax liabilities and current tax receivables are recognised in the Balance Sheet as calculated tax on the expected taxable income for the year, adjusted for tax on taxable income for previous years as well as for tax prepaid. , Current tax liabilities Current tax liabilities and current tax receivables are recognised in the Balance Sheet as calculated tax on the expected taxable income for the year, adjusted for tax on taxable income for previous years as well as for tax prepaid. Balance Sheet Inventories Inventories are measured at cost on the basis of the FIFO principle or at the net realisable value if the latter is lower. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and decelopment in expected selling price. Receivables Receivables are measured at amortised cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Accrued income Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Financial liabilities Other liabilities are measured at amortised cost which usually corresponds to the nominal value. Leases All leases including chartering of vessels is listed as operating leases. Lease payments on operating leases are recognised in the income statement on a straight line basis over the time of the lease. Current tax liabilities Current tax liabilities and current tax receivables are recognised in the Balance Sheet as calculated tax on the expected taxable income for the year, adjusted for tax on taxable income for previous years as well as for tax prepaid. Deferred income Deferred income entered as liabilities consist of payments received regarding income in the subsequent financial years. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. Accrued income Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Deferred income Deferred income entered as liabilities consist of payments received regarding income in the subsequent financial years. Staff expenses comprise wages and salaries, pensions and social security costs. , Staff expenses Staff expenses comprise wages and salaries, pensions and social security costs. Other external expenses Other external expenses comprise expenses regarding sale, distribution and administration. Financial income and expenses Financial income and expenses are recognised in the Income Statement with the amounts that concern the financial year. Financial income and expenses include interest income and expenses, realised and unrealised capital gains and losses regarding securities, debt and foreign currency transactions, dividends received from other equity investments, amortisation of financial assets and liabilities as well as surcharges and allowances under the tax repayment scheme. Income Statement Revenue Revenue from sales (chartering income) is recognized in the income statement at the rate of completion of the charter (discharge to discharge principle). This method is applied when total revenues and expenses in respect of the charter at the balance sheet date can be measured reliably, and it is probable that the economic benefuts, including payements, will flow to the Company. Direct costs Direct costs comprises vessel operating cost relating to the Company's ordinary activities, including expenses to archieve the revenue for the year such as TC-hire, port and bunker cost. Other external expenses Other external expenses comprise expenses regarding sale, distribution and administration. Staff expenses Staff expenses comprise wages and salaries, pensions and social security costs. Financial income and expenses Financial income and expenses are recognised in the Income Statement with the amounts that concern the financial year. Financial income and expenses include interest income and expenses, realised and unrealised capital gains and losses regarding securities, debt and foreign currency transactions, dividends received from other equity investments, amortisation of financial assets and liabilities as well as surcharges and allowances under the tax repayment scheme. Tax on net profit/loss for the year Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). Inventories are measured at cost on the basis of the FIFO principle or at the net realisable value if the latter is lower. , The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and decelopment in expected selling price. , Inventories Inventories are measured at cost on the basis of the FIFO principle or at the net realisable value if the latter is lower. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and decelopment in expected selling price. Financial liabilities Other liabilities are measured at amortised cost which usually corresponds to the nominal value. , Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. , Leases All leases including chartering of vessels is listed as operating leases. Lease payments on operating leases are recognised in the income statement on a straight line basis over the time of the lease. Receivables Receivables are measured at amortised cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. , Receivables Receivables are measured at amortised cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Revenue from sales (chartering income) is recognized in the income statement at the rate of completion of the charter (discharge to discharge principle). This method is applied when total revenues and expenses in respect of the charter at the balance sheet date can be measured reliably, and it is probable that the economic benefuts, including payements, will flow to the Company. , Revenue Revenue from sales (chartering income) is recognized in the income statement at the rate of completion of the charter (discharge to discharge principle). This method is applied when total revenues and expenses in respect of the charter at the balance sheet date can be measured reliably, and it is probable that the economic benefuts, including payements, will flow to the Company. Tax on net profit/loss for the year Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). , Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). Translation policies Transactions in foreign currencies are translated into USD at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into USD based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the Income Statement under Financial Income and Expenses. Direct costs Direct costs comprises vessel operating cost relating to the Company's ordinary activities, including expenses to archieve the revenue for the year such as TC-hire, port and bunker cost. Reporting Class The Annual Report of Ocean7 Chartering ApS for 2022 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. The Company has decided not to include an cash flow statement due to Danish Financial Statements Act §86, 4. The consolidated cash flow statement appears from the Annual Report of Ocean7 Holdings ApS. The accounting policies applied remain unchanged from last year. The Financial Statements are presented in USD with exchange rate USD 697,22 at 31 December 2022 (31 December 2021, USD 656,12). Translation policies Transactions in foreign currencies are translated into USD at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into USD based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the Income Statement under Financial Income and Expenses. General Information Basis of recognition and measurement Income is recognised in the Income Statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortised cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the Income Statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the Income Statement. Assets are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the Annual Report, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income Statement Revenue Revenue from sales (chartering income) is recognized in the income statement at the rate of completion of the charter (discharge to discharge principle). This method is applied when total revenues and expenses in respect of the charter at the balance sheet date can be measured reliably, and it is probable that the economic benefuts, including payements, will flow to the Company. Direct costs Direct costs comprises vessel operating cost relating to the Company's ordinary activities, including expenses to archieve the revenue for the year such as TC-hire, port and bunker cost. Other external expenses Other external expenses comprise expenses regarding sale, distribution and administration. Staff expenses Staff expenses comprise wages and salaries, pensions and social security costs. Financial income and expenses Financial income and expenses are recognised in the Income Statement with the amounts that concern the financial year. Financial income and expenses include interest income and expenses, realised and unrealised capital gains and losses regarding securities, debt and foreign currency transactions, dividends received from other equity investments, amortisation of financial assets and liabilities as well as surcharges and allowances under the tax repayment scheme. Tax on net profit/loss for the year Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). Balance Sheet Inventories Inventories are measured at cost on the basis of the FIFO principle or at the net realisable value if the latter is lower. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and decelopment in expected selling price. Receivables Receivables are measured at amortised cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Accrued income Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Financial liabilities Other liabilities are measured at amortised cost which usually corresponds to the nominal value. Leases All leases including chartering of vessels is listed as operating leases. Lease payments on operating leases are recognised in the income statement on a straight line basis over the time of the lease. Current tax liabilities Current tax liabilities and current tax receivables are recognised in the Balance Sheet as calculated tax on the expected taxable income for the year, adjusted for tax on taxable income for previous years as well as for tax prepaid. Deferred income Deferred income entered as liabilities consist of payments received regarding income in the subsequent financial years. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. 10. Contingent liabilities The company has entered into contracts regarding chartering of ships per 31th December with a remaining period up to 3 months. The total rent obligation is USD 20.305 thousand (2021: USD 13.725 thousand). The group companies are jointly and severally liable for tax on jointly taxed incomes etc of the Group. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way af dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. The group companies consolidated tax liability is recognised in the annual report for S.N.P Holding ApS, cvr-no. 34 88 19 60. 8. Deferred income Deffered income recognized as liabilities comprise payments received from ongoing voyages, which will be recognized as income in the subsequent financial year. 2022 2021 USD USD 2. Employee benefits expense Average number of employees 0 0 Proposed dividend Contributed Retained recognised capital earnings in equity Total Equity 1 January 2022 7.697 11.775.984 1.000.000 12.783.681 Dividend paid 0 0 -1.000.000 -1.000.000 Profit (loss) 0 26.555.618 1.000.000 27.555.618 Extraordinary dividend paid 0 -38.150.000 0 -38.150.000 Equity 31 December 2022 7.697 181.602 1.000.000 1.189.299 The share capital has remained unchanged for the last 5 years. 6. Inventories Inventories are stated as follows: Bunkers 4.511.569 3.352.140 Inventories in total 4.511.569 3.352.140 11. Collaterals and securities As security for time charter contracts, bank deposits of USD 571 thousands are deposited in an escrow account. 3. Financial expenses Finance expenses arising from group enterprises 154.448 145.810 Other finance expenses 1.210.726 105.477 1.365.174 251.287 12. Related parties Ocean7 Chartering ApS is consolidated with Ocean7 Holdings ApS, cvr-no.: 40 19 58 58, which is the smallest consilidation, and is consolidated with S.N.P. Holding ApS, cvr-no.: 34 88 19 60, which is the largest consilidation. The consolidated financial statements can be requested on www.virk.dk. 1. Revenue The main activity of the Company is Shipping. The activities on each market including the competitive situation and risk profile are regarded as very homogeneous. In the light of this the Company is not seen as having different segment activities. 9. Significant events occurring after end of reporting period After the end of the financial year, no events have occurred which may change the financial position of the entity substantially. 5. Distribution of profit Proposed dividend 1.000.000 1.000.000 Retained earnings 26.555.618 28.866.743 27.555.618 29.866.743 Extraordinary dividend distributed after end of reporting period 0 11.700.000 -100000000-7697-11775984-1000000118929912783681The Company has decided not to include an cash flow statement due to Danish Financial Statements Act §86, 4. The consolidated cash flow statement appears from the Annual Report of Ocean7 Holdings ApS. 7. Accruals and deferred income Acruals and deferred income recognized as assets comprise costs concerning the subsequent financial year, and deferred income relevant to ongoing voyages. 00-38150000354991163853017713. Fees for auditors elected on the general meeting Under the exemption rule section 98, subsection 3 of the Danish Financial Statements act, fee's to auditors are disclosed in the annual report of S.N.P. Holding ApS, cvr-no.: 34 88 19 60, which is the largest consolidation. The Annual Report of Ocean7 Chartering ApS for 2022 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. 451156933521401985164034883576186623412209989526370331886939136517425128711937481178510832368762275556182986674310000000265556183532769038290675354991163853017710000001000000451156933521401550264679579660518160211775984193162616136213721false234921361699821866234122099895134327013720194228876873115515874913377720727932034503296846933923800364780504077720728423932-26555618-28866743Svendborg, 5700Kogtvedparken 172014-11-302023-05-173645872035486178ÅrsrapportMartin Erik SpanggaardOcean7 Chartering ApSRevisionsFirmaet Edelbo,, Statsautoriseret Revisionspartnerselskab2021-01-012021-12-31Fredericia, 6072022-12-312022-01-01Corporate governance The consolidated management review appears from the Annual Report of Ocean7 Holdings ApS. Insecurity regarding recognition or measurement There is no material insecurity regarding recognition or measurement. Development in activities and financial matters The Company's Income Statement of the financial year 1 January 2022 - 31 December 2022 shows a result of USD 27.555.618 and the Balance Sheet at 31 December 2022 a balance sheet total of USD 19.851.640 and an equity of USD 1.189.299. Targets and expectations for the year ahead The management expects continued pressure on the global supply chains. Meanwhile the frieght rates has fallen to a lower and more normalised level in 2023. The market trends are expected to have negativ effect on the financial year 2023. Compared to the historically high result in 2022, the management expects a lower result from the financial year 2023. External environment The consolidated management review appears from the Annual Report of Ocean7 Holdings ApS. Intellectual capital resources The consolidated management review appears from the Annual Report of Ocean7 Holdings ApS. Net profit/loss for the year compared with expected developments in the most recently published annual report 2022 turned out to be a better year than expected for the Company and the shipping industry in general. The result for 2022 is considered satisfactory. The Company's principal activities The Company's principal activities consist in international brokerage services in respect of freight transport by ships and other related activities. Research and development activities The Company is not involved in research and development acivities. The Company's principal activities The Company's principal activities consist in international brokerage services in respect of freight transport by ships and other related activities. Insecurity regarding recognition or measurement There is no material insecurity regarding recognition or measurement. Development in activities and financial matters The Company's Income Statement of the financial year 1 January 2022 - 31 December 2022 shows a result of USD 27.555.618 and the Balance Sheet at 31 December 2022 a balance sheet total of USD 19.851.640 and an equity of USD 1.189.299. Post financial year events After the end of the financial year, no events have occurred which may change the financial position of the entity substantially. Targets and expectations for the year ahead The management expects continued pressure on the global supply chains. Meanwhile the frieght rates has fallen to a lower and more normalised level in 2023. The market trends are expected to have negativ effect on the financial year 2023. Compared to the historically high result in 2022, the management expects a lower result from the financial year 2023. Intellectual capital resources The consolidated management review appears from the Annual Report of Ocean7 Holdings ApS. Risks The consolidated management review appears from the Annual Report of Ocean7 Holdings ApS. External environment The consolidated management review appears from the Annual Report of Ocean7 Holdings ApS. Research and development activities The Company is not involved in research and development acivities. Net profit/loss for the year compared with expected developments in the most recently published annual report 2022 turned out to be a better year than expected for the Company and the shipping industry in general. The result for 2022 is considered satisfactory. Corporate governance The consolidated management review appears from the Annual Report of Ocean7 Holdings ApS. Statement in compliance with section 99(a) of the Danish Financial Statements Act The consolidated management review appears from the Annual Report of Ocean7 Holdings ApS. Statements in compliance with section 99(b) of the Danish Financial Statements Act The consolidated management review appears from the Annual Report of Ocean7 Holdings ApS. The consolidated management review appears from the Annual Report of Ocean7 Holdings ApS. The consolidated management review appears from the Annual Report of Ocean7 Holdings ApS. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2022 and of the results of the Company's operations for the financial year 1 January 2022 - 31 December 2022. 2023-05-17Today, Management has considered and adopted the Annual Report of Ocean7 Chartering ApS for the financial year 1 January 2022 - 31 December 2022. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. FredericiaWe recommend that the Annual Report be adopted at the Annual General Meeting. Today, Management has considered and adopted the Annual Report of Ocean7 Chartering ApS for the financial year 1 January 2022 - 31 December 2022. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2022 and of the results of the Company's operations for the financial year 1 January 2022 - 31 December 2022. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Fredericia, 17 May 2023 Executive Board Stefan Nordby Petersen Direktør