Intercont is a small Hong Kong-based maritime company that owns and leases bulk carrier vessels, chartering them to customers who transport dry bulk commodities like iron ore, coal, and grain. Intercont also manages vessels on behalf of clients through its vessel management arm. The chartering business operates a fleet of four bulk carriers totaling 217,191 dwt — one owned outright and three leased under bareboat charters — which Intercont sub-charters to customers on contracts typically running one to 24 months. The vessel management business, operated through Top Wisdom, provides crew hiring, insurance, safety inspections, and technical support for eight vessels under multi-year contracts. Intercont earns the spread between charter rates it charges customers and the bareboat lease fees it pays vessel owners. Vessel management generates fixed monthly fees with costs largely passed through, making it a relatively predictable, low-risk revenue stream. The business is highly concentrated — related party Topsheen Shipping Singapore accounts for roughly 74% of total revenue. Beyond its core maritime operations, Intercont plans to launch a seaborne pulping business through its Singapore subsidiary, Openwindow, targeting FY2026. The concept involves converting bulk carriers into floating pulp factories that process waste cardboard into pulp bales during sea voyages to China. This business has not yet generated revenue, no factory ships have been contracted, and key processing technology remains in R&D.