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Winds of change for oil-slump survivor Marco Polo Marine

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Anita Gabriel

Anita Gabriel

Published Tue, Aug 22, 2023 · 05:00 AM
    • As shipbuilding and ship repair activity ramped up for Q3, Marco Polo’s yard in Batam, Indonesia, operated at an average utilisation rate of 93 per cent, a 9-percentage-point increase compared to the same period last year.
    • As shipbuilding and ship repair activity ramped up for Q3, Marco Polo’s yard in Batam, Indonesia, operated at an average utilisation rate of 93 per cent, a 9-percentage-point increase compared to the same period last year. PHOTO: MARCO POLO MARINE

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    AFTER enduring back-to-back slumps in the oil and gas sector from 2014 to the pandemic years, shipping firm Marco Polo Marine seems to have taken key steps to future-proof itself. And the rewards are showing.

    A week ago, the mainboard-listed company, which counts shipyard and ship chartering as core businesses, issued its report card for the nine months to June 2023. Revenue for the period rose 65 per cent to S$93 million, while gross profit improved nearly 80 per cent to S$32 million.

    Higher energy prices and a bustling offshore landscape, plus continued tight supply in the offshore support vessels (OSV) market, have lifted utilisation rates over the third quarter to 92 per cent – up eight percentage points from a year ago.

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    Marco Polo MarineOffshore & Marine

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