Winds of change for oil-slump survivor Marco Polo Marine

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.