Marco Polo Marine Reports 139 Pct Increase in Q3 Revenue, Boosted by Offshore Wind

Singapore-based shipbuilder and vessel provider to the oil and gas and offshore wind sectors, Marco Polo Marine, has reported a 139.5 per cent increase in revenue for the third quarter of the fiscal year, partly driven by a significant increase in average charter rates.

On 18 August, the company published its results for the third quarter, as well as the nine months, of the fiscal year, which also show an increase of 70.3 per cent in revenue for the past nine months, compared to the same period of the previous fiscal year.

In terms of gross profit, Marco Polo also posted an increase of 185.3 per cent for the third quarter and 111.9 per cent for the nine months.

The company says that both its shipyard and ship chartering segments “experienced tremendous growth”, leading to the significant jump in revenue.

The shipyard was operating near full capacity in the third quarter, at an average utilisation rate of 86 per cent, the company says, with the revenue increase being a result of higher ship repair activities, stronger demand from end customers, and higher capacity following the completion of extension works on Dry Dock 1 in the second quarter of the year.

For the ship chartering segment, there was a strong demand driven by both the oil and gas and offshore wind sectors, the company said.

In this segment, the revenue rose due to a significant increase in average charter rates and average utilisation rates for vessels, as well as consolidation of revenue from PT BBR and PKRO in which Marco Polo Marine holds a 70.7 per cent and 49 per cent stake, respectively.

“Since the acquisition of Taiwan-based PKR offshore, the Group has cemented its leadership as one of the leading vessel service providers supporting the Taiwan offshore windfarm market. Currently, the Group is managing a fleet of third-party vessels, including five of the Group’s thirteen OSVs which are chartered to service the offshore windfarm sector in Taiwan”, Marco Polo Marine stated in a press release on 18 August.

The company acquired a share in the Taiwanese company PKR Offshore from PACC Offshore Services Holdings (POSH) earlier this year.

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At the beginning of this month, Marco Polo Marine also announced that its ship chartering subsidiary Marcopolo Shipping (Hong Kong) has changed its name to Marco Polo Wind Private Limited.

“The offshore windfarm sector continues to present tremendous opportunities for the Group. By tapping on our proven track record, the Group is looking to expand both its geographical presence and services provided for the offshore windfarm sector”, said Sean Lee, CEO of Marco Polo Marine.

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Photo: Ørsted/Illustration