- MarcoPolo Marine (SGX:5LY)’s business has stayed resilient amid the uncertain macro environment, due to better-than-expected fleet charter and utilisation rates, as well as its acquisitions during the year.
- - Read this at SGinvestors.io -
Strong demand from both oil & gas and offshore windfarm sectors drive charter rates.
- Since the end of the COVID-19 pandemic, vessel charter and utilisation rates for tugboats, barges and offshore support vessels (OSV) have been on the rise. Additionally, the ongoing geopolitical tensions continue to drive oil prices up to their strongest levels in almost eight years. The elevated crude oil prices of above US$100 during the year have led to oil majors looking to increase production in the commodity. This resulted in higher capex towards reactivating offshore production platforms and further raised industry utilisation positively for OSV.
- - Read this at SGinvestors.io -
Minimal newbuilds on smaller-sized vessels provide support on dayrates.
- Read more at SGinvestors.io.