- As oil and gas activities pick up and oil prices remain favourable, Marco Polo Marine (SGX:5LY) will continue to enjoy good demand and favourable charter rates for its OSVs, which are at a nine-year high. The low fleet growth in the OSV industry will keep day rates elevated.
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Higher demand for OSVs as oil and gas activities pick up.
- Oil & gas activities have continued to see improvement, enabling oil and gas prices to increase. This has led to positive motivation for the recovery of the offshore support vessels (OSV) industry. Moreover, we observed a rapid rise in offshore wind energy projects, particularly in the Asia-Pacific (APAC) region, where Marco Polo Marine operates.
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- From the Offshore Intelligence Network, we note that Marco Polo Marine's ship chartering revenue growth is largely in line with the rising average charter rates.
Benefit from OSV supply squeeze and expansion into Korea starting 4Q24.
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