- We continue to like Marco Polo Marine as we remain positive on the deployment of its new commissioning service operation vessel (CSOV) in FY25F. Construction of offshore windfarms is also expected to drive the vessel’s strong utilisation and charter rate.
- - Read this at SGinvestors.io -
Higher capacity in fleet size and shipyard capacity to drive growth.
- We expect a larger fleet size, higher shipyard capacity, and firm demand environment for ship chartering to support growth going forward.
- Fleet size is expected to increase, with Marco Polo Marine adding three new vessels – including two crew transfer vessels (CTVs) to its fleet for Siemens Gamesa’s offshore wind projects in Taiwan and South Korea from 2024 to 2026.
- - Read this at SGinvestors.io -
- In the shipyard segment, Marco Polo Marine’s fourth dry dock is scheduled for completion in 1HFY25, adding capacity for ship repairs.
FY24 earnings below expectations.
- Read more at SGinvestors.io.
Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2025-01-13
Previous report by RHB:
2024-10-17 Marco Polo Marine - Growth Remains Well Supported; Maintain BUY.
Price targets by 2 other brokers at Marco Polo Marine Target Prices.
Listing of research reports at Marco Polo Marine Analyst Reports.
Relevant links:
Marco Polo Marine Share Price History,
Marco Polo Marine Announcements,
Marco Polo Marine Dividend Payout Dates & Corporate Actions,
Marco Polo Marine News
