- Marco Polo Marine’s headline PATMI fell 4% y-o-y to S$11m in 1HFY25. Excluding one-off items such as forex gains and disposal gains, Marco Polo Marine’s 1HFY25 core PATMI of S$10m (-14% y-o-y) was in line with our expectations, at 41% of our full-year forecast as 1H typically registers a weaker performance due to the monsoon season.
- - Read this at SGinvestors.io -
Ship chartering: Reduced third-party vessel chartering in Taiwan.
- Ship chartering revenue fell 3% y-o-y to S$32m, primarily due to reduced vessel rechartering in Taiwan upon normal project phasing. The impact was partially offset by higher average fleet utilisation of 68% (vs 60% in 1HFY24).
- - Read this at SGinvestors.io -
Shipyard: Weakness due to CSOV construction; expect recovery in 2HFY25.
- Shipyard revenue fell 28% y-o-y to S$21m, largely attributable to the construction of the commissioning service operation vessel (CSOV), which limits the capacity for third-party shipbuilding projects during the period. Ship repair activity remained stable, leading to a healthy average shipyard utilisation rate of 78% in 1HFY25 (vs 89% in 1HFY24).
- Looking ahead, the new fourth dry dock is expected to enhance ship repair revenue in 2HFY25, with more meaningful contributions in FY26.
Promising outlook with new CSOV deployed...
- Read more at SGinvestors.io.
