Marco Polo Marine - Maybank Research 2025-08-20: The Worst Is Likely Over

- Read this at SGinvestors.io -

3Q25 revenue and gross profit was better q-o-q but still softer y-o-y due to weaker utilisation rates. However, rates are still rising slightly and utilisation should pick up.

Lower utilisation rate hits profitability.

• Marco Polo Marine’s revenue dropped 9% y-o-y to S$31.7m but GPM improved to 44% from 42%. Ship chartering revenue fell 4% y-o-y to S$22.2m, mainly due to lower 3rd party chartering from Taiwan and a lower utilisation rate of 71% vs 86% a year ago, but still up from 2Q’s 65%.
• - Read this at SGinvestors.io -

Charter rates continue to rise.

• Read more at SGinvestors.io.

Jarick Seet Maybank Research | https://www.maybanktrade.com.sg/ 2025-08-20

---

---

---