- Marco Polo Marine (SGX:5LY) posted a solid 1QFY26, with revenue rising to S$32.8m (+27% y-o-y), forming 20% of our full-year forecast. Gross profit increased to S$14m (+32% y-o-y) as gross margin expanded to 42.7% (+1.7ppt). This reflects a more favourable earnings mix driven by higher-margin chartering activities, and marks Marco Polo Marine’s continued pivot toward offshore wind as fleet additions begin contributing meaningfully.
Ship chartering: Offshore wind drives growth.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
Shipyard: Shipbuilding moderates; repairs resilient.
- Shipyard revenue declined to S$9.6m (-9% y-o-y), largely due to shipbuilding timing effects. However, the repair segment remained robust, partially offsetting softer newbuild activity.
- Marco Polo Marine also secured its largest-ever shipbuilding contract (S$198m) to design and construct a 4,000-GT oceanographic research vessel for Taiwan’s National Academy of Marine Research. The project spans roughly four years, with more meaningful earnings contribution expected from FY27.
Fleet expansion deepens offshore exposure.
- Read more at SGinvestors.io.
