[SINGAPORE] Marco Polo Marine’s gross profit dipped 4 per cent to S$14 million for its third quarter ended Jun 30, 2025, from S$14.6 million a year earlier.
Gross earnings slipped despite profit margin improving to 44 per cent from 42 per cent, the integrated marine logistics company said on Monday (Aug 18).
Revenue fell 9 per cent to S$31.7 million from S$34.9 million in Q3 2024, which the group said was a strong period. The decline was largely driven by lower revenue from its shipyard operations and rechartering income from third-party vessels in Taiwan.
Revenue for the ship chartering segment inched down 4 per cent on the year to S$22.2 million, from S$23.1 million.
This was mainly due to moderated income from third-party rechartering of vessels in Taiwan, which contributed significantly to ship chartering in the past.
However, this was partially offset by slightly higher charter rates across its fleet and the maiden contribution of its first commissioning service operation vessel (CSOV), the Wind Archer, which started generating income since mid-April.
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Revenue for its shipyard segment fell 19 per cent year on year to S$9.5 million, from S$11.8 million before.
Its shipyard operated at an average utilisation rate of 88 per cent for the quarter, down from 96 per cent in Q3 2024 but up from 73 per cent in Q2 2025.
Looking ahead, the company said it is positioned to capitalise on resilient demand across both the oil and gas and renewable energy sectors. It added that it is focusing on the expanding renewable energy market.
Third-party rechartering of vessels in Taiwan is expected to remain “muted” due to the normal phasing of projects in the region.
Its new CSOV is expected to continue generating income for Q4 2025 and in financial year 2026.
The group completed its fourth dry dock, with operations scheduled to commence in Q4 and the facility expected to contribute more to the company’s performance in FY2026, as activity ramps up.
Noting that the expansion comes at an “ideal time”, Marco Polo said that this would increase its shipyard capacity and allow it to capitalise on anticipated growth in ship repair and maintenance demand.
Shares of Marco Polo Marine ended Monday unchanged at S$0.065 before the results were announced.
