Marco Polo Marine, an integrated marine logistics group, reported a 9% year-on-year decline in revenue for the third quarter of FY25, amounting to S$31.7m. Despite this, the company maintained a gross profit of S$14m, with a slight improvement in gross margin to 44%. The company’s ship chartering revenue fell by 4% due to softer rechartering in Taiwan, but this was offset by the debut of its first commissioning service operation vessel (CSOV), the MP Wind Archer, which began operations in April 2025.
The shipyard segment saw a 19% drop in revenue, attributed to fewer shipbuilding projects, although repair activity showed a significant increase, with utilisation rising to 88%. Looking ahead, Marco Polo Marine expects its new vessels and dry dock to drive growth in FY26. The company has introduced three new crew transfer vessels (CTVs) in Taiwan, anticipated to contribute significantly from the fourth quarter of FY25.
UOB Kay Hian Research maintains a “Buy” recommendation for Marco Polo Marine, raising the target price to S$0.076, reflecting stronger earnings visibility from the CSOV debut and expanded shipyard capacity. The company is also diversifying into the offshore wind sector, which is projected to grow significantly, offering further opportunities for expansion. As vessel supply remains tight, Marco Polo Marine is well-positioned to capitalise on higher charter rates and increased demand in the coming years.
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