Marco Polo Marine, an integrated marine logistics group, has announced significant strategic developments aimed at enhancing its growth trajectory. The company has secured its first contract for the newly launched fourth dry dock, signed a three-year Master Service Agreement (MSA) with Cyan Renewables, and is planning a Taiwan listing for its subsidiary, PKRO. These initiatives are designed to capture increasing demand in both the traditional oil and gas sector and the burgeoning renewable energy market.
The newly launched Dry Dock 4 has already secured a ship repair contract valued at approximately $3.7m (S$5m), with the vessel expected to arrive at the Batam yard by the end of August 2025. This swift contract win underscores the robust demand for Marco Polo Marine’s repair and maintenance services, particularly as global fleets age and require more upkeep.
In a move to deepen its involvement in the renewable energy sector, Marco Polo Marine’s shipyard subsidiary has entered into a three-year MSA with Cyan Renewables. This agreement will see the company providing repair, maintenance, and conversion services for Cyan’s offshore wind vessel fleet, reinforcing its role in Asia’s energy transition.
Additionally, Marco Polo Marine’s 49%-owned subsidiary, PKRO, plans to pursue a Taiwan listing by the third quarter of 2026. The listing is expected to fund fleet expansion, including commissioning service operation vessels, to tap into the rapidly growing offshore wind markets in Taiwan, South Korea, and Japan.
These strategic moves are anticipated to drive sustained earnings growth for Marco Polo Marine, with the company maintaining a “buy” recommendation and raising its target price by 16% to $0.065 (S$0.088). The developments position the company to benefit from favourable sector conditions and increased demand for specialised vessels in the offshore wind industry.
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