Industry News

Marco Polo Marine has reported a significant increase in its financial performance for the first quarter of 2026, with revenue reaching S$32.8m, marking a 27% year-on-year rise. This growth is attributed to enhanced ship chartering revenue and an improved gross profit margin, which climbed to 14% from 10.6%. Maybank Research forecasts that the second quarter of 2026 will surpass the first, with the third quarter expected to reach seasonal highs.

The company’s fleet utilisation also saw an improvement, rising from 71% in the first quarter of 2025 to 76% in the same period this year. This increase has bolstered revenue growth despite the expansion of the fleet. Marco Polo Marine is poised for rapid growth from the fiscal year 2026 to 2030, supported by its experienced leadership and industry expertise.

The shipbuilding segment is anticipated to play a more significant role in the latter half of 2026, with the introduction of the next-generation CSOV Plus expected to further boost profitability in the fiscal years 2028 to 2029. Marco Polo Marine is strategically positioned to seize opportunities in both ship chartering and shipbuilding, thanks to its reputable management team and expanding operational capacity.

The company will hold its first-quarter results briefing on 20 February 2026, at the Ocean Financial Centre in Singapore, where management will discuss the group’s financial performance and key business developments.

The Supreme Courts of Singapore and Cambodia have signed a Memorandum of Understanding (MOU) to enhance judicial cooperation. The agreement, signed on 10 February 2026, aims to facilitate the exchange of judicial expertise and discussions on shared interests, including electronic court document filing and case management systems.

The MOU represents the first formal bilateral judicial cooperation between the two countries. It was signed following a visit by Singapore’s Chief Justice Sundaresh Menon to Cambodia, where he met with Chief Justice Chiv Keng of the Cambodian Supreme Court. The visit included a delegation led by Justice Aidan Xu, Judge in-charge of Transformation and Innovation, and Juthika Ramanathan, Chief Executive of the Office of Chief Justice.

The agreement is expected to foster deeper collaboration on judicial matters, particularly in areas such as resourcing and capacity building for electronic systems. Chief Justice Menon stated, “The MOU paves the way for in-depth discussions on matters of common interest.”

This development is significant as it underscores the commitment of both nations to strengthen their judicial systems through shared knowledge and resources. The cooperation is anticipated to improve the efficiency and effectiveness of judicial processes in both countries.

The MOU is a step forward in international judicial collaboration, potentially setting a precedent for future agreements between other nations.

Singapore’s NODX experienced a notable increase of 9.3% year-on-year in January 2026, according to a report by UOB Global Economics and Markets Research. This growth, although softer than Bloomberg’s 12% consensus and UOB’s 10.2% projection, was primarily fuelled by a surge in electronics exports, which climbed 56.1% year-on-year. Key contributors included integrated circuits, disk drives, and personal computers, benefiting from favourable base effects.

Electronics exports were particularly strong to South Korea, Taiwan, and China, with growth rates of 31.6%, 34.2%, and 37.1% year-on-year, respectively. This was attributed to sustained AI-related demand. However, exports to the US saw a significant decline of 45.3% year-on-year, likely due to the lingering effects of US tariffs.

Non-electronics exports, on the other hand, contracted by 3% year-on-year, impacted by declines in specialised machinery, food preparations, and petrochemicals. Despite this, the overall outlook remains positive, with AI-related momentum expected to persist through the first half of 2026. UOB has revised its 2026 NODX growth projection to 5%, up from the previous 3%, surpassing the official estimate range of 2% to 4%.

The report highlights that Singapore’s electronics purchasing managers’ index (PMI) rose to 51.1 in January, indicating firm demand momentum. Additionally, Taiwan’s tech exports to the US continued to accelerate, and major tech companies have announced increased capital expenditure for data centres in 2026. These factors suggest a robust outlook for Singapore’s export sector in the coming months.

Mencast Holdings Ltd has announced the proposed sale of its leasehold property at 42B Penjuru Road, Singapore, to Grandwoods Trading (Singapore) Pte Ltd for S$21m. The option to purchase was granted on 16 February 2026 and remains valid until 18 March 2026. The sale is expected to yield a gain of approximately S$7.7m after accounting for related expenses.

The property, a 30-year leasehold granted by JTC Corporation, includes a general industrial factory and a four-storey office building. It currently houses Mencast’s propulsion manufacturing operations. The sale is contingent upon JTC’s approval for the assignment of the lease and other regulatory clearances.

Grandwoods Trading, an independent third party, specialises in metal recycling, trading, warehousing, and fabrication. The transaction was negotiated on a willing-buyer, willing-seller basis, with the consideration reflecting current market conditions and an independent valuation of S$24.3m.

Payment terms include an initial option fee of S$210,000, a balance deposit of S$840,000 upon exercise of the option, and the remaining balance upon completion. If the option is not exercised, the initial fee will be forfeited. Completion is expected within four months of obtaining necessary approvals, with provisions for rescission if approvals are delayed or denied.

CSE Global Limited, a global systems integrator, announced a record S$1b in new orders for the financial year 2025, marking a 28.3% increase from the previous year. The surge was primarily driven by a 118.7% year-on-year growth in the fourth quarter, with S$514.7m in new orders, largely due to heightened demand for electrification solutions in the United States.

The company’s Electrification segment led the charge, with orders rising 196.4% year-on-year to S$414.5m in the fourth quarter. This accounted for 80.5% of the total order intake during the period. Key contracts included four significant deals in the US, valued at S$348m, for the design and manufacturing of power distribution centres and integration of electrical systems for the Liquefied Natural Gas market.

The Communications segment contributed S$55.2m in new orders, representing 10.7% of the quarter’s total intake. Meanwhile, the Automation segment saw a 13.3% increase, securing S$45.1m in new orders compared to S$39.8m in the same period the previous year.

Group Managing Director and CEO Lim Boon Kheng stated, “Achieving a record level of new contract wins further affirms that our strategy is on the right trajectory.” He emphasised the importance of disciplined execution and timely delivery of contracts whilst maintaining momentum despite evolving macroeconomic and geopolitical challenges.

CSE Global concluded FY2025 with an order book of S$709.5m. The developments are not expected to materially impact the group’s net tangible assets or earnings per share for the current financial year.

Singapore Airlines (SIA) Group has released its operating results for January 2026, revealing a 0.7% year-on-year increase in passenger traffic. This rise comes alongside a 2.1% increase in capacity, partly due to the shift of the Lunar New Year holiday from January in 2025 to February in 2026. The Group’s passenger load factor (PLF) stood at 86.6%, with SIA and its low-cost subsidiary, Scoot, posting PLFs of 86.1% and 88.2%, respectively.

The two airlines carried a combined total of 3.7 million passengers, marking a 4.1% increase compared to the previous year. However, SIA’s available seat-kilometres (ASK) decreased by 0.8%, whilst Scoot saw a 13% increase in ASK. Despite these changes, SIA’s revenue passenger-kilometres (RPK) fell by 2%, whereas Scoot’s RPK rose by 10.4%.

Cargo operations experienced a flat year-on-year performance, with capacity falling by 2% due to scheduled freighter maintenance and fleet redeployment. This led to a 1.0 percentage point increase in the cargo load factor, reaching 52.1%.

In January, Scoot expanded its network by launching passenger services to Chiang Rai, Thailand, and Palembang, Indonesia. By the end of the month, the Group’s passenger network covered 136 destinations across 37 countries and territories, with SIA serving 78 destinations and Scoot serving 81. The cargo network included 140 destinations in 38 countries and territories.

RHB Bank’s latest Global Economics and Market Strategy Report, authored by Barnabas Gan, Group Chief Economist and Head of Market Research, predicts a 3% growth in Singapore’s non-oil domestic exports (NODX) for 2026. This forecast aligns with the official projection range of 2% to 4%. The report highlights that Singapore’s manufacturing and trade sectors are expected to remain robust, driven by strong external demand and an improved global outlook. However, potential challenges such as escalating geopolitical tensions and an AI-driven market correction could impact trade momentum.

In January, Singapore’s NODX expanded by 9.3% year-on-year, following a 6.1% growth in December, though it fell short of Bloomberg’s estimate of 12%. Electronic NODX saw a significant surge of 56.1% year-on-year, whilst non-electronic NODX declined by 3% in the same period.

The report underscores the cautious optimism surrounding Singapore’s trade performance, emphasising the need to navigate potential risks whilst capitalising on favourable external conditions. As Singapore continues to bolster its manufacturing and trade sectors, the focus remains on maintaining resilience amidst global uncertainties.

Looking ahead, the report suggests that whilst the outlook is positive, stakeholders should remain vigilant to external factors that could influence Singapore’s trade dynamics in the coming year.

DBS Bank, Southeast Asia’s largest bank, has partnered with Visa to pilot Visa Intelligent Commerce (VIC), marking a significant step in agent-initiated payments in the Asia Pacific. This collaboration aims to validate AI-ready card credentials and payment signals, ensuring secure and efficient transactions through Visa’s infrastructure. The initiative is set to transform everyday payments by enabling AI agents to conduct transactions on behalf of consumers.

The pilot programme, which utilises a suite of integrated APIs and a partner programme, has already demonstrated success in real-world scenarios. DBS and Visa showcased AI-powered agents completing food and beverage transactions using DBS/POSB credit and debit cards. This success paves the way for exploring a broader range of transactions, including online shopping and travel bookings, aiming to streamline payment processes and reduce manual steps.

Ananya Sen, Group Head of Regional Consumer Products at DBS Bank, highlighted the potential of AI agents in digital payments, stating, “Our collaboration with Visa shows how agent-led payments can be deployed securely and safely at scale.” TR Ramachandran, Head of Products and Solutions Asia Pacific at Visa, added, “Through Visa Intelligent Commerce and Trusted Agent Protocol, we’re building the foundation that will make agentic commerce safe, secure, and scalable.”

As the collaboration progresses, DBS is enhancing its readiness for agent-led commerce by validating AI-ready credentials and advanced authentication. This initiative positions DBS and Visa to define the future of agentic commerce, balancing innovation with resilience and convenience with confidence.

Singapore’s property market witnessed a robust start to 2026 with the launch of two major non-landed projects, Narra Residences and Newport Residences. According to Huttons Asia CEO Mark Yip, these launches marked the return of the launch season after the year-end holidays. Narra Residences, priced at a median of $2,148 per square foot (psf), is one of the most affordable new launches this year. Meanwhile, Newport Residences, a rare freehold mixed-use project in the Central Business District, offers a median price of $3,070 psf, making it attractive compared to recent leasehold launches.

In January 2026, developers launched 786 units, a significant increase from December 2025 but 12.3% lower than the previous year. Sales reached 466 units, a 136.5% rise from the previous month, although still 57% lower than January 2025. Narra and Newport Residences accounted for 54.5% of these sales, with the Outside Central Region (OCR) leading at 39.3%, followed by the Core Central Region (CCR) at 34.8%, and the Rest of Central Region (RCR) at 26%.

Singaporeans dominated the buyer demographic, making up 87.3% of purchases. Newport Residences attracted a higher proportion of foreign buyers at 3%, likely due to its prime CBD location. The majority of Newport units sold were priced at $2.5m and below, appealing to those seeking freehold properties in the CCR. Narra Residences attracted HDB upgraders, with 80% of units sold priced at $2m and below.

The outlook for February 2026 suggests a slowdown in sales due to the Chinese New Year holidays, with expectations of 200 to 250 units sold. Upcoming projects such as River Modern and Rivelle Tampines are anticipated to draw interest, with River Modern offering a rare opportunity to own property in prime District 9. The economic forecast for 2026 remains positive, with growth expected between 2% and 4%, supporting a stable property market. Transaction volumes are estimated to reach between 8,000 and 10,000 units, with prices potentially increasing by 2% to 5% this year.

Marco Polo Marine has announced a robust start to its financial year 2026, reporting a 27% increase in revenue to S$32.8m for the first quarter. This growth is largely attributed to a 53% surge in ship chartering revenue, underscoring the company’s strategic investments in the offshore wind sector. The company’s gross profit also rose by 32% to S$14m, with a sustained margin expansion to 43%.

The company’s flagship vessel, the MP Wind Archer, was recently honoured with the prestigious Vessel of the Year Award, highlighting Marco Polo Marine’s engineering excellence and operational capabilities. CEO Sean Lee expressed that the award validates their decision to expand their fleet with high-specification assets. “The impressive 53% growth in our Ship Chartering revenue validates our decision to expand our fleet with high-specification, premium assets like the MP Wind Archer,” Lee stated.

Whilst the shipyard revenue experienced a slight dip due to the timing of building projects, the repair segment remains strong. The company is also advancing the development of its next-generation CSOV Plus, aiming to reinforce its leadership in the Asia-Pacific renewable energy sector. Lee added, “Looking ahead, we remain prudently optimistic as we continue to enhance our operational efficiency and strengthen our foothold in the rapidly expanding renewable energy market.”

Marco Polo Marine will present its financial performance and key business developments at its 1Q FY2026 Results Briefing on 20 February 2026.