Marco Polo Marine's adjusted net profit jumps 30% YoY in H1 2024

Its revenue grew 10%, thanks to its ship chartering operations.

Marco Polo Marine reported a 30% year-on-year (YoY) increase in adjusted net profit in the first half of financial year 2024 to reach $11.1m due to the strong performance of its ship chartering segment.

In a disclosure, the company said its revenue increased by 10% YoY to $61.6m as it saw its ship chartering segment increase by 34.3% to $24.5m, offsetting the 8.6% decline in the shipbuilding and repair operations.

The growth in ship chartering operations during the period ending on 31 March, could be traced to the higher charter rates achieved for its fleet of offshore supply vessels (OSVs).

Its Shipyard segment declined by 8.6% to $28.7m due to the lower ship repair volume, partially offset by higher shipbuilding-related activities.

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“Our first-half results of 2024 reflect the fruits of our focused strategy as we continue to operate in a volatile offshore oil market,” said Sean Lee, CEO of Marco Polo Marine. 

“Our proactive adjustments in both the traditional and renewables sectors align well with industry demands, setting us on a solid path for sustained growth in the coming years,” he added.
Marco Polo Marine said it is still poised for continued growth despite the significant geopolitical changes.

The group expects to see robust demand for OSVs to support the utilization and charter rates of its vessels amidst a still-tight supply landscape.

The APAC CTV Framework agreement with Siemens Gamesa will support its commitment to expand its presence in the renewable energy sector which will improve the position of its ship chartering operations.