Otto Marine bags US$26m bareboat charter contract

It’s stocking up on younger vessels.

After securing its first unit of the 238-men, DP2 work maintenance vessel last August, Otto Marine has once again secured another similar vessel as it bulks up its fleet of owned vessels.

According to a statement by Otto Marine, this strategy helps the firm generate better margins while it refreshes its fleet.

“Our strategy to upgrade and renew our fleet and increase the number of younger vessels has also gradually enhanced our business fundamentals,” the statement said.

The statement adds that the vessel is currently being built at a third-party yard, and is expected to be delivered by the end of 2015. It will be deployed in the Asia Pacific Region once the charter starts.