Marco Polo Marine Q1 gross profit up 32% at S$14 million on fleet additions

[SINGAPORE] Integrated marine logistics company Marco Polo Marine on Monday (Feb 16) posted revenue for its first quarter ended Dec 31, 2025, of S$32.8 million, up 27 per cent from S$25.8 million in the same period the prior year.

This was mainly due to the group’s ship chartering operations, which underwent a “significant expansion” after strategic fleet additions which strengthened the company’s position in the offshore wind sector, it said.

Gross profit for the period rose 32 per cent year on year to S$14 million, from S$10.6 million.

It was accompanied by higher profit margin of 43 per cent for the period, from 41 per cent in Q1 FY2025.

The group’s ship chartering business segment generated revenue of S$23.2 million in Q1 FY2026, a 53 per cent surge from S$15.2 million in the previous corresponding period.

This was due to the deployment of its flagship commissioning service operation vessel (CSOV), MP Wind Archer, alongside three additional crew transfer vessels (CTV), leading to a significant uplift in charter income during the quarter.

Its fleet utilisation also improved to around 76 per cent in Q1 FY2026, up from 71 per cent in Q1 FY2025, reflecting sustained demand for its vessels.

“The deployment of the CSOV and new CTVs has not only expanded fleet capacity but also enhanced the revenue mix in favour of higher-margin chartering activities, resulting in a positive impact on the group’s gross profitability,” said the company in a Monday bourse filing.

At the same time, Marco Polo Marine’s ship building and repair operations segment revenue dipped by 9 per cent year on year to S$9.6 million in Q1 FY2026, from S$10.6 million.

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The decline was primarily driven by a fall in ship building activities, according to the group, though this was partially offset by an increase in ship repair projects.

Sean Lee, chief executive of Marco Polo Marine, said: “We have started FY2026 on a stronger note, with our strategic investments in the offshore wind sector delivering tangible and measurable results. The 53 per cent growth in our ship chartering revenue validates our decision to expand our fleet with high-specification, premium assets like the MP Wind Archer.”

With investors picking up Marco Polo shares in the past few months, its share price has doubled over the past six months from S$0.07.

Shares of Marco Polo Marine ended Friday 1.4 per cent or S$0.002 lower at S$0.145.