Penguin has reported earnings of $9.3 million for the 2HFY2020 ended December, 15.9% lower than earnings of $11.0 million the year before.

Earnings for the FY2020 fell 32% y-o-y to $13.2 million from $19.4 million a year ago, due to the negative impact brought about by the Covid-19 pandemic and weak oil prices.

There was also lesser demand for new vessels. Crewboat charter rates and utilisation rates fell for the year as well.

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