After experiencing challenges for close to a decade, the tide has seemingly turned for integrated logistics operator Marco Polo Marine. The company — which draws its revenue from ship chartering, shipbuilding and repair — has seen a tailwind recovery, amid signs of a resurgence in the oil and gas sector, the rationalisation of the offshore service vessel (OSV) industry and an expansion into the renewable energy sector.

These efforts have borne fruit for the company. On Nov 26, the company reported earnings of $14.8 million for its FY2021 ended Sept 30, from the losses of $9.2 million incurred in the year before. While the bottom line was partly lifted by one-off items such as disposal of assets, operating income improved as well. Its cash position also improved to $20.3 million as at Sept 30, from $13.6 million during the same period last year.

The firm’s revenue for FY2021 was also up 49% y-o-y to $46.1 million, as demand for both its shipbuilding and repair and ship chartering segments came in higher than pre-Covid-19 levels. With an income of $26 million, its shipyards in Batam have been kept busy, as more companies sent their vessels for repair works there when activities at Singapore’s shipyards were curtailed because of the pandemic.

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