Marco Polo Marine has posted its financial results for the first quarter ended December 31, 2025 (FY2025).
The group recorded what it said is a robust start to the financial year, with revenue for Q1 FY2026 increasing by 27 per cent year-on-year to SG$32.8 million (US$26 million) from SG$25.8 million (US$20.5 million) in Q1 FY2025.
Marco Polo Marine said this performance was primarily driven by the group's ship chartering operations, which saw significant expansion following strategic fleet additions that have strengthened the group's competitive position in the offshore wind sector.
Gross profit for the period rose 32 per cent to SG$14 million (US$11 million), accompanied by margin enhancement to 43 per cent (41 per cent in Q1 FY2025). The company said the profitability improvement reflects an optimised revenue mix with a larger contribution from the higher-margin ship chartering segment.
The group’s ship chartering business generated revenue of SG$23.2 million (US$18.4 million) in Q1 FY2026, a 53 per cent increase from SG$15.2 million (US$12.1 million) in the previous corresponding period. The company said this performance is primarily attributable to the expansion of the group’s offshore vessel fleet in the second half of FY2025.
Specifically, the deployment of the group's new commissioning service operation vessel (CSOV) MP Wind Archer, alongside three additional crewboats, delivered significant charter income uplift during the quarter.
Operationally, the group's fleet utilisation improved to approximately 76 per cent in Q1 FY2026, up from 71 per cent from Q1 FY2025, reflecting sustained demand for its vessels. The deployment of the CSOV and new crewboats has not only expanded fleet capacity but has also enhanced the revenue mix in favour of higher-margin chartering activities, resulting in a positive impact on the group’s gross profitability.
Shipbuilding and ship repair operations recorded revenue of SG$9.6 million (US$7.6 million) in Q1 FY2026, a decrease of nine per cent from SG$10.6 million (US$8.4 million) in Q1 FY2025. The decline was primarily driven by a decrease in shipbuilding activities but partially offset by an increase in ship repair projects. The ship repair division continued to see healthy activity levels in Q1 FY2026.
"We have started FY2026 on a stronger note, with our strategic investments in the offshore wind sector delivering tangible and measurable results," said Sean Lee, CEO of Marco Polo Marine. "The impressive 53 per cent growth in our ship chartering revenue validates our decision to expand our fleet with high-specification, premium assets like MP Wind Archer.
"While shipyard revenue saw a slight moderation due to the timing of building projects, the repair segment remains robust, and we are excited about executing our recent contract wins.
"Looking ahead, we remain prudently optimistic as we continue to enhance our operational efficiency and strengthen our foothold in the rapidly expanding renewable energy market."