Marco Polo Marine has posted its financial results for the quarter ended June 30, 2025.
The group reported Q2 2025 revenue of SG$31.7 million (US$24.7 million), down nine per cent year-on-year from SG$34.9 million (US$27.2 million) in Q2 2024, which had a strong comparative period. The group maintained consistent profitability in Q2 2025, with a gross profit of SG$14.0 million (US$10.9 million), supported by an improved gross margin of 44 per cent, up from 42 per cent in Q2 2024.
The group’s ship chartering business generated revenue of SG$22.2 million (US$17.3 million) in Q2 2025, supported by improved charter rates across its fleet and the maiden contribution of its first commissioning service operation vessel (CSOV), which boosted revenue.
While third-party vessel rechartering in Taiwan moderated, this was partially offset by revenue from owned vessels.
Operationally, vessel utilisation improved significantly to 71 per cent in Q2 2025 – a six percentage point increase quarter-on-quarter (65 per cent). Marco Polo said this upward trend demonstrates continued recovery in chartering activity despite softer market conditions compared to the exceptionally strong 86 per cent utilisation recorded in Q2 2024.
The group's ship building and repair operations segment recorded revenue of SG$9.5 million (US$7.4 million) in Q2 2025. While these figures reflect lower project volumes compared to the strong performance the previous year (SG$11.8 million/US$9.19 million in Q2 2024), the division steadily recovered with the average ship repair utilisation rate improving to 88 per cent in Q2 2025 – a 15 percentage point quarter-on-quarter increase from 73 per cent in Q1 2025.
However, shipbuilding revenue declined during the current period due to a smaller number of shipbuilding projects in the pipeline.
Marco Polo Marine said it remains strategically positioned within the dynamic offshore industry, capitalising on resilient demand across both oil and gas and renewable energy sectors despite geopolitical uncertainties in key operating regions.
The group is actively enhancing operational capabilities and efficiency to strengthen its competitive advantage in this evolving landscape, with particular focus on the expanding renewable energy market.
The global offshore wind sector demonstrates compelling growth fundamentals. Current installed capacity stands at 83 GW, with another 48 GW under construction, according to Global Wind Energy Council (GWEC) data as of May 2025.
Last year delivered robust auction activity totalling 56.3 GW across major markets – China (17.4 GW), Europe (23.2 GW), the US (8.4 GW), and Northeast Asia (7.4 GW combined) – with GWEC projecting an additional 100 GW within two years.
This expansion trajectory, particularly pronounced in Northeast Asia where Marco Polo Marine deploys its CSOV, positions the group to benefit from sustained demand for specialised marine vessels over the medium to long term. The global pivot towards clean energy further reinforces this outlook.
Q2 2025, "represented another period of strong execution for [the] group, building on what was already an exceptional performance [from the same period last year," said Sean Lee, CEO of Marco Polo Marine.
"The positive momentum we have established positions us well for a solid close to FY2025, with continued strength expected into FY2026. Our sustained focus on operational efficiency and strategic growth within the renewable energy sector provides a solid foundation for navigating market uncertainties in the overall offshore sector.
"As we look forward, we continue to remain prudently optimistic regarding the growth potential in the offshore wind and sustainable marine logistics sector."