Marco Polo Marine has provided an update on its operational performance for the third quarter (Q3 FY2026) and nine months ended June 30, 2026.
The group recorded revenue of SG$35.7 million (US$27.9 million) in Q3 FY2026, 13 per cent higher than the SG$31.7 million (US$24.8 million) achieved in Q3 FY2025. On a nine-month basis, revenue jumped 30 per cent to SG$109.7 million (US$85.86 million) from SG$84.4 million (US$66.1 million) in the first nine months of FY2025.
Marco Polo said the growth was broad-based, with both the ship chartering and shipyard divisions delivering stronger contributions in the quarter and over the nine-month period.
Gross profit rose seven per cent to SG$15 million (US$12 million) in Q3 FY2026 from SG$14 million (US$11 million) in Q3 FY2025. Gross profit margin stood at 42 per cent for the quarter, compared with 44 per cent in the previous corresponding period, reflecting the mix of shipyard projects executed during the period.
Over the nine-month period, gross profit surged 30 per cent to SG$46.4 million (US$36.3 million) from SG$35.6 million (US$27.9 million) in the first nine months of FY2025, while gross profit margin held steady at 42 per cent, underpinned by the expansion of the group’s offshore vessel fleet and its enlarged shipyard capacity.
The group’s ship chartering operations recorded an eight per cent increase in revenue to SG$24 million (US$19 million) in Q3 FY2026 from SG$22.2 million (US$17.4 million) in Q3 FY2025. On a nine-month basis, revenue increased by 26 per cent to SG$68.3 million (US$53.5 million) from SG$54.2 million (US$42.4 million) in the first nine months of FY2025. The improvement was primarily attributable to the expansion of the group’s offshore vessel fleet, including the deployment of its first commissioning service operation vessel (CSOV) MP Wind Archer, and three additional crewboats, which enhanced fleet capacity and generated higher charter income.
Operationally, the group recorded an average fleet utilisation rate of approximately 72 per cent in Q3 FY2026, up from 65 per cent in Q2 FY2026 and 71 per cent in Q3 FY2025, reflecting steady demand for its vessels across both its offshore wind and oil and gas operating markets.
The group’s shipbuilding and ship repair operations recorded revenue of SG$11.7 million (US$9.16 million) in Q3 FY2026, an increase of 23 per cent from SG$9.5 million (US$7.4 million) in Q3 FY2025. On a nine-month basis, revenue climbed 37 per cent to SG$41.4 million (US$32.4 million) from SG$30.2 million (US$23.6 million) in the first nine months of FY2025.
The increase was mainly attributable to the volume of ship repair projects, supported by the expanded shipyard operational capacity following the commissioning of the new dry dock at the group's Batam shipyard in August 2025.
The offshore oil and gas sector remains a broadly stable operating environment, supporting demand for offshore support vessels across the group’s Southeast Asian markets. The group expects charter rates and utilisation levels to remain firm in the near term, while it remains vigilant about macroeconomic risks and geopolitical developments.
In the offshore wind segment, the group continues to identify meaningful long-term growth opportunities, underpinned by the ongoing global energy transition and heightened energy security priorities across the region. The framework agreement with Siemens Gamesa, wherein two CSOVs will be deployed under charter, will extend the visibility of the group’s offshore wind earnings base well beyond the current fleet.