$MarcoPolo Marine (5LY.SG)$ Marco Polo Marine has reported 1...

Marco Polo Marine has reported 1HFY2024 earnings of $11 million, up 159.4% y-o-y. Revenue in the same period was up 10% to $61.6 million.

Adjusted net profit, which excludes forex and one-offs, was up 30.6% y-o-y to $11.1 million.

The company attributes the better topline to its ship chartering segment, which enjoyed higher charter rates, underpinned by demand from offshore projects.

On the other hand, its shipyard segment posted revenue of $28.7 million, down 8.6% y-o-y, as volume dropped.

The company expects robust demand from chartering amid a still-tight supply environment for offshore support vessels to support both utilisation and charter rates of its vessels in the coming quarters.

In addition, a framework agreement signed recently with Siemens Gamesa reinforces Marco Polo Marine's commitment to expand in the renewable energy sector.

Elsewhere, its fourth dry dock, which began construction in Sep 2023, is scheduled to be fully completed in the half-year ending Mar 2025 and will enable it to take on more ship-repair projects.

Last but not least, the company's Commissioning Service Operation Vessel (CSOV) is around 69% complete as of March and is scheduled to commence operations in Oct and revenue to be recognised in the half year ending Mar 2025.