Mainboard-listed Marco Polo Marine (MPM) has reported a y-o-y 27% increase in revenue to $32.8 million for the three months Dec 31, 2025. The stronger performance was mainly buoyed by the expansion of its ship chartering operations, following strategic fleet additions that have “strengthened” the company’s competitive position in the offshore wind sector.
Gross profit for the period rose 32% y-o-y to $14.0 million with higher gross margin at 43% compared with the 41% of 1QFY2025.
On a segmental basis, ship chartering earned $23.2 million in revenue for the quarter. This represented a jump of 53% from 1QFY2025’s $15.2 million. The company attributes the increase to the deployment of the commissioning service operation vessel (CSOV) MP Wind Archer and three new crew transfer vessels (CTVs).
According to MPM, its fleet saw “sustained” demand, with higher utilisation at 76% in 1QFY2026, in contrast to the 71% for the previous corresponding period. It added that the deployment of the CSOV and new CTVs not increased fleet capacity but also diversified revenue mix in favour of higher-margin chartering activities which led to stronger margins.
MPM’s shipyard business earned revenue of $9.6 million during the quarter, a y-o-y decrease of 9% attributed mainly to a decline in ship building activities but partially offset by an increase in ship repair projects. MPM notes that ship repair activity continued to be “healthy” for 1QFY2026.
Navigating into the future, MPM says that it remains focused on seizing opportunities in the growing offshore wind and maritime sectors and highlights the potential of the renewable energy market as a “powerful growth engine” that improves earnings visibility.
CEO Sean Lee says that the improvement in ship chartering revenue by more than 50% “validates” MPM’s move to expand its fleet with “high-specification, premium” assets like the MP Wind Archer. “We have started FY2026 on a stronger note, with our strategic investments in the offshore wind sector delivering tangible and measurable results.”
Lee adds that the company remains “prudently” optimistic as it continues to improve operational efficiency and make further inroads into the burgeoning renewable energy market.
Shares in the company opened at 14.6 cents, an increase of 0.1 cents, or 0.7% on Feb 16.
