Marco Polo Marine (5LY) reported revenue of 32.8 million Singapore dollars for the quarter ended Dec, 31 2025 (1QFY2026), up 27% from 25.8 million Singapore dollars a year earlier.

Gross profit increased 32% year on year to 14.0 million Singapore dollars, lifting the gross margin to 43% from 41% in 1QFY2025. Management attributed the improved profitability to an enlarged contribution from the higher-margin ship-chartering segment following the deployment of one commissioning service operation vessel (CSOV) and five crew transfer vessels (CTVs).

Ship-chartering revenue rose 53% year on year, supported by higher average charter rates and fleet utilisation as well as the expansion of the offshore support vessel (OSV) fleet. Average utilisation stood at 76% in 1QFY2026 versus 71% in the prior-year period.

Shipyard revenue fell 9% year on year as lower ship-building activity was partially offset by increased ship-repair projects. The group’s fourth dry dock began operations in Aug, 2025, and has already secured a maiden 5 million Singapore-dollar contract.

As at Sep, 30 2025, Marco Polo Marine held a net cash position of 9.3 million Singapore dollars and a net asset value of 0.070 Singapore dollars per share.

Looking ahead to FY2026, the company expects a full-year contribution from its CSOV and CTVs, delivery of two new anchor handling tug supply (AHTS) vessels, and revenue from a 198 million Singapore-dollar contract to build a 4,000-tonne oceanographic research vessel for Taiwan’s National Academy of Marine Research. The group also plans to commence construction of a next-generation CSOV+ in 2026 for delivery in 2028 and intends to seek a listing for its Taiwanese subsidiary PKR Offshore by 3Q 2026.