Otto Marine bags $178m new charter contracts in Q2

It’s bent on improving utilization rates.

Otto Marine revealed that it has bagged $178m (US$131m) new charter contracts in the second quarter.

The group attributed the increase in new chartering contracts was attributable to its strategy to improve the utilization rate of the fleet, in view of the potential cost that idle vessels will incur.

Otto Marine said that utilization rate for the Group’s chartering business has improved for Q2FY2015 against the last few quarters.  

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