Marco Polo Marine’s Q1 2025 revenue drops 11% YoY

The group expects better performance in H2 2025 as recent investments yield returns.

Marco Polo Marine reported an 11% year-on-year (YoY) revenue decline to $25.8m in Q1 2025 from $29.1m in Q1 2024.

Gross profit for the period also declined 9% y-o-y to $10.6m.

Revenue from its core Ship Chartering segment dropped 13% YoY, mainly due to lower third-party chartering income from Taiwan, partially offset by generally higher charter rates of utilised vessels and an improvement in average fleet utilisation rate from 70% to 71%. 

Revenue from its Shipyard segment also dropped 9% YoY due to a decline in shipbuilding activities, offset by an increase in ship repair projects.

Marco Polo Marine expects the decline in demand for the re-chartering of third-party vessels in Taiwan to persist through the rest of FY2025.

However, the group also expects its new Commissioning Service Operation vessel (CSOV) and three Crew Transfer Vessels (CTVs) in Taiwan as well as Drydock 4 to start generating income in H2 2025.

“Although revenue declined in Q1 2025, the group’s performance remains within our expectations for the period. We look forward to HQ 2024, where we will start to see the benefits of our investments from the past two years, and their full contributions from FY2026 onwards,” Sean Lee, CEO of Marco Polo Marine said.