Marco Polo Marine books first half loss

Net loss for the first half was registered at SGD1.1m ($801,800) as against the profit of SGD11.21m in the same period of the previous financial year.

Singapore-listed Marco Polo Marine saw its first half revenue nosedived by 49% year-on-year to SGD28.96m due chiefly to lower utilisation of the group’s tugboat and barge fleet, as well as lower utilisation and charter rate of the OSV fleet.

“The market condition for the oil and gas industries remains challenging in the foreseeable future, mainly due to the continuous global economic slowdown and volatility in oil prices,” Marco Polo Marine stated.