Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

e14c714214166fd2b6b380bd8b2c161e

Marco Polo Marine sees losses deepen in first half

Singapore-listed offshore services firm Marco Polo Marine saw its first half loss deepened to SGD4.77m ($3.4m) compared to the loss of SGD1.1m in the same period of last year.

Revenue for the first half of its financial year 2017 ended 31 March came up to SGD24.25m, down 16% compared to SGD28.96m in the same period of 2016.

The reduced revenue was mainly due to lower utilisation and charter rates of the group’s OSVs fleet as a result of the slowdown in the marine and offshore sector, albeit some improvements in the utilisation of its fleet of tugboats and barges.

The loss-making Marco Polo Marine announced earlier that it has engaged with various banks and financial institutions to discuss a proposed refinancing and debt restructuring.

However, the plan has been met with resistance from some lenders and it remains unclear if the company will eventually be able to bridge the gap between the expectations of the lenders and the conditions set by strategic investors as part of the proposed debt restructuring.

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish

SMN_Podcast_Leaderboard.jpg