Pacific Radiance which listed on the Singapore Exchange last September also reported a 29% rise in revenues last year to $168.6m with the company saying its offshore support vessels enjoyed heavy utilisation and good charter rates in 2013.
The move into subsea inspection repair and maintenance (IRM) in late 2011 was also seen as paying dividends with $42.5m in revenues, and a $16.1m profit.
“We are pleased that our decisions to expand the fleet as well as move into subsea IRM and cabotage-protected markets such as Indonesia and Malaysia have resulted in the strong earnings we see today. The increased fleet utilisation and the firm rates have also edged up our gross profit margin,” said Pang Yoke Min, chairman of Pacific Radiance.
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