Otto Marine returns to profit in 2013Otto Marine returns to profit in 2013

Otto Marine registered a 2013 net profit of $14.08m, surfacing from a loss of $103.13m in 2012.

Revenue during the year jumped 36.8% year-on-year to $512m primarily due to the sale and delivery of vessels and increased ship repairs and fabrication work.

Otto Marine said it will continue to grow its chartering fleet and focus on maximising utilisation rates and optimising efficiency in both the offshore support vessels (OSVs) and the subsea sectors.

“Global economic conditions as well as the general environment of the shipbuilding industry remain challenging,” the company said.

“As the group is completing the construction of its more complex and high spec vessels, it is increasing its order intake of repair and fabrication projects as well as select newbuild orders for the Indonesian cabotage markets to better utilise its yard's capacity,” it added.