The improving offshore market has helped Singapore’s Marco Polo Marine report a strong start to its current financial year on the back of higher charter and utilisation rates.

Gross profit for the three months to 31 December 2023 was up 75.8% to SGD 11.6m ($8.6m), while revenue increased 22.8% to SGD 29.1m.

The group’s operational performance in ship chartering improved year on year, while revenue from the shipyard segment experienced a marginal decrease.