Banking on offshore Indonesia
After BBR’s listing on the Indonesia Stock Exchange early this year,
Marco Polo Marine (MPM) has been increasingly branding itself as an
entity for investors to gain exposure to Indonesia’s growing offshore
sector. Indonesia currently has only a handful of AHTS vessels that
are of at least 8,000 BHP, but there are expectation of more tenders
of oil plots in certain parts of offshore Indonesia such as Sulawesi
where the waters are rougher and where the demand for such larger
vessels is likely to be higher.
Slow down in ship yard business, but hopes for new orders
In the last quarter, there was no shipbuilding revenue as revenue
from BBR could not be recognized (eliminated from accounting
consolidation) since BBR became a subsidiary. There was also no
third-party work, which has been the case for some time. However,
management expressed the possibility of securing external OSV
orders in the coming quarter. Ship repair also saw a slow-down, which
management thinks is seasonal.
Ship chartering provides a base load
Management is still upbeat on the outlook for the ship chartering
business; its entire
