Marco Polo Marine has completed the extension works on its dry dock 1, lifting the company’s capacity for ship repairs by up to 20%.
The move will help the company grow a bigger stream of recurring income from ship repairing operations, with between 50 and 70% of the business from repeat customers.
The dry dock was extended to 240 metres from 150 metres. Construction started in July 2021 and was funded by internal resources.
“With demand for ship repair, maintenance and upgrading activity continuing to increase, and our three docks operating at approximately 80% of capacity, the completion of our dry dock extension comes at an expedient time,” says Sean Lee, Marco Polo Marine’s CEO.
“We expect the dock extension to start contributing to the group’s bottom line from 2Q FY2022,” he adds.
For the full year ended Sept 30 2021, Marco Polo’s revenue from ship building and repair operations increased by more than 50% to $26 million – the highest level since FY2018.
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Marco Polo Marine closed Feb 15 at 2.7 cents, up 3.85% for the day and down 10% year to date.
