Marco Polo Marine 20th AGM: Detailed Report and Investor Analysis

Date & Venue: The Twentieth Annual General Meeting (AGM) of Marco Polo Marine Ltd. was held on 23 January 2026, at Tai Seng Exchange, Singapore.

Key Highlights from the AGM

• Financial Results & Dividend:
  • The company reported a slight decrease in revenue from S\$123.0 million in FY2024 to S\$122.0 million in FY2025, but profit increased due to operational improvements and the transition of vessel construction for in-house use.
  • A final one-tier exempt dividend of S\$0.0015 per share was approved for the year ended 30 September 2025.
• Directors’ Fees:
  • Directors’ fees of S\$258,000 for FY2026 were approved, slightly lower than the S\$262,895 in the previous year.
• Re-Election and Appointment of Directors:
  • Ms. Lie Ly, Mr. Jeffrey Hing Yih Peir, and Mr. Leong Kah Wah were all re-elected to the Board. Mr. Leong continues as Independent Director, Chairman of the Nominating Committee, and Member of the Audit Committee.
• Auditor Reappointment:
  • Forvis Mazars LLP was re-appointed as the company’s auditor.
• Share Issuance Mandates:
  • Authority was given to Directors to allot and issue shares under the general mandate, Performance Share Scheme (2024), and Employee Share Option Scheme (2024).
  • Renewal of the Share Buyback Mandate was also approved.

Detailed Q&A: Price-Sensitive Information and Business Outlook

1. Revenue Growth in Key Segments

• Ship Chartering (Thailand):
  • Revenue rose from S\$20.3 million (FY2024) to S\$27.2 million (FY2025) due to increased oil and gas activities, especially decommissioning works in Thailand. This reflects the Group’s strong presence and strategic vessel deployment in the region.
• Ship Repair (Indonesia):
  • Revenue surged from S\$15.9 million to S\$23.1 million, driven by Indonesia’s heavy reliance on maritime transport and strategic expansion in Batam, including the addition of a fourth dry dock for servicing larger vessels. Ship repair is highlighted as a stable, recurring business with consistent margins.

2. Receivables and Payment Risks

• Slower Repayments: The slower repayments were mainly from large ship repair customers, but management does not foresee material credit risk and regards this as a normal cycle in the business.
• Third-Party Receivables: Increased from S\$20.8 million to S\$30.9 million. The Audit Committee confirms these are collectible, with no need for additional impairment. Collections are ongoing.

3. Accruals and Capital Commitments

• Increase in Accruals: Accruals rose from S\$9.5 million to S\$14.4 million due to higher operational activity levels, described as routine and not unusual.
• Capital Expenditure Outlook: The Group is investing in fleet expansion, including new Construction Support and Operations Vessels (CSOVs) and anchor handlers, as well as expanding dry dock facilities. This is aimed at supporting long-term growth and tapping into the offshore wind market.
  • Notably, the company is building additional CSOV Plus vessels and two anchor handlers, with expectations for these investments to generate returns in the coming years.

4. Business Transition and Profitability

• The transition to building vessels for internal use (rather than external customers) temporarily affected revenue recognition. However, with these vessels now operational, especially in the offshore wind sector, the Group anticipates stronger chartering income and improved profitability going forward.
• Offshore wind markets in Taiwan and South Korea are robust; Japan is developing at a slower pace. Despite geopolitical uncertainties, oil and gas activities remain active, supporting a positive outlook for the Group.

Voting Results

• All resolutions were passed with overwhelming shareholder support, most above 99% approval except for the share issuance mandates under the Performance Share Scheme and Employee Share Option Scheme (which received about 83% support).

Key Takeaways for Investors

• Positive Outlook: Despite flat revenue, profitability is up due to operational shifts and better asset utilisation.
• Growth Segments: The company is aggressively expanding in Southeast Asia, especially in ship repair (Indonesia) and ship chartering (Thailand).
• Offshore Wind Industry: Strategic investments in CSOVs and related assets position Marco Polo Marine for growth in renewable energy logistics and support.
• Stable Financial Position: Receivables and accruals are within expectations, with no significant credit risk or abnormal increases.
• Shareholder Rewards: Dividend payout continues, and the share buyback mandate renewal signals confidence in company valuation.

Potential Price-Sensitive Developments

• The Group’s capital commitments and vessel expansion in offshore wind, plus successful penetration in the Thai and Indonesian markets, could significantly impact future revenue and profit trajectories.
• Any developments relating to further fleet expansion, asset divestments, or unexpected credit risk from large ship repair customers could also affect share value.

Disclaimer: This article is a summary and analysis of the official AGM minutes of Marco Polo Marine Ltd. It is intended for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult with financial advisors before making investment decisions.

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