Marco Polo Marine reported a 27% revenue increase in the first quarter of 2026, compared to the same period in 2025, driven by a 53% increase in its ship chartering business, largely from offshore wind commissioning service operations vessels (CSOV).
“The Group recorded a robust start to the financial year, with revenue for 1QFY2026 increasing by 27% year-on-year to S$32.8 million from S$25.8 million in 1QFY2025. This performance was primarily driven by the Group’s Ship Chartering Operations, which saw significant expansion following strategic fleet additions that have strengthened the Group’s competitive position in the offshore wind sector,” Marco Polo Marine stated in its Q1 2026 report.
The Group’s vessel chartering business generated SGD 23.2 million (approximately EUR 15.5 million) in the first quarter, 53% more than in the first quarter of 2025 (SGD 15.2 million/EUR 10.2 million). This growth is primarily due to the expansion of Marco Polo Marine’s offshore vessel fleet, with the deployment of its first CSOV, Wind Archer, alongside three additional crew transfer vessels (CTVs), which significantly boosted charter income during the quarter, according to the Group.
Marco Polo Marine announced in August 2025 that Wind Archer had begun generating income after its deployment in mid-April. The vessel was reserved in December 2022, when Marco Polo Marine’s subsidiary in Taiwan, PKR Offshore, entered into an agreement with Vestas for the deployment of the CSOV on Asia Pacific offshore wind projects.
The Singapore-based company is constructing its second vessel of this type, dubbed CSOV Plus, intended for both offshore wind and oil & gas projects. According to Marco Polo, this new vessel will support the complete lifecycle of offshore wind projects, from construction and cable installation to repairs, maintenance, and technician transfer for commissioning and ongoing operations.
Marco Polo Shipyard will build the CSOV Plus at its Batam, Indonesia yard, with construction scheduled for the second quarter of 2026 and delivery planned for the second quarter of 2028.
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