Marco Polo Marine 5LY is looking to build a new dry dock, which will increase its capacity for ship repairs by up to 25%.
According to the group, the move is aimed at capitalising on the increased demand for ship repairs while further strengthening the group’s financial performance.
The group plans to begin constructing the 240m-long dry dock, its fourth, in November. The construction is subject to the approval of the relevant authorities in Indonesia.
The project will be funded through a combination of operational cash flows and external financing from banks. The project is expected to be completed by the 1QFY2025.
“We have decided to build Dry Dock 4 to capitalise on the buoyant demand for ship repairs from our customers, as ship repair operations remain a consistent and reliable source of recurring income for us," says Marco Polo Marine CEO Sean Lee.
"Our aim is to provide efficient and exceptional services to our clients and simultaneously expand our customer base. This investment will not only help us achieve that, it will also enhance our bottom line over the longer term,” he adds.
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Shares in Marco Polo Marine closed flat at 4.9 cents on Sept 4.
