Integrated marine logistics company Marco Polo Marine announced, on June 14, that it intends to extend its dry dock 1 from 150 metres to 240 metres.

The extension will boost the group’s capacity for ship repairs by 20%.

The move is meant to improve the group’s bottom line over the longer term, as its ship repair operations have been a growing source of recurring income.

According to the group, some 50% to 70% of its ship repair operations business has come from repeat customers.

For the 1HFY2021 ended March, the group’s ship building and repair operations business saw a 34% y-o-y increase in revenue to $11.7 million, accounting for some 55% of the group’s overall top line.

The construction of the dock will begin in July and is slated to be completed by January 2022.
Source: The Edge Singapore