SINGAPORE (Yosefardi) – Otto Marine Limited, a leading offshore marine company that specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, suffered loss of US$2.48 million in the second quarter 2015 (2Q 2015), against profit US$17.51 million in the same period of 2014.
Revenue dropped 36.4% to US$71.2 million from previous US$111.97 million, a 51.9% decrease compared with 1Q 2015 due to a reduction in fleet size and lower charter rates, and decrease in ship conversion revenue.
In the first quarter of 2015, Otto Marine booked loss of US$13.27 million on revenue of US$148.05 million.
The Group has added US$132.2 million new chartering contracts in 2Q 2015, bringing total order book to US$307.2 million as at 30 June 2015. While the Group reduced its fleet size in view of the depressed market conditions, it has secured an addition new charter orders, which brought the utilization rate from 59.2% for 1Q 2015 to 74.0% for 2Q 2015.
Headquartered in Singapore, the Company owns/leases and operates 55 offshore vessels and one of the largest shipyards in Batam, Indonesia – one of the most sophisticated yards in Asia Pacific.