SINGAPORE: Mainboard-listed offshore marine company Otto Marine said on Monday that it has secured orders worth US$131 million (S$177.33 million), mainly in the chartering business, to date in the second quarter of its 2015 financial year.
“The substantial increase in new chartering contracts was attributable to the group’s strategy to improve the utilisation rate of the fleet, in view of the potential cost that idle vessels will incur,” the company said in a filing with the Singapore Exchange.
Utilisation rate for the group’s chartering business has also improved for Q2FY15 against the last few quarters, it added.
Said Otto Marine chief executive officer Michael See: “While some of the chartering rate is under pressure, it is still in the best interest of our group to secure better utilisation of our vessels than leaving them idle.”
