Terence Wong, CFA
CEO and Executive Director
Marco Polo makes convincing turnaround
Sep 7, 2022
But the bubble popped in mid-2014. Over the next 18 months, oil prices crashed 70%, and vessels were mothballed. One-time market darlings like Ezion, Ezra and Swiber fell by the wayside. Marco Polo Marine (MPM) was also doomed to fail, but managed to survive only because of Sean’s tenacity.
Now the tide has turned. Oil prices have risen over the past year and demand for vessels have once again shot up. Underinvestment in this sector means a severe lack of vessels, leading to a rise in rental rates. MPM’s pivot towards wind energy in Taiwan is also paying off.
Now that MPM has firmly turned around, Sean’s shedding of blood and tears over the past 6 years has been validated. Time to take the gloves off for a breather!