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Maybe less is more in this counter. As always expect the unexpected leaps to test 82 cents vested
luckyfa ( Date: 01-Oct-2013 18:14) Posted:
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Otto Marine: Repositioning for growth
Singapore: In the news more than most this year at our Southeast Asian sister site SeaShip News has been Singapore?s offshore contractor Otto Marine, for better and for worse. The company is on the news site today too. Garrick Stanley has been in the role of group ceo for just over a month now trying to continue the process of making the firm more profitable with an eye to increasing the company?s fleet of offshore support vessels.
Stanley joined Otto subsidiary Go Marine Group back in 2007 as managing director and has over 18 years experience in the industry.
The shipyard has been through a ?cost cutting and efficiency consolidation stage whereby fats are trimmed and resources redeployed,? Garrick says. Nevertheless, the upshot is that the yard is now ready to take on new projects, it bagged its first orders for two years towards the beginning of the year, for instance.
?The focus for the yard is to expand our ship repair and conversion, fabrication and newbuilding where the yard can be cost competitive for local content taking advantage of its position in Indonesia,? Garrick says. The yard is located in Batam, near Singapore.
The yard has been very focused in the past couple of years in completing construction of four Norwegian designed VS 491 CD 24,000 bhp anchor handlers as well as a drillship for a third party customer.
In the interview Garrick is keen to portray the group?s full range of offerings beyong just the shipyard.
?The company has definitely developed into a marine services company with a shipyard,? he stresses.
?Our shipping business has now refocused to renew, expand and upgrade our own fleet whilst the shipyard increases our offshore fabrication capabilities and ship repair,? Garrick explains.
Group revenues are currently dominated from Otto Marine?s fleet of 63 vessels operating around the world.
?We are seeing an increase in demand for our fleet and increasing day rates and utilization,? says the new ceo.
Beside chartering, Otto Marine provides services like offshore accommodation, maintenance and services to platforms, crewing and manning services and consultancy.
Most of the vessels are locked in with term contracts with as long as five years. Annual average chartering revenue is in the range of $250m to $300m.
Although some have concerns about rates in the OSV business, Garrick is not worried.
?We are bullish about the sector as it has been relatively flat over the last five years,? he says, adding: ?The newbuilding program has slowed in the last two years and the demand and supply equilibrium has started to stabilise.? [19/08/13]
Do see OTTO Marine coming back into profit...Believe the new CEO is showing his strength to bring the company on track and moving up fast...Hope & Expect to see more positive announcement on more deals....Same as YZJ, OTTO likely could clinch BIG deals in the coming days....Stay Tune and loading in while can at the current trading price (To & fro)....
There are some announcements this evening, disposal of interest in a private company and got a charter agreements worth USD32 millions. Check it at SGX website.
Don't sprout nonsense min_min your shorting?
min_min ( Date: 30-Sep-2013 15:48) Posted:
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oh no.submarine sinking liao....
Buying more at current level....this company is turning around and sub-10 cents price will be history soon...
BTW, the whole market is selling down at the moment, there will be a bottoming point and guess turning around is on sight....
jeep
Added more at $0.070...Should see good up price with the company turnaround from loss direction....
Its nav is 11 cent right. Now at 0.071 is kinda close to it. Hopefully can have a much better price for entry...
Relook at the company latest corporate presentation, the company outlook is very promising...It's climing back to making profit and gorwing too (New CEO,ang mo, makes alot dirrerent!!!!)....Sub $0.10 at the current level will not stay for long...