Otto Marine wins charter for newbuild work maintenance vessel

Singapore headquartered Otto Marine has announced today that it has secured a long term bareboat charter contract for a 238-men, newbuild DP2 work maintenance vessel.

The contract, worth $26m, will commence upon delivery of the vessel which is currently being built at a third-party yard. It is expected to be delivered before the end of the year.

Michael See, Otto Marine’s CEO, commented: “Further to the first unit of the 238-men, DP2 Work Maintenance Vessel that we took delivery and chartered out to the South East Asia region in August 2015, we are pleased to secure the charter for another vessel in the series that is on schedule for delivery. This is in line with our strategy to maintain a healthy quantity of our own vessels in the fleet, in view of the better margins they can generate. Our strategy to upgrade and renew our fleet and increase the number of younger vessels has also gradually enhanced our business fundamentals.”

The vessel is the second in a series of work maintenance vessels Otto has ordered, with the first delivered and chartered out in August 2015.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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