PETALING JAYA: Icon Offshore Bhd
is likely to record strong earnings growth as it renews contracts with Petroliam Nasional Bhd (PETRONAS) for 11 of its offshore service vessels (OSVs) in the third quarter this year (3Q24).
According to Maybank Investment Bank (Maybank IB) Research, the majority of Icon’s fleet (18 OSVs in total) did not benefit from the vast daily charter rate (DCR) hike throughout the last few years as the group has locked in long term contracts.
The research house said industry peers have gained from high spot rates over the past two years while Icon Offshore preferred to focus on its long term OSV chartering business to ensure earnings longevity instead of indulging in the spot market.
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