Seatrium posts strong results in 2024
Retrofits and repairs are a small but reliable component of Seatrium’s business – and are expected to grow (Source: Seatrium)
Buoyed by year-on-year revenue increases of 26.5%, Seatrium entered the black in 2024, posting a net profit of SGD 155.9 million (USD 116.9 million), compared with an SGD 2 million loss in 2023. So far this year, the Singaporean yard is seeing increased numbers of orders compared with the same period in 2024, with SGD 23.2 billion in orders, an increase of 43%.
Revenues from repairs and upgrades were SGD 1.1 billion, around 12% of Seatrium’s total SGD 9.2 billion revenue. The yard completed some 231 repairs and upgrade projects. The company expects that the retrofit market will strengthen in the coming years, “accelerating” over the next two years and “tak[ing] off” toward the end of this decade, Alvin Gan, executive vice president of the repairs and upgrades business at Seatrium, told Shippingwatch recently. “...there [is] a lot of prototyping at the moment, and when they see there is a positive result in terms of the savings and in terms of the abatement of the emissions systems… by then, hopefully, the infrastructures are ready, and the investment into technologies is widely available.”
The yard has now developed its own carbon-capture system (CCS). In now January, worked with Wärtsilä, Solvang, MAN Energy Solutions and research institute SINTEF to install a Wärtsilä system on Solvang’s Clipper Eris.
“2024 was a fruitful year for Seatrium, marked by strong order wins, a decade-high orderbook and most importantly, a return to full year profitability,” said Chris Ong, Seatrium CEO. “The need to address energy security while transitioning towards cleaner energy globally presents significant market opportunities, despite near-term geopolitical volatility. Our focus on oil and gas and renewables solutions, as well as maritime upgrades, positions us favourably to capitalise on the energy market tailwinds.”
