Penguin International

[CityFarmer]

I find the following 12Jan15 report by The Maritime Executive interesting…..
http://www.maritime-executive.com/magazi...d-the-pond
In particular, the section under the heading "The Small Boat Market" gives a clear description on Penguin's market niche and strong position.

I believe the last para (reproduced in full below) gives quite a good indication on Penguin's business volume and financial fortune going forward in 2015 and beyond.....
"The company introduced the Flex series in 2006 and builds almost all its crewboats without orders, using its internal cash reserves. “We will roll out our 100th Flex crewboat by mid-2015, and we intend to deliver 40 to 50 crewboats a year for our own fleet and for others,” adds Tham."

To supplement the post, with few historical numbers.
- The 50th Flex crewboat was achieved in 2013, and the 100th will be achieved in 2015
- In 2013, the yearly production of crewboat is >20, and the target for 2015, is 40-50

In summary:
- It took 7 years for the first 50th, but only 3 years for the next.
- The boat-building segment revenue was 137 mil in FY2013, thus estimated revenue in FY2015 is about 170 mil. Together with chartering revenue, total revenue is estimated as around 200 mil in FY2015, a growth of >20%.

(vested)