Penguin International hits sweet spot in shipbuilding and vessel chartering
Penguin International's second quarter net profit rocketed to $5.9 millon fromp $1 million in the corresponding period last year.
Revenue for the three months to June 30 more than doubled to $44 million from $21.9 million.
The increase was due mainly to higher revenue from shipbuilding and chartering activities. This was partially offset by a decrease in bunkering activities.
The group sold five built-for-stock crewboats to third-party ship owners during the quarter.