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Latest Forum Topics / Mermaid Maritime    Last:0.104 --  Post Reply
Continuing the amazing journey
TraderBen
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15-May-2026 09:36     
 
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 Alert Admin 		those got chance to get out better do so.. market downturn comes.. this one 1st to go horlan.. so high revenue and still making losses.. the overhead just too heavy..

DYODD
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TraderBen
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13-May-2026 11:07     
 
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 Alert Admin 		i am right. this sheeett stock dont move..
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TraderBen
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17-Apr-2026 10:42     
 
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 Alert Admin 		this one order book 1b.. but sometimes will go into losses.. very high overheads.. almost like a construction company.. the profit margin is too thin and too risk.. about 1000 divers.. if not job these pple will eat alot into the bottomline.. that could be the reason why nobody is interested in this company.

DYODD

Tracer63      ( Date: 17-Apr-2026 10:36) Posted:

Most marine stocks have moved up except for this laggard, time to take a look??

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Tracer63
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17-Apr-2026 10:36     
 
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 Alert Admin 		Most marine stocks have moved up except for this laggard, time to take a look??
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Stocky901
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24-Mar-2026 10:51     
 
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 Alert Admin 		Too many trapped at 123/124/125.. very soon force selling coming.. 🤨

MengKK      ( Date: 23-Mar-2026 11:00) Posted:

Today bellow 0.12 .
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MengKK
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23-Mar-2026 11:00     
 
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 Alert Admin 		Today bellow 0.12 .
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Coyote66
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19-Mar-2026 09:16     
 
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 Alert Admin 		Don't get conned. No volume. Don't go in unless it can sustain a high volume of at least 5k for one week.
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sfw2124
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18-Mar-2026 21:58     
 
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 Alert Admin 		Watch Iran War: Jeff Currie Says Oil Is &lsquo Mispriced&rsquo at $100 Per 
​
​
 
Key Argument
Currie highlights a major disconnect between paper markets (like futures for WTI/Brent around $100) and physical markets, where real-world prices signal much tighter supply. For instance, jet fuel spiked to $230/barrel in Singapore and $220 in Rotterdam, while Asian crude blends (Dubai/Oman) trade at $130&ndash 170, far exceeding paper benchmarks by $30+/barrel.
​
 
Supply Shock Context
He terms the disruptions " molecular contagion," spreading from Asia to Europe, comparable in scale to the COVID demand shock that wrecked global supply chains. Reports of strikes on Iranian energy assets exacerbate this, with Russian Urals crude rallying to $65&ndash 70 after sanctions eased, but not enough to offset the gaps.
​
 
Market Implications
 
Physical indicators show oil is " mispriced" at current levels against these realities, implying upward pressure as rebalancing causes pain. No policy responses, like IEA reserve releases, can fully halt the ascent given the supply tightness.
Barrel - Bloomberg   

sfw2124      ( Date: 18-Mar-2026 21:28) Posted:

Today MML share price stood frimly and unwavering although not much volume . At this material time the Brent crude is USD 107. Next morning when we wake up and if the Brent crude rallies to USD 110 or higher - there is a good chance the bears will run for cover and hopefully the bulls will take over control again. 

sfw2124      ( Date: 18-Mar-2026 05:51) Posted:



Mermaid Maritime' s case stands stronger than skeptic' s past-focused doubts, as its current order book, margin protections, and subsea niche deliver resilient earnings absent in Nam Cheong or Beng Kuang' s shipbuilding cyclicality.

Addressing " super cycle" fatigue



Skeptics dismiss supercycles because past E& P booms (2014&ndash 2016) crashed shipyards like Nam Cheong (bankrupt) and Beng Kuang (restructured). Mermaid differs fundamentally: subsea services generate 70&ndash 80% recurring IRM revenue from long-term contracts, not one-off builds. Its US$726M backlog (1.5x FY25 revenue) locks in visibility to 2036, smoothing cycles unlike shipyards' feast-or-famine order books.

Profit margin resilience



  • War-risk pass-throughs: BIMCO clauses let Mermaid bill 100% of elevated insurance (~10x premiums) and mob/demob costs, lifting effective margins 20&ndash 50% in Gulf ops (79% exposure). FY25 proved this: revenue held at US$489M despite delays.


  • Historical edge: Unlike 2016&ndash 2020 explorers who slashed capex (crushing contractors), Mermaid' s 8% ROE and 62% debt-equity reflect disciplined ops. Slim margins? Subsea IRM yields 10&ndash 15% EBITDA vs. shipbuilding' s 5&ndash 8% peaks.


  • Crisis buffer: Order book conversion > 70% ensures cash even if oil dips post-2020 recovery added US$500M+ backlog without equity raises.

Fund disinterest explained



Funds chase liquid large-caps (S$1B+ mkt cap) like Borr Drilling, not Mermaid' s S$200&ndash 300M float. Nam Cheong/Beng Kuang rode hype into traps Mermaid trades at 5&ndash 6x FY26 EV/EBITDA (vs. peers 8&ndash 10x), offering 30&ndash 50% upside to fair value without retail frenzy. Institutions like Seatankers hold steady&mdash quiet confidence, not pump-and-dump.

Bottom line counter



If crisis hits, Mermaid' s backlog and pass-throughs cap losses at breakeven (not " hundreds of millions" ), while majors cut drilling. Reconstruction adds US$650&ndash 750M Gulf upside. Buy dips this outlasted 1986, 2008, and 2020. DYODD.


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sfw2124
Senior
18-Mar-2026 21:28     
 
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 Alert Admin 		Today MML share price stood frimly and unwavering although not much volume . At this material time the Brent crude is USD 107. Next morning when we wake up and if the Brent crude rallies to USD 110 or higher - there is a good chance the bears will run for cover and hopefully the bulls will take over control again. 

sfw2124      ( Date: 18-Mar-2026 05:51) Posted:



Mermaid Maritime' s case stands stronger than skeptic' s past-focused doubts, as its current order book, margin protections, and subsea niche deliver resilient earnings absent in Nam Cheong or Beng Kuang' s shipbuilding cyclicality.

Addressing " super cycle" fatigue



Skeptics dismiss supercycles because past E& P booms (2014&ndash 2016) crashed shipyards like Nam Cheong (bankrupt) and Beng Kuang (restructured). Mermaid differs fundamentally: subsea services generate 70&ndash 80% recurring IRM revenue from long-term contracts, not one-off builds. Its US$726M backlog (1.5x FY25 revenue) locks in visibility to 2036, smoothing cycles unlike shipyards' feast-or-famine order books.

Profit margin resilience



  • War-risk pass-throughs: BIMCO clauses let Mermaid bill 100% of elevated insurance (~10x premiums) and mob/demob costs, lifting effective margins 20&ndash 50% in Gulf ops (79% exposure). FY25 proved this: revenue held at US$489M despite delays.


  • Historical edge: Unlike 2016&ndash 2020 explorers who slashed capex (crushing contractors), Mermaid' s 8% ROE and 62% debt-equity reflect disciplined ops. Slim margins? Subsea IRM yields 10&ndash 15% EBITDA vs. shipbuilding' s 5&ndash 8% peaks.


  • Crisis buffer: Order book conversion > 70% ensures cash even if oil dips post-2020 recovery added US$500M+ backlog without equity raises.

Fund disinterest explained



Funds chase liquid large-caps (S$1B+ mkt cap) like Borr Drilling, not Mermaid' s S$200&ndash 300M float. Nam Cheong/Beng Kuang rode hype into traps Mermaid trades at 5&ndash 6x FY26 EV/EBITDA (vs. peers 8&ndash 10x), offering 30&ndash 50% upside to fair value without retail frenzy. Institutions like Seatankers hold steady&mdash quiet confidence, not pump-and-dump.

Bottom line counter



If crisis hits, Mermaid' s backlog and pass-throughs cap losses at breakeven (not " hundreds of millions" ), while majors cut drilling. Reconstruction adds US$650&ndash 750M Gulf upside. Buy dips this outlasted 1986, 2008, and 2020. DYODD.

TraderBen      ( Date: 18-Mar-2026 05:29) Posted:

Hear until sian already this super cycle. If this counter is so good it would hv been played up by funds like how nam cheong n beng kuang moves. The profit margin is so slim if any crisis were to happened. It will drop into few hundred millions of losses again like 2016 to 2020s. By then even the major shareholders will hv to give up on this shi
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sfw2124
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18-Mar-2026 05:51     
 
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 Alert Admin

Mermaid Maritime' s case stands stronger than skeptic' s past-focused doubts, as its current order book, margin protections, and subsea niche deliver resilient earnings absent in Nam Cheong or Beng Kuang' s shipbuilding cyclicality.

Addressing " super cycle" fatigue



Skeptics dismiss supercycles because past E& P booms (2014&ndash 2016) crashed shipyards like Nam Cheong (bankrupt) and Beng Kuang (restructured). Mermaid differs fundamentally: subsea services generate 70&ndash 80% recurring IRM revenue from long-term contracts, not one-off builds. Its US$726M backlog (1.5x FY25 revenue) locks in visibility to 2036, smoothing cycles unlike shipyards' feast-or-famine order books.

Profit margin resilience



  • War-risk pass-throughs: BIMCO clauses let Mermaid bill 100% of elevated insurance (~10x premiums) and mob/demob costs, lifting effective margins 20&ndash 50% in Gulf ops (79% exposure). FY25 proved this: revenue held at US$489M despite delays.


  • Historical edge: Unlike 2016&ndash 2020 explorers who slashed capex (crushing contractors), Mermaid' s 8% ROE and 62% debt-equity reflect disciplined ops. Slim margins? Subsea IRM yields 10&ndash 15% EBITDA vs. shipbuilding' s 5&ndash 8% peaks.


  • Crisis buffer: Order book conversion > 70% ensures cash even if oil dips post-2020 recovery added US$500M+ backlog without equity raises.

Fund disinterest explained



Funds chase liquid large-caps (S$1B+ mkt cap) like Borr Drilling, not Mermaid' s S$200&ndash 300M float. Nam Cheong/Beng Kuang rode hype into traps Mermaid trades at 5&ndash 6x FY26 EV/EBITDA (vs. peers 8&ndash 10x), offering 30&ndash 50% upside to fair value without retail frenzy. Institutions like Seatankers hold steady&mdash quiet confidence, not pump-and-dump.

Bottom line counter



If crisis hits, Mermaid' s backlog and pass-throughs cap losses at breakeven (not " hundreds of millions" ), while majors cut drilling. Reconstruction adds US$650&ndash 750M Gulf upside. Buy dips this outlasted 1986, 2008, and 2020. DYODD.

TraderBen      ( Date: 18-Mar-2026 05:29) Posted:

Hear until sian already this super cycle. If this counter is so good it would hv been played up by funds like how nam cheong n beng kuang moves. The profit margin is so slim if any crisis were to happened. It will drop into few hundred millions of losses again like 2016 to 2020s. By then even the major shareholders will hv to give up on this shit

sfw2124      ( Date: 17-Mar-2026 20:41) Posted:

Mermaid Maritime (SGX: DU4) &ndash Riding the Next Subsea Supercycle
Founded in 1983 by Danish mariners and listed on the SGX since 2007, Mermaid Maritime is a global subsea services leader, headquartered in Thailand. With over 40 years of operational excellence, the company serves blue-chip oil and gas clients across the Middle East, Asia Pacific, the North Sea, and Africa. Its operations span inspection, repair & maintenance (IRM), cable laying, transport and installation (T& I), and decommissioning&mdash supported by a fleet of 11+ dynamic-positioning vessels, advanced ROVs, and 500+ highly skilled divers.
Long-Term Earnings Visibility
Mermaid&rsquo s US$726 million order book (as of Dec 2025) provides exceptional visibility well into 2036. With contracts ranging from annual IRM assignments to multi-year offshore construction projects, this backlog forms a solid revenue base. Historically, Mermaid achieves 70&ndash 80% conversion, translating to predictable, recurring income that gives investors rare confidence in future returns.
Near-Term Growth Drivers
Even in a year of global delays, FY2025 revenue held steady at US$489 million, with IRM growth of 12.3% year-on-year. Analysts forecast 6&ndash 15% revenue growth in FY2026, reaching US$520&ndash 560 million organically.
At the same time, the US&ndash Israel&ndash Iran conflict has reshaped Gulf operations&mdash pushing war-risk premiums up tenfold. Thanks to BIMCO-style clauses, Mermaid is protected: clients reimburse extra insurance and vessel costs, effectively boosting margins by 20&ndash 50% even during disruptions.
Post-War Upside: A Reconstruction Surge
When hostilities ease, the rebuild cycle begins&mdash with damaged rigs, cables, and pipelines requiring urgent subsea intervention. Given Mermaid&rsquo s 79% exposure to the Middle East and a proven Gulf track record, the company stands poised to capture a US$650&ndash 750 million revenue opportunity in FY2026, potentially expanding its order book beyond US$1 billion.
The Investor Case
Mermaid combines resilient cash-generating operations (ROE 8%) with a balanced capital structure (debt-to-equity 62%). Its share price volatility (beta 1.15) offers asymmetric upside for investors who buy amid war jitters and hold into the reconstruction wave. The recent share price pullback reflects sentiment&mdash not fundamentals&mdash creating an attractive &ldquo buy the dip&rdquo window.
Bottom line: Mermaid Maritime is a rare play on both defensive cash flow and post-war growth&mdash anchored by multi-year contracts and deepwater expertise that have outlasted every energy cycle since 1983. DYODD
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TraderBen
Supreme
18-Mar-2026 05:29     
 
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 Alert Admin 		Hear until sian already this super cycle. If this counter is so good it would hv been played up by funds like how nam cheong n beng kuang moves. The profit margin is so slim if any crisis were to happened. It will drop into few hundred millions of losses again like 2016 to 2020s. By then even the major shareholders will hv to give up on this shit

sfw2124      ( Date: 17-Mar-2026 20:41) Posted:

Mermaid Maritime (SGX: DU4) &ndash Riding the Next Subsea Supercycle
Founded in 1983 by Danish mariners and listed on the SGX since 2007, Mermaid Maritime is a global subsea services leader, headquartered in Thailand. With over 40 years of operational excellence, the company serves blue-chip oil and gas clients across the Middle East, Asia Pacific, the North Sea, and Africa. Its operations span inspection, repair & maintenance (IRM), cable laying, transport and installation (T& I), and decommissioning&mdash supported by a fleet of 11+ dynamic-positioning vessels, advanced ROVs, and 500+ highly skilled divers.
Long-Term Earnings Visibility
Mermaid&rsquo s US$726 million order book (as of Dec 2025) provides exceptional visibility well into 2036. With contracts ranging from annual IRM assignments to multi-year offshore construction projects, this backlog forms a solid revenue base. Historically, Mermaid achieves 70&ndash 80% conversion, translating to predictable, recurring income that gives investors rare confidence in future returns.
Near-Term Growth Drivers
Even in a year of global delays, FY2025 revenue held steady at US$489 million, with IRM growth of 12.3% year-on-year. Analysts forecast 6&ndash 15% revenue growth in FY2026, reaching US$520&ndash 560 million organically.
At the same time, the US&ndash Israel&ndash Iran conflict has reshaped Gulf operations&mdash pushing war-risk premiums up tenfold. Thanks to BIMCO-style clauses, Mermaid is protected: clients reimburse extra insurance and vessel costs, effectively boosting margins by 20&ndash 50% even during disruptions.
Post-War Upside: A Reconstruction Surge
When hostilities ease, the rebuild cycle begins&mdash with damaged rigs, cables, and pipelines requiring urgent subsea intervention. Given Mermaid&rsquo s 79% exposure to the Middle East and a proven Gulf track record, the company stands poised to capture a US$650&ndash 750 million revenue opportunity in FY2026, potentially expanding its order book beyond US$1 billion.
The Investor Case
Mermaid combines resilient cash-generating operations (ROE 8%) with a balanced capital structure (debt-to-equity 62%). Its share price volatility (beta 1.15) offers asymmetric upside for investors who buy amid war jitters and hold into the reconstruction wave. The recent share price pullback reflects sentiment&mdash not fundamentals&mdash creating an attractive &ldquo buy the dip&rdquo window.
Bottom line: Mermaid Maritime is a rare play on both defensive cash flow and post-war growth&mdash anchored by multi-year contracts and deepwater expertise that have outlasted every energy cycle since 1983. DYODD

Coyote66      ( Date: 17-Mar-2026 16:13) Posted:

Finally sold off $100+k of this shitty mermaid.


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sfw2124
Senior
17-Mar-2026 20:41     
 
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 Alert Admin 		Mermaid Maritime (SGX: DU4) &ndash Riding the Next Subsea Supercycle
Founded in 1983 by Danish mariners and listed on the SGX since 2007, Mermaid Maritime is a global subsea services leader, headquartered in Thailand. With over 40 years of operational excellence, the company serves blue-chip oil and gas clients across the Middle East, Asia Pacific, the North Sea, and Africa. Its operations span inspection, repair & maintenance (IRM), cable laying, transport and installation (T& I), and decommissioning&mdash supported by a fleet of 11+ dynamic-positioning vessels, advanced ROVs, and 500+ highly skilled divers.
Long-Term Earnings Visibility
Mermaid&rsquo s US$726 million order book (as of Dec 2025) provides exceptional visibility well into 2036. With contracts ranging from annual IRM assignments to multi-year offshore construction projects, this backlog forms a solid revenue base. Historically, Mermaid achieves 70&ndash 80% conversion, translating to predictable, recurring income that gives investors rare confidence in future returns.
Near-Term Growth Drivers
Even in a year of global delays, FY2025 revenue held steady at US$489 million, with IRM growth of 12.3% year-on-year. Analysts forecast 6&ndash 15% revenue growth in FY2026, reaching US$520&ndash 560 million organically.
At the same time, the US&ndash Israel&ndash Iran conflict has reshaped Gulf operations&mdash pushing war-risk premiums up tenfold. Thanks to BIMCO-style clauses, Mermaid is protected: clients reimburse extra insurance and vessel costs, effectively boosting margins by 20&ndash 50% even during disruptions.
Post-War Upside: A Reconstruction Surge
When hostilities ease, the rebuild cycle begins&mdash with damaged rigs, cables, and pipelines requiring urgent subsea intervention. Given Mermaid&rsquo s 79% exposure to the Middle East and a proven Gulf track record, the company stands poised to capture a US$650&ndash 750 million revenue opportunity in FY2026, potentially expanding its order book beyond US$1 billion.
The Investor Case
Mermaid combines resilient cash-generating operations (ROE 8%) with a balanced capital structure (debt-to-equity 62%). Its share price volatility (beta 1.15) offers asymmetric upside for investors who buy amid war jitters and hold into the reconstruction wave. The recent share price pullback reflects sentiment&mdash not fundamentals&mdash creating an attractive &ldquo buy the dip&rdquo window.
Bottom line: Mermaid Maritime is a rare play on both defensive cash flow and post-war growth&mdash anchored by multi-year contracts and deepwater expertise that have outlasted every energy cycle since 1983. DYODD

Coyote66      ( Date: 17-Mar-2026 16:13) Posted:

Finally sold off $100+k of this shitty mermaid.

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Coyote66
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17-Mar-2026 16:13     
 
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 Alert Admin 		Finally sold off $100+k of this shitty mermaid.
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TraderBen
Supreme
10-Mar-2026 09:30     
 
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 Alert Admin 		i cannot dont condem this stock..oil up this counter also down.. oil down also down.. wtf stock.. lol
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TraderBen
Supreme
09-Mar-2026 13:28     
 
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 Alert Admin 		this stock bringing investors to horlan since it hit 235 in 2024

Stocky901      ( Date: 09-Mar-2026 13:28) Posted:

Dropped liao.. support at 120 ..🤨

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Stocky901
Supreme
09-Mar-2026 13:28     
 
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 Alert Admin 		Dropped liao.. support at 120 ..🤨
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TraderBen
Supreme
09-Mar-2026 11:16     
 
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 Alert Admin 		like i said.. mermaid cannot make it.. any crisis will bring it to horland

TraderBen      ( Date: 04-Mar-2026 09:49) Posted:

looks more like a pump and dump to me.. mermaid' s fundamentals have been bad for a few years already. funds are not stupid to buy into this type of company. look at the selling and buying.. most of them are selling out.. there are alot more better companies to invest in out there maybe hit and run for this

DYODD
 

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TraderBen
Supreme
09-Mar-2026 10:37     
 
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 Alert Admin 		this one dk wan to follow dow or oil.. lost identity..

Stocky901      ( Date: 09-Mar-2026 10:35) Posted:

DOW futures plunged 1,200 points..😔

Stocky901      ( Date: 05-Mar-2026 16:15) Posted:

DOW futures deep Red. -250 points.. 🤨


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kye_lin
Master
09-Mar-2026 10:37     
 
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 Alert Admin 		Everything will drop more tomorrow... 
Keep taking cover immediately
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Stocky901
Supreme
09-Mar-2026 10:35     
 
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 Alert Admin 		DOW futures plunged 1,200 points..😔

Stocky901      ( Date: 05-Mar-2026 16:15) Posted:

DOW futures deep Red. -250 points.. 🤨

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