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SKG - New speedboats will boost market share in 2016 - Pre-initiation

In 2015, GPM expanded sharply on the back of decreasing diesel fuel prices and increasing capacity utilization across its fleet. GPM is expected to expand further in 2016 because: (1) Fuel costs account for about 50% of SKG’s COGS and are expected to remain low in 2016 as oil prices are not projected to recover soon, (2) SKG expects to increase its fleet utilization rate in 2016 from 2015 levels.