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Bhagwan Marine Flags Delays to Certain Spot, Short-Term Projects; Shares Reach All-Time Low

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Bhagwan Marine (ASX:BWN) flagged delays to the award and start of certain spot and short-term projects due to the effects of the conflict in the Middle East, according to a Tuesday Australian bourse filing.

It now expects fiscal year 2026 earnings before interest, taxes, depreciation, and amortization (EBITDA) in the range of AU$38.5 million to AU$40.5 million, excluding contributions from Riverside Marine and acquisition costs.

Bhagwan's consolidated fiscal year 2026 EBITDA is expected to be in the range of AU$44.5 million to AU$46.5 million, excluding Riverside Marine acquisition costs.

Riverside Marine's charter business, Riverside Oceanic, also experienced similar delays, while Bhagwan Marine's towage and industrial sands operations are tracking at or ahead of expectations.

Its shares fell 25% in recent trading on Tuesday, reaching their lowest-ever point.

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