Marco Polo Marine Secures US$20 Million 4-Year Coal Transshipment Contract
Singapore, 5th April 2010 - Singapore Exchange Mainboard-listed Marco Polo Marine Ltd (“Marco Polo Marine” or the “Group”), a growing integrated marine logistic group, has through its wholly-owned subsidiary, Marco Polo Shipping Co Pte Ltd (“MP Shipping”), secured a 4-year coal transshipment contract worth about US$20 million.
The transshipment contract, which will commence from June 2010 for a period of 4 years, is secured with an Indonesian coal owner. Pursuant to which and in full compliance with the Indonesian cabotage rules, which require such transportation of coal to be carried out in Indonesian waters be provided by Indonesian-flagged vessels, MP Shipping shall provide the transshipment services through the deployment of its fleet of Indonesian-flagged vessels.
Commenting on the transshipment contract, Mr Sean Lee Yun Feng, the CEO of the Company, remarked that “The new coal customer provides coal, a key substitute for oil in Indonesia, to coal-fired power utility plants, owned by the Indonesian government, located in the various parts of Indonesia. Against a backdrop of increased oil prices, we are thrilled to be a participant of this promising business and have recently converted a number of our vessels into Indonesia-flagged vessels via sale-and-leaseback arrangements to capitalise on the demand growth for such vessels.”
The transshipment contract is expected to contribute positively to the Group’s consolidated profit after tax for the current financial year ending 30 September 2010
About Marco Polo Marine Ltd
Marco Polo Marine (Bloomberg Code: MPM.SP) is an integrated marine logistic group that facilitates the growth of and investments in South East Asia through its ship chartering and shipyard businesses.
The Group's ship chartering business provides tug boats and barges to its customers from the mining, commodities, construction, infrastructure, property development and land reclamation industries.
The Group’s shipyard undertakes ship building, ship repair and conversion services in Batam, Indonesia. It occupies a total land area of approximately 34 hectares, with a seafront of approximately 650 metres. The shipyard has two dry docks to undertake ship repair and conversion services.
Marco Polo Marine Ltd press release
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