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Monday, 05 April 10
MARCO POLO MARINE SECURES US$20 MILLION 4-YEAR COAL TRANSSHIPMENT CONTRACT
 COALspot.com: Accordign to Mraco Polo Marine website, Singapore Exchange Mainboard-listed Marco Polo Marine Ltd, a growing integrated marine logistic group, has through its wholly-owned subsidiary, Marco Polo Shipping Co Pte Ltd, secured a 4year 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 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.
For more information, please refer to the corporate website www.marcopolomarine.com.sg
Contact:
Cyrus Capital Consulting
Mr. Lee Teong Sang
Principal Consultant
Tel: +65 62546973 / 9633 9035
Fax: +65 62546811
Email: teongsang@cyrus.com.sg
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Tuesday, 06 April 10
ASIAN INVESTORS EYE NIGERIA MARITIME INDUSTRY
Investors from the Asian region are considering investing in the Nigerian maritime sector, which has huge opportunities and potential. One of such p ...
Monday, 05 April 10
RI TO SET REFERENCE FOR COMMODITIES - THE JAKARTA POST
The Jakarta Post reported that, Indonesia is set to help establish global reference prices for mining and agricultural commodities, with the establi ...
Saturday, 03 April 10
SHIPS OPENING FAREAST CONTINUE TO BE STRUGGLING FOR CARGOES - VISTAAR
COALspot.com: The dry bulk freight market continues to be under pressure and all the indices were down this week except for Cape size index which wa ...
Friday, 02 April 10
XSTRATA RAISES BENCHMARK COAL PRICE AS MUCH AS 40% - BLOOMBERG
Bloomberg reported that, Xstrata Plc, the world’s largest exporter of coal used for power, raised benchmark prices for the fuel to an unidenti ...
Thursday, 01 April 10
OWNERS WERE STILL BULLISH ON SHORT PERIOD NUMBERS, BUT CHARTERERS IN GENERAL WERE NOT READY TO PAY - BRS
SUPRA / HANDY
After several weeks of a rising market, the BSI lost 9% last week to close on Friday at US$ 27,677 per day for the TC routes. ...
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