ASL Energy forms two shipping companies

Singapore-based ASL Marine Holdings Ltd said Wednesday its 50 percent-owned company ASL Energy Pte Ltd, which recently clinched a deal to transport coal from East Kalimantan, had formed two shipping companies namely Kaltim Alpha Shipping Pte Ltd and Kaltim Bravo Shipping Pte Ltd.

“These new companies incorporated in Singapore are wholly owned subsidiaries of ASL Energy and they will be principally involved in the ownership and chartering of marine vessels,” ASL Marine said in a statement.

ASL Energy is equally owned by ASL Marine and Manhattan Investments Pte Ltd, a Singapore-based company.

Last August, ASL Energy secured a US$73 million contract from PT Pelayaran Segara Niaga Utama to transport a minimum of 30 million tons of coal from two concessions in East Kalimantan to the Balikpapan coal terminal for a period of 5 years. The concessions are held by PT Gunung Bayan Pratamacoal and PT Kalimantan Citra Bara.

Under the contract, ASL Energy is obligated to provide 20 sets of tugs and barges to transport coal from the two concessions.

Aside from transportation business, ASL Energy is also interested in coal mining business. Last month, the company signed a memorandum of understanding to acquire Pan Assets International Limited, which is now seeking to buy a coal mining concession in East Kalimantan. (Robert)