ASL Energy secures $73 million coal transport deal

Singapore's shipping company ASL Marine Holdings Ltd. said Monday that its 50 percent-owned associated company, ASL Energy Pte. Ltd., had secured a coal carrying contract worth US$73 million from PT Pelayaran Segara Niaga Utama (PSNU).

ASL said under the contract, ASL Energy would transport a minimum of 30,000,000 metric tons of coal from two coal concessions in East Kalimantan to the Balikpapan coal terminal for a period of 5 years. The contract also entails ASL Energy to provide 20 sets of tugs and barges, which will use to transport the products.

?Coal concessions to be serviced under the contract include coal mines related to the other 50 percent shareholder in ASL Energy, Manhattan Investments Pte Ltd. These coal mines are PT Gunungbayan Pratamacoal and PT Kalimantan Citra Bara,? said ASL in a statement to the Singapore Stock Exchange.

ASL also said that the 20 barges would be constructed at ASL Shipyard and would be progressively delivered in four batches between end December 2003 and end November 2004.

ASL added that the contract might be extended for a further period of 5 years.

PSNU is an Indonesian registered company with its main business in the provision of logistical support to various coal concessions in the Kalimantan area. (robert)