Marco Polo completes reflagging its Indonesian vessels

Singapore-listed Marco Polo Marine Ltd said it has completed the reflagging all its vessels earmarked for playing in Indonesian waters through its associated company, PT Pelayaran National Bina Buana Raya, as a move to comply with the cabotage policy.

?The reflagging exercise is necessary to be carried out in order to comply with Indonesia?s cabotage principle, which requires all vessels plying Indonesian waters to be Indonesia flagged and such Indonesia flagged vessels must be owned by Indonesian entities controlled by Indonesian persons,? Marco Polo said.

The company is currently constructed a bigger and deeper third drydock, measuring 190 meters x 45 meters x 9 meters, at its shipyard in Batam since second quarter of 2011. The drydock is expected to be completed by second quarter 2012, it said.

?When the third drydock becomes fully operational, the company will be well-positioned to take advantage of the buoyant demand for ship repair and conversion businesses boosted chiefly by the thriving commodity shipping and oil and gas activities in Indonesia,? the company said.

The company's Batam drydock is currently building a number of offshore supporting vessels owned by domestic and overseas companies. (romel/roffie)