Marco Polo secures $10m coal transshipment contract
Tuesday, February 23 2010 - 01:50 AM WIB
Singapore-based logistics firm Marco Polo Marine reported on Monday that its wholly-owned unit Marco Polo Shipping Co Pte Ltd (MP Shipping) had secured coal transshipment contract worth US$10 million.
The 17-month transshipment contract is between an undisclosed Indonesian coal owner, which is an existing customer, and a related party who is the Company?s appointed agent for transshipment services in Indonesia.
?Through a back-to back arrangement with our appointed agent, we are able to provide this transshipment service to our Indonesian customers using our Indonesian-flagged vessels operated by MP Shipping and in full compliance with cabotage rules as the transshipment will be carried out in Indonesian waters,? the Company said.(alex)