Jakarta: Indonesia's PT Arpeni Pratama Ocean Line (APOL) and South Korean Hyundai Merchant Marine (HMM) have formed a joint venture tanker operation. The pair, each with a 50% holding, will buy a pair of tankers for US$100m for delivery in 2008. Arpeni will manage the ships. For HMM, the move is in line with its strategy to diversify its fleet away from its predominance in containers via partnerships, a strategy that is likely to see it going in for long term charter deals with owners from southern Japan for bulkers in the coming months. For Arpeni, the move provides it with capital and clout to enter the newbuild scene. [27/02/07]
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