Singapore: Glencore has formed a tug and barge joint venture with Marco Polo Marine for the Indonesian cabotage trades. The 50 - 50 joint venture, Alpine Marine, between Glencore unit, ST Shipping and Trading, and Marco Polo Marine will jointly own and operate a fleet of tugs and barges to provide transhipment services in Indonesia. The vessels will mainly carry cargo managed and carried by Glencore in Indonesia. Marco Polo is selling a fleet of 24 Singapore-flagged tugs and barges for $44.7m to an Indonesian company, which will then lease the vessels back to Alpine Marine under the Indonesian flag. [03/05/10]
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