Singapore: Marco Polo Marine has bagged a $20m coal transshipment contract as it continues to grow its Indonesian business. Marco Polo's Indonesian subsidiary MP Marine has inked a four-year contract for coal transhipment worth around $20m. It is the second such deal Marco Polo has won this year, having won a $10m Indonesian coal transhipment contract in February. "The new coal customer provides coal, a key substitute for oil in Indonesia, to coal-fired power utility plants, owned by the Indonesian government, located in the various parts of Indonesia," said Sean Lee Yun Feng, ceo of Marco Polo Marine. "Against a backdrop of increased oil prices, we are thrilled to be a participant of this promising business and have recently converted a number of our vessels into Indonesia-flagged vessels via sale-and-leaseback arrangements to capitalise on the demand growth for such vessels." Marco Polo has sold and leased back 16 vessels to its unit this year. [06/04/10]
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