Singapore: Marco Polo Marine has continued to beef its Indonesian-flagged fleet with a further eight sale and leaseback deals. The Singapore-listed company has sold and leased back eight tugs and barges to an undisclosed related party for S$8.8m. The company did a similar deal for another eight vessels earlier this year. Under new cabotage laws in Indonesia domestic cargoes, such as coal, can only be carried by Indonesia-flagged vessels, which must also be owned by Indonesian companies. "With more new coal-fired power plants being built in Indonesia, the consequential higher domestic demand for coal is expected to generate more demand for transhipment and trans-island logistic services within Indonesia," said Sean Lee Fung Yen, ceo of Marco Polo. "With our increased operating fleet of Indonesian-flagged vessels, further enhanced under the sale and leaseback arrangement, our group is well-poised to ride the growth in this regard." [29/03/10]
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