Marco Polo Batam shipyard gets $3.8 million newbuilding order

marcopoloyardSingapore's Marco Polo Marine Ltd. (MPM) has secured a new shipbuilding contract to construct two towing tugs and two deck cargo barges for PT. Pelayaran Nasional Bina Buana Raya Indonesia for apporoximately S$4.6 million (about US$ 3.8 million). MPM subsidiary Marco Polo Shipping Co. Pte Ltd. has just completed the acquisition of a 49 percent equity stake in BBR. Besides engaging in ship agency functions (such as clearing of customs) and ownership of tugs and barges, BBR also undertakes the provision of chartering, re-chartering and transhipment services of vessels to its customers in Indonesia.

Construction of the two towing tugs and two deck cargo barges is expected to begin in September 2011 at the Marco Polo Marine shipyard in Batam, Indonesia. The vessels are scheduled for delivery to BBR in June 2012.

On completion and delivery, the] Indonesian flagged vessels will be deployed by BBR to ferry various commodities within Indonesia for its customers.

Marco Polo Marine Group CEO Mr. Sean Lee commented, "We are pleased to be able to use our shipbuilding facilities in Batam to support the fleet expansion at BBR so as to capitalise on the growing opportunities for the transportation of commodities in Indonesia. This contract will increase the capacity utilization of our Batam shipyard and contribute to the profitability of the Group's shipbuilding activities in the following financial year."

August 4, 2011

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