Marco Polo: secures contracts to build 4 barges totaling $8.9m for an Indonesia entity. The Indonesia entity will then on lease these 4 barges plus another 4 tugboats to AML, a 50/50 JV owned by Marco Polo and partner Glencore. This arrangement allows the company to take advantage of Cabotage rules in Indonesia, to grow market share
On delivery of the vessels, AML will have a fleet of 16 barges and 16 tugboats, providing transshipment services for coal and cargo primarily to Glencore. The transaction is expected to contribute positively to the Group in the near to medium term. Marco Polo trades at 7.4x historical PE.
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