Jakarta: Indonesia’s struggling Berlian Laju Tanker has agreed to transfer 27 of its 39-strong fleet to a new entity controlled by private equity creditors, KKR and York Capital.
The 27 ships, made up of 23 chemical tankers and four LPG carriers, will eventually run under the brand Chembulk and be headquartered out of Southport, Connecticut.
The move should net BLT $675m. BLT acquired Chembulk in 2007 for $850m.
BLT said further restructuring domestically with what remains of the fleet is ongoing.