Berlian Laju agrees to offload 27 ships

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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