Jakarta: Berlian Laju Tanker (BLT), Indonesia’s largest shipowner, said yesterday it will aim to restructure its $1.9bn debt by the end of this year. The tanker giant said its focus going forward will be on chemicals and gas transport.
BLT has been in a financial mess for the past couple of years, its market value now standing at $236m, down 90% from early 2008 figures.
"Our main focus is for the survival of Berlian Laju and to overcome the crisis," founder and chairman Hadi Surya told Reuters yesterday.
Berlian Laju is also looking at establishing a coal floating storage business when and if the restructuring is complete. [04/10/12]