Berlian Laju revenue plunges to $14m for first nine months

Indonesian oil and gas shipping firm Berlian Laju Tanker (BLT) said its cost-efficiency efforts had helped to cushion the company from further drops in financial performance in the third quarter, local reports said.

The company managed to reduce administration costs to $1.28m in the third quarter from $2.89m in the previous corresponding period, director Anthony Budiawan said.

“We have been able to reduce administration costs – including vessel crew salaries - only to $1.28m. We have also closed down some of our subsidiaries overseas,” he said, adding that the firm had slashed the number of its subsidiaries from 100 to 25 over the past years.  

Berlian Laju Tanker completed its corporate restructuring last year, leaving only two chemical tankers and three gas tankers in possession. In the third quarter of this year, the company managed to add three more tankers to its fleet.

For the first nine months of the year, BLT saw revenue plunge to $14m from $207m previously.

BLT would also continue to rely more on time-charters, director Romanus Tri Wibowo said. “If we charter the vessels, we could make a daily profit and we also would not need to be concerned about bunker costs because it would become the renter’s responsibility,” Romanus said.

Posted 23 December 2016

© Copyright 2017 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Vincent Wee

Hong Kong and SE Asia Correspondent, Seatrade Maritime News

[WHITEPAPER] UPDATED - The Future of the Tanker Industry 2016

Download your copy of our latest FREE whitepaper to find out more about the crude and product tanker markets, low cost new building prices and finance, ballast water management convention and scrapping including, OPEC production cuts and a lot more!

Download your copy and explore:

  • The crude and product tanker markets
  • Low newbuilding prices and finance
  • Ballast Water Management Convention and Scrapping
  • New Frontiers
  • Conclusion

Download UPDATED - The Future of the Tanker Industry 2016 here.