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Berlian Laju snaps up Chembulk for $850m

Singapore: Indonesian company PT Berlian Laju Tanker said it has agreed to buy Chembulk Tankers LLC for $850 million.
In a statement dated Oct. 14, PT Berlian said Chembulk is the one of the 10 largest owners of stainless steel chemical tankers in the world.
With the addition of Chembulk's 16 tankers, PT Berlian said it will be the third-largest stainless steel chemical tanker operator in the world in terms of capacity and number of ships.
The addition will raise PT Berlian's capacity to 820,600 dead weight tons and the size of its fleet to 54 ships.
The company said the purchase of Chembulk, which will be funded by cash and loans from several banks, will be immediately accretive to the company's earnings.
The purchase will need the approval of shareholders at an extraordinary meeting to be set by the company. [15/10/07]



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