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Berlian Tanker culls fleet to repay debt

Berlian Tanker culls fleet to repay debt

Jakarta: Indonesian cargo shipping company Berlian Laju Tanker plans to sell six of its ships worth a total Rp3.04 trillion ($265m) this year to repay debt, writes Asia Pulse. The company has a $250m debt due to mature by the end of this year, company spokesman Peter Chayson Mukhtar is quoted as saying. He added that the money was used for the acquisition of Chembulk Tanker LLC.

The vessels, which include four 19,900dwt chemical tankers, are to be leased back. The company has already successfully attempted this strategy with the sale of one if its ships in September. The vessel, was sold for $51m and leased it back for $3.5m per year over a period of 10 years.  [13/11/08]

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