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BLT plans post-restructuring fleet expansion

BLT plans post-restructuring fleet expansion
Berlian Laju Tankers (BLT) is planning to expand its fleet of small gas carriers, if it successfully completes its financial restructuring.

With much of BLT’s fleet hived off with creditors taking over 27 vessels with the ships being placed under the Chembulk brand, the company will be left with just a fleet of nine vessels with a focus on the Indonesian cabotage market.

In a presentation to shareholders BLT said that immediately following restructuring it planned to buy three small gas carriers. Looking through to financial year 2020 the company plans to increase its fleet to 18 vessels with acquisition or chartering in of small-medium size chemical/oil tankers and gas vessels between 5,000 – 8,000 dwt.

It said that post-restructuring the company would be largely debt free with a cash balance of $25m.

“The core management team, led by the Surya family, will remain in place to spearhead the business development of BLT and its fleet expansion plans,” the company said.