Below are the invitation for the above event for your viewing. Your attendance is highly appreciated.
Please check to the previous postings as well at below http://chemicaltanker.blogspot.com/2009/02/2009-blt-bond-investors-gathering-and.html
Friday 27 February 2009
2009 BLT Bond Investors Gathering and Golf
Dear Bond Investors,
Below are the invitation for the above event for your viewing. Your attendance is highly appreciated.
Please check to the previous postings as well at below http://chemicaltanker.blogspot.com/2009/02/2009-blt-bond-investors-gathering-and.html
Below are the invitation for the above event for your viewing. Your attendance is highly appreciated.
Please check to the previous postings as well at below http://chemicaltanker.blogspot.com/2009/02/2009-blt-bond-investors-gathering-and.html
Eitzen blames downturn for $118m loss
Toby Anderson - Friday 27 February 2009
NORWEGIAN shipowner Camilo Eitzen & Co has blamed the international economic crises and plunging ship values for a massive $118.8m fourth-quarter loss. Camillo Eitzen also broke banking covenants after gas and dry cargo customers lowered contract of affreightment volumes, exacerbated by lower freight rates in the spot market. The convenants were related to the “minimum value adjusted equity ratio”, a statement said, without providing further details.
The company also said that subsidiary Eitzen Gas was in talks to cancel or delay delivery some of the six semi-pressurised and fully refrigerated gas carriers it has on order in Japan. The net loss for the three months through December 31 was $118.8m, compared with a profit of $44.1m in the same period a year earlier, the company said. Oslo-listed Eitzen said it wrote down the value of some of its vessels in tandem with the decline in market values by $237.2m. Of this $40.9m related to the gas fleet, and $196.2m to this chemical tanker fleet.
The company owns and operates 88 chemical tankers and 39 gas carriers. “The uncertainty in future product price development made traders reluctant to go long on shipping capacity,” Eitzen said. “In addition to declining demand, the industry faced difficulties in securing trade credits, which also slowed down the trades.” “This trend has continued” into the first quarter of 2009, Eitzen said. Eitzen Gas said it was evaluating the size and profile of its fleet and was in the process selling some older and under-performing vessels.
“Eitzen Gas is currently discussing a change in the order for 6 semi-ref gas carriers at a shipyard in Japan,” the company said without giving further details. “The negotiations have not been finalized, however it is expected the change will reduce capital expenditures and financing needs for the company in the next 24-36 months.” Eitzen’s fourth-quarter loss is nearly equal to the $117m full-year profit recorded for 2007. The company reported a $75.9m net profit in the third quarter of 2008, $28.7m in the second quarter, and $12.1m in the first quarter.
Source: Lloyd's List
NORWEGIAN shipowner Camilo Eitzen & Co has blamed the international economic crises and plunging ship values for a massive $118.8m fourth-quarter loss. Camillo Eitzen also broke banking covenants after gas and dry cargo customers lowered contract of affreightment volumes, exacerbated by lower freight rates in the spot market. The convenants were related to the “minimum value adjusted equity ratio”, a statement said, without providing further details.
The company also said that subsidiary Eitzen Gas was in talks to cancel or delay delivery some of the six semi-pressurised and fully refrigerated gas carriers it has on order in Japan. The net loss for the three months through December 31 was $118.8m, compared with a profit of $44.1m in the same period a year earlier, the company said. Oslo-listed Eitzen said it wrote down the value of some of its vessels in tandem with the decline in market values by $237.2m. Of this $40.9m related to the gas fleet, and $196.2m to this chemical tanker fleet.
The company owns and operates 88 chemical tankers and 39 gas carriers. “The uncertainty in future product price development made traders reluctant to go long on shipping capacity,” Eitzen said. “In addition to declining demand, the industry faced difficulties in securing trade credits, which also slowed down the trades.” “This trend has continued” into the first quarter of 2009, Eitzen said. Eitzen Gas said it was evaluating the size and profile of its fleet and was in the process selling some older and under-performing vessels.
“Eitzen Gas is currently discussing a change in the order for 6 semi-ref gas carriers at a shipyard in Japan,” the company said without giving further details. “The negotiations have not been finalized, however it is expected the change will reduce capital expenditures and financing needs for the company in the next 24-36 months.” Eitzen’s fourth-quarter loss is nearly equal to the $117m full-year profit recorded for 2007. The company reported a $75.9m net profit in the third quarter of 2008, $28.7m in the second quarter, and $12.1m in the first quarter.
Source: Lloyd's List
Tankers Collide - Owned by Montanari
(Feb 27 2009)
Early reports indicated that at least two tankers and possibly three have collided at Fawley, in Southampton Water.
“The ‘Vallermosa’ reportedly collided with the ‘BW Orinoco’ and the ‘Navion Fennia’, which were both berthed at Fawley Marine Terminal, just before 11.00 GMT 26th February,” according to vessel agency GAC.
Associated British Ports (ABP) was quoted saying no injuries resulted from the collision, but oil was spilled, although no details about the extent or type of product spilled was provided.
Investigations are currently underway.
The 2007-built 76,580 dwt ‘BW Orinoco’ is a products tanker owned and managed by the BW Maritime, while the 1992-built 95,195 dwt ‘Navion Fennia’ is an Aframax shuttle tanker operated by Teekay Norway.
‘Vallermosa’ is a chemical/products tanker managed by Italian-based Montanari.
Source: Tanker Operator
Early reports indicated that at least two tankers and possibly three have collided at Fawley, in Southampton Water.
“The ‘Vallermosa’ reportedly collided with the ‘BW Orinoco’ and the ‘Navion Fennia’, which were both berthed at Fawley Marine Terminal, just before 11.00 GMT 26th February,” according to vessel agency GAC.
Associated British Ports (ABP) was quoted saying no injuries resulted from the collision, but oil was spilled, although no details about the extent or type of product spilled was provided.
Investigations are currently underway.
The 2007-built 76,580 dwt ‘BW Orinoco’ is a products tanker owned and managed by the BW Maritime, while the 1992-built 95,195 dwt ‘Navion Fennia’ is an Aframax shuttle tanker operated by Teekay Norway.
‘Vallermosa’ is a chemical/products tanker managed by Italian-based Montanari.
Source: Tanker Operator
Odfjell Chemical Tankers purchases Odfjell A-shares
26.02.2009
At the expiry of the Total Return Swap (TRS) between Odfjell SE and DnBNOR ASA on the 2nd of March 2009, Odfjell Chemical Tankers AS has acquired 819,500 Odfjell A-shares at NOK 36.00.After this Odfjell Chemical Tankers own 819,500 Odfjell A-shares. In addition, Odfjell SE has a TRS with DnBNOR ASA of 1,679,500 Odfjell A-shares and 2,322,482 Odfjell B-shares with expiry on the 8th of May 2009.
Source: Odfjell
At the expiry of the Total Return Swap (TRS) between Odfjell SE and DnBNOR ASA on the 2nd of March 2009, Odfjell Chemical Tankers AS has acquired 819,500 Odfjell A-shares at NOK 36.00.After this Odfjell Chemical Tankers own 819,500 Odfjell A-shares. In addition, Odfjell SE has a TRS with DnBNOR ASA of 1,679,500 Odfjell A-shares and 2,322,482 Odfjell B-shares with expiry on the 8th of May 2009.
Source: Odfjell
Softer bunker prices fail to halt MISC profit slide
Friday, 27 February 2009
Leading Malaysian shipowner MISC Berhad saw profits tumble in the last three months of 2008, despite softer bunker prices. Profit after tax for the three months ended December 31 was $76 million (RM 280 million), close to half the $131 million (RM 480 million) earned in the same period in 2007. “Whilst easing bunker price provides some element of relief for operating costs, other costs remain high, compressing profit margin,” said MISC in a press release.Singapore 380 centistoke (cst) bunker fuel prices plummeted 64% from July 2008 to January 2009.
MISC said weakening demand and increasing vessel supply were putting downward pressure on freight rates for its box carriers and tankers.Looking ahead, MISC said that “in light of the decrease in global trade, the Group's profitability for the current and next financial year is expected to be lower than the previous financial year.”MISC has attributed previous slump in profits to bunker prices which it said “played a significant part.” Reporting its financial results for the quarter ended June 30, 2008, MISC said its revenues rose 24.9% to RM 2,921.2 million, but its profit before tax slipped to RM 559.4 million ($168 million), down 2.6% compared to the corresponding quarter a year earlier. "The decrease was mainly attributable to higher operational costs particularly in bunker, crewing costs and port charges," MISC said.
MISC says it is the largest single owner-operator of LNG carriers in the world, counting 29 LNG vessels in its owned fleet. It is also the world's second largest owner-operator of aframax tankers, with a 59-strong petroleum tanker fleet including 28 aframax tankers and 11 VLCCs. It has a further 29 chemical tankers. Recent Tankerworld reports indicate MISC has cancelled orders for four chemical tankers from SLS Shipbuilding. The four vessels are part of a $430-million order for eight 45,000 dwt chemical tankers placed at the South Korean yard in July 2007. MISC officials that Tankerworld spoke to declined to comment on whether financial constraints had forced the cancellations.
The cancellation at SLS Shipbuilding is the second investment pull-back decision made by MISC in recent months. Meanwhile, oil trading firm Scandinavian Bunkering has filed a lawsuit against MISC for an alleged breach of contract, reports said.Singapore-registered Scandinavian Bunkering is claiming between $24-27 million from MISC for allegedly breaching a contract signed in September 2008 to supply marine fuel oil, according to documents filed with the High Court of Malaya. (See Story Link)MISC entered into a contract with a private firm, Marinehub Malaysia, to buy 102,600 metric tonnes (mt) of bunker fuel between October and December for $559.80 per metric tonne (pmt), Singapore's Business Times reported.Bunker prices fell 33%, 41% and 1% in October, November and December respectively, according to Bunkerworld price data.
Source: TankerWorld
Leading Malaysian shipowner MISC Berhad saw profits tumble in the last three months of 2008, despite softer bunker prices. Profit after tax for the three months ended December 31 was $76 million (RM 280 million), close to half the $131 million (RM 480 million) earned in the same period in 2007. “Whilst easing bunker price provides some element of relief for operating costs, other costs remain high, compressing profit margin,” said MISC in a press release.Singapore 380 centistoke (cst) bunker fuel prices plummeted 64% from July 2008 to January 2009.
MISC said weakening demand and increasing vessel supply were putting downward pressure on freight rates for its box carriers and tankers.Looking ahead, MISC said that “in light of the decrease in global trade, the Group's profitability for the current and next financial year is expected to be lower than the previous financial year.”MISC has attributed previous slump in profits to bunker prices which it said “played a significant part.” Reporting its financial results for the quarter ended June 30, 2008, MISC said its revenues rose 24.9% to RM 2,921.2 million, but its profit before tax slipped to RM 559.4 million ($168 million), down 2.6% compared to the corresponding quarter a year earlier. "The decrease was mainly attributable to higher operational costs particularly in bunker, crewing costs and port charges," MISC said.
MISC says it is the largest single owner-operator of LNG carriers in the world, counting 29 LNG vessels in its owned fleet. It is also the world's second largest owner-operator of aframax tankers, with a 59-strong petroleum tanker fleet including 28 aframax tankers and 11 VLCCs. It has a further 29 chemical tankers. Recent Tankerworld reports indicate MISC has cancelled orders for four chemical tankers from SLS Shipbuilding. The four vessels are part of a $430-million order for eight 45,000 dwt chemical tankers placed at the South Korean yard in July 2007. MISC officials that Tankerworld spoke to declined to comment on whether financial constraints had forced the cancellations.
The cancellation at SLS Shipbuilding is the second investment pull-back decision made by MISC in recent months. Meanwhile, oil trading firm Scandinavian Bunkering has filed a lawsuit against MISC for an alleged breach of contract, reports said.Singapore-registered Scandinavian Bunkering is claiming between $24-27 million from MISC for allegedly breaching a contract signed in September 2008 to supply marine fuel oil, according to documents filed with the High Court of Malaya. (See Story Link)MISC entered into a contract with a private firm, Marinehub Malaysia, to buy 102,600 metric tonnes (mt) of bunker fuel between October and December for $559.80 per metric tonne (pmt), Singapore's Business Times reported.Bunker prices fell 33%, 41% and 1% in October, November and December respectively, according to Bunkerworld price data.
Source: TankerWorld
BLT - Extension of Time to Announce the Company's Full Year Results
BLT today has announced on the SGXNet that it has obtained approval from SGX for the Extension of Time to Announce the Company's Full Year Results for the Financial Year Ended 31 December 2008.
Below is the announcement.
Below is the announcement.
Thursday 26 February 2009
Brostrom restructures tanker operations
Thursday, 26 February 2009
The board of Brostrom AB has proposed a new organisational structure for the Swedish-based tanker company, in connection with the merger of the activities with the Maersk Tankers activities.
The purpose is to ensure that Brostrom will continue as a strong brand and further build on the Broström heritage. The new setup means that all vessels in the segment below 25,000 dwt from both companies will trade under the Broström name, commercially managed from Gothenburg, Sweden.
The proposed new setup means that all vessels above 25,000 dwt, except for tonnage managed out of Broström’s Paris office, are intended to be integrated into Handytankers, which is Maersk Tankers’ commercial vehicle in this segment. The Handytanker pool is managed from Copenhagen, Denmark.All technical and support functions in Broström and Handytankers are intended to be integrated with Maersk Tankers’ central organisation in order to have a cost-effective organisation.“With this business model we will create two leading brands within the product tanker industry and have a lean organisational structure strengthening our competitiveness”, says Kristian Mørch, Chief Operating Officer of Maersk Tankers.
He adds: “The current state of the global economy represents extraordinary challenges in all industries, and as others we also have to reduce our costs significantly to remain competitive and make sure that we have the strongest possible platform for engaging those challenges”.The oil industry needs more flexible transportation solutions because of the world’s increased demand for energy, and the dislocation between consumption and production of energy.“We can offer a superior worldwide service by having a large homogenous fleet, and this merger enables us to combine the strengths and scale of Maersk Tankers and Broström. In addition, with a large fleet we can optimise our vessels so we on average end up discharging our cargoes closer to the next load port, and thereby increase utilisation”, says Kristian Mørch.
It is the clear ambition that all the current partnerships of both Broström and Maersk Tankers will continue to exist in the new and combined structure. The proposed new joint organisation means that some of Broström’s current offices will close or be scaled down. The offices in Larvik and Holbæk are planned to close while Broström’s office in Singapore will reorganise and scale down. The office in Gothenburg is intended to end up with roughly the same amount of staff but the corporate functions and support functions will be scaled down, while the commercial functions will grow.Altogether, this means that around 70 positions are expected to be transferred or made redundant in Gothenburg, Larvik, Holbæk and Singapore, but new jobs will also be created.In the coming weeks, Broström will consult employee representatives and unions in order to finalise the specific structure of the new joint organisation.
The above will not result in any changes for the seafarers.Furthermore, Managing Director Lennart Simonsson and Deputy Managing Director Anders Dreijer have in connection with the organisational changes chosen to step down, but will both continue as special advisors. Until a new Managing Director has been appointed, Kristian Mørch will devote significant time to the integration of Broström.The final completion of the new joint organisation, including remodelling of activities and relocation of employees, is expected to be completed by the end of 2009.
Source: Brostrom
The board of Brostrom AB has proposed a new organisational structure for the Swedish-based tanker company, in connection with the merger of the activities with the Maersk Tankers activities.
The purpose is to ensure that Brostrom will continue as a strong brand and further build on the Broström heritage. The new setup means that all vessels in the segment below 25,000 dwt from both companies will trade under the Broström name, commercially managed from Gothenburg, Sweden.
The proposed new setup means that all vessels above 25,000 dwt, except for tonnage managed out of Broström’s Paris office, are intended to be integrated into Handytankers, which is Maersk Tankers’ commercial vehicle in this segment. The Handytanker pool is managed from Copenhagen, Denmark.All technical and support functions in Broström and Handytankers are intended to be integrated with Maersk Tankers’ central organisation in order to have a cost-effective organisation.“With this business model we will create two leading brands within the product tanker industry and have a lean organisational structure strengthening our competitiveness”, says Kristian Mørch, Chief Operating Officer of Maersk Tankers.
He adds: “The current state of the global economy represents extraordinary challenges in all industries, and as others we also have to reduce our costs significantly to remain competitive and make sure that we have the strongest possible platform for engaging those challenges”.The oil industry needs more flexible transportation solutions because of the world’s increased demand for energy, and the dislocation between consumption and production of energy.“We can offer a superior worldwide service by having a large homogenous fleet, and this merger enables us to combine the strengths and scale of Maersk Tankers and Broström. In addition, with a large fleet we can optimise our vessels so we on average end up discharging our cargoes closer to the next load port, and thereby increase utilisation”, says Kristian Mørch.
It is the clear ambition that all the current partnerships of both Broström and Maersk Tankers will continue to exist in the new and combined structure. The proposed new joint organisation means that some of Broström’s current offices will close or be scaled down. The offices in Larvik and Holbæk are planned to close while Broström’s office in Singapore will reorganise and scale down. The office in Gothenburg is intended to end up with roughly the same amount of staff but the corporate functions and support functions will be scaled down, while the commercial functions will grow.Altogether, this means that around 70 positions are expected to be transferred or made redundant in Gothenburg, Larvik, Holbæk and Singapore, but new jobs will also be created.In the coming weeks, Broström will consult employee representatives and unions in order to finalise the specific structure of the new joint organisation.
The above will not result in any changes for the seafarers.Furthermore, Managing Director Lennart Simonsson and Deputy Managing Director Anders Dreijer have in connection with the organisational changes chosen to step down, but will both continue as special advisors. Until a new Managing Director has been appointed, Kristian Mørch will devote significant time to the integration of Broström.The final completion of the new joint organisation, including remodelling of activities and relocation of employees, is expected to be completed by the end of 2009.
Source: Brostrom
Eitzen Chemical - 4th quarter 2008 results
Wednesday, 25 February 2009
Eitzen Chemical ASA reports EBITDA of USD 21.6 million for the 4th quarter of 2008, compared to USD 22.7 million in the same quarter last year. The 4th quarter rates for the Eitzen Chemical fleet below 30,000 dwt were down by 5.8 % compared to the level in the previous quarter, while the vessels above 30,000 dwt reported average rate decreases of 9.4 % compared to the 3rd quarter level.The market value of the Eitzen Chemical fleet decreased with approximately 20 % during the second half of 2008. To reflect the lower valuation, an impairment of USD 156.2 million is charged in the 4th quarter. At year end the Company's net asset value was around USD 600 million or NOK 24 per share.As of 31 December 2008 the Company did not meet the requirement of a covenant in its bank loan agreements. Eitzen Chemical has requested its banks to amend the loan agreements allowing a higher net debt to EBITDA ratio through 2010. Two of the bank syndicates have approved the request, and the Company is awaiting reply from the third syndicate shortly.Eitzen Chemical's remaining newbuilding program now consists of ten vessels. The company has agreed with one of the yards, where it has a remaining newbuilding program of five vessels to pay 95% of the contract price on delivery of the vessels.Terje Askvig, CEO said: "We are in advanced discussions on new lease and bank financing of USD 70 million and we target a further USD 40-50 million in financing. The new financing plan and the delayed payment of a significant portion of the newbuilding program will make the company better positioned to meet the challenging market conditions that lie ahead."Eitzen Chemical is an industrial carrier of petrochemical and related cargos with a fleet of 98 vessels. 69 vessels are owned and leased, and a further 17 vessels are operated for partners. The Company has 10 newbuildings on order.Source: Eitzen Chemical ASA
Please refer to link below on the financials http://hugin.info/137124/R/1292699/292522.pdf
Eitzen Chemical ASA reports EBITDA of USD 21.6 million for the 4th quarter of 2008, compared to USD 22.7 million in the same quarter last year. The 4th quarter rates for the Eitzen Chemical fleet below 30,000 dwt were down by 5.8 % compared to the level in the previous quarter, while the vessels above 30,000 dwt reported average rate decreases of 9.4 % compared to the 3rd quarter level.The market value of the Eitzen Chemical fleet decreased with approximately 20 % during the second half of 2008. To reflect the lower valuation, an impairment of USD 156.2 million is charged in the 4th quarter. At year end the Company's net asset value was around USD 600 million or NOK 24 per share.As of 31 December 2008 the Company did not meet the requirement of a covenant in its bank loan agreements. Eitzen Chemical has requested its banks to amend the loan agreements allowing a higher net debt to EBITDA ratio through 2010. Two of the bank syndicates have approved the request, and the Company is awaiting reply from the third syndicate shortly.Eitzen Chemical's remaining newbuilding program now consists of ten vessels. The company has agreed with one of the yards, where it has a remaining newbuilding program of five vessels to pay 95% of the contract price on delivery of the vessels.Terje Askvig, CEO said: "We are in advanced discussions on new lease and bank financing of USD 70 million and we target a further USD 40-50 million in financing. The new financing plan and the delayed payment of a significant portion of the newbuilding program will make the company better positioned to meet the challenging market conditions that lie ahead."Eitzen Chemical is an industrial carrier of petrochemical and related cargos with a fleet of 98 vessels. 69 vessels are owned and leased, and a further 17 vessels are operated for partners. The Company has 10 newbuildings on order.Source: Eitzen Chemical ASA
Please refer to link below on the financials http://hugin.info/137124/R/1292699/292522.pdf
Scholarship for Employees' Children
BLT gave appreciation to the son or daughter of its employee that has attained a certain level of academic achievement based on the criteria provided in the form of a scholarship. This year, the scholarship was provided to 12 high-achievers. Below are some of the photos.
Featuring MT Pramoni (Chemical Tanker)
Below are some of the pictures of MT Pramoni, a 19,900 DWT chemical tanker with high specification of IMO II/III classification and stainless steel tanker.
Fea
BLT Blood Donation Activity
BLT cooperated with Indonesian Red Cross (Palang Merah Indonesia) continuously hold blood donation activity. This is one of the Corporate Social Responsibility that was done on regular basis by the Company participated by almost all employee of BLT. Below are some of the photos of such activity.
Delivery of Tangguh Hiri
BLT has taken delivery of Tangguh Hiri, a 155,000 CBM of LNG Carrier. Below are some of the photos
Wednesday 25 February 2009
Delivery of MT Purbasari
BLT has successfully taken delivery of MT Purbasari at Fukuoka shipyard, Japan. MT. Purbasari is a 19,900 DWT chemical tanker with high specification of stainless steel ship with IMO II/III classification.
Investor Summit and Capital Market Expo
PT Berlian Laju Tanker Tbk participated in the annual event of Investor Summit and
Capital Market Expo 2008 at Ritz-Carlton Pacific Place, Sudirman Central Business
Distric, Jenderal Sudirman Street, Jakarta.
This event was held by the cooperation of several institutions i.e. Indonesia Stock Exchange (IDX) together with Indonesian Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK), Indonesian Clearing and Guarantee Corporation (KPEI), and Indonesian Central Securities Depository (KSEI). The theme of this two-days event, 25-26 November 2008, was
“Managing Investment in Time of Crisis”, with objective is to provide better knowledge
and understanding about the current market situation and condition in capital
market for potential investors and public in general.
In that event, PT Berlian Laju Tanker Tbk became one of public companies that
presented the performance of company. The presentation was held on 26th November 2008, at 4.00 pm until 5.00 pm, and was presented by Mr Peter Chayson, General Manager and Head of Investor Relation. In this opportunity, Mr Peter gave BLT’s performance highlight and
conveyed some important informations about operational and company’s financial performance. Also was conveyed the strategic policyof company which is part of long-term company’s strategy and work program.
Capital Market Expo 2008 at Ritz-Carlton Pacific Place, Sudirman Central Business
Distric, Jenderal Sudirman Street, Jakarta.
This event was held by the cooperation of several institutions i.e. Indonesia Stock Exchange (IDX) together with Indonesian Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK), Indonesian Clearing and Guarantee Corporation (KPEI), and Indonesian Central Securities Depository (KSEI). The theme of this two-days event, 25-26 November 2008, was
“Managing Investment in Time of Crisis”, with objective is to provide better knowledge
and understanding about the current market situation and condition in capital
market for potential investors and public in general.
In that event, PT Berlian Laju Tanker Tbk became one of public companies that
presented the performance of company. The presentation was held on 26th November 2008, at 4.00 pm until 5.00 pm, and was presented by Mr Peter Chayson, General Manager and Head of Investor Relation. In this opportunity, Mr Peter gave BLT’s performance highlight and
conveyed some important informations about operational and company’s financial performance. Also was conveyed the strategic policyof company which is part of long-term company’s strategy and work program.
President of Chembulk at ASBA Conference
Attached is a copy of an article that ran in Lloyd's List following the presentation of President of Chembulk (Jack Noonan) at the ASBA conference.
BOD member appears on Prestige Magazine
Siana A. Surya, a board member of BLT appears in the Prestige Magazine. Below is the picture and the details of the interview.
Foreign Flagged Vessels Dominate National Shipping
Pada 2008, volume perdagangan asing diperkirakan mencapai 521 juta metrik ton (MT). Perdagangan maritim asing disinyalir mendominasi volume perdagangan nasional. Menurut Ketua Umum Masyarakat Pemerhati Pelayaran, Pelabuhan dan Lingkungan Maritim Oentoro Surya, 70 persen perusahaan perdagangan asing menguasai total perdagangan yang terjadi di wilayah perairan nasional. "Meski total freight (uang tambang) domestik oleh kapal asing menurun dalam tiga tahun terakhir, tapi tetap menguasai," katanya pada seminar nasional Membangun Kejayaan Maritim Indonesia di Hotel Nikko Jakarta Rabu 26 Februari 2009.
Total freight domestik kapal asing pada 2005 mencapai US$1,837 miliar, menurun menjadi US$1,406 miliar pada 2008. Sedangkan total freight kapal asing pada ekspor impor meningkat dari US$23,419 miliar pada 2005 menjadi US$26,053 miliar pada 2008. Oentoro menuturkan, kekhawatiran pihaknya mengenai keberpihakan pengambil keputusan terhadap pelayaran nasional.
Dia mengatakan, seperti kebijakan melonggarkan penerapan azas armada angkutan bandar (cabotage) yang memungkinkan asing memiliki saham mayoritas pada usaha patungan di Indonesia.Sedangkan pasal yang terdapat dalam ketentuan UU 17/2008 menurut Oentoro, meningkatkan kapasitas perusahaan perkapalan nasional. "Jadi, pelonggaran itu bertentangan dengan UU pelayaran nasional yang salah satunya bertujuan memperkuat industri perkapalan nasional," katanya. Dia menambahkan, hal lain yang masih menjadi tantangan transportasi laut nasional adalah pebisnis yang masih mengandalkan sistem perdagangan FOB (free on board) untuk ekspor dan Cand F/CIF (cost and freight/cost,insurance and freight) untuk impor.
Sementara itu, pada tahun lalu volume perdagangan asing diperkirakan mencapai 521 juta metrik ton (MT), sedangkan perdagangan domestik yang diangkut pelayaran asing 70 juta MT. Total freight impor ekspor Indonesia tahun lalu diperkirakan mencapai US$26,05 miliar dan total uang tambang domestik mencapai US$1,4 miliar.
Total freight domestik kapal asing pada 2005 mencapai US$1,837 miliar, menurun menjadi US$1,406 miliar pada 2008. Sedangkan total freight kapal asing pada ekspor impor meningkat dari US$23,419 miliar pada 2005 menjadi US$26,053 miliar pada 2008. Oentoro menuturkan, kekhawatiran pihaknya mengenai keberpihakan pengambil keputusan terhadap pelayaran nasional.
Dia mengatakan, seperti kebijakan melonggarkan penerapan azas armada angkutan bandar (cabotage) yang memungkinkan asing memiliki saham mayoritas pada usaha patungan di Indonesia.Sedangkan pasal yang terdapat dalam ketentuan UU 17/2008 menurut Oentoro, meningkatkan kapasitas perusahaan perkapalan nasional. "Jadi, pelonggaran itu bertentangan dengan UU pelayaran nasional yang salah satunya bertujuan memperkuat industri perkapalan nasional," katanya. Dia menambahkan, hal lain yang masih menjadi tantangan transportasi laut nasional adalah pebisnis yang masih mengandalkan sistem perdagangan FOB (free on board) untuk ekspor dan Cand F/CIF (cost and freight/cost,insurance and freight) untuk impor.
Sementara itu, pada tahun lalu volume perdagangan asing diperkirakan mencapai 521 juta metrik ton (MT), sedangkan perdagangan domestik yang diangkut pelayaran asing 70 juta MT. Total freight impor ekspor Indonesia tahun lalu diperkirakan mencapai US$26,05 miliar dan total uang tambang domestik mencapai US$1,4 miliar.
Tuesday 24 February 2009
Nomination as BEST CEO 2008
The President Director of BLT has been nominated as the Best CEO of the Year - 2008.
Sale and Lease Back of Chemical Tankers
BLT or the Company has completed the remaining Sale and Lease Back of 3 (three) chemical tankers so coupled with the Sale and Lease Back done earlier in October 2008, BLT has completed all 4 sale and lease back of new chemical tankers.
The Sale and Lease Back was part of the de-leveraging process announced in October 2007 for the acqusition of Chembulk Tankers LLC.
The details of the transaction are confidential between buyer and the Company.
The Sale and Lease Back was part of the de-leveraging process announced in October 2007 for the acqusition of Chembulk Tankers LLC.
The details of the transaction are confidential between buyer and the Company.
Deal of the Year - Chembulk Acquisition
Marine Money has awarded Chembulk's Acquisition as the Deal of the Year in 2008.
2009 BLT Bond Investors Gathering and Golf
BLT is going to conduct the above on the following details:
Day, Date : Tuesday, 10 March 2009
Time : 09.00 am - till end
Venue : Royale Jakarta Golf Course
Purpose : Gathering and Golf
The participants are based on invitation only.
Day, Date : Tuesday, 10 March 2009
Time : 09.00 am - till end
Venue : Royale Jakarta Golf Course
Purpose : Gathering and Golf
The participants are based on invitation only.
Chembulk Kings Point
Below are some of the pictures of Chembulk Kings Point which was delivered to PT Berlian Laju Tanker and the group in March 2008.
BLT Global Executive Meeting 2009
BLT is going to conduct its yearly BLT Global Executive Meeting March 2009 with the following details.
Date : Wednesday - Friday, 11 – 13 March 2009
Time : 09.00 am – till end
Venue : 5th Floor Meeting Rooms, Wisma BSG
Jl. Abdul Muis No. 40 Jakarta 10160 - Indonesia
Chairman : Jack Noonan
Form : Brainstorming Meeting
Date : Wednesday - Friday, 11 – 13 March 2009
Time : 09.00 am – till end
Venue : 5th Floor Meeting Rooms, Wisma BSG
Jl. Abdul Muis No. 40 Jakarta 10160 - Indonesia
Chairman : Jack Noonan
Form : Brainstorming Meeting
Tuesday 3 February 2009
Tui mulls loan to salvage Hapag-Lloyd sale
Patrick Hagen, Cologne - Tuesday 3 February 2009
GERMAN tourism giant Tui, still the owner of Hapag-Lloyd, may step in to rescue the sale of the container carrier with a loan. “We are thinking about getting involved in the financing of Hapag-Lloyd beyond our contractual commitments,” a Tui spokesperson confirmed. “With it, we want to ensure the liquidity of Hapag-Lloyd after the closing of the deal,” he added. Any financial help would be granted under terms, which are standard in the market. The Hamburg-based Albert Ballin consortium, which is in the process of buying Hapag-Lloyd, had been seeking to renegotiate the deal as the financial and shipping crisis is pressing on the value of Hapag-Lloyd, Germany’s largest container carrier. The consortium has to pay a price of €1.4bn. Tui continues to be a shareholder in Hapag-Lloyd with a stake of €700m. In addition, debt of €2.4bn was transferred to Hapag-Lloyd. shareholders of Albert Ballin are Kühne+Nagel’s Klaus-Michael Kühne, the city state of Hamburg, private bank MM Warburg and insurers Signal-Iduna and HanseMerkur. Tui declined to comment on a newspaper report, which said that a loan with a volume of €1bn is in discussion.
GERMAN tourism giant Tui, still the owner of Hapag-Lloyd, may step in to rescue the sale of the container carrier with a loan. “We are thinking about getting involved in the financing of Hapag-Lloyd beyond our contractual commitments,” a Tui spokesperson confirmed. “With it, we want to ensure the liquidity of Hapag-Lloyd after the closing of the deal,” he added. Any financial help would be granted under terms, which are standard in the market. The Hamburg-based Albert Ballin consortium, which is in the process of buying Hapag-Lloyd, had been seeking to renegotiate the deal as the financial and shipping crisis is pressing on the value of Hapag-Lloyd, Germany’s largest container carrier. The consortium has to pay a price of €1.4bn. Tui continues to be a shareholder in Hapag-Lloyd with a stake of €700m. In addition, debt of €2.4bn was transferred to Hapag-Lloyd. shareholders of Albert Ballin are Kühne+Nagel’s Klaus-Michael Kühne, the city state of Hamburg, private bank MM Warburg and insurers Signal-Iduna and HanseMerkur. Tui declined to comment on a newspaper report, which said that a loan with a volume of €1bn is in discussion.
Banks Waiver for DryShips
DryShips clinches first waiver deal with banks (Lloyd's List) Nigel Lowry, Athens - Tuesday 3 February 2009
GEORGE Economou-led DryShips has reached a deal in principle to restructure two loans with Piraeus Bank, one of its leading lenders. The agreement on the facilities, which totalled $220m in principal but have already been paid down to $164.9m, includes a two year waiver on financial and asset covenants. It also includes reduction of principal repayments by 47% this year and 21% for 2010. In return the bank has increased margins, as well as levying an amendment fee and reducing the tenor of the loan. The deal, although preliminary and subject to formal approval by the bank’s credit committee, is the first concrete sign of progress in the dry bulk and offshore drillship company’s negotiations with banks after last week admitting it was in talks about breached covenants. That disclosure, contained in a new $500m shelf registration, mentioned it was in talks with a number of its banks regarding loan covenants, including two lenders over breaches in connection with a combined $752m of debt, and with a third lender holding some $650m of debt. It was not clear whether Piraeus Bank was one of the three banks specifically referred to last week. According to one well placed source, it was not but could still be counted among the larger lenders. “The bank will have taken an overall view of the health of the company, not just its bit,” said one Greek banker of the restructuring and waiver. The deal appeared to mean “the bank does not have too much concern about performance,” said the financial source. In its statement, the Nasdaq listed shipping company said the restructuring had been caused “in large part” by the failure of three bulker sales agreed last year. The panamaxes La Jolla, Paragon and Toro had been sold for a total $190m but have had to be retained by DryShips. The agreement with Piraeus Bank also provides for substantial reduction of the loan if the three vessels are disposed of.
GEORGE Economou-led DryShips has reached a deal in principle to restructure two loans with Piraeus Bank, one of its leading lenders. The agreement on the facilities, which totalled $220m in principal but have already been paid down to $164.9m, includes a two year waiver on financial and asset covenants. It also includes reduction of principal repayments by 47% this year and 21% for 2010. In return the bank has increased margins, as well as levying an amendment fee and reducing the tenor of the loan. The deal, although preliminary and subject to formal approval by the bank’s credit committee, is the first concrete sign of progress in the dry bulk and offshore drillship company’s negotiations with banks after last week admitting it was in talks about breached covenants. That disclosure, contained in a new $500m shelf registration, mentioned it was in talks with a number of its banks regarding loan covenants, including two lenders over breaches in connection with a combined $752m of debt, and with a third lender holding some $650m of debt. It was not clear whether Piraeus Bank was one of the three banks specifically referred to last week. According to one well placed source, it was not but could still be counted among the larger lenders. “The bank will have taken an overall view of the health of the company, not just its bit,” said one Greek banker of the restructuring and waiver. The deal appeared to mean “the bank does not have too much concern about performance,” said the financial source. In its statement, the Nasdaq listed shipping company said the restructuring had been caused “in large part” by the failure of three bulker sales agreed last year. The panamaxes La Jolla, Paragon and Toro had been sold for a total $190m but have had to be retained by DryShips. The agreement with Piraeus Bank also provides for substantial reduction of the loan if the three vessels are disposed of.
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