<?xml version="1.0" encoding="UTF-8"?>
<rss version="2.0"
	xmlns:content="http://purl.org/rss/1.0/modules/content/"
	xmlns:wfw="http://wellformedweb.org/CommentAPI/"
	xmlns:dc="http://purl.org/dc/elements/1.1/"
	xmlns:atom="http://www.w3.org/2005/Atom"
	xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"
	xmlns:slash="http://purl.org/rss/1.0/modules/slash/"
	>

<channel>
	<title>Marine Money Archives &#187; PT Berlian Laju Tanker</title>
	<atom:link href="http://www.marine-money.com/archive/tag/pt-berlian-laju-tanker/feed" rel="self" type="application/rss+xml" />
	<link>http://www.marine-money.com</link>
	<description>The Ship Finance Publication Of Record</description>
	<lastBuildDate>Mon, 16 Jan 2012 04:04:51 +0000</lastBuildDate>
	<language>en</language>
	<sy:updatePeriod>hourly</sy:updatePeriod>
	<sy:updateFrequency>1</sy:updateFrequency>
	<generator>http://wordpress.org/?v=3.2.1</generator>
		<item>
		<title>IPO Renaissance in Indonesian Shipping</title>
		<link>http://www.marine-money.com/archive/ipo-renaissance-in-indonesian-shipping</link>
		<comments>http://www.marine-money.com/archive/ipo-renaissance-in-indonesian-shipping#comments</comments>
		<pubDate>Fri, 11 Feb 2011 03:16:54 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[Buana Listya Tama]]></category>
		<category><![CDATA[Danatama Makmur]]></category>
		<category><![CDATA[Mitra Bahtera Segara Sejati]]></category>
		<category><![CDATA[Pelayaran Tonasa Lines]]></category>
		<category><![CDATA[PT Berlian Laju Tanker]]></category>
		<category><![CDATA[Sidomulyo Selaras]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10034</guid>
		<description><![CDATA[Indonesia is one of Asia’s fastest growing economies and more shipping companies are hoping to take advantage of this rising optimism by taking a shot at the domestic IPO market. According to the local press, as many as four shipping companies are planning to launch their share offerings in the first half of 2011.

Among them, perhaps arguably the most exciting would be PT Buana Listya Tama’s share offering. The Indonesia and Singapore listed PT Berlian Laju Tanker (“BLT”) is reportedly planning to spin off this wholly owned subsidiary to raise up to USD 120 million. Eddy Sugito, Director of the Indonesian Stock Exchange (“IDX”), confirmed market rumours that the company has already submitted its IPO documents for approval. PT Danatama Makmur, JP Morgan Securities, Deutsche Bank and Standard Chartered Securities are said to be the appointed underwriters.

]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/ipo-renaissance-in-indonesian-shipping/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Consolidation</title>
		<link>http://www.marine-money.com/archive/consolidation</link>
		<comments>http://www.marine-money.com/archive/consolidation#comments</comments>
		<pubDate>Thu, 11 Nov 2010 18:37:20 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[BLT Chembulk Group]]></category>
		<category><![CDATA[Chembulk Tankers]]></category>
		<category><![CDATA[Gold Bridge Shipping]]></category>
		<category><![CDATA[PT Banyu Laju Shipping]]></category>
		<category><![CDATA[PT Berlian Laju Tanker]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9863</guid>
		<description><![CDATA[Last week, BLT combined the commercial management of its four disparate chemical tanker business units, PT Berlian Laju Tanker, PT Banyu Laju Shipping, Gold Bridge Shipping and Chembulk Tankers, into a new entity, BLT Chembulk Group. The main purpose of this consolidation is to provide its customers with the highest level of service through a unified commercial management across the entire chemical tanker fleet.  ]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/consolidation/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>BLT Gets Lukewarm Response</title>
		<link>http://www.marine-money.com/archive/blt-gets-lukewarm-response</link>
		<comments>http://www.marine-money.com/archive/blt-gets-lukewarm-response#comments</comments>
		<pubDate>Sat, 14 Aug 2010 06:26:13 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[BLT]]></category>
		<category><![CDATA[PT Berlian Laju Tanker]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9600</guid>
		<description><![CDATA[It remains challenging for shipping companies to tap the capital markets in Asia, and many are still waiting for any window of opportunity to raise funds amid the uncertain global macro environment. In recent months, there have been a number of bond issues and share offerings, but deal sizes tend to be small and not more than USD 100 million. Kudos goes to Berlian Laju Tanker (“BLT”) for having concluded its latest rights offering, but it was not without any difficulties.  

In May, the Indonesian chemical tanker owner and operator proposed a one-for-one rights issue to raise up to USD 131 million. The larger than expected discount offered (39.7% discount from its theoretical ex-rights price) surprised the market and led to the company’s share price tumbling by 18.6% in a single day. Investment bankers we spoke to pointed out that the large discount was not excessive and in line with the market conditions at that point of time. But it remains unclear why BLT continued with its rights issue despite the less than ideal valuation. We were told that BLT has no immediate issues with its lending banks and the rights issue was a part of the management’s continuous efforts in managing its balance sheet.
]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/blt-gets-lukewarm-response/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Indonesian Banks Step Up?</title>
		<link>http://www.marine-money.com/archive/indonesian-banks-step-up</link>
		<comments>http://www.marine-money.com/archive/indonesian-banks-step-up#comments</comments>
		<pubDate>Fri, 07 May 2010 03:13:16 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bank Debt]]></category>
		<category><![CDATA[Bank Negara Indonesia]]></category>
		<category><![CDATA[PT Berlian Laju Tanker]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8888</guid>
		<description><![CDATA[Middle Eastern banks are not the only financial institutions supporting their domestic shipping clients. Indonesia’s Berlian Laju Tanker has reportedly secured several new domestic facilities, including a USD 33 million rupiah denominated facility obtained from Bank Negara Indonesia.
]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/indonesian-banks-step-up/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Priced to Sell</title>
		<link>http://www.marine-money.com/archive/priced-to-sell</link>
		<comments>http://www.marine-money.com/archive/priced-to-sell#comments</comments>
		<pubDate>Sat, 13 Feb 2010 04:28:56 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bonds]]></category>
		<category><![CDATA[J.P. Morgan]]></category>
		<category><![CDATA[PT Berlian Laju Tanker]]></category>
		<category><![CDATA[R.S. Platou]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8413</guid>
		<description><![CDATA[Last Wednesday, Berlian Laju Tanker sold USD 100 million five year convertible bonds with joint bookrunners J.P. Morgan and RS Platou Markets. The bonds were priced to sell with an attractive coupon fixed at 12% and come with a conversion premium of just 10% and a one time reset after six months. The modest conversion premium could well suggest that BLT and its advisors are looking for a more equity like transaction, which will help improve its leverage risk profile in the medium term, should the bonds be converted into shares.

The proceeds from the offering will be used for, among other things, investments in the expanding cabotage trade in Indonesia, based upon its long-standing relationship with Pertamina and other oil and gas operators in Indonesia. The proceeds may also be used to repay or redeem existing debt, including outstanding convertible bonds guaranteed by the company, and for general working capital. BLT needs fresh capital to cover a potential put on its outstanding USD 125 million convertible bonds in May 2010. As we understand from RS Platou Markets, these proceeds are not expected to be used for the on-going acquisition of Eitzen Group.
]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/priced-to-sell/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Plan B(LT)</title>
		<link>http://www.marine-money.com/archive/plan-blt</link>
		<comments>http://www.marine-money.com/archive/plan-blt#comments</comments>
		<pubDate>Sat, 13 Feb 2010 04:23:47 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[East Meets West]]></category>
		<category><![CDATA[Mergers & Acquisitions]]></category>
		<category><![CDATA[Camillo Eitzen & Co.]]></category>
		<category><![CDATA[Eitzen Chemical]]></category>
		<category><![CDATA[Eitzen Maritime Services]]></category>
		<category><![CDATA[PT Berlian Laju Tanker]]></category>
		<category><![CDATA[R.S. Platou]]></category>
		<category><![CDATA[R.S. Platou Markets]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8410</guid>
		<description><![CDATA[Berlian Laju Tanker (“BLT”)’s acquisition of Camillo Eitzen &#038; Co ASA (“CECO”) may have hit a speed bump when its initial transaction structure, which involved the issuance of mandatory exchangeable bonds (“MEBs”), was rejected by the Indonesian market regulator. But we understand that the company and its advisor RS Platou Markets remain resolute and are working hard on an alternative plan. Since then, a series of developments have occurred that added uncertainty to BLT’s quest for CECO and we hereby provide a summary of these developments in chronological order.

On 1 October 2009, Eitzen Chemical ASA (“ECHEM”) reached an agreement with most of its lenders (all syndicate loans and most bilateral loans) on the restructuring of its bank debt. However, this was conditional upon a new equity issue of a minimum USD 100 million by November. ECHEM was in dire need of capital injection.
]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/plan-blt/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>An Elegant Solution</title>
		<link>http://www.marine-money.com/archive/an-elegant-solution</link>
		<comments>http://www.marine-money.com/archive/an-elegant-solution#comments</comments>
		<pubDate>Thu, 04 Feb 2010 20:19:32 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Camillo Eitzen]]></category>
		<category><![CDATA[Erik Helberg]]></category>
		<category><![CDATA[PT Berlian Laju Tanker]]></category>
		<category><![CDATA[RS Platou Markets]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8574</guid>
		<description><![CDATA[Last week Camillo Eitzen provided an update on the status of the voluntary exchange offer by PT Berlian Laju Tanker to acquire its shares. While CECO indicated the transaction remains on track and is still considered attractive, the Board has decided not to “...extend the exclusivity granted to BLT to ensure the necessary flexibility for CECO in the process of concluding a long-term agreement with its secured and unsecured creditors…” ]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/an-elegant-solution/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>BLT Loses CECO Exclusivity</title>
		<link>http://www.marine-money.com/archive/blt-losese-ceco-exclusivity</link>
		<comments>http://www.marine-money.com/archive/blt-losese-ceco-exclusivity#comments</comments>
		<pubDate>Fri, 29 Jan 2010 02:27:31 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Mergers & Acquisitions]]></category>
		<category><![CDATA[BLT]]></category>
		<category><![CDATA[Camillo Eitzen & Co. ASA]]></category>
		<category><![CDATA[CECO]]></category>
		<category><![CDATA[PT Berlian Laju Tanker]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8062</guid>
		<description><![CDATA[Berlian Laju Tanker (“BLT”) and Camillo Eitzen &#038; Co ASA (“CECO”) provided an update on the acquisition progress. BLT is proposing a new transaction structure that involves the issuance of new shares to CECO shareholders, after its initial plans of a mandatory exchangeable bonds issue hit a roadblock with the Indonesian regulator. CECO re-affirmed that BLT’s offer is still attractive but no extension of the exclusivity agreement was granted to BLT. Immediate hurdles for BLT would be to raise USD 200 million in new equity and secure the green lights from all the lending banks of BLT and CECO.]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/blt-losese-ceco-exclusivity/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Consolidator Strikes Again</title>
		<link>http://www.marine-money.com/archive/the-consolidator-strikes-again</link>
		<comments>http://www.marine-money.com/archive/the-consolidator-strikes-again#comments</comments>
		<pubDate>Thu, 08 Oct 2009 19:52:45 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[ABG Sundal Collier ASA]]></category>
		<category><![CDATA[Asean Maritime Corporation]]></category>
		<category><![CDATA[Axel C. Eitzen]]></category>
		<category><![CDATA[Bugge Arentz-Hansen & Rasmussen]]></category>
		<category><![CDATA[Camillo Eitzen & Co. ASA]]></category>
		<category><![CDATA[Carnegie ASA]]></category>
		<category><![CDATA[Chembulk Tankers]]></category>
		<category><![CDATA[Eitzen Chemical ASA]]></category>
		<category><![CDATA[Eitzen Gas]]></category>
		<category><![CDATA[Eitzen Maritime Services]]></category>
		<category><![CDATA[PT Berlian Laju Tanker]]></category>
		<category><![CDATA[RS Platou Markets]]></category>
		<category><![CDATA[Teekay]]></category>
		<category><![CDATA[Wikborg Rein & Co]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=6346</guid>
		<description><![CDATA[Growth is at the core of every corporate strategy and essentially, companies have the options to grow by either through organic expansion and ramping up their own business activities or collaborating with other industry players. <strong>PT Berlian Laju Tanker</strong> (“BLT”) is a firm believer of the latter. This week, in another landmark acquisition to expand its footprint in all regions worldwide, BLT announced its plans to launch a voluntary all-share offer for <strong>Camillo Eitzen &#038; Co ASA</strong> (“CECO”). 
 
BLT is certainly no stranger to consolidation. During the Asian Financial Crisis in 1998, BLT acquired <strong>Asean Maritime Corporation</strong> which indirectly]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/the-consolidator-strikes-again/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title></title>
		<link>http://www.marine-money.com/archive/9304</link>
		<comments>http://www.marine-money.com/archive/9304#comments</comments>
		<pubDate>Thu, 07 Jul 2005 21:05:40 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[Kevin Wong]]></category>
		<category><![CDATA[PT Berlian Laju Tanker]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9304</guid>
		<description><![CDATA[Others were not so lucky in the bond market. PT Berlian Laju Tanker has postponed for two months the sale of 500 billion rupiah worth of bonds initially scheduled for end-June due to the high interest rates demanded by the market. Finance Director Kevin Wong said investors have requested a coupon rate of more than 13%.
]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/9304/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
	</channel>
</rss>

