Berlian hopes to complete restructuring before year ends

PT Berlian Laju Tanker, Indonesia?s largest shipping firm, hopes to complete restructuring negotiations on its US$1.9 billion debt by the year-end and will switch its focus to liquid chemical and gas transport.

The targets were revealed by Hadi Surya, founder and chairman, in an interview with the Reuters.

Earlier this year, Berlian defaulted on several debt instruments and talks with creditors about debt restructuring have been underway since. Its market value has collapsed to $236 million when the trading of its shares was suspended in January, down 90 percent from the shipping boom of early 2008.

"We want the process to be faster. We hope all things can be sorted out by the end of the year," Hadi told Reuters in his office in Jakarta. "Our main focus is for the survival of Berlian Laju and to overcome the crisis."

Berlian Laju is listed in Indonesia and Singapore.

Hadi said Berlian Laju will strengthen its business in liquid chemical and gas shipping and trim its oil shipping activities once the debt restructuring process is completed. "Today, shipping is still struggling ... and it could be for quite some time, but we will focus in a niche market of liquid chemical and gas." (*)