Berlian Laju Tanker to spend $500m for additional tankers

Publicly-listed shipping company PT Berlian Laju Tanker (BLT) said it plans to add as many as 20 tankers, spending $500 million on expanding its fleet.

 

BLT aims to acquire as many as five tankers that can carry between 60,000 tons and 300,000 deadweight tons of crude oil, the company said in a filing to the Singapore Stock Exchange Friday.

 

It also plans to buy as many as five chemical tankers and the same number of gas tankers.

 

BLT, which also plans to add as many as five tankers capable of shipping as much as 40,000 tons of oil products, said it may expand its fleet by acquiring new vessels or second-hand ships.

 

BLT said it hasn't entered into an agreement with any shipyard to build the vessels or with any seller of ships. Its fleet expansion plan will be submitted to shareholders for approval on May 24.

 

The company said it plans to finance the expansion through its own funds, bank loans and money raised from bond issues. It plans to sell new shares of not more than five percent of its issued and paid-up shares as part of plans to raise capital.

 

Currently, BLT operates 35 chemical tankers, 17 oil tankers and seven gas tankers, its website said. (*)