Tuesday, March 24, 2009
BLT not ruling out cancellations
Tuesday, 24 March 2009
Singapore and Indonesia-listed owner PT Berlian Laju Tanker Tbk (BLT) is still moving along with its newbulding programme, but cannot rule out the possibility of cancellations further down the road, a senior official told Tankerworld. “So far last year we have taken deliveries according to schedule, with another chemical tanker slated for delivery this June,” said BLT General Manager Peter Chayson.
“Deliveries due this year are definitely on track, but beyond that we can't say that it is impossible that cancellations are undertaken pending unforeseen circumstances.”
He admitted that at present there is an over-supply of tonnage on the markets.
Chayson told Tankerworld last September that BLT was on track to take delivery of of 20 tanker newbuildings from then till 2011.
He added that earlier reports of the company securing a $400-million bank loan to pay for the 20 tankers were inaccurate as they [tankers] have been “financed internally”.
Chayson explained that “bank loans are usually drafted for purchases in the secondary market, while newbuildings are mostly internally financed.”
Reports had also said the 20 newbuildings would include crude oil and fuel oil tankers, but Chayson told Tankerworld that the 20 consisted of 14 chemical product tankers and six gas tankers including two for LNG.
Three of the 20 newbuildings to be delivered are part of a previous 10 tanker deal of which seven have already been delivered prior to the interview with Tankerworld in September.
Chayson told Tankerworld today that the two LNG carriers have been delivered from South Korean yards.
He added that at present BLT has 14 tanker newbuilds contracted to be delivered over the next few years.
As of end May 2008, BLT was operating 84 tankers with a total tonnage of 2 million deadweight tonnes (dwt) with 21 of these tankers chartered-in.
With the acquisition of Chembulk Tankers LLC at the end of last year, BLT provides transportation services across the globe including throughout and between Europe, North America, South America, the Middle East, South Asia, Southeast Asia, East Asia/Far East and Australia.
The company meanwhile, has reported a doubling of net profit for 2008 due mostly to an increase in operating revenue.
Source: TankerWorld
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