Boxes overboard
Finnish vessel loses three containers in Baltic, one of which contained hazardous chemicals.
PT Berlian Laju Tankers (BLT) has launched a takeover bid for troubled Norwegian shipowner Camillo Eitzen & Co.

CECO shareholders will be offered mandatory exchangeable bonds (MEB) equivalent to NOK 25 per CECO share which will be converted into shares.
BLT said the offer represents a premium of 270% on the CECO share price of NOK6.75 ($1.17) at the close of business on Friday.
The deal is subject to a number of conditions including the successful private placement in BLT of a minimum of $200m in new equity.
The offer is expected to be completed by the end of November, BLT said.
CECO’s board and the main shareholders representing 76% of its stock are said to “support the offer”.
BLT said CECO’s board and chairmen Axel C Eitzen as the controlling shareholder have entered into an exclusivity agreement with BLT.
If the offer proceeds BLT says it will seek a secondary listing of its share in Oslo, increasing its visibility and liquidity to CECO and BLT shareholders.
BLT said the combined entity for the past year would have been $2.3bn with an EBITDA of $499m.
Including newbuildings the group will own and/or operate 157 chemical tankers, 14 oil tankers, 42 gas tankers, 50-60 bulkers and an FPSO.
Axel C Eitzen will remain actively involved in the further development of the combined group and will be its second largest shareholder, BLT said.
RS Platou Markets is acting as financial advisor to BLT. ABG Sundal Collier ASA and Carnegie ASA are acting as advisors to CECO.
Bugge, Arentz-Hansen & Rasmussen are acting as legal advisors to BLT, while Wikborg Rein & Co is acting as legal counsel to CECO.
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