BLT net sliced

Falling revenue and higher costs have hurt profit at Indonesian shipowner Berlian Laju Tanker.

It banked $93.13m in the first three months of 2009, one fifth less than the $117.61m posted a year ago.

Revenue slipped from $169.18m to $158.98m year-on-year, as higher operating expenses and inflated depreciation payments cut gross profit 19% to $49.38m.

Looking forward, the listed owner says its “considerable financial resources and access to bank financing, together with long-term contracts” means it is well placed to weather the financial storm.

BLT operated a fleet of 87 vessels including eight newbuildings, Clarkson says.

Printable version Newsletter sign up