Indonesia: BLT, Lantern Maritime Reach Legal Differences Resolving Accord

Indonesia - BLT, Lantern Maritime Reach Legal Differences Resolving Accord

Lantern Maritime Company and PT Berlian Laju Tanker Tbk announce that they have reached a settlement which will bring to an end all litigation and disputes between them in respect of the Chem Ranger (formerly MT Wilutama) and, more recently the MT Partawati.

The terms of the settlement agreement are confidential but center on the newly structured time charter of the Chem Ranger by BLT affiliate Chembulk Tankers, which has commercially managed the vessel since her redelivery in February 2012. The Partawati will also remain on charter with BLT.

This settlement is another important milestone in the global restructuring of the financial and operational affairs of the BLT Group which is proceeding ahead of schedule and with the continued support of the group’s major lenders and international customer base.

The settlement also ensures continued access for BLT Chembulk’s customers to key vessels in the BLT fleet.

Source: BLT, May 28, 2012