Rights Issue Prospectus Summary

UNOFFICIAL TRANSLATION
Extraordinary General Meeting of Shareholders: 30 June 2009 Distribution of Rights 14 July 2009
Listing Date for Rights on the Indonesia Stock
Effective Date 30 June 2009 15 July 2009
Exchange
Last Trading Date with Rights (Cum Date): Trading Period for the Rights 15 July 2009 – 4 August 2009
• Regular and Negotiated Market 7 July 2009 Period for Exercise of Rights 15 July 2009 – 4 August 2009
Last Date for Payment of Additional Share
• Cash Market 13 July 2009 6 August 2009
Subscription
First Trading Date without Rights (Ex Date): Allotment Date 7 August 2009
• Regular and Negotiated Market 9 July 2009
Period for Electronic Distribution of Shares from
• Cash Market 14 July 2009 17 July 2009 – 6 August 2009
Exercised Rights
Recording Date of the Register of Shareholders for Refund Date for Payment of Additional Share
13 July 2009 10 August 2009
Entitlement of Rights (Record Date) Subscription
BAPEPAM HAS NOT APPROVED NOR DISAPPROVED THESE SECURITIES, NOR HAS IT PASSED UPON THE ACCURACY OR ADEQUACY OF
THIS PROSPECTUS, AND ANY CONTRADICTING REPRESENTATION THERETO IS ILLEGAL.
PT BERLIAN LAJU TANKER Tbk. (HEREINAFTER REFERRED TO AS AS THE “COMPANY”) IS FULLY RESPONSIBLE FOR THE ACCURACY OF
ALL INFORMATION, DATA OR REPORTS AND THE OBJECTIVITY OF OPINIONS INCLUDED IN THIS PROSPECTUS.
PT BERLIAN LAJU TANKER Tbk

Line of Business:
Cargo Shipping Business
Domiciled in Jakarta, Indonesia
Dumai Branch Office: Head Office: Merak Branch Office:

Graha Berlian Dumai Floor 3 Wisma BSG, Floor 10 Jl. Pulorida No.18, Desa Tamansari
Jl. Yos Sudarso No. 159, Dumai, Riau 28814 Jl. Abdul Muis No. 40, Jakarta 10160 Merak, Banten 42438
Telephone: (62-765) 38466 Telephone: (62-21) 3006 0300 Telephone: (62-254) 570560, 570561
Fax. (62-765) 31884 Fax. (62-21) 3006 0390, 3006 0389 Fax. (62-254) 570564
E-mail: bltdumai@blt.co.id E-mail: investor@blt.co.id Homepage: www.blt.co.id E-mail: bltmrk@blt.co.id
LIMITED PUBLIC OFFERING IV TO THE SHAREHOLDERS OF THE COMPANY

IN RELATION TO RIGHTS ISSUE
A total of 1,392,310,059 (one billion three hundred and ninety two million three hundred and ten thousand and fifty nine) ordinary shares with nominal value
of Rp 62.5 (sixty two point five Rupiah) per share, offered at exercise price of Rp 425 (four hundred and twenty five Rupiah) per share, representing a total
amount of Rp 591,731,775,075 (five hundred and ninety one billion seven hundred and thirty one million seven hundred and seventy five thousand and
seventy five Rupiah) which shall be issued from the Company’s share portfolio and listed on the Indonesia Stock Exchange and the Singapore Exchange
Securities Trading Limited. Any shareholder who owns 3 (three) ordinary shares, whose name is recorded in the Register of Shareholders on 13 July 2009
at 16.00 Western Indonesia Time is entitled to 1 (one) Right to purchase 1 (one) ordinary share which is offered at an offering price of Rp 425.- (four
hundred and twenty five Rupiah) per share which must be paid in full at the time of subscribing the exercise of the Rights. The shares from the exercised
Rights offered through this Limited Public Offering IV are entirely issued from the Company’s share Portfolio and shall be listed on the Indonesia Stock
Exchange and the Singapore Exchange Securities Trading Limited.
If the shares offered in the Limited Public Offering IV are not entirely subscribed or purchased by the Rights holders, then the remaining unsold shares shall
be allocated to the other Rights holders, who have applied to purchase additional shares exceeding their rights, proportionately based on the rights
exercised.
PT Tunggaladhi Baskara, as a majority shareholder undertake to exercise all of its rights in the Limited Public Offering IV of PT Berlian Laju Tanker Tbk.
If after such allocation there are still remaining shares offered, then in accordance with the provisions of the Agreement on Purchase of Remaining Shares
of the Rights Issue IV of PT Berlian Laju Tanker Tbk. No. 65 dated 20 May 2009 drawn up before Robert Purba S.H., Notary in Jakarta, which has been
amended by the Amendment to the Agreement on Purchase of Remaining Shares of the Rights Issue IV of PT Berlian Laju Tanker Tbk. on 5 June 2009
which privately drawn up and duly stamped and lastly amended by the Addendum and Restatement of the Agreement on Purchase of Remaining Shares of
the Rights Issue IV of PT Berlian Laju Tanker Tbk. No. 133 dated 22 June 2009 drawn up before Robert Purba S.H., Notary in Jakarta, the remaining
ordinary shares which are not subscribed by the Company’s shareholders shall be purchased entirely by PT Tunggaladhi Baskara at the same price as the
price of the Limited Public Offering IV of the Company of Rp 425.- (four hundred and twenty five Rupiah) per share.
The Rights are traded on the Indonesia Stock Exchange and off the stock exchange starting from 15 July 2009 up to 4 August 2009.
In the event that a shareholder has Rights in the form of fractions of tradeable unit (odd-lot), the rights attached to the fractioned securities
shall become the property of the Company and will be sold by the Company, with the proceeds recorded in the Company’s account.
THE LIMITED PUBLIC OFFERING IV BECOMES EFFECTIVE AFTER OBTAINING APPROVAL FROM THE COMPANY’S EXTRAORDINARY
GENERAL MEETING OF SHAREHOLDERS. IN THE EVENT THAT THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS DOES
NOT APPROVE THE RIGHTS ISSUE, THEN ALL ACTIVITIES THAT HAS BEEN CARRIED OUT BY THE COMPANY IN RELATION TO THE
RIGHTS ISSUE ACCORDING TO THE SCHEDULE AS MENTIONED ABOVE SHALL BE CONSIDERED NO LONGER VALID.
THE MAIN RISK FACED BY THE COMPANY IS THE RISK THAT SUBSTANTIALLY ALL REVENUES OF THE COMPANY AND ITS SUBSIDIARIES ARE DERIVED FROM
THE ASIA-PACIFIC AND MIDDLE EAST REGIONS AND ADVERSE ECONOMIC CONDITIONS IN THESE MARKETS WOULD NEGATIVELY AFFECT THE BUSINESS,
FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF THE COMPANY AND ITS SUBSIDIARIES.
IMPORTANT NOTICE
Given that the total shares offered are in the amount of 1,392,310,059 (one billion three hundred and ninety two million three hundred and ten
thousand and fifty nine) ordinary shares, then the existing shareholder who chooses not to exercise his rights herein shall have his
ownership in the Company diluted by 25% after the exercise of the Rights.
STANDBY BUYER
PT TUNGGALADHI BASKARA
THE COMPANY WILL NOT ISSUE COLLECTIVE SHARES CERTIFICATES FOR SHARES OFFERED UNDER THE LIMITED PUBLIC OFFERING
IV. THE SHARES WILL BE DISTRIBUTED ELECTRONICALLY AND ADMINISTERED THROUGH THE COLLECTIVE CUSTODY OF PT
KUSTODIAN SENTRAL EFEK INDONESIA .
This Prospectus is issued in Jakarta on 30 June 2009

The Company has submitted a Registration Statement through letter No: 033/BLTA/V/2009 for the
Limited Public Offering IV in relation to the Rights Issue (hereinafter ”Limited Public Offering IV”) to the
Chairman of BAPEPAM-LK in Jakarta dated 22 May 2009, in accordance with the provisions as specified
in Regulation No. IX.D.1. Attachment to the Decision of the Chairman of BAPEPAM No. Kep-26/PM/2003,
dated 17 July 2003, juncto Kep-07/PM/2001, dated 23 March 2001 concerning Rights and Regulation No.
IX.D.2 Attachment to the Decision of the Chairman of BAPEPAM No. Kep-08/PM/2000, dated 13 March
2000 concerning “Guidelines on Form and Content of a Registration Statement for Rights Issue” and
Regulation No. IX.D.3 Attachment to the Decision of the Chairman of Bapepam LK No. KEP-09/PM/2000
dated 13 March 2000 concerning “Form and Content of Prospectus in relation to Rights Issue”, which
rules are the implementing regulations of Law of the Republic of Indonesia No. 8/1995 dated 10
November 1995 concerning Capital Market.
The Company and the Capital Market Supporting Institutions and Professionals in relation to the Limited
Public Offering IV are fully responsible for the accuracy of all data, information or report as well as
truthfulness of opinion contained in this Prospectus according to each of their respective duties pursuant
to the applicable laws and regulations as well as the code of ethics and the standards of the respective
professions.
With regard to this Limited Public Offering IV, all affiliated parties are not permitted to provide any
explanation and/or statement whatsoever regarding information that are not published in this Prospectus
without securing written approval from the Company.
If the shares offered in the Limited Public Offering IV are not entirely subscribed or purchased by the
Rights Holders, then the remaining unsold shares shall be allocated to the other Rights holders who have
applied to purchase additional shares exceeding their rights as specified in the List of Rights holders,
proportionately based on the rights exercised.
If after such allocation there are still remaining shares offered, then in accordance with the provisions of
the Deed of Agreement on Purchase of Remaining Shares of the Rights Issue IV of PT Berlian Laju
Tanker Tbk. No. 65 drawn up before Robert Purba, S.H., Notary in Jakarta, which has been amended by
the Amendment to the Agreement on Purchase of Remaining Shares of the Rights Issue IV of PT Berlian
Laju Tanker Tbk on 5 June 2009 which privately drawn up and duly stamped and lastly amended by the
Deed of Addendum and Restatement of the Agreement on Purchase of Remaining Shares of the Rights
Issue IV of PT Berlian Laju Tanker Tbk. No. 133 dated 22 June 2009 drawn up before Robert Purba S.H.,
Notary in Jakarta, the remaining ordinary shares which are not subscribed by the shareholders shall be
purchased entirely by PT Tunggaladhi Baskara at the same price as the price of the Limited Public
Offering IV of the Company of Rp 425.- (four hundred and twenty five Rupiah) per share.
In the event that a shareholder has Rights in the form of fractions of tradeable unit (odd-lot), the rights
attached to the fractioned securities shall become the property of the Company and will be sold by the
Company, with the proceeds therefrom recorded in the Company’s account.
The Capital Market Supporting Institutions and Professionals who participate in this Limited Public
Offering IV clearly declare their non-affiliation either directly or indirectly to the Company as defined in the
Capital Market Law.
Any amendments to or additional information regarding the Rights as mentioned above shall be
announced no later than 2 (two) business days prior to the date of the General Meeting of Shareholders.
The information, data, opinion and report contained in this Prospectus are presented and made
based on the condition of the Company up to the date of issue of this Prospectus, unless clearly
stated otherwise. This statement is not intended to be construed or intepreted as having a
meaning that there are changes in information, data, opinion and report after the Prospectus
issue date. The Company has disclosed all information which must be known by the public and
that there is no additional information which has not been disclosed, the omission of which would
mislead the public.
This Limited Public Offering IV is not registered under the laws and/or regulations of any
countries other than those applicable in the Republic of Indonesia and Singapore. Any person
outside of Indonesia and Singapore who receives this Prospectus or Rights, these documents are
not intended as an offering document to purchase the shares or to exercise the Rights, unless if
such offer, purchase of shares, or exercise of the Rights are not in contrary to or are not violating
the laws and regulations applicable in those countries.
ii
DEFINITION AND GLOSSARY
Affiliation : shall mean:
a. a family relationship by marriage and descent up to the
second degree, horizontally as well as vertically;
b. a relationship between a Party and its employees,
Directors or Commissioners;
c. a relationship between 2 (two) companies with one or
more common Directors or Commissioners;
d. a relationship between a company and a Party which
directly or indirectly, controls or is controlled by that
company;
e. a relationship between 2 (two) companies which are under
common control of a Party; or
f. a relationship between a company and its main
shareholder.
Subsidiary : A company in which the Company has share ownership of
more than 50% or equal to 50% if the Company controls the
said company.
BAPEPAM : shall mean Badan Pengawas Pasar Modal or the Capital
Market Supervisory Board as defined in Article 3 paragraph 1
of the Capital Market Law.
BAPEPAM-LK : Badan Pengawas Pasar Modal dan Lembaga Keuangan or the
Capital Market and Financial Institution Supervisory Board
(formerly Badan Pengawas Pasar Modal or the Capital Market
Supervisory Board or BAPEPAM).
BEI : PT Bursa Efek Indonesia or the Indonesia Stock Exchange.
Stock Exchange : shall mean the Stock Exchange as defined in Article 1
paragraph 4 of the Capital Market Law, in this regard operated
by PT BURSA EFEK INDONESIA, domiciled in Jakarta,
together with all its successors and/or substitutes, where the
shares of the Company are listed.
Register of Shareholders : Register of Shareholders, maintained and administered by PT
Sinartama Gunita.
Dirjen : Directorate General
Securities : shall mean negotiable instrument as defined in Article 1
paragraph 5 of the Capital Market Law.
FPPS : Shares Subscription to Purchase Form
FPS : Securities Payment Form
Banking Day : shall mean a day when Bank Indonesia is open for clearing
activities.
SGX-ST Bourse Day : shall mean a day when the Singapore Exchange Securities
Trading Limited is open for trading.
Day : shall mean any day in 1 (one) calendar year, including Sunday
and national holiday.
Business Day : shall mean Monday up to Friday, excluding national holiday
determined by the Government of the Republic of Indonesia
and normal working day which is determined by the
Government as not a normal working day due to specific
circumstances.
Bourse Day : shall mean a day when the Stock Exchange is open for
trading.
HMETD or Rights : Hak Memesan Efek Terlebih Dahulu or pre-emptive rights.
iii
KSEI : shall mean a limited liability company domiciled in Jakarta
engaging in the business activities as a Central Depository
and Settlement Institution (Lembaga Penyimpanan dan
Penyelesaian) as defined in Article 1 paragraph 10 of the
Capital Market Law, by administering the Rights pursuant
to the Agreement of Registration of Rights at KSEI.
Custodian : shall mean any party providing custody services as
defined in Article 1 paragraph 8 of the Capital Market Law
which includes KSEI, Securities Company and Custodian
Bank.
Consolidated Financial Statements : shall mean Consolidated Financial Statements of the
Company and its Subsidiaries prepared in accordance with
the Indonesian Generally Accepted Accounting Principles
(GAAP).
Public : Shareholders of the Company with shares ownership less
than 5% of the total subscribed and paid up share capital
of the Company.
Minister of Law and Human Rights : Minister of Law and Human Rights of the Republic of
Indonesia, formerly known as “Minister of Justice of the
Republic of Indonesia” which were changed to “Minister of
Law and Legislation of the Republic of Indonesia” and
“Minister of Justice and Human Rights of the Republic of
Indonesia”.
Singapore Shareholders : shall mean Shareholders who hold a securities account at
CDP to hold the shares of the Company that are listed and
traded on SGX-ST
Company : PT Berlian Laju Tanker Tbk.
Associate Company : a company in which the Company has direct share
investment with value of more than 20% but less than 50%
of the total subscribed shares of such company.
PMA : Penanaman Modal Asing or Foreign Capital Investment.
PMDN : Penanaman Modal Dalam Negeri or Domestic Capital
Investment.
PN : Pengadilan Negeri or District Court.
PT : Perseroan Terbatas or Limited Liability Company.
PUT : Penawaran Umum Terbatas or Limited Public Offering.
GMS : General Meeting of Shareholders.
EGMS : Extraordinary General Meeting of Shareholders.
SGX-ST : the Singapore Exchange Securities Trading Limited
SKS : Surat Kolektif Saham or Collective Shares Certificate.
Tbk : Terbuka, or to indicate status of Company as public and/or
publicly listed company.
TBN : Supplement to the State Gazette of the Republic of
Indonesia.
TDP : Company Compulsory Registration Certificate.
UU PM or Capital Market Law : Law No. 8 of 1995 regarding Capital Market.
UU PT or Company Law : Law No. 40 of 2007 regarding Limited Liability Company.
iv
EXECUTIVE SUMMARY
This executive summary contains material facts and considerations of the Company and forms as an
integral part of this Prospectus and shall be read in the context of the more detailed information and the
financial information as well as notes contained or referred to elsewhere in this Prospectus. All financial
information of the Company is stated in Rupiah and is in accordance with the Indonesian GAAP.
BRIEF HISTORY AND BUSINESS ACTIVITIES OF THE COMPANY

The Company was established under the name PT Bhaita Laju Tanker pursuant to Deed No. 60 dated 12
March 1981, which were amended by Deed No. 127 dated 26 March 1982, Deed No. 10 dated 2 August
1982, Deed No. 55 dated 17 December 1984 and Deed No. 4 dated 5 September 1988, all drawn up
before Raden Santoso, then Notary in Jakarta, which had obtained legalization from the Minister of Law
and Human Rights of the Republic of Indonesia by virtue of Decree No. C2-2630.HT.01.01.Th.89 dated
31 March 1989 and registered in the District Court of Central Jakarta respectively under No. 865/1989,
866/1989, 867/1989, 868/1989 and 869/1989 dated 28 April 1989 and announced in the State Gazette of
the Republic of Indonesia No. 70 dated 1 September 1989, Supplement No. 1729/1989.
Amendment to the Company’s Deed of Incorporation has been disclosed and may be read in the sub-section
of Brief History of the Company in the Prospectus for the Public Offering of Berlian Laju Tanker III 2007
Bonds with Fixed Interest Rate, issued in Jakarta on 28 June 2007.
Since the Public Offering of Berlian Laju Tanker III 2007 Bonds, the Company’s articles of association have
been amended several times as follows:
Deed of Amendment of the Articles of Association of PT Berlian Laju Tanker No. 17 dated 23 November
2007 drawn up before Dr. Amrul Portamuan, SH, LL.M, Notary in Jakarta, which deed was reported to the
Minister of Law and Human Rights of the Republic of Indonesia on 13 December 2007 by virtue of Letter
No. C-UM.HT.01.10-5957 dated 13 December 2007 and announced in the State Gazette of the Republic
of Indonesia No. 31 dated 15 April 2008, Supplement to the State Gazette No. 285, and later amended by
Deed of Statement of Resolution of the Annual General Meeting of Shareholders No. 30 dated 29 April
2008 drawn up before Dr. Amrul Partomuan Pohan, S.H., LL.M, Notary di Jakarta, which deed was
reported to and received and registered by the Minister of Law and Human Rights of the Republic of
Indonesia by virtue of Letter No. AHU-AH-01.10-11486 dated 13 May 2008 and registered in the Register
of Companies on 13 May 2008 No. AHU-0036199.AH.01.99 and based on Statement Letter from Notary
Dr. Amrul Partomuan Pohan, S.H., LL.M No. 59/II/2009 dated 24 February 2009, the deed is currently in
the process to be announced in the State Gazette of the Republic of Indonesia and Supplement to the
State Gazette and lastly amended by Deed of Statement of Resolution of Extraordinary General Meeting
of Shareholders No. 1 dated 6 August 2008 drawn up before Dr. Amrul Partomuan Pohan, S.H., LL.M,
Notary in Jakarta, which deed has been approved by the Minister of Law and Human Rights of the
Republic of Indonesia by virtue of Decree of the Minister of Law and Human Rights of the Republic of
Indonesia No. AHU-54491.AH.01.02.Tahun 2008 dated 25 August 2008 and registered in the Register of
Companies on 25 August 2008 No. AHU-0074870.AH.01.09.Tahun 2008 and based on Statement Letter
No. 68/III/2009 dated 2 March 2009 is currently in the process to be announced in the State Gazette of
the Republic of Indonesia and Supplement to the State Gazette.
The Company and its Subsidiaries are a group of companies engaged in the business of maritime/marine
transportation services, particularly for liquid cargo which are commonly traded in international markets, such
as crude oil, fuel (oil), lubricating oil, liquid chemical substances, LPG, liquid asphalt, crude palm oil (CPO)
and its derivatives, as well as molasses.
The main business of the Company and its Subsidiaries is vessel charter, manning and shipping
management as well as agency business for off-shore shipping companies. Up to now, the business of
vessel operation and charter, which consists of time charter and spot charter, provides the largest
contribution to the revenues of the Company and its Subsidiaries. Most of the vessel charter businesses are
carried out by the Company and its Subsidiaries using its/their owned ships and those leased by the
Company from other shipping companies.
th
The Company is domiciled in Jakarta, with its head office located in Wisma BSG, 10 Floor, Jl. Abdul
Muis No. 40, Jakarta 10160. Currently, the Company has two branch offices in Dumai and Merak, located
respectively in Jl. Yos Sudarso No. 159, Dumai 28814, dan Jl. Pulorida No. 18, Desa Tamansari, Merak
42438.
v
Currently, the Company has direct share investment in:
Ownership Date of
Company Line of Business Percentage Share Ownership
(%)
Subsidiary:
Indigo Pacific Corporation (Labuan, investment, vessel ownership & 100.00 29 December 1997
Malaysia)* vessel operation
Diamond Pacific International Corp. investment, vessel ownership & 100.00 29 December 1997
(Labuan, Malaysia)* vessel operation
Asean Maritime Corporation (Labuan, investment, vessel ownership & 100.00 1 July 1998
Malaysia)* vessel operation
PT Banyu Laju Shipping (Indonesia) marine transportation and vessel 99.80 16 December 2002
chartering
PT Brotojoyo Maritime (Indonesia)** Shipping services and marine 99.00 20 January 2003
transportation and shipping agency
services
PT Buana Listya Tama (Indonesia)** shipping services, marine 99.99 12 May 2005
transportation and chartering of
vessels and equipment related to
shipping services
PT Bayu Lestari Tanaya (Indonesia)** general trading services, expedition, 99.00 22 March 2005
packaging and warehousing,
management services, shipping
planning and development services
Associate Company:
PT Berlian Limatama (Indonesia) ship and terminal loading-unloading 50.00 24 July 1996
services, warehousing, heavy
equipments and transportation
services
*: is a Subsidiary specially established for investment purposes and currently has no employee.
**: is the Company’s Subsidiary that does not have or employ any staff, either land-based or offshore based and its operation is
done by ship crews seconded by the Company.
SUMMARY OF SIGNIFICANT FINANCIAL DATA
The following significant financial data are derived from and or calculated based on the consolidated
financial statements of the Company and its Subsidiaries for the years ended 31 December 2008, 2007
and 2006, which have been audited by Public Accountant Office of Osman Bing Satrio & Rekan, all with
unqualified opinion.
CONSOLIDATED BALANCE SHEET
Description 2008 2007 2006

(Rp million) (Rp million) (Rp million)
ASSETS
Current Assets 3,541,168 3,624,617 1,972,477
Shares Investments 2,388 194,724 224,238
Fixed Assets-Net 20,657,220 15,810,719 5,903,931
Other Assets 775,548 1,038,565 105,310
Total Assets 24,976,324 20,668,625 8,205,956
LIABILITIES AND EQUITY
Current Liabilities 4,958,871 5,198,831 1,286,464
Noncurrent Liabilities 14,119,965 12,154,213 3,788,333
Equity 5,897,488 3,315,581 3,131,159
Total Liabilities and Equity 24,976,324 20,668,625 8,205,956
CONSOLIDATED STATEMENTS OF INCOME

Operating Revenues 7,005,851 3,641,773 3,073,787
Expenses
Direct Cost 4,762,118 2,504,681 1,951,494
Operating Expenses 351,819 239,021 175,901
vi
Income from Operations 1,891,914 898,071 946,392
Other Income (charges)-net (324,103) (129,989) 267,644
Net Income 1,557,962 758,982 1,205,280
Earnings per share (in full Rupiah)
Basic 373 199 303
1
Diluted ) 146 178 268
1)
Diluted earning per share is computed taking in account the effect of potential ordinary shares dilutive against the convertible
bonds and warrants
LIMITED PUBLIC OFFERING IV

The Board of Directors, on behalf of the Company, is conducting the Limited Public Offering IV to the
shareholders in relation with the Rights Issue in the amount of 1,392,310,059 (one billion three hundred
and ninety two million three hundred and ten thousand and fifty nine) ordinary shares with nominal value
of Rp 62,5 (sixty two point five Rupiah) per share offered at an exercise price of Rp 425.- (four hundred
and twenty five Rupiah) per share so that it amounts to a total of Rp 591,731,775,075.- (five hundred and
ninety one billion seven hundred and thirty one million seven hundred seventy five thousand and seventy
five Rupiah) which are issued from the Company’s shares portfolio and will be listed on the Indonesia
Stock Exchange and the Singapore Exchange Securities Trading Limited.
Any shareholder who owns 3 (three) ordinary shares whose name is recorded in the Register of the
Shareholders on 13 July 2009 at 16.00 Western Indonesian Time is entitled to 1 (one) Right to purchase
1 (one) Ordinary Share which is offered at an offering price of Rp 425.- (four hundred and twenty five
Rupiah) per share which must be paid in full at the time of subscribing the exercise of the Rights. Each
Shareholder has equal position, rights and obligations in the Company.
Assuming that all shares offered in the Limited Public Offering IV are not fully subscribed by the
shareholders except PT Tunggaladhi Baskara, the capital and shareholding structure of the Company
subsequent to the Limited Public Offering IV on a proforma basis is presented in the following table:
Before Limited Public Offering IV After Limited Public Offering IV

Description
Number of Number of
Nominal Value % Nominal Value %
Shares Shares
Authorized capital 14,676,480,000 917,280,000,000 14,676,480,000 917,280,000,000
Subscribed and Paid-up Capital
PT Tunggaladhi Baskara 2,447,724,764 152,982,797,750 53.336 3,840,034,823 240,002,176,438 64,198
Widhihardja Tanudjaja 2,620,800 163,800,000 0.057 2,620,800 163,800,000 0.044
Siana Anggraeni Surya 62,400 3,900,000 0.001 62,400 3,900,000 0.001
Koperasi Karyawan Berlian 2,422,056 151,378,500 0.053 2,422,056 151,378,500 0.040
Public* 1,724,100,156 107,756,259,750 37.568 1,724,100,156 107,756,259,750 28.823
Sub Total 4,176,930,176 261,058,136,000 91.015 5,569,240,235 348,077,514,688 93.106
Treasury Stock 412,351,000 25,771,937,500 8.985 412,351,000 25,771,937,500 6.894

Subscribed and Paid-up Capital 4,589,281,176 286,830,073,500 100.00 5,981,591,235 373,849,452,188 100,00
Number of Shares Remaining in
Portfolio 10,087,198,824 630,449,926,500 8,694,888,765 543,430,547,813
* shareholders with ownership less than 5% (five percent) respectively
vii
Assuming that all shares offered in the Limited Public Offering IV are fully subscribed by the
Shareholders, the capital and shareholding structure in the Company subsequent to the Limited Public
Offering IV on a proforma basis is presented in the following table:

Description
Number of
Nominal Value % Number of Shares Nominal Value %
Shares
PT Tunggaladhi Baskara 2,447,724,764 152,982,797,750 53.336 3,263,633,019 203,977,063,688 54.561
3,494,400 218,400,00 0.058
Widhihardja Tanudjaja 2,620,800 163,800,000 0.057 0
Siana Anggraeni Surya 62,400 3,900,000 0,001 83,200 5,200,000 0.00

2,298,800,20 143,675,013,000 38.43
Public* 1,724,100,156 107,756,259,750 37.568 8
Sub Total 4,176,930,176 261,058,136,000 91.015 5,569,240,235 348,077,514,688 93.106
Treasury Stock 412,351,000 25,771,937,500 8.985 412,351,000 25,771,937,500 6.894
Subscribed and Paid-up Capital 4,589,281,176 286,830,073,500 100.00 5,981,591,235 373,849,452,188 100.00
Number of Shares Remaining in 10,087,198,824 630,449,926,500 8,694,888,765 543,430,547,813
Portfolio
* shareholders with ownership less than 5% (five percent) respectively
PT Tunggaladhi Baskara, as the main shareholder undertakes to exercise all of its rights in this Limited
Public Offering IV PT Berlian Laju Tanker Tbk.
USE OF PROCEEDS OBTAINED FROM THE LIMITED PUBLIC OFFERING IV

The proceeds obtained from the Limited Public Offering IV, after deducting costs incurred for the issue,
will be used for working capital of the Company and its Subsidiaries for fuel cost, port charges, ships
maintenance fee and ships sparepart fee.
STATEMENT OF DEBTS
Based on the Company’s consolidated financial statements which have been audited by Public
Accountant Office of Osman Bing Satrio & Rekan for the year ended 31 December 2008 with an
Unqualified Opinion, the Company and its Subsidiaries have total liabilities amounting to Rp19,078,836
million, comprising of current liabilities of Rp4,958,871 million and non-current liabilities of Rp14,119,965
million.
viii
TOTAL
DESCRIPTION
(Rp million)
CURRENT LIABILITIES
Derivative financial Instruments 337,089
Short term bank loans 1,933,650
Trade accounts payable
Related parties 921
Third parties 188,975
Other accounts payable 27,028
Dividends payable 5,352
Taxes payable 17,538
Accrued expenses 380,823
Unearned revenue 7,051
Current maturities of long-term liabilities
Bank loans 1,086,422
Obligations under finance lease 965,271
Other long-term payable 6,470
Deferred gain on sale and leaseback transactions 2,281
Total Current Liabilities 4,958,871
NONCURRENT LIABILITIES
Long-term liabilities - net of current maturities
Bonds payable 893,263
Notes payable 1,445,400
Obligations under finance lease 1,701,365
Other long -term payable 135,880
Post-employment benefit obligation 31,998
Convertible bonds 396,938
Derivative financial instruments 1,589,928
Deferred gain on sale and leaseback transactions 24,809
Total Noncurrent Liabilities 14,119,965
TOTAL LIABILITIES 19,078,836
RISK FACTORS
The risks faced by by the Company and the Subsidiaries are as follows:
• Risk that a substantial part of revenues of the Company and its Subsidiaries are derived from the
Asia-Pacific and Middle East regions therefore adverse economic conditions in these markets would
negatively affect the business, financial condition and performance of the Company and its
Subsidiaries.
• Increase in fuel prices or other operating costs will have an adverse impact on profit margin.
• The shipping industry is highly volatile and sensitive to changes in general economic conditions,
which means that global economic factors beyond the control of the Company could adversely affect
the results of operations and performance of the Company.
• Risks relating to changes in the exchange rate of foreign currencies and loan interest rates.
• Fluctuations in global shipping capacity and global demand for shipping may cause freight rates to
shift unpredictably, which could have a negative impact on the Company’s revenue.
• Any delays in the delivery of new ships or the repair of existing ships will have an adverse effect on
the business operations, operational performance and financial condition of the Company and its
Subsidiaries.
ix
• Operating costs and capital expenses will increase as the Company’s vessels age.
• In order to maintain its fleet, the Company needs to make unexpected capital expenditures.
• Shipping is business with several inherent risks, and adverse accidents involving the Company’s
vessels will have a negative impact on the operating result.
• Limited timely availability of vessels for purchase and volatile prices of vessels will affect the
revenues of the Company and its Subsidiaries.
• Because the market value of the Company’s vessels may fluctuate significantly, the Company may
incur losses which could adversely affect the liquidity, earnings and financial condition of the
Company.
• Risk of competition.
• Risk of contract termination.
• The Company is subject to extensive regulations and potentially substantial liability that could require
significant expenditures and eventually adversely affect its business, results of operation, and
financial condition.
• Regulatory risk associated in the acceleration of the phasing-out of single-hull oil tankers.
• Revenues are subject to seasonal variations, which may adversely affect the Company’s profit.
• Terrosist activities in Indonesia or elsewhere would destabilize the global shipping markets, thereby
adversely affecting the business activities.
• The Government may requisition vessels during a period of war or emergency situation without
adequate compensation, thus causing revenue loss for the Company.
• A part of the strategic plan of the Company and its Subsidiaries is expansion into new freight sectors
as well as new geographic markets where they have little or no proven experience, and such an
expansion could prove to be unsuccessful.
• The Company and its Subsidiaries are dependent upon the services of key management personnel.
• The Company and its Subsidiaries may suffer an uninsured loss from a failure to maintain general
insurance cover protecting against all risks or lawsuits that may potentially arise.
• An adverse judgement or settlement in respect of any ongoing claims against the Company and its
Subsidiaries may have a material adverse effect on the financial condition and operational
performance of the Company and its Subsidiaries.
• If all employees are unionised, the Company and its Subsidiaries may be forced to incur expenses.
• The Company and its Subsidiaries conduct business with companies in countries that are subject to
sanctions by the Office of Foreign Assets Control ("OFAC") of the United States Department of the
Treasury and under related legislation and international conventions (the "OFAC Rules").
• Risk of natural disasters and accidents at sea.
• Risk of Political Instability.
• Risk as a Holding Company.
DIVIDEND POLICY
The Company’s current dividend policy is described as follows:
x
1. In determining the ratio for dividend payment for certain financial year, the Company will consider
the objective to maintain and increase dividend payment to maximize the long-term shareholders
value; and
2. For dividend paid in certain financial year, such dividend shall be announced at the second
quarter and payable at the third quarter of the subsequent financial year.
3. In formulating the recommendation on the amount of dividend payable, the Board of Directors will
take into account the following factors:
a. The total value of the Company’s current cash, gearing, return on equity (ROE) and
retained earnings of the Company;
b. The Company’s expected financial performance;
c. The Company’s projected levels of capital expenditure for the relevant year and other
investment plans;
d. The level of dividends, if applicable, that the Company and its subsidiaries received;
e. The dividend yield of similar companies and comparable shipping companies globally;
and
f. Restrictions on payment of dividends that may be imposed on the Company by certain
financing arrangements.
Starting from the 2009 financial year, the management of the Company will propose a cash dividend
payment of 0% to 30% of after tax net profit in the coming years and the implementation thereof will take
into account and consider the Company’s Financial health ratio, capital sufficiency ratio, the Company’s
need for subsequent business expansion funding, and without prejudice to the right of the General
Meeting of Shareholders of the Company to determine otherwise in accordance with the provisions of the
articles of association of the Company.
xi
xii
INDEX
INDEX ..…............................................................................................................................................ I
DEFINITION AND GLOSSARY ..…….……………………………………………………………………... iii
EXECUTIVE SUMMARY ..................................................................................................................... v
I. LIMITED PUBLIC OFFERING IV ………………………...………………………………………… 1
II. USE OF PROCEEDS OBTAINED FROM THE LIMITED PUBLIC OFFERING IV ……........... 6
III. STATEMENT OF INDEBTEDNESS ........................................................................................ 7
IV. MANAGEMENT DISCUSSION AND ANALYSIS ..……………………………………………….. 19

1. General ........................................................................................................................... 19
2. Factors Affecting Operational Results …………………………………………………….... 20
3. Overview of Revenue and Expenses ……………………………………………………….. 26
4. Results of Operation ....................................................................................................... 32
5. Assets, Liability and Equity ….…...………………………………………………………...... 38
6. Financial Ratio .............................................................................................................. 39
7. Liquidity and Sources of Capital ………………………………………………………….... 41
8. Material Divestment and Capital Expenditure ……………………………………………. 44
9. Contractual Obligations and Contingent Liabilities ……………………………………….. 46
10. Market Risk ..................................................................................................................... 46
11. Seasonalities .................................................................................................................. 47
12. Business Prospect and Trends ....................................................................................... 48
V. RISK FACTORS ....................................................................................................................... 49
VI. SIGNIFICANT EVENTS SUBSEQUENT TO THE INDEPENDENT AUDITORS’ REPORT .... 57
VII. INFORMATION ON THE COMPANY AND ITS SUBSIDIARIES ………………....................... 58

1. Brief History of the Company .......................................................................................... 58
2. Developments in Ownership of Shares in the Company ..……………..…………………. 60
3. Brief Description of Shareholders that are Legal Entities ............................................... 62
4. Brief Description on Subsidiaries .…………………………………………………………... 63
5. Brief Description on Associated Companies .…………….………………………………… 92
6. Management and Supervision ........................................................................................ 93
7. Human Resources .......................................................................................................... 97
8. Relationship of Ownership, Management and Supervision of the Company, Direct-
owned Subsidiaries and Shareholders that are Legal Entities ……………..................... 102
9. Transactions with Related Parties .................................................................................. 108
10. Third Party Commitments ……………............................................................................. 108
11. Information on (Litigation/Legal) Case faced by the Company ...................................... 109
VIII. BUSINESS ACTIVITIES AND PROSPECTS OF THE COMPANY AND ITS SUBSIDIARIES 110
1. General ……………………………………………………………………………………........ 110
2. Business Operations ……..…………..………………………………………………………. 114
3. Competition ………………..………………………………………………………………….. 125
4. Suppliers ………………………………………………………………………………………. 126
5. Safety, Quality and Maintenance ……………………………………….…………………… 126
6. Insurance ………………………………………………………………….…………………… 128
7. Environmental and Pollution ……………………….……………………………………….... 128
8. Properties ……………………….…….……….……………………………………………..... 128
9. Research Dan Development ………………….…….………………………….……………. 129
i
10. Intellectual Property Rights ……………………….…………………….……….…………… 129
11. Business Prospects......................................................................................................... 130
12. Application of Good Corporate Governance ….…………................................................ 133
13. Corporate Social Responsibility …………….................................................................... 139
IX. SHIPPING INDUSTRY….. ………………………………………………………………………….. 141

1. Industry Overview ………………………………………………….…………………………. 141
2. Regulations ……………………………………………………………………………………. 169
X. SUMMARY OF SIGNIFICANT FINANCIAL INFORMATION ...…...…………………………….. 176
XI. EQUITY ……………………………………………………………………………………………….. 180
XII. DIVIDEND POLICY …………………………….………...……………………………...………….. 182
XIII. TAXATION ………………………………………………...……………………………...………….. 184
XIV. CAPITAL MARKET SUPPORTING INSTITUTIONS AND PROFESSION ……………………. 186
XV. STANBY BUYER …………………………………………………………………………………….. 190
XVI. REQUIREMENTS FOR SUBSCRIPTION AND PURCHASE OF SHARES …………………... 191
XVII. INFORMATION ON THE RIGHTS …………………………………………………………………. 196
XVIII. DISTRIBUTION OF PROSPECTUS AND RIGHTS …………………………………………….. 198
ii
I. LIMITED PUBLIC OFFERING IV
The Board of Directors, on behalf of the Company, is carrying out the Limited Public Offering IV to the
shareholders in relation to the Rights Issue in the amount of 1,392,310,059 (one billion three hundred and
ninety two million three hundred ten thousand and fifty nine) ordinary shares with nominal Value of Rp 62,5
(sixty two point five Rupiah) per share offered at an Exercise Price of Rp425.- (four hundred and twenty five
Rupiah) per share so that it amounts to a total of Rp591,731,775,075.- (five hundred and ninety one billion
seven hundred and thirty one million seven hundred seventy five thousand and seventy five Rupiah) which
are issued from the Company’s shares portfolio and will be listed on the Indonesia Stock Exchange and the
Singapore Exchange Securities Trading Limited.
Any shareholder who owns 3 (three) ordinary shares whose name is recorded in the Register of the
Shareholders on 13 July 2009 at 16.00 Western Indonesia Time is entitled to 1 (one) Right to purchase 1
(one) ordinary share which is offered at an offering price of Rp 425.- (four hundred and twenty five Rupiah)
per share which must be paid in full at the time of subscribing the exercise of the Rights. Each shareholder
has equal position, rights and obligations in the Company.
PT Berlian Laju Tanker Tbk.

Line of Business:
Cargo Shipping Business
Domiciled in Jakarta, Indonesia
Dumai Branch Office: Head Office: Merak Branch Office:

Graha Berlian Dumai Floor 3 Wisma BSG, Floor 10 Jl. Pulorida No.18, Desa Tamansari
Jl. Yos Sudarso No. 159, Dumai, Riau 28814 Jl. Abdul Muis No. 40, Jakarta 10160 Merak, Banten 42438
Phone (62-765) 38466 Phone (62-21) 3006 0300 Phone (62-254) 570560, 570561
Fax (62-765) 31884 Fax, (62-21) 3006 0390, 3006 0389 Fax (62-254) 570564
E-mail: bltdumai@blt.co.id E-mail: investor@blt.co.id Homepage: www.blt.co.id E-mail: bltmrk@blt.co.id
THE MAIN RISK FACED BY THE COMPANY IS THE RISK THAT A SUBSTANTIAL PART OF ALL
REVENUES OF THE COMPANY AND ITS SUBSIDIARIES ARE DERIVED FROM THE ASIA-PACIFIC
AND MIDDLE EAST REGIONS, THEREFORE ADVERSE ECONOMIC CONDITIONS IN THESE
MARKETS WOULD NEGATIVELY AFFECT THE BUSINESS, FINANCIAL CONDITION AND
PERFORMANCE OF THE COMPANY AND ITS SUBSIDIARIES
Other risk factors are discussed in Chapter VI on “Risk Factors” in this Prospectus
The Company was established within the framework of Domestic Capital Investment (PMDN) under the name
PT Bhaita Laju Tanker pursuant to Deed No. 60 dated 12 March 1981, which were amended consecutively by
Deed No. 127 dated 26 March 1982, Deed No. 10 dated 2 August 1982, Deed No. 55 dated 17 December
1984 and Deed No. 4 dated 5 September 1988, all drawn up before Raden Santoso, then Notary in Jakarta,
which had obtained legalization from the Minister of Justice of the Republic of Indonesia by virtue of Decree
No. C2-2630.HT.01.01.Th.89 dated 31 March 1989 and registered in the District Court of Central Jakarta
respectively under No. 865/1989, 866/1989, 867/1989, 868/1989 and 869/1989 dated 28 April 1989 and
announced in the State Gazette of the Republic of Indonesia No. 70 dated 1 September 1989, Supplement
No. 1729/1989.
Within the framework of the Initial Public Offering in 1990, the Company’s Articles of Association have been
amended entirely by Deed No. 23 dated 9 November 1989 and Deed No. 73 dated 14 December 1989, both
1
drawn up before Amrul Partomuan Pohan S.H., LL.M., Notary in Jakarta and have been approved by the
Minister of Justice of the Republic of Indonesia by virtue of Decree No. C2-11316.HT.01.04.Th.89 dated 16
December 1989 and registered in the District Court of Central Jakarta respectively under No. 2505/1990 and
No. 2506/1990 dated 23 November 1990 and announced in the State Gazette of the Republic of Indonesia
No. 103 dated 26 December 1990, Supplement No. 5291/1990.
In 1993, the Company conducted its Limited Public Offering I to the Shareholders for the amount of
29,400,000 (twenty nine million four hundred thousand) shares with the condition that any shareholder with 1
(one) share is entitled to purchase 1 (one) new share.
In order to conform to the Company Law, the Company amended entirely its Articles of Association by virtue
of Deed No. 34 dated 19 June 1996 drawn up before Amrul Partomuan Pohan S.H., LL.M., Notary in Jakarta
which has obtained approval from the Minister of Justice of the Republic of Indonesia by virtue of Decree No.
C2-8186.HT.01.04.Th.96 dated 29 July 1996 and registered in the Company Registry Office of Central
Jakarta under No. 139/BH09-05/X/1996 dated 17 October 1996 and announced in the State Gazette of the
Republic of Indonesia No. 93 dated 19 November 1996, Supplement No. 9343/1996.
In 1998, the Company conducted its Limited Public Offering II of 305,760,000 (three hundred and five million
seven hundred and sixty thousand) shares to the Shareholders whereby each holder of 1 (one) share is
entitled to buy 2 (two) new shares, for which in every 10 (ten) shares 2 (two) Warrants are attached.
Then in 2001, the Company conducted its Limited Public Offering III of 53,958,150 (fifty three million nine
hundred and fifty eight thousand one hundred and fifty) shares to the Shareholders with the condition that any
holder of 17 (seventeen) shares is entitled to purchase 2 (two) new shares.
As of the Limited Public Offering III in 2001, the Company’s Articles of Association has been amended
several times, the latest amendment is made by virtue of Deed of Amendment to the Articles of Association of
PT Berlian Laju Tanker No. 17 dated 23 November 2007 drawn up before Dr. Amrul Portamuan, SH, LL.M.
Notary in Jakarta, which deed was notified to, received and registered by the Minister of Law and Human
Rights of the Republic of Indonesia by virtue of Letter No. C-UM.HT.01.10-5957 dated 13 December 2007
and announced in the State Gazette of the Republic of Indonesia No. 31 dated 15 April 2008, Supplement to
the State Gazette No. 285, and later amended by Deed of Statement of Resolution of the Annual General
Meeting of Shareholders No. 30 dated 29 April 2008 drawn up before Dr. Amrul Partomuan Pohan, S.H.,
LL.M, Notary in Jakarta, which deed was notified to, received and registered by the Minister of Law and
Human Rights of the Republic of Indonesia by virtue of Letter No. AHU-AH-01.10-11486 dated 13 May 2008
and registered in the Company Registry on 13 May 2008 No. AHU-0036199.AH.01.99 and based on
Statement Letter from Notary Dr. Amrul Partomuan Pohan, S.H., LL.M No. 59/II/2009 dated 24 February
2009, the deed is currently in the process to be announced in the State Gazette of the Republic of Indonesia
and Supplement to the State Gazette and lastly amended by Deed of Statement of Resolution of
Extraordinary General Meeting of Shareholders No. 1 dated 6 August 2008 drawn up before Dr. Amrul
Partomuan Pohan, S.H., LL.M, Notary in Jakarta, which deed has been approved by the Minister of Law and
Human Rights of the Republic of Indonesia by virtue of Decree of the Minister of Law and Human Rights of
the Republic of Indonesia No. AHU-54491.AH.01.02.Tahun 2008 dated 25 August 2008 and registered in the
Company Registry Office on 25 August 2008 No. AHU-0074870.AH.01.09.Tahun 2008 and based on
Statement Letter No. 68/III/2009 dated 2 March 2009 is currently in the process to be announced in the State
Gazette of the Republic of Indonesia.
th
The Company is domiciled in Jakarta, with its head office located in Wisma BSG, 10 Floor, Jl. Abdul Muis
No. 40, Jakarta 10160. Currently, the Company has two branch offices in Dumai and Merak, located
respectively in Jl. Yos Sudarso No. 159, Dumai 28814, dan Jl. Pulorida No. 18, Desa Tamansari, Merak,
Banten 42438.
The following table presents the composition of the share capital and Shareholding of the Company at the
time the Prospectus is issued, based on the Company’s Articles of Association and the Listof Shareholders
dated 30 April 2009 issued by PT Sinartama Gunita as Share Registrar of the Company:
Registered Ordinary Shares

Nominal Value Rp62.5 per share
Description Number of Total Nominal Value Percentage
Shares (Rp) (%)
Authorized Capital 14,676,480,000 917,280,000,000
PT Tunggaladhi Baskara 2,447,724,764 152,982,797,750 53.34
Widhihardja Tanudjaja 2,620,800 163,800,000 0.06
Siana Anggraeni Surya 62,400 3,900,000 0.00
Koperasi Karyawan Berlian 2,422,056 151,378,500 0.05
2
Public* 1,724,100,156 107,756,259,750 37.56
Sub Total 4,176,930,176 261,058,136,000 91.01
Treasury Stock 412,351,000 25,771,937,500 8.99
Total Subscribed and Paid-up Capital 4,589,281,176 286,830,073,500 100.00
Number of Shares Remaining in Portfolio 10,087,198,824 630,449,926,500
* With ownership by each shareholder of less than 5% respectively
Assuming that all shares offered in the Limited Public Offering IV are not fully subscribed by the shareholders,
the capital and shareholding structure in the Company subsequent to the Limited Public Offering IV on a
proforma basis is presented in the following table:

Description
Number of
Shares
Public* 1,724,100,156 107,756,259,750 37.568 1,724,100,156 107,756,259,750 28.823
Sub Total 4,176,930,176 261,058,136,000 91.015 5,569,240,235 348,077,514,688 93.106
Treasury Stock 412,351,000 25,771,937,500 8.985 412,351,000 25,771,937,500 6.894
Number of Shares Remaining in Portfolio 10,087,198,824 630,449,926,500 8,694,888,765 543,430,547,813
* With ownership by each shareholder of less than 5% (five percent) respectively
Assuming that all shares offered in the Limited Public Offering IV are fully subscribed, the capital and
shareholding structure in the Company subsequent to the Limited Public Offering IV on a proforma basis is
presented in the following table:

Description
Number of
Shares

Public* 1,724,100,156 107,756,259,750 37.568 2,298,800,208 143,675,013,000 38.431
Sub Total 4,176,930,176 261,058,136,000 91.015 5,569,240,235 348,077,514,688 93.106
Treasury Stock 412,351,000 25,771,937,500 8.985 412,351,000 25,771,937,500 6.894
Number of Shares Remaining in Portfolio 10,087,198,824 630,449,926,500 8,694,888,765 543,430,547,813
* With ownership by each shareholder of less than 5% (five percent) respectively.
Rights holders who choose not to exercise their rights to purchase new shares in relation to the Limited
Public Offering IV may sell their rights to another party starting from 15 July 2009 up to 4 August 2009
through the Indonesia Stock Exchange as well as off the Stock Exchange, in accordance with BAPEPAM
Regulation No. IX.D.1 concerning Rights. If the shares offered in the Limited Public Offering IV are not
entirely subscribed or purchased by the Rights holders, then the remaining unsold shares shall be allocated
3
to the other Rights Holders, who have applied to purchase additional shares exceeding their rights as stated
in the List of Rights Holders, proportionately based on the rights exercised.
PT Tunggaladhi Baskara, as the main shareholder undertakes to exercise all of its rights in this Limited Public
Offering IV of PT Berlian Laju Tanker Tbk.
If after such allocation there are still remaining shares offered, then in accordance with the provisions of the
Deed of Agreement on Purchase of Remaining Shares of the Rights Issue IV of PT Berlian Laju Tanker Tbk.
No. 65 dated 20 May 2009 drawn up before Robert Purba S.H., Notary in Jakarta, which has been amended
with the Amendment to the Agreement on Purchase of Remaining Shares of the Rights Issue IV of PT Berlian
Laju Tanker Tbk on 5 June 2009 which privately drawn up and duly stamped and lastly amended by the Deed
of Addendum and Restatement of the Agreement on Purchase of Remaining Shares of the Rights Issue IV of
PT Berlian Laju Tanker Tbk. No. 133 dated 22 June 2009 drawn up before Robert Purba S.H., Notary in
Jakarta, the remaining ordinary shares which are not subscribed by the Company’s shareholders shall be
purchased entirely by PT Tunggaladhi Baskara at the same price as the price of the Limited Public Offering
IV of the Company, i.e. Rp 425.- (four hundred and twenty five Rupiah) per share.
Given that the total shares offered are in the amount of 1,392,310,059 (one billion three hundred and ninety
two million three hundred ten thousand and fifty nine) shares amounting to 25% after the completion of the
Limited Public Offering IV that will be listed in Indonesia Stock Exchange and SGX-ST, then the existing
shareholder who chooses not to exercise his rights herein will be diluted by 25% after the exercise of the
Rights.
The Company has no plan to issue or list new shares or other securities which are convertible into shares
other than the shares offered in the Limited Public Offering IV within a period of 12 (twelve) months
subsequent to the effective date of the Limited Public Offering IV.
Each holder of shares issued in relation with the Limited Public Offering IV shall have the same and equal
rights in all respects as other shares of the Company currently issued and paid up, is entitled and authorized
to obtain and to exercise all rights over the shares as regulated under articles of association of the Company
and prevailing law and regulations, including to attend general meetings of shareholders of the Company, to
vote in such meetings and to receive dividend distributed by the Company in accordance with such meetings
resolutions, proportionally in accordance with the ratio of his total shares.
The implementation of the Company’s Limited Public Offering IV in the Singapore Exchange
Securities Trading Limited.
In 2006, the Company listed all its shares on the Singapore Exchange Securities Trading Limited (hereinafter
referred to as the “SGX-ST”).
The shares in the Company that are traded on the SGX-ST are scripless shares and held by the Central
Depository (Pte) Limited (hereinafter referred as “CDP”) in a sub-depository account by the name of CDP at a
Custodian Bank maintained with KSEI for and on behalf of the Singapore Shareholders (as defined in the
section of Definition and Abbreviations). CDP is the central depository in Singapore, similar to KSEI in
Indonesia.
The implementation of the Limited Public Offering IV, particularly in relation to the Singapore Shareholder,
shall therefore be carried out with due consideration of the applicable Singapore regulations on rights issue,
to the extent that it does not violate the prevailing laws and regulations in Indonesia.
The Singapore Shareholders entitled to receive Rights (hereinafter referred to as the “Singapore Rights
Entitlement” through CDP are the Singapore Shareholders whose names are recorded at the Depository
Register maintained by CDP on 13 July 2009 at 17.00 Singapore time, but excluding (i) the shareholders
whose registered addresses with CDP are not in Singapore or Indonesia by 13 July 2009 and (ii) the
shareholders who have not within 3 (three) SGX-ST Bourse Days prior to 13 July 2009 provided CDP with
addresses in Singapore or Indonesia.
The Singapore Shareholders entitled to receive Singapore Rights Entitlements will receive such rights
through CDP under the following mechanism:
• CDP will receive Rights pursuant to its registered shareholding in the Company as recorded in the List of
Shareholders of the Company on 13 July 2009 at 16.00. Western Indonesia Time
4
• Of such Rights, CDP will credit equivalent rights to receive the Singapore Rights Entitlement to each
Singapore Shareholder entitled to receive such Singapore Rights Entitlement, in accordance with the
shareholding of such Singapore Shareholder duly registered with the Depository Register maintained by
CDP on 13 July 2009 at 17.00 Singapore time.
• Singapore Shareholders entitled to receive such Singapore Rights Entitlement may accept, reject or trade
such Singapore Rights Entitlement they received.
• The Singapore Shareholders may trade the Singapore Rights Entitlement which they received on SGX-
ST starting from 16 July 2009 up to 24 July 2009 or other dates as may be deemed appropriate by the
Board of Commissioner for the benefit of the Company to the extent permitted by the applicable laws and
regulations.
• For the Singapore Shareholders, the applicable offering price will be the Singapore Dollars equivalent to
(rounded down to the nearest cent) Rp 425 per new share. The Singapore Dollars offering price will be
announced no later than 5 (five) SGX-ST Bourse Days prior to 13 July 2009, based on the exchange rate
obtained from Bloomberg at 18.00 Western Indonesia Time on the day falling 1 (one) SGX-ST
BourseDay prior to the announcement of such equivalent price.
In such a case, it is possible that the Company would receive proceeds exceeding or less than the
offering price of Rp 425 (four hundred and twenty five Rupiah) per share due to the exchange rate
difference from Singapore Dollars to Rupiah at the time of the Rights exercised by CDP.
• The Singapore Shareholders exercising their Singapore Rights Entitlement may accept their rights or
apply for excess application exceeeding their portion through CDP. CDP will consolidate all applications
from the Singapore Shareholders and then exercise its Rights and/or apply for excess shares on behalf
of the Singapore Shareholders. To anticipate the risk of exchange rate loss from Rupiah to Singapore
Dollars suffered by the Company in relation to refund payment to the Singapore Shareholders, the
payment for excess application by CDP shall be in Singapore Dollars to the following account of the
Company.
DBS Bank Ltd

Acc.003-710376-4
In the name of : BLT Rights Issue
• Singapore Rights Entitlement not exercised by the Singapore Shareholders or fractions of Singapore
Rights Entitlement (which will effectively translate into Rights that is not exercised by CDP) as well as
Rights not exercised by the Rights Holders and the Rights fractions will be used by the Company to fulfill
the excess application.
New shares issued from the Limited Public Offering IV will also be listed on the Main Board of the SGX-ST. In
relation to this, the SGX-ST, on 5 June 2009, granted its in-principle approval for the listing of and quotation
for such new shares resulting from the Limited Public Offering IV subject to certain conditions, inter alia, the
Company has obtained the specific approval from the Extraordinary General Meeting of Shareholders of the
Company for the proposed Limited Public Offering IV.
5
II. USE OF PROCEEDS OBTAINED FROM THE LIMITED PUBLIC
OFFERING IV
The net proceeds from the Limited Public Offering IV, after deducted by costs incurred for the issue, will be
used for working capital of the Company and its Subsidiaries consist of fuel expenses, port charges, ships
maintenance fee and ships sparepart expenses.
The Company shall be accountable for the realization of the use of proceeds from the Limited Public Offering
IV to the shareholders of the Company in the Annual General Meeting of Shareholders of the Company and
shall periodically report the realization of the use of proceeds from the Limited Public Offering IV to
BAPEPAM-LK in compliance with BAPEPAM Regulation No. X.K.4 Attachment to the Chairman of
BAPEPAM Decree No. Kep-81/PM/1996 dated 17 January 1996 as amended by No. Kep-15/PM/1997 dated
30 April 1997 and lastly amended by No. Kep-27/PM/2003 dated 17 July 2003 regarding Reporting of the
Realization of the Use of Proceeds from a Public Offering.
Pursuant to the Circular Letter issued by BAPEPAM-LK Number SE-05/BL/2006 dated 29 September 2006
on Disclosures of Expenses Incurred in relation to Public Offering, the aggregate costs incurred by the
Company is approximately equal to 1.13% of the proceeds of Limited Public Offering IV which include:
1. Fee for Financial Advisor amounting to 0.22%
2. Services fee for the Capital Market Supporting Professionals consisting of:
a. Accountant 0.07%
b. Legal Counsel 0.03%
c. Share Registrar 0.01%
d. Notary 0.03%
e. Other costs (printing, advertisement, EGMS preparation, costs relating to
listing process in the Singapore Exchange Securities Trading Limited, etc) 0.78%
If the Company intends to change the proposed use of proceeds from the Limited Public Offering IV, the
Company must previously (i) report such changes to BAPEPAM-LK accompanied with reasons and
considerations thereof, and (ii) request approval from the shareholders of the Company in the Company’s
EGMS.
Based on the result of the General Meeting of Shareholders which was held on 21 December 2000, the
Company obtained an approval from the shareholders to conduct Limited Public Offering III, as to which all
proceeds obtained from the Limited Public Offering III were used for the following:
1. 90.94% was used for settlement of loan to Credit Suisse Singapore. Such loan was made through
Averina Maritime S.A a subsidiaries which 100% of its shares are indirectly held by the Company.
2. The remaining proceeds were used for working capital of the Company.
Based on the prospectus for the Berlian Laju Tanker IV 2009 with Fixed Interest Rate Bond and the Berlian
Laju Tanker II 2009 Sukuk/Ijarah, all proceeds obtained from the Bond Public Offer, i.e. in the amount of Rp.
500,000,000,000 (five hundred billion Rupiah) less any costs incurred for the issue, will be used for :
– Approximately 48% or approximately Rp. 240 billion will be used to Finance the purchase of chemical
tanker and/or oil tanker and/or gas tanker either directly or through its Subsidiary.
– Approximately 10% or approximately Rp. 50 billion will be used for working Capital.
– Approximately 42% or in the amount of Rp. 210 billion will be used for refinancing in connection with
the implementation of Law of the Republic of Indonesia No. 17 of 2008 regarding shipping.
Company obtained proceeds from the Berlian Laju Tanker IV 2009 with Fixed Interest Rate Bond and the
Berlian Laju Tanker II 2009 Sukuk/Ijarah, a small part of which had been used for working capital of the
Company and the remianing proceeds are placed in depository and bank accounts.
6
PT BERLIAN LAJU TANKER Tbk.
III. STATEMENT OF INDEBTEDNESS
Based on the Company’s consolidated financial statements which have been audited by the Public
Accountant Office of Osman Bing Satrio & Rekan for the year ended 31 December 2008 with an Unqualified
Opinion, the Company and its Subsidiaries have total liabilities amounting to Rp19,078,836 million,
comprising of current liabilities of Rp4,958,871 million and non-current liabilities of Rp14,119,965 million.
DESCRIPTION TOTAL
(Rp million)
CURRENT LIABILITIES
Derivative financial instruments 337,089
Short-term bank loans 1,933,650
Trade accounts payable
Related parties 921
Third parties 188,975
Other accounts payable 27,028
Dividends payable 5,352
Taxes payable 17,538
Accrued expenses 380,823
Unearned revenue 7,051
Obligations under finance lease 965,271
Deferred gain on sale and leaseback transaction 2,281
Total Current Liabilities 4,958,871
NON-CURRENT LIABILITIES
Long-term liabilities-net of current maturities
Bonds payable 893,263
Notes payable 1,445,400
Obligations under finance lease 1,701,365
Post-employment benefit obligation 31,998
Convertible bonds 396,938
Derivative financial instruments 1,589,928
Deferred gain on sale and leaseback transaction 24,809
Total Non-current Liabilities 14,119,965
TOTAL LIABILITIES 19,078,836
There are no negative covenants which would be detrimental to the rights of the public shareholders.
The following are detailed descriptions of the Company’s liabilities:
7
BANK LOANS
On 31 December 2008, the Company recorded total bank loans of Rp1,933,650 million, with the following
details:
DESCRIPTION TOTAL
(Rp million)
DnB NOR Bank, ASA, Singapore - USD50,000,000 547,500

Bank Ekspor Indonesia 400,000
Bank Mandiri 350,000
Bank Sumitomo Mitsui Indonesia, Jakarta - USD17,000,000 186,150
Bank Central Asia, Jakarta 170,000
Bank UOB Indonesia, Jakarta 150,000
Bank Mizuho Indonesia, Jakarta 130,000
Total 1,933,650
Interest rate per annum for the current year

U.S. Dollar 1% - 1.75%
above LIBOR/SIBOR
Rupiah 8.9% - 14%
A. In December 2007, the Company’s subsidiary obtained secured revolving credit facilities from DnB NOR
Bank ASA, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd as primary lenders. DnB NOR
Bank ASA acts as agent and security trustee for the lenders. Under the agreement, the subsidiary shall
use all borrowings for the acquisition of vessels and for the purpose of working capital. The remaining
balance of loan to DnB NOR Bank, ASA, and NIBC Bank Ltd. in the amount of USD50 million has been
approved to be extended until 18 March 2009. These loans were secured by the subsidiary’s vessels
(M.T. Bauhinia, M.T. Cendanawati, M.T. Dewayani, M.T. Dewi Sri, M.T. Fatmawati, M.T. Gandini, M.T.
Gas Bali, M.T. Gerbera, M.T. Indradi, M.T. Jembawati, M.T. Tirtasari, M.T. Tridonawati and M.T.
Trirasa). Interest rate is LIBOR plus a certain percentage, payable between 1-3 months.
B. In March 2008, the Company obtained financing facilities from Bank Ekspor Indonesia with a maximum
amount of Rp400,000 million due on 28 March 2009. The loan is secured by all present and future
assets of the Company. The interest rate is 9.50% - 11.21%, payable monthly.
C. The loan obtained from PT Bank Mandiri Tbk (Persero) is a short-term loan facility with maximum credit
limit of Rp350,000 million, due in January 2009. The interest rate is 8.9% - 14%, payable monthly. The
loan was fully repaid in 2009.
D. In June 2007, the Company obtained a revolving credit facility from Bank Sumitomo Mitsui Indonesia
with a maximum amount of Rp150,000 million or equivalent to USD17 million, which will be due in June
2009. The interest rate is at certain percentage above LIBOR, payable monthly.
E. The loan obtained from Bank Central Asia is a working capital facility at a maximum amount of Rp20,000
million. In April 2008, the Company obtained additional loan to finance vessels and working capital with a
maximum credit limit of Rp150,000 million. The annual interest rate is 10.25% - 12% in 2008, payable on
a monthly basis. The loan is secured by the same collateral as the long-term loans. The loan has been
extended until April 2009.
F. The loan obtained from Bank UOB Indonesia is a working capital credit facility with a maximum amount
of Rp150,000 million and is secured by a subsidiary-owned vessel (M.T. Anjani) and trade accounts
receivables on charter revenue from Pertamina in connection with M.T Anjani. Interest rate charged per
annum is the SBI plus 1.5%, payable monthly. In February 2008, the loan was extended to February
2010.
G. The loan provided by Bank Mizuho Indonesia is a time revolving loan with a maximum credit of
Rp130,000 million or the equivalent value in US Dollar, due in April 2009. The annual interest rate is the
bank’s capital cost plus a certain percentage, with payment between 7-30 days.
8
The Company and its Subsidiaries are required to fulfill certain covenants as stated in the agreements,
which, among others, restrict the Company or its Subsidiaries ability to conduct acquisitions, mergers and
investments in other companies, incur indebtedness if certain financial ratios are not fulfilled, encumber
assets, change the flag of the vessels, liquidate, provide loans other than in the ordinary course of business,
provide guarantees, change the nature of business, issue additional shares without permission from
shareholders or bonds exceeding the financial ratio covenants, to maintain certain financial ratios. All
financial ratios have been fulfilled in 2008.
TRADE ACCOUNTS PAYABLE
On 31 December 2008, the Company recorded trade accounts payable to related parties in the amount of
Rp921 million, comprising of accounts payable to Thai Petra Transport Co, Ltd of Rp233 million and Rp688
million to other related parties.
On 31 December 2008, trade accounts payable to third parties were recorded at Rp188,975 million. Trade
accounts payable to third parties consisted of accounts payable to suppliers, representing liabilities for
purchases of fuel, spare parts, vessel equipment and other disbursements amounting to Rp162,518 million,
and to shipping agents which is an obligation of the Company as an appointed agent and sub agent for the
reimbursement of the Rp26,457 million of expenses that they have spent.
OTHER ACCOUNTS PAYABLE
On 31 December 2008, the Company recorded other accounts payable of Rp27,028 million.
DIVIDENDS PAYABLE
On 31 December 2008, the Company recorded dividends payable of Rp5,352 million.
TAXES PAYABLE
On 31 December 2008, taxes payable of Rp17,538 million was recorded, consisting of:
DESCRIPTION TOTAL
(Rp million)
Corporate Income Tax
Company 13
Subsidiaries 54
Income Tax
Article 21 8,382
Article 23 756
Article 25 32
Article 26 125
Value Added Tax – Net 7,574
Final Tax Payable
Article 4 (2) 205
Article 15 397
Total 17,538
ACCRUED EXPENSES
On 31 December 2008, accrued expenses of Rp380,823 million was recorded, comprising of vessel
operation and docking of Rp315,282 million, interest of Rp 50,044 million and others of Rp15,497 million.
UNEARNED REVENUE
On 31 December 2008, the Company recorded unearned revenue was Rp7,051 million.
9
CURRENT MATURITIES OF LONG-TERM LIABILITIES
On 31 December 2008, current maturities of long-term liabilities recorded was Rp2,058,163 million,
consisting of Rp1,086,422 million in bank loans, Rp965,271 million in obligations under finance lease, and
others of Rp6,470 million.
LONG-TERM BANK LOANS
On 31 December 2008, long-term bank loans-net of current maturities of Rp7,900,384 million were recorded.
Bank loans applied interest rates of 0,7% - 2,5% above LIBOR/SIBOR for loans in US Dollar and 10,25% -
13% for loans in Rupiah. Financial institutions providing the loans consist the following:
DESCRIPTION TOTAL
(Rp million)
DnB NOR Bank, ASA, Singapore/Fortis Bank S.A./N.V./ING Bank N.V./

NIBC Bank Ltd. (USD 656,452,624.94) 7,188,156
DVB Group Merchant Bank (Asia) Ltd./Nordea Bank Finland Plc, Singapore
(USD 83,400,000) 913,230
Bank Central Asia, Jakarta
USD 24,285,714.4 265,929
Rupiah 27,083
DVB Group Merchant Bank (Asia) Ltd., Singapore (USD22,325,000) 244,459
ING Bank N.V., Singapore (USD13,930,000) 152,533
Bank UOB Indonesia (USD9,120,000) 99,864
Dialease Maritime S.A., Japan (USD7,715,471.98) 84,484
The Royal Bank of Scotland Plc (USD1,010,737.13) 11,068
Total 8,986,806
Deducted by current maturities 1,086,422
Long-term Bank Loans – Net 7,900,384
DnB NOR Bank, ASA, Singapore/Fortis Bank S.A./N.V./ING Bank N.V./ NIBC Bank Ltd.
In June 2008, a subsidiary obtained a working capital credit facility for a maximum amount of USD165 million
from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. The loan is
payable in 20 quarterly installments until 2013 and bears interest at certain percentage above LIBOR,
payable between 1 - 6 months. The loan is secured by subsidiaries’ vessels, namely M.T. Anggraini, M.T.
Celosia, M.T. Dragonaria, M.T. Erowati, M.T. Fressia, M.T. Larasati, M.T. Setyawati, M.T. Ulupi, M.T. Gas
Lombok and M.T. Gas Sumbawa.
In December 2007, one of the Company’s subsidiary obtained a "secured term-loan and reducing revolving
credit facilities” from DnB NOR Bank ASA, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. as the
primary lenders. DnB NOR Bank ASA acts as agent and security trustee for the Lenders. Under the
agreement, the subsidiary shall use all borrowed amounts for purposes of vessel acquisition and working
capital.
The facilities consist of:
Facility A is a “term loan facility” in US Dollars for a maximum credit of USD400 million. This facility is
st th
payable in 40 quarterly installments of USD8 million for the 1 to 39 installments and USD88 million for the
th
40 installment. Interest rate is at certain percentage above LIBOR depending on the value maintenance
ratio of the vessels used as collateral/guarantee, with interest payable between 1 - 3 months
Facility B is a “reducing revolving loan facility” in US Dollars in the maximum amount of USD100 million. This
loan is payable in 20 quarterly installments of USD5 million until 2012. The interest rate is at certain
10
percentage above LIBOR, depending on the value maintenance ratio of the secured vessels, payable
between 1 – 3 months.
The loans are collateralized by the subsidiary vessels (M.T. Chembulk Hong Kong, M.T. Chembulk Virgin
Gorda, M.T. Chembulk Savannah, M.T. Chembulk New York, M.T. Chembulk Gilbraltar, M.T. Chembulk
Shanghai, M.T. Chembulk Kobe, M.T. Chembulk Yokohama, M.T. Chembulk Barcelona, M.T. Chembulk
Houston and M.T. Chembulk Ulsan). The loans are also secured with corporate guarantee from the
Company and Goldbridge Corporation.
In March 2007, certain subsidiaries obtained a loan facility for a maximum credit of USD65 million. The loan
is payable in 32 quarterly installments until 2015 and is secured by corporate guarantees from the Company,
Gold Bridge Shipping Corporation and by the subsidiaries’ vessels, namely M.T. Gas Sulawesi, M.T Gas
Papua and M.T. Chembulk New Orleans. The interest rate is at certain percentage above LIBOR, payable in
1 – 3 months.
DVB Group Merchant Bank (Asia) Ltd./Nordea Bank Finland Plc, Singapore
In November 2008, certain subsidiaries obtained Senior Secured Revolving Credit Facility with a maximum
credit of USD114 million from DVB Group Merchant Bank (Asia) Ltd., and Nordea Bank Finland Plc,
Singapore Branch. The maximum credit facility shall be reduced on a quarterly basis by a fixed amount of
one-fortieth (1/40th) of the maximum credit until 2015. Interest rate is at certain percentage above LIBOR,
payable between 1 – 6 months.
This loan is secured by: (a) the subsidiaries’ vessels (M.T. Fatmarini, M.T. Frabandari, M.T. Harsanadi, M.T.
Hartati, M.T. Nogogini, M.T. Nolowati and M.T. Ratih), (b) assignment of insurance earnings and requisition
for compensation on the subsidiaries’ vessels, (c) guarantee and indemnity from the Company, (d) bank
accounts, money market accounts, deposit accounts and other accounts of the Company’s subsidiaries
placed at Nordea Bank Finland Plc, and (e) pledged shares of the subsidiaries.
Bank Central Asia, Jakarta
The loans obtained were inter alia:
In November 2006, the Company obtained an investment credit facility with a maximum credit of USD34
million. This loan is payable in 84 monthly installments until 2013 and secured by a subsidiary’s vessel
(FPSO Brotojoyo). The interest rate is at certain percentage above SIBOR, payable monthly.
In January 2005, the Company obtained an investment credit facility with a maximum amount of Rp125,000
million, applicable for 5 years. Interest rates per annum are set at 10.25% - 13%, payable monthly. The loan
is secured by vessels, M.T. Gas Indonesia and M.T. Gas Kalimantan, as well as pledge of the Company’s
shares owned by PT Tunggaladhi Baskara for a total of 66,188,311 shares. In April 2008, all pledged shares
were released and no longer used as collateral.
DVB Group Merchant Bank (Asia) Ltd.,Singapore
In September 2005, the Company’s subsidiaries obtained loan with a maximum credit of USD43 million. This
loan is payable in 32 quarterly installments until 2013 and secured by a corporate guarantee from the
Company and the subsidiaries’ vessels (M.T. Anjasmoro, M.T. Rengganis, M.T. Wulansari and M.T.
Yanaseni). Interest rate is at certain percentage above LIBOR, depending on the loan to value percentage,
payable between 1 - 3 months.
ING Bank N.V.,Singapore
In November 2005, the Company’s subsidiaries obtained a loan from ING Bank N.V., Singapore with a
maximum credit of USD19.9 million. The loan is payable in semi-annual installments until November 2015
and secured by the subsidiaries’ vessels, M.T. Eustoma and M.T. Gas Maluku. The interest rate is at a
certain percentage above LIBOR, payable monthly.
11
Bank UOB Indonesia
In October 2006, the Company obtained an investment credit facility with maximum credit of USD12 million
from Bank UOB Indonesia. This loan is payable in 20 monthly installments until 2011 and secured by a
subsidiary’s vessel (M.T. Anjani), and an assignment of charter revenue from Pertamina for M.T. Anjani. The
interest rate is at certain percentage above SIBOR, payable on a quarterly basis. In February 2009, the
facility was amended.
Dialease Maritime S.A., Japan
In December 2004, the Company’s subsidiaries obtained a loan facility with a maximum credit of
JPY1,347.25 million (or equivalent to USD12.86 million). This loan is payable in 28 quarterly installments
until 2011 and secured by a corporate guarantee from the Company and a subsidiary’s vessel M.T.
Rasawulan. The interest rate is at a certain percentage above LIBOR, payable on a quarterly basis.
The Royal Bank of Scotland Plc, Scotland
In October 2007, the Company’s subsidiary (GBLT Shipmanagement UK) obtained an investment credit
facility with a maximum credit of USD1.11 million from The Royal Bank of Scotland Plc. The loan is payable
in 39 quarterly installments until 2016 and is secured by buildings and land owned by the said subsidiary.
The interest rate is at certain percentage above the bank’s lending rate for US Dollars, payable on a
quarterly basis.
In relation to the loan facilities mentioned above, the Company and its Subsidiaries are required to fulfill
certain covenants as stated in the agreements including requirement to maintain certain financial ratios.
The creditors of the Company and its subsidiaries applies a maximum limit of 250% for the consolidated net
debt to equity ratio. As stated in the credit facility agreements, should the Company and its subsidiaries fail to
meet the above consolidated net debt to equity ratio, the bank may declare, among others, that all or any
part of the loans be payable on demand.
On 31 December 2008, the Company and its subsidiaries net debt to equity ratio is 241%. All financial ratios
have been fulfilled in 2008.
BONDS PAYABLE
The Company recorded total Bonds payable of Rp893,263 million as at 31 December 2008, consisting of:
DESCRIPTION TOTAL
(Rp million)
Nominal value
Berlian Laju Tanker III Bond 2007 700,000
Sukuk Ijarah 200,000
Unamortized discount (6,737)
Total 893,263
Berlian Laju Tanker III Bond
On 5 July 2007, the Company issued Rupiah bonds amounting to Rp700,000 million with fixed interest rate
of 10.35% per annum payable quarterly. The bonds are unsecured with a term of 5 (five) years and due on 5
July 2012. The Bondholders’ right ranks pari-passu without preferential rights with other creditors’ rights in
the Company. All bonds were sold at nominal value and are listed on the Indonesia Stock Exchange
(formerly Surabaya Stock Exchange) with PT Bank Mandiri Tbk (Persero) as the Trustee.
12
On 18 December 2007, the Bondholders approved to replace PT Bank Mandiri Tbk. (Persero) as Trustee
and appointed PT Bank CIMB Niaga Tbk. (formerly PT Bank Niaga Tbk.) as the new Trustee.
On 16 June 2008, the Bondholders approved an amendment to the debt covenant in the trustee agreement,
amending the Net Debt to Equity Ratio from 2.5:1 to 4.5:1 for the period ending 31 December 2008 and 3.5:1
after 31 December 2008 based on the Company’s financial statements prepared under the generally
accepted accounting principles in Indonesia.
Based on PT Pefindo’s rating issued on 14 April 2009, the bonds are rated as idA.
Sukuk Ijarah
On 5 July 2007, the Company issued Sukuk Ijarah in a total amount of Rp 200,000 million. The bonds are
unsecured with a term of 5 (five) years, due on 5 July 2012. These bonds were offered with the term
conditions that the Company shall pay to the Sukuk Ijarah Holders a sum of Ijarah Benefit Installment
amounting to Rp20,600 million per annum. The Sukuk Ijarah Holders’ right ranks pari-passu without
preferential rights with the rights of the other Company’s creditors. At any time after the first anniversary of
the issuance date, the Company may redeem the Bonds at prevailing market price. All Sukuk Ijarah Bonds
were sold at nominal value and are listed on the Indonesia Stock Exchange, with PT Bank Mandiri Tbk.
(Persero) acting as trustee.
On 17 March 2008, PT Bank Niaga Tbk as Trustee issued a notification of Company’s failure to comply with
one of the terms in of the Trust agreement requiring the Company to maintain its net debt to equity ratio of
not more than 2.5:1.
On 18 December 2007, the Sukuk Ijarah Holders approved to replace PT Bank Mandiri Tbk. (Persero) as
Trustee and appointed PT Bank CIMB Niaga Tbk. (formerly PT Bank Niaga Tbk.) as the new Trustee.
On 4 July 2008, the Sukuk Ijarah Holders approved an amendment to the debt covenant in the trustee
agreement, amending the net debt to equity ratio from 2.5:1 to 4.5:1 for the period ending 31 December
2008 and 3.5:1 after 31 December 2008 based on the Company’s financial statements prepared under the
generally accepted accounting principles in Indonesia.
Based on PT Pefindo’s rating issued on 4 April 2009, the bonds are rated as idA(sy).
NOTES PAYABLE
On 4 May 2007, the Company’s subsidiary (BLT Finance B.V.) issued Guaranteed Senior Notes amounting
to USD400 million with fixed interest rate of 7.5% per annum, payable semi-annually in advance
commencing 15 November 2007. The notes payable have a term of 7 years and will be due on 15 May 2014.
These notes were offered at 100% of the nominal value and are listed on the SGX-ST. The notes payable
are unconditionally and irrevocably guaranteed by the Company and its subsidiaries.
BLT Finance BV (BLTF BV) has an option to buy back the notes payable with regard to the following
conditions:
i. At any time prior to 15 May 2011 up to 35% of the notes with the net proceeds of 1 or more public
equity offerings to public at a redemption price of 107.5% of the principal amount plus accrued and
unpaid interest provided certain conditions are met;
ii. On or after 15 May 2012, all or any portion of the notes at a redemption price equal to 100% of the
principal amount plus the applicable premium (as defined in the Terms and Conditions of the notes
agreement) and accrued and unpaid interest if, any, up to the date of redemption.
iii. As from 15 May 2012 until 14 May 2013 all or any portion of the notes at a redemption price equal to
103.75% of the principal amount plus the accrued and unpaid interest, if any, up to the date of
redemption.
iv. As from 15 May 2013 until 14 May 2014 all or any portion of the notes at a redemption price equal to
100% of the principal amount plus accrued and unpaid interest, if any, up to the date of redemption, or
13
v. At any time, in the event of certain changes related to taxation in Indonesia and the Netherlands, all or
part of the principal amount plus all additional amount due and accrued and unpaid interest if any, up
to the date of redemption.
In the event of a change in control, the holders of the notes are entitled to require BLT FBV to redeem all or
any portion of the notes at 101% of the principal amount plus the accrued and unpaid interest if any, up to
the date of redemption.
The notes are designated as fair value in the statements of income due to the embedded call and put
options.
As at 31 December 2008, the fair value of the notes payable was Rp1,445,400 million, as determined by the
quoted market price which may not, however, reflect the full amount that BLTF BV will be liable to pay to the
bondholders in order to fulfill their conversion rights or upon redemption of the bonds. The changes in the fair
value were as follows:
DESCRIPTION TOTAL
(Rp million)
Initial balance 3,255,836

Changes in fair value (2,067,887)
Translation adjustment 257,451
Final balance
1,445,400
Based on the rating issued by Fitch Ratings Ltd. in 2008, the Notes are rated B.
OBLIGATIONS UNDER FINANCE LEASE
On 31 December 2008, obligations under finance lease were recorded at Rp2,666,636 million, as follows:
Minimum lease Present value of

payment minimum lease
payment
DESCRIPTION
(Rp million) (Rp million)
Less than 1 year 1,047,907 965,271

1 - 2 years 1,466,013 1,297,593
More than 2 years 478,359 403,772
Total 2,992,279 2,666,636

Less future finance charges 325,643 -
Present value of minimum lease payment 2,666,636 2,666,636
The detail of the finance lease based on each Lessor is listed as follow:
DESCRIPTION TOTAL
(Rp million)
Doun Kissen Co. Ltd 1,257,477

Hisamoto Kisen Co. Ltd 1,409,159
Total
2,666,636
14
The finance lease relates to lease of vessels with a term of between 3 to 10 years, with an option for the
Company’s subsidiaries to purchase the leased vessel for an amount below the expected fair value at the
conclusion of the lease agreement. The obligations binding the subsidiaries under the finance lease are
secured by vessels owned by the subsidiaries and bear effective interest rates of 4% - 10%.
OTHER LONG-TERM PAYABLE
On 7 December 2005, the Company obtained a working capital loan facility in the amount of USD13 million
from a third party Teekay Shipping Corporation. The loan facility has been amended several times as Teekay
BLT corporation has not commenced its commercial operation. The loan is unsecured and payable in 22
installments, payable semi-annually and subject to an interest rate of 8% per annum. The first semi-annual
installment is estimated to fall due in December 2009. The current portion of the loan, totaling Rp6,470
million is also presented under current maturities of long-term liabilities.
POST-EMPLOYMENT BENEFITS OBLIGATION
As at 31 December 2008, the Company recorded post-employment benefits obligation of Rp31,998 million
with the following details:
DESCRIPTION TOTAL
(Rp million)
Present Value of unfunded obligations 39,679

Unrecognized actuarial losses (7,681)
Total 31,998
CONVERTIBLE BONDS
On 17 May 2007, BLT Finance B.V (BLTF BV), a subsidiary, issued Zero Coupon Guaranteed convertible
bonds in denomination of USD100,000 and integral multiples of USD1,000, with aggregate principal amount
of USD125 million. The bonds were issued at 100% of the face value and were unconditionally and
irrevocably guaranteed by the Company.
The bondholders have the right to convert the bonds into ordinary shares of the Company, with par value of
Rp62.50 per share, from 27 June 2007 up to 17 April 2012. The number of shares to be converted will be
determined, in respect of SGX-ST listed shares, by dividing the principal amount of the bond to be converted
(translated at fixed rate of SGD1.5143 per USD1 or Rp 8,894 per USD1) by the conversion price in effect at
the conversion date. The initial conversion price is SGD 0.4965 per share. In the event the shares to be
converted are Indonesian listed shares, the number of shares to be converted will be determined using the
same method as for SGX-ST listed shares, except that in such an event, for purposes of calculating the ratio
the principal amount of the bond to be converted shall remain in USD and the conversion price shall be
translated from Rupiah to USD. Notwithstanding the conversion right of the bondholders, BLTF BV has the
option to pay to the relevant bondholders an amount of cash in US Dollar equivalent to the weighted average
market price of the shares converted, to satisfy the conversion right.
In addition, BLTF BV has an option to redeem the bonds together with accrued and unpaid interest at the
Early Redemption Amount (ERA) in whole with the following conditions:
(i) On or at any time after 17 May 2009 but not less than 20 days prior to the maturity date, if the closing
price of shares (translated into US Dollar), for each of the 25 consecutive trading dates immediately
prior to the date upon which notice of redemption is published is at least 125% of ERA divided by the
conversion ratio.
(ii) The aggregate principal value of the bonds is 10 percent or less of the aggregate principal value
originally issued.
15
(iii) At any time whenever there occurred certain changes related to taxation in The Netherlands or the
Republic of Indonesia.
The bondholders have the right to require BLTF BV to redeem all or some of the bonds at 116.82% of the
principal amount on 17 May 2010. The bondholders also have an option to require BLTF BV to redeem the
bonds at their ERA on occurrence of a change in control or delisting of the Company’s shares.
ERA of the bonds, for each USD100,000 in principal amount, pertains to settlement before the maturity date
at a price ranging from USD102,625.00 to USD129,578.13, representing a gross yield to the investor of
5.25% on a semi-annual basis.
Unless previously redeemed, purchased and cancelled or converted, BLTF BV will redeem each convertible
bond at 129.58% of the principal amount on 17 May 2012.
Convertible bonds, inclusive of embedded derivatives, are measured entirely at fair value with changes in the
fair value recognized in the statements of income. On 31 December 2008, the fair value of the bonds, based
on quoted market prices, amounted to 29%. The fair value at the balance sheet date is determined based on
quoted market price and may not be reflective of the amount that BLTF BV will have to pay to the
bondholders to satisfy their conversion rights or upon redemption of the bonds.
The changes in the carrying amount of the convertible bonds are as follows:
DESCRIPTION TOTAL
(Rp million)
Initial balance 1,210,730

Change in fair value (893,203)
Translation adjustment 79,411
Final balance 396,938
DERIVATIVE FINANCIAL INSTRUMENTS
The Company utilizes cross currency and interest rate swap contracts to manage exposure to foreign
currency and interest rate movements as well as crude oil target redemption swaps to manage exposure in
oil price fluctuations. The following are details of the Company’s derivative contracts:
Notional Value Fair values

December 31, 2008
DESCRIPTION
(‘000) (Rp million)
Cross currency swaps USD265,615 898,798

Interest rate swaps USD575,000 124,173
Crude oil target redemption swaps 2,640 barrels 904,046
Total 1,927,017
Less current portion 337,089
Non-current portion 1,589,928
Cross currency swaps
The cross currency swaps require periodic exchange of payments based on the Rupiah and US Dollar
notional interest amounts and final exchange or net settlement of the notional amounts on the maturity of the
contracts. The cross currency swaps which remain outstanding on 31 December 2008 will mature between
June 2009 and July 2012.
16
Interest rate swaps
The interest rate swaps require periodic exchange of interest on the US Dollar amounts and will mature in
January 2015.
Target redemption swaps
The target redemption swaps require periodic exchanges of payments on a notional quantity of crude oil per
barrel at each settlement date and will mature between August 2010 and October 2010.
The derivatives are measured at the present value of future cash flows estimated and discounted based on
applicable yield curves for the duration of the instruments.
The interest rate swaps require periodic exchange of interest on the US Dollar notional amounts. The target
redemption swaps require periodic exchanges of payments on a notional quantity of crude oil barrels.
DEFFERED GAIN ON SALE AND LEASEBACK TRANSACTION
On 31 December 2008, the total long-term deffered gain on sale and leaseback transaction was Rp24,809
million, with the current portion amounting to Rp2,281 million recorded under current liabilities.
On 31 December 2008, the Company did not have other obligations or commitments outstanding other than
those stated above and disclosed in the consolidated financial statements as well as presented in this
prospectus.
As from 31 December 2008 up to the date of the Independent Auditors’ Report and from the date of the
Independent Auditors’ Report up to the effective of the date of Issue of the Prospectus, the Company has not
executed and/or withdrawn additional loan, except for the following:
a. Loans arising from the Company’s normal business activities.
b. On 2 January 2009, the remaining credit facility from DnB NOR Bank, ASA and NIBC Bank Ltd. was
further increased to reach USD75 million, with Fortis Bank (Nederland) N.V. as an additional lender.
The total loan of USD75 million was fully paid in March 2009.
c. On 20 January 2009, the Company’s subsidiary obtained a secured term loan facility from DVB Group
Merchant Bank (Asia) Ltd. with a maximum credit of USD25 million. The loan is guaranteed by the
Company and secured by the subsidiary’s vessels (M.T. Trirasa and M.T. Tridonawati). The facility
shall be reduced quarterly by USD1,094 thousand and shall be repaid in its entirety 12 months from
the date of initial utilization of the facility.
d. On 17 December 2008, the Company’s subsidiary obtained a secured junior term-loan facility from
Mount Gede LLC with a maximum credit of USD25 million. The loan is secured by vessels owned by
the subsidiaries and guaranteed by the Company. The facility shall be reduced by USD5 million at the
first payment of installment and shall be repaid in its entirety on or before 31 December 2009.
In January 2009, a total of USD20 million has been utilized from the loan facility.
e. In February 2009, Bank UOB Indonesia approved to review the investment credit facility and extend
the Company’s working capital credit facility. As a result, the new line of credit is composed of:
1) The Term Loan Facility amounting to USD8,760 thousand, payable in 10 quarterly installments
of USD360 thousand and the last installment payment of USD5,160 thousand on maturity in
October 2011.
2) The working capital credit facility, as follows: (a) Short Term Advance I amounting to USD1,500
thousand within the Term Loan Facility above, and (b) Short Term Advance II amounting to
Rp150 billion. This credit facility matures in February 2010.
17
The loan facilities are secured by a subsidiary's vessel (M.T. Anjani) and the fiduciary assignment of
accounts receivable arising from charter revenues for the said vessel from Pertamina.
f. In January 2009, the Company has fully repaid its loan to PT Bank Mandiri Tbk. (Persero).
g. Additional loan from DVB Group Merchant Bank (Asia) Limited amounting to USD27 million on 23
March 2009.
h. The modification of the loan from PT Bank Ekspor Indonesia to become long-term loans which will be
due in 2014 on 27 March 2009.
i. In March 2009, the short-term loan facility from Bank Central Asia was modified into loan installment
facility and extended until March 2012;
j. In April 2009, the Company’’s subsidiary obtained a loan facility of USD 31.5 million from DNB Nor
Bank ASA, Singapore. The loan is paid in 16 quarterly installments until 2013 and secured by
subsidiaries’ vessels (M.T. Gandari, M.T. Gas Bali, M.T. Gerbera and corporate guarantee from the
Company and Goldbridge Corporation).
k. In May 2009, Company obtained a loan from Bank Mandiri with a maximum amount of Rp500,000
million. This loan is secured by vessels of the Company’s subsidiaries and guaranteed by the
Company and payable in quarterly installments until December 2013.
l. In May 2009, Company received proceeds generated from the Bonds Public Offering of PT Berlian
Laju Tanker IV in the amount of Rp400,000 million and Sukuk Ijarah II of PT Berlian Laju Tanker in the
amount of Rp100,000 million.
Considering the Company’s financial conditions, the management of the Company believes that the
Company has the ability to settle all of its obligations in accordance with their terms.
18
IV. MANAGEMENT DISCUSSION AND ANALYSIS
1. GENERAL
Established in 1981, the Company and its Subsidiaries are an international liquid cargo shipping company,
with operations primarily throughout Asia and the Middle East, as well as Europe. The Company and its
Subsidiaries are the largest provider of seaborne transportation of liquid cargoes in Indonesia and one of the
largest in the world for chemical tanker segment, both by tonnage and by number of ships. The Company
and its Subsidiaries transport primarily the following cargoes: organic and inorganic liquid chemicals, edible
or vegetable oils (primarily palm oil), crude oil, refined petroleum products such as lubricating oil, base oil
and various additives, liquefied gas such as liquid petroleum gas or ‘‘LPG’’, and propylene, ethylene,
propane and other petrochemical gases. In 2006, the Company and its Subsidiaries ventured into a new
segment, the Floating, Production, Storage and Offloading (FPSO) tanker services.
As at 31 December 2008, the Company and its Subsidiaries operated 87 tankers, of which it owned 69
tankers and chartered-in 18 tankers, with total cargo carrying capacity of 2,006,783 DWT. Since 31
December 2008 and up to the date on which this Prospectus was issued, the Company’s fleet increased with
delivery of 2 additional chemical tankers and sale of 1 chemical tanker. Given these changes, the total
capacity of the entire fleet grew to 2,044,933DWT. Up to the time this Prospectus was issued, the Company
and its Subsidiaries had 69 tankers and chartered-in 19 tankers, such that the fleet operated by the
Company and its Subsidiaries comprised 88 tankers, consisting of 62 chemical tankers with capacity ranging
between 1,250 DWT and 32,696 DWT; 14 oil tankers of between 3,557 DWT up to 154,970 DWT; 11 gas
tankers sized between 3,500 – 155.000 cubic meters (“CBM”) and 1 FPSO tanker with 60,874 DWT
capacity.
The Company divides its operations into segments based on the type of business/ type of vessel the
Company uses to transport different products: chemical tankers, oil tankers, gas tankers and FPSO tankers.
In addition to these segments, the Company derives a small amount of revenue from the receipt of agency
fees and storage fees.
Chemical Tankers. On 31 December 2008, the Company operated 61 chemical tankers, of which it owned
44 and chartered-in 17. The aggregate tonnage capacity of its chemical tanker fleet as at 31 December 2008
was 960,086 DWT. From 31 December 2008 up to the date of issue of this Prospectus, the Company has
received delivery of 2 chemical tankers, expanding its aggregate tonnage capacity to 998,236 DWT. The
Company had 10 newbuild chemical tankers on order with total capacity of 190,980 DWT, expected to be
delivered between 2009 and 2012. At present, the chemical tanker fleet is made up of 62 vessels, with a
total capacity of 998,236 DWT.
Oil Tankers. As at 31 December 2008, the Company operated 14 oil tankers, of which it owned 13 tankers
and chartered-in 1 tanker. At the time this Prospectus was issued, its fleet had an aggregate tonnage
capacity of 929,723 DWT. From 31 December 2008 and up to the date of issue of the Prospectus, the
Company did not add any oil tankers to its fleet. At present, the Company has no outstanding orders for a
new oil tanker.
Gas Tankers. On 31 December 2008, the Company operated 11 gas carriers, which were entirely owned by
the Company. On 31 December 2008, this fleet had tonnage capacity of 55,626 (56,100 DWT). Up to the
date, the Company has made orders for 4 newly-constructed LPG carriers, with total capacity of 17,000 CBM
(17,800 DWT) to be delivered between 2009 and 2012. At the time when this Prospectus was issued, the
Company operated 11 gas tankers, having total capacity of 55,626 CBM (56,100 DWT).
Moreover, on 31 December 2008, the Company operated 1 FPSO tanker owned by the Company with
tonnage capacity of 60,874 DWT. Since 31 December 2008 and up to the date of issue of the Prospectus,
the Company has not added new FPSO tanker into its fleets. Currently, the Company is pursuing a number
of bids for FPSO project. In the event that the Company successfully wins these transactions, then the
Company plans to change/convert a number of selected tankers into FPSO tankers to execute these
contracts.
19
2. ACTORS AFFECTING OPERATIONAL RESULTS
The Company’s results of operations are affected by various factors principally by overall market conditions
in the liquid cargo shipping industry, including availability of and demand for vessels, which determines
freight rates, as well as by the number of tankers owned and the make-up of the Company’s fleet, by the
utilisation rates of those tankers, by total costs for operations, in particular fuel costs and depreciation, by the
market value of our vessels, by foreign exchange rates, and by the tax regimes governing our business.
Economic and Market Conditions
The shipping industry plays an important role in international trade, and it is the only viable transportation
alternative for selected types of commodities, particularly bulk commodities, which are transported in large
quantity or volume. Given the particular characteristics of this industry, it is extremely susceptible to growth
of international trade and global economies. In general, world’s average GDP growth from 2004 to 2007 was
adequately sound at 5% per annum. The Asian region recorded the highest growth, generating an average
of 8.97% per annum with a double digit rate of 10.3% achieved in 2007. Growth for this region was mostly
supported by contribution from China and India, which respectively recorded average growth rate of 11.27%
and 8.8% per annum for the period of 2004 - 2007. The favorable global economic growth during the period
was conducive to oil consumption, driving demand for oil by an average increase of 4.5% per annum over
the period 2004 – 2007. This rising trend indicates a relatively strong positive correlation between the global
economic conditions and demand for oil. In 2008, the world GDP growth suffered on the back of the global
crisis, which was initiated by a financial crisis in the United States. In 2008, the world’s GDP growth declined
to 3.5%, and major economic powerhouses as France, England and Japan only registered GDP growth rate
below 1% for the year. Nevertheless, the Middle East recorded a significant growth of 6.4%, or higher than
its achievement of 5.9% in 2007, reflecting the impacts from the significant rise in oil prices throughout 2008.
Drewry Shipping Consultants Ltd estimates that the world economy will expand by 0.5% in 2009, while
developed countries will experience a negative growth of 1.9%. In contrast, Asia and the Middle East will
maintain positive growth figures though lower than those achieved in 2008. China is projected to retain 7.5%
growth for the year and the Asian region (except Japan) will grow by 5.2%. The present global condition will
ultimately affect demand of cargo space and tariffs. However, some regions with positive economic growth
1
still present attractive expansion opportunities for the shipping industry.
The liquid cargo shipping industry is affected by market conditions that are often outside the control of
individual shipping company. As one of the significant players in the liquid cargo shipping industry, the
Company’s results of operations may fluctuate significantly based on factors such as general global
economic conditions, the supply and demand for liquid cargo shipping and the broad cyclicality of the
shipping industry.
The shipping of chemicals, oil and gas makes up the substantial majority of the Company’s operations. The
market for the transportation of chemicals, oil and gas has historically been volatile, as global demand for
these products fluctuates. Demand for oil, chemicals and gas is driven in large part by and generally follows
global patterns of economic development, growth and activity. Changes in demand for the shipping of oil,
chemicals and gas, are influenced by, among other factors, changes in global oil and gas production and the
related changes in oil and gas prices, export and import levels in the world oil trade, worldwide demand for
energy products, in particular petroleum and petroleum-related products, fluctuations in the levels of global
and regional trade and output, currency exchange rates, oil and gas inventory levels, particularly in importing
countries, and changes in the regulatory regimes governing vessels and shipping.
Over the past several years, global demand for the shipping of oil, chemicals and gas has risen steadily.
According to Drewry, the shipping of liquid cargo made up approximately 45.00% (3,780 million tonnes) of all
seaborne trade in 2007. Seaborne trade of chemicals has risen by approximately 16% since 2003, from
approximately 144 million tons to 168 million tons in 2008. Demand for oil tankers, meanwhile, has increased
1
The Company has not sought the consent of Drewry Shipping Consultants Ltd for the purposes of Section 249 and Section 277 of the Securities and Futures Act, Chapter 289
of Singapore, as amended or modified from time to time (the “SFA”), for the inclusion of the information above which is publicly available, and Drewry Shipping Consultants Ltd is
thereby not liable for such information under Sections 253 and 254 of the SFA. The Company has included the above information in its proper form and context and has not
verified the accuracy of the content of such information. The Company is not aware of any disclaimers made by Drewry Shipping Consultants Ltd in relation to the above
information.
20
from 250 million DWT in 2003 to 377 million DWT in 2008, increased 50.8%. In the gas sector, demand has
risen from approximately 70.7 million tons for shipping of LPG, ammonia and petrochemical gases in 2000 to
2
83.3 million tons in 2008.
The success of the liquid cargo shipping segment is affected by the ability of shipping companies to read the
market conditions and optimize their own fleets by either by commissioning new ships or re-activating
previously idle ships or offset by the scrapping of older vessels. Charter rates will increase once shipping
companies have exhausted the capacity of their existing fleet. Inversely, an oversupply of vessels will bring
freight rates down. The Company believes that the market participants who are best able to survive in an
environment of low freight rates are those with a diversified vessel and product portfolio, a high percentage
of long-term charter contracts, and sufficient liquidity and flexibility in their cost structure. As the demand for
liquid cargo shipping reaches the limits of available supply, charter rates will increase sharply. Accordingly,
when the surplus of available tonnage is low, a relatively small increase in demand can cause freight rates to
increase sharply. When the surplus of available tonnage is high, on the other hand, charter rate increases
will be relatively small, even with a large increase in demand.
In addition, the shipping industry is highly competitive and has barriers to entry that are capital intensive but
otherwise low. During an upturn in demand, there are likely to be a number of new market entrants.
However, these new players are actually part of or affiliated to existing major players. Therefore, the
Company assumes that there is no change in the competition within the industry.
Based on historical trends, at a time when the maritime transportation service industry demonstrates a strong
global growth or there is a shift from some transportation modes to maritime transportation, hence making
the existing capacity inadequate; then the market will strengthen with rising freight rates. However, in the
event of continued capacity expansion to an extent exceeding the demand, then the industry will be highly
sensitive if the economic condition deteriorates.
In general, technology and market demographic conditions do not undergo significant changes over a short
period of time, nor is it common for new services to emerge and serve as substitutes. Since the market tends
to be static, consumers are similarly insensitive to changes in the market. Thus, marketing and distribution
methods are not modified significantly.
In the past few years, supply of liquid cargo vessels increased in response to higher demand. Drewry
recorded total capacity of the world’s chemical tanker fleet reached 44.2 million DWT in 2001. By 2008, total
capacity has gone up by 49.18% compared to 2001 with total capacity reaching 65.94 million DWT. The
world’s oil tanker fleet also grew by a significant rate, as total capacity in 2008 was registered at 342.3 million
DWT, or higher by 32.5% compared to total capacity available in 2001 of 258.3 million DWT. At the same
time, the world’s gas carrier fleet carried total capacity of 14.1 million CBM in 2001 and increased to 18.3
3
million CBM by 2008.
The financial performance of the liquid cargo shipping industry has historically been cyclical, with volatility in
freight rates due to the fluctuations in the supply of and demand for shipping services explained above. The
business cycles of each of the three product markets in which it operates, namely chemicals, oil and gas, do
not necessarily correlate with one another. The various shipping routes on which the Company operates and
the various products it carries have various degrees of exposure to this cyclicality in freight rates. The
Company seeks to manage this exposure by maintaining a balance in our product mix, by maintaining a
balance between long-term and spot contracts and by moving our ships to geographic regions where
demand is both high and relatively stable.
2 The Company has not sought the consent of Drewry Shipping Consultants Ltd for the purposes of Section 249 and Section 277 of the Securities and Futures Act, Chapter 289
information.
3
information
21
Capacity and Composition of the Company’s Fleet
The number of vessels in the Company’s fleet is the single most important factor that directly affects its
results of operations. As the number of vessels in its fleet has increased, the Company’s revenues have
increased accordingly, as have its voyage expenses and ship operating expenses, albeit in significantly
smaller absolute terms. With the additional vessels, the Company has also increased its tonnage capacity.
From 1 January 2005 and up to 31 December 2007, the Company’s fleet added 34 vessels and increased its
aggregate tonnage capacity from approximately 727,169 DWT to 1,878,502 DWT. In 2008, the fleet further
expanded by 9 vessels and increased its aggregate tonnage capacity to 2,006,783 DWT consisting of 87
vessels as at 31 December 2008. Up to the date of issue of this Prospectus, the Company’s fleet increased
by 2 chemical tankers and sold 1 chemical tanker resulting in an increase of capacity by 38,150 DWT.
The following table presents the growth in the Company’s fleet, by business segment, for the last 3 years.
31 December
2006 2007 2008
Number Number Number
Average Average Average
of DWT of DWT of DWT
Age Age Age
Vessels (‘000) Vessels (‘000) Vessels (‘000)
(Years) (Years) (Years)
Chemical 36 391.6 8.4 57 816.2 7.6 61 960,1 7.7

Oil 16 1,040.9 14.1 15 966.1 14.4 14 929,7 15.4
Gas(1) 6 25.2 11.9 8 35.4 11.2 11 56.1 8.0
FPSO 1 60.9 26.0 1 60.9 27.0 1 60,9 28.0
Total 59 1,518.5 10.6 81 1,878.6 10,6 87 2,006.8 9.4
Note:
(1) Capacity of gas tankers can be measured in DWT or CBM.
In addition to size and capacity, another important characteristic of the Company’s fleet is its composition.
The Company’s fleet includes chemical tankers, crude oil tankers, oil product tankers, gas tankers and an
FPSO tanker. As per 31 December 2008, the Company has 4 gas tankers and 11 chemical tankers on
purchase order. These vessels differ in size (and therefore tonnage capacity), age, functionality, reliability,
reach and usage, as well as in the make-up of their technical specification and equipment. to conform to
market demand.
The costs of acquiring these vessels, as well as their carrying values once acquired and their continuing
maintenance costs, vary in accordance with their characteristics listed above, as do the direct costs of
operating each vessel. Similarly, freight rates for the different products that each vessel carries also vary. In
addition, the world market for supply and demand for vessels differs by geographic location and by types of
products, and therefore also by type and location of different vessels. As a result of all of these factors, the
Company expects its profit margins on different types of vessels to fluctuate. The Company seeks to
maintain a broad portfolio of different vessels within its fleet and a balance between vessels in its three
operating segments in order that it may be able to service those geographic and product markets that it
believes will grow and continue to be profitable in the future and in order that the Company may maintain its
margins in its shipping operations.
The Company owns or charters-in the vessels in its fleet. As at 31 December 2008, the Company owned 69
of the vessels in its fleet and chartered-in 18. The Company assumes all of the direct costs of running the
vessels that it owns, in addition to having to make a significant capital investment to acquire each vessel. As
at 31 December 2008, from all charetered-in vessels, the Company chartered-in, 7 were bareboat charters,
for terms of between 6.5 and 12.5 years, and 11 were time charters with duration between 5 to 10 years. For
bareboat charters, the Company assumes all vessel-operating costs as if it owned the vessels, but the
Company does not incur any capital costs on the vessels. For the time charters, the only direct costs that it
assumes are voyage costs (fuel and port charges), and its investment is limited to the rental charges for the
vessel. The Company’s margins for operating its own vessels or chartering them in on a bareboat basis are
typically higher than its margins for operating time-chartered vessels.
22
From an operational perspective, the Company generally favours purchasing vessels or chartering them on a
bareboat basis rather than time-chartering them because of the higher margins and control over
maintenance, equipment, safety and other aspects of vessel operation and management. With owned and
bareboat-chartered vessels, the Company is better able to control its operating expenses than with time
charters (which depend on market rates and third party cost structures). The Company seeks to maintain a
balance between owned/bareboat chartered vessels and time-chartered vessels that will give the Company
the size and flexibility, both from an operational and from a financial perspective, to meet the demands of the
market.
Freight Rates
Freight rates for the marine transportation of liquid cargo differ according to product, type and age of vessel
used, length and speed of haul, geographic region and a number of other variables. They are driven largely
by the geographic balance of trade, which determines the length of haul required, and by the balance of
worldwide vessel supply and cargo demand for a particular product, as described above. Freight rates have
a direct and substantial effect on the Company’s revenues and profits. A shortage in shipping capacity
means not only that the utilisation rate of the Company’s vessels will rise, but also that freight rates will
increase, thereby raising the Company’s average revenues per day. An oversupply of shipping capacity has
the opposite effect. In addition, rising freight rates mean that its margins on vessels that the Company has
chartered-in at fixed prices for long terms and charter out at higher spot rates will increase. Over the past five
years, freight rates generally have increased in the markets for each of our operating segments. In the
chemical market, according to Drewry, rates have risen significantly across the Transatlantic routes of both
eastbound and westbound. In the past 5 years, spot rates in the eastbound Transatlantic route increased
69.4% and in westbound Transatlantic route increased 24.4%. The increase is a result of a favourable
market balance caused by strong demand growth and only moderate increases in vessel supply. Similarly,
time charter rates for oil and gas tankers. As a result of the significant demand growth in recent years, many
companies have placed orders for new ships, thus causing existing shipyards to operate at their full
capacities and therefore there may be a significant increase in the supply of vessels in the market in the next
4
several years.
In addition to being driven by market conditions, freight rates also differ depending on the type of charter
agreement entered into between the ship owner or operator and the cargo owner or charterer. Under time
charters, vessels are chartered to customers for fixed periods of time at rates that are generally also fixed.
The charter rate includes all crew-related expenses and other ship operating expenses, but not fuel and port
charges, for which the customer pays directly. Under a Contract of Affreightment (COA), the owner of a fleet
provides vessel capacity to transport a certain amount of cargo, for a fixed rate, within a specified period
from one place to a destination designated by the customer. Spot contracts are contracts for a single voyage
that is priced on a current or spot market rate. Under both COAs and spot contracts, the customer pays only
a single charter fee, and we pay for fuel and port charges. Some of these costs may be partially passed on to
the Company’s customers as part of the freight rate under COAs with bunker adjustment clauses and under
spot contracts. In a fixed rate arrangement, the Company may benefit from a drop in fuel prices during the
life of the contract if the Company can purchase fuel for less than the price for which it was contracted.
Conversely, the Company may be adversely affected by a rise in fuel prices if the Company has to purchase
fuel for more than the price for which it was contracted. Since the beginning of 2003, the Company has not
chartered-out any vessels on a bareboat basis.
As a measure of its operational results, the Company subtracts the costs for fuel and port charges from the
revenues derived from COAs and spot contracts to arrive at so-called “time-charter equivalent (TCE)
income”. With such measurement, Company can measures all revenues derived from COAs and spot
contracts on the same basis as for time charters, where fuel and port charges are excluded, as they are
borne directly by the chartering party. See “Overview of Revenue and Expenses” in this Prospectus.
4
information
23
During an upturn in economic conditions, freight rates and margins in the spot market may be substantially
higher than the rates negotiated for fixed contracts, due in part to a certain long-term “discount” built into
fixed contracts. On the other hand, fixed contracts provide stable rates that protect the Company against
downward pressure on freight rates during a market downturn. Under time charter agreements, rates for
capital expenditures (e.g. maintenance) are fixed for the period of the time charter and are determined at the
time of entry into the relevant time charter agreement. Time charter rates thus reflect the prevailing spot
market rates and expectations of future time charter rates at the time of entry into the relevant time charter
agreement. The Company also enters into COAs on fixed rates. As a result, the prevailing spot market rates
and expectations of future time charter rates at the time of entry into the relevant COA are also reflected in
the rates the Company charges under COAs.
From an operational perspective, the Company has historically favoured chartering-out a substantial part of
its fleet through fixed contract arrangements. Under these fixed contracts, the Company is better able to
manage its expenses and control the flow of its revenues. However, by monitoring developments in the
market, the Company seeks to maintain a balance between contract arrangements and opportunities in the
more volatile spot market, in order to take advantage of potential increases in freight rates, to maintain the
flexibility of its fleet in serving its customers in different locations throughout the world, and to maintain the
consistent growth of its revenues. In addition, the spot market provides opportunities for arbitrage between
the charter rates the Company pays and those the Company receives.
Utilization Rate
The Company’s revenue depends on the utilisation rate of its vessels. Utilisation rate is the number of days
per year during which the Company’s vessels are available for operations compared to the number of days
during which they are off-hire, due to dry-docking or maintenance and repair. It reflects the extent to which
the Company’s fleet is available to secure suitable employment during a period that affects its revenues. The
fewer days the Company’s vessels spend in dry-dock, the higher its revenues, although ensuring proper
vessel maintenance requires a certain amount of off-hire time, which should reduce down-time of vessels in
the future and prolong their useful life. The utilisation rate of a vessel is affected primarily by its age. In the
past three years, the Company’s fleet-wide utilisation rate was approximately 95.60% for 2006, 95.10% for
2007 and 96.10% for 2008.
The following table shows information on ship available days, the utilisation rates per segment and fleet-wide
for the periods indicated. Ship available days is the total capacity of the Company’s fleet during a period; for
one vessel that the Company owns during an entire year, it is 365 days, and it changes as the Company
acquires or disposes of vessels. Utilisation rate is the number of ship tradeable days divided by ship
available days for a given period.
31 December
2006 2007 2008
Ship Available Days

Chemical Tankers 12,385.8 13,790.0 21,718.0
Oil Tankers 5,686.0 6,004.0 5,600.0
Gas Tankers 1,891.0 2,741.0 2,665.0
FPSO 365.0 365.0 366.0
Total Fleet ......................................................... 20,327.8 22,900.0 31,954.0
Off-hire days ......................................................

Chemical Tankers................................................ 237.7 583.1 715.1
Oil Tankers ........................................................ 364.4 477.4 455.6
Gas Tankers........................................................ 76.1 53.2 111.7
FPSO 22.3 - -
Total Fleet ......................................................... 901.2 1,113.7 1,282.4
Ship Tradeable Days..........................................
24
Chemical Tankers................................................ 12.148,1 13.206,9 21.002,9

Oil Tankers ......................................................... 5.321,6 5.526,6 5.144,4
Gas Tankers........................................................ 1.814,9 2.687,8 3.543,3
FPSO 142,0 365,0 366,0
Total Fleet .......................................................... 19,426.6 21,786.3 30,698.6
Utilization Rate
Chemical Tankers................................................ 98.1% 95.8% 96.7%
Oil Tankers ......................................................... 93.6% 92.0% 91.9%
Gas Tankers........................................................ 96.0% 98.1% 95.8%
FPSO 38.9% 100.0% 100.0%
Total Fleet .......................................................... 95.6% 95.1% 95.8%
Costs
The Company’s costs consist primarily of voyage expenses, ship operating expenses and rental charges,
depreciation and financial expenses.
Voyage expenses have historically been one of the largest components of the Company’s costs. The
Company pays for voyage expenses whenever it charters-out its vessels on a spot contract or COA basis;
when the Company charters out as time charters, the Company does not pay for voyage expenses, as the
customer pays for voyage expenses directly. The Company has little or no control over any changes in
voyage expenses, as prices for fuel depend on the market and port charges are set by ports. However,
under certain of our COA arrangements, the Company may be able to pass part or all of an increase in
bunker costs on to the customer, if the arrangement contains fuel adjustment clause.
For the Company’s owned vessels and those that the Company charters-in on a bareboat basis, the
Company incurs significant ship operating expenses, including crew-related expenses and repair and
maintenance costs. For vessels that the Company charters-in on a time-charter basis, the owner of the
vessels bears the ship operating expenses. For both bareboat and time charters, the Company’s costs also
include rental the Company pays to the owners of the vessels.
Depreciation has historically been the largest component of the costs for the Company’s owned vessels. The
amount of depreciation that the Company incurs as a cost can vary from year to year, as it depends on the
third-party valuations of its vessels, which can fluctuate according to market conditions. See chapter on
“Significant Accounting Policies - Useful Life and Depreciation of Vessels”. in this Prospectus.
In addition, the Company’s financing costs are significant. The Company incurs financing costs primarily in
order to finance the acquisition of vessels for the expansion of its fleet.
Taxation
The Company holds its vessels through its subsidiaries that own and operate the Company’s vessels. These
subsidiaries are incorporated in Singapore, Panama, the United Kingdom, Malaysia, the Marshall Islands
and Indonesia. The Company’s operating subsidiaries in Singapore benefit from certain Singapore tax
exemptions and incentives. Other than within the limits of the port of Singapore, Singapore shipping
enterprises are exempt from taxation on income derived from: (a) the carriage of goods by and the chartering
of sea-going Singaporean ships, as well as towing or salvage operations carried out by Singaporean ships;
and (b) the carriage of goods shipped in Singapore by foreign ships, excluding such carriage as arises solely
from transshipment from Singapore. The Company’s non-Singapore shipholding subsidiaries are
incorporated in jurisdictions where similar tax exemptions or incentives to those in Singapore exist for
shipping companies. If the Singaporean tax regime or the regimes in the other jurisdictions where the
Company’s shipholding subsidiaries are located were to change, or if the Company were to lose any
applicable tax exemptions, the Company would have to seek alternative jurisdictions in which to incorporate
its shipholding subsidiaries. The costs associated with such re-incorporations or the Company’s inability to
incorporate its subsidiaries in jurisdictions with similarly favourable tax treatments could have a material
adverse effect on the Company’s financial condition and results of operations.
25
3. OVERVIEW OF REVENUE AND EXPENSES
The Company believes that an important measure for analysing trends in its results of operations is time
charter equivalent revenues (“TCE revenues” or “TCE”) and TCE revenues per ship tradeable day. TCE
revenues consist of its shipping revenues (which are its total operating revenues less revenues derived from
agency and storage fees) minus voyage costs (which are the costs of fuel and port charges). Under a time
charter contract, the chartering party is responsible for paying all voyage costs, whereas under spot
contracts and COAs, the Company bears all voyage costs. As a result, subtracting voyage costs from
revenues for spot contracts and COAs makes the income from these contracts comparable to that from time
charters and gives an indication of the level of income that the Company derives from the actual operation of
its vessel. In addition, as freight rates vary for each individual contract based on a number of different
variables, TCE income gives some indication of general trends in freight rates.
The components of the Company’s TCE revenue calculations include the following:
• Shipping revenues: the Company defines shipping revenues as operating revenues less revenues
derived from agency and storage fees.
• Average number of vessels: the Company defines average number of vessels in a period as the
number of vessels owned and chartered-in during that period.
• Ship available days: the Company defines ship available days as the sum of all of the days during a
specified period on which the Company owned each of its vessels.
• Ship tradeable days: the Company defines ship tradeable days as the number of ship available days
during a period, less off-hire days, which are those days in which the vessel is in dry dock for
maintenance or repair or is otherwise not capable of being operated.
• Voyage expenses: voyage expenses consist of fuel costs and port charges.
The following table gives an overview, on a group basis and per segment, of the average number of vessels
in its fleet, their average age, the Company’s TCE revenues per ship tradeable day, and the Company’s ship
operating expenses per ship available day, based on their respective category and segment for the past
three years.
31 December
2006 2007 2008
Chemical Tankers:
Average Number of Vessels(1) ...................................... 34.3 38.7 59.1
Average Age of Vessels in one Periode (Year)............... 8.4 7.6 7.7
Utilization Rate(2) ........................................................... 98.1% 95.8% 96.7%
TCE per Day(3) (Rp 000) ................................................ 88,441.2 105,892.8 154,943.5
Daily Ship Operating Expenses (4) (Rp 000) ................... 42,850.2 45,335.3 91,387.1
Oil Tankers:
(1)
Average Number of Vessels l ..................................... 15.7 16.6 14.8
Average Age of Vessels in one Periode (Year).............. 14.1 14.4 15.4
Utilization Rate(2) ........................................................... 93.6% 92.0% 91.9%
TCE per Day(3) (Rp 000)................................................ 206,773.2 185,660.9 209,136.3
Daily Ship Operating Expenses (4) (Rp 000).................... 40,824 55.716.0 53,622.2
Gas Carriers:
(1)
Average Number of Vessels l .................................... 5.3 7.7 9.7
(2)
Utilization Rate ........................................................... 96.0% 98.1% 95.8%
(3)
TCE per Day (Rp 000)................................................ 70,874.1 64,371.9 121,364.0
(4)
Daily Ship Operating Expenses (Rp 000).................... 10,936.1 9,734.0 20,911.4
FPSO:
26
Average Number of Vessels l(1) ..................................... 1.0 1.0 1.0

(2)
Utilization Rate ........................................................... 38.9% 100.0% 100.0%
(3)
TCE per Day (Rp 000) ................................................ - 273,704.2 289,691.3
(4)
Daily Ship Operating Expenses (Rp 000).................... - 298.3 745.9
Total Fleet:
(1)
Average Number of Vessels l .................................... 56.3 63.9 84.5
Average Age of Vessels in one Periode (Year) ............. 10.6 9.4 9.3
(2)
Utilization Rate .......................................................... 95.6% 95.1% 95.8%
(3)
TCE per Day (Rp 000)................................................ 118,568.6 123,818.1 163,296.3
(4)
Daily Ship Operating Expenses (Rp 000).................... 39,000.4 42,821.9 77,390.5
Notes:
(1) Average of the number of vessels, both owned and chartered-in at the end of each month during the specified period.
(2) “Utilisation rate” is calculated by dividing the number of ship tradeable days in a specified period by the number of ship available
days.
(3) "TCE per Day " is calculated as (a) revenues and accrued revenues net of voyage expenses and commissions and accrued
voyage
expenses and commissions divided by (b) the number of ship tradeable days during the specified period.
(4) Ship operating expenses per day on our total ship operating expenses divided by ship available days.
On the Group level, the Company’s daily TCE revenue increased by Rp39.47 million, or up 31.88% from
Rp123.82 million in 2007 to Rp163.29 million in 2008, and previously by Rp5.25 million or 4.42% from
Rp118.6 million in 2006 to be Rp123.8 million in 2007. These increases were primarily attributable to the
increases in the Company’s operating revenues resulting from the growth of its fleet, partially offset by
increases in its voyage expenses.
TCE of total fleet per day
Operating Revenues
The Company and its Subsidiaries derive substantially their operating revenues from their shipping
operations. The Company’s revenues comprise revenues from three business segments: chemical, oil and
gas. The Company’s revenues are driven primarily by the number of vessels in its fleet, the number of days
during which the vessels in its fleet operate and the levels of freight rates that its vessels earn under their
charter contracts. Since the beginning of 2008, the Company has derived approximately 60% to 80% of its
operating revenues from vessels that it owns, and approximately 20% to 40% from vessels that it charters in.
The Company also derives a small amount of revenues from agency fees and storage fees, which are
accounted for separately and not as part of one of the foregoing three business units of the Company and its
Subsidiaries.
The following table shows the Company’s operating revenues for the past three years by business segment.
27
31 December
2006 2007 2008
(Rp (Rp (Rp
million) (%) million) (%) million) (%)
Operating Revenues
Chemical 1,594,941 51.9 1,997,253 54.8 5,173,656 73.8
Oil 1,317,613 42.9 1,333,994 36.7 1,351,735 19.3
Gas 148,477 4.8 199,182 5.5 361,849 5.2
FPSO 100,041 2.7 106,300 1.5
2
Other 12,756 0.4 11,303 0.3 12,311 0.2
Total 3,073,788 100.0 3,641,773 100.0 7,005,851 100.0
Notes:
(1) Including revenue from operation of one FPSO tanker starting in August 2006, totaling Rp70,726 million in 2006.
(2) Consisting of agency and storage fees.
Operating Revenues Chart based on business activities
The following table provides shipping revenues based on geography of cargo ports for the last three years:
31 December
2006 2007 2008
(Rp (Rp (Rp
million) (%) million) (%) million) (%)
Shipping Revenues
Southeast Asia 1,788,093 58.2 1,828,170 50.2 2,879,405 41.1
North Asia 670,183 21.8 997,846 27.4 1,296,082 18.5
South Asia and Middle East 535,118 17.4 666,444 18.3 1,092,913 15.6
Europe 66,946 2.2 134,745 3.7 567,473 8.1
Other 13,447 0.4 14,568 0.4 1,169,978 16.7
Total 3,073,788 100.0 3,641,773 100.0 7,005,851 100.0
The primary factor driving the Company’s revenues is the number of ships in the Company’s fleet. For
purposes of the Company’s fleet-size presentation as of the end or beginning of a financial year, the
Company counts vessels whose charter contract expired or that the Company sold effective as of the end of
31 December of a given financial year as disposed of as of 1 January of the following financial year.
In 2006, 8 vessels were added to the Company’s fleet: i.e. 2 oil tankers by purchase, 1 chemical tanker by
purchase, 1 gas tanker by construction and 3 chemical tankers by charter. In addition, the Company has
completed change/conversion of one oil tanker into an FPSO tanker. The Company’s average number of
vessels for 2006 was 56.3 vessels. The total net tonnage capacity gained by the Company during the year
through vessel transactions was 221,330 DWT, whereas the total tonnage capacity as at 31 December 2006
was 1,518,487 DWT.
28
In 2007, the Company’s fleet was expanded by 22 vessels: 1 chemical tanker which was internally
constructed, 12 chemical tankers by purchase, 2 gas tankers which were internally constructed, 2 oil tankers
by purchase and 5 chemical tankers by charter. The Company also disposed of vessels by selling a total of 3
tankers. The Company’s average number of vessels for 2007 was 63.9 vessels. The total net tonnage
capacity gained by the Company during the year through vessel transactions was 360,015 DWT, whereas
total tonnage capacity as at 31 December 2007 was 1,878,502 DWT.
In 2008, the Company’s fleet was expanded by 14 vessels: 1 chemical tanker which was internally
constructed, 2 gas tankers which were internally constructed, 1 gas tanker by purchase, 2 chemical tankers
by finance lease, 7 chartered chemical tankers by direct purchases and 1 chemical tanker by exercise of a
finance lease option. The Company also disposed of vessels by selling 1 oil tanker and 4 chemical tankers.
The Company’s average number of vessels for 2008 was 84.3 vessels. The total net tonnage capacity
gained by the Company during the year through vessel transactions was 128,281 DWT, whereas total
tonnage capacity as at 31 December 2008 was 2,006,783 DWT.
In 2008, the Company derived approximately 81% of its shipping revenues from COAs and spot contracts
and approximately 19% from time charters. In 2007 those percentages were approximately 83% and 17%,
respectively, and in 2006, approximately 70% and 30%, respectively.
Chemical Tankers
The Company’s operating revenues for the chemical tankers segment are derived from its shipping
operations. Changes in revenues are driven in large part by changes in the size of our chemical fleet and by
changes in freight rates. Over the past three years, our chemical fleet has grown from an average of 34.3
vessels in 2006 to 38.7 vessels in 2007 to 59.1 vessels in 2008. As of 31 December 2008 until the date this
Prospectus is published, the Company’s chemical fleet had an average of 89 vessels.
In 2006, the Company added 4 chemical tankers, for a net gain in capacity of 82,676 DWT. On 31 December
2006, the Company operated a chemical tanker fleet consisting of 36 vessels, of which the Company owned
24 and chartered-in 12 vessels, with an aggregate capacity of 391,569 DWT.
In 2007, the Company added 18 chemical tankers for a net gain in capacity of 424,627 DWT. On 31
December 2007, the Company operated a chemical tanker fleet consisting of 54 vessels, of which the
Company owned 37 and chartered-in 17 vessels, with an aggregate capacity of 818,196 DWT.
In 2008, the Company added 7 chemical tankers, for a net gain in capacity of 143,890 DWT. On 31
December 2008, the Company operated a chemical tanker fleet consisting of 61 vessels, of which the
Company owned 44 and chartered-in 17 vessels, with an aggregate capacity of 960,086 DWT.
In 2008, the Company derived 93% of its shipping revenues from COAs and spot contracts and
approximately 7% from time charters. In 2007, the Company derived approximately 96% of its shipping
revenues from COAs and spot contracts and approximately 4% from time charters. In 2006, the Company
derived approximately 93% of its shipping revenues from from COAs and spot contracts and approximately
7% from time charters.
Oil Tankers
The Company’s operating revenue for the oil tanker segment is derived from shipping services. Changes in
operating revenue are mostly influenced by the number of oil tankers in the fleet and, in a smaller role,
movements in freight rates. In the past three years, the Company’s oil tanker fleet has grown from 15.7
vessels in 2006 to 16.6 vessels in 2007 and reaching 14.8 vessels in 2008. From 31 December 2008 and up
to the date of issue of this Prospectus, the average size of the Company’s oil tanker fleet is 14 vessels.
In 2006, the Company added 2 oil tankers with no reductions made to the fleet, thus gaining net capacity by
133,554 DWT. As at 31 December 2006, the Company operated an oil tanker fleet of 16 vessels, consisting
of 15 Company-owned and 1 chartered vessels, with total tonnage capacity of 1,040,880 DWT. In addition,
on 31 December 2006, the Company owned and operated 1 FPSO tanker with capacity of 60,874 DWT
29
whereby the revenues from this vessel was recorded within its oil tanker business segment. The Company
commenced the conversion of an oil tanker into this FPSO tanker in December 2005 and the project was
completed by August 2006.
In 2007, the Company enlarged its oil tanker fleet by adding 2 oil tankers but simultaneously took out 3 oil
tankers. Therefore its net capacity dropped by 74,812 DWT. On 31 December 2007, the Company’s oil
business managed a fleet of 15 vessels, of which 14 were owned by the Company and 1 chartered, carrying
total tonnage capacity of 966,068 DWT. On 31 December 2007, the Company also owned and operated 1
FPSO tanker with capacity of 60,874 DWT, and revenue from activities of this vessel was recorded in the
Company’s oil tanker business.
In 2008, the Company reduced its fleet by 1 oil tanker, thus lessening its net capacity by 36,345 DWT. On 31
December 2008, the Company operated a total of 14 oil tankers, with 13 belonging to the Company and 1
chartered, having total tonnage capacity of 929,723 DWT. Moreover, as at 31 December 2008, the Company
owned and operated 1 FPSO tanker with capacity of 60,874 DWT.
In 2008, the Company derived 60% of the Company’s shipping revenues from COAs and spot contracts and
approximately 40% from time charter contracts. In 2007, the Company derived approximately 65% of the
Company’s shipping revenues from COAs and spot contracts and approximately 35% from time charter
contracts. Meanwhile for 2006, the Company derived approximately 67% of the Company’s shipping
revenues from COAs and spot contracts and approximately 33% from time charter contracts. The Company
received 100% of revenues for its FPSO tanker from time charter contracts.
Gas Tankers
The Company’s operating revenues in the gas tanker segment are derived from its shipping operations.
Changes in revenues are driven in large part by changes in the size of the Company’s gas fleet and, to a
lesser extent, by changes in freight rates. Over the past three years, the Company’s gas fleet has grown
from an average of 5.3 vessels in 2006 to 7.7 vessels in 2007 to 9.7 vessels in 2008. As of 31 December
2008 until the date of publication of this Prospectus, the average size of the Company’s gas fleet was
approximately 12.3 vessels.
In 2006, the Company added 1 gas tanker and disposed of none, for a net gain in capacity of 5,000 CBM
(5,100 DWT). As at 31 December 2006, the Company’s gas tanker fleet consisted of 6 vessels, all of which
are owned by the Company, with an aggregate capacity of 24,126 CBM (25,164 DWT).
(10,200 DWT). As at 31 December 2007, the Company’s gas tanker fleet consisted of 8 vessels, all of which
are owned by the Company, with an aggregate capacity of 34,126 CBM (35,364 DWT).
(56,100 DWT). As at 31 December 2008, the Company’s gas tanker fleet consisted of 11 vessels, all of
which are owned by the Company, with an aggregate capacity of 55,626 CBM (56,100 DWT).
In 2008, the Company derived approximately 75% of its shipping revenues from COAs and spot contracts
and 25% from time charters. In 2007, the Company derived approximately 69% of its shipping revenues from
COAs and spot contracts and approximately 31% from time charters and in 2006, approximately 66% from
COAs and spot contracts and approximately 34% from time charters.
Voyage Expenses
The Company’s voyage expenses consist of the costs of fuel and of port charges. Company’s costs of fuel
depend primarily on the size of the Company’s fleet, as well as on the price of fuel in the open market. Fuel
costs include costs for marine fuel oil and for marine gas oil. The Company uses marine fuel oil in the main
engines of our vessels and marine gas oil in the auxiliary engines. Approximately two-thirds of fuel used by
the Company is marine fuel oil, and one-third is marine gas oil.
Port charges include the fees that the ports in which the Company’s vessels call charge the Company, as
well as passing charges through canals. The Company’s expenses for port charges depend primarily on the
30
size of the Company’s fleet and the resultant number of port calls by the Company’s vessels. To a lesser
extent, port charges also depend on the average amount of port charges per port call. In 2007, the
Company’s average port charges per port call increased, as the Company entered more ports in Europe and
the Middle East, where port charges are generally higher than in Asia, and as they passed more frequently
through the Suez Canal, where passing charges are high. The Company incurs voyage expenses only when
the Company charters out its vessels under spot contracts and COA arrangements, but not under time
charters. As a result, the Company’s voyage expenses will fluctuate depending on the percentage of vessels
that operate under each different type of contract.
Charter Expenses
Charter expenses are the rental costs the Company incurs for chartering-in vessels from third parties. Over
the past three years, all except for one of its chartered-in vessels (which is an oil tanker vessel) have been
chemical tankers. The average number of chemical tankers the Company chartered-in was 10.8 in 2006,
12.4 in 2007 and 20 in 2008. The Company has chartered in one oil tanker for the past three years.
Ship Operating Expenses
Ship operating expenses are the costs incurred by the Company for running its vessels. These costs consist
of the following: salaries for its vessel crew; costs for repair and maintenance of its vessels, both routine and
extraordinary, as well as for spare parts; insurance costs; costs for voyage supplies and transportation costs
for transporting spare parts to vessels in transit; meal allowances for its crew; costs for document
processing, and costs of lubricants for vessel engines.
The relative contribution of the Company’s business segments to the Company’s ship operating expenses
depends primarily on the different sizes and ages of its chemical tanker, oil tanker and gas tanker fleets, as
well as on the different cost bases for chemical, oil and gas tankers.
In the years 2008, 2007 and 2006, the ship operating expenses for the chemical tanker segment accounted
for approximately 14.31%, 20.75% and 16.01% respectively, and for the oil tanker segment accounted for
approximately 21.45%, 20.78% and 17.61% respectively; while for the gas tanker segment accounted for
approximately 31.88%, 38.15% and 29.91% respectively.
Depreciation
The Company lists depreciation charges incurred on the cost of its owned vessels as a separate line item.
Depreciation is the largest component of the Company’s costs for running its owned vessels. The Company
depreciates the cost of vessels on a straight-line basis over the estimated useful life of each vessel, between
5 to 25 years. Depreciation is based on the cost of a vessel less its estimated residual value. It can vary from
year to year, as it is based in part on valuations from a third party. In 2008, 2007 and 2006, the Company
incurred Rp981,583 million, Rp507,676 million and Rp392,829 million in depreciation charges, respectively.
31
General and Administrative Expenses
The Company’s general and administrative expenses consist primarily of salaries for the Company’s onshore
personnel, office expenses for the Company’s offices in 14 different cities throughout Asia and in Europe and
the Middle East as at 31 December 2008 (including certain expenses related to the opening of our marketing
offices, most recently in Sao Paulo, Brazil), professional fees for financial and legal advisers and consultants,
marketing expenses, telecommunication charges, bank charges, transportation costs, depreciation of office
equipment as well as expenses for pension benefits, company representative functions and training and
education.
Salaries are the largest component of the Company’s general and administrative expenses. They include
wages, social security payments and pension payments for Company’s onshore personnel (primarily
administration and management), as well as onshore crew who are being paid as onshore personnel.
Salaries for onshore employees have totalled less than one-third of the Company’s total salaries over the
past three years.
Net Finance Costs and Other Costs
The Company’s net financial and other items include gains or losses from foreign exchange, gains or losses
from swap transactions, equity in net earnings of associated companies, investment income, finance costs
and other miscellaneous gains or losses.
The largest component of net financial and other items is finance costs that the Company incurs in order to
finance the acquisition of vessels for the expansion of the Company’s fleet. These finance costs consist
primarily of interest payments on bank loans, as well as, to a lesser extent, of interest payments on the
Company’s outstanding bonds. Over the past three years, the Company’s finance costs have increased
substantially, in line with the increased number of acquisitions that the Company has undertaken to expand
its fleet.
Tax Expense
The Company’s operating subsidiaries generally benefit from certain tax exemptions and benefits. See the
section of Taxation above. In the last three years, the Company’s tax expenses have not been significant
and for the year 2008 amounting to no more than Rp9,849 million. The largest component of the Company’s
taxes payable is the value added tax, which is passed through directly to its customers and does not appear
as a component of the Company’s income statement.
4. RESULTS OF OPERATIONS
The table below provides operating revenues, operating expenses and other accounts which were derived
from the consolidated financial statements of the Company and its Subsidiaries as have been audited by
Public Accountant Office of Osman Bing Satrio & Rekan for the years ended 31 December 2008 and 2007,
and consolidated financial statements of the Company and its Subsidiaries as have been audited by Public
Accountant Office of Osman Ramli Satrio & Rekan for the year ended 31 December 2006, with unqualified
opinion. This table presents the audited figures and, for purposes of analysis, percentages relative to
operating revenues.
31 December
2006 2007 2008
(Rp (%) (Rp million) (%) (Rp (%)
million) million)
Operating Revenues
Chemical ............................... 1,594,941 51.9 1,997,253 54.8 5,173,656 74.0
Oil ......................................... 1,317,613 42.9 1,333,994 36.6 1,351,735 19.3
(1)
Gas ........................................ 148,477 4.8 199,182 5.5 361,849 5.2
32
FPSO ..................................... - - 100,041 2.8 106,300 1.5

Others ( 2) ............................... 12,756 0.4 11,303 0.3 12,311 0.2
Total ............................................. 3,073,787 100.0 3,641,773 100.0 7,005,851 100.0
Voyage Expenses .......................... (757,646) (24.6) (932,931) (25.6) (2,248,70 32.2
4)
Operating Revenues after
Voyage Expenses ....................... 2,316,141 75.4 2,708,842 74.4 4,757,147 67.8
Charter Expenses .......................... (269,153) (8,8) (269,784) (7.4) (357,650) (5.1)
Chemical ............................... (255,413) (8.3) (414,459) (11.4) (740,110) (10.6)
(3)
Oil ......................................... (232,050) (7.6) (277,268) (7.6) (290,007) (4.1)
Gas ........................................ (44,402) (1.4) (75,989) (2.1) (115,375) (1.6)
FPSO ..................................... (26,574) (0.7) (28,689) (0.4)
Total.............................................. (531,866) (17.3) (794,290) (21.8) (1,174,18 (16.8)
1)
Vessel Depreciation ....................... (392,829) (12.8) (507,676) (13.9) (14.0) (981,583)
Gross Profit.................................. 1,122,293 36.5 1,137,092 31.3 32.1 2,243,733
General and Administrative (175,901) (5.7) (239,021) (6.6) (5.0) (351,819)
Expenses ......................................
Income Before Finance and
Other Charges ............................. 946,392 30.8 898,071 24.7 1,891,914 27.1
Finance and Other Income 267,644 8.7 (129,989) (3.6) (324,103) (4.6)
(Charges) -Net
Income Before Tax....................... 1,214,036 39.5 768,082 21.1 1,567,811 22.4
Tax Expense................................. (8,756) (0.3) (9,100) (0.3) (9,849) (0.1)
Net Income for the Current Year.. 1,205,280 39.2 758,982 20.8 1,557,962 22.3
Notes:
(1) Including revenue from operation of one FPSO tanker since August 2006, in the amount of Rp70,726.1 million for
2006.
(2) Including agency and storage fees.
(3) Including expenses from operation of one FPSO tanker since August 2006, in the amount of Rp10,036.2 million in
2006.
Chart operating revenue, gross profit, net income for the current year
33
Year Ended 31 December 2008 Compared to Year Ended 31 December 2007.
Operating Revenues
Operating Revenue. Consolidated operating revenues generated by the Company and its Subsidiaries
increased by Rp3,364,078 million or 92.37% from Rp3,641,773 million in 2007 to Rp7,005,851 million in
2008. This increase was primarily attributable to an increase in freight rates, particularly for chemical tankers.
The average fleet managed by the Company and its Subsidiaries was bigger from only 63.9 vessels in 2007
to 84.5 vessels in 2008, hence increasing the Company’s total tonnage capacity by as much as 204,981
DWT from 1,878,502 DWT on 31 December 2007 to 2,083,483 DWT on 31 December 2008.
Chemical Tankers. The Company’s operating revenues derived from the chemical tanker segment increased
by Rp3,176,403 million or approximately 159.04% from Rp1,997,253 million in 2007 to Rp5,173,656 million
in 2008. This increase was primarily attributable to the growth of the Company’s chemical tanker fleet from
an average of 38.7 vessels in 2007 to 59.1 vessels in 2008.
Oil Tankers. The Company’s operating revenues from the oil tanker segment increased by Rp17,741 million,
or up 1.31%, from Rp1,333,994 million in 2007 to Rp1,351,735 million in 2008. This increase was primarily
attributable to the improved exchange rate of the USD against the Rupiah.
Gas Tankers. The Company’s operating revenues from the gas tankers segment increased by Rp162,667
million or 81.67%, from Rp199,182 million in 2007 to Rp361,849 million in 2008. This increase was primarily
attributable to an increase in the average number of gas tankers in the Company’s fleet from 7.7 vessels in
2007 to 9.7 vessels in 2008.
Voyage Expenses
The Company’s total voyage expenses increased by approximately Rp1,315,773 million or 141.04% from
Rp932,931 million in 2007 to Rp2,248,704 million in 2008. This increase was primarily attributable to an
expansion in the Company’s fleet as well as cargo routes. With the growth in the number of vessels in the
Company’s fleet, there were higher expenses for both fuel costs and port charges, thus forcing an overall
significant increase in voyage expenses.
Charter Expenses
The Company’s charter and rental expenses increased by Rp87,866 million or 32.57% from Rp269,784
million in 2007 to Rp357,650 million in 2008. This increase was attributable to the increase in average
number of chemical tankers chartered-in by the Company to 20 vessels in 2008 and one oil tanker.
Ship operating expenses of the Company and its Subsidiaries increased by Rp379,891 million or 47.83%
from Rp794,290 million in 2007 to Rp1,174,181 million in 2008. This increase was primarily attributable to
the increase of salaries corresponding to the growth in the number of vessels and commercial routes in the
Company’s fleet, hence resulting in the increase of total remuneration for ship crews, as well as spare parts
costs in relation to the docking schedule of several large vessels owned by the Company during 2008. The
average number of the Company’s entire fleet expanded from 63.9 vessels in 2007 to 84.5 vessels in 2008,
which was another factor contributing to the increase in ship operating expenses incurred by the Company.
Also, the Company added to its fleet a number of large vessels, which require relatively higher operating
expenses compared to the operating expenses for smaller vessels. Furthermore, lubricant costs also
increased in line with the upward movement of oil prices.
Chemical Tankers. Ship operating expenses for the Company’s chemical tanker segment increased by
Rp325,651 million or 78.57% from Rp414,459 million in 2007 to Rp740,110 million in 2008. The increase
was attributable to the overall increase of operating expenses corresponding to the increase in the average
number of vessels in the Company’s chemical tanker fleet from 38.7 vessels in 2007 to 59.1 vessels in 2008.
The highest increase of operating expense for the chemical tankers was salaries in the amount of Rp164,862
million. In addition, costs for spare parts increased by Rp38,099 million, lubricant Rp19,335 million, repairs
34
and maintenance Rp18,586 million; transportation, insurance and crew meal allowance increased by
Rp19,068 million, Rp18,251 million, Rp10,440 million respectively; and document processing costs
increased by Rp9,093 million.
Oil Tankers. Ship operating expenses for the Company’s oil tanker segment, including one FPSO tanker,
increased by Rp14,854 million or 4.89%, from Rp303,842 million in 2007 to become Rp318,696 in 2008.
This increase was primarily attributable to increases in salaries, spare parts, supplies, crew meal allowance
and others in 2008, respectively by Rp4,615 million, Rp12,699 million, Rp644 million, Rp1,868 million and
Rp15,874 million.
Gas Tankers. Ship operating expenses for the Company’s gas tanker segment increased by Rp39,386
million or 51.83%, from Rp75,989 million in 2007 to Rp115,375 million in 2008. The increase was due to the
overall increase of the operating expense corresponding to the growth in the average number of vessels in
the Company’s gas tanker fleet from 7.7 vessels in 2007 to 9.7 vessels in 2008. The highest increase for gas
tanker operating expenses was for salaries, by Rp18,363 million. There was also increase in costs for repairs
and maintenance of Rp3,266 million, insurance Rp2,701 million, spare parts rose by Rp1,853million,
lubricants Rp3,097 million, transportation Rp1,436 million, crew meal allowance Rp1,428 million and
document processing costs increased by Rp122 million.
Vessel Depreciation
Depreciation increased by Rp473,907 million or 93.35% from Rp507,676 million in 2007 to Rp981,583 million
in 2008. This increase was primarily attributable to an increase in the average number of tankers in the
Company’s fleet from an average of 63.9 vessels in 2007 to an average of 84.5 vessels in 2008 and an
increase in the market value of the Company’s vessels. Depreciation for the Company’s chemical tanker fleet
increased by Rp434,540 million due to the growth of the Company’s fleet in this segment, with the average
number of tankers increased from an average of 38.7 vessels in 2007 to an average of 59.1 vessels in 2008
and an increase in the fair market value of the vessels in the fleet. Depreciation for the Company’s oil tanker
segment fleet also increased by Rp23,165 million, a part of the increase was partially offset by a decrease in
the fair market value of the oil tanker fleet. Depreciation for the gas tanker segment increased by Rp16,202
million in line with the growth of the gas tanker fleet with an average of 7.7 vessels in 2007 and increased to
9.7 vessels in 2008 and an increase in the fair market value of gas tankers in the fleet.
Gross Profit
Gross profit of the Company and its Subsidiaries increased by Rp1,106,641 million or 97.32%, from
Rp1,137,092 million in 2007 to Rp2,243,733 million in 2008, primarily attributable to the expansion in the
number of vessels in the Company’s fleet as mentioned above. In addition, freight rates for vessels chartered
out to third parties were generally increased, particularly for the oil tanker segment, although such increase
was followed by increase in expenses, particularly ship operating expenses and voyage expenses, which
rose as a result of the growth of the Company’s fleet.
Chemical Tankers. As a result of the cumulative effect of the trends in operating revenues, voyage
expenses, charter expenses, ship operating expenses and vessel depreciation as described above, gross
profit from the chemical tanker segment increased by Rp1,009,560 million or 173.26% from Rp582,692
million in 2007 to Rp1,592,252 million in 2008.
Oil Tankers. As a result of the cumulative effect of the trends in operating revenues, voyage expenses,
charter expenses, ship operating expenses and vessel depreciation described above, gross profit from the oil
tanker segment, including results from the operation of one FPSO tanker, increased by Rp16,015 million or
3.33% from Rp480,822 million in 2007 to Rp496,837 million in 2008.
Gas Tankers. As a result of the cumulative effect of the trends in operating revenues, voyage expenses,
charter expenses, ship operating expenses and vessel depreciation described above, gross profit from the
gas tanker segment increased by Rp80,058 million or 128.56% from Rp62,275 million in 2007 to reach
Rp142,333 million in 2008.
35
General and administrative expenses of the Company and its Subsidiaries increased by Rp112,798 million or
47.19% from Rp239,021 million in 2007 to Rp351,819 million in 2008. This increase was primarily
attributable to increase in salaries by approximately Rp69,348 million due to a general increase of salaries
for employees as well as increase of the Company’s employees. In addition, as a normal consequence of the
Company’s business expansion, office and transportation expenses increased by Rp21,207 million and
Rp12,881 million respectively, and affected by the increase in representation, depreciation, post-employment
benefits, telecommunication and others, each of these increased respectively by approximately Rp3,667
million, Rp2,446 million, Rp848 million, Rp634 million and Rp11,634 million.
Finance and Other Income (Charges)
Given the change in fair value of convertible bonds and notes payable and gain on sale of vessels and
equipment, which increased respectively by Rp2,582,223 million and Rp892,112 million, as well as finance
costs on bank loans, conventional bonds, syari‘ah mudarabah bonds, suku ijarah bonds, derivatives and
finance lease which increased by Rp2,297,850 million in 2008, the Company’s other charges rose by
Rp194,114 million or 149,33% from Rp129,989 million in 2007 to Rp324,103 million in 2008.
Income Before Tax
As a cumulative effect of various factors and reasons as mentioned above, the Company’s income before tax
increased by Rp799,729 million or 104.12% from Rp768,082 million in 2007 to Rp 1,567,811 million in 2008.
Tax Expense
The Company’s tax expense increased by Rp749 million or 8.23% from Rp9,100 million in 2007 to Rp9,849
million in 2008 due to higher revenues earned by the Company from its business in Indonesia.
Net Income for the Current Year
As a cumulative effect of various factors and reasons as mentioned above, the Company’s net income for
the current year increased by Rp798,980 million or 105.27% from Rp758,982 million in 2007 to Rp1,557,962
million in 2008.
Year Ended 31 December 2007 Compared to Year Ended 31 December 2006
Operating Revenues
Operating Revenues. Consolidated operating revenues recorded by the Company and its Subsidiaries
increased by Rp567,986 million or approximately 18.48% from Rp3,073,788 million in 2006 to Rp3,641,773
million in 2007. The average fleet managed by the Company and its Subsidiaries grew from 56.3 vessels in
2006 to 63.9 vessels in 2007, hence increasing the Company’s total tonnage capacity by 360,015 DWT from
1,518,487 DWT on 31 December 2006 to 1,878,502 DWT on 31 December 2007.
Chemical Tankers. The Company’s operating revenues derived from the chemical tanker segment increased
by Rp402,312 million or 25.22% from Rp1,594,941 million in 2006 to Rp1,997,253 million in 2007. This
increase was primarily attributable to the growth of the Company’s fleet and favorable market conditions.
Oil Tankers. Operating revenues earned by the Company from the oil tanker segment increased by
Rp116,422 million or 8.84%, from approximately Rp1,317,613 million in 2006 to Rp1,434,035 million in 2007.
This increase was primarily attributable to the Company’s expanded fleet and growth in demand of oil from
industries.
Gas Tankers. The Company’ s operating revenues from the gas tankers segment increased by Rp50,705
million or 34.15%, from approximately Rp148,477 million in 2006 to Rp199,182 million in 2007. The
increased was primarily attributable to a significant growth in the Company’s fleet, with added capacity of
331,500 CBM.
36
Voyage Expenses
The Company’s total voyage expenses increased by approximately Rp175,285 million or 23.14% from
approximately Rp757,646 million in 2006 to Rp932,931 million in 2007. The increased was primarily
attributable to the Company’s an expansion in the Company’s fleet and cargo routes.
Charter Expenses
The Company’s charter and rental expenses increased by Rp631 million or 0.23% from approximately
Rp269,153 million in 2006 to Rp269,784 million in 2007. This increase was due to the increase in average
number of chemical tankers chartered-in by the Company.
Ship operating expenses incurred by the Company and its Subsidiaries increased by Rp262,423 million in
49.34% from Rp531,866 million in 2006 to Rp794,290 million in 2007. This increase was primarily
attributable to the increase of salaries corresponding to the growth in the number of vessels and commercial
routes of the Company’s fleet, hence resulting in the increase of total remuneration for ship crews, as well as
spare parts costs pertaining to the docking schedule of several large vessels owned by the Company in
2007. The average number of vessels in the Company’s entire fleet grew from 56.3 vessels in 2006 to 63.9
vessels in 2007, making this a contributing factor for the increase in the ship operating expenses incurred by
the Company. Moreover, the Company added to its fleet a number of large-sized tankers, which requires
relatively higher operating expenses compared to the operating expenses for smaller vessels. In addition,
lubricant costs also increased, along with the upward movement of oil prices.
Chemical Tankers. Ship operating expenses for the Company’s chemical tanker segment increased by
Rp159,046 million or approximately 62.27% from Rp255,413 million in 2006 to Rp414,459 million in 2007.
This increase was attributable to the overall increase of the operating costs corresponding to the increase in
the average number of vessels in the Company’s chemical tanker fleet.
Oil Tankers. Ship operating expenses for the Company’s oil tanker segment, including one FPSO tanker,
increased by Rp71,791 million or 30.94%, from approximately Rp232,051 million in 2006 to Rp303,842
million in 2007. This increase was primarily due to increases in salaries, spare parts costs, supplies, crew
meal allowance and others.
Gas Tankers. Ship operating expenses for the Company’s gas tanker segment increased by Rp31,587
million or 71.14%, from Rp44,402 million in 2006 to Rp75,989 million in 2007. The increase was primarily
due to the overall increase in the operating expenses corresponding to the growth in the average number of
vessels in the Company’s gas carrier fleet.
Vessel Depreciation
The Company’s depreciation costs increased by Rp114,847 million or 29.24% from about Rp392,829 million
in 2006 to Rp507,676 million in 2007. This was primarily attributable to the growth in the average number of
tankers in the Company’s fleet.
Gross Profit
Gross profit of the Company and its Subsidiaries increased by Rp14,799 million or approximately 1.32% from
approximately Rp1,122,293 million in 2006 to Rp1,137,092 million in 2007, primarily due to the expansion in
the number of vessels in the Company’s fleet as described above. In addition, freight rates for ships
chartered out to third parties were generally increased, particularly for the oil tanker segment, although such
increase was followed by increase in parts of expenses, particularly ship operating expenses and voyage
expenses, which rose as a result of the growth of the Company’s fleet.
Chemical Tankers. As a result of the cumulative effect of the trends in operating revenues, voyage
expenses, rental, ship operating expenses and vessel depreciation, gross profit from the chemical tanker
37
segment increased by Rp140,194 million or approximately 31.68% from approximately Rp442,498 million in
2006 to approximately Rp582,692 million in 2007.
Oil Tankers. As a result of the cumulative effect of the trends in operating revenues, voyage expenses,
rental, ship operating expenses and vessel depreciation, gross profit from the oil tanker segment, including
results from the operation of one FPSO tanker, decreased by Rp122,202 million or decreased by
approximately 20.26% from approximately Rp603,024 million in 2006 to approximately Rp480,822 million in
2007.
Gas Tankers. As a result of the cumulative effect of the trends in operating revenues, voyage expenses,
rental, ship operating expenses and vessel depreciation, gross profit from the gas carrier segment decreased
by Rp1,740 million or approximately 2.72% from approximately Rp64,015 million in 2006 to approximately
General and administrative expenses of the Company and its Subsidiaries increased by Rp63,120 million or
35.88% from approximately Rp175,901 million in 2006 to Rp239,021 million in 2007. The increase was
primarily attributable to increase in salaries due to a general increase in salaries for employees as well as
increase of the Company’s employees.
Income before Finance and Other Charges
As a result of the change in fair value of convertible bonds from notes payable and gain on sale of fixed
assets, which increased, then income before finance cost and other charges of the Company decreased by
Rp48,321 million or approximately 5.11% from approximately Rp946,392 million in 2006 to approximately
Income Before Tax
As a cumulative effect of various factors and reasons as mentioned above, the Company’s income before tax
decreased by Rp445,954 million or approximately 36.73% from approximately Rp1,214,036 million in 2006 to
approximately Rp768,082 million in 2007.
Tax Expense
The Company’s tax expense increased by Rp344 million from approximately Rp8,756 million in 2006 to
Rp9,100 million in 2007, due to higher revenues generated by the Company from its businesses in
Indonesia.
Net Income for the Current Year
As a cumulative effect of various factors and reasons as mentioned above, the Company’s net income for
the current year decreased by Rp446,298 million or approximately 37.03% from approximately Rp1,205,280
million in 2006 to approximately Rp758,982 million in 2007.
5. ASSETS, LIABILITIES AND EQUITY
Assets
The Company’s assets for the year ended 31 December 2008 amounted to Rp24,976,324 million or
increased by Rp4,307,699 million or 20.84% if compared to those recorded in 2007 of Rp20,668,625 million.
The growth in assets was primarily due to acquisitions of fixed assets. Such acquisition of fixed assets was
necessary to support the increase in the Company’s operational activities.
The Company’s assets for the year ended 31 December 2007 amounted to Rp20,668,625 million or
increased by Rp12,462,669 million or 151.87% if compared to those recorded in 2006 of Rp8,205,956
38
million. The growth in assets was primarily due to acquisitions of fixed assets. Such acquisition of fixed
assets was necessary to support the increase in the Company’s operational activities.
Liabilities
For the year ended 31 December 2008, total liabilities amounted to Rp19,078,836 million or increased by
Rp1,725,792 million or 9.94% compared to 2007 of Rp17,353,044 million. The accounts which increased
included particularly bank loans and convertible bonds. Liabilities for the year ended 31 December 2007
amounted to Rp17,353,044 million, increased by Rp12,278,247 million or 241.95% compared to 2006 of
Rp5,074,797 million. The increase was due to increase in funds from bank loans, bonds and notes payable.
Equity
Equity for the year ended 31 December 2008 amounted to Rp5,897,488 million, increased by Rp2,581,907
or 77.87% as compared to 2007 of Rp3,315,581 million. The increase was due to increase of retained
earnings derived from net income in 2007 deducted by payment of cash dividends and increase in difference
in exchange rates due to the publication of financial reports.
Equity for the year ended 31 December 2007 amounted to Rp3,315,581 million, increased by Rp184,422
million or 5.89% compared to 2006 of Rp3,131,159 million. The increase was due to increase of
unappropriated retained earnings in 2007.
Chart of Asset, Obligation and Equity
6. FINANCIAL RATIO

PROFITABILITY RATIO (%)
Net Income to Operating Revenue 22.2 20.8 39.2
Net Income to Average Assets 6.8 7.3 29.4
Net Income to Average Equity 33.8 45.8 77.0
FINANCIAL RATIO (%)
Current Ratio 71.4 69.7 153.3
Debt to Asset Ratio 76.4 84.0 61.8
Debt to Equity Ratio 323.5 523.4 162.1
39
Ratio of Net Income to Operating Revenues

For the year ended 31 December 2008, the ratio of Net Income against Operating Revenues is 22.2% which
increased compared to the ratio for the year ended 31 December 2007, of 20.8%. This increase is
attributable to the increase in the freight rates of vessels that operate in the spot market, especially chemical
tanker vessel fleets.
For the year ended 31 December 2007, the ratio of Net Income against Operating Revenues experienced a
decrease compared to the ratio for the year ended 31 December 2006, that is, from 39.2% to 20.8%. This is
attributable to the increase in fuel rate as well as vessel maintenance, which increased substantially in 2007.
In addition, the fair value on derivative transactions, which was positive in 2006 turned negative in 2007. All
these resulted in an increase in financial costs, which have the effect of reducing the Company’s Net Income.
Ratio of Net Income To Average Asset

For the year ended 31 December 2008, the ratio of Net Income against Average Asset is 6.8% which from
decreased slightly the ratio for year ended 31 December 2007 of 7.3%. This is attributable to the impairment
of the Company’s asset that is in the form of vessels. In addition, the Company also added a number of
vessels in 2008, which vessels have not contributed to the Company’s Net Profit.
For the year ended 31 December 2007, the ratio of Net Income against Average Equity experienced a
significant decrease compared to the ratio for the year ended 31 December 2006, that is, from 29.4% to
7.3%. This decrease is attributable to a significant increase in the amount of Asset at the end of 2007 due to
the Company’s acquisition of Chembulk Tankers LLC. The acquired vessels have not, at all, made any
contribution to the Company’s Net Income.
Ratio of Net Income To Average Equity

For the year ended 31 December 2008, the ratio of Net Income against Average Equity is 33.8% which
decreased slightly from the ratio for the year ending 31 December 2007 which is 45.8%. The slight decrease
is attributable, among others, to the impairment of the Company’s Asset, specifically that in the form of
vessels, due to the financial crisis which started at the end of 2008. In addition, the strengthening of the
Japanese Yen against the US Dollars further increased the losses incurred from the foreign exchange rates,
which arise from the Company’s bonds in Japanese Yen. These two factors brought about a negative effect
to the Company’s Net Income which, in the overall, is greater than the increase in Equity in that year.
For the year ended 31 December 2007, the ratio of Net Profit against Average Equity experienced a
significant decrease compared to the ratio for the year ended 31 December 2006, that is, from 77.0% to
45.8%. The decrease is attributable to the decrease in the Company’s Net Income in 2007. This is due to the
derivative transactions, which turned from being positive in 2006 to being negative in 2007. In addition, there
was also an increase in the interest of loan which arises from the issuance of notes payable in 2007.
Ratio of Total Current Asset to Current Liabilities

For the year ended in 31 December 2008, the ratio of Total Current Assets against Current Liabilities slightly
increased to 71.4% from the 69.7% in the year ended 31 December 2007. This is attributable to the fact that
a number of short-term debts of the Subsidiaries have been paid off.
For the year ended 31 December 2007, the ratio of Total Current Assets against Current Liabilities
experienced a significant decrease compared to the ratio for the year ended 31 December 2006, that is, from
153.3% to 71.4%. The decrease is attributable to the increase in short-term debt that is incurred by the
Subsidiaries for the purpose of acquiring Chembulk Tankers LLC.
40
Ratio of Total Liabilities to Total Asset

For the year ended 31 December 2008, the ratio of Total Liabilities to Total Assets slightly decreased to
76.4% from the 84.0% in the year ended 31 December 2007.
This is attributable to the fact that throughout 2008 the Company was paying off a number of its short-term
debt, which resulted in the decrease in its total liabilities.
For the year ended 31 December 2007, the ratio of Total Liabilities against Total Assets experienced an
increase compared to the ratio for the year ended 31 December 2006, that is, from 61.8% to 84.0%. The
increase is attributable to the fact that at the end of 2007, the Company increased its total liabilities that were
used to acquire Chembulk Tankers LLC.
Ratio of Total Liabilities to Total Equity

For the year ended 31 December 2008, the ratio of Total Liabilities against Total Equity decreased to
323.5% from the 523.4% in the year ended 31 December 2007. This is attributable to the fact that in 2008,
the Company paid off a number of its short-term debts, thus bringing about a decrease in its total liabilities. In
addition, the decrease in the price of notes payable that have been issued by the Company’s Subsidiaries
added to the Company’s profit which had not been realized, thus increasing its total equity.
For the year ended 31 December 2007, the ratio of Total Liabilities against Total Equity experienced a
significant increase compared to the ratio for the year ended 31 December 2006, that is, from 162.1% to
523.4%. The increase is attributable to the fact that at the end of 2007 the Company significantly increased
its total liabilities which can be used to acquire Chembulk Tankers LLC, where in term of total equity, there
has not been any contribution from the acquired Company.
7. LIQUIDITY AND SOURCES OF CAPITAL
From the beginning of 2006 until the date of the issue of the Prospectus, the Company has continuously
financed its capital requirements through cash flows from its operations and long-term debt from bank loans.
The Company has also issued bonds with principal value of Rp400,000 million in 2003 and Rp900,000
million in 2007. Further, the Company through its Subsidiary in 2005 issued convertible bonds in the amount
of USD50 million, then in 2007 notes payable of USD400 million and convertible bonds of USD125,000
million. The 2003 Bonds worth Rp400,000 million matured in May 2008, while the convertible bonds valued
USD50 million have been fully converted in 2007.
Cash Flow
As at 31 December 2008, which is the latest disclosure prior to the date of the issue of the Prospectus, the
Company’s cash and cash equivalents amounted to Rp714,446 million, and the Company recorded net cash
provided by operating activities of Rp2,852,149 million.
The table below provides a summary of the Company’s cash flow as derived from the consolidated Financial
Statements of the Company and Subsidiaries as have been audited by Public Accountant Office of Osman
Bing Satrio dan Rekan for the years ended 31 December 2008 and 2007 as well as the consolidated
Financial Statements the Company and Subsidiaries as have been audited by Public Accountant Office of
Osman Ramli Satrio dan Rekan for the year ended 31 December 2006.
31 December
2006 2007 2008
Net Cash Provided by Operating Activities........ 608,677 689,547 2,852,149

Net Cash Used in Investing Activities................ (470,941) (9,671,930) (2,626,027)
Net Cash Provided by (Used In) Financing Activities … (291,681) 10,076,715 (1,492,099)
41
Net Increase (Decrease) in Cash and Cash Equivalents (153,945) 1,094,332 (1,265,977)
Cash and Cash Equivalents at Beginning of Year 1,040,036 886,091 1,980,423

Cash and Cash Equivalents at End of Year....... 886,091 1,980,423 714,446
Year Ended 31 December 2008
As at 31 December 2008, the Company had cash and cash equivalents of Rp714,446 million, decreasing by
Rp1,265,977 million or approximately 63.92% of the balance of Rp1,980,423 million in the beginning of the
year.
Cash from the Company’s operating activities increased Rp2,162,602 million or about 313.63% to
Rp2,852,149 million at the end of 2008. This increase was primarily caused by higher receipts from
customers by approximately Rp3,523,312 million or approximately 100.10% from Rp3,519,709 million in
2007 to Rp7,043,021 million in 2008.
Net cash used for the Company’s investing activities decreased by Rp7,045,903 million or approximately
72.85% to only Rp2,626,027 million in 2008 compared to its total investment in 2007 of Rp9,671,930 million.
The decrease was primarily caused by decrease in the acquisition of fixed assets by 45.18% or Rp3,478,842
million, from the total amount of Rp7,699,890 million in 2007 to Rp4,221,048 million in 2008. In addition,
there was an increasing amount in withdrawal of temporary investments by Rp1,170,086 million.Net cash
used in financing activities increased Rp11,568,814 million, or increased approximately 114.81%, as the
Company recorded a cash outflow of Rp1,492,099 million in 2008 compared to a cash inflow of
Rp10,076,715 million in 2007. This decrease was primarily due to a decrease of cash flow from additional
bank loans of Rp4,968,687 million or approximately 57.12%. Meanwhile the decrease of cash flow in 2008
was attributable to decrease of proceeds from bank loans to Rp3,729,480 million in 2008 compared to
Rp8,698,167 million in 2007. In addition, part of the Company’s cash inflow in 2008 was used to repay bank
loans of Rp4,620,329 million as well as for dividend payment of Rp208,699 million, and there was no
purchases of treasury stocks in 2008 compared to Rp555,307 million incurred in 2007.
Year ended 31 December 2007
As at 31 December 2007, the Company had cash and cash equivalents of Rp1,980,423 million, up by
Rp1,094,332 million or approximately 123.5% of the balance of Rp886,091 million in the beginning of the
year.
The Company’s cash from operating activities went up by Rp80,870 million or approximately 13.29% to
reach Rp689,547 million at the end of 2007. Some of the causes for the increase include rising
disbursements to suppliers and employees in the amount of Rp539,562 million, or approximately 28.72%,
from Rp1,878,621 million in 2006 to reach Rp2,418,183 million in 2007. The increase was attributed, among
others, to the expansion in both fleet and geographic coverage of the Company’s operations. In addition, the
Company paid higher bank interest costs by around Rp68,682 million or increasing 24.45% in 2007
compared to disbusements associated with interests in 2006.
Net cash used for investing activities by the Company jumped by Rp9,200,989 million or approximately
1,953.75% to Rp9,671,930 million in 2007 compared to total investments made in 2006 of Rp470,941
million. This spectacular increase in spending was mostly the result of higher capital expenditure for
acquisitions of property, vessels and equipment by a total of Rp7,216,104 million or approximately
1,491.59% from total investment of Rp483,786 million in 2006 to reach Rp7,699,890 million in 2007. The
reduction occurred as a result of the acquisition of subsidiary. This reduction is compensated as there was
no additional advances money for the purchase of assets as was incurred in 2006 in the amount of
Rp1,205,111 million. In addition, cash used in placement of temporary investments, including for bonds
repurchase, increased by Rp331,610 million in 2007, as well as lower security deposits required by Rp2,715
million.
Net cash from financing activities increased by Rp10,368,396 million or approximately 3,554.70% to net a
cash inflow of Rp10,076,715 million in 2007 compared to a cash outflow of Rp291,681 million in 2006. This
was mostly due to increasing amount of proceeds from bank loans by Rp7,812,052 million or 881.61% which
42
was previously Rp886,115 million in 2006 to reach a total of Rp8,698,167 million in 2007. Moreover, the
overall cash increase was due to higher net proceeds of notes payable by Rp3,702,710 million, additional
net proceeds of convertible bonds of Rp1,157,097 million in 2007, as against 2006 when such proceeds
were existence.The increase was hampered due to cash outflows, including higher payments of bank loans
by Rp2,818,794 million or 334.6% from only Rp842,437 million in 2006 to reach Rp3,661,231 million in 2007,
purchase of treasury stocks which was up by Rp308,964 million or approximately 125.42% from the previous
amount in 2006 of Rp246,343 million to be Rp555,307 million in 2007 and higher dividend payment by
Rp70,415 million or 79.05% from 2006 of Rp89,070 million to Rp159,485 million in 2007.
Year ended 31 December 2006
For the year ended 31 December 2006, the Company had cash and cash equivalents of Rp886.091 million,
declining by Rp153,945 million or about 14.8% from the balance of Rp1,040,036 million at the beginning of
the year.
Cash flow from the Company’s operating activities declined by Rp312,148 million or 33.9% to reach
Rp608,677 million at the end of 2006. This reduction was mostly brought about by higher cash receipts from
cash payment to suppliers and employees by Rp675,257 million or 18.75% from Rp2,377,488 million in 2005
to Rp1,878,621 million in 2006. The increase was a consequence of the Company’s growing fleet and
geographic operational coverage. Moreover, the Company paid higher interest costs by Rp78,227 million or
up 32.33% in 2006 compared to total payments made in 2005, as the amount of outstanding bank loans and
interest charged increased. The Company also recorded additional cash receipts from customers of
Rp445,690 million or up 18.75% from the amount received of Rp2,377,488 million in 2005 to Rp2,823,178
million in 2006 as the result of the Company’s expanded operations.
Cash flow used for the Company’s investing activities declined by Rp2,525,035 million or approximately
84.28% to become Rp470,941 million in 2006 compared to Rp2,995,976 million used for investment in 2005.
The decline is mainly because of the Company’s lower investment costs for fixed assets, vessels and
equipment by Rp1,908,913 million or around 79.78%, from total investment of Rp2,392,699 million in 2005 to
Rp483,786 million in 2006. The decline occurred as an effect of the purchase and charter of 7 vessels in
2006. Also, cash placed in temporary investments, such as for repurchase of bonds, increased by
Rp773,998 million in 2006, while funds from fixed assets, vessels and equipment went up by Rp1,103,860
million. Also, there was an increase in withdrawal of temporary investments of Rp1,010,676 million.
Net cash flow used for financing activities increased Rp2,679,640 million or up about 112.21% to net a cash
outflow of Rp291,681 million in 2006 compared to a cash inflow of Rp2,387,958 million in 2005. This was
primarily due to lower cash of Rp2,378,286 million or 72.9% obtained from bank loans which reached
Rp3,264,401 million in 2005 to only Rp886,115 million in 2006. The Company used the proceeds from bank
loans mostly to acquire and charter 7 tankers to strengthen its fleet. In addition, some of the cash inflow in
2006 was used to repay bank loans totaling Rp842,437 million compared to total repayment of Rp880,758
million in 2005, purchase of treasury stocks of Rp246,343 juta and payment of dividends of Rp89,070 million.
Borrowings
As at 31 December 2008, the Company has total bank loans of Rp8,986,806 million. Most of the Company’s
bank loans are in US Dollars and the remaining portion in Rupiah. A majority of the loans has maturity of at
most 10 years, whereas loans maturing within 12 months account for about only 12.09%. The table below
provides information on the interest rates in the last three years as well as the profile of the loans up to the
date of issue of this Prospectus.
43
31 December
2006 2007 2008
US Dollar
Short-Term ................................. SIBOR plus 3.25% LIBOR/SIBOR plus 1% LIBOR/SIBOR plus 1%
- 3.25% - 1.75%
Long-Term.................................. LIBOR/SIBOR plus LIBOR/SIBOR plus LIBOR/SIBOR plus
0.85% – 3.75% 0.8% – 3.75% 0.7% - 2.5%
Indonesian Rupiah
Short-Term ................................. 7.5% - 16.25% 6.2% - 13.5% 8.9% - 14%
Long-Term.................................. 13.0% - 15.0% 10.25% - 13% 10.25% - 13%
1 Year 2 Years 3 Years 4 Years 5 Years > 5 Years Total

(Rp million
Maturity 1,086,422 1,129,000 1,194,618 1,121,713 1,245,162 3,209,891 8,986,806
period
On 31 December 2008, the Company has bonds with principal amount of Rp900,000 million outstanding,
with interest rates between 10.3% to 10.35% per annum. Moreover, the Company has convertible bonds with
total principal amount of USD125 million which are not yet due, with interest rate of 0% per annum, as well
as notes payable with interest rate of 7.5% per annum.
8. MATERIAL DIVESTMENT AND CAPITAL EXPENDITURE
Summary of Capital Expenditure
The Company’s capital expenditure is related to acquisition of new and secondary vessels, up-grade and
maintenance, as well as others assets. The Company has made total investment of Rp5,227,922 million,
Rp7,699,890 million and Rp2,083,619 million respectively for the years 2008, 2007 and 2006. The majority
of funds for the Company’s capital expenditure are obtained from operating cash flow, bank loans and bond
issues. In the future, the Company’s capital expenditure will focus on purchases of new vessels which are
currently in construction phase. See “Contractual Obligations and Contingent Liabilities” in this Prospectus.
31 December
2006 2007 2008
Capital Expenditure
Vessels ........................................................... 1,827,301 7,526,161 4,800,991
Vessels Under Construction ............................. 252,826 134,493 153,668
Equiptment,Building, and Other Assets............. 3,492 39,236 273,263
Total 2,083,619 7,699,890 5,227,922
The following table sets forth additional vessels to the Company’s fleet by year of delivery.
31 December
2006 2007 2008
MT Anjani CB Barcelona CB New Orleans
MT Bramani CB Gibraltar CB Lindy Alice
MT Anggraini CB Hongkong CB Kings Point
MT Gas Sulawesi CB Houston MT Purbasari
FPSO Brotojoyo CB Kobe MT Gas Lombok
CB New York MT Gas Sumbawa
CB Savannah MT Gas Natuna
CB Shanghai MT Harsanadi
CB Ulsan MT Hartati
44
CB Virgin Gorda MT Nogogini

CB Yokohama MT Nolowati
MT Fatmawati MT Ratih
MT Gas Bali MT Frabandari
MT Trirasa MT Fatmarini
MT Gas Papua
MT Purwati
MT Tridonawati
MT Chembulk Mineapolis
MT Chembulk New Orleans
MT Chembulk Singapore
MT Chembulk Tortola
MT Chembulk Westport
The following table provides names of vessels under construction ordered by the Company by year of capital
expenditure.
31 December
2006 2007 2008
MT Purwati MT Iris (formerly MT Subadra) MT Iris (formerly MT Subadra)

MT Puspawati MT Puspawati MT Partawati
MT Pramoni MT Pramoni MT Pitaloka
MT Pramesti MT Pramesti MT Sakuntala
MT Purbasari MT Purbasari MT Setyaboma
MT Gas Bali MT Setyaboma MT Watari
MT Gas Papua MT Sakuntala MT Wardani
MT Gas Lombok MT Gas Lombok MT Wilutama
MT Gas Sumbawa MT Gas Sumbawa MT Hyacinth
MT Hyacinth MT Widawati
MT Gas Karimun
MT Gas Batam
MT Gas Bangka
MT Gas Madura
Summary of Divestment
The Company made divestment in assets, particularly related to sale of vessels. In 2008, the Company sold
5 tankers, namely MT Gagarmayang, MT Puspawati, MT Pramoni, MT Pergiwati and MT Purwati. Except for
MT Pergiwati, the other 4 vessels were leased back by the Company. In 2007, the Company sold off 3
tankers, which were MT Bandondari, MT Tribuana and MT Trijata (formerly Triwati), whereas in 2006, the
Company completed sale transactions for MT Pertiwi, MT Prita Dewi and MT Pujawati to First Ship Lease
Limited for the amount of Rp1,138,550 million per tanker, through sale-and-leaseback transactions over a
duration of 12 years.
The following table provides data on book value of vessels which have been divested by year of divestment.
31 December
2006 2007 2008
Divestment
Vessels 655,542 514,088 1,100,964
Equipment, Building and Other Assets 97 331 61
Total 655,639 514,419 1,101,025
45
9. CONTRACTUAL OBLIGATIONS AND CONTINGENT LIABILITIES
As at 31 December 2008, the Company had contractual obligation of Rp6,434,745 million (JPY53,079
million)
The following table sets forth the Company’s contingent liabilities (consisting of operating lease related to the
Company’s chartered-in vessels) and contractual cash obligations, consisting of contracts for building new
ships which have been signed by the Company as at 31 December 2007 for the periods indicated. The
Company expects to finance this obligations through funds obtained from cashflow from operations and
debts. See Chapter “Business – New Vessels under Construction” in this Prospectus.
Within 1 Year 1-3 Years 3-5 Years Total

(Rp million) (Rp million) (Rp million) (Rp million)
Contracts on New Vessel(2) ...... 801,494 5,633,251 - 6,434,745
Operating leases...................... 965,270 1,385,894 315,472 2,666,636
Total 1,766,764 7,019,144 315,472 9,101,380
From 31 December 2008 up to the date of issue of this Prospectus, the Company has incurred additional
contractual obligations amounting to Rp797,174 million.
10. MARKET RISK
In the normal course of business, the Company exposed to a variety of market risk, including freight rate risk,
fuel price risk and interest rate risk, as well as, to a lesser extent, foreign exchange rate risk and credit risk.
The Company’s risk management strategy aims to minimise the adverse effects of these risks on its financial
performance. The Company uses derivative financial instruments such as foreign exchange swap contracts
to hedge its financial risk exposure. The Company has not entered into any transactions in derivative
financial instruments for speculative purposes.
Risk of Freight Rates
Freight rates, which are determined largely by market forces linked to the balance of worldwide vessel supply
and cargo demand, have a substantial and direct effect on the Company’s revenues and profits. Shortages
in transport capacity cause freight rates to rise, while an oversupply of vessels causes freight rates to fall.
Freight rates are cyclical and volatile in nature. The Company seeks to minimise the adverse effect of freight
rate risk by diversifying its operations across different geographical and product markets and by securing the
majority of its revenues under long-term contracts.
Risk of Fuel
Fuel costs are subject to many political and economic factors that are beyond the Company’s control, and an
increase in the fuel cost could adversely affect the Company’s financial condition and performance. With
respect to the foregoing, if the Company believes that the price of fuel will rise significantly in the short term,
the Company hedges its exposure to changes in the price of fuel for short periods of time by purchasing fuel
in quantities sufficient to meet its fuel needs for one or two months. In addition, some of the Company’s
COAs agreements contain fuel price adjustment clauses that permit both the Company and its customer to
adjust part of the price of the agreement to conform with changes in the price of fuel on the open market.
Risk of Bank Interest Rates
46
The Company’s profitability is affected by changes in interest rates and the amount of its outstanding loans.
The Company is currently experiencing relatively low interest rates. From time to time, the Company has
managed its interest rate risk by hedging with interest rate swaps. The Company does not currently have any
hedging arrangements or interest-rate swaps to adjust interest-rate risk exposures, but the Company may
enter into such arrangements or swaps in the future in order to hedge its interest rate risk. The Company
does not enter into interest rate swaps for the purpose of speculation.
Foreign Exchange Rate Risk
The Company is obliged to prepare its financial statement based on the International Financial Reporting
Standard (IFRS) for which the reporting is presented in US Dollar. The Company’s foreign currency
transactions in the current year are accounted for at the exchange rate prevailing at the date of the
transactions. During the past three financial years, substantially all of Company’s revenues were
denominated in U.S. dollars. As a result of its global operations, however, the Company conducts business
in currencies other than the U.S. dollar, primarily in Indonesian Rupiah, Japanese Yen, Singapore Dollar and
Pounds Sterling. Foreign currency exposures and fluctuations have not had a material impact on Company’s
operations in recent periods. As the Company expands its operations internationally, its exposure to
exchange rate fluctuations may increase. The Company has in the past entered and may in the future enter
into foreign exchange forward contracts in order to hedge its exposure to foreign currency risk. The
Company does not enter into foreign exchange swaps for the purpose of speculation. The foreign exchange
swap transactions entered into by the Company are largely for the purpose of matching non-U.S. dollar
expenses and liabilities with the currency of its revenue (which is denominated in U.S. dollars) to reflect the
international nature of the Company’s business. In respect of a substantial portion of its Rupiah-denominated
debt, the Company enters into swaps to match the principal and interest expenses arising from such debt
with U.S. dollars. Any gains and losses on such swaps resulting from the mark to market of the value of
Company’s swaps do not arise as a result of speculative activity by the Company.
The following table displays the amount of gain and (loss) from changes in foreign exhange for the past three
financial years.
31 December
2006 2007 2008
(21,981) 15,453 (447,786)
Credit Risk
The Company’s potential credit risk arises from failure by charterers to make payments under both time
charter and spot charter arrangements, such as failure to pay charter fees. In determining the credit terms for
its customers, the Company considers the following factors: the financial strength of the customer, the
customer’s historical payment record, the length of the relationship between the customer and the Company
and the distance or duration of a specific voyage. Based on these factors, the Company’s credit terms may
vary among the following: three banking days after completion of loading, one banking day before breaking
bulk and three banking days after completing of discharging. These credit terms may be modified based on
negotiations with each customer.
As at 31 December 2008, 2007 and 2006, the Company’s total trade payables were respectively
Rp1,058,576 million, Rp713,432 million and Rp507,045 million.
11. SEASONALITIES
The Company operates its vessels in markets that have historically experienced seasonal variations in
demand. This seasonality may result in quarter-to-quarter volatility in the Company’s operating results. The
marine oil and, to a lesser extent, chemical and gas transportation markets are typically stronger in the fall
and the winter months in the Northern hemisphere in anticipation of increased consumption during those
periods. The Company does not believe that such seasonal variations over the last three years have had a
47
material effect on its results of operations as the Company has acquired several additional vessels over this
period (which additional vessels offset the effect on its results of seasonally lower freight rates) and the
Company has consistently maintained a portion of its vessels under long-term contracts (which contracts are
not subject to seasonal variations).
12. BUSINESS PROSPECTS AND TRENDS
The Company expects to develop its business activities in 2009. The Company operations will remain to be
influenced by conditions of markets where the Company operates, particularly by freight rates for cargo to be
transported as well as other factors as described in the foregoing chapters.
48
V. RISK FACTORS
In running its business activities, the Company faces risks which may have potential impacts on the
Company’s performance unless proper anticipation and mitigation measures are exercised. The following is
a summary of the risks which have been identified to bear significant influence on the Company’s ability to
generate profit, in sequence from factors which bear the highest risk to the lowest:
Substantially the revenue of the Company and its Subsidiaries is derived from the Asia-Pacific and
Middle East regions and adverse economic conditions in these markets would negatively affect the
business, financial condition and performance of the Company and its Subsidiaries
The global money markets and capital markets have faced instability and devastating credit crisis, brought
about by the economic slowdown in the United States and Europe. The capacity of customers currently
served by the Company and its Subsidiaries to sustain business activities and maintain their profitability, as
well as to meet payment on their obligations as they fall due, may highly depend on the effectiveness of the
fiscal policy and other measures taken to achieve economic recovery, which are factors beyond their control.
Until now, the Asia Pasific and Middle East regions suffered from a mild impact compared with America and
Europe regions.
Nevertheless, the Company and its Subsidiaries optimally maintain funding sources and access to bank
financing and long-term contracts with customers and suppliers in various industries and geographical
locations. Management maintains fair expectation that the Company and its Subsidiaries will be able to
adequately mitigate risk factors amid uncertainties dominating the current economic conditions and
management is confident that the Company and its Subsidiaries have sufficient resources to sustain
operations in the future. As such, sustainability of operations serves as the basis for the presentation of the
consolidated financial statements.
Increases in fuel prices or other operational costs will have an adverse impact on profit margin
One of the more significant expenses of operating ships is the cost of fuel. Economic and political conditions
in the Middle East, Venezuela, Nigeria and other parts of the world make it difficult to predict whether fuel will
continue to be available at prices that will make operation of our ships economically viable. For the years
ended 31 December 2007 and 2008, fuel costs accounted for 29.30% and 34.81% respectively of total
voyage expenses and ship operating expenses of the Company and its Subsidiaries. Future increases in the
cost of fuel globally would significantly increase the cost of our ship operations. The Company believes that
an increase in fuel prices may not be fully passed on to customers in the form of increased freight rates. In
addition, the Company could experience increases in other operating costs, including, but not limited to, crew
costs. Accordingly, increases in fuel prices or other operating costs could have a material adverse effect on
the business, financial condition and results of operations of the Company.
The shipping industry is highly volatile and sensitive to changes in general economic conditions,
which means that global economic factors beyond the control of the Company could adversely affect
the results of operations and performance of the Company.
The Company’s operations consist primarily of the shipping of chemicals, oil and gas. Historically, the market
for the transportation of chemicals, oil and gas has been volatile, as global demand for these products has
fluctuated. Demand for oil, chemicals and gas is driven in large part by and generally follows global patterns
of economic development, growth and activity. If and when global economic growth experiences a slowdown
or downturn, in particular in the United States, Europe and the Asia-Pacific, demand for chemicals, oil and
gas may also decrease. Accordingly, the demand for the shipping of these resources is also likely to suffer.
The following macroeconomic factors affect the supply and demand for the shipping of oil, chemicals and
other natural resources:
• changes in global oil and gas production, in particular the relative contributions from OPEC and non-OPEC
countries and the impact of these changes on oil and gas prices;
49
• export and import levels in the world oil trade or changes in trading patterns, which affect the distances that
oil and gas cargoes are transported;
• worldwide demand for energy products, in particular petroleum and associated products;
• oil and gas inventory levels, in particular in importing countries;
• seasonal changes in the demand for oil, gas and chemicals;
• governmental policies, in particular with regard to environmental regulation and alternative energy; and
• social and political instability in producing or importing countries, including war, terrorism or labour unrest.
These factors are beyond the Company’s control, and, as a result, the nature, timing and degree of changes
in the Company’s industry conditions are unpredictable. A material decline in the global demand for energy-
or chemical related shipping services could materially adversely affect our business, financial condition and
results of operations of the Company.
Risks relating to changes in the exchange rate of foreign currencies and interest rates.
A part of the Company’s operation is funded by borrowings of which approximately 89% are in USD currency
with certain interest rate. The increase in interest rate and fluctuations of exchange rate of Rupiah against
USD may affect the performance of Company’s financial report. The increase in borrowings’ interest rate
may directly affect the Net Profit received by the Company while exchange rate fluctuation would affect the
foreign currency exchange rate loss/profit account.
Aside from that, the Company’s revenues and expenses are mostly in US Dollars, such that a fluctuation in
the Rupiah exchange rate may bring about a negative impact on the Company’s financial performance.
Fluctuations in global shipping capacity and global demand for shipping may cause freight rates to
shift unpredictably, which could have a negative impact on the Company’s revenue.
The rates the Company charges for the shipping of freight are driven by the geographic balance of trade,
which determines the length of haul required, and by the growth of shipping capacity, namely the number of
new ships coming onto the market less the number of older ships scrapped or lost. If the supply of vessel
capacity increases for a prolonged period of time and the demand for shipping capacity does not increase
correspondingly, freight rates could decline materially, and the value of the Company’s vessels could be
adversely affected. The Company believes that many shipyards are currently working at capacity, and
therefore there is a possibility that vessel supply will be greater than shipping demand during the next
several years, which would have an adverse effect on freight rates.
In addition, the industry is highly competitive and has low (albeit capital-intensive) barriers to entry. During an
upturn in demand, there are likely to be a number of new market entrants, increasing the number of players
in the industry and exacerbating the competition in the market. As a result, the historical trend has been for
strong global growth or shifts in the balance of trade to lead to strong markets and high rates, and then to be
followed by significant additions to capacity, leaving the industry vulnerable to a downturn. During such a
downturn, pricing pressure is severe, and freight rates could decline materially.
Furthermore, freight rates have historically been highly volatile and unpredictable. The demand for tanker
capacity is influenced by global economic conditions, industrial production and demand for petroleum
products including crude oil, developments in international trade, competition from other means of transport
and changes in seaborne and other transportation patterns. As a consequence of these shifts in demand
(coupled with the changes in shipping capacity), the nature, timing and degree of changes in tanker industry
conditions are relatively unpredictable and could have an adverse effect on, or create volatility in, freight
rates applicable to the Company’s fleet and results of operations.
Any delays in the delivery of new ships or the repair of existing ships will have an adverse effect on
the business operations, operational performance and financial condition of the Company and its
Subsidiaries
Between the date of the issue of the Prospectus and end of 2009, the Company and its Subsidiaries expect
to take delivery of 1 newbuild vessel. The Company has developed its business strategy on the assumption
that the newbuilds will be delivered on time and that these ships will perform in the manner indicated by
design specifications. A significant delay in the delivery of the ships or a significant performance deficiency
50
would have a material adverse effect on the business, results of operations and financial condition of the
Company and its Subsidiaries. Delivery delays can occur as a result of problems with its shipbuilders, such
as insolvency or “force majeure” events that are beyond the Company’s control or that of our shipbuilders.
These events and the losses associated therewith, to the extent that they are not adequately covered by
contractual remedies or insurance, could adversely affect the financial results of the Company and its
Subsidiaries.
The Company’s existing ships are taken out of service at regular intervals so that routine inspections and
maintenance can be conducted. Should the Company’s ships require more extensive repairs than those
which are expected, there could be delays in bringing them back into service. Such delays could have a
material adverse effect on the Company and its Subsidiaries’ business, results of operations and financial
condition.
Operating costs and capital expenses will increase as the Company’s vessels age.
In general, capital expenditures and other costs for maintaining a vessel in good operating condition will
increase with the age of the vessel. Older vessels are typically more costly to maintain than more recently
constructed vessels and are subject to lower utilisation rates due to their higher maintenance requirements.
Cargo insurance rates increase and cost efficiency decreases with the age of a vessel, making older vessels
less desirable to charterers.
In addition, governmental regulations or safety or other equipment standards related to the age of vessels
may require expenditures for alterations, or the addition of new equipment, to the Company’s vessels and
may restrict the type of activities in which the vessels may engage. The Company and its Subsidiaris cannot
assure that, as their vessels age, market conditions will justify those expenditures or enable the Company
and its Subsidiaries to operate their vessels profitably during the remainder of their useful lives. If the
Company and its Subsidiaries sell their vessels, they cannot be certain that the price for which they would
sell them will be equal to or greater than their carrying amount on the financial statements of the Company
and its Subsidiaries at that time.
In order to maintain its fleet, the Company needs to make unexpected capital expenditures.
The Company’s current ships range in age from 1 to 27 years, with an average age of 9.4 years. In general,
expenditures necessary for maintaining a vessel in good operating condition increase with the age of the
vessel, but are difficult to predict with precision. In addition, unanticipated changes in governmental
regulations and safety or other equipment standards may require unanticipated expenditures for alterations,
or the addition of new equipment, to older vessels. As a consequence, the Company may need to take its
ships out of service for longer periods of time or more often than planned in order to perform necessary
repairs or modify the ships in order to meet such regulations. There can be no assurance that the Company’s
ships will not require extensive repairs which would result in significant expense and extended periods of
time during which these ships would be out of service. Such an occurrence could have a material adverse
effect on the Company’s business, results of operations and financial condition.
Shipping is business with several inherent risks, and adverse accidents involving the Company’s
vessels will have a negative impact on the operating result
The operation of ships involves the risk of accidents and other incidents. The Company’s vessels sail on the
open seas and are exposed to possible damage due to bad weather, collision with other vessels, the
possibility of being grounded or even a vessel sinking. The cargoes carried by the Company’s vessels may
be flammable, explosive and toxic and may be harmful to vessels, people and the environment. In addition,
the Company may become subject to personal injury or property damage claims relating to alleged exposure
to hazardous substances present on the Company’s vessels or used in its operations. While the Company
places safety as a high priority in the design and operation of its fleet, the Company has experienced
accidents and other incidents involving its ships.
The Company’s ships are insured up to a limit of US$1 billion per ship per incident for pollution cover and
US$4.5 billion per ship for other claims, (see information on “Insurance” at Chapter VIII) but there can be no
assurance that this insurance always covers the costs of incidents. Future incidents could cause the
Company’s damaged vessels to be docked for an extended period of time, lead to claims against us from
51
other operators, regulatory entities or other persons, require extensive clean-up and payments of costs, fines
or damages, and have a material adverse effect on our financial condition or results of operations. In
addition, and notwithstanding the existence of any insurance, an adverse judgment or settlement in respect
of any claims against the Company and its Subsidiaries, as well as the negative publicity related to their
involvement in any incident, could adversely affect customers’ perceptions of their safety record, damage
their reputation and have a material adverse effect on theit ability to generate revenue, their financial
condition and their results of operations.
Limited timely availability of vessels for purchase and volatile prices for vessels will affect the
revenues of the Company and its Subsidiaries.
Availability of tankers is constrained due to various factors including the scrapping of single-hull or older
vessels, limited shipyard capacity for building new vessels and the high price of plate steel. As freight rates
are on an increasing trend, the availability of second-hand vessels is limited, since ship operators are
unlikely to exit the market at that time. The scrapping of older vessels, limited shipyard capacity and high
commodity prices, fuelled by high freight rates, have resulted in a significant rising trend in vessel prices,
which may lead to an increase in the capital we need to invest to maintain or increase the size of the
Company’s fleet.
Because the market value of the Company’s vessels may fluctuate significantly, the Company may
incur losses which could adversely affect the liquidity, earnings and financial condition of the
Company.
The fair market value of the Company’s vessels has fluctuated over time. The fluctuation in market value of
tankers over time is based upon a number of factors including:
• age of the vessels;
• vessel specification and condition;
• global economic and market conditions affecting the tanker industry;
• competition from other shipping companies;
• changes in supply of, and demand for, certain types and sizes of vessels;
• number of vessels in the world fleet;
• developments affecting modes of transportation;
• changes in the cost of building new vessels;
• governmental and other regulations;
• the prevailing level of charter rates; and
• technological advances.
If vessel prices fall, the Company may need to record impairment charges in accordance with IFRS, which
would negatively impact its earnings. Likewise, if the Company sells a vessel at less than the vessel’s
carrying amount on its consolidated financial statements, this will result in a reduction in our earnings.
Declining vessel values of its tankers could adversely affect its liquidity by limiting its ability to raise cash or
refinance or draw down further under credit facilities.
Risk of competition
Shipping business in which the Company operates is an international business facing a free market
competition. In its main market segment, the Company’s major competitors include European and Asian
shipping companies. Such competition would intensify in a sluggish economy. Direct impact arising from the
risk of competition is the decrease in Operating Revenues generated from vessels that are not under
commitment of contracts due to weakening freight rates caused by the balance between supply and demand
of cargo space.
Risk of contract cancellation
Developments in the economic climate have major impacts on the activities of industries in which the
Company’s customer operates. If the economic situation deteriorates, industries could potentially suffer a
reduction in production volume or even temporary discontinuation of production activities, ultimately
decreasing supply of raw materials and industrial products. This may increase the risk for cancellation of the
Company’s long-term contract causing the Company to seek new charters or replacement cargo for the
52
affected vessels. If the Company is unable to immediately secure new charter contracts or cargo, then the
Company’s operating revenues and profit would be affected.
The Company is subject to extensive regulations and potential liability that could require significant
expenditures and subsequently have negative impact or the business, operation and financial
condition.
The Company’s operations are subject to extensive laws, treaties and international agreements governing
the management, transportation and discharge of petroleum and hazardous materials, all of which are
designed to protect the environment from pollution, as well as other national, state and local laws and
regulations in force in the jurisdictions in which our tankers operate or are registered. The Company’s
vessels must also meet stringent operational, maintenance and structural requirements, and they are subject
to rigorous inspections by governmental authorities. In addition, the Company’s personnel must follow
approved safety management and emergency preparedness procedures. Violations of applicable
requirements could result in substantial penalties, and in certain instances, seizure or detention of the
Company’s vessels.
In order to maintain compliance with existing and future laws, treaties and international agreements, the
Company incurs, and expects to continue to incur, substantial costs in meeting maintenance and inspection
requirements, developing and implementing emergency preparedness procedures, and obtaining insurance
coverage or other required evidence of financial ability sufficient to address pollution incidents.
These laws, treaties and international agreements can:
• impair the economic value of the Company’s vessels;
• require a reduction in cargo carrying capacity or other structural or operational changes;
• impose more compliance requirements on the Company’s vessels, which may, in turn make the Company’s
vessels less attractive to potential charterers or purchasers;
• lead to an increase in the risks to be covered under the Company’s insurance policies which may in turn,
affect the Company’s ability to secure sufficient insurance coverage for affected vessels; or
• result in the denial of access to, or detention in, certain ports.
Because such laws, treaties and international agreements are often revised, the Company cannot predict the
ultimate costs of complying with such conventions and legislation or their impact on the resale price or useful
life of the Company’s vessels or other aspect of its operations. Additional conventions and legislation may be
adopted which could limit the Company’s ability to do business or require the Company to incur substantial
additional costs or otherwise materially adversely affect the Company’s business, Shareholders, results of
operations or financial condition. For instance, the Indonesian government may limit foreign shareholdings in
Indonesian shipping companies.
Regulatory risk associated in the acceleration of the phasing-out of single-hull oil tankers
The International Maritime Organisation (the “IMO”) has prescribed rules relating to the phasing-out of single-
hull oil tankers, and this phase-out has been accelerated to 2010 from 2015, despite protests from a number
of nations such as the United States and Japan. There are seven single-hull tankers within the fleet owned
by the Company and its Subsidiaries and therefore any further acceleration of the phase-out may affect the
Company’s business and financial condition. Although presently non-mandatory, certain countries may put a
restriction for entry of single-hull vessels on their ports, which may also have a material adverse effect on the
Company’s business, financial condition and results of operations.
Revenues are subject to seasonal variations, which may adversely affect the Company’s profit.
The international tanker markets have historically exhibited seasonal variations in demand for oil tanker
capacity, and therefore, charter rates. Charter rates for tankers are typically higher in the autumn and winter
months as a result of increased oil consumption in the Northern Hemisphere and tend to decrease during the
Northern Hemisphere’s spring season. The value of the Company’s vessels may also fluctuate with charter
rates. These seasonality factors have affected the Company’s operating results on a quarter-to-quarter basis
and could continue to do so in the future.
53
Terrosist activities in Indonesia or elsewhere would destabilize the global shipping markets, thereby
adversely affecting the business activities.
Following the bombings taking place in Indonesia in 2002, particularly the Bali incidents in October 2002 and
October 2005, it is estimated that there may be potential recurrences of these terrorist activities in the future.
Such incidents could push Indonesia to experience instability and potential social disturbances as well as
subsequent government actions. Moreover, these terrorist actions also occurred in other markets where the
Company operates, including the Middle East and Europe. Violent actions that result in civil disturbance and
instability has and will continue to have adverse impacts on the levels of investment and confidence as well
as on the Indonesian and global economic performance, with potential adverse impacts on the business,
financial and operational conditions of the Company.
The Government may requisition vessels during a period of war or emergency situation with
adequate compensation, thus causing revenue loss for the Company
A government could requisition or seize one or more of the Company’s vessels for title or for hire. Requisition
for title occurs when a government takes control of a vessel and becomes her owner. Also, a government
could requisition the Company’s vessels for hire. Requisition for hire occurs when a government takes
control of a vessel and effectively becomes her charterer at dictated charter rates. Generally, requisitions
occur during a period of war or emergency. Government requisition of one or more of the Company’s vessels
may negatively impact the Company’s business, financial condition and results of operations.
A part of the strategic plan of the Company and its Subsidiaries is expansion into new freight sectors
as well as new geographic markets in which the Company and its Subsidiaries have little or no
proven experience, and such and expansion could prove to be unsuccessful.
The short- to medium-term strategy of the Company and its Subsidiaries is to increase their shipping volume
to Europe and to expand their gas shipping operations. The Compang and its Subsidiaries have hitherto not
competed with operators in the European market on a large scale or tried to sell their services directly to
European customers for intra-European trade. The Company and its Subsidiaries have only one office in
Europe, and their experience in operating directly and continuously in this market is limited. Expanding in the
European market will bring new challenges and unfamiliar difficulties, such as the organisation of other parts
of workforce in labour unions and higher operating costs. There can be no assurance that the Company and
its Subsidiaries will be able to meet these challenges or address these difficulties successfully.
Similarly, the Company and its Subsidiaries are planning to expand their shipping operations in the LPG and
LNG markets to increase the proportion of their revenues from the gas tanker business, as well as in the
floating storage and offloading (“FSO”) and floating production, storage and offloading (“FPSO”) markets.
This expansion will require an investment for capital expenditures, for human resources and for additional
know-how.While the Company and its Subsidiaries entered the gas transportation business in 1989, the
operations in this sector have been small and with limited experience, and the Company and its Subsidiaries
may not be able to compete with other, more established gas transporters on a larger scale.
It is difficult to evaluate or predict the ability of the Company and its Subsidiaries to implement their
expansion strategy successfully. Their prospects are uncertain and must be considered in light of the risks,
uncertainties and difficulties frequently encountered by companies that enter into new geographic or product
markets. An expansion of their shipping activities into the gas sector and the FSO and FPSO markets and
into the European market will also require substantial investment, and if the expansion is not successful, the
Company and its Subsidiaries will not receive an adequate, or any, return on our investment, which would
have an adverse effect on their business, financial condition and results of operations.
The Company and its Subsidiaries are dependent upon the services of key management personnel.
The Company and its Subsidiaries are dependent upon the collective services of all of the members of their
senior management team, including, among others, the Directors, managers and onboard officers. The loss
of the services of any of these persons or several of these persons could have an adverse effect on their
business, financial condition and results of operations. Further information on the members of the
Company’s management is given in Chapter VII on Description of the Company and its Subsidiaries.
54
The Company and its Subsidiaries may suffer an uninsured loss from a failure to maintain general
insurance cover protecting against all risks or lawsuits that may potentially arise.
The operation of ocean-going vessels carries an inherent risk of loss caused by adverse weather conditions,
environmental mishaps, fire, mechanical failure, collisions, human error, war, terrorism, piracy, political action
in various countries and other circumstances or events. Any such event may result in loss of life or property,
loss of revenues or increased costs and could result in significant litigation against the Company and its
Subsidiaries.
The Company and its Subsidiaries seek to maintain a comprehensive insurance coverage at commercially
reasonable rates, although premiums charged by insurance companies tend to fluctuate in response to
market events over which we have no control, such as, the terrorist attacks in the United States on 11
September 2001 and the recent corporate bankruptcies which have resulted in a proliferation of shareholder
litigation. The management of the Company and its Subsidiaries believe that their current coverage is
adequate to protect against most of the accident-related risks involved in the conduct of their business.
Generally, all of their operational activities are covered by insurance, but the Company and its Subsidiaries
do not maintain general insurance coverage protecting against all lawsuits brought against them, and they
may not be covered for certain types of claims, depending on their subject matter (refer to Chapter VIII for
Business Activities under Insurance section).
There can be no assurance that all risks are fully insured against, that any particular claim will be fully paid or
that the Company and its Subsidiaries will be able to procure adequate insurance coverage at commercially
reasonable rates in the future or at all. If the Company and its Subsidiaries were to sustain significant losses
in the future, their ability to obtain insurance coverage or insurance coverage at commercially reasonable
rates could be materially adversely affected.
An adverse judgement or settlement in respect of any ongoing claims against the Company and its
Subsidiaries may have a material adverse effect on the financial condition and operational
performance of the Company and its Subsidiaries.
The operation of ships involves the risk of accidents and other incidents that may lead to litigation against the
Company and its Subsidiaries. The Company and its Subsidiaries are involved in a number of claims typical
to the industry and arising out of the normal operations of their business. There can be no assurance that
incidents similar to the ones that have given rise to these claims will not occur in the future, and the
Company and its Subsidiaries may be subject to additional such legal claims, as well as others, in the future.
Even if they prevail in these disputes, the mere existence of such claims may cause negative publicity and
adversely affect their reputation and customers’ perceptions of their safety record. An adverse judgment or
settlement in respect of any of the ongoing or future claims against the Company and its Subsidiaries may
also lead to negative publicity about them and could have a material adverse effect on their business,
financial condition and results of operations. See Chapter VII on the Litigation Cases Faced by the
Company.
If all employees are unionised, the Company and its Subsidiaries may be forced to incur expenses.
Currently, more than half of their crew and other employees are not members of any labour unions. As the
fleet grows, the number of the crew and land-based employees will increase. The plans of the Company and
its Subsidiaries to increase their shipping volume to Europe could also accelerate the organisation of their
workforce into labour unions. If these employees, in particular the crew, form a labour union or join an
established labour union, it could increase the employee costs, including costs for salaries and costs for
benefits, and lead to disruptions in the operations of the Company and its Subsidiaries. These factors could
have a material adverse effect on the financial condition and results of operations of the Company and its
Subsidiaries.
The Company and its Subsidiaries conduct business with companies in countries that are subject to
sanctions by the Office of Foreign Assets Control ("OFAC") of the United States Department of the
Treasury and under related legislation and international conventions (the "OFAC Rules").
55
The ships that the Company and its Subsidiaries operate have carried and carry a range of products from
and to OFAC-sanctioned countries, such as Iran and Sudan. In particular, in 2003 and 2004, the Iran
Petrochemical Commercial Company (“IPCC”), a company wholly owned by the Government of Iran, was
one of the significant customers of the Company and its Subsidiaries. In 2006, 2007 and 2008, 2.0%, 2.2%
and 2.7% of revenues were derived from business with IPCC. The Company and its Subsidiaries transport
chemicals and petrochemicals for IPCC, including methanol, paraxylene, benzene, toluene, caustic soda,
and ortholxylene. The Company has also carried shipments of kerosene, linier alkyl benzene, normal
paraffin, lubricating oil, naphtha, sulphuric acid and mono ethylene glycol from Iran.
In 2005, the Company and its Subsidiaries also transported 130,000 MT of crude oil from Sudan to China.
The Company has not made any shipments to or from Sudan since then, but the Company continues to ship
products to and from Iran. The Company and its Subsidiaries believe that the Company and its Subsidiaries
are not subject to any of the current OFAC Rules and do not engage in any prohibited activities with
countries or persons that are subject to OFAC Rules. Further, the Company and its Subsidiaries will
undertake to the investors that they will not, among other things, directly or indirectly use the proceeds from
the Limited Public Offering IV for the purpose of financing the activities of any person currently subject to any
U.S. sanctions administered by OFAC. However, as the Company and its Subsidiaries have no internal
controls in place to monitor compliance with OFAC Rules, there can be no assurance that the Company and
its Subsidiaries will not be subject to any future sanctions under OFAC Rules because of changes under
OFAC Rules or because of their activities. Further, the Company and its Subsidiaries cannot guarantee that
they will not have any future activities with countries sanctioned under OFAC Rules.
Risk of natural disasters and accidents at sea.
The Company’s vessels travel on journeys in the open seas and could potentially suffer damages from bad
weather conditions, collisions with other vessels or coral reefs or possibly sinking. In addition, the cargo
carried by the Company’s vessels could contain materials that are highly flammable, explosive and toxic,
thus potentially endangering the safety of vessel, passengers on board and the environment. This could
result in loss of revenue from the said vessel, for which the amount is dependent on the duration of the repair
as well as higher costs for the vessel due to its repairs and other related costs incurred from the damages
suffered by the vessel.
Risk of political instability.
Considering the terrorist acts of October 2002 and 2005 in the domestic front as well as other terrorist
activities in the Middle East and Europe, there is a possibility for recurrence of similar incidents in the future.
Instability in the political situations, potentially stemming from terrorist acts, social unrest, rioting and social
conflicts both occurring locally and internationally within the market coverage of the Company’s operations,
would have significant implications to the economic conditions and therefore to the Company’s business
activities.
Risk as a holding company
The Company’s organizational structure is composed of several levels of Subsidiaries whose financial
reports are consolidated into the financial statements of the Company as the holding company. In the event
that the Subsidiaries experience a slowdown in their financial performance, such condition directly affects the
financial performance of the holding company as well.
All material risks which affect the operational of the Company have been disclosed as described above.
56
VI. SIGNIFICANT EVENTS SUBSEQUENT TO THE INDEPENDENT

AUDITORS’ REPORT
Significant and relevant events which occurred subsequent to the Independent Auditors’ Report issued on 7
May 2009 by Public Accountant Office of Osman Bing Satrio & Rekan for the Company’s Consolidated
Financial Statements for the years ended on 31 December 2008, 2007 and 2006, are as follows :
1. On 15 May 2009, as the Company obtained a Statement of Effectiveness from the Chairman of
Bapepam-LK by virtue of Letter No.S-3908/BL/2009 for the Public Offering of Berlian Laju Tanker IV
Bonds Year 2009 with Fixed Interest Rate at a nominal value of Rp400,000,000,000 (four hundred
billion Rupiah) and Sukuk Ijarah Berlian Laju Tanker II Year 2009 with total remaining ijarah of
Rp100,000,000,000 (one hundred billion Rupiah). On May 2009, the Company received the
proceeds from the Bond Offering and the after-said Sukuk Ijrah.
2. On May 2009, the Company obtained a loan from Bank Mandiri in the maximum amount of Rp.
500,000 million. The loan is guaranteed by a vessel of Company and a Subsidiary and paid by way
of quarterly installments until 31 December 2013.
57
VII. INFORMATION ON THE COMPANY AND ITS SUBSIDIARIES
1. BRIEF HISTORY OF THE COMPANY
The Company was established under the name of PT Bhaita Laju Tanker pursuant to Deed No. 60 dated 12
March 1981, which was later amended by Deed No. 127 dated 26 March 1982, Deed No. 10 dated 2 August
1982, Deed No. 55 dated 17 December 1984 and Deed No. 4 dated 5 September 1988, all drawn up before
Raden Santoso, Notary in Jakarta at that time, which have been legalized by the Minister of Justice of the
Republic of Indonesia based on his decision letter No. C2-2630.HT.01.01.Th.89 dated 31 March 1989 and
registered in the State Court of Central Jakarta respectively under No. 865/1989, 866/1989, 867/1989,
868/1989 and 869/1989 dated 28 April 1989, and announced in the State Gazette of the Republic of
Indonesia No. 70 dated 1 September 1989, Supplement No. 1729/1989.
Amendment to the articles of incorporation of the Company is described and can be seen under sub-title Brief
History of the Company as presented in the Prospectus of the Public Offering of Berlian Laju Tanker III Bonds
Year 2007 With Fixed Interest Rate issued in Jakarta on 28 June 2007.
Following the Public Offering of Berlian Laju Tanker III Bonds Year 2007, the Company’s articles of association
has been revised several times, as follows:
Deed of Amendment of Articles of Association of PT Berlian Laju Tanker No. 17 dated 23 November 2007
drawn up before Dr. Amrul Portamuan, SH, LL.M, Notary in Jakarta, for which the deed has been reported to
the Minister of Law and Human Rights of the Republic of Indonesia on 13 December 2007 with report no. C-
UM.HT.01.10-5957, for which the deed has been notified to the Minister of Law and Human Rights of the
Republic of Indonesia and have been received and recorded by the Minister of Law and Human Rights of the
Republic of Indonesia based on Letter No. C-UM.HT.01.10-5957 dated 13 December 2007 and announced
in the State Gazette of the Republic of Indonesia No. 31 dated 15 April 2008, Supplement to the State
Gazette No. 285, and later amended by Deed of Statement of Resolution of the Annual General Meeting of
Shareholders No. 30 dated 29 April 2008 drawn up before Amrul Partomuan Pohan, S.H., LL.M, Notary in
Jakarta, for which the deed has been notified to the Minister of Law and Human Rights of the Republic of
Indonesia and have been received and recorded by the Minister of Law and Human Rights of the Republic of
Indonesia based on Letter No. AHU-AH-01.10-11486 dated 13 May 2008 and have been recorded in the
Register of Companies on 13 May 2008 No. AHU-0036199.AH.01.99 and based on Letter of Notary Amrul
Partomuan Pohan, S.H., LL.M No. 59/II/2009 dated 24 February 2009, this deed is currently in the process to
be announced in the State Gazette of the Republic of Indonesia and Supplement to the State Gazette and
lastly amended by Deed of Statement of Resolution of the Extraordinary General Meeting of Shareholders
No. 1 dated 6 August 2008 drawn up before Amrul Partomuan Pohan, S.H., LL.M, Notary in Jakarta, for
which the deed has obtained approval from the Minister of Law and Human Rights of the Republic of
Indonesia based on Decision Letter of the Minister of Law and Human Rights of the Republic of Indonesia
No. AHU-54491.AH.01.02.Year 2008 dated 25 August 2008 and has been recorded in the Register of
Companies on 25 August 2008 No. AHU-0074870.AH.01.09.Year 2008 and based on Letter No. 68/III/2009
dated 2 March 2009 is in the process to be announced in the State Gazette of the Republic of Indonesia and
Supplement to the State Gazette.
The Company and its Subsidiaries form a Group of Companies engaged in the business of maritime
transportation services, particularly for liquid cargo which are commonly traded in the international markets, such
as crude oil, fuel (oil), lubricating oil, liquid chemical substances, LPG, liquid asphalt, crude palm oil (CPO) and
its derivatives, as well as molasses.
The main business of the Company and its Subsidiaries is vessel charter, manning and management as well as
agency business for off-shore shipping companies. Up to today, the business of vessel operation and charter,
which consists of time charter and spot charter, provides the largest contribution to the revenues of the Company
and its Subsidiaries. Most of the vessel charter business is carried out by the Company and its Subsidiaries
using owned ships and those leased by the Company from other shipping companies.
The Company is domiciled in Jakarta, with its head office located in Wisma BSG, Floor 10, Jl. Abdul Muis
No. 40, Jakarta 10160. Today, the Company has two branch offices in Dumai and Merak, respectively
located in Jl. Yos Sudarso No. 159, Dumai 28814, and Jl. Pulorida No. 18, Desa Tamansari, Merak 42438.
58
At present, the Company has direct share ownership as follows:

Company Business Activities Ownership Date of Share
Percentage Subscription
(%)
Subsidiary:
Indigo Pacific Corporation (Labuan, investment, ownership & operation 100,00 29 Desember 1997
Malaysia) of ships
Diamond Pacific International Corp. investment, ownership & operation 100,00 29 Desember 1997
(Labuan, Malaysia) of ships
Asean Maritime Corporation (Labuan, investment, ownership & operation 100,00 1 Juli 1998
Malaysia) of ships
PT Banyu Laju Shipping (Indonesia) maritime shipping services and ship 99,80 16 Desember 2002
chartering
PT Brotojoyo Maritime (Indonesia) shipping services, transportation 99,00 20 Januari 2003
services and trust shipping
PT Buana Listya Tama (Indonesia) shipping and transportation 99,99 12 Mei 2005
services, ship chartering and also
rental of shipping-related
equipments
PT Bayu Lestari Tanaya (Indonesia) general trading, expedition services, 99,00 22 Maret 2005
packaging and warehousing, as well
as shipping management, planning
and development
Associate Company:
PT Berlian Limatama (Indonesia) loading-unloading cargo in ships and 50,00 24 Juli 1996
terminals services, warehousing,
heavy machineries and
transportation
Upon its incorporation, the Company only owned and chartered 2 (two) units of oil tankers with tonnage
capacity of 12,050 DWT. From year to year, the fleet operated by the Company and its Subsidiaries
continued to grow, and as of 31 December 2008, the Company operated 88 (eighty eight) tankers with total
tonnage capacity of 2,045,064 DWT, consisting of 61 chemical tankers, 14 oil tankers, 12 gas tankers and 1
FPSO tanker. Of this entire fleet, the Company owns 63 tankers and charters the remaining 25 tankers.
The facilities and infrastructure used by the Company are the following:
Type Total Status Time Period Location
The Company:
2
Buildings 3,178 m
Buildings 12 fl. Unit 1201 400 m2 Leased 1/02/ 2005 - 1/02/2010 Wisma BSG Jakarta
Buildings 10 fl. Unit 1004 148.18 m2 Leased 1/04/2005 – 1/04/2010 Wisma BSG Jakarta
Buildings 11 fl. Unit 1103 372.15 m2 Leased 1/04/2005 - 1/04/2010 Wisma BSG Jakarta
Buildings 11 fl. Unit 1107 65 m2 Leased 1/09/2006 - 11/09/2011 Wisma BSG Jakarta
Buildings 5 fl. Unit M-0508 801.92 m2 Leased 7/01/2008 - 7/01/ 2013 Wisma BSG Jakarta
Land Leased No certain time period Tamansari, Pulomerak

2
Buildings 448 m Owned - Dumai
Two-wheel Vehicles 4 unit Owned - Jakarta, Dumai, Merak
Four-wheel Vehicles 26 unit Owned - Jakarta, Merak
Four-wheel Vehicles 3 unit Leased - Jakarta
Subsidiary:
2
Buildings 495 m Leased - Singapore and Hongkong
All facilities and infrastructure owned and utilized by the Company have been adequately insured by the
Company and the lessee. Motor vehicles owned by the Company have been insured by several insurance
companies for total loss value of Rp9,264,285,000. The Company also has insurance protection for office
building in Merak with total value of Rp1,100,000,000.
59
2. DEVELOPMENTS IN OWNERSHIP OF SHARES IN THE COMPANY
A description of the developments in the ownership of the Company’s shares up to 31 March 2007 is
provided in the Prospectus of the Public Offering of Berlian Laju Tanker III Bonds With Fixed Interest Rate,
which was issued in Jakarta on 28 June 2007, based on the Effective Letter from the Chairman of Bapepam.
Since the Public Offering of Berlian Laju Tanker III Bonds Year 2007, there have been several changes in the
ownership of the Company’s shares, and up to the date of issue of this Prospectus, such changes are as
described below:
2007
In relation to the exercise of warrants from the Limited Public Offering II, based on Deed of Amendment of
the Articles of Association of PT Berlian Laju Tanker No. 17 dated 23 November 2007 drawn up before Dr.
Amrul Portamuan, SH, LL.M, Notary in Jakarta, for which the said deed has been reported to the Minister of
Law and Human Rights of the Republic of Indonesia on 13 December 2007 under report no. C-
UM.HT.01.10-5957, the Company’s shareholders resolved to approve an increase in the Company’s
subscribed/paid-up capital from 4,157,572,436 shares or with aggregate nominal value of Rp
259,848,277,250 to 4,157,675,536 shares or with aggregate nominal value of Rp 259,854,721,000.
With the exercise of warrants from the Limited Public Offering II, based on the Letters from the Share
Registrar (-) concerning Notification of Shares Issued from Conversion of Warrants Series 01 PT Berlian Laju
Tanker Tbk., consisting of the following letters: No.137/A5/I/XII/2007 dated 7 December 2007 states that
there were issued 105,920 shares, No.138/A5/I/XII/2007 dated 10 December 2007 states that there were
356 issued shares, No.139/A5/I/XII/2007 dated 21 December 2007 states the issue of 1,225,424 shares,
No.140/A5/I/XII/2007 dated 21 December 2007 states a total of 3,200 shares. Therefore, the number of
outstanding shares is 4,159,010,436 shares.
With the above changes, the composition of the Company’s shareholders based on the List of Shareholders
of the Company, which was obtained from the Share Registrar (PT Sinartama Gunita) on 31 December 2007
is as provided below:
Nominal value Rp 62.5 per
share
Description Number of Shares Total Nominal Value (Rp) Percentage (%)
Meadowstream Limited 138,000,000 8,625,000,000 3.32
Widihardja Tanudjaja 2,620,800 163,800,000 0.06
Berlian Employee Cooperative 2,422,056 151,378,500 0.05
Public (*) 1,937,123,816 121,070,238,500 46.58
Sub Total 4,127,960,436 257,997,527,250 99.25
Shares repurchased 31,050,000 1,940,625,000 0.75
(*) Is total ownership of shares by the public, respectively at a total of no more than 5 % from the capital subscribed in the
Company.
2008
In relation with the exercise of warrants from the Limited Public Offering II, based on Deed of Statement of
Resolution of the Annual General Meeting of Shareholders No. 30 dated 29 April 2008 drawn up before Dr.
Amrul Partomuan Pohan, S.H., LL.M, Notary in Jakarta, for which the deed has been notified to the Minister
of Law and Human Rights of the Republic of Indonesia and has been received and recorded by the Minister
of Law and Human Rights of the Republic of Indonesia based on Letter No. AHU-AH-01.10-11486 dated 13
May 2008, the Company’s shareholders resolved to approve an increase in the Company’s subscribed/paid-
up capital from 4,157,675,536 shares or with aggregate nominal value of Rp259,854,721,000 to
4,589,281,176 shares or with aggregate nominal value of Rp286,830,073,500.
With the changes above, the composition of the Company’s shareholders based on the List of Shareholders
of the Company, which was obtained from the Share Registrar PT Sinartama Gunita on 31 December 2008
is as follows:
60

Description Number of Shares Total Nominal Value (Rp) Percentage
(%)
Public (*) 1,724,100,156 133,528,197,250 50.64
Sub Total 4,176,930,176 257,997,527,250 99.25
Total Subscribed and Paid-up Capital 4, 589,281,176 259,938,152,250 100.00
(*) Is total ownership of shares by the public, respectively at a total of no more than 5 % from the capital subscribed in the Company.
2009
Based on the List of Shareholders of the Company which was obtained from the Shares Registrar (PT
Sinartama Gunita) dated 30 April 2009 as follows:

Description Number of Shares Total Nominal Value (Rp) Percentage
(%)
Public (*) 1,724,100,15 107,756,259,750 37,56
Sub Total 4,176,930,176 261,058,136,000 91.01
(*) Ownership of shares of each shareholder no more than 5 % respectively.
The following is a summary of transactions under the Company’s share buy back program:
EGM Period of Repurchase Number of Uses
Year Shares
2001 24 October 2001 - 205,040,000 Sold under private placement through the Jakarta Stock
27 December 2001 Exchange
2004 19 May 2005 - 412,433,000 Allocated for holders of Convertible Bonds which have been
22 March 2006 issued on 14 December 2005 by BLT Finance Corporation
2006 26 July 2006 - 403,038,000 Allocated for holders of Convertible Bonds which have been
31 May 2007 issued on 17 May 2007 by BLT B V
61
3. BRIEF DESCRIPTION ON SHAREHOLDERS THAT ARE LEGAL ENTITIES
PT Tunggaladhi Baskara
Brief History
PT Tunggaladhi Baskara is established by virtue of Deed of Incorporation No. 30 dated 21 July 1992 and
revised by Deed of Amendment No. 14 dated 11 December 1992, both drawn up before Raden Santoso, a
Notary in Jakarta at that time, and the deeds have been legalized by the Minister of Justice of the Republic of
Indonesia by virtue of decision letter No. C2-10210.HT.01.01.Th.92 dated 16 December 1992 and registered
in the Office of the State Court of Central Jakarta under No. 3376/1992 and No. 3377/1992 on 19 December
1992, and announced in the State Gazette of the Republic of Indonesia No. 60 dated 26 July 1996,
Supplemental State Gazette No. 6607/1996.
The Articles of Association was amended last by the Deed of Statement of Shareholders’ Resolution No. 14
dated 10 September 2008 drawn up before Winanto Wiryomartani, S.H., M.Hum, a Notary in Jakarta, which
deed has been granted the approval of the Minister of Law and Human Rights of the Republic of Indonesia
by virtue of Decision Letter No. AHU-98876.AH.01.02.Year 2008 dated 22 December 2008 and recorded in
the Company Registry under No. AHU-0124471.AH.01.09 Year 2008. By virtue of the Letter dated 26
February 2009 issued by Winanto Wiryomartani S.H., M.Hum, Notary in Jakarta, the said deed is currently in
the process of being announced in the State Gazette of the Republic of Indonesia and Supplemental the
State Gazette.
PT Tunggal Baskara (”TAB”) is a majority shareholder of the Company and one of the founders of the
Company.
TAB is a investment company which is indirectly owned by Surya Family, with one of its main investments
directed to the Company shares; the investment that was placed on the Company is, in turn, financed by
debts, equities, dividends, and profits from other business investments.
Business Line
TAB is engaged in the business of trade, contractor, real estate, mining, forestry, agriculture, plantation,
fishery, animal husbandry and general services (not including legal services).
Capital Structure
Based on Deed No. 26 dated 17 March 1998, drawn up before Lily Widjaja, S.H., a Notary in Jakarta, the
capital structure of PT Tunggaladhi Baskara is as follows:

Nominal Value of Rp 500,000 per share
Number of
Description Shares
Total Nominal Value (Rp) Percentage (%)
Authorized Capital 300,000 150,000,000,000
PT Bagusnusa Samudra Gemilang 203,998 101,999,000,000 99.99
PT Bagus Setia Giri 2 1,000,000 0.01
Total Issued and Paid-up Capital 204,000 102,000,000,000 100.00
Number of Shares Remaining in Portfolio 96,000 48,000,000,000
Management and Supervision

The composition of management and supervision of PT Tunggaladhi Baskara at the time of the publication of
this Prospectus is as follows:
Board of Commissioners
President Commissioner : Utama Hadi Surya
62
Commissioner : Suherman Widjaja
Director
President Director : Hadi Surya
Director : Dwijaya Hadi Surya
4. BRIEF DESCRIPTION ON SUBSIDIARIES
a. Indigo Pacific Corporation (Labuan)
Brief History
Indigo Pacific Corporation (Labuan) was incorporated on 24 December 1997 and operated based on the
laws of Malaysia and is domiciled in Labuan.
Business Line
Indigo Pacific Corporation (Labuan) is engaged in the field of investment, ownership and operation of ships
and other businesses, as far as they are not prohibited under the prevailing laws and regulations of
Malaysia.
Capital Structure and Share Ownership

As at 31 December 2008, the capital structure and share ownership of Indigo Pacific Corporation (Labuan) is
as follows:
Nominal Value USD 1 per share
Equivalent in
Number of Total Nominal Percentage
Description Rupiah*
Shares Value (USD) (%)
(Rp)
Authorized Capital 7,850,000 7,850,000 85,957,500,000
PT Berlian Laju Tanker Tbk. 7,850,000 7,850,000 85,957,500,000 100.00
Total 7,850,000 7,850,000 85,957,500,000 100.00
Number of Shares Remaining in Portfolio - - -
* The closing exchange rate of Bank Indonesia as at 31 December 2008 at USD 1 = Rp 10,950
Important Financial Highlights

The table below provides important financial data of Indigo Pacific Corporation for the years that ended on
31 December 2008, 2007 and 2006 (the exchange rate for the US Dollar used in the balance sheet is the
Bank of Indonesia middle rate whereas the rate used in the profit and loss statement is Bank Indonesia
average rate), which have been audited by independent auditor Chieng and Associates (Malaysia) for the
consolidated financial statements as at 31 December 2008 (BI middle rate at Rp10,950 and BI average rate
at Rp 9,678), 31 December 2007 (BI middle rate at Rp 9,419 and BI average rate at Rp 9,136) and 31
December 2006 (BI middle rate at Rp 9,020 and BI average rate at Rp 9,170), all with unqualified opinion:
BALANCE SHEET
31 December
2008 2007 2006
Description
USD Rp million USD Rp million USD Rp million
ASSETS
Current Assets 101,674,775 1,113,339 28,355,002 267,076 16,143,535 145,615
Fixed Assets 439,445,810 4,811,932 187,065,511 1,761,970 59,263,252 534,555
Non-Current Assets 248,366,611 2,719,614 438,226,906 4,127,659 105,488,981 951,511
TOTAL ASSETS 789,487,196 8,644,885 653,647,419 6,156,705 180,895,768 1,631,681
LIABILITIES
Current Liabilities 22,465,992 246,003 14,669,902 138,176 7,597,848 68,533
Non-Current
379,785,508 4,158,651 478,197,910 4,504,146 58,634,992 528,888
Liabilities
63
TOTAL LIABILITIES 402,251,500 4,404,654 492,867,812 4,642,322 66,232,840 597,421

EQUITY 387,235,696 4,240,231 160,779,607 1,514,383 114,662,928 1,034,260
TOTAL LIABILITIES &
789,487,196 8,644,885 653,647,419 6,156,705 180,895,768 1,631,681
EQUITY
PROFIT AND LOSS STATEMENT

31 December
2008 2007 2006
Description
Operating Revenues 200,409,889 1,939,567 112,321,380 1,026,168 84,961,678 779,099
Income from Operations 62,002,250 600,058 24,546,051 224,253 17,669,682 162,031
Net Income 228,458,025 2,211,017 46,118,734 421,341 35,985,204 329,984
Financial Analysis
31 December 2007 compared to 31 December 2006
An increase in current assets as much as 70%is due to an increase in cash, increase in the price of fuel oil,
and an increase in business debts by subsidiaries.
An inccrease in fixed assets as much as 233% is due to the purchase of the MT Trirasa and MT Tridonawati
vessels by subsidiaries.
An increase in non-current assets as much as 229% is due to the increase in other business receivable
incurred from parties with special relationship by the subsidiaries.
An increase in non-current liabilities as much as 381% is due to the existence of new long-term bond debts
in the value of USD400,000,000.
An increase in the business revenues as much as 32% is due to the operations of two new vessels of the
subsidiaries.
An increase in the business profits as much as 37% is due to the successes in supressing the increase in
business charges and administrative charges.

An increase in the curent liabilities as much as 98% is due to the increase in business debts, increase in tax
debts, increase in expenses that still need to be paid and the decrease in income that was received in
advance by the subsidiaries.
An increase in business revenues as much as 89% is due to the operations of 8 new vessels by the
subsidiaries.
An increase in business profits as much as 171% is due to the successes in suppressing the increase in
business charges and administrative charges.
An increase in net profits as much as 425% is due to the increase in the normal value on the conversion
bonds and paid money order, a profit from the sale of vessel, a loss incurred from the swap transaction and
an increase in interest charges and bank expenses by the subsidiaries.
Management
Director : Hadi Surya
Director : Widihardja Tanudjaja
Director : Siana Anggraeni Surya
Director: : Wong Kevin
Director : Michael Murni Gunawan
64
b. Diamond Pacific International Corporation (Labuan)
Brief History
Diamond Pacific International Corporation (Labuan) was established on December 24, 1997 and operated
based on the laws of Malaysia and is domiciled in Labuan.
Business Line
Diamond Pacific International Corporation (Labuan) is engaged in the field of investment, ownership and
operation of ships and other businesses, as far as they are not prohibited under the prevailing laws and
regulations of Malaysia.

As at 31 December 2008, the capital structure and share ownership of Diamond Pacific International
Corporation (Labuan) is as follows:
Nominal value USD 1 per share
Total
Equivalent in
Number Nominal Percentage
Description Rupiah*
of Shares Value (USD) (%)
(Rp)
0
0
Total 6,350,00 6,350,000 69,532,500,000 100.00
0
Number of Shares Remaining in - - -
Portfolio

The table below provides important financial data of Diamond Pacific International Corporation (Labuan) for the
years that ended on 31 December 2008, 2007 and 2006 (the exchange rate for the US Dollar used in the
balance sheet is the Bank Indonesia middle rate whereas the rate used in the profit and loss statement is the
Bank Indonesia average rate), which have been audited by independent auditor Chieng and Associates
(Malaysia) for the consolidated financial statements as at 31 December 2008 (BI middle rate at Rp10,950 and
BI average rate at Rp 9,678), 31 December 2007 (BI middle rate at Rp 9,419 and BI average rate at Rp 9,136)
and 31 December 2006 (BI middle rate at Rp 9,020 and BI average rate at Rp 9,170), all with an unqualified
opinion:
BALANCE SHEET
31 December
2008 2007 2006
Description
ASSETS
Current Assets 88,129,308 965,016 22,468,290 211,629 15,849,870 142,966
Fixed Assets 111,467,131 1,220,565 41,520,776 391,084 43,331,905 390,854
Non-Current Assets 139,768 1,530 33,200,915 312,719 50,665,691 457,003
TOTAL ASSETS 199,736,207 2,187,111 97,189,981 915,432 109,847,466 990,823
LIABILITIES
Current Liabilities 2,854,095 31,252 5,517,576 51,970 1,926,995 17,381
Non-Current Liabilities 123,828,017 1,355,917 20,054,532 188,893 42,361,125 382,097
TOTAL LIABILITIES 126,682,112 1,387,169 25,572,108 240,863 44,288,120 399,478
EQUITY 73,054,095 799,942 71,617,873 674,569 65,559,346 591,345
65
TOTAL LIABILITIES & EQUITY 199,736,207 2,187,111 97,189,981 915,432 109,847,466 990,823

31 December
2008 2007 2006
Description Rp Rp Rp
USD USD USD
million million million
Operating Revenues 60,194,695 582,570 52,956,397 483,810 46,809,506 429,243
Net Income (Loss) (2,989,137) (28,929) 10,335,866 94,428 23,924,774 219,390
Financial Analysis
The increase in the current assets as much as 35% is due to the increase in the price of fuel oil, increase in
other business receivable and increase in expenses that are paid in advance by the subsidiaries.
The increase in non-current assets as much as 84% is due to an increase in other business receivable
The increase in non-current liabilities as much as 91% is due to an increase in other business debts incurred
from parties with special relationship by the subsidiaries.
The decrease in net profits as much as 57% is due to the increase in operational charges and administrative
charges of the subsidiaries as well as the increase in the profit and loss section on associate company.
The increase of current assets as much as 392% is due to the increase of cash amount and temporary
investment in commercial paper.
The increase of fixed assets as much as 202% is due to the accomplishment of building MT Gas Lombok
and MT Gas Sumbawa Vessels and also the sales of MT Brotojoyo by the Subsidiaries.
The increase of non-current liabilities as much as 61% is due to the increase of other business debts to party
with special relationship by the Subsidiaries.
The decrease of net income as much as 131% is due to the increase of net loss of associated company.
Management
Director : Hadi Surya
Director : Siana Anggaraeni Surya
Director : Wong Kevin
c. Asean Maritime Corporation
Brief History
Asean Maritime Corporation was incorporated on September 16, 1997 and operated based on the laws of
Malaysia and is domiciled in Labuan.
Business Line
Asean Maritime Corporation is engaged in the field of investment, ownership and operation of ships and
other businesses, as far as they are not prohibited under the prevailing laws and regulations of Malaysia.

As at 31 December 2008, the capital structure and share ownership of Asean Maritime Corporation is as
follows:
66
Number of Total Nominal Equivalent in Rupiah* Percentage

Description
Shares Value (USD) (Rp) (%)
Total 4,130,600 41,306,000 452,300,700,000 100.00
Number of Shares Remaining in Portfolio - - -

The table below provides important financial data of Asean Maritime Corporation for the years that ended on
Bank Indonesia middle rate whereas the rate used in the profit and loss statement is the Bank Indonesia
average rate), which have been audited by independent auditor Chieng and Associates (Malaysia) for the
consolidated financial statements as at 31 December 2008 (BI middle rate at Rp 10,950 and BI average rate
at Rp 9,678), 31 December 2007 (BI middle rate Rp 9,419 and BI average rate at BI Rp 9,136) dan 31
December 2006 (BI middle rate Rp 9,020 and BI average rate at Rp 9,170), all with an unqualified opinion:
BALANCE SHEET
31 December
2008 2007 2006
Description
ASSETS
Current Assets
91,337,099 1,000,141 225,887,419 2,127,634 97,041,804 875,317
Fixed Assets
1,220,041,251 13,359,452 1,306,847,971 12,309,201 394,510,989 3,558,489
Non-Current
Assets 52,119,069 570,704 100,210,181 943,879 10,860,235 97,959
TOTAL ASSETS
1,363,497,419 14,930,297 1,632,945,571 15,380,714 502,413,028 4,531,765
LIABILITIES
Current Liabilities
71,855,889 786,822 282,091,523 2,657,020 22,538,857 203,300
Non-Current
Liabilities 1,016,983,711 11,135,972 1,096,227,989 10,325,371 283,355,326 2,555,865
11,922,794 12,982,391 305,894,183 2,759,165
TOTAL LIABILITIES
1,088,839,600 1,378,319,512
EQUITY
274,657,819 3,007,503 254,626,059 2,398,323 196,518,845 1,772,600
TOTAL LIABILITIES
& EQUITY 1,363,497,419 14,930,297 1,632,945,571 15,380,714 502,413,028 4,531,765

31 December
2008 2007 2006
Description Rp million Rp million Rp million

USD USD USD
Operating Revenues
442,613,561 4,283,654 218,507,321 1,996,283 202,528,625 1,857,187
Income from Operations
119,246,482 1,154,078 65,545,629 598,825 72,946,703 668,921
Net Income
19,661,613 190,287 58,067,890 530,508 72,312,466 663,105
Financial Analysis
The increase in current assets as much as 134% is due to the increase in cash and bank balances, increase
in business debt and increase in fuel oil.
The increase in non-current assets as much as 464% is due to goodwill, cash which use is limited, and the
increase in other business receivables.
67
The increase in current liabilities as much as 495% is due to the increase in business debts, increase in
other business debts, increase in income that was received in advance.
The increase in non-current liabilities as much as 380% is due to the increase in long-term debt and finance
lease, as well as other debts incurred from parties with special relationship by the subsidiaries.

The decrease in current assets as much as 56% is due to the decrease in cash and bank balances by the
subsidiaries.
The increase in fixed assets as much as 248% is due to the new vessels addition by the subsidiaries.
The increaes in non-current assets as much as 36% is due to the increase in other business receivables
The decrease in current liabilities as much as 31% is due to the decrease in the amount of short-term bank
debts.
The increase in the business revenues as much as 115% is due to the commencement of operation of the
new vessels by the subsidiaries.
An increase in the business profits as much as 93% is due the commencement of the operation of the new
vessels by the subsidiaries.
The decrease in the net profits as much as 64% is due to the increase in interest charges, loss attributed to
the difference in exchange rates, the decrease in the value of the assets and the decrease in the value of
goodwill.
Management
President Director : Hadi Surya
Director : Siana Anggaraeni Surya
d. PT Banyu Laju Shipping

Brief History
PT Banyu Laju Shipping was established in Jakarta, Indonesia by virtue of Deed No. 35 dated 25 July 1991,
drawn up before Raden Santoso S.H., Notary in Jakarta, which deed has been legalized by the Minister of
Justice of the Republic of Indonesia by virtue of his Decision Letter No. C2-15527 HT.01.01.TH’94 dated 17
October 1994, and recorded in the Register at the State Court of Central Jakarta on 21 November 1994
under No. 2253/1994 as well as announced in the State Gazette of the Republic of Indonesia No. 60 dated
26 July 1996, Supplement No. 6621. The Company was established as a Foreign Investment Company
(PMA) which was approved by the Investment Coordinating Board by virtue of approval letter No.
189/I/PMA/1991 dated 20 June 1991.
Based on the resolution of the General Meeting of Shareholders on 8 May 2002, the Company’s status was
changed to a Domestic Investment Company as have been approved by the Investment Coordinating Board
by vritue of letter No. 12/V/PMDN/2002 dated 18 June 2002.
The latest amendment to the articles of association is set forth in Deed of Statement of Meeting Resolution
No. 32 dated 29 April 2008, drafted before Ny. Lilik Kristiwati S.H., Notary in Jakarta, which deed has been
granted the approval of the Minister of Law and Human Rights of the Republic of Indonesia by virtue of
Decision Letter No. AHU-24970.AH.01.02.Year 2008 dated 13 May 2008, and recorded in the Company
Registry under No. AHU-0036599.AH.01.09.Year 2008 on 13 May 2008, and announced in the State
Gazette of the Republic of Indonesia No. 72 dated 5 September 2008, the State Gazette No. 17039.
68
Business Line
PT Banyu Laju Shipping is engaged in the business of maritime shipping services in the domestic and
international waters as well as in ship chartering.

As at 31 December 2008, the capital structure and share ownership of PT Banyu Laju Shipping is as follows:
Registered Ordinary
Shares
Nominal Value Rp
1,949,000 per share
Number of Total Nominal Value Percentage
Description
Shares (Shares) (Rp) (%)
Authorized Capital 500 974,500,000
PT Berlian Laju Tanker Tbk. 499 972,551,000 99.80
PT Brotojoyo Maritime 1 1,949,000 0.20
Total 500 974,500,000 100.00
Number of Shares Remaining in Portfolio - -

The table below provides important financial data of PT Banyu Laju Shipping for the years that ended on 31
December 2008, 2007 and 2006 (the exchange rate for the US Dollar used in the balance sheet is the Bank
Indonesia middle rate whereas the rate used in the profit and loss statement is the Bank Indonesia average
rate), which have been audited by independent auditor Bismar, Muntalib and Yunus (Indonesia) for the
at Rp 9,678), 31 December 2007 (BI middle rate at Rp 9,419 and BI average rate Rp 9,136) and which have
been audited by independent auditor Public Accountant Office of Drs. Bismar Sitanggang dan Rekan for the
at Rp9,170), all with an unqualified opinion:
BALANCE SHEET
31 December
2008 2007 2006
Description
ASSETS
Current Assets
1,685,286 17,951 1,655,898 15,050 1,675,000 15,093
Fixed Assets
43,196 405 1,019 18 73,356 109
Non-Current
Assets 2,173,694 20,063 1,348,612 12,190 894,483 8,026
TOTAL ASSETS
3,902,176 38,419 3,005,529 27,258 2,642,839 23,228
LIABILITIES
Current Liabilities
584,536 5,763 319,438 2,753 887,755 7,996
Non-Current
Liabilities 3,389 37 3,940 37 4,115 37
TOTAL LIABILITIES
587,925 5,800 323,378 2,790 891,870 8,033
EQUITY
3,314,251 32,619 2,682,151 24,468 1,750,969 15,195
TOTAL LIABILITIES
& EQUITY 3,902,176 38,419 3,005,529 27,258 2,642,839 23,228

31 December
2008 2007 2006
Description
USD USD USD
69
Rp million Rp million Rp million
Operating Revenues
2,858,435 27,291 2,943,810 26,903 1,605,435 14,697
Income (Loss) from
Operations 534,531 5,147 903,965 8,815 (2,100) 85
Net Income (Loss)
632,100 8,151 931,182 9,272 98,621 (523)
Financial Analysis
The decrease in fixed assets as much as 84% is due to the fact that vessels and cars assets have fully
depreciated.
The increase in non-current assets as much as 52% is due to the increase in other receivable from parties
with special relationship by the subsidiaries.
The decrease in current liabilities as much as 66% is due to the decrease in expenses that still need to be
paid.
The increase in the business revenues as much as 83% is due to the increase in the performance of the
Company.
The increase in the net profit as much as 1873% is due to the increase in the interest income and decrease
in the loss attributable to the difference in exchange rates.
The increase in the business profits as much as 10280% is due to the fact that operation expenses does not
increase much compared to the increase in business revenues.
The increase in fixed assets as much as 2181% is due to the purchase of company cars asset.
The incrase in non-current assets as much as 65% is due to the increase in other debts incurred from parties
with special relationship by the subsidiaries.
The increase in current liabilities as much as 109% is due to the increase in business receivables incurred
from third party.
The decrease in business profits as much as 42% is due to the the fact that business revenues increase by
1% whereas operational expenses increase by 21%.
Management
President Commissioner : Hadi Surya
President Director : Widihardja Tanudjaja
Director : Dwijaya Hadi Surya
e. PT Brotojoyo Maritime
Brief History
PT Brotojoyo Maritime was established in Jakarta, Indonesia by virtue of Deed No. 35 dated 20 January
2003 drawn up before Setiawan, S.H., Notary in Jakarta, which deed has been granted the approval of the
the Minister of Justice and Human Rights of the Republic of Indonesia No. C-04561 HT.01.01.TH.2003 dated
5 March 2003 and registered in the Office of Company Registration of Central Jakarta on 14 July 2004 No.
1185/BH.09.05/V/2003 as well as announced in the State Gazette of the Republic of Indonesia No. 65 dated
15 August 2003, Supplement No. 6889.
The latest amendment to the articles of association is set forth in Deed of Statement of Meeting Resolution
No.11 dated 3 June 2008 drawn up before Ny. Lilik Kristiwati, S.H., Notary in Jakarta, which deed has been
granted the approval of the Minister of Law and Human Rights of the Republic of Indonesia by vritue of his
Decision Letter No. AHU-34048.AH.01.02.Year 2008 dated 17 June 2008 and recorded in the Company
70
Registry No. AHU-0049435.AH.01.09.Year 2008 on 17 June 2008 and announced in the State Gazette No.
59 dated 22 July 2008, Supplement No. 12830
Business Line
PT Brotojoyo Maritime is engaged in the business of shipping and transportation services serving the
domestic and international markets as well as trust shipping.

On 31 December 2008, the capital structure and share ownership of PT Brotojoyo Maritime is as follows:
Nominal Value
Rp 1,000 per share
Number of Percentage
Description Total Nominal Value (Rp)
Shares (%)
Authorized Capital 1,000,000 1,000,000,000
PT Berlian Laju Tanker Tbk. 247,500 247,500,000 99.00
PT Banyu Laju Shipping 2,500 2,500,000 1.00
Total 250,000 250,000,000 100.00
Number of Shares Remaining in Portfolio 750,000 750,000,000
Management
Commissioner : Hadi Surya

The table below provides important financial data of PT Brotojoyo Maritime for the years that ended on 31
consolidated financial statements as at 31 December 2008 (BI middle rate Rp 10,950 and BI average rate at
Rp 9,678), 31 December 2007 (BI middle rate Rp 9,419 and BI average rate at Rp 9,136) and which have
been audited by independent auditor Public Accountant Office of Drs. Bismar Sitanggang dan Rekan for the
at Rp 9,170), all with an unqualified opinion:
BALANCE SHEET
31 December
2008 2007 2006
Description
ASSETS
Current Assets 2,398,164 27,491 642,161 6,033 3,870,018 34,441
Fixed Assets 21,770,716 205,193 302,606 2,740 7,899,959 70,554
Non-Current
203 7,164,984 60,349 913,340 4,662
Assets 293,621
TOTAL ASSETS 24,462,501 232,887 8,109,751 69,122 12,683,317 109,657
LIABILITIES
Current Liabilities 1,343,346 14,568 1,514,321 14,267 840,650 7,577
Non-Current
16,655,764 163,495 - - - -
Liabilities
TOTAL LIABILITIES 17,999,110 178,063 1,514,321 14,266 840,650 7,577
EQUITY
6,463,391 54,824 6,595,430 54,856 11,842,667 102,050
TOTAL LIABILITIES
& EQUITY 24,462,501 232,887 8,109,751 69,122 12,683,317 109,657
71
STATEMENTS OF INCOME
31 December
2008 2007 2006
Description
Income (Loss) from
Operations (332,368) (532) (3,505,094) (31,700) 620,481 4.518
Net Income (Loss)
(132,040) (577) (5,247,237) (47,225) 570,080 3.530
Financial Analysis
The decrease in current assets as much as 82% is due to the decrease in cash/bank, decrease in business
receivable and decrease in expenses paid in advance.
The decrease in fixed assets as much as 96% is due to the transfer of the operation of MT Bandondari to
other subsidiary.
The increase in current assets as much as 1217% is due to the increase in other receivables incurred from
parties with special relationship.
The increase in current liabilities as much as 88% is due to the increase in tax debts.
The decrease in business revenues as much as 81% is due to the transfer of the operations of MT
Bandondari to other subsidiary.
The decrease in business profits as much as 802% is due to the transfer of operations of MT Bandondari to
other subsidiary.
The decrease in net profit as much as 1438% is due to the transfer of the operation of MT bandondari to other
subsidiary, loss due to the sale of asset and increase in other expenses.
The increase in current assets as much as 356% is due to the increase in business receivables and increase
in expenses paid in advance.
The increase in fixed assets as much as 7389% is due to the purchase of MT Bramani.
The decrease in non-current assets as much as 100% is due to the reduction of other receivables to parties
with special relationship.
The increase in business revenues as much as 119% is due to the commencement of the operations of MT
Bramani.
The increase in business profits as much as 98% is due to the commencement of the operations of MT
Bramani.
The increase in net profits as much as 99% is due to the commencement of the operations of MT Bramani.
f. PT Buana Listya Tama

Brief History
PT Buana Listya Tama was established in Jakarta, Indonesia by virtue of Deed No. 27 dated 12 May 2005
drawn up before Ny. Lilik Kristiwati, S.H., Notary in Jakarta, which deed was legalized by the Minister of Law
and Human Rights of the Republic of Indonesia by virtue of his Decision Letter No.C-26012
HT.01.01.Th.2005 dated 21 September 2005, and registered in the Office of Company Registration of
Central Jakarta on 11 September 2006 under No.6829/BH.09.05/IX/2006 and announced in the State
Gazette of the Republic of Indonesia No. 79 dated 3 October 2006, Supplemental State Gazette No.10555.
The latest amendment to the company’s articles of association is set forth in Deed of Statement of Meeting
Resolution No. 31 dated 22 May 2008, drawn up before Ny. Lilik Kristiwati, S.H., Notary in Jakarta, which
deed has been granted the Approval of the Minister of Law and Human Rights of the Republic of Indonesia,
72
by virtue of his Decision Letter No. AHU-30108.AH.01.02.Year 2008 dated 4 June 2008 and recorded in the
Register of Companies No. AHU-0044033.AH.01.09.Year 2008 on 4 June 2008.
Business Line
PT Buana Listya Tama is engaged in the business of domestic and international shipping and transportation
services and also in the business of ship chartering and the rental of shipping-related equipments.

As at 31 December 2008, the capital structure and share ownership of PT Buana Listya Tama is as follows:
Nominal Value Rp 1,000 per
share
Shares (%)
Authorized Capital 2,000,000,000 2,000,000,000,000

PT Berlian Laju Tanker Tbk. 695,975,474 695,975,474,000 99.993
PT Bayu Lestari Tanaya 50,000 50,000,000 0.007
Total 695,025,474 696,025,474,000 100.00
Number of Shares Remaining in Portfolio 1,304,974,526 1,304,974,526,000
Management
President Commissioner : Widihardja Tanudjaja
Commissioner : Siana Anggraeni Surya
President Director : Michael Murni Gunawan

The table below provides important financial data of PT Buana Listya Tama for the years that ended on 31
consolidated financial statement as at 31 December 2008 (BI middle rate at Rp 10,950 and BI average rate
at Rp 9,678), 31 December 2007 (BI middle rate at Rp 9,419 and BI average rate at Rp 9,136) and which
have been audited by independent auditor Public Accountant Office of Drs. Bismar Sitanggang dan Rekan
for the consolidated financial statement as at 31 December 2006 (BI middle rate at Rp 9,020 and BI average
rate at Rp 9,170), all with an unqualified opinion:
BALANCE SHEET
31 December
2008 2007 2006
Description
ASSETS
Current Assets
7,580,383 80,131 5,344,535 49,755 4,108,428 37,396
Fixed Assets
73,496,734 650,801 85,504,850 781,766 90,121,552 824,006
Non-Current
Assets 13,654,743 136,459 265 3 - -
TOTAL ASSETS
94,731,860 867,391 90,849,650 831,524 94,229,980 861,402
LIABILITIES
Current Liabilities
3,720,839 40,550 1,634,157 15,728 3,373,215 30,578
Non-Current
Liabilities - - 4,771,156 42,740 13,642,038 127,128
73
TOTAL LIABILITIES
3,720,839 40,550 6,405,313 58,468 17,015,253 157,706
EQUITY
91,011,021 826,841 84,444,337 773,056 77,214,727 703,696
TOTAL LIABILITIES
& EQUITY 94,731,860 867,391 90,849,650 831,524 94,229,980 861,402
31 December
2008 2007 2006
Description
Income from 7,783,412 80,116 7,674,838 69,640 1,479,068 13,077
Operations
Net Income 6,566,684 53,785 7,229,610 69,360 1,522,457 7,682
Financial Analysis
The increase in current assets as much as 33% is due to the increase in the reserves of bunker.
The decrease in the current liabilities as much as 49% is due to the decrease in business debts incurred
from third party.
The decrease in non-current liabilities as much as 66% is due to the decrease in other debts incurred from
The increase in the business revenues as much as 354% is due to the increase in the performance of
subsidiaries.
The increase in the business profits as much as 433% is due to the increase in the performance of
subsidiaries.
The increase in net profits as much as 803% is due to the increase in gains due to the difference in
exchange rates.
31 December 2008 comapred to 31 December 2007
The increase in current assets as much as 61% is due to the increase in business receivable incurred to third
party and expenses paid in advance.
The increase in non-current assets as much as 5458257% is due to the arising of other receivable incurred
from parties with special relationship.
The increase in current liabilities as much as 158% is due to the increase in expenses that still need to be
paid.
The decrease in non-current liabilities as much as 100% is due to the decrease in other debts incurred to
g. PT Bayu Lestari Tanaya

Brief History
PT Bayu Lestari Tanaya was incorporated in Jakarta, Indonesia by virtue of Deed No. 11 dated 22 March
2005 drawn up before Ny. Lilik Kristiwati, S.H., Notary in Jakarta, which Deed was legalization by the
Minister of Law and Human Rights of the Republic of Indonesia by virtue of his Decision Letter No.C-13235
HT. 01.01.TH.2005 dated 17 May 2005, and registered in the Office of Company Registration of Central
Jakarta on 11 August 2005 under No.2148/BH.08.05/VIII/2005 as well as announced in the State Gazette of
the Republic of Indonesia No. 78 dated 30 September 2005, Supplemental State Gazette No.10403.
The latest amendment to the company’s articles of association is set forth in the Deed of Statement of
Meeting Resolution No. 43 dated 29 May 2008 drawn up before Ny. Lilik Kristiwati, S.H., Notary in Jakarta,
which the deed has been granted the approval of the Minister of Law and Human Rights of the Republic of
74
Indonesia by virtue of his Decision Letter No.AHU-31553.AH.01.02 Year 2008 dated 9 June 2008 and
recorded in the Company Registry under No. AHU-0046054.AH.01.09.Year 2008 on 9 June 2008 as well as
announced in the State Gazette of the Republic of Indonesia No. 59 dated 22 July 2008 Supplemental State
Gazette No. 12831.
Business Line
PT Bayu Lestari Tanaya is engaged in the business of general trading, expedition services, packaging and
warehousing, as well as shipping management, planning and development.

As at 31 December 2008, the capital structure and share ownership of PT Bayu Lestari Tanaya is as follows:
Nominal Value Rp 1,000 per
share
Shares (%)

PT Banyu Laju Shipping 2,500 2,500,000 1.00
Total 250,000 250,000,000 100.00
Management

The table below provides important financial data of Bayu Lestari Tanaya for the years that ended on 31
at Rp 9,678), 31 December 2007 (BI middle rate at Rp 9,419 and BI average rate at Rp 9,136) and which
have been audited by independent auditor Public Accountant Office of Drs. Bismar Sitanggang dan Rekan
for the consolidated financial statements as at 31 December 2006 (BI middle rate Rp 9,020 and BI average
rate at Rp 9,170), all with an unqualified opinion:
BALANCE SHEET
31 December
2008 2007 2006
Description
ASSETS
Current Assets 231 2 2,159 20 2,285 21
Fixed Assets - - - - - -
Non-Current
Assets 16,608 152 19,832 185 20,735 193
TOTAL ASSETS 16,839 154 21,991 205 23,020 214
LIABILITIES
Current Liabilities 2,300 25 264 2 499 5
75
Non-Current
Liabilities - - - - - -
TOTAL LIABILITIES 2,300 25 264 2 499 5
EQUITY 14,539 129 21,727 203 22,521 209
TOTAL LIABILITIES
& EQUITY 16,839 154 21,991 205 23,020 214
31 December
2008 2007 2006
Description
Operating Revenues - - - - - -
(7,847) (76) (668) (6) (2,742) (25)
Loss from Operations
Net Loss (7,188) (74) (794) (6) (1,289) (25)
Financial Analysis
paid.
The decrease in business profits up to 75% is due to the decrease in general and administrative expenses.
The decrease in net profit as much as 76% is due to the decrease in general and administrative expenses.

The decrease in current assets as much as 80% is due to the decrease in cash/bank.
paid.
The decrease in business profits as much as 1143% is due to the increase in general and administrative
expenses.
The decrease of net income as much as 1145% due to the decrease in general and administrative expenses.
Companies in which the Company has an indirect participation, which companies have the largest contribution
to the Company is as follows:
h. Gagarmayang Maritime Pte. Ltd.
Brief History
Gagarmayang Maritime Pte. Ltd. was incorporated in Singapore by virtue of Memorandum and Articles of
Association dated 8 November 2004.
Business Line
Gagarmayang Maritime Pte. Ltd. is engaged in the shipping business.

As at 31 December 2008, the capital structure and share ownership of Gagarmayang Maritime Pte Ltd is as
follows:
Registered Ordinary
Shares
Nominal Value SGD 1 per
share
Description Number of Shares Total Nominal Value Percentage
(SGD) (%)
76
Authorized Capital 500,000 500,000

Gold Bridge Shipping Corporation 50,000 50,000 100.00
Total 50,000 50,000 100.00
Number of Shares Remaining in Portfolio 450,000 450,000
Management
Director : Na Tat Soey
Director : Wangsa Atmaja Surya
Secretary : Goh Sook Thung

The table below provides important financial data of Gagarmayang Maritime Pte Ltd for the years that ended
on 31 December 2008, 2007 and 2006 (the exchange rate for the US Dollar used in the balance sheet is the
Bank Indonesia middle rate whereas the rate used in the profits and loss statement is the Bank Indonesia
average rate), which have been audited by independent auditor C. H. NG & CO. (Singapore) for the
consolidated financial statements as at 31 December 2008 (BI middle rateI Rp10,950 and BI average rate
Rp9,678), 31 December 2007 (BI middle rate Rp9,419 and BI average rate Rp9,136) and 31 December
2006 (BI middle rate Rp9,020 and BI average rate Rp9,170), all with an unqualified opinion.
BALANCE SHEET
31 December
2007 2007 2006
Description
ASSETS
Current Assets 632,078 6,921 79,518,354 748,983 3,727,354 33,620
Fixed Assets - - 35,070,932 330,333 36,547,288 329,657
Non-Current Assets 46,188,574 505,765 - - 1,409,120 12,710
TOTAL ASSETS 46,820,652 512,686 114,589,286 1,079,316 41,683,762 375,987
LIABILITIES
Current Liabilities 42,678 467 377,329 3,553 612,618 5,526
Non-Current
Liabilities - - 90,599,521 853,357 27,064,783 244,124
TOTAL LIABILITIES 42,678 467 90,976,850 856,910 27,677,401 249,650
EQUITY 46,777,974 512,219 23,612,436 222,406 14,006,361 126,337
TOTAL LIABILITIES &
EQUITY 46,820,652 512,686 114,589,286 1,079,316 41,683,762 375,987
31 December
2007 2007 2006
Description
Income from 4,370,064 42,294 10,068,732 91,988 7,741,099 70,986
Operations
Net Income 23,165,538 224,198 9,606,075 87,761 5,881,576 53,934
Financial Analysis
The increase in current assets as much as 2,121% is due to the increase in cash/bank and the increase in
business debt incurred from third party.
The decrease in non-current assets as much as 100% is due to the decrease in other debts incurred from
77
The decrease in current liability as much as 36% is due to the decrease in expenses that still need to be
paid.
The increase in non-current liabilities as much as 249% is due to the incrase in other debts incurred to
The decrease in business profits as much as 30% is due to the decrase in vessel operation expenses.
The incrase in net profit as much as 63% is due to the increase in interest income.

The decrease in current assets as much as 99% is due to the decrease in cash/bank and decrease in
business debts incurred from third party.
The decrease in fixed assets as much as 100% is due to the sale of MT Gagarmayang.
paid.
The decrease in non-current liabilities as much as 100% is due to the decrease in other debts incurred to
The decrease in business revenues as much as 39% is due to the sale of MT Gagarmayang.
The decrease in business profits as much as 54% is due to the sale of MT Gagarmayang and the increase in
operational expenses.
The increase in net profit as much as 155% is due to the profit that is obtained from the sale of MT
Gagarmayang.
i. Badraini Maritime Pte. Ltd.

Brief History
Badraini Maritime Pte. Ltd. was incorporated in Singapore by virtue of the Memorandum and Articles of
Association dated 19 January 2005.
Business Line
Badraini Maritime Pte. Ltd. is engaged in the shipping business.

As at 31 December 2008, the capital structure and share ownership of Maritime Pte Ltd is as follows:

Nominal Value SGD 1 per share
Description Number of Total Nominal Value Percentage
Shares (SGD) (%)

Issued and Paid-up Capital
Total 50,000 50,000 100.00
Number of Shares Remaining in 450,000 450,000
Portfolio
Management
78


The table below provides important financial data of Badraini Maritime Pte Ltd for the years that ended on 31
Indonesia middle rate whereas the rate used in the loss and profit statement is the Bank Indonesia average
rate), which have been audited by independent auditor C. H. NG & CO. (Singapore) for the consolidated
financial statements as at 31 December 2008 (BI middle rate at Rp 10,950 and BI average rate at Rp 9,678),
31 December 2007 (BI middle rate at Rp 9,419 and BI average rate at Rp 9,136) and 31 December 2006 (BI
middle rate Rp 9,020 and BI average rate Rp 9,170), all with an unqualified opinion.
BALANCE SHEET
31 December
2008 2007 2006
Description
ASSETS
Current Assets 5,882,924 64,418 4,916,842 46,312 7,669,414 69,178
Fixed Assets 24,556,247 268,891 27,105,806 255,310 29,362,581 264,850
Non-Current
- - -
Assets - - -
TOTAL ASSETS 30,439,171 333,309 32,022,648 301,622 37,031,995 334,028

LIABILITIES
Current Liabilities 264,946 2,901 430,636 4,056 1,012,224 9,130
Non-Current
6,500,557 71,181 14,904,826 140,389 23,611,477 212,975
Liabilities
TOTAL LIABILITIES 6,765,504 74,082 15,335,462 144,445 24,623,701 222,105
EQUITY 23,673,667 259,227 16,687,186 157,177 12,408,294 111,923
TOTAL LIABILITIES
30,439,171 333,309 32,022,648 301,622 37,031,995 334,028
& EQUITY
31 December
2008 2007 2006
Description
Net Income 6,986,481 67,616 4,278,892 39,092 5,186,702 47,562
Financial Analysis
The increase in current assets as much as 33% is due to the decrease in cash/bank balances and decrease
in expenses paid in advance
The decrease in current liabilities as much as 56% is due to the decrease in business debts incurred from
third party and expenses that still need to be paid.
79
The decrease in non-current liabilities as much as 34% is due to the decrease in bank debts.
The increase in current assets as much as 39% is due to the increase in the cash/bank balances and
increase in business debts incurred from third party.
The decrease non-current liabilities as much as 49% is due ot the decrease in other debts incurred from
The increase in business profits as much as 58% is due to the increase in business revenues and decrease
in general and administrative expenses.
The increase in net profit as much as 73% is due to revenues and insurance claim.
j. Barunawati Maritime Pte. Ltd.

Brief History
Barunawati Maritime Pte. Ltd. was incorporated in Singapore by virtue of Memorandum and Articles of
Association dated 19 January 2005.
Business Line
Barunawati Maritime Pte. Ltd. is engaged in the shipping business.

As at 31 December 2008, the capital structure and share ownership of Barunawati Maritime Pte Ltd is as
follows:

(SGD) (%)

Subcribed and Paid-up Capital
Total 50,000 50,000 100.00
Management
80

The table below provides important financial data of Barunawati Maritime Pte Ltd for the years that ended on
Bank Indonesia middle rate whereas the rate used in the profit and loss statement is the Bank Indonesia
average rate), which have been audited by independent auditor C. H. NG & CO. (Singapore) for the
consolidated financial statements as at 31 December 2008 (BI middle rate at Rp 10,950 and BI average rete
at Rp 9,678), 31 December 2007 (BI middle rate at Rp 9,419 and BI average rate at Rp 9,136) and 31
December 2006 (BI middle rate at Rp 9,020 and BI average rate at Rp 9,170), all with an unqualified opinion:
BALANCE SHEET
31 December
2008 2007 2006
Description
ASSETS
Current Assets 10,538,762 115,399 10,325,500 97,255 6,856,307 61,844
Fixed Assets 24,824,621 271,830 27,105,806 255,310 29,362,581 264,850
Non-Current Assets - - - - - -
TOTAL ASSETS 35,363,383 387,229 37,431,306 352,565 36,218,888 326,694

LIABILITIES
Current Liabilities 3,715,229 40,682 1,961,597 18,476 407,141 3,672
Non-Current Liabilities 2,694,377 29,503 16,440,598 154,854 26,821,835 241,933
TOTAL LIABILITIES 6,409,606 70,185 18,402,195 173,330 27,228,976 245,605
EQUITY 28,953,777 317,044 19,029,111 179,235 8,989,912 81,089

TOTAL LIABILITIES &
EQUITY 35,363,383 387,229 37,431,306 352,565 36,218,888 326,694
31 December
2008 2007 2006
Description Rp million Rp million
USD USD Rp million USD
Net Income 9,924,666 96,052 10,039,199 91,718 4,972,907 45,602
Financial Analysis
The increase in current assets is as much as the increase in business receivables incurred from third party
and increase in expenses paid in advance.
The increase in current liabilities as much as 403% is due to the the incrase in expenses that still need to be
paid and increase in revenues received in advance.
The increase in non-current business revenues as much as 36% is due to the decrease in bank debts.
The increase in business revenues as much as 48% is due to the increase in the performance of the
Company.
81
The increase in business profits as much as 70% is due to the fact that the increase in operational, general
and administrative expenses can be suppressed so that it is less than the increase in the Company’s
performance.
The increase in net profit is as much as 101% because the decrease in interest charges and decrease in
other expenses.
paid.
k. Barawati Maritime Pte. Ltd.

Brief History
Barawati Maritime Pte. Ltd. was incorporated in Singapore by virtue of the Memorandum and Articles of
Association dated 22 April 2005.
Business Line
Barawati Maritime Pte. Ltd. is engaged in the shipping business.

As at 31 December 2008, the capital structure and share ownership of Barawati Maritime Pte Ltd is as
follows:

(SGD) (%)
Total 50,000 50,000 100.00
Management

The table below provides important financial data of Barawati Maritime Pte Ltd for the years that ended on 31
Indonesia middle rate whereas the rate used in the profit and loss statements is the Bank Indonesia average
financial statements as at 31 December 2008 (BI middle rate at Rp 10,950 BI average rate at Rp 9,678), 31
December 2007 (BI middle rate at Rp 9,419 and BI average rate at Rp 9,136) and 31 December 2006 (BI
middle rate at Rp 9,020 and BI middle rate at Rp 9,170), all with an unqualified opinion:
82
BALANCE SHEET
31 December
2008 2007 2006
Description
ASSETS
Current Assets 3,765,369 41,231 6,598,222 62,148 9,177,876 82,784
Fixed Assets 21,128,023 231,352 23,538,681 221,711 26,123,209 235,631

Non-Current
Assets - - - - - -
TOTAL ASSETS 24,893,392 272,583 30,136,903 283,859 35,301,085 318,415

LIABILITIES
Current Liabilities 311,746 3,414 1,880,175 17,709 500,877 4,518

Non-Current
Liabilities 10,014,153 109,655 16,476,787 155,195 26,370,891 237,865
10,325,899 113,069 18,356,962 172,904 26,871,768 242,383

TOTAL LIABILITIES
EQUITY 14,567,493 159,514 11,779,941 110,955 8,429,317 76,032

TOTAL LIABILITIES
& EQUITY 24,893,392 272,583 30,136,903 283,859 35,301,085 318,415
31 December
2008 2007 2006
USD USD USD
Net Income 2,787,553 26,978 3,350,624 30,611 7,439,745 68,222
Financial Analysis
The decrease in current assets as much as 29% is due to the decrease in cash/bank balances.
paid.
The decrease in business profits as much as 57% is due to the decrease in business revenues, increase in
vessel operational expenses and increase in general and administrative expenses.
The decrease in net profits as much as 55% is due to the loss from the difference in exchange rates.

The decrease in current assets as much as 30% is due to the decrease in cash/bank balances, decrease in
business receivables incurred from third party and decrease in expenses paid in advance.
The decrease in current liabilities is as much as the decrease in expenses that still need to be paid.
The decrease in business expenses as much as 45% is due to the decrease in business revenues.
83
l. Fatmarini Maritime Pte. Ltd.

Brief History
Fatmarini Maritime Pte. Ltd. was incorporated in Singapore based on Memorandum and Articles of
Association dated 14 August 2002.
Business Line
Fatmarini Maritime Pte. Ltd. is engaged in the shipping business.

As at 31 December 2008, the capital structure and share ownership of Fatmarini Maritime Pte Ltd is as
follows:

Nominal Value SGD1 per share
(SGD) (%)

Total 50,000 50,000 100.00
Management

The table below provides important financial data of Fatmarini Maritime Pte Ltd for the years that ended 31
financial statements as at 31 December 2008 (BI middle rate at Rp10,950 and BI average rate at Rp9,678),
31 December 2007 (BI middle rate at Rp9,419 and BI middle rate at Rp9,136) and 31 December 2006 (BI
middle rate at Rp9,020 and BI rate at Rp9,170), all with an unqualified opinion as follows:
BALANCE SHEET
31 December
2008 2007 2006
Description
ASSETS
Current Assets 5,658,943 61,965 4,708,502 44,349 888,695 8,016
Fixed Assets 20,666,304 226,296 21,945,418 206,704 23,415,139 211,205
Non-Current
Assets 5,727,536 62,717 - - 13,789,870 124,385
84
TOTAL ASSETS 32,052,783 350,978 26,653,920 251,053 38,093,704 343,606
LIABILITIES
Current Liabilities 297,418 3,257 346,697 3,266 709,716 6,402
Non-Current
Liabilities - - 3,538,720 33,331 19,012,500 171,493
TOTAL LIABILITIES 297,418 3,257 3,885,417 36,597 19,722,216 177,895
EQUITY 31,755,365 347,721 22,768,503 214,456 18,371,488 165,711
TOTAL LIABILITIES
& EQUITY 32,052,783 350,978 26,653,920 251,053 38,093,704 343,606
PROFIT AND LOSS STATEMENTS

31 December
2008 2007 2006
USD USD USD
Income from 8,982,857 86,937 5,065,695 46,280 230,088 2,110

Operations
Net Income 8,986,861 86,976 4,397,015 40,171 18,096,920 165,949
Financial Analysis
The increase in current assets as much as 453% is due to the increase in cash/bank balances, the increase in
business receivables incurred from third party, the increase in the reserves and increase in expenses paid in
advance
The decrease in non-current liabilities as much as 100% is due to the decrease in business receivables
incurred from parties with special relationship.
paid.
company.
The increase in the business profits as much as 2,093% is due to the increase in business revenues.
The decrease of net income as much as 76% is due to the loss attributable to the difference in exchange
rates, the loss attributable to the insurance claim and the increase of other expenses.
The increase in current assets as much as 40% is due to the increase in business receivables incurred from
third party.
The decrease in non-current liabilities as much as 100% is due to the decrease in other debts incurred from
85
company.
The increase in business profits as much as 88% is due to the increase in business revenues and decrease
in general and administrative expenses.
The increase of net income as much as 117% is due to the decrease in interest charges.
m. Brotojoyo Maritime Pte. Ltd.

Brief History
Brotojoyo Maritime Pte. Ltd. was incorporated in Singapore based on Memorandum and Articles of
Association dated 25 August 2002.
Business Line
Brotojoyo Maritime Pte. Ltd. is engaged in the shipping business.

On 31 December 2008, the capital structure and share ownership of Brotojoyo Maritime Pte Ltd is as follows:

(SGD) (%)
Total 50,000 50,000 100.00
Management

The table below provides important financial data of Highlights Brotojoyo Maritime Pte Ltd for the years that
ended 31 December 2008, 2007 and 2006 (the exchange rate for the US Dollar used in the balance sheet is
the Bank Indonesia middle rate whereas the rate used in the profit and loss statements is the Bank
Indonesia average rate), which have been audited by independent auditor C. H. NG & CO. (Singapore) for
the consolidated financial statements as at 31 December 2008 (BI middle rate at Rp10,950 and BI average
rate at Rp9,678), 31 December 2007 (BI middle rate at Rp9,419 and BI average rate at Rp9,136) and 31
December 2006 (BI middle rate at Rp9,020 and BI middle rate at Rp9,170), all with an unqualified opinion as
follows:
BALANCE SHEET
31 December
2008 2007 2006
USD USD USD
ASSETS
86
Current Assets 725,973 7,949 5,091,499 47,957 2,820,967 25,445
Fixed Assets - - 16,664,604 156,964 17,979,597 162,176
Non-Current Assets 17,541,221 192,076 - - - -
TOTAL ASSETS 18,267,194 200,025 21,756,103 204,921 20,800,564 187,621

LIABILITIES
Current Liabilities 18,497 202 292,570 2,756 368,778 3,326
Non-Current
Liabilities - - 10,377,094 97,742 15,090,164 136,114
TOTAL LIABILITIES 18,497 202 10,669,664 100,498 15,458,942 139,440
EQUITY 18,248,697 199,823 11,086,439 104,423 5,341,622 48,181
TOTAL LIABILITIES &

EQUITY 18,267,194 200,025 21,756,103 204,921 20,800,564 187,621

31 December
2008 2007 2006
Description

Income from 2,391,239 23,143 5,996,623 54,785 4,688,677 42,995
Operations
Net Income 7,162,258 69,317 5,744,817 52,485 3,879,385 35,574
Financial Analysis
The increase in current assets as much as 88% due to the increase in business receivables incurred from
third party.
The increase in business revenues as much as 32 % is due to due to the increase in the performance of
company.
The decrease in net profit as much as 1438% is due to the transfer of the operation of MT Bandondari to other
subsidiary, loss due to the sale of asset and increase in other expenses.

The decrease in current assets as much as 83% is due to the decrease in business receivables incurred from
third party, the decrease in the reserves and the decrease in expenses paid in advance.
The decrease in fixed assets as much as 100% is due to the sell of MT Pergiwati.
paid and the decrease in income received in advance.
The decrease in non-current liabilities as much as 100% is due to the decrease of other debts to parties with
special relationship.
The decrease in business revenues as much as 48% is due to the sell of MT Pergiwati.
The decrease in business profits as much as 58% is due to the sell of MT Pergiwati.
The increase in net profits as much as 99% is due to the commencement of the operations of MT Bramani.
87
n. Anjasmoro Maritime Pte. Ltd.

Brief History
Anjasmoro Maritime Pte. Ltd. was incorporated in Singapore based on Memorandum and Articles of
Association dated 17 March 2004.
Business Line
Anjasmoro Maritime Pte. Ltd. is engaged in the shipping business.

As at 31 December 2008, the capital structure and share ownership pada Anjamoro Maritime Pte Ltd is as
follows:

(SGD) (%)
Issued and Paid-up Capital
Total 50,000 50,000 100.00
Management

The table below provides important financial data of Anjasmoro Maritime Pte Ltd for the years that ended 31
Indonesia middle rate whereas the rate used in profit and loss statements is the Bank Indonesia average
financial statements as at 31 December 2008 (BI middle rate at Rp10,950 and BI average rate at Rp9,678),
31 December 2007 (BI middle rate at Rp9,419 and BI average rate at Rp9,136) and 31 December 2006 (BI
middle rate at Rp9,020 and BI average rate at Rp9,170), all with an unqualified opinion as follows:
BALANCE SHEET
31 December
2008 2007 2006
Description
ASSETS
Current Assets 6,327,864 69,290 4,716,608 44,426 2,379,669 21,465
Fixed Assets 15,185,044 166,276 16,161,588 152,226 17,146,941 154,665

Non-Current
Assets 14,124,554 154,664 10,337,728 97,371 8,398,501 75,754
TOTAL ASSETS 35,637,463 390,230 31,215,924 294,023 27,925,111 251,885
88
LIABILITIES
Current Liabilities 586,791 6,425 882,861 8,316 136,243 1,229

Non-Current
Liabilities 10,226,750 111,983 12,997,750 122,426 15,974,750 144,092
10,813,541 118,408 13,880,611 130,741 16,110,993 145,321

TOTAL LIABILITIES
EQUITY 24,823,922 271,822 17,335,312 163,281 11,814,118 106,563

TOTAL LIABILITIES
& EQUITY 35,637,463 390,230 31,215,924 294,023 27,925,111 251,885

31 December
2008 2007 2006
Description Rp million Rp million

USD USD Rp million USD
Income from 7,969,669 77,131 6,441,632 58,851 3,783,425 34,694

Operations
Net Income 7,488,609 72,475 5,521,194 50,442 2,697,596 24,737
Financial Analysis
The increase in current assets as much as 107% is due to the increase in cash/bank balances and the
increase in business receivables incurred from third party.
paid and the increase in revenues received in advance
company.
The decrease in the business profits as much as the decrease in general and administrative expenses.

The increase in current assets as much as 107% is due to the increase in cash/bank balances and the
increase in business receivables incurred from third party.
The increase in non-current assets as much as 59% is due to the increase in other receivables incurred from
company.
The increase in business profits as much as 31% is due to the increase in the performance of company.
o. PT Emerald Maritime
89
Brief History
PT Emerald Martime was established in Jakarta by virtue of Deed of Incorporation No.27 dated 29 May
2006 drawn up before Ny. Lilik Kristiwati, S.H., Notary in Jakarta, which deed has been legalized by the
Minister of Law and Human Rights of the Republic of Indonesia by virtue of decision letter No.C-20977
HT.01.01.Th.2006 dated 18 July 2006, and recorded in the Office of Company Registration Central Jakarta
on 31 July 2007 under No.2038/BH.09.05/VII/2007 and announced in the State Gazette of the Republic of
Indonesia No. 72 dated 7 September 2007, Supplemental State Gazette No.9043.
The Articles of Association was amended last by the Deed of Statement of Meeting Resolution No. 26 dated
15 May 2008, drawn up before Ny. Lilik Kristiwati, S.H., Notary in Jakarta, which the deed has been granted
the Approval of the Minister of Law and Human Rights of the Republic of Indonesia, by virtue of Decision
Letter No. AHU-28375.AH.01.02.Year 2008 dated 28 May 2008 and recorded in the Registery of Companies
under No. AHU-0041548.AH.01.09.Year 2008 on 28 May 2008. Letter No. 05693/Not/II/2009 dated 23
February 2008 issued by Ny. Lilik Kristiwati, S.H., Notary in Jakarta, the said deed is currently in the process
of being announced in the State Gazette of the Republic of Indonesia and Supplemental the State Gazette..
Business Line
PT Emerald Martime is engaged in the business of shipping.

As at 31 December 2008, the capital structure and share ownership of PT Emerald Maritime is as follows:

Nominal Value Rp 1,000 per share
(Rp) (%)

PT Buana Listya Tama 394,315,000 394,315,000,000 99,992
PT Bayu Lestari Tanaya 30,000 30,000,000 0,008
Total 394,345,000 394,345,000,000
Number of Shares Remaining in Portfolio 105,655,000 105,655,000,000
Management

The table below provides important financial data of PT Emerald Maritime for the years that ended 31
of Indonesia middle rate whereas the rate used in the profit loss statements is the Bank of Indonesia average
rate), which have been audited by independent Bismar, Muntalib dan Yunus (Indonesia) and derived from
the consolidated financial statements as at 31 December 2008 (BI middle rate Rp10,950 and BI average
rate Rp9,678), 31 December 2007 (BI middle rate Rp9,419 and average rate BI Rp9,136) and have been
audited by independent Public Accountant Office Drs. Bismar Sitanggang dan Rekan for the consolidated
financial statements as at 31 December 2006 (BI middle rate Rp9,020 and BI average rate Rp9,170), all with
an unqualified opinion as follows.
BALANCE SHEET
31 December
2008 2007 2006
Description
ASSETS
90
Current Assets 2,863,806 30,753 1,443,050 13,729 533,243 4,953

Fixed Assets 38,893,720 351,684 44,554,423 402,855 43,000,000 387,860
Non-Current
Assets 6,473,692 66,795 287,601 7,868 - -
TOTAL ASSETS 48,231,218 449,232 46,285,074 424,452 43,533,243 392,813

LIABILITIES
Current Liabilities 934,550 10,326 713,031 6,699 998 9
Non-Current
Liabilities - - - - 506,928 2,346
TOTAL LIABILITIES 934,550 10,326 713,031 6,699 507,926 2,355
EQUITY 47,296,669 438,906 45,572,042 417,753 43,025,317 390,458
TOTAL LIABILITIES
& EQUITY 48,231,218 449,232 46,285,074 424,453 43,533,243 392,813
31 December
2008 2007 2006
Description
Operating Revenues 10,980,395 105,521 10,950,394 99,915 - -
Income (Loss) from 2,303,369 25,059 2,719,071 25,320 (2,153) (18)

Operations
Net Income (Loss) 1,724,626 21,153 2,546,726 27,296 (2,346) (3,887)
Financial Analysis
An increase in current assets as much as 177% is due to the increase in business receivables incurred from
the third party and the other business receivables
An increase in current liabilities as much as 74,337% is due to the increase in business debts incurred for the
third party, tax debts and expenses that still need to be paid
An increase in non-current liabilities as much as 100% is due to the decrease in other debts incurred from
An increase in business profit as much as 137,990% is due to the commencement of operation by the
Company.
An increase in the net profit as much as 802% is due to the commencement of operation by the Company
and gains due to the difference in exchange rates.

An increase in the current assets as much as 124% is due to the increase in business receivables incurred
from the third parties, the other receivables and tax debt that be paid in advance.
An increase in non-current assets as much as 749% is due to the increase in other receivables incurred from
An increase in current liabilities as much as 54% is due to the increase in the expanses that still to be paid..
91
5. BRIEF DESCRIPTION ON ASSOCIATED COMPANIES
PT Berlian Limatama
Brief History
PT Berlian Limatama was established in Jakarta by virtue of Deed No. 71 dated 24 July 1996 drawn up
before Bambang Sutrisno, S.H., as substitute to Anis Husin Abdat, S.H., Notary in Jakarta, for which the
deed has been granted the approval from the Minister of Justice of the Republic of Indonesia by virtue of
decision letter No. C2-10364.HT.01.01.TH’96 dated 15 November 1996, as well as registered in the Office of
Company Registration of Serang under No. TDP 10011700102 on 27 March 1997, and announced in the
State Gazette of the Republic of Indonesia No. 52 dated 1 July 1997, Supplemental State Gazette No.
2576/1997.
The Articles of Association was amended last by Deed of Statement of Meeting Resolution No. 33 dated 24
March 2008, drawn up before Meissie Pholuan SH, Notary in Jakarta, which the deed has been granted the
approval of the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decision Letter
No. AHU-28776.AH.01.02.Year 2008 dated 29 May 2008 and recorded in the Company Registry under No.
AHU-0042128.AH.01.09.Year 2008 on 29 May 2008. Based on Letter No. 94/III/Not/2009 dated 20 March
2009 issued by Meissie Pholuan SH, Notary in Jakarta the said deed is currently in the process of being
announced in the State Gazette of the Republic of Indonesia and Supplemental the State Gazette.
Business Line
PT Berlian Limatama is engaged in the business of loading-unloading cargo in ships and terminals,
warehousing, heavy machineries and transportation.

As at 31 December 2008, the capital structure and share ownership in PT Berlian Limatama is as follows:
Nominal Value Rp 1.000 per share
Number of Total Nominal Value
Shares Percentage
Description (Rp)
(%)

PT Arpeni Pratama Ocean Line Tbk. 125,000 125,000,000 50.00
Total 250,000 250,000,000 100.00
Management
President Commissioner : Oentoro Surya
Commissioner : Widihardja Tanudjaja
President Director : Pieter Adamy Setyo
Director : Sofwan Djamil

The table below provides important financial data of PT Berlian Limatama for the years that ended 31
of Indonesia middle rate whereas the rate used in the profit and loss statements is the Bank Indonesia
average rate), which have been audited by independent auditor Bismar, Muntalib and Yunus (Indonesia) and
derived from the consolidated financial statements as at 31 December 2008 (BI middle rate Rp10,950 and BI
average rate Rp9,678), and audited by independent auditor Drs. Trisno Thomas Iguna & Rekan for the
92
consolidated financial statements as at 31 December 2007 (BI middle rate Rp9,419 and BI average
Rp9,136) and 31 December 2006 (BI middle rate Rp9,020 and BI average rate Rp9,170), all with an
unqualified opinion as follows.
BALANCE SHEET
31 December
Rp million
ASSETS
Current Assets 4,356 3,561 3,256
Fixed Assets 305 233 329
Non-Current Assets 61 37 33
TOTAL ASSETS 4,722 3,831 3,617

LIABILITIES
Current Liabilities 2,206 1,673 1,801
Non-Current Liabilities 139 122 105
TOTAL LIABILITIES 2,345 1,795 1,906
EQUITY 2,377 2,037 1,711
TOTAL LIABILITIES & EQUITY 4,722 3,831 3,617
31 December
Rp million
Operating Revenues 2,584 2,633 3.724
Income from Operations 349 344 427
Net Income 340 326 304
Financial Analysis
An increase in fixed assets as much as 31% is due to the purchase of the new assets.
An increase in fixed assets as much as 180% is due to the increase in long-term other receivables.
An increase in current liabilities as much as 32% is due to the increase in tax debts and expenses that still
need to be paid
6. MANAGEMENT AND SUPERVISION
Based on Deed of Statement of Resolution of the Annual General Meeting of Shareholders of the Issuer No.
33 dated 24 May 2007 by Dr. Amrul Partomuan Pohan, S.H., LL.M, Notary in Jakarta, which change in the
Board of Directors/ the Board of Commissioners has been notified to the Minister of Law and Human Rights
of the Republic of Indonesia and has been received and recorded by the Minister of Law and Human Rights
of the Republic of Indonesia by virtue of Letter No. W7-HT.01.10-8515 dated 14 June 2007 and registered in
the Company Registry Office of Central Jakarta on 19 July 2007 juncto Deed of Staement of Resolution of
the Annual General Meeting of Shareholders No. 29 dated 29 April 2008 by Dr. Amrul Partomuan Pohan
93
S.H., LL.M., Notary in Jakarta which deed has been notified to the Minister of Law and Human Rights of the
Republic of Indonesia and has been received and recorded by the Minister of Law and Human Rights of the
Republic of Indonesia by virtue of Letter No. AHU-AH.01.10-12460 dated 21 May 2008 and in the Company
Registry on 21 May 2008 No. AHU-0039347.AH.01.09 Tahun 2008, the Composition of the Board of
Commissioners and the Board of Directors of the Company is as follows:
BOARD OF COMMISSIONERS
President Commissioner : Hadi Surya
Commissioner : Harijadi Soedarjo
Independent Commissioner : Alan Jonathan Tangkas Darmawan
Independent Commissioner : Jaka Prasetya
BOARD OF DIRECTORS
Director : Drs. Henrianto Kuswendi
Corporate Secretary : Kevin Wong, pursuant to the resolution of the Board of Directors Meeting of PT
Berlian Laju Tanker Tbk. Dated April 1, 1996
The following is a brief profile of each member of the Board of Commissioners and the Board of Directors:
BOARD OF COMMISSIONERS
HADI SURYA, President Commissioner
Indonesian Citizen, age 72.
Born in Surabaya on 4 September 1936. He graduated from Lian Huo
High School in Surabaya in 1954. He has served in various positions,
including: Director of CV Kartika Pabrik Triplek (1955-1959),
Commissioner of PT Daya Sakti Timber Corporation (1970-1991) and
President Commissioner of the same company (1991-1994),
Commissioner of PT Daya Sakti Krida Unggul (1985-present),
Commissioner of PT Jaya Agra Wattie (1990-present), President
Commissioner of PT Alas Watu Utama (1990-present), President
Commissioner of PT Wira Penta Kencana (1989-present),
Commissioner of PT Banyu Laju Shipping (2002-present), President
Commissioner of PT Dwibina Prima (2004-present), President Director
of PT Berlian Laju Tanker Tbk (1989-June 2000). He has served as
President Commissioner of the Company since 2000.
HARIJADI SOEDARJO, Commissioner

Born in Jakarta on 9 October 1962. He obtained his Master of
Business Administration from Golden Gate University San Fransisco
in 1987. He started his career as Assistant Director at PT Jaya Agra
Wattie (1987-1988), Director of PT Jaya Agra Wattie (1988-1990),
President Director of PT Jaya Agra Wattie (1990-present) and
Director of PT Daya Sakti Unggul Corporation Tbk (1994-1998). He
has served as Commissioner of the Company since 1990.
94
Alan Jonathan Tangkas Darmawan, Independent Commissioner

Born in Semarang on 4 March 1968. He completed his studies at
Indiana University in 1991. He held various positions, including Vice
President Director of PT Puri Dana Bersama (1997-2000), Vice
President Director of PT Asuransi Jiwa Principal Indonesia (2000-
2001), Director of PT Asuransi Allianz Life Indonesia (2001-2002),
Consultant at American International Assurance Co. Ltd, Singapore
(2002-2004), and Director of PT Asuransi Allianz Life Indonesia
(2004-present). He has served as Independent Commissioner of the
Company since September 2006
Jaka Prasetya, Independent Commissioner

Born in Bandung on 26 September 1971. He completed his studies
at Institute of Technology in Bandung in 1994 and obtained his
Master’s degree from the Massachussetts Institute of Technology
Sloan School of Management in 1998. His various positions include:
Associate Director at UBS (1998-2000), Associate at Merrill Lynch
(2000-2002), Vice President at Zurich Financial Services (2002-
2004), Director of Deutsche Bank (2004-2006), and CEO of United
Fiber System Ltd. (2006-present). He has served as Independent
Commissioner of the Company since September 2006.
BOARD OF DIRECTORS
WIDIHARDJA TANUDJAJA, President Director
Born in Sinabang on 14 August 1950. He graduated with a Master
Degree in Maritime Science from Tokyo University of Mercantile
Marine in 1979 and in the same year also graduated with a
Bachelor’s degree in Law from Hosei University of Tokyo. He has
held various positions, including as Operational Manager at PT
Berlian Laju Tanker Tbk (1984-1987), General Manajer at PT Berlian
Laju Tanker Tbk (1987-1990), Director of PT Berlian Laju Tanker Tbk
(1989-June 2000), Commissioner of PT Banyu Laju Shipping (1999-
2000). He has served as President Director of the Company since
2000.
MICHAEL MURNI GUNAWAN, Director

Born in Samarinda on 27 March 1962. He completed his studies with
a Bachelor’s degree in Accounting from Airlangga University
Surabaya in 1985 and his MBA from University of San Diego in
1996. His previous positions include Assistant Accounting Manager
at Daya Sakti Timber Group (1986-1991), Information Technology
Manager at Daya Sakti Timber Group (1991-1994), Head of
Corporate Administration dan Information System at BSG
Corporation (1996-1998), General Manager of Administration
Division at PT Berlian Laju Tanker Tbk (January 1999-June 1999).
He has served as Director of the Company since 1999 and is
95
responsible for the administrative functions of the Company.
Drs. HENRIANTO KUSWENDI, Director

Born in Bandung on 24 September 1961 He graduated with a
Bachelor’s degree in management from Padjajaran University,
Bandung in 1985. He joined the Company since 1986. He has held
various positions in the Company, including Marketing Manager
(1990-1994), Assistant General Manager Commercial Division
(1994-1997) and General Manager Commercial Division (1997-June
1999). He has served as Director of the Company since 1999 and is
responsible for the commercial functions of the Company.
WONG KEVIN, Director

Born in Hong Kong on 11 December 1968. He graduated with a
Bachelor’s degree in business administration from Lewis and Clark
College in 1989 and Bachelor’s degree in mechanical engineering
from Columbia University in 1991. He has held various positions,
including Assistant Manager at Citibank, N.A. (1992-1994),
Associate at PT Bahana Pembinaan Usaha Indonesia (1994-1995),
Associate Director at Pan Union Co. Ltd. (1995-1996) and Corporate
Secretary of the Company (1996-present). He has served as Director
of the Company since 1999 and is responsible for the Company’s
financial and Corporate Secretary functions.
SIANA ANGGRAENI SURYA, Director

Born in Surabaya on 12 May 1967. She graduated with a Bachelor’s
degree in chemical engineering from Waseda University (Tokyo) in
1991 and her Master’s degree in chemical engineering from the
same university in 1993. Her various positions include Marketing
Sales at ICI Tokyo (1993-1994) and Director of Pan Union Shipping
Pte. Ltd. Singapore (1995-present). She has served as Director of
the Company since 1999 and is responsible for human resource and
business development functions of the Company.
The appointment of the Board of Commissioners and the Board of Directors of the Company has been
consistent with Bapepam Regulation No. IX.I.6.
96
Based on the Minutes of Meeting of the Board of Commissioners dated 16 December 2006, the Company
has appointed the Audit Committee with the following composition:
Chairman : Alan Jonathan Tangkas Darmawan
Member : Jaka Prasetya
Member : Max Sumakno Budiarto, Indonesian citizen, age 66. Max Sumakno Budiarto has been the
Independent Commissioner of the Company since 2004. Currently Max Sumakno Budiarto is
a member of the Company’s Audit Committee and a Member of the Audit Committee of PT
Surya Citra Media Tbk., the Company’s Holding Company. In 2004, he was the Chairman of
the Company’s Audit Committee. He had also served as Director/ Vice President Director of
PT Styrindo Mono Indonesia in 1990 – 2002, Director of PT Polychem Lindo Inc, in 1981 –
1990, Director of PT Redeco Petrolin Utama in 1986 – 1990 and Director of PT Ananda
Lindo Inc, in 1978 – 1982. Max Sumakno Budiarto obtained his education at Faculty of
Economy University of Indonesia.
The duties of the Chairman and members of the Company’s Audit Committee refer to Bapepam Regulation
No. IX.I.5, Attachment to Decree of Bapepam No. KEP-29/PM/2004, of 24 September 2004, concerning
Establishing the Audit Committee and Functional Guidelines / Pembentukan dan Pedoman Pelaksanaan
Kerja Komite Audit.
The term of office for the Chairman and members of the Audit Committee of the Company is effective from
the date that this decision is made and up to the end of the term of office of the Board of Commissioners of
the Company, or at any time based on the decision taken by the Board of Commissioners of the Company.
Pursuant to the Annual General Meeting of Shareholders of the Company held on 22 April 2009, the amount
of salary and/or other benefits for all members of the Board of Commissioners of the Company after
deducted by income tax is, the same as 2008 financial year, not more than Rp8,000,000,000 (eight billion
Rupiah) per year.
Pursuant to the Annual General Meeting of Shareholders of the Company held on 22 April 2009, the amount
of salary and/or other benefits for all members of the Board of Directors of the Company after deducted by
income tax is, the same as 2008 financial year, not more than Rp16,500,000,000 (sixteen billion and five
hundred million Rupiah) per year.
7. HUMAN RESOURCES
To support business growth, the Company and its Subsidiaries implement a policy for directed and planned
development of human resources. The integrated process for human resource development is initiated with
the recruitment process and up to the process for education and training conducted by the Company and its
Subsidiaries, geared towards a focus of building competent, qualified/high quality and dedicated human
resource/employees.
Employment Contracts binding on the Company and its Subsidiaries with their employees are made
consistent with relevant government regulations and are maintained through mutual understanding by the
Company and its Subsidiaries and the Employees, hence no worker unions are formed. In securing fair
compensation system for employees, the Company has implemented a compensation system which is
consistent to the weight of the respective jobs/positions, with the lowest salary maintained above the
Minimum Regional Wage (UMR).
To create a working environment that is conducive, the Company and its Subsidiaries has focused on
improving the welfare of its employees through the following initiatives:
• National social security program (JAMSOSTEK)
• Health and hospital insurance for all employees and their families
• Recreational activities for employees and their families
• Sports, religious and entertainment facilities
• Facilities for health and safety at the work place
• Employee cooperative
97
In line with the recommendations from the government, the Company has also implemented a retirement
benefit for employees through participation in the government’s nation-wide Pension/Retirement Program
managed by (state-owned) Jamsostek. In addition, the Company is currently looking into the possibility of
providing additional pension benefits through a private Pension Fund Management Company or by
establishing an internal Pension Fund.
Considering the continuous expansion of the activities and operations carried out by the Company and its
Subsidiaries, there are requirements for more reliable and professional experts in specific areas to support
the Company’s operations. As of 31 December 2007, the Company and its Subsidiaries have a total of 287
land-based employees, made up of 175 employees at the head office and branch offices as well as 112
employees at the offices of Subsidiaries. As at the time of issue of this Prospectus, the Company also
employs 2 foreign nationals for operations of its Indonesian-based Subsidiaries.
HUMAN RESOURCES DEVELOPMENT

The Company as a sea transportation service company specializing in liquid cargo that is well-known in Asia
tries to constantly develop and improve its market. To achieve such goal, the Company empowers and
expands its long-term competitiveness by way of human resources development. The Company believes
that human resources is a strategic asset that can provide competitiveness in maximizing production.
In facing changes in the business environment and the tight competition in the global market, the Company
prepares its human resources by improving the employees’ capability and commitment. As a strategic
initiative, such improvement is conducted through improvement in the employees’ hard and soft competence
to produce human resources with high competence and commitment. Special for ship crew, development
program that has been conducted refers to the Standard For Training, Certification & Watchkeeping for
Seafarer 1978 as Amended 1995 (STCW 95) set out by the International Maritime Organization (IMO).
MANAGEMENT AND TRAINING OF SHIP CREW

Ship crew who works on sea and operates the Company’s vessels is one of the most important resources of
the Company. Without those excellent sailors, it will be hard to conduct efficient technical management, and
eventually be an extra burden for the land-based staffs. The ship crews employed by the Company have
been through selection assessment and a tight training procedure so as to result in admirals and sea crews
that are ready for duties, competent and have a skill standard that is in compliance with international
maritime regulation and experienced in controlling all operating sectors of the vessels managed by the
Company, that is in the chemical, oil and gas sectors.
In this selected group, the recruitment activity, training and efforts in maintaining the quality standards of the
sailors as high as possible are done by an individual company, PT Karya Bakti Adil (PT KBA), that is
responsible in staff assignment on board of the Company’s vessels. This company sometimes also serves
the need for skilled labor assignment at third party’s vessels, as licensed employee agent.
The Company’s ship crew management program is quite various and applies the highest standards in human
resources practices. Some of the human resources development services provided in such program are:
• Recruitments of ship crews and procedure for joining vessels, and returning the ship crews to
their origin country
• Implementation and continuing the anti-drugs/ liquor
• P & I insurance for ship crews including handling claims related thereto
• Training and development program
• Sailor welfare program
The company currently runs several training program for ship crews to ensure the availability of young
admirals who are dedicated and loyal in the future. The culture of commitment in quality and safety is taught
to the ship crews through various quality training programs that methodically and intensively introduce,
renew and improve their skills in the following form:
• Leadership and management course for all senior admirals
• Periodical conferences for senior admirals
98
• Class lessons for admirals and training on leadership studies for first admirals who are going to
be promoted as captains
• Trainings using owned load pump schemes
• Computer-based training program
• Computer-based trainings using ship deck and engine room simulators focused on safety and
environment protection practices on board
• English language laboratory for sailors
In the training programs conducted by the Company, participants are taught the technical knowledge in
shipping and seas, history and background of the Company's group, maritime English skill and standard
facilities and technical knowledge required to be a world class sailor. The Company provides classrooms and
all necessary facilities for all participants, including ship deck simulator, engine room, load pump scheme and
computer-based classroom.
COLLECTIVE LABOR AGREEMENT (CLA)

The Company has a Company Regulation that has been approved by the Department of Manpower and
Transmigration by virtue of Decision Letter of the Director General of Industrial Relation Supervision and
Employee Social Security Number: Kep. 755/PHIJSK-PKKAD/XI/2008 on 27 November 2008. Each of the
Company’s employees has their own Company Regulation book provided to them on their first day with the
Company.
EMPLOYEE PROFILE
As of 31 December 2008, the total number of the Company’s and its Subsidiaries’ employee is 1,888 people,
comprised of 287 Land-based Employee and 1,601 Sea-based Employee. The composition of the
Company’s and its Subsidiaries’ employee based on the working status is as follows:
Composition of Employee based on Working Status
Work Status Total %
Permananent Employee 287 15.20%
Contract Employee 1,601 84.80%
Total 1,888 100.00%
Land-Based Employee
The following is the composition of land-based employees of the Company and its Subsidiaries as at 31
December 2008 by educational level, position and age:
Composition of Land-Based Employees by Education Level

Subsidiaries Total (%)
**
Education Level Company PT Bayu Laju PT Gemilang Bina PT Karya Chembluk
* ** **
Shipping Lintas Tirta Bakti Adil
Post Graduate 23 1 1 5 1 31 10.80%
Graduate 100 11 28 14 27 180 62.72%
Diploma/Academy 29 1 7 11 3 51 17.77%
Senior High 18 1 0 1 0 20 6.97%
Junior High and
1.74%
others 5 0 0 0 0 5
Total 175 14 36 31 31 287 100.00%
*Subsidiaries
**Sub-subsidiaries
99
Composition of Land-Based Employees by Age

**
Age Group Company PT Bayu Laju PT Gemilang Bina PT Karya Chembluk
* ** **
17 – 30 years old 78 6 26 9 5 124 43.21%
31 – 40 years old 68 6 4 14 9 101 35.19%
41 – 50 years old 21 0 5 4 6 36 12.54%
Over 50 years old 8 2 1 4 11 25 9.06%
Total 175 14 36 31 31 287 100.00%
*Subsidiaries
**Sub-subsidiaries
Composition of Land-Based Employees by Position

**
Position Company PT Bayu Laju PT Gemilang Bina PT Karya Chembluk
* ** **
President Director 1 0 0 0 1 2 0.70%
Director 5 0 0 0 1 6 2.09%
General Manager 5 0 0 1 4 10 3.48%
Manager 13 1 2 7 2 25 8.71%
Assistant Manager 17 0 4 6 2 29 10.10%
Supervisor 18 1 4 6 4 33 11.50%
Staff and others 116 12 26 11 17 182 63.41%
Jumlah 175 14 36 31 31 287 100.00%
*Subsidiaries
**Sub-subsidiaries
In addition to land-based employees, the Company and its Subsidiaries also have other employees working
as crew of ships at sea. As of 31 December 2008 there were 1,601 crew manning ships that are operated by
the Company and its Subsidiaries. The following is the composition of ship crew in the Company and its
Subsidiaries by educational level and position on board of ships:
Composition of Ship Crew by Education Level (Shipping Certificate/Degree or Ijazah Pelayaran)

Education Level Total %
Nautical ANT-I 66 4.12%
Nautical ANT-II 71 4.43%
Nautical ANT-III 154 9.62%
Nautical ANT-D 384 23.99%
Technical ATT-1 65 4.06%
Technical ATT-D 306 19.11%
Others 338 21.11%
Total 1,601 100%
Composition of Ship Crew by Age

Age Group Total %
17 years old up to 30 years old 399 24.92%
Over 50 years old 216 13.49%
Total 1,601 100%
Composition of Ship Crew by Position On Board /Jabatan dalam Kapal

Position Total %
Master 66 4.12%
Chief Officer 71 4.43%
Chief Engineer 65 4.06%
2nd Engineer 65 4.06%
100
2nd Officer 64 4.00%
3rd Officer 67 4.18%
3rd Engineer 74 4.62%

SDC 23 1.44%
th
4 Engineer 61 3.81%
SEC 17 1.06%
Electrician 16 1.00%
Pump Man 110 6.87%
Quarter Master 256 15.99%
Oiler 1 26 1.62%
Oiler 242 15.12%
Fitter 16 1.00%
Waiper 4 0.37%
O/S 18 1.12%
Chief Cook 87 5.43%
2/Cook 5 0.31%
M/Boy 77 4.81%
Cadet 169 3.87%
Total 1,601 100,00
Information on 2 (two) foreign national employees working for the Company’s Subsidiaries based in
Indonesia is as follows:
IMTA KITAS KITTAP

No. Company Name Position Citizenshi No. Expiry No. Expiry No. Expiry
p
1 BLS Asao T.A Bid Japan 4827/2008 19 Dec 2C21JD.1656-G 4 Dec - -
Morimo Marketing 2008 – 2008 – 18
to 18 Dec Dec 2009
2009
2 GBLT Choy T.A Bid Malaysia 1968/MEN/P/ 01 Mar 2D41JE0023-G 15 Sept –
Ngee Marketing IMTA/2009 2009 – 15 Sept
Sheng 28 Feb 2013
2010
101
8. RELATIONSHIP OF OWNERSHIP, MANAGEMENT AND SUPERVISION OF THE COMPANY,

DIRECTOWNED SUBSIDIARIES AND SHAREHOLDERS THAT ARE LEGAL ENTITIES
The following table provides a description on the relationship of the management and supervision of the
Company, direct owned Subsidiaries and shareholders that are legal entities:
Position Tunggaladhi Company Indigo Pacific Diamond Pacific Asean Maritime Banyu Laju Brotojoyo Buana Listya Bayu Lestari
Baskara Corporation International Corporation Shipping Maritime Tama Tanaya
Hadi Surya President Director President Director Director President Director President Commissioner - -
Commissioner Commissioner
Harijadi Sudardjo - Commissioner - - - - - - -
Alan Jonathan Tangkas - Independent - - - - - - -

Darmawan Commissioner
Jaka Prasetya - Independent - - - - - - -

Commissioner
Utama Hadi Surya President - - - - - - -

Commissioner
Suherman Widjaja Commissioner - - - - - - - -
Widihardja Tanudjaja - President Director Director Director Director President Director President Director President President
Commissioner Commissioner
Michael Murni - Director - - - - Director President Director President Director

Gunawan
Henrianto Kuswendi - Director - - - - - - -
Wong Kevin - Director - - - - Director Director Director
Siana Anggraeni Surya - Director - - - - Director Commissioner Commissioner
Dwijaya Hadi Surya Director - - - - Director - - -
Oentoro Surya - - - - - - - - -
Pieter Adany Setyo - - - - - - - - -
Sofyan Djamil - - - - - - - - -
Na Tat Soey - - - - - - - - -
Wangsa Atmaja Surya - - - - - - - -
Goh Sook Thung - - - - - - - - -
Position Gagarmayang Trijata Tribuana Pergiwati Badraini Barunawati Barawati Berlian

Maritime Maritime Maritime Maritime Maritime Maritime Maritime Limatama
Hadi Surya - - - - - - - -
Harijadi Sudardjo - - - - - - - -
Alan Jonathan Tangkas - - - - - - - -

Darmawan
Jaka Prasetya - - - - - - - -
Utama Hadi Surya - - - - - - - -
Suherman Widjaja - - - - - - - -
Widihardja Tanudjaja Director Director Director Director Director Director Director Commissioner
Michael Murni Gunawan Director Director Director Director Director Director Director
Henrianto Kuswendi - - - - - - - -
102
Wong Kevin Director Director Director Director Director Director Director
Siana Anggraeni Surya Director Director Director Director Director Director Director
Dwijaya Hadi Surya - - - - - - - -
Oentoro Surya - - - - - - - President

Commissioner
Pieter Adany Setyo - - - - - - - President

Director
Sofyan Djamil - - - - - - - Director
Na Tat Soey Director Director Director Director Director Director Director -
Wangsa Atmaja Surya Director Director Director Director Director Director Director -
Goh Sook Thung Director Director Director Director Director Director Director -
The chart of ownership relation between the Company and its legal entity shareholders is as follows:
Surya Family
100%
PT Bagusnusa Samudra PT Bagus Setia Giri

Gemilang
99,9999% 0,0001%
Public Koperasi Karyawan PT Tunggaladhi Widihardja Siana Anggraeni

Berlian Baskara Tanudjaja Surya
46,55% 0,05% 53,34% 0,06% 0,00%
PT Berlian Laju Tanker Tbk.
103
The following table sets forth ownerships relationships of the Company and Subsidiaries:
Subsidiaries Type of Business Domicile
1. Indigo Pacific Corporation Investment company Labuan, Malaysia
Vessel operation and

1.1. Indigo Pacific Corporation ownership British Virgin Islands
1.1.1. Melani Maritime Inc. ownership Republic of Panama
1.1.2. Zona Overseas International Shipping S.A. ownership Republic of Panama
1.1.3. Kunti Maritime Pte. Ltd. ownership Republic of Singapore
1.1.4. Jembawati Maritime Pte. Ltd. ownership Republic of Singapore
1.1.5. Tirtasari Maritime Pte. Ltd. ownership Republic of Singapore
1.1.6. Pergiwo Navigation Pte. Ltd. ownership Republic of Singapore
1.1.7. Fatmarini Maritime Pte. Ltd. ownership Republic of Singapore
1.1.8. Harsanadi Maritime Pte. Ltd. ownership Republic of Singapore
1.1.9. Hartati Maritime Pte. Ltd. ownership Republic of Singapore
1.1.10. BLT Finance Corporation Investment company British Virgin Islands
1.1.11. Pujawati Maritime Pte. Ltd. ownership Republic of Singapore
1.1.12. Pertiwi Maritime Pte. Ltd. ownership Republic of Singapore
1.1.13. Anggraini Maritime Pte. Ltd. ownership Republic of Singapore
1.1.14. Emerald Maritime Pte. Ltd. Vessel operation Republic of Singapore
1.1.15. BLT Finance B.V Investment company Netherlands
1.1.16. Tridonawati Maritime Pte. Ltd ownership Republic of Singapore
1.1.17. Purbasari Maritime Pte. Ltd ownership Republic of Singapore
1.1.18. Tridonawati Maritime Corporation ownership Republic of Liberia
1.1.19. Trirasa Maritime Pte. Ltd ownership Republic of Singapore
1.1.20. Pramoni Maritime Pte. Ltd (*) ownership Republic of Singapore
1.1.21. Fatmarini Shipping Pte. Ltd (*) ownership Republic of Singapore
1.1.22. Frabandari Shipping Pte. Ltd (*) ownership Republic of Singapore
1.1.23. Harsanadi Shipping Pte. Ltd (*) ownership Republic of Singapore
1.1.24. Hartati Shipping Pte. Ltd (*) ownership Republic of Singapore
1.1.25. Nogogini Shipping Pte. Ltd (*) ownership Republic of Singapore
1.1.26. Nolowati Shipping Pte. Ltd (*) ownership Republic of Singapore
1.1.27. Ratih Shipping Pte. Ltd (*) ownership Republic of Singapore
2. Diamond Pacific International Corporation Investment company Labuan, Malaysia
2.1. Diamond Pacific International Corporation Investment company British Virgin Islands
2.1.1. Lenani Maritime Inc. ownership Republic of Panama
2.1.1.1 Ontari Maritime Pte. Ltd. ownership Republic of Singapore
2.1.2. Averina Maritime S.A. Vessel Agent Republic of Panama
2.1.3. Gandari Navigation Pte. Ltd. Vessel operation Republic of Singapore
2.1.4. GBLT Shipmanagement Pte. Ltd. Vessel management Republic of Singapore
2.1.4.1. GBLT Shipmanagement Ltd. Vessel management United Kingdom
2.1.4.1.1. Harsanadi Vessel operation United Kingdom
104

Shipping Ltd.
Hartati Shipping Vessel operation
2.1.4.1.2. Ltd. United Kingdom
Frabandari Vessel operation
2.1.4.1.3. Shipping Ltd. United Kingdom
Fatmarini Vessel operation
2.1.4.1.4. Shipping Ltd. United Kingdom
Nolowati Shipping Vessel operation
Nogogini Shipping Vessel operation
Ratih Shipping
2.1.4.1.7. Ltd. Vessel operation United Kingdom
2.1.5. Cendanawati Navigation Pte. Ltd. ownership Republic of Singapore
2.1.6. Frabandari Maritime Pte. Ltd. ownership Republic of Singapore
2.1.7. Brotojoyo Maritime Pte. Ltd. ownership Republic of Singapore
2.1.8. Berlian Laju Tanker Pte. Ltd. ownership Republic of Singapore
2.1.9. Anjasmoro Maritime Pte. Ltd. ownership Republic of Singapore
2.1.10. Gas Lombok Maritime Pte. Ltd. (*) ownership Republic of Singapore
2.1.11. Gas Sumbawa Maritime Pte. Ltd. (*) ownership Republic of Singapore
Vessel operation and Republic of Marshall

2.2. BLT LNG Tangguh Corporation ownership Island
3. Asean Maritime Corporation Investment company Labuan, Malaysia
3.1. Gold Bridge Shipping Corporation Investment company British Virgin Islands
3.1.1. Bauhinia Navigation S.A. ownership Republic of Panama
3.1.2. Cempaka Navigation S.A. ownership Republic of Panama
3.1.3. Gold Bridge Shipping Ltd. Vessel Agent Hong Kong
BLT Shipping Shanghai Co.
3.1.3.1 Ltd. Vessel Agent China
3.1.4. Great Tirta Shipping S.A. ownership Republic of Panama
3.1.4.1. Dewayani Maritime Pte. Ltd. ownership Republic of Singapore
3.1.5. Hopeway Marine Inc. ownership Republic of Panama
3.1.6. Lestari International Shipping S.A. ownership Republic of Panama
3.1.6.1. Gandini Maritime Pte. Ltd. ownership Republic of Singapore
3.1.7. Quimera Maritime S.A. ownership Republic of Panama
3.1.8. South Eastern Overseas Navigation S.A. ownership Republic of Panama
3.1.9. Zenith Overseas Maritime S.A. ownership Republic of Panama
3.1.9.1. Gandari Maritime Pte. Ltd. ownership Republic of Singapore
3.1.10. Zona Shipping S.A. ownership Republic of Panama
3.1.10.1. Dewi Sri Maritime Pte. Ltd. ownership Republic of Singapore
3.1.11. Dahlia Navigation S.A. ownership Republic of Panama
3.1.12. Eglantine Navigation S.A. ownership Republic of Panama
3.1.13. Wulansari Maritime Pte. Ltd. ownership Republic of Singapore
3.1.14. Yanaseni Maritime Pte. Ltd. ownership Republic of Singapore
3.1.15. Indradi Maritime Pte. Ltd. ownership Republic of Singapore
105

3.1.16. Gold Bridge Logistic Ltd. Investment company Hong Kong
Beihai New Resources Logistic
3.1.16.1. Corportion Storage services China
3.1.17. Gold Bridge Shipping Agencies S.A. Shipping agency Republic of Panama
3.1.18. Elite Bauhinia Navigation Pte. Ltd. ownership Republic of Singapore
3.1.19. Cempaka Navigation Pte. Ltd. ownership Republic of Singapore
3.1.20. Dahlia Navigation Pte. Ltd. ownership Republic of Singapore
3.1.21. Freesia Navigation S.A. ownership Republic of Panama
3.1.22. Gerbera Navigation S.A. ownership Republic of Panama
3.1.23. Mustokoweni Maritime Pte Ltd. ownership Republic of Singapore
3.1.24. Ulupi Maritime Pte. Ltd. ownership Republic of Singapore
3.1.25. Erowati Maritime Pte. Ltd. ownership Republic of Singapore
3.1.26. Gas Papua Maritime Pte Ltd. ownership Republic of Singapore
3.1.27. Rasawulan Maritime Pte. Ltd. ownership Republic of Singapore
3.1.28. Gas Sulawesi Maritime Pte. Ltd. ownership Republic of Singapore
3.1.29. Tribuana Maritime Pte. Ltd. ownership Republic of Singapore
3.1.30. Gagarmayang Maritime Pte. Ltd. ownership Republic of Singapore
3.1.31. Prita Dewi Maritime Pte. Ltd. ownership Republic of Singapore
3.1.32. Purwati Maritime Pte. Ltd. ownership Republic of Singapore
3.1.33. Trijata Maritime Pte Ltd. ownership Republic of Singapore
3.1.34. Pradapa Maritime Pte. Ltd. ownership Republic of Singapore
3.1.35. Pergiwati Maritime Pte. Ltd. ownership Republic of Singapore
3.1.36. Badraini Maritime Pte. Ltd. ownership Republic of Singapore
3.1.37. Barunawati Maritime Pte. Ltd. ownership Republic of Singapore
3.1.38. Gas Maluku Maritime Pte. Ltd. ownership Republic of Singapore
3.1.39. Barawati Maritime Pte. Ltd. ownership Republic of Singapore
3.1.40. Gas Bali Maritime Pte. Ltd. ownership Republic of Singapore
3.1.41. Eustoma Navigation S.A. ownership Republic of Panama
3.1.42. Puspawati Maritime Pte. Ltd. ownership Republic of Singapore
3.1.43. Diamond Flow Ltd. Investment company Hong Kong
3.1.44. Likabula International Ltd. Investment company Hong Kong
3.1.45. Richesse International Corp (**) Investment company British Virgin Island
Richesse Logistic (International)
3.1.45.1. Ltd. (**) Investment company Hongkong
3.1.45.1.1. Richesse Logistic (**) Storage and selling of China
(Fangcheng Port) chemical product
Co. Ltd.
3.1.46. Hyacinth Navigation S.A (*) ownership Republic of Panama
3.1.47. Irish Maritime International S.A (*) ownership Republic of Panama
3.2. BLT Chembulk Corp BVI Investment company British Virgin

Republic of Marshall
3.2.1 Chembulk Tankers LLC Investment company Island
Vessel operation and Republic of Marshall
3.2.1.1. Chembulk Trading II LLC ownership Island
3.2.1.2. Chembulk Management LLC Vessel Management United States of America
106

3.2.1.3. Chembulk Management B.V. Vessel Management Netherlands
Chembulk Management Pte. Vessel Management
3.2.1.4. Ltd. Republic of Singapore
Chembulk Tankers Do Brazil
3.2.1.5. Ltd. (*) Vessel Management Brazil
3.2.2. Chembulk Barcelona Pte. Ltd. ownership Republic of Singapore
3.2.3. Chembulk Gibraltar Pte. Ltd. ownership Republic of Singapore
3.2.4. Chembulk Hong Kong Pte. Ltd. ownership Republic of Singapore
3.2.5. Chembulk Houston Pte. Ltd. ownership Republic of Singapore
3.2.6. Chembulk Kobe Pte. Ltd. ownership Republic of Singapore
3.2.7. Chembulk New York Pte. Ltd. ownership Republic of Singapore
3.2.8. Chembulk Savannah Pte. Ltd. ownership Republic of Singapore
3.2.9. Chembulk Shanghai Pte. Ltd. ownership Republic of Singapore
3.2.10. Chembulk Ulsan Pte. Ltd. ownership Republic of Singapore
3.2.11. Chembulk Virgin Gorda Pte. Ltd. ownership Republic of Singapore
3.2.12. Chembulk Yokohama Pte. Ltd. ownership Republic of Singapore
3.2.13. Chembulk New Orleans Pte. Ltd. (*) ownership Republic of Singapore

4. PT Banyu Laju Shipping ownership Republic of Indonesia
4.1. Banyu Laju Corporation Investment company Labuan, Malaysia

5. PT Brotojoyo Maritime ownership Republic of Indonesia
5.1. PT Gemilang Bina Lintas Tirta Vessel operation Republic of Indonesia

5.1.1. PT Karya Bakti Adil Crew Agent Republic of Indonesia

6. PT Buana Listya Tama ownership Republic of Indonesia

6.1. PT Anjasmoro Maritime (*) ownership Republic of Indonesia
6.2. PT Pearl Maritime ownership Republic of Indonesia
6.3. PT Ruby Maritime (*) ownership Republic of Indonesia
6.4. PT Sapphire Maritime (*) ownership Republic of Indonesia
6.5. PT Citrine Maritime (*) ownership Republic of Indonesia
6.6. PT Diamond Maritime (*) ownership Republic of Indonesia
6.7. PT Emerald Maritime (*) ownership Republic of Indonesia
7. PT Bayu Lestari Tanaya Vessel Agent Republic of Indonesia
7.1. PT Berlian Dumai Logistic General Trading Republic of Indonesia
Keterangan:
(*) Merupakan pendirian perusahaan baru di tahun 2008
(**) Merupakan akuisisi perusahaan di tahun 2008
107
9. TRANSACTIONS WITH RELATED PARTIES
In the normal course of business, the Company performs certain transactions with related parties, but without
a contractual commitment. Management believes that these transactions are carried out under normal terms
and conditions as those conducted with non-related parties. These transactions have included the following:
• The Company obtained port agency services from PT Arpeni Pratama Ocean Line Tbk (“Arpeni”) owned
by close relatives of Mr. Hadi Surya, the Company’s President Commissioner. Total port agency services
paid to Arpeni for the year ended 31 December 2008 reached Rp2,896 million.
• The Company obtained port agency services from Pan Union Agencies Pte Ltd (“PUA”). PUA is
indirectly and fully owned by Siana Anggraeni Surya, one of the Company’s Director. The total amount
paid to PUA for port agency services for the year ended 31 December 2008 was Rp21,245 million.
Based on Proper Opinion Report dated May 1, 2006 which was Publisher by PT Dian Andita Utama, the
transactions entered into between the Company and PUA were normal and proper for the Company.
Such conflict of interest transaction was approved by an Extraordinary General Meeting of Shareholders
dated 21 June 2006. The nature of relation, PUA is an affíliate of the Company.
• The Company provided port agency services to Pan Union Agencies Pte Ltd (“PUA”). Revenue from port
agency services received from Pan Union Agencies Pte Ltd (“PUA”) for the year ended 31 December
2008 amounted to Rp550 million. PUA is a subsidiary which directly or indirectly fully owned by Siana
Anggraeni Surya who is a Director of the Company.
• The Company obtained port agency services from PT Garuda Mahakam Pratama (“Garuda”). Total port
agency services paid to Garuda for the year ended 31 December 2008 was Rp72 million. The nature of
relation, PT Garuda Mahakam Pratama is an Associate Company of the Company.
• The Company obtained port agency services from Thai Petra Transport Co. Ltd. (Thai Petra). Total port
agency services paid to Thai Petra for the year ended 31 December 2008 was Rp13,940 million. The
nature of relation, Thai Petra Transport Co. Ltd, is affiliated with the Company.
10. THIRD PARTY COMMITMENTS
The Company and its Subsidiaries have a number of contracts with third parties, including:
a. Charter contracts with Pertamina in the amount of USD7 million – USD64 million per year, which
will expire between the years 2009 – 2011. The Company from time to time attempts to acquire
new contract or to extend the existing contracts with Pertamina.
b. Bareboat charter contracts with third parties valued at USD16 million – USD51 million per year,
which will expire between the years 2009 – 2020. These contracts most probably will not be
extended by the Company. Parties of this contracts are FSL, Jimbaran AS, Seminyak AS and
Gandari Komarf, all of which are non-affiliated parties.
c. Contract with a shipyard in Japan for the construction of new vessels valued at approximately
JPY53,079 million in 2008 and JPY26,695 million in 2007, both for a period of around 3 to 4 years.
Shipyards involved in this construction for new vessels are Shin Kurusima Dockyard, Fukuoka
Shipping Building, Yamanishi Shipping Building, Asakawa Shipping Building and Shitanoe
Shipping Building, all of which are non-affiliated parties.
d. Chembulk Trading II LLC (a subsidiary) obtained a letter of credit (L/C) facility for the amount of
USD29.2 million from Nordea Bank Norge ASA, Grand Cayman. The facility is secured by a
current account amounting to USD29.2 million, which is presented under Restricted Cash in Bank.
In 2008, the facility has expired.
In April 2008, Chembulk Tankers LLC obtained an irrevocable Standby Letter of Credit (SBLC)
facility from ING Bank N.V, Singapore worth USD29.2 million, which was used to guarantee the
108
lease payment of the vessel. The facility is secured by a vessel owned by a subsidiary (M.T.
Barunawati) and shall be periodically reduced by USD3.6 million, maturing on 19 January 2019.
e. Chembulk Trading II LLC also entered into a Time Charter contract for a chemical vessel which is
expected to be delivered in 2009. The Company from time to time attempts to acquire new
contract or to extend the existing contracts with customer.
f. On 17 January 2008, Richesse Logistics (Fangcheng Port) Co., Ltd, executed an agreement with
Fangcheng Port Group Co. Ltd. for the reclamation and use of land with a total area of
360,093,463 sqm. The land totaling 83,333,804 sqm out of the entire area of 360,093,463 sqm
will be considered as capital contribution from Fangcheng Port Group Co. Ltd and the remaining
276,759,657 sqm will be purchased for RMB83,238,000. The agreement also states that Richesse
Logistics (Fangcheng Port) Co., Ltd will be responsible for, among others, applying the license for
use of the property. On 31 December 2008, Richesse Logistics (Fangcheng Port) Co., Ltd. has not
obtained the said license.
As at 31 December 2008, Richesse Logistics (Fangcheng Port) Co., Ltd. has made payment of
RMB70.57 million (or equivalent to USD10.09 million), which is recorded under the account asset
in progress.
11. INFORMATION ON (LITIGATION/LEGAL) CASES FACED BY THE COMPANY
Up to the date on which this Prospectus is issued, the Company, Subsidiaries and the Board of
Commissioners and the Board of Directors of the Company face no pending (litigation/legal) cases.
109
VIII. BUSINESS ACTIVITIES AND PROSPECTS OF THE COMPANY

AND ITS SUBSIDIARIES
1. GENERAL
The Company is an international liquid cargo shipping company servicing the chemical oil and gas sectors
throughout Asia, the Middle East, Europe and America. Based on the report issued by www.maritime-
connector.com in 2008, the Company has the third largest chemical tanker fleet and isone of the world’s
largest players in the chemical tanker segment, both by tonnage and by number of ships. In 2006, the
Company expanded its oil segment services to include its activities in the floating production, storage and
offloading (“FPSO”) sector. In 2007, the Company extended its fleet into the chemical tanker segment as
well as expanded its coverage of operational and commercial activities to include America with the
acquisition of Chembulk Tankers LLC.
As at 31 December 2008, the Company operates a fleet comprising 87 tankers, of which 69 are owned by
the Company and 18 chartered-in, and the Company has total cargo capacity of 2,006,783 deadweight tons
(“DWT”). Since 31 December 2008 and up to the date of publication of this Prospectus, the Company has
received shipment of 2 chemical tankers and 1 LNG Carrier. Such transaction has increased the Company’s
overall net capacity to 2,044.933 DWT as at the date of this Prospectus’ publication.
The Company provides transportation services, particularly for the following cargos: organic and non organic
liquid chemicals, edible vegetable oils (particularly crude palm oil), crude oil, refined petroleum products such
as lubricating oil, base oil and various additives, liquefied gas such as liquified petroleum gas or "LPG",
propylene, ethylene, propane and other petrochemical gases.
In its efforts to diversify risks, the Company has actively managed its integrated operational activities in such
a way that balance is maintained between the different segments consisting of chemicals, oil and gas. The
Company has also strived to manage utilization of its vessels in various types of charter contracts, including
time charters (time based contract) and spot charters or specific route shipping contracts, and contracts of
affreightment (COA), which are contracts based on a guarantee of specified period of time and volume. The
strategies for managing the Company’s vessels are designed to provide better stability of cash flows during
the duration of the contract period and charter of most of its fleet, whilst maintaining flexibility to capitalize on
improvements of tariffs for spot contracts. Management of the Company’s exposure into many different
sectors and utilization of long-term contracts have successfully promoted the growth of the Company’s
businesses as well as in overcoming business cycles and increasing cash flow as well as profitability of the
Company.
1
For the year ended 31 December 2008, the Company booked total consolidated revenue, EBITDA and
profit of Rp7,005,851 million, Rp3,507,146 million and Rp1,557,962 million respectively. In 2008, the
Company recorded approximately 73.8% of its consolidated revenue from the chemical tanker segment,
approximately 19.3% from the oil tanker segment, approximately 5.2% from the gas tanker segment and
approximately 1.5% from the FPSO segment. Moreover, in 2008 the Company booked about 75.7% of its
consolidated revenues from spot market activities, COA markets, and the remaining portion from charter
contracts. In 2007, the Company added twenty two new ships to its fleet, which provided additional
contribution of Rp396,338.4 billion to its consolidated revenue.
The Company has consistently booked profit each year since its listing on the Indonesia Stock Exchange as
well as its listing on the Singapore Exchange Securities Trading Limited. As at 31 December 2008, the
Company has total market capitalization of about Rp2.30 trillion based on the closing price of its ordinary
shares on the Indonesia Stock Exchange, and total market capitalization of approximately SGD46.1 million
based on the closing price of its ordinary shares on the SGX-ST.
1
EBITDA including gain (loss) on sale of properties, vessel and vessel equipments. Such gain (loss) was Rp919,391 million for the year ended 31
December 2008.
110
Competitive Strengths
The Company believes that it has a number of competitive strengths which strategically positions the
Company within the industry. These competitive strengths are as described below:
• Large and flexible operational fleet. With a fleet comprising of 88 vessels (on the date of publication of
this Prospectus) and with the Company’s development in the past 28 years, the Company has the ability
to provide high quality shipping services in order to capitalize on the growth of the chemical and
petrochemical industries which is expected in the following years. The size of the Company’s fleet has
enabled the Company to fulfill the demand for shipping services of large multinational companies as well
as regional trade companies. Ultimately, fleet diversification has allowed the Company to provide not
only a wide range of services covering a number of products and different product groups for its
customers, but also multi routes shipping services which are effective for customers, and shipment of
large cargo to distribution centers in a number of ports that are relatively small.
• Modern and high quality operational fleet. The Company operates modern and high quality chemical, oil
and gas tankers which are consistent with the standards established by the International Maritime
Organisation (IMO) and Class Society. The Company emphasizes the importance of vessel maintenance
and maintaining highly qualified crew to operate its fleet. This focus has allowed the Company to provide
high quality services to maintain long-term relationship with customers and to operate its fleet
consistently and efficiently as well as at lower operational costs. As at 31 December 2008, the average
age of the Company’s chemical, oil and gas tankers are respectively about 7.7 years, 15.4 years and 7.9
years; compared to the industry’s average of approximately 11.7 years, 12.3 years and 15.5 years. The
Company believes that the age and quality of its vessels promote vessel utilization rate to above 90% in
2008. Moreover, the Company has been granted ISO 9001:2000 certification from Nippon Kaiji Kyokai
for crew management and manning division as well as for its shipping and agency business. With the
increasingly tighter operational and safety standards enforced by the Company, the quality of its fleet is
highly valued by customers.
• The Company’s financial performance has been proven over the long term. The Company has
consistently booked profit annually since the Company listed its shares on the Jakarta Stock Exchange
in 1990. Over the same period, with the exception of 2002, the Company has increased its cash flows
over the years. The EBITDA and profit (consolidated and based on generally acceptable accounting
principles in Indonesia) have grown at CAGR (compound annual growth rate) of 38.8% and 37.2%
respectively between the years 1990 and 2008. In the long term, the Company’s strong financial
performance has been the result of its focus on a balanced portfolio of businesses between the
chemical, oil and gas segments, as well as a balanced fleet management in terms of long-term and spot
contracts, hence allowing the Company to expand in line with its business cycle. This is further
supported by the Company’s economies of scale related to its large modern fleet, close relationships
with customers, competitive vessel operational costs and experienced management team.
• Strong relationship with customers. The Company has developed strong, long standing relationships
with its numerous customers, including with major international oil and chemical companies like PT
Pertamina (since 1981), ExxonMobil (since 1986), Shell (since 1986), BASF (since 1991), Celanese
(since 1993), Dow Chemical (since 1991) and SABIC (since 1997). These close relationships with
customers were built on the Company’s reputation in offering reliable, safe and efficient transportation
services since the Company was established 28 years ago, and demonstrates its achievement in
upholding service quality. In line with the increasing development and diversity of the Company’s
operating fleet and business activities, the Company expects to maintain continuous expansion of its
geographical reach, particularly in Europe, which has become the Company’s main target for future
expansion.
• Extensive marketing and operating network. The Company has developed an extensive international
network, both for its operational as well as sales and marketing aspects. The Company maintains
integrated marketing with a line of major reputable clients in the Asian market through its offices in
Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai and Beijing. Moreover, the Company has a
marketing office in Dubai, to serve customers in the Middle East; Glasgow and Rotterdam, to cater to the
needs of customers in the European nations; Mumbai, to serve the South Asian region, and Westport
111
Connecticut as well as Sao Paolo, Brazil to offer services to customers in North America and South
America. The Company believes that its extensive marketing network not only supports the Company’s
service and operations to its existing clients, but also promotes its ability to identify potential customers
and new business opportunities.
• Competitive cost structure. The Company believes that it has a cost base which is relatively lower
compared to its competitors, particularly those from the European region, as the Company’s head office
is based in Asia. For example, the Company recruits a significant portion of its ships’ crew from
Indonesia and thus benefits from lower labor costs for vessel operations relative to its competitors.
Similarly for its maintenance and docking activities which are centralised in Southeast Asia or North
Asia, where such costs are less expensive than those incurred in Europe. Moreover, the Company is
focused to preserve its cost structure to remain competitive by recruiting most of its employees locally at
the locations of the Company’s offshore branch offices. Due to its competitive cost structure, the
Company can afford to offer more flexibility in formulating shipping tariff, both to align competitiveness of
tariffs against competitors as well as to sustain profit margins.
• High quality vessel management at competitive costs. Unlike other vessel operating companies, the
Company offers vessel management services for fleet operations through a fully-owned subsidiary of the
Company. These services include operational support, tanker maintenance, technical support, manning,
shipyard supervision, and commercial management. The Company believes that by carrying out these
services, the Company can maintain quality as well as attain cost efficiency and economies of scale in its
operations.
• Experienced Management Team. The Company’s senior executives and key employees are
experienced in the international shipping industries, with average experience of 19 years. In addition, the
Company’s senior management team has worked with the Company for over 17 years, indicating the
team’s loyalty and commitment to the Company. The Company’s management also has expertise in all
business aspects, encompassing technical and commercial management to intensify focus on
marketing, control over quality and costs, effective operations and safety monitoring.
Strategies
The main purpose of the Company’s strategies are to leverage on its competitive strengths to solidify the
Company’s position within the industry in order to attain consistently sound financial performance in riding
through the various economic cycles as well as fluctuations in the shipping market. To achieve this objective,
the Company intends to apply the following strategies:
• Maintaining a balanced portfolio between chemical tankers, oil tankers and gas tankers. Although the
chemical, oil and gas sectors are dominated by particular cycles, the Company believes that such
business cycles are not inter-related. The Company has been able to reduce its exposure to business
volatility through fleet diversification for the oil, chemical and gas markets. The Company will maintain
balance between these segments in order to manage risks and attain a consistent growth rate.
• Utilization of contractual obligations to expand business and to maintain stable operational cash flow.
The Company manages vessel operation through several types of charter contracts. The Company’s
strategy in vessel operational management is designed to generate stable cash flow through time charter
contracts for most of the fleet whilst maintaining flexibility to benefit from increases in spot market tariffs.
The Company believes that its objective to achieve consistent operational stability will support the
Company’s business growth, hence making it possible for the Company to make investments supported
by cash flow for business expansion. Furthermore, the Company constantly monitors market
developments and takes efforts to anticipate the customers’ transportational needs in order to grab
attractive opportunities in its vessel charter business.
• Consistent fleet development with parallel efforts for managing capital structure under the prudential
principle. The Company continuously monitors the market to take advantage of business development
opportunities. Since 31 December 2006 to 31 December 2008, the Company has acquired 28 new and
secondary vessels with total additional capacity of 488,296 DWT and total investment of approximately
USD1.42 billion. The Company intends to sustain expansion of its fleet. As at the date of issue of this
112
Prospectus, the Company is developing 14 new vessels with capacity of 208,780 DWT, with target
completion and delivery between 2009 and 2012. As part of its strategy, the Company is currently
carrying out negotiation with a third party to purchase a number of secondary vessels within a short
period of time. There is no assurance that the negotiation process will be successful such that the
Company can increase the number of its vessels. Nevertheless, the Company continuously strives to
seek out opportunities to acquire new vessels in 2008. In addition, the Company also takes into
consideration the acquisition of other shipping companies as part of its strategic targets.
• Undertaking expansion of geographical coverage in the main markets of the Company’s customers.
Since 1998, the Company has implemented a strategy for geographical expansion from its operational
center which started out of Southeast Asia. In 1998, the Company acquired a subsidiary in Hong Kong to
penetrate the market in North Asia. In 2001, the Company expanded its trading area to the Middle East
and India. In 2004, the Company established a marketing office in Glasgow, Scotland. Then in 2007, the
Company acquired a subsidiary in the United States to penetrate the local market. The Company also
plans to utilize its optimal operational cost base to offer competitive pricing for customers in the
European market. Additionally, new maritime regulations in Indonesia limit shipping services on all
Indonesian waters to be served by owners of domestic ships using only Indonesian-flagged vessels, if
available. Furher information is presented in the section “Business Activity – Competition”. The Company
believes that such condition provides opportunities for the Company to expand its business in the
domestic market.
• Business expansion into the FSO and FPSO markets. The Company intends to increase its activities in
the FSO and FPSO markets as an offshore services business line. The Company believes that these
markets have promising growth potential, and the Company strives to obtain long-term contracts with oil
exploration operators as well as other offshore services and facilities. The Company has converted one
of its tankers to become an FPSO as the initial step of entry into this market.
Brief History
The Company was established in Indonesia on 12 March 1981 under the name of PT Bhaita Laju Tanker
and officially changed its name to PT Berlian Laju Tanker in 1988. In 1982, the Company acquired its first
two oil tankers, MT Anjasmoro and MT Brotojoyo. In 1986, the Company initiated its chemical transshipment
service for leading oil companies. In 1989, the Company’s Group purchased its first LPG carrier, MT Gas
Jaya and launched its gas transportation business.
In 1990, the Company completed its Initial Public Offering and listed its shares on the Jakarta and Surabaya
Stock Exchanges, becoming the first shipping operator in Indonesia to become a public-listed company. The
Company pursues a continuous expansion of its operating fleet through a combined effort of constructing
and acquiring vessels. In 1998, the Company acquired Asean Maritime Corporation, including its subsidiary
Gold Bridge Shipping Corporation, which owned seven chemical tankers.
In 2001, the Company extended its geographical trade coverage by expanding its business into the Arabian
Gulf and further into India in 2004; then in 2005, the Company widened its network into Europe and the
Middle East.
In 2006, the Company listed its shares on the Singapore Exchange Securities Trading Limited (SGX-ST),
and in 2007, Asean Maritime Corporation, through BLT Chembulk Corp., a subsidiary, acquired 100% shares
in Chembulk Tankers LLC from Chembulk Holding Inc. This acquisition further enlarged the Company’s
geographical service coverage from its initial concentration in Asia, the Middle East and Europe to include
the entire part of the world.
The following figure provides data on growth of the Company’s fleet by size (DWT) and the number of
vessels in the last ten years:
113
The Company’s Fleet (1996-2008)

;
;

;;

;; ; ; !"
Source : The Company
2. BUSINESS OPERATIONS
Fleet
On 31 December 2008, the Company operates a fleet consisting of 87 tankers with total tonnage capacity of
2,006,783 DWT, increasing by 9 from a total of 78 ships with total tonnage capacity of 1,878,502 DWT as at
31 December 2007. On 31 December 2008, the Company’s ships are made up of 61 chemical tankers, 14 oil
tankers, 11 gas tankers and 1 FPSO. With this composition, the Company owns 69 tankers and chartered-in
18 tankers. On 31 December 2008, the Company has a total of 16 additional vessels, including 11 chemical
tankers, 4 gas tankers and 1 LNG carrier under construction.
The table below sets forth details on the Company’s fleet as at 31 December 2008:
Vessels Chartered by the
Vessels Owned by the
Company from Third
Company (1)
Parties
Average Average Total
Total DWT Total DWT
Age Age DWT
(2)
Chemical Tanker .. 44 599,607 10.1 17 360,479 2.1 960,086
Oil Tanker............. 13 899,223 15.8 1 30,500 9.9 929,723
Gas Tanker........... 11 56,100 8.0 - - - 56,100
FPSO Tanker ....... 1 60,874 28 - - - 60,874
Total 69 1,615,804 11.1 18 390,979 2.5 2,006,783
Notes:
(1) Including time charter and bareboat charter. Based on the bareboat charter, the Company leases ships
and covers all voyage costs and operational costs of the ship. The ship’s owner is only responsible for
the full capital costs of the ship.
(2) Including 11 time charters and 7 bareboat charters.
114
Since 31 December 2008 up to the date of publication of this Prospectus, the Company has received 2
chemical tankers with total capacity of 39,400 DWT.
Types of Charter Contracts
The Company charters out its tankers to third parties based on three different forms of contracts, which are
time charter, shipment contract for a specific route with guarantee of specific time period and shipment
volume (contracts of affreightment/COA) and spot charter (shipment lease for one trip). Under the time
charter, the vessels are leased out to customers for a specific period of time with previously negotiated
tariffs, generally a fixed tariff. Under a time charter, vessel is provided inclusive of operational crew and other
services encompassing maintenance, stock, spare parts, crew provisions and other operational services, for
which these costs are factored or considered into the charter rate negotiated. The lessee is still responsible
for direct incurrence of all voyage expenses, consisting of fuel costs and port charges. Time charter normally
carries duration of between 1 to 2 years for short-term charter; and between 10 to 12 years for long-term
charter. In essence, under a time charter, customers rent a vessel, which is readily operable, including ship
crew for a specified period of time during which the lessee may determine the destination of the vessel,
cargo transported and make payment for fuel and spare part costs during the said time period.
Based on the COA, the ship’s owner or operator provides services for transporting a certain volume of cargo
within a specified period (usually one to three years) using ships that are selected by the ship fleet owner
from one destination to another as specified by the customer. The customer pays a charter rate, and the ship
operator is responsible for voyage expenses, including fuel and port charges. Based on the COA, the
customer enjoys the benefit of access to a larger fleet of vessels as compared to only a single ship. A larger
fleet greatly increases the flexibility for the customer in selecting the cargo to be transported and reduces the
risk of facing unavailability of ships when the requirement arises. The Company benefits from rising volume
in its business and more efficient utilization of fleet. Consequently, the Company believes that a larger fleet
of vessels will serve to be more advantageous in order to offer better service that would satisfy the COA
customers.
Spot contract is a contract executed for one trip with a rate based on the current rate or spot market rate. As
with a COA, in a spot contract the lessee pays a one time charter, and the Company is responsible for fuel
costs and port charges.
To measure its performance, the Company nets out fuel costs and port charges from revenue generated
from the COA and spot contracts to calculate " time charter equivalent revenue", which is a measurement to
indicate revenue from COA and spot contract on the same basis as a time charter, for which fuel costs and
port charges are not included in the Company’s costs and are incurred directly by the lessee. A more
detailed description is provided in Chapter IV on “Management Discussion and Analysis".
From an operational perspective, the Company has historically inclined to charter out its vessels through
fixed contracts based on time charter and COA. Under these fixed contracts, the Company is more able to
control its costs and manage cash flow, hence making the Company to be more insulated in the event of
adverse short-term market conditions. Nevertheless, the Company continuously strives to sustain a balance
between such contracts with the opportunities offered in the spot market which is more volatile. The
Company constantly monitors the development in the market because the Company consistently makes
efforts to capitalize on rate increases in the short-term, to maintain flexibility of the Company’s fleet to serve
customers in various different locations throughout the world and to optimize the Company’s earnings.
Chemical Tankers
As of 31 December 2008, the Company is one of the largest shipping companies in the global chemical
transportation market based on tonnage, at 960,086 DWT. On 31 December 2008, the average age of the
Company’s chemical tanker fleet is approximately 7.7 years, compared to the industry’s average of about
13.4 years. The Company has ordered construction of 10 new chemical tankers with total capacity of
190,980 DWT, with scheduled delivery between 2009 up to 2012. Since 31 December 2008 and up to the
date of publication of this Prospectus, the Company has received 2 chemical tankers which had been
ordered with capacity of 39,400 DWT in February 2009.
115
A chemical tanker is constructed with separate tanks within one vessel. Hence, chemical tankers have the
capability of simultaneously transporting a number of chemical products with different types and/or grades.
However, such separation requires additional cleaning work on the tanks, pipes and pumps when
transporting and delivering cargo. IMO has furnished three classifications for different types of chemical
tankers based on the design of the cargo tank structure carried by the said vessel. Cargo tank type I is
designed to tranship special products such as chlorinated paraffins in small amounts which represent a small
proportion in the chemical trade. Cargo tank type II is designed to tranship chemicals with higher grades,
whereas tank type III is designed for other types of chemicals. The Company has specifically transhipped
cargo types II and III. The Company’s vessels, which are within the classifications of IMO II/III, are generally
able to tranship not only IMO III cargo but also various types of IMO II cargo in all of the tanks.
Unlike oil tankers, for which the IMO regulates vessel category based on specified conditions, the IMO has
not applied classification for chemical tankers. However, older vessels have a higher risk of cross-
contamination between different products as well as higher operating costs. As a result, most chemical
tankers are disposed upon reaching the age of 25 years.
The Company operates all chemical tankers substantially based on spot and COA contracts. In 2008, the
Company generated about 57.32% of revenue from the tanker segment from spot contracts and COA and
approximately 42.68% from time charter. In general, the Company is not too aggressive in chartering out its
chemical tankers to other chemical tanker operators in Asia due to the small number of competitors
compared to other markets in Asia, and there is a possibility that the party chartering from the Company is
one of its competitors. However in developing the Company’s businesses, Time Charter transactions shall be
reviewed on an individual basis in order to assess their contribution to the Company’s growth.
The following table presents a summary of the chemical tankers operated by the Company as at 31
December 2008. The first table shows tankers owned by the Company, whereas the second and third tables
display vessels chartered by the Company.
(1) (1)
No. Owned Vessels Built DWT Type Flag Hull
1 MT Dragonaria 1998 6,555 IMO II/III Singapore DH
2 MT Erowati 1999 6,688 IMO II/III Singapore DH
3 MT Gagarmayang 2004 40,354 IMO II/III Singapore DH
4 MT Ulupi 1999 6,690 IMO II/III Singapore DH
5 MT Yanaseni 1992 9,202 IMO II/III Singapore DH
6 MT Bauhinia 1997 5,851 IMO II/III SUS Singapore DH
7 MT Celosia 1997 7,477 IMO II/III SUS Hong Kong DH
8 MT Cendanawati 1997 3,159 IMO II/III SUS Singapore DH
9 MT Dewi Madrim 1987 1,250 IMO II/III SUS Indonesia DH
10 MT Eustoma 1994 4,990 IMO II/III SUS Hong Kong DH
11 MT Fatmawati 1996 7,527 IMO II/III SUS Singapore DH
12 MT Purbasari 2008 19,900 IMO II/III SUS Singapore DH
13 MT Fatmarini 2004 8,578 IMO II/III SUS Singapore DH
14 MT Frabandari 2004 8,575 IMO II/III SUS Singapore DH
15 MT Freesia 2003 8,521 IMO II/III SUS Hong Kong DH
16 MT Gerbera 2004 8,738 IMO II/III SUS Hong Kong DH
17 MT Harsanadi 2005 14,271 IMO II/III SUS Singapore DH
18 MT Hartati 2004 14,312 IMO II/III SUS Singapore DH
19 MT Indradi 1993 13,944 IMO II/III SUS Singapore DB
20 MT Larasati 1991 3,665 IMO II/III SUS Hong Kong DH
21 MT Mustokoweni 1991 3,199 IMO II/III SUS Singapore DB
22 MT Nogogini 1996 11,639 IMO II/III SUS Singapore DH
23 MT Nolowati 1998 11,636 IMO II/III SUS Singapore DH
24 MT Ratih 1996 10,329 IMO II/III SUS Singapore DH
25 MT Rasawulan 1996 10,332 IMO II/III SUS Singapore DH
26 MT Rengganis 1993 3,667 IMO II/III SUS Singapore DH
27 MT Setyawati 1994 3,189 IMO II/III SUS Hong Kong DH
116
28 MT Tirtasari 1997 5,878 IMO II/III SUS Singapore DH

29 MT Wulansari 1992 11,055 IMO II/III SUS Singapore DB
30 CB Virgin Gorda 2004 32,000 IMO II/III SUS Singapore DH
31 CB Hong Kong 2003 32,000 IMO II/III SUS Singapore DH
32 CB Savannah 2002 25,000 IMO II/III SUS Singapore DH
33 CB New York 2002 27,000 IMO II/III SUS Singapore DH
34 CB Yokohama 2003 19,500 IMO II/III SUS Singapore DH
35 CB Kobe 2002 19,500 IMO II/III SUS Singapore DH
36 CB Gibraltar 2001 19,500 IMO II/III SUS Singapore DH
37 CB Shanghai 2000 19,500 IMO II/III SUS Singapore DH
38 CB Ulsan 2004 19,500 IMO II/III SUS Singapore DH
39 CB Barcelona 2004 32,300 IMO II/III SUS Singapore DH
40 CB Houston 2003 16,400 IMO II/III SUS Singapore DH
41 MT Anggraini 1995 31,225 IMO III Singapore DH
42 MT Anjasmoro 1996 32,696 IMO III Singapore DH
43 MT Jembawati 1999 6,685 IMO III Singapore DH
44 MT Kunti 1992 3,984 IMO III Indonesia DB
45 MT Pramoni(8) 2008 19,990 IMO II/III SUS Singapore DH
46 MT Puspawati(8) 2008 19,900 IMO II/III SUS Singapore DH
47 MT Purwati(8) 2007 19,900 IMO II/III SUS Singapore DH
48 MT Pertiwi(3) 2006 19,970 IMO II/III SUS Singapore DH
49 MT Prita Dewii(3) 2006 19,998 IMO II/III SUS Singapore DH
50 MT Pujawati(3) 2006 19,900 IMO II/III SUS Singapore DH
51 MT Gagarmayang(8) 2004 40,354, IMO II/III Singapore DH
(5)
52 MT Bestari 2003 6,689 IMO II/III SUS Panama DH
(5)
53 MT Bidadari 2003 6,678 IMO II/III SUS Panama DH
(4)
54 MT CB Singapore 2007 19,500 IMO II/III SUS Singapore DH
(4)
55 MT CB Tortola 2007 19,500 IMO II/III SUS Singapore DH
(4)
56 MT CB Westport 2006 32,000 IMO II/III SUS Singapore DH
(4)
57 MT CB Lindy Alice 2008 32,000 IMO II/III SUS Singapore DH
(4)
58 MT CB Kings Point 2008 19,500 IMO II/III SUS Singapore DH
(4)
59 MT CB Minneapolis 2007 32,000 IMO II/III SUS Singapore DH
(6)
60 MT Golden Ambrosia 2008 13,000 IMO II/III Singapore DH
(7)
61 MT Royal Flos 2008 19,600 IMO II/III Singapore DH
Notes :
1) "SUS" refers to tankers with cargo tanks made of stainless steel, "DH" means Double Hull, "DB" means Double
Bottom
2) Six and half years Bareboat Charter, to expire in 2010 and 2011
3) Twelve years Bareboat Charter, to expire in June, July and September 2018
4) Ten years Time Charter, to expire in August and October 2009
5) Six years Time Charter, to expire in August and October 2009
6) Five years Time Charter, to expire in January 2013
7) Three years Time Charter to expire in June 2011
8) Twelve year operating lease to expire in 2020
Since 31 December 2008 and up to the time of publication of this Prospectus, the Company has received 2
new chemical tankers which have been recently built, CB Jakarta with a capacity of 19,500 DWT and MT
Pramesti with a capacity of 19,900 DWT.
117
Each of the Company’s chemical tanker is registered with one of several classification associations. For
chemical tankers, the Company has registration with the following associations: Lloyds Register, Nippon Kaiji
Kyokai, Bureau Veritas and Det Norske Veritas.
Oil Tankers
On 31 December 2008, the Company operates 14 oil tankers with total capacity of 929,723 DWT. The
Company’s fleet of oil tankers is made up of 2 Suezmax vessels, 4 Aframax vessels, 5 Handysize vessels
and 3 small-range tankers. As at 31 December 2008, the average age of the Company’s fleet of oil tankers is
approximately 15.4 years, compared to the industry’s average of about 12.3 years.
IMO has established requirements related to the disposal of oil tankers by age specification and under
different conditions. Further information is provided in Chapter IX on “Shipping Industry”. Pursuant to one of
these regulations, non-double-hull oil tankers are required to be disposed at the latest upon reaching the age
of 25 years. Because the average age of the Company’s fleet of oil tankers is 15.4 years, the Company
believes that the IMO ruling shall not have material effects on the Company’s operational results or financial
condition.
The Company operates 5 of its oil tankers based on spot charters and charters out 9 others based on time
charters. Most of the Company’s vessels with capacity of less than 100,000 DWT are operated based on
long-term and short-term contracts with Pertamina (for transporting domestic crude oil). In 2008, the
Company derived approximately 66.42% of its total revenue from the oil tanker business from spot charters
and COA and approximately 33.58% from time charters.
The following table provides brief descriptions of oil tankers operated by the Company as of 31 December
2008. The Company owns all of the tankers mentioned below, with the exception of MT Gandari.
(1)
Vessels Owned Built DWT Type Flag Hull (2)
MT Tridonawati 1991 154,970 Crude Oil Tanker Liberia SH
MT Trirasa 1991 154,970 Crude Oil Tanker Singapore SH
MT Badraini 1991 111,777 Crude Oil Tanker Singapore DB
MT Barunawati 1992 111,689 Crude Oil Tanker Singapore DB
MT Barawati 1990 101,134 Crude Oil Tanker Singapore SH
MT Bramani 1990 96,672 Crude Oil Tanker Singapore SH
MT Pergiwo 1993 37,087 Crude Oil Tanker Singapore SH
MT Anjani 1985 36,882 Oil Product Tanker Indonesia DS
MT Pradapa 1993 36,362 Crude Oil Tanker Indonesia DS
MT Gandini 1998 32,042 Oil Product Tanker Singapore DH
(1)
MT Gandari 1999 30,500 Oil Product Tanker Singapore DH
MT Ontari 1993 18,520 Oil Product Tanker Indonesia SH
MT Dewayani 1999 3,561 Oil Product Tanker Singapore DH
MT Dewi Sri 1999 3,557 Oil Product Tanker Singapore DH
1. Ownership by bareboat charter for 10 years that expire in May 2012.
Each of the Company’s oil tankers is registered with one of several classification associations. For the
Company’s oil tankers, these classification associations include Lloyds Register, Nippon Kaiji Kyokai, Bureau
Veritas, Det Norske Veritas and Biro Klasifikasi Indonesia.
Gas Tankers
On 31 December 2008, the Company operates 11 gas tankers, all of which are LPG/petrochemical tankers,
having collective capacity of 55,626 CBM (56,100 DWT). As at 31 December 2008, the average age of the
Company’s fleet of tankers is approximately 8.0 years, compared to the industry’s average of about 15.5
years.
118
The Company continuously aims to increase the percentage of its total revenue from the operations of gas
tankers and consequently expands its fleet of gas tankers. The Company currently has 4 gas tankers under
construction, with total capacity of 17,000 CBM (17,800 DWT). The Company expects that these vessels will
be delivered between 2010 and 2012. The Company will have a 30% ownership in 1 of the LNG Tanker
mentioned above. The Company expects to increase its market share by providing LPG/petrochemical
transportation services in the Far East Asian region. The Company also intends to increase LNG shipment
domestically, depending on the growth in the demand for LNG in Indonesia.
The Company operates 6 of its gas tankers based on spot contracts and 6 other gas tankers based on time
charter. In 2008, the Company obtained about 11.58% revenue in the gas tanker segment from spot
contracts and COA and 88.42% from charter-based contracts.
The table below provides a brief description of the gas tankers operated by the Company as at 31 December
2008. The Company has full ownership of these tankers.
No Vessels Owned Built Type Flag Hull CBM
1 MT Gas Maluku 1996 Gas Tanker Singapore DH 5,000
2 MT Gas Sumatera 1989 Gas Tanker Indonesia DH 3,512
3 MT Gas Jawa 1989 Gas Tanker Indonesia DH 3,596
4 MT Gas Indonesia 1990 Gas Tanker Indonesia DH 3,518
5 MT Gas Kalimantan 1996 Gas Tanker Indonesia DH 3,500
6 MT Gas Sulawesi 2006 Gas Tanker Singapore DH 5,000
7 MT Gas Papua 2007 Gas Tanker Singapore DH 5,000
8 MT Gas Bali 2007 Gas Tanker Singapore DH 5,000
9 MT Gas Lombok 2008 Gas Tanker Singapore DH 9,000
10 MT Gas Sumbawa 2008 Gas Tanker Singapore DH 9,000
11 MT Gas Natuna 2008 Gas Tanker Indonesia DH 3,500
Each of the Company’s gas tanker is registered with one of several classification associations. For the
Company’s gas tankers, these classification associations are Nippon Kaiji Kyokai and Biro Klasifikasi
Indonesia.
FPSO Tankers
An FPSO tanker is a tanker used as a floating production, storage and offloading facility. On 31 December
2008, the Company has an FPSO tanker which was acquired in December 2005 and began its conversion
into an FPSO in 2006. Since 2006, the Company no longer included this vessel as part of the oil tanker fleet
within its operations. The conversion of this vessel into an FPSO was completed in August 2006. The tanker
has total capacity of 60,874 DWT. The Company operates its FPSO tanker based on time charter. For the
purpose of financial reporting in the years 2006 and 2007, the FPSO tanker has been classified into the oil
tanker segment.
The table below sets forth data on the FPSO tanker operated as at 31 December 2008.
Vessel Owned Built DWT Type Flag Hull

FPSO Brotojoyo 1980 60.874 FPSO Tanker Indonesia DB
The FPSO Tanker is registered with Biro Klasifikasi Indonesia, a classification association.
New Vessels Currently Under Construction

The table below presents data on new vessels currently under construction for the Company’s fleet, planned
tonnage and expected delivery date, as at 31 December 2008. Unless specified otherwise, all vessels are
fully owned by the Company. Size is indicated by DWT for chemical tankers and by CBM for gas, ethylene
and LNG tankers. The Company anticipates that the total costs for these 15 new vessels, are approximately
USD405.2 million. The Company plans to finance these vessels with cash flow from operations and with
loans.
No. Name Expected DWT/ Type Flag Hull Shipyard
Delivery CBM
119
No. Name Expected DWT/ Type Flag Hull Shipyard

Delivery CBM
(*) (2)
1 MT Pramesti 19,000 Chemical Tanker IMO Singapore DH Shin Kurushima
2009
II/III SUS
(7)
2 MT Hyacinth 2009 Chemical Tanker IMO Singapore DH Shitanoe
12,500
II/III SUS
(7)
3 MT Subadra 2010 Chemical Tanker IMO Singapore DH Shitanoe
12,500
II/III SUS
(7)
4 MT Gas Karimun 2012 5,000 Gas Tanker Singapore DH Shitanoe
(7)
5 MT Gas Batam 2011 5,000 Gas Tanker Singapore DH Shitanoe
(8)
6 MT Gas Bangka 2010 3,500 Gas Tanker Singapore DH Yamanishi
(8)
7 MT Gas Madura 2010 3,500 Gas Tanker Singapore DH Yamanishi
(2)
8 MT Wilutama 2010 Chemical Tanker IMO Singapore DH Shin Kurushima
25,100
II/III SUS
(5)
9 MT Watari 2011 Chemical Tanker IMO Singapore DH Fukuoka
25,400
II/III SUS
(7)
10 MT Setyaboma 2011 Chemical Tanker IMO Singapore DH Shitanoe
12,500
II/III SUS
(7)
11 MT Sakuntala 2011 Chemical Tanker IMO Singapore DH Shitanoe
12,500
II/III SUS
(5)
12 MT Wardani 2011 Chemical Tanker IMO Singapore DH Fukuoka
25,400
II/III SUS
(2)
13 MT Widawati 2011 Chemical Tanker IMO Singapore DH Shin Kurushima
25,100
II/III SUS
(9)
14 MT Pitaloka 2011 Chemical Tanker IMO Singapore DH Asakawa
19,990
II/III SUS
(9)
15 MT Partawati 2011 Chemical Tanker IMO Singapore DH Asakawa
19,990
II/III SUS
(*) The Company has received delivery of several of these ships at the time when this Prospectus is issued
(**) This vessel is not owned by the Company, but chartered in by the Company with an option to buy
(1) Shin Kurushima — Shin Kurushima Dockyard Co., Ltd.
(2) STX — STX Shipbuilding Co., Ltd.
(3) Hyundai Samho — Hyundai Samho Heavy Industries Co., Ltd.
(4) Fukuoka — Fukuoka Shipbuilding Co., Ltd.
(5) Hyundai — Hyundai Heavy Industries Co., Ltd.
(6) Shitanoe — Shitanoe Shipbuilding Co., Ltd.
(7) Yamanishi - Yamanishi Corporation
(8) Asakawa - Asakawa Shipbuilding Co., Ltd
Acquisition or Purchase of Vessel

For the acquisition of additional vessels, the Company’s main criterion is its assessment of the market in
which the Company maintains operating activities. In the event that the Company’s assessment of market
development is positive, the Company will perform an evaluation/weighing of the potential risk profile of
certain acquisition opportunities. The Company evaluates one of the risks based on the break even point as
compared to the value of the vessel after the expiration of its economic life. If the vessel’s profile is
consistent with the Company’s internal requirements, then the Company strives to earn an adequate internal
rates of return in line with the risks taken. According to the cycle of the market in which the Company carries
out its operational activities, the Company will perform a prudent analysis of the market conditions and
vessel value, vessel conditions and its earning potential in the process of evaluating the vessel purchase.
The Company will also take into consideration the conditions of the world’s fleet such that there is adequate
knowledge in order to enable the Company to quickly respond to the changing market and resulting
opportunities.
Based on the Company’s outlook for the oil, gas and chemical markets, the Company’s acquisition strategy
is focused on the chemical and gas tankers which were built after the year 1990, including new vessels and
on second-hand oil tankers constructed between the years 1985 and 1995. Today, the Company has 11
chemical tankers and 4 gas tankers under construction. With consideration to market conditions which have
steadily improved in recent years and the demand for capacity of shipyard, the schedule for delivery of the
new vessels is currently set at between 3 months to 45 months.
Other than acquiring new and old vessels, the Company also charters vessels under various types of charter
contracts. With respect to these contracts, the Company usually opts for bareboat charter, in which the
Company only chartered-in vessels without the crew or supplies, and the Company can determine the cost
120
structure and control all aspects of vessel operation. However, based on a time charter contract, the
Company chartered-in a vessel inclusive of the crew, supplies, spare parts and other operational elements
will be directly managed by the vessel owner, such that the Company is responsible only for supplying and
paying for the fuel and port services. As at 31 December 2008, the Company has chartered 7 vessels under
bareboat contracts and 11 vessels under time charter contracts. Bareboat charter generally has a longer
contract duration compared to time-based charters. Today, the Company has bareboat charter period of six
to twelve years, as against its time charter contract duration of between 5 to 10 years.
Vessel Financing
In general, the Company provides financing for acquisition of new and old vessels through bank loans that
cover approximately 75% to 85% of the purchase price of the vessel, while the remaining funds are derived
from the Company’s cash reserves. Most of the funding for the Company’s vessels is in the form of loan
facilities in United States Dollar. Financing for new ships is generally loans amortized over a period of ten
years and payment on most of the nominal amount of the loans is made on maturity. Funding for purchases
of second-hand vessels is set according to the conditions of each vessel. The interest on the loans is usually
based on LIBOR plus 0.85% up to 2%. The Company also obtains financing in Rupiah for acquisitions of
ships with the Indonesian flag. These loans generally carry higher interest rates with shorter maturities
compared to loans in US Dollar.
Loans for financing ship acquisitions generally require collaterals, among others, transfer of title to the said
vessel, as well as assignment of revenue, and insurance for the vessel for the benefit of the financier. Unless
specified otherwise,all vessels indicated in this prospectus as being under financing are mortgaged in favour
of the relevant lenders providing the financing.
For newly constructed ships, the payment terms vary depending on the contracts that are negotiated and
may require an advance payment of different amounts subject to the vessel type, shipyard availability and
financing undertaken. However, in general, periodic payment is made following each major stage of vessel
construction completed, including execution of vessel construction contract, keel laying, vessel launching
and delivery of the vessel. Further information can be derived from Chapter III on “Description of Material
Indebtedness”.
Vessel Disposal
The Company disposes its vessels in accordance to market conditions and vessel utilization related to its
operations. In general, the Company scraps chemical tankers and oil tankers as they have reached their
economic life of 25 years. However, the Company has also maintained one oil tanker that has been used for
more than 25 years and converted it into an offshore storage, loading and discharging facilities for offshore
FPSO activities. The Company may also opt to sell a vessel which has been in use for only a short time and
has not reached its 25 year lifespan, if the Company receives an attractive offer from a financial point of view
and provided that the Company’s capacity and strategic planning makes it feasible for the Company to
proceed with the sale. In 2008, the Company has sold 5 vessels, whereas in 2007 there were 3 vessels sold.
121
Fleet Operational Coverage

The Company divides its operational fleet into three geographical areas for chemical tankers and one area
for each of oil tankers and gas tankers. Area 1 for the Company’s chemical tanker segment covers the trade
within Southeast Asia, between ports in Indonesia, Thailand, Malaysia and Singapore. Area 2 covers trade
from Southeast Asia to North Asia and within North Asia, including backhaul from North Asia, with main
destinations in ports located in China, Korea, Taiwan and Japan. Area 3 covers trade from Southeast Asia
west bound to India, the Middle East and Europe as well as trade within and from these regions. The main
ports of destination for Area 3 are located in India, Iran, Saudi Arabia, Kuwait, Qatar, Egypt, Italy, Spain, the
Netherlands and England. The Company utilizes its vessels in all areas depending on the market conditions
and customers’ needs. The Company strives to anticipate areas where demand is highest for the Company’s
vessels and simultaneously maintain an extensive diversification in its vessel assignment throughout a wide
geographical coverage. In 2008, the Company has completed 4,401 port calls, distributed in various
geographical areas.
The following table indicates the loading and discharging port calls of the Company’s vessels by operational
area in the years 2008, 2007, 2006 and 2005, not including vessels leased by the Company, since the
lessors control the vessel voyages.
Loading and Discharging Port

2005 2006 2007 2008 Average
Calls
Operational Area
Area 1 (chemical)......................... 686 1,131 1,253 1561 1,158
Area 2 (chemical)......................... 2,024 2,051 2,273 3163 2,378
Area 3 (chemical)......................... 414 599 664 889 641
Oil ......................................... 136 108 120 160 131
Gas .......................................... 76 83 92 123 94
Total 3,336 3,972 4,402 5,896 4,401
Chemical
Based on existing cargo volume, the main activities of the Company’s chemical tankers are found in Area 2,
though the Company sees significant growth in Area 3, particularly after the Company acquired Chembulk
Tankers LLC. The main trading routes for the Company’s chemical tankers are from Singapore to China,
and on the return voyage the frequently-travelled route is from Korea or northern China (Area 2) and from
Arabian Gulf to Southeast Asia (Area 3). Following the acquisition of Chembulk Tankers LLC, the
Company’s geographical shipping area expanded to include Americas.
The Company’s chemical tankers tranship all types of liquid chemicals and vegetable oils. The Company
particularly serves leading oil and chemical companies, including regional traders. Most of the Company’s
chemical tankers have complied with IMO Type II certification, with stainless steel tanks and technical
specifications which provide flexibility for the Company, particularly for measurement of chemical cargo
transhipped by the Company for each area. In general, the Company transports cargo with volume ranging
from 500 to 5,000 MT in Area 1, from 2,000 to 10,000 MT in Area 2 and 5,000 to 13,500 MT in Area 3.
Oil
The Company tranships oil for its customers throughout Asia, the Middle East and Europe. The Company
has not classified its oil fleet activities into several geographical areas since most of the Company’s oil
tankers are operated in all service areas, considering that its oil tanker fleet is considerably smaller than its
chemical tanker fleet, and that some of its oil tankers are leased based on time charters to PT Pertamina
(Persero) ("Pertamina"), the state-owned oil company in Indonesia. Today, Pertamina controls the
distribution of oil produced in Indonesia and oil derivative products within the jurisdiction of Indonesian. The
Company’s charter contracts with Pertamina are long-term in nature, although the Company also leases
tankers based on spot contracts. The Company transports various types of cargo using large-sized tankers,
particularly for crude oil and processed petrochemical products. The Company’s main trade route for oil
extends from the Middle East to India and Southeast Asia.
122
The Company believes that it is an important shipping services provider for Pertamina. In March 2005, the
President of the Republic of Indonesia issued a Presidential Decree, among others, to accelerate the
development of the shipping industry in Indonesia. Therefore, it is expected that shipping services in
Indonesia will only be carried out by domestic ship owners using Indonesia-flagged vessels, if possible and
that all imports, for which the cargo or shipping costs are covered by the government of Indonesia, either
central or regional government, must be undertaken by Indonesian shipping companies. Such condition will
also increase long term contracts between cargo owners and vessel owners in Indonesia, thus providing
financial incentive for exporters using Indonesian vessels as well as a payment package that is beneficial to
support developments in the national shipping industry. In addition, there is a plan to reduce the number of
ports in Indonesia that are open to foreign vessels. Such changes are expected to be realized within the next
two years. if this regulation is implemented in its current form, the Company believes that the domestic
market available to Indonesian shipping companies will significantly grow, hence creating opportunities for
the Company to expand its operations in the domestic market, particularly related to Pertamina’s businesses.
Gas
At present, the Company does not classify the gas fleet activities into separate geographical areas because
the tankers are relatively smaller in size, and the number of gas tankers is limited. The Company’s gas
tankers transport products for its customers throughout Asia and the Middle East. The primary trade routes
of the Company’s gas tankers are transports of LPG/petrochemical gases from Southeast Asia to China. In
line with the gas fleet expansion, the Company may opt to divide its activities into several operational areas
by geography in the future.
Customers
The Company has established strong, long standing relationships with some of its customers, including
major international oil and chemical companies such as Pertamina, Celanese Corporation, ExxonMobil
Corporation, Shell, BASF, SABIC and Dow Chemical. The Company has an established long-term business
relationship with Pertamina, the state-owned oil and gas company in Indonesia, which currently controls the
distribution of the Indonesian-produced oils and refinery products within Indonesian waters. All of the
Company’s long-term contracts are with Pertamina, which contributes about 6% of the Company’s operating
revenues in the year ended 31 December 2008. Based on the outlook for the development of the global
shipping markets, the Company believes that in the event that Pertamina were to cancel its existing contracts
with the Company, the Company would be able to re-deploy the vessels that are currently under Pertamina
with other customers within a reasonable period of time. As a result, the Company does not believe that its
business activities or profitability is materially dependent on any relationship with any specific customer.
The Company finds customers and receives orders for shipping services through shipping brokers as well as
through direct contacts to companies through the Company’s marketing and sales force. The Company
believes that customers choose its services over those of its competitors due to a combination of the
Company’s reputation in safety and reliability in the industry, competitive prices and vessel availability. As
part of its marketing and sales team, the Company has a number of customer service representatives
specifically dedicated to focus on one or a few major clients, in order to satisfy the needs of these significant
clients. Through constant communication with its customers, the Company is able to anticipate or
acknowledge particular areas where the customers would require shipping capacity in the future, hence can
immediately mobilize its fleets according to such requirements. In its quest to satisfactorily respond to
customer demands in a particular area and for a specific trip, the Company is sometimes required to charter
a vessel from other reputable shipping companies over a short-term period. Its ability to provide such
services and flexibility has supported the Company’s business to maintain long-term relationships with the
customers and simultaneously to build on its reputation to win new shipping contracts. As an example, the
Company has provided shipping services for Pertamina since 1981, for ExxonMobil since mid-1980s and
SABIC since early 1990s.
123
The Company’s three largest customers for shipment of chemical substances in 2008 are Sabic, Shell and
Mitsubishi Corporation.
The three largest customers for shipment of oil in 2008 are Pertamina, Total Petrochemical and Vitol ASA.
The four largest customers for shipment of gas in 2008 are Pertamina, Vitol ASA, Petronas and IPCC.
The Company’s customers are adequately diversified such that there are no customers dominating the
Company’s share of revenue. Pertamina is the largest contributor to the Company’s revenue with
approximately 6% of the Company’s total revenues.
The following table describes the Company’s five largest customers based on percentage of revenue for
each of the companies during the past three years. None of these customers are affiliated to the Directors,
Commissioners, Executive Officers or controlling shareholders.
2006 2007 2008

Client Name
(in %)
Grup Pertamina ....................................... 17.90 12.30 6.33
ExxonMobil Corporation........................... 5.20 3.98 -
Shell ...................................................... 4.30 4.81 3.84
Indian Oil Corporation Ltd ........................ 3.60 - -
Celanese Corporation .............................. 3.40 - -
Petronas 2.69 3.30
Iran Petrochemical Commercial Company - 2.78 2.74
SABIC - - 1.85
Current Charters of Vessels

The following table provides information on time charter of the Company’s vessels:
Client Name Contract Type Estimated Period
Contract Value
Time Charter MT. Bramani, for distribution of USD14.7
Pertamina
domestic crude oil million September 2006 - September 2008
Time Charter MT. Pergiwo, for distribution of USD15.9
Pertamina
domestic crude oil million January 2007 - January 2010
Time Charter MT. Pradapa, for distribution of USD93.2
Pertamina
domestic crude oil million May 1993 -May 2008
JOB Pertamina dan Time Charter FPSO Brotojoyo for FPSO in USD65.7
PetroCina Salawati oil field million August 2006 - August 2011
Time Charter MT. Ontari, for distribution of USD71.5
Pertamina
domestic oil products million April 1993 - April 2008
Time Charter MT. Gandini, for distribution of
Pertamina
domestic oil products USD47 million December 1998 - December 2010
Time Charter MT. Gandari, for distribution of
Pertamina
domestic oil products USD47 million January 1999 - January 2011
Time Charter MT. Dewi Sri, for distribution of
Pertamina
domestic oil products USD17 million April 1999 - April 2011
Time Charter MT. Dewayani, for distribution of
Pertamina
domestic oil products USD17 million February 1999 - February 2011
Time Charter MT. Gas Kalimantan, for USD6.7
Pertamina
distribution of domestic LPG million May 2007-May 2008
Time Charter MT. Gas Indonesia, for USD5.0
Pertamina
distribution of domestic LPG million December 2006 - December 2008
Time Charter MT Erowati, for distribution of USD8.7
Total Petrochemical
chemical in the Middle East and South Asia million October 2005 - October 2008
Time Charter MT Gas Maluku, for distribution USD2.8
Vitol ASA
of LPG in Asia million May 2006 - May 2007
Time Charter MT Anjani, for distribution of USD10.4
Pertamina
domestic oil products million June 2006 - June 2008
Time Charter MT Gas Sulawesi, for distribution USD2.8
Vitol ASA
of LPG in Asia million January 2007 -January 2008
Time Charter MT Gas Papua, for distribution of USD2.7
Shell
LPG in Asia million February2007 -February 2008
124
Time Charter MT Gas Bali, for distribution of

Petronas Trading LPG in North Korea, Australia, New Zealand, USD3.3
Company Sdn Bhd USA million July 2007 – July 2008
Source: The Company
These time-based contracts are generally valid over a specific period of time and at previously agreed prices.
Usually, such contracts could not be terminated by any one party unless there are specific occurrences of
events which have been previously established, including default on contractual obligations, extension of
vessel maintenance (which could result in default), violence (including event of war) and sale of related
vessel.
Sales and Marketing

Sales and marketing activities for the Company’s services are supported by a global and extensive network
of offices that enables the Company to market and sell its services to customers directly in a market in which
the customers actively conduct trades. The Company undertakes all marketing activities internally given its
conviction as to the importance of maintaining control over marketing activities. The Company’s main
marketing and operations team consists of 96 employees that are stationed at the Company’s offices in
Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai, Beijing, Dubai, Mumbai and Glasgow. The
offices in Jakarta and Hong Kong serve all operational aspects, starting with marketing and vessel
management to bidding and contract signing process, allocation of vessel resources, vessel acquisition and
other general managerial issues. The Company’s other offices are mainly for managing vessels and
marketing. To support fleet operations on the west side of the globe, the Company opened marketing offices
in Glasgow in 2004, in Dubai in 2005 and in Mumbai in 2007, then the marketing office in Shanghai was
established to support the Company’s operation in North Asia. In December 2007, the Company completed
the acquisition of Chembulk Tankers LLC to expand its marketing area into North America, South America
and Europe.
The Company competes as a services provider within the industry. COAs are usually tendered on the open
market, and the Company participates in the bid for the COA, covering geographical areas which are or
nearby to the areas where the Company operates its vessels under a normal bidding process.
Spot contract is normally tendered on the open market, and the Company’s sales and marketing team
maintains relationship with lessees and agents to market shipping space over a certain period of time. The
Company’s marketing department consistently updates its data on the availability of space on board its
vessels and the locations of the Company’s vessels. Freight rates for spot contracts follow specific patterns,
and to determine these rates, the Company’s marketing staffs will make rate calculations for each voyage
based on prevailing market rates.
The following table highlights the Company’s revenues during the past 5 years:
31 December
Operating
2004 2005 2006 2007 2008
Revenue
(Rpmillion) (%) (Rpmillion) (%) (Rpmillion) (%) (Rpmillion) (%) (Rpmillion) (%)
Vessel
860,773 63,69 2,052,258 78.41 2,410,653 78.43 2,834,658 77.84 5,079,384 72.50
owned
Vessel
481,250 35.61 555,942 21.24 650,379 21.16 795,812 21.85 1,914,156 27.32
chartered
Vessel
agent 7,004 0.52 6,033 0.23 6,437 0.21 6,879 0.19 6,493 0.09
services
Storage
2,406 0.18 2,959 0.11 6,318 0.21 4,424 0.12 5,818 0.08
services
Total 1,351,433 100.00 2,617,192 100.00 3,073,787 100.00 3,641,773 100.00 7,005,851 100.00
Source: The Company
3. COMPETITION
The Company mainly serves the liquid cargo segment in the shipping industry, and the Company’s tankers
are operated to serve domestic as well as international trade routes. Competition within the industry is
125
relatively intense, and normally subject to availability of vessel within a specific area or for a specific route at
a specific price, reliability and reputation in the industry.
In the domain of domestic trade which involves intra-Indonesia shipping, the number of competitors is
relatively less than in the international trading arena. For shipment on Indonesian waters, the Company’s
main competitors are PT Samudera Indonesia Tbk dan PT Humpuss Intermoda Transportasi Tbk. The
Company’s directors believe that total tonnage of cargo carried by vessels is less than 50% of the trading
volume in Indonesia (all commodities); therefore, the Company believes that there is a substantial room for
expansion in the domestic trading market. Additional information is provided under “Fleet Operation Area –
Oil”
The Company faces numerous competitors from various countries in the international trade. The Company’s
main competitors from the foreign shipping company group are mainly from Greece and other areas in
Europe. In the international oil tanker market segment, the Company’s main competitors are presently Ocean
Tankers, Top Tankers, Tanker Pacific, China Shipping, American Eagle Tankers and Centrofin. In the
international chemical tanker segment today, the Company’s major competitors are Iino Kaiun Kaisha, Odfjell
ASA, Stolt Nielsen Group, Jo Tanker A/S, Koyo Kaiun Co Ltd, Tokyo Marine Co Ltd and Woolim Shipping. In
the gas carrier market, the Company currently competes with Unigas Khosan, Petredec and Stealth Gas.
4. SUPPLIERS
The Company’s main supplier is the distributor of fuel in this industry. The price of fuel is generally affected
by global prices. There is no single supplier which provides more than 5% of the Company’s total purchases
for products as well as services. Hence, the Company’s business and profitability are not materially
dependent on a contract with any single one of these suppliers. The Company also uses a number of
suppliers to provide services on machines, insurance and engine cleaning.
5. SAFETY, QUALITY AND MAINTENANCE

Safety, life conservation and environment protection are the Company’s core values. To uphold these
values, the Company maintains an exemplary safety record for its fleets. Each operating commercial vessel
must be classified by classification associations. The Company’s fleets are classified by Lloyds Register,
Bureau Veritas, Det Norske Veritas, Nippon Kaiji Kyokai and Biro Klasifikasi Indonesia. IMO adopts an
International Safety Management Code/ISM Code in 1993 which became mandatory requirements in 1998.
This code set up the targets for safety management and stipulates the implementation of Safety
Management System/SMS by ship owners or whoever, including bareboat charter lessee or managers, with
the capability to operate vessels. The Company had obtained ISM Code certification from Nippon Kaiji
Kyokai and Biro Klasifikasi Indonesia in 1997.
Classification association grants a certification that a vessel is categorized into a certain ‘class’,
demonstrating that the said vessel is built and maintained in accordance with the requirements set by the
classification association and relevant regulations in the country where the vessel is registered, as well as
international conventions to which such country is a member. Also, in the case that a survey is required by
an international convention and relevant laws as well as stipulations of the vessel’s flag country, the
classification association will complete such requirement as requested or ordered, acting for the relevant
authorities. A vessel must undergo an annual survey which is scheduled, interim survey, drydocking and
special survey.
A classification association may also conduct surveys and inspections based on requests as provided by
regulations and requirements in accordance with the vessel’s flag country. These surveys depend on
specific agreements for each case and/or regulation of related country.
In order to maintain its class, periodical and extraordinary surveys have to be conducted on the vessel’s hull,
engine, including electrical plant and special electrical equipments in accordance with the requirements for
the said ‘class’, as detailed below:
126
Annual Survey: For operating vessels, an annual survey is completed on the hull and engine, including the
power plant, safety equipments and electrical communication, as well as, if possible, each special
equipments as required by the ‘class’. These surveys are conducted in interval of 12 months, plus or minus
three months, from the date of validity of the classification as stated on the certificate.
Interim Survey: Additional survey to the annual survey is known as interim survey. It is usually conducted in
the relation to the second or third survey subsequent to each special survey.
Drydocking Survey: The Company conducts a drydock of its vessels twice within a five-year survey cycle,
with a maximum of 36 months between inspections, for underwater survey and related follow-up repairs. An
underwater survey can be undertaken as a substitute to drydocking for an interim survey for vessels aged
less than 15 years, although the said vessel must be subject to drydocking in relation to the special survey.
Special Survey: Special survey is also known as renewal classification survey. It is completed on the vessel’s
hull, engine, including the power plant, safety equipments and electrical communication, as well as special
equipments as required by the ‘class’, for each five-year period of vessel certification. In the special survey,
the vessel is completely examined, including ultrasonic measurement to determine the thickness of its steel
structure. If the thickness is less than the class requirement, then the classification association will request
steel renewals. The classification association may provide a grace period for the completion of a special
survey. Substantial amounts of funds may have to be spent for steel renewals to pass a special survey if the
vessel experiences excessive wear and tear. At an owner’s application, the surveys required for class
renewal may be split according to an agreed schedule to extend over the entire period of class. This process
is referred to as continuous class renewal.
In the event of damage found by the classification surveyor during a survey, an immediate repair may
become mandatory. However, if the class surveyor considers that the vessel is safe for continued operation
without having the immediate repair, then the surveyor will issue a class condition that requires the damage
to be repaired within a certain period of time as provided by the surveyor. Each class condition must already
be repaired at the time of the special survey or sooner if requested by the classification association.
On 31 December 2008, 10 vessels within the Company’s fleet are scheduled to undergo special survey and
14 more are scheduled to undergo drydocking in 2008. For 2009, 20 of the Company’s vessels are
scheduled to pass the drydockings and special surveys. All areas, which are required to be surveyed as
defined by a classification association, must be surveyed at least once within a class period, unless a shorter
interval for the survey is specified. The time period between two sequential surveys in each area cannot
exceed more than five years.
Insurance underwriters generally require, as a prerequisite for insurance coverage, that a vessel is certified
in a ‘class’ by a classification association, which is a member of the International Association of Classification
Societies.
The Company can also utilize a third party contractor to provide periodic drydock maintenance and
continuously strives to maintain its vessels in prime operational condition in order to meet the stringent
international operational standards required by international oil companies and other major customers; as
well as to extend the economic life of its vessels. The Company’s vessels are drydocked in well-known
shipyards in areas where the vessels operate. The majority of shipyards used are located in Singapore or
China, with other reputable shipyards in South Korea, Dubai, Bahrain, Vietnam and Batam, Indonesia. Other
repair and maintenance are planned and undertaken at reliable ports with experienced repair technicians
and/or agents previously assigned to build equipments. A number of reputable shipyards used by the
Company are:
Singapore: Keppel Shipyard, Sembawang Shipyard and ST Marine Shipyard.

Cina: Shanghai Shipyard, Dalian Shipyard, Wencong Shipyard, Cosco Guangzhou
Shipyard, Cosco Shanghai Shipyard and Huangpu Shipyard.
Korea Selatan: Hyundai Mipo Shipyard
Dubai: AHI Shipyard
Bahrain: ASRY Shipyard
127
Vietnam: Hyundai-Vinashin Shipyard

Batam: ASL (Batam) Shipyard and Labroy (Batam) Shipyard.
Source: The Company
The Company maintains good relationship with various shipyards in the Asian region and continuously
nurtures relationship with shipyards in Europe to facilitate maintenance requirements in its operational areas
in Europe.
Crew members are responsible for routine maintenance on board of vessels and if required, additional crews
may be assigned to carry out specific maintenance and task improvement in a voyage. The Company
believes that its dry-docking schedule and continuous efforts to repair and maintain its vessels will sustain
efficiency and safety of the Company’s fleet operation.
6. INSURANCE
The terms and conditions for insurance of vessel operations are different in nature compared to those
applied in other industries, since vessels operate on waters in all parts of the world, hence making calls in
various ports of numerous countries at different times. The complexity of the shipping conditions at sea and
intra-islands must be covered by marine insurance provisions. In general, marine insurance coverage
encompasses risk of a single voyage or insurance over a specific period of time. Cargo for each shipment is
always insured by the lessee. A vessel is usually insured for a certain period of time, generally on a yearly
basis. Cargo policy may be based on a single cargo or may also cover the entire cargo transported by the
insured party. Insurance policy on hull or vessel may cover one single vessel or the whole fleet.
Hull and Machinery. Insurance policy on hull and machinery for the Company’s Group’s vessels covers
damages to ships, machines and equipment. In addition, the policy covers general salvage, litigation, labor
and collision liability. Coverage for the Company’s vessels based on the hull and machinery insurance policy
is adjusted to the value of the vessel, as agreed between the Company and Insurance Underwriters. The
Company’s insurance policy on hull and machinery covers losses up to USD1,143,359,000 and
GBP71,959,074.
Risk of War. Insurance policy for Risk of War encompasses damage to vessels from war and other risks not
covered under insurance for hull and machinery. Insurance coverage for Risk of War also includes loss from
labor strikes, labor rioting, terrorism and civil unrest. The Company’s policy on Risk of War covers losses up
to USD1,143,325,000 and GBP69,487,836.
7. ENVIRONMENT AND POLLUTION

All Company’s vessel operation have fulfilled all related international and national prevention protocols. The
Company also abides to all mandatory provisions on the environment required for each vessel transporting
liquid cargo, such as enforced by various authorities charged to regulate the shipping industry. All of the
Company’s vessels maintain a manual on pollution prevention on board the ships. Further information is
presented in the section “Safety, Quality and Maintenance” and in Chapter IX on “Shipping Industry” under
“Regulation”.
8. PROPERTIES
On 31 December 2008, the Company has the following properties:
Location Owned By Gross Area Property Use Status of

Land
JI. Yos Sudarso no 159, Village Buluh PT Berlian LajuTanker Tbk 448 m2 Office Building HGB
Kasap, Sub District Dumai Timur, City
Dumai, Province Riau, Indonesia
China Insurance Group Building, 20(th) Gold Bridge Shipping Ltd. 900 sq. ft. Office Building Owned
Floor, 141 Des Voeux Rd., Central, Hong
Kong
2(nd) Operation Zone, Beihai Shenshui Port, Beihai New Resources 265 m2 Office Owned
128
Guangxi, Cina Logistics Corporation

Kampung Lubuk Gaung, Sub District Sungai PT Berlian Laju Tanker Tbk 270,000 m2 Land HGB
Sembilan, City Dumai, Province Riau,
Indonesia
Source: The Company
In the normal course of business, the Company undertakes leases for operations of numerous subsidiary
companies. The following table presents the Company’s leased properties as at 31 December 2008:
Location Lessee Period Gross Property Use Annual Lease Lessor

Area
JI. Abdul Muis No.40, PT Berlian 21 January 2008 - 801.92 Office USD115,476 PT Dwibina Prima
Tanah Abang, Jakarta Laju 20 January 2013 m2
10160 (5(th) Floor) Tanker Tbk
JI. Abdul Muis No.40, 1 April 2005 – Office USD106,968 PT Dwibina Prima
Tanah Abang, Jakarta PT Berlian 31 March 2010 743 m2
10160 (10(th) Floor) Laju Tanker
Unit 1001 Tbk
Jl Abdul Muis No.40 PT Berlian 1 April 2005 – 148 m2 Office USD17,782 PT Dwibina Prima
Tanah Abang, Jakarta Laju 31 March 2010
10160 (10th Floor) Tanker Tbk
Unit 1004
JI. Abdul Muis No.40, PT Berlian 1 April 2005 – 372 m2 Office USD53,590 PT Dwibina Prima
Tanah Abang, Jakarta Laju Tanker 31 March 2010
10160 (11(th) Floor) Tbk
Unit 1103
Jl Abdul Muis No.40 PT Berlian 11 September 65 m2 Office USD9.360 PT Dwibina Prima

Tanah Abang, Jakarta Laju 2006-10
10160 (11th Floor) Tanker Tbk September 2011
Unit 1107
JI. Abdul Muis No.40, PT Berlian 1 February 2005 - 400 m2 Office USD72,000 PT Dwibina Prima
Tanah Abang, Jakarta Laju Tanker 31 January2010
10160 (12(th) Floor) Tbk
120 Lower Delta Road GBLT Ship 1 March 2008 – 9,000 Office SD264,000 Sable Resources
#08-02, Cendex Management 31 February 2009 m2. Pte Ltd
Centre, Singapore, Pte Ltd
169208
Cina Insurance Gold Bridge 1 January 2008 – 294 m2 Office HKD732,000 Masbourne Limited
Group Building, Shipping Ltd 31 December 2008
20(th) Floor, 141
Des Voeux Road,
Central, Hong Kong
11 Wilton Road, Chembulk 1 April 2007 – 402 m2 Office USD146,948 Energy Center
Westport, CT 06880 Tankers LLC 31 July 2008 Investments,
Houston TX
Nobelstraat 19b, 3231 Chembulk 1 January 2008 – 90 m2 Office Euro7,824 Mr. L.D. van Dijk
BA, Brielle, Belanda Management 31 December 2013
BV
Source: The Company
9. RESEARCH AND DEVELOPMENT

The Company does not undertake significant research and development.
10. INTELLECTUAL PROPERTY RIGHTS

The Company does not have any patent, license or trademark on which the Company is materially
dependent. The Company has registered its logo as a trademark with the Directorate General of Intellectual
Property Rights at the Ministry of Law and Human Rights. The Company has also registered the logo of its
129
subsidiary company, Gold Bridge Shipping Limited, as a trademark with the Hong Kong Trademarks
Registry.
11. BUSINESS PROSPECT

Macro Economy
In general, the course of the Indonesian economy throughout they year 2009 is marked with consolidation
efforts due to occurence of the global financial crisis. In the macro economic sense, the interest rate of Bank
of Indonesia underwent a decrease from 9.5% in the year 2008 to 7% in June 2009. From the Rupiah
Exchange rate angle, it is currently at a relatively stable level of Rp 10,630 per USD. The inflation rate as of
May 2009 is 6.04%, this is an improvement from the inflation rate of the previous year, which was 12.14% on
September 2008 (source: the Bank of Indonesia website). Looking at the above data, the condition of the
Indonesian macro economic is relatively stable and is fast improving. The condition has also resulted in the
returning of foreign investment to Indonesia, especially in the first semester of 2009.
Chemical Tanker Fleet
The year 2008 was a favorable year for the chemical shipping industry. Although other sectors in the
shipping industry generally experienced a drastic decline for the same year, the chemical shipping industry
still maintained its growth as indicated by higher delivery volume by 3.46% in 2008 compared to 2007. One
of the reasons that the chemical shipping industry has been able to withstand the challenges was the rich
variety of the portfolio of chemical products. In fact, imports of non-organic chemical substances by the
United States jumped 147% in 2008 compared to 2007. Demand for chemical tankers in the future is
estimated to continue on an upward course with average growth rate of 2.6% per year. The regions
experiencing the most significant growth in chemical shipment activities include the Middle East, Southeast
Asia and East Asia in line with demand which is estimated to continue increasing from China and Japan. In
addition, with the move to acquire Chembulk Tanker LLC, the Company has the immediate access to
capitalize on market opportunities in the America.
Implementation of new IMO II regulation will create additional cargo demand of 30 million tons for chemical
tankers, which is equivalent to 20% of the normal cargo volume carried by the entire chemical fleet per year,
based on the projections of Inge Steensland (chemical tanker cargo broker). 25 out of 30 million tons of the
new cargo would need to be carried by IMO II class chemical tankers. Today, all of the Company’s chemical
tankers have been consistent with IMO II regulations, thus capable of transporting a variety of chemicals
which need to be specially handled by IMO II class vessels.
Demand for Chemical Tanker
130
2
Source: Drewry
The above growth in chemical tankers has incorporated the global crisis occurring at the moment. The
average growth in demand for chemical tankers from 2001 to 2008 was 3.4%. According to Drewry shipping
consultant, demand will continue to increase until 2012 when total demand is projected to reach 194 million
3
tonnes or growing 15.8% compared to 2008. At the same time, chemical tanker inventories will be relatively
limited. In the future, the order book shows about 18.4 million DWT of new chemical tankers while about 8
million DWT of chemical tankers above the age of 25 years must be disposed. This means that the net
growth of fleet over the next 3 years will range between 5-16% per year. Also as at December 2008,
approximately 26.1% of the total chemical tanker fleet is made up of Clean Petroleum Products tankers,
which are not within the class of IMO II tankers and consequently could not be utilized to transport several
types of chemicals. All chemical tankers ordered by the Company are sophisticated and equipped with steel
tanks consistent with IMO II specifications. Therefore, we expect that chemical tanker tariffs will consistently
increase until 2009 when pressures in the market will gradually decline.
Time Charter Tariff of Chemical Tanker
30,000
25,000
20,000
15,000
10,000
5,000
2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E
IMO II SUS 8-9.000 IMO II SUS 22-24.000

IMO II Coated 22-24.000 IMO II Coated 30-32.000
Source: Drewry4
Oil Tankers Fleet
World’s consumption of oil during 2004-2008 has increased by an annual average growth rate of 3.56% and
is projected to grow by approximately 3.28% per annum for the period 2009 — 2012. In line with such
condition, demand for oil tanker services will correspondingly rise by 3.5-4.0% per annum considering that
half of the world’s oil consumption is transported by fleets of sea vessels. This has not factored in expansion
in tonnes-miles due to the fact that oil-consuming nations have tapped their nearest oil sources and thus
must import additional supply from sources in faraway locations. Asia, particularly China and India, are the
main drivers for additional demand for oil, with imports mostly coming in from the Middle East. The largest
2
of Singapore, as amended or modified from time to time (the “SFA”), for the inclusion of the information above which is publicly available, and Drewry Shipping Consultants Ltd
is thereby not liable for such information under Sections 253 and 254 of the SFA. The Company has included the above information in its proper form and context and has not
information
3
information.
4
information
131
cargo shipment in Asia is transported by tankers within the classes of Handysize and Aframax. The
Company’s fleet is accurately positioned and sufficient to compete in this market segment.
Demand for Oil Tanker based on Product

(in tonnes miles)

#
#
#
#
#
Source: Drewry5
Disposal of the world’s non-double hull tankers (30% of the world oil tanker fleet) will commence in 2010.
However, this will be balanced by the inventory of new oil tankers, generating annual fleet growth of
approximately 6.8% in 2008 which is predicted to decline to 4.2% per year in 2010. Approaching the target
timeline for disposal of single hull tankers in 2010, it is estimated that oil tanker tariffs will gradually slip until
2009 and will recover starting in mid-2009 to 2010 as the fleet disposal will address excess tonnage of
shipping capacity.
Oil Tanker Tariff

(US$/day)

# #
#
#
#
$%&&;! ';(" )*;+ '; ,(" +*;+ '; ,("

-*;! '; (" .'/;! '; ("
6
Source: Drewry
5
information.
6
information
132
The market dynamics for each sub segment of oil tankers are different. In general, the Company operates
within the small oil tanker class represented by Handy, Suezmax and Aframax, with relatively more stable
tariffs and vessel disposal rate estimated to be higher than those in other segments.
Gas Tanker Fleet
During the period 2004 – 2008, world’s LPG trade has grown by an average rate of 3.35% per annum, with
total volume traded in 2008 reaching 83.3 million tons. Drewry estimates that demand will continue to expand
to reach 102.7 million tons in 2012 with average annual growth rate between 2008 up to 2012 of 4.99%. 7The
LPG tanker segment offers transhipment services to address the volume imbalances occuring in the world’s
LPG production and consumer areas. The Middle East, West Africa and North Africa are regions with excess
production of LPG, whereas Asia is experiencing deficiency in production. Such condition resulted in a large
flow of movement from the Middle East to Asia.
The demand for LPG carrier is mostly driven by the demand for LPG, ammonia and petrochemical gas in
countries with insufficient domestic supply to match its consumption requirement. Shipment of petrochemical
gas is particularly required by consumers and industries which need products which are produced from
petrochemical gas, such as plastic/polymer, synthetic-based products, textile, chemical substances and
rubber.
The fleet of LPG Carriers as of December 2008 is made up of 1,071 vessels with combined capacity of 18.32
million CBM. In the past decade, the fleet has grown 26.75% or up by 45.50% in term of cargo capacity.
LPG Tanker Tariff

(US$/Metric Tonnes)

#
#
#
#
$01 % 1 21
;" 3 4;( ;" 3 ;!
8
Source: Drewry
12. Application of Good Corporate Governance

The Company intends to improve and maintain a high standard in corporate governance, in accordance with
the principles and guidelines set out in the new Code of Corporate Governance 2005 and Best Practices
Guide issued by the authority of Singapore Exchange Securities Limited (Singapore Stock Exchange) where
such principles are also in accordance with the Good Corporate Governance (Tata Kelola Perusahaan yang
Baik) of 2001 in Indonesia.
7
information
8
information
133
The application of corporate governance principles in the Company in 2008 may be described in the
following 14 (fourteen) important principles:
Principle No. 1: Provision concerning the Board of Commissioners and the Board of Directors
Every company shall be lead by an effective Board to be able to lead and control the company’s operation.
Principle No.2: Composition and Balance of the Board of Directors and the Board of Commissioners
There has to be a strong and independent element within the Boards that can provide an objective measure
on corporate issues independently, specifically, from the Management side. There should be no individual or
small group that can dominate the decision making process in such Board.
Board of Commissioners
In accordance with the provisions in the Articles of Association of the Company, the Board of
Commissioners, responsible in supervising the Company’s management, shall consist of at least three
members, one of which shall be the President Commissioner. A company that is listed in the BEI and SGX-
ST, as is the Company, is also required to have an Independent Commissioner (or an independent non-
executive director as required by SGX-ST) as a member of its Board of Commissioners. The main function of
the Board of Commissioners is to advise and supervise the policies made by the Board of Directors. The
Board of Commissioners is obliged to carry out its duty in good faith and for the Company’s best interest.
The meetings of the Board of Commissioners may be held at any time deemed necessary by the President
Commissioner or one or more member(s) of the Board of Commissioners, or if requested in writing by the
Board of Directors or upon written request of one or more shareholder(s) jointly representing at least 1/10
(one tenth) of the total shares with valid voting rights issued by the Company. A meeting of the Board of
Commissioners is deemed to be valid and entitled to draw any meeting resolution that is binding to the
Company only if it is attended or represented by more than 50 percent of the members of the Board of
Commissioners.
The members of the Board of Commissioners are appointed or dismissed by way of a General Meeting of
Shareholders. In carrying out the duties they are assigned to, each member of the Board of Commissioners
shall receive salary/ honoraria which amount shall be determined by a General Meeting of Shareholders.
Board of Directors
The Board of Directors is responsible to manage the Company’s daily activities. In accordance with the
Company’s Articles of Association, the Board of Directors shall consist of at least three members, one of
which shall be the President Directors. When necessary, one or more member(s) of the Board of Directors
may be appointed as Vice President Director(s). The Board of Directors is obliged to carry out its duties in
good faith and full responsibility and taking into account the Company’s interests.
The Board of Directors has the authority to act for the and on behalf of the Company, in relation to all
management and administration transactions of the Company. However, based on the Company’s Articles of
Association and the prevailing laws in Indonesia, there are certain actions that require written approval from
and/or counter-signature of the President Commissioner or two members of the Board of Commissioners in
the case the President Commissioner is absent or by all members of the Board of Commissioners.
The meeting of the Board of Directors may be held at any time deemed necessary by the President Director
or one or more member(s) of the Board of Directors, or upon written request of the Board of Commissioners
upon written request of one or more shareholder(s) jointly representing at least 1/10 (one tenth) of the total
shares with valid voting rights issued by the Company.
A meeting of the Board of Directors shall be deemed valid and entitled to apply the resolutions thereof only if
more than 50 percent of the members of the Board of Directors are present or represented. All meetings of
the Board of Directors shall be chaired by the President Director. If the President Director is absent of which
impediment to third parties shall be required, then the Meeting of the Board of Directors shall be chaired by
134
one of the members of the Board of Directors especially appointed by such Meeting of the Board of
Directors.
The resolution of the Board of Directors’ meeting is generally drawn through deliberation to reach consensus,
however if consensus is not reached, then the resolution shall be drawn by way of voting of more than 50%
(fifty percent) affirmative votes of the members of the Board of Directors present and/or represented at the
meeting.
The members of the Board of Directors are appointed or dismissed by way of a General Meeting of
Shareholders. Pursuant to the Company’s Articles of Association, each member of the Board of Directors
shall receive monthly salary and other remunerations, including post-office remuneration which amount shall
be determined by a General Meeting of Shareholders. The authority of the General Meeting of Shareholders
to determine the amount of salary and remuneration given to each members of the Board of Directors may
be delegated to the Board of Commissioners.
Principal No. 3: Management Responsibility

There has to be a clear apportionment of responsibility among the leaders of the Company—the work of the
Commissioners and Directors and executives that are responsible for the Company’s business—in order to
guarantee the balance between power and authority, considering that no one individual may act as the
center of all power.
A separation has to be maintained as to the roles of the President Director and that of the other executive
directors in order to guarantee the balance of power and increase accountability and the Director’s capacity
to make independent decision. There is no interconnection among any of the Directors.
Principal No. 4: Directorial Membership

The appointment of a new Director has to be done using a process that is relatively formal and transparent.
In accordance with the principle of good business governance, all Directors are requested to register
himself/herself for candidacy in a reelection after a certain fixed period.
Nomination Committee
The members of the Company’s Nomination Committee are Alan Jonathan Tangkas Darmawan, Hadi Surya,
and Jaka Prasetya, and chaired by Alan Jonathan Tangkas Darmawan.
The Nomination Committee has the duties of, among other things:
• Reviewing and assessing for the Board of Directors and Commissioners candidates before proposing
their names to the shareholders of the Company to be approved as Directors and Commissioners of
the Company;
• Reviewing and recommending to the shareholders of the Company of the dismissal or re-election of
Directors and Commissioners in accordance with the Articles of Association of the Company of each
annual general meeting;
• Reviewing the composition of the Board of Directors and the Board of Commissioners of the Company
annually to ensure that the Company has sufficient Independent Commissioners and to ensure an
appropriate balance of expertise skills, attributes and ability among Directors and Commissioners of
the Company;
• Each year determining the independency of Independent Commissioners of the Company, in
accordance with applicable law and guidelines; and
• Determining whether the Directors and Commissioners can continue to contribute effectively and
demonstrate commitment to their roles.
Principal No. 5: Performance of the Board of Commissioners and the Board of Directors
135
For effectiveness of performance of the Board, performance of the Board and contribution of each director
shall be formally evaluated.
Corporate Secretary
Mr. Wong Kevin currently is a Corporate Secretary and also a Finance Director of the Company.
Summary of Mr. Wong Kevin can be sighted at section on profile of the Board of Directors. Scope of work of
corporate secretary of the Company inter alia as follows:
• To keep up with the development in capital market, specifically in relation to new laws and regulations
that are applicable in the field of capital market;
• To assist public or investors who are in need to the information of the Company’s condition;
• To advise Company’s Board of Directors in an effort to comply with the prevailing laws and regulations;
• To act as an intermediary between the Company, the stock-trading authorities and the public
Principle No. 6: Board Meeting and Access to Information

In carrying out their responsibility, the Board of the Commissioners and Directors have to obtain information
that are prompt, accurate, and complete prior to the Board meeting and on a regular basis.
Before the commencement of the Board of Commissioners and Board of Directors’s Meeting, the
management is charged with the duty of making available complete information in a prompt manner in order
to assist the Commissioners and Directors to carry out their responsibilities. The information that shall be
made available include the background and explanation pertaining to issues that are going to be addressed
by the Commissioners and Directors, copies of documents that need to be handed out, monthly financial
statements, risk-management reports, budgets and predictions. Specifically for budgets, all material
differences between projections and real results shall be conveyed and adequately explained.
Remuneration
The Procedures to Develop Remuneration Policies
Principle No. 7: There has to be a procedure that is relatively formal and transparent for the determination
of remuneration package for each Director. No one director may be involved in the determination of his/her
own remuneration.
Remuneration Committee
The Company’s Remuneration Committee is composed of the following members: Alan Jonathan Tangkas
Darmawan, Hadi Surya, and Jaka Prasetya. The Chairman of the Remuneration Committee is Alan Jonathan
Tangkas Darmawan. In the event that a member of the Remuneration Committee has an interest connected
to a specific matter that is being considered by the Committee, he or she has to abstain from giving an
analysis, voting, and/or giving his/her approval on that specific matter.
The Remuneration Committee is charged with the following tasks:

• Provide a recommendation to the Board of Commissioners with regard to remuneration policies, the
support thereof, and any guidance for the determination a remuneration package for the members of the
Board of Directors, Commissioners and other executives;
• Approving the performance target for the evaluation of performance from the Board of Directors; and
• Provide recommendations for special remuneration package for each Director, to be presented to the
Board of Commissioners for approval.
136
Principal No. 8: Level and Bundle of Remuneration

The level of remuneration shall be designed precisely to attract, maintain as well as motivate members of the
Board of Directors to bring the Company towards success. The Company, however, shall also avoid giving
excessive remunerations for that purpose. Specifically for the executive directors, the package of
remuneration must be directly related or proportional to their work performance.
Principle No. 9: Decision regarding Remuneration

Every Company shall be able to present in the company’s annual report, transparent remuneration policy,
level and composition of remuneration and remuneration implementation procedures in the company’s
annual report.
The Company’s Annual General Meeting of Shareholders which was held on 22 April 2009 determined that
the amount of salaries and/or other allowances for all members of the Company’s Board of Commissioners,
after deduction of income tax, shall not exceed Rp8,000,000.000 (eight billion Rupiah) per annum.
The Company’s Annual General Meeting of Shareholders held on 22 April 2008 provided that the amount of
salaries and/or other allowances for all members of the Company’s Board of Directors, after deduction of
income tax, shall not exceed Rp16,500,000,000 (sixteen billion and five hundred million Rupiah) per annum.
Principle No. 10:
Accountability and Audit
Accountability
The Board of Commissioners and the Board of Directors are responsible to the Shareholders, whilst the
management is responsible to the Board of Commissioners and the Board of Directors.
The Board of Commissioner and the Board of Directors in effort to provide shareholders in every three
months a fair and reasonable assessment on performance, condition and opportunity of the Company. This
responsibility is also to include preparing the interim report and other sensitive report, as well as a report to
the regulator (if necessary).
Management provides a fair and reasonable report for the management on monthly performance, position
and opportunity of the Company.
Accountability of Shareholders
The Board of Commissioners and the Board of Directors realize it is substance to get an assurance on
accuracy and high quality information for shareholders in time for keeping them up date on the latest
condition which may have impact to the Company. To ascertain of circulating information in effective manner,
Company has a communication relation policy with Shareholders and Investors. This policy is to emphasize
a way of the Company to identify and circulate the information in time to all shareholders. This is also show
strong commitment of the Company to keep continuing to disclose information as regulated by law and to
describe implementing procedures for compliancy assurance.
Financial Report
The Board of Directors responsible to provide a fair and balance view on performance and financial
opportunity of the Company in each of its report to the Shareholders and the relevant authority. Such
responsibility must be shown in the un-audited financial report of the Company including in each welcoming
speech of the Board of Commissioners, the Board of Directors, discussion and Management Analysis
section of Company’s Annual Report. Company shall always have effort to convey all announcements on the
performance and the statements of Company in time to mass media.
137
Principle No. 11: Audit Committee

Board must establish an Audit Committee and provide it with guidelines which outline the duties and
authorities of that Committee. The current members of the Company’s Audit Committee are Mr. Alan
Jonathan, Mr. Tangkas Darmawan, Mr. Max Sumakno Budiarto and Mr. Jaka prasetya. The Chairman of the
Audit Committee is Mr. Alan Jonathan Tangkas Darmawan who was made chairman since 19 December
2006. The Audit Committee is formed by the board of Commissioners to assist the Board of Commissioner in
supervising the board of Directors and is accountable to the Board of Commissioners.
In accordance to the prevailing regulation in Indonesia, The Company has appointed Mr. Max Sumakno
Budiarto who is independent of our Board of Commissioners and Board of Directors, in order to have a mix
of relevant skills, experience and other qualities amont the members of the Audit Committee to achieve all of
the Audit Committee’s objectives.
The duties and responsibilities of the Audit Committee are to include:

• reviewing the audit plans of the external and internal auditors, including the results of the results of the
Company’s auditors’ review and evaluation of the Company’s system of internal accounting, operational
and compliance controls and risk management and ensuring coordination between the internal and
external auditors and management at least annually;
• reviewing the consolidated financial statements and the external auditors’ report on those financial
statements, and discussing any significant adjustments, major risk areas, changes in accounting policies,
compliance with the applicable reporting standards, concerns and issues arising from their audits,
including any matters which the external auditors may wish to discuss in the absence of management,
where necessary, before submission to the Company’s Board of Commissioners for approval;
• reviewing and discussing with the external auditors on any suspected fraud, irregularity or infringement on
any relevant laws, rules or regulations, which has or is likely to have a material impact on The Company’s
operating results and/or financial position and the Company’s management’s response;
• reviewing the cooperation given by the management to the Company’s auditors;
• reviewing and approving transactions to be entered into by the Company involving derivative financial
instruments;
• reviewing the appointment and re-appointment of the external auditors and reviewing the independence
and objectivity of the external auditors annually;
• reviewing any interested person transactions based on the prevailing regulations;
• reviewing and approving the Company’s audit fees;
• undertaking such other reviews and projects as may be requested by the Company’s Board of
Commissioners and report to the Company’s Board of Commissioners its findings from time to time on
matters arising and requiring the attention of the Commissioners;
• reporting to the Board of Commissioners the risks faced by the Company and the implementation of risk
management by the Company;
• conducting examinations and reporting complaints related to the Company to the Board of
Commissioners;
• reviewing the compliance of the Company with all laws and regulations in the field of capital markets and
other laws and regulations related to the operations of the Company; and
• undertake generally such other functions and duties as may be required by the prevailing law, and by
such amendments made thereto from time to time.
Internal Control
Principle No. 12: The board shall guarantee that the Management always has a system of internal control
to protect the shareholders’ investment and the Company’s assets. The Company’s management realizes
that a good system of internal control s one of the most important elements in the framework of Company’s
138
Administration, and at the same time, it assists the Company in achieving its objectives while at the same
time prevent, or detect, the occurrence of any undesirable deviation.
• Financial Control;
• Operational Control; and
• Compliance to the Prevailing Laws and Regulations Control.
Principle No. 13: Internal Audit

The Company must establish an internal inspection body that is independent and separate from the normal
business operation activities.
Every level in the Company’s organizational structure is responsible in implementing a good internal control
system. In order to ensure the effectiveness of that internal control, the Board of Directors receives the
assistance of the internal directors.
The Role of Internal Auditors

The Company’s Internal Auditor performs evaluation on the adequacy of compliance level on policies,
procedures, the prevailing laws and regulations, as well as the usefulness of information and financial
reports. In addition, the internal auditors also provide opinions which relate to internal control and
recommendations, to the audited sector, in order to promptly take remedial measures to fix any weaknesses
that may be found in the implementation of internal control.
Principal No. 14: The Company shall openly and effectively communicate with its Shareholders on a
routine basis
The Company shall undertake to provide information to the public and to its shareholders promptly and
transparently. All information pertaining to the Company’s new initiatives will be dispersed for the first time
via the SGXNET and IDXNET sites, and followed by one press broadcast, whenever possible. The Company
is currently conducting a press conference and analysis in anticipation of the issuance of the quarterly
financial report. In addition to the after-said press conference and analysis, the Company has also
participated in various road shows.
Information that are sensitive to stock movements are generally first published to the public via the SGXNET
and IDXNET sites, be it before the Company’s meeting with investor groups or analysis or both
simultaneously. The result and annual report are first announced or issued within the timeframe that is
determined by the Singapore Stock Exchange.
In the Company’s General Meeting of Shareholders, the shareholders are provided with the opportunities to
convey their views and pose questions regarding the group and Company.
13. Corporate Social Responsibility

As a Company that is domiciled, grew and has a strong basis in Indonesia, the Company always places at
high priority the continuity of activities that contribute socially. The Company believes that it is very important
to nurture a mutually beneficial relationship with those around it who hold an interest in the Company. The
Company’s objective is to create a more prosperous society through social undertakings. The Company
realizes the importance of maintaining a good relationship with all the public, especially at the Company’s
vicinity.
One of its ways of showing its concern towards the people and the environment is through a blood drive,
which is conducted twice a year, in the month of March and October. In 2008, the drive was conducted twice
in accordance to the program that has been set. In order to support this activity, the Company works together
with the Indonesian Red Cross and invited more than 100 donors for each of its activity. The donors
encompass the Company’s employees and external parties that have routinely participated in the drives.
The Company also assists the families of its employees’ who are being afflicted with disasters. By showing
concerns to its employees, the Company establishes a bond of loyalty between the Company and its
139
employees. In the long haul, this is going to bring benefit to the Company. The employees will see that there
is a commitment on the part of the Company to protect their long-term interest. That way, they will put strive
to give their best contribution to the Company.
The Company also provides direct assistance to the sons and daughters of the BLT employees who show
academic talents in certain fields. The assistance takes a number of forms. The Scholarship Program is
directed towards encouraging the children of the employees to continue striving for academic excellence
while at the same time nurture a healthy competitive spirit among those scholars. The program also provides
awards for those who demonstrate an outstanding academic achievement to encourage them to continue
maintaining that achievement in the future.
As part of its commitment towards the education of maritime in Indonesia, the Company also supports and
sponsors the continuation of the educational program and the training of a number of the best youth from this
country. Starting from the year 2008, the program provides a scholarship for those youths who hold a student
status in three of the best known academic maritime institutions in Indonesia, that is:
1. Academy of Maritime Science (STIP), Jakarta
2. Maritime Science Polytechnic (PIP), Semarang
3. Maritime Science Polytechnic (PIP), Makassar
The third year students who are selected will be given the opportunity to undertake an internship in that third
year in one of the Company’s vessel and, then, in their last year, to attend the Company’s Class Program.
The Company’s Class Program is a higher education program that is specifically designed to create vessel
officers with the title of deck officers or marine engineers in the oil, chemical and gas tankers with foreign
flags. Within this program, the participants are thought about technical knowledge concerning shipping and
maritime, history and the background of the BLT group, knowledge of maritime in English as well as the
technical knowledge and up-to-date standard facilities that are needed to bring about world-class sailors.
BLT provide classes as well as other facilities that are needed by the participants, including simulations at
the vessel deck, engine room, cargo pumps charts, and study rooms with computer. The lessons are given in
groups.
The BLT Class Program also contributes to the increasing the quality of instructors in educational institutions
and in the maritime training by working together with the Glasgow College of Nautical Studies (GCNS). A
number of its selected instructors are sent to GCNS, Glasgow to participate in special courses that are
designed to enhance their knowledge and skills in the field of maritime.
140
IX. SHIPPING INDUSTRY
1. INDUSTRY OVERVIEW
This section contains information and data pertaining to the industry for transhipping liquid chemicals, oil and
liquid gas, which are presented based on research publications issued by Drewry in December 2008 and
other sources, which are readily available to the public. Unless otherwise specified, Drewry is the source for
all data presented on the tables and graphics in this section.
The shipping industry is a vital link in international trade, with oceangoing vessels representing an efficient,
and often the only, means of transporting large volumes of commodities and finished products. Seaborne
cargo is normally categorised as either wet or dry cargo. Wet cargo includes oil, refined oil products, liquefied
gases and chemicals, while dry cargo includes dry bulk cargo, container cargo, noncontainer cargo and other
cargo.
The following chart shows the breakdown of the global maritime cargo by type of cargo (i.e., liquid cargo,
bulk cargo, container cargo and non-container cargo) from 1990 up to 2006:
World Seaborne Trade (in million tonnes)
9.000
8.000
7.000
6.000
5.000
4.000
3.000
2.000
1.000
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Total liquids Total bulks Container cargo Non-container cargo
1
Source: Drewry
Liquid Chemicals
Summary
Liquid chemicals moved in bulk by chemical tankers can normally be classed under one of four main product
groups: organic chemicals; inorganic chemicals; vegetable oils and animal fats; and other products.
1
The Company has not sought the consent of Drewry Shipping Consultants Ltd for the purposes of Section 249 and Section 277 of the
Securities and Futures Act, Chapter 289 of Singapore, as amended or modified from time to time (the “SFA”), for the inclusion of the information
above which is publicly available, and Drewry Shipping Consultants Ltd is thereby not liable for such information under Sections 253 and 254 of
the SFA. The Company has included the above information in its proper form and context and has not verified the accuracy of the content of such
information. The Company is not aware of any disclaimers made by Drewry Shipping Consultants Ltd in relation to the above information
141
Organic Chemicals
Organic chemicals, or petrochemicals, are characterised as being derived from petroleum products and are
carbon based. Six base chemicals provide the building blocks for almost the whole of the organics industry.
These six chemicals are split into two groups:
(A) Olefins (1) Ethylene

(2) Propylene
(3) Butadiene
(B) Aromatics (4) Benzene

(5) Toluene
(6) Xylene
Aromatics are produced in liquid form and are an important cargo group for chemical tankers. Olefins are in
gaseous form and are transported in specialised gas carriers. Olefins require further processing before they
are carried in chemical parcel tankers (i.e. in the form of “intermediates” like ethylene glycol, ethylene
dichloride). Around 90 per cent of these base chemicals are derived from oil fractions (products) and natural
gas. The remaining 10 per cent are produced from cellulose and coal. Nearly all other organic chemicals are
produced from a combination of these six building blocks.
Base chemicals derived from oil fractions and natural gas are produced in refineries through a process called
“cracking”. This procedure splits the complex molecules of the oil fraction and natural gas “feedstocks” into
the simpler molecules of the base chemicals.
Any petroleum fraction can be used as a feedstock, but certain fractions — gasoline, kerosene, fuel oil—are
in demand in their own right and are not widely used for chemical manufacture. Natural gas, liquid petroleum
gas (“LPG”) and naphtha are the most commonly used feedstocks.
In addition, there is a wide range of chemicals that can be regarded as “intermediates”, in that they represent
intermediary steps on the way to converting base chemicals into usable chemical products.
Inorganic chemicals, as the name suggests, are the opposite of organic chemicals. In other words, they are
chemicals of mineral origin, not necessarily having carbon structures. The main inorganics include
phosphoric acid, sulphuric acid and caustic soda.
Vegetable oils and animal fats include products such as palm oil and tallow. Historically, the average share
of this category in the total chemical trades has been between 25-30 per cent of total trade.
Other products include items such as molasses and lubricating oils.
Demand for Chemical Tankers
Trade in bulk liquid cargoes carried by chemical tankers has grown at a steady pace since the early 1980s,
driven largely by growth in organic or petrochemical movements. In the period 2001 to 2008 the average
increase in chemical seaborne trade was 3.36%. Organic chemicals remained as the dominating power, with
average contribution of 52.26% per annum from total chemical volume for chemical seaborne trade. In
general, chemical seaborne trade has increased by 25.93% in 2008 or increased by 34.5 million tonnes to
167.5 million tonnes compared to 2001. Drewry estimates that the upward trend of chemical seaborne trade
will continue in the future and that the total chemical cargo by sea will reach 194 million tonnes in 2012. In
line with this growth, demand for larger tanker capacity will also rise.
142
Seaborne Chemical Trade (Million tonnes)
200
180
160
140
120
100
80
60
40
20
0
2001 2002 2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E
Organic Inorganic Vegetable oils -

Others
Source: Drewry2
As with other commodities, geographic imbalances exist between the main areas of production and
consumption. The United States and Europe are both major exporters and importers of chemicals, while the
Middle East is a major export zone and Asia (including China) a major import zone. In both Europe and Asia
there is considerable intra-regional trades which provide continuous employment for small chemical tankers.
Major flows of bulk liquid also occur in the Atlantic, both east and west bound. China, South-East Asia and
the Middle East, in particular, are also becoming major markets for many chemicals carried in bulk liquid
form.
Chinese Organic Chemicals Import — ‘000 tonnes
Source: Drewry3
2
information
3
information
143
Intra Southeast Asia (including Japan) Chemical Trade — ‘000 tonnes
4
Source: Drewry
Middle East — Southeast Asia (including Northern Asia) Organic Chemical Trade — ‘000 tonnes
Source: Drewry
Demand for chemical tankers is not only a function of the volume of trade, but also the geographical pattern
of movements. The main routes for chemical shipments are shown below. To meet the pattern of trade,
many of the major chemical shipping companies offer “liner” type services, with ships sailing on
predetermined routes and at a stated frequency.
4
information
144
Main Liquid Chemical Trade Flows
Source: Drewry5
Chemical Tanker Supply
Due to the nuances of the chemical tanker specifications, i.e. cargo capability depends on the certificate of
fitness of the vessel which is related to the IMO rating, but supersedes such a rating, it is difficult to
segregate the fleet into a few categories. Further complicating the segregation of the fleet is due to the
different conventions used in classifying ships, especially for ships which may carry both IMO II as well as
IMO III cargoes. As such, we have simplified the differences to derive amore manageable set of five
categories for the fleet based on functional capacity rather than actual rating as provided by the classification
society and the range of chemicals which can be carried by the tanker.
• IMO II: A vessel with in excess of 60 per cent. IMO II capacity, including IMO I space, if any.
• IMO II/III: A vessel with IMO II space of less than 60 per cent of capacity with the balance IMO III.
• IMO III DH: A vessel with all IMO III space and with a double hull.
• IMO III Non DH: A vessel with all IMO III space and no double hull.
• Non IMO: A vessel with no IMO space.
A ship which is designated IMO II has the ability to carry liquid cargoes which are listed as category II
chemicals by the IMO. In general terms category II chemicals are more difficult to carry than category III
products. In this context it should be noted that in January 2007 the IMO introduced changes to its cargo
categories which will necessitate greater use of the more sophisticated chemicals tankers, while at the same
time preventing some of the lesser grade ships, particularly non IMO vessels, from operating in chemical
trades.
The above categories represent the fleet by widest possible definition and in doing so include product
tankers which may not be necessarily be trading in chemicals and related products. Product tankers are less
sophisticated ships which are primarily designed to carry cargoes such as gasoline. Some of the ships in the
product tanker fleet also possess the capability to transport what are known as “easy chemicals”. Hence
these ships represent a swing element in supply as they move from chemical to product markets,
depending on market conditions.
5
information
145
However, the potential impact of such ships may be somewhat limited as most chemicals are moved in small
lots which are not economical for larger ships to carry. Also, the types of chemicals which are actually listed
in such ships’ certificate of fitness are usually also limited. For instance, although a pure IMO II chemical
tanker appears to be able to carry all cargoes rated IMO II, in practice this depends on the actual coating, the
cargo equipment of the ship and last cargo carried as well as the cargo lot such that in many cases,
especially with the larger ships of +30,000 DWT, an IMO II chemical tanker may actually be able to carry
only a very limited number of chemical types such as methanol or caustic soda. By the same token, a ship
rated IMO III may also not be able to carry the full range of IMO III cargoes and is restricted to only a few
chemical types.
In general terms, the fleet has increased in size to reflect the underlying growth in vessel demand and in
March 2007, by the widest possible definition, amounted to 3,186 ships of 63.45 millionDWT. In 2001 the
equivalent fleet was 44.2 million DWT — hence in the period 2001 to 2007 the fleet increased in size by
44%. In 2008, there was an increase in the number of vessels in the available fleet to 3,361 or rising 5.5%
from the previous year.
Chemical Tanker Fleet based on Type of Vessel — as per December 2008

Size 1,000-5,000 5,000-10,000 10,000-20,000 20,000-30,000 30,000+ 40,000+ Total
('000 DWT) No. Dwt No. Dwt No. Dwt No. Dwt No. Dwt No. Dwt No. Dwt
IMO 2 270 868 312 2,346 356 5,369 63 1,563 98 3,464 81 3,624 1,189 17,233
IMO 2 CPP 26 86 12 84 32 485 6 140 11 368 1 52 88 1.214
IMO 2/3 74 234 115 881 71 1.014 37 931 44 1.586 11 450 352 5.095
IMO 2/3 CPP 8 19 12 76 5 73 1 23 6 228 2 87 34 507
IMO 3 DH 66 243 53 363 30 435 4 107 41 1.444 74 3.472 268 6.063
IMO 3 DH CPP 13 44 24 166 28 430 14 398 163 5.969 276 12.748 518 19.756
IMO 3 Non DH 79 224 81 554 30 476 15 414 2 67 9 403 216 2.138
IMO 3 Non DH CPP 23 59 29 196 15 204 9 255 6 214 13 581 95 1509
Non IMO 98 271 72 487 47 722 32 940 65 2.298 112 5.197 426 9914
Total 666 2.047 710 5.153 614 9.208 181 4.771 436 15.637 579 26.614 3.186 63.429
Size 1,000 – 5,000 5,000 – 10,000 10,000 – 20,000 20,000 – 30,000 30,000 + Total
('000 DWT) No. DWT No.l DWT No.l DWT No. DWT No. DWT No. DWT
IMO 2 Chemicals 342 1,051 389 2,944 541 8,187 83 2,087 254 10,162 1,609 24,431
IMO 2 CPP/Veg oils 37 134 33 230 77 1,131 14 373 83 3,590 244 5,458
IMO 2/3 Chemicals 70 222 96 732 59 828 26 644 38 1,387 289 3,813
IMO 2/3 CPP/ Veg oils 11 30 7 46 5 65 1 23 3 116 27 280
IMO 3 DH Chemical 90 321 73 504 56 843 10 270 172 7,532 401 9,470
IMO 3 DH CPP/ Veg oils 13 43 35 247 43 629 7 194 428 18,684 526 19,797
IMO 3 Non DH Chemicals 76 213 69 472 21 334 12 331 6 251 184 1,601
IMO 3 DH Non CPP/ Veg oils 20 49 29 190 15 204 7 210 10 440 81 1,093
Total IMO Chemicals 578 1,807 627 4,652 677 10,192 131 3,332 470 19,332 2,483 39,315
Total IMO CPP / Veg oils 81 256 104 713 140 2,029 29 800 524 22,830 878 26,628
Total 659 2,063 731 5,365 817 12,221 160 4,132 994 42,162 3,361 65,943
Note: CPP = Clean Petroleum Products

6
Source: Drewry
As mentioned above, however, it should be noted that not all of the fleet is trading in chemicals. In December
2008 it was estimated that of 3,361 ships, 878 ships of 26.37 million DWT was trading in Clean Petroleum
Products.
It should also be pointed out that some of the ships included in the table above are effectively product
tankers and are therefore also included in the oil fleet shown later as well. These ships cannot be isolated to
one fleet or the other, as they move from sector to sector depending on market conditions. However, when
these less sophisticated ships move from the oil sector to the chemicals sector, they will move only to the
6
information
146
“easy chemicals” space as their capabilities are limited to that in the chemicals sector. Overall, the
sophisticated chemical fleet consists principally of ships with either IMO II and IMO II/III cargo classification
trading in chemicals.
The supply of ships going forward will be influenced by the amount of tonnage that is on order. In 2007, the
total orderbook consisted of 1,023 ships of 22.56 million DWT, equivalent to 39.9% of the existing fleet.
However, in 2008 the orders decreased to 924 vessels with a total of capacity of 22.26 million DWT,
representing 33.8% of the total fleet. Nevertheless, approximately 410 vessels with total capacity of 11.43
million DWT from the order book are product tankers for low grade chemical capacity. These tankers are not
expected to compete with the more sophisticated IMO II chemical tankers that are equipped with stainless
steel tanks.
Chemical Tanker Order Book — December 2007

Ukuran 2007 2008 2009 2010 2011 2012+ Total
('000 DWT) Jml Dwt Jml Dwt Jml Dwt Jml Dwt Jml Dwt Jml Dwt Jml Dwt
IMO 2 201 2.837 153 2.660 120 2.954 47 1.655 11 387 3 135 535 10.604
IMO 2 CPP 27 285 6 62 6 88 1 16 0 0 0 0 40 452
IMO 2/3 0 0 0 0 0 0 0 0 0 0 0 0 0 0
IMO 2/3 CPP 0 0 0 0 0 0 0 0 0 0 0 0 0 0
IMO 3 DH 79 1.531 77 2.474 45 1.703 1 47 0 0 0 0 202 5.755
IMO 3 DH CPP 95 2.955 62 1.657 16 466 1 51 0 0 0 0 174 5.1009
IMO 3 Non DH 0 0 0 0 0 0 0 0 0 0 0 0 0 0
IMO 3 Non DH CP 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Non IMO 35 1.429 14 566 5.191 0 0 0 0 0 0 49 1.995
Total 437 9.074 312 7.360 187 0 50 1.768 11 387 3 135 1.000 23.915
2008 2009 2010 2011+ TOTAL
Jumlah 000 DWT Jumlah 000 DWT Jumlah 000 DWT Jumlah 000 DWT Jumlah 000 DWT
IMO 2 - CHEM 339 5,888 202 4,477 74 1,984 21 477 636 12,826
IMO 2 - CPP - - - - - - - - - -
IMO 2/3 - CHEM - - - - - - - - - -
IMO 2/3 - CPP - - - - - - - - - -
IMO 3 DH - CHEM 61 1,852 27 777 7 177 - - 95 2,806
IMO 3 DH - CPP 114 3,092 49 2,080 27 1,310 3 148 193 6,630
IMO 3 NON DH - CHEM - - - - - - - - - -
IMO 3 NON DH - CPP - - - - - - - - - -
Total 514 10,832 278 7,334 108 3,471 24 625 924 22,262
Source: Drewry7
The other factor that will affect future supply is the level of vessel scrapping associated with ships reaching
the end of their useful trading lives, or technical obsolescence brought about by legislative change. Typically,
chemical tankers will trade for 25-30 years before being retired. As ships become older they normally
become less efficient, while there is a tendency for repairs and maintenance expenditure to increase with
vessel age. Operators with modern fleets will normally tend to experience less down time and possibly lower
maintenance expenditure.
The age profile of the fleet is presented in the following chart :
7
information
147
20 Largest Tanker Owners: December 2008

Rank Companies Name No of Vessels Average DWT Age Country
1 Eitzen Group 49 788,322 10 Norway
2 Berlian Laju Tanker 46 632,094 8 Indonesia
3 Odfjell ASA 42 1,196,792 15 Norway
4 Stolt-Nielsen SA 36 570,338 13 Norway
5 Clipper Group 35 271,475 4 Bahamas
6 Tokyo Marine Co Ltd 35 676,729 10 Japan
7 Dorval Kaiun K.K. 27 410,677 6 Japan
8 Iino Kaiun Kaisha 26 629,132 6 Japan
9 John T. Essberger 24 102,957 15 Germany
10 Brostrom AB 22 515,297 5 Sweden
11 Utkilens, Anders 18 151,321 17 Norway
12 Koyo Kaiun Co. Ltd 16 156,597 6 Japan
13 MISC 16 437,664 12 Malaysia
14 IMC Shipping Co. 15 674,579 7 Singapore
15 Woolim Shipping 15 86,508 5 South Korea
16 Sansho Kaiun Co. Ltd 14 141,177 9 Japan
17 Stenersen A/S 14 218,154 5 Norway
18 Bryggen Shipping 14 278,659 8 Norway
19 Amoretti Armatori 13 149,618 12 Italy
20 Zodiac Maritime 13 214,242 12 United Kingdom
Total Fleet 490 415,117 9.25
Source: CIMB Research
Charter Market and Freight Rates
Chemical tanker chartering arrangements are based on the established practice of the tanker market, with
some variations. Hence cargoes are moved in tonnage working single voyage, or spot charters, time charters
(including bareboat charters), consecutive voyages and contracts of affreightment (“COAs”).
The general terms typically found in these types of contracts are described below:
• A bareboat charter involves the use of a vessel usually over longer periods of time ranging over several
years. In this case, all voyage related costs, including vessel fuel, or bunker, and port dues as well as all
vessel operating expenses, such as day-to-day operations, maintenance, crewing and insurance, transfer to
the charterer’s account. The owner of the vessel receives monthly charter hire payments on a per day basis
and is responsible only for the payment of capital costs related to the vessel.
• A time charter involves the use of the vessel, either for a number of months or years or for a trip between
specific delivery and redelivery positions, known as a trip charter. The charterer pays all voyage related
costs. The owner of the vessel receives monthly charter hire payments on a per day basis and is responsible
for the payment of all vessel operating expenses and capital costs of the
vessel.
• A single voyage charter involves the carriage of a specific amount and type of cargo on a load-port to
discharge-port basis, subject to various cargo handling terms. Most of these charters are of a single or spot
voyage nature, as trading patterns do not encourage round voyage trading. The owner of the vessel receives
one payment derived by multiplying the tons of cargo loaded on board by the agreed upon freight rate
expressed on a per cargo ton basis. The owner is responsible for the payment of all expenses including
voyage, operating and capital costs of the vessel.
• A contract of affreightment, or COA, relates to the carriage of multiple cargoes over the same route and
enables the COA holder to nominate different ships to perform individual voyages. Essentially, it constitutes
a number of voyage charters to carry a specified amount of cargo during the term of the COA, which usually
spans a number of years. All of the ship’s operating, voyage and capital costs are borne by the ship owner.
The freight rate normally is agreed on a per cargo ton basis.
Some 50 per cent of all chemicalmovements are covered by contracts of affreightment, while the spot market
covers 35 per cent to 40 per cent The remainder is made up by other charter arrangements and cargoes
148
moved in tonnage controlled by exporters or importers. In the short sea chemical trades, contracts may cover
periods up to one year, but in the deep sea trades a commitment for two/three years is not uncommon with
commercial terms renewed each year. In the chemical tanker freight market, the level of reporting of fixture
information is far less widespread than for the oil tanker market. Furthermore, it is not always possible to
establish a monthly series of rates for an individual cargo, on a given route, as fixing is often sporadic, or
more often than not covered by contract business.
For these reasons, the assessment of rate trends in the freight market is made by using a small number of
routes where there is sufficient fixture volume to produce meaningful measurements. These routes in
question represent a “benchmark or bell weather” indicator of the state of the market as a whole, and
generally regarded as a very reliable guide to prevailing trends. The routes in question shown in this analysis
are:
• Transatlantic westbound (Rotterdam to Houston)
• Transatlantic eastbound (Houston to Rotterdam).
Chemical Spot Prices — East-bound Transatlantic Route USD/tonnes — Cargo Size

90
80
70
60
50
40
30
2003 2004 2005 2006 2007 2008
1,000 tonnes 2,500 tonnes
8
Source: Drewry
In the second half of the 1990s spot rates on all the main chemical routes were subject to downward
pressure, as vessel supply was generally growing at a faster rate than vessel demand. This situation came to
a halt in 2000 and thereafter rates on all main routes have increased owing to favourable market balances—
strong demand growth and moderate increases in vessel supply. Rates on transatlantic eastbound cargoes
have slipped somewhat of late due to a delay in the in products of new chemical plants due to downturn in
the global market. Another contributing factor to the lower rates was the increase in capacity provided from
new vessels which was not matched with higher cargo demand.
Chemical Spot Prices — West-bound Transatlantic Route USD/tonnes — Cargo Size
8
information
149
75
70
65
60
55
50
45
40
2003 2004 2005 2006 2007 2008
1,000 tonnes 2,500 tonnes
9
Source: Drewry
The chemical tanker time charter market is fairly inactive, particularly in the stainless IMO II/III range, as
these vessels are traditionally built by owners for their core fleet requirements. That being said indicative
rates do show a relationship to the spot market, and thus showed an upward trend from 2003 as market
conditions have improved, only to downturn slightly towards the end of 2006. Based on Drewry’s analysis,
the reduction in the time charter rates will resume until 2011 as an impact of the global crisis. However, IMO
stainless steel vessels are predicted to come out of this downslide earlier, picking up by as early as 2009.
Chemical Tankers Timecharter Rates — IMO II Stainless Steel (USD/day)
30,000
25,000
20,000
15,000
10,000
5,000
2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E
IMO II SUS 8 -9.000 IMO II SUS 22 -24,000

IMO II Coated 22 -24,000 IMO II Coated 30 -32,000
10
Source: Drewry
Vessel Prices
Due to the fact that it is a comparatively small fleet the level of new ordering is such that any assessment of
actual newbuilding prices must be viewed as indicative only. Furthermore, differences in the complexity of
ships of the same size can lead to significant variations in price.
9
information
10
The Company has not sought the consent of Drewry Shipping Consultants Ltd for the purposes of Section 249 and Section 277 of the Securities and Futures Act, Chapter
289 of Singapore, as amended or modified from time to time (the “SFA”), for the inclusion of the information above which is publicly available, and Drewry Shipping Consultants
Ltd is thereby not liable for such information under Sections 253 and 254 of the SFA. The Company has included the above information in its proper form and context and has
not verified the accuracy of the content of such information. The Company is not aware of any disclaimers made by Drewry Shipping Consultants Ltd in relation to the above
information
150
Caveats aside however, it is clear that newbuilding prices for small chemical tankers have increased
significantly in since 2003, due to a combination of shortage in berth space and raw material costs for
shipyards, especially the price of steel. Throughout 2008, demand for new vessels has grown in line with
rising demand for chemical commodities and bio-diesel. In 1H08, 29 new vessels had been ordered with total
capacity of 0.7 million DWT and in 3Q08, there were additional orders for 19 more vessels with total capacity
of 0.4 million DWT. New orders for vessel only decreased in 4Q08 on the back of declining shipment
volume, higher vessel prices and tighter credit market.
Chemical Tanker IMO II Stainless Steel— Newbuilding Prices (USD million)
Source: Drewry
Sales activity in the secondhand market is quite sporadic, so any assessments on values are indicative. That
being said, it is clear that a combination of a rising freight market and firmer newbuilding prices have pushed
up secondhand values for chemical tankers, as indicated below in the following table:
Chemical Tanker IMO II Stainless Steel Secondhand Prices - 10 Year-old Vessel (USD million)
Source: Drewry11
Oil Tankers Shipping
Introduction
International seaborne transportation of oil, including crude oil and refined petroleum products, derives from
the need to move oil from points of production to points of consumption. In 2006 approximately 53% of world
oil production was transported by sea, with voyages originating from a number of different production zones
as indicated in the map below.
11
information
151
Source: Drewry12
There are primarily two types of tanker operators that provide international sea-borne transportation of crude
oil and refined petroleum products: major integrated oil companies with captive fleets (both private and state-
owned) and independent shipowners. Both types of operators transport oil under short-term contracts
(including single-voyage spot charters) and long-term time charters with oil companies, oil traders, petroleum
product producers and government agencies. Oil companies use their fleets not only to transport their own
oil, but also to transport oil for third-party charterers in direct competition with independent shipowners and
operators in the tanker charter market.
In recent years, as regulators and charterers have increasingly focused on safety and protection of the
environment, there has been a significant and continuing movement within the tanker industry towards higher
quality vessels and vessel operations. Long seen as a commodity market with little degree of differentiation
between vessels and owners, the industry began to change during the early 1990s. The Exxon Valdez
incident in 1989 started the movement towards tighter industry regulations and an increasing emphasis on
environmental protection through legislation and regulations. These included the Oil Pollution Act (“OPA”)
protocols established by the IMO and procedures established by classification societies, demanding higher-
quality tanker construction, maintenance, repair and operations. In addition, oil companies acting as
charterers, other shippers and receivers of oil, and terminal operators have become increasingly selective in
their acceptance of tankers, periodically inspecting and vetting vessels and their owners and operators.
Although such regulatory changes increase the costs and potential liabilities of vessel owners and operators,
they also serve as barriers to entry and underscore the strengths of shipowners with quality fleets and
operations. Oil companies continue to periodically inspect and vet vessels and monitor independent
shipowners and operators for compliance with their quality and safety standards. A more stringent regulatory
environment, and an increasing emphasis on quality and environmental protection, will accelerate the
12
information
152
obsolescence of older, lower quality tankers and provide a competitive advantage to those companies with a
high quality management that operate modern tankers.
Tanker Demand
Demand for oil tankers is primarily determined by the volume of crude oil and refined petroleum products
transported and the distances over which they are transported. Tanker demand is generally expressed in
ton-miles and is measured as the product of the volume of oil carried (measured in metric tons) multiplied by
the distance over which it is carried (measured in miles). Among the factors that affect demand for tankers is
the volume of demand for crude oil and refined petroleum products, as well as the geographical pattern of oil
movements. Demand for crude oil and refined petroleum products is in turn affected by a number of factors
including general economic conditions (including increases and decreases in industrial production), oil
prices, environmental concerns, weather conditions, and competition from alternative energy sources.
The following table sets out information regarding annual crude oil demand in each region or country
indicated in the table between 2000 and 2008.
World’s Oil Consumption

(million barrels per day)
2002 2003 2004 2005 2006 2007 2008*
North America 24.1 24.5 25.4 25.5 25.4 25.5 24.6
Europe 15.3 15.4 15.5 15.6 15.7 15.3 15.2
Pacific 8.6 8.7 8.5 8.6 8.5 8.4 8.3
Total OECD 48 48.6 49.4 49.7 49.6 49.2 48.1
Former Soviet Union 3.5 3.6 3.7 3.9 4.1 4.1 4.2
Europe 0.7 0.7 0.7 0.7 0.7 0.7 0.8
China 5.0 5.6 6.4 6.7 7.2 7.5 7.9
Asia (excluding Cina) 7.9 8.1 8.6 8.8 9.0 9.3 9.5
South America 4.8 4.7 4.9 5.1 5.3 5.6 5.8
Middle East 5.4 5.4 5.7 6.0 6.2 6.5 6.9
Africa 2.7 2.7 2.8 2.9 2.9 3.1 3.1
Total Non-OECD 30.0 30.8 32.8 34.1 35.4 36.8 38.2
Total World Consumption 78.0 79.4 82.2 83.8 85.0 86.0 86.3
13
Source: Drewry — from other source
Demand for oil has generally experienced sustained growth over the last decade although decelerating in
2007 and 2008. Overall, the world’s oil demand only increased 0.09% y-o-y in 3Q08. This was brought on by
a continued reduction in demand from the OECD countries, particularly in North America. In 3Q08, North
America’s demand was lower 4.7% as a result of deteriorating economic condition. On the other hand, such
reduced demand from the OECD countries was balanced by higher orders coming from non-OECD
countries, especially China. China was the prime mover of the oil demand growth in line with its position as
host to the Olympics as well as the country’s overall automotive sales growth. In general, demand from non-
OECD countries rose by 4.4% y-o-y in 3Q08, and such increase pushed up the global demand for oil by
0.09% y-o-y despite the lower demand recorded in non-OECD countries.
Seasonal trends also affect world oil consumption and consequently oil tanker demand. While trends in
consumption do vary with season, peaks in tanker demand quite often precede seasonal consumption
peaks, as refiners and suppliers anticipate consumer demand. Seasonal peaks in oil demand can broadly be
classified into two main categories: (i) increased demand prior to Northern Hemisphere winters, as heating
oil consumption increases and (ii) increased demand for gasoline prior to the summer driving season in the
13
information
153
United States. The following table sets out information regarding annual average daily production of crude oil
in each region or country indicated in the table between 2002 and 2008.
World oil production in 2008 increased by approximately 2.01% to 87.14 million barrels per day from the
2007 production levels of 85.42 million barrels per day. OECD’s oil production was 19.46 million barrels per
day, lower by 1.76% compared to 2007 whereas OPEC’s production was higher by 5.77% to become 37.38
million barrels per day compared to 2007.
World’s Oil Production

(million barrels per day)
2002 2003 2004 2005 2006 2007 2008
North America 14.50 14.61 14.58 14.09 14.21 14.23 14.06
Europe 6.61 6.34 6.10 5.61 5.18 4.95 4.70
Pacific 0.76 0.65 0.58 0.58 0.58 0.63 0.70
Total OECD 21.87 21.60 21.26 20.28 19.97 19.81 19.46
Former Soviet Union 9.37 10.31 11.22 11.64 12.25 12.77 12.81
Europe 0.18 0.17 0.17 0.16 0.15 0.13 0.12
China 3.39 3.41 3.48 3.62 3.67 3.73 3.83
Asia (excluding Cina) 2.50 2.62 2.77 2.68 2.72 2.67 2.66
South America 3.90 4.00 4,07 4.30 4.39 4.32 4.02
Middle East 2.10 1.99 1.92 1.86 1.74 1.64 1.61
Africa 2.98 3.07 3.37 3.72 3.91 2.51 2.56
Processing Gains 1.76 1.80 1.83 1.86 2.04 2.17 2.24
Total Non-OPEC 48.05 48.97 50.10 50.23 51.09 50.08 49.76
OPEC Crude 25.08 26.77 29.06 29.76 29.71 30.71 32.30
Natural Gas Liquids 3.47 3.90 3.91 4.46 4.63 4.63 5.08
Total OPEC 28.55 30.67 32.97 34.22 34.34 35.34 37.38
Total Supply 76.60 79.64 83.07 84.45 85.43 85.42 87.14
* Provisional
14
Source: Drewry derived from oil industry sources
A comparison of the daily figures for global oil production and demand for the period 2002 – 2008 shows that
there was an average production surplus each year of 0.03 million barrels per day. The data also indicates
that the balance between world oil production and consumption has been relatively well-maintained. In
recent years, Asia has been the main generator of additional demand for oil, with this demand largely
supplied from traditional sources such as the Middle East. Production and exports from the Middle East have
historically had a significant impact on the demand for tanker capacity, and, consequently, on tanker charter
hire rates, due to the relatively long distances between this supply source and typical destination ports. Oil
exports from short-haul regions, such as Latin America and the North Sea, are significantly closer to ports
used by the primary consumers of such exports, which results in shorter average voyage length as
compared to oil exports from the Middle East. Therefore, production in shorthaul regions historically has had
less of an impact on the demand for larger vessels while increasing the demand for vessels in the Handy,
Panamax and Aframax market segments.
The volume of oil moved by sea each year reflects the underlying changes in world oil consumption and
production. One of the indicators that can be utilized to assess maritime oil trade volume is the demand for
tankers. In 2004, demand for new tankers reached 268 million DWT, whereas at year-end 2007 total demand
climbed even higher, up 11.45% to 298.7 million DWT. Drewry estimates that demand will consistently rise
throughout the years and will top 362.2 million DWT by the year 2013.
Trend in Tanker Demand

(Million DWT)
14
information
154
400
350
300
250
200
150
100
50
0
2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E2013E
15
Source: Drewry
Tanker Supply
The world oil tanker fleet is generally divided into five major types of vessel classifications, based on vessel
carrying capacity. Additionally, the tanker fleet is divided between crude tankers that carry crude oil or
residual fuel oil (“dirty” products), and product tankers that carry refined petroleum products (“clean”
products) such as gasoline, jet fuel, kerosene, naphtha and gas oil. Product tankers do not form a distinct
vessel classification, but are identified on the basis of various factors, including technical and trading
histories. While product tankers can carry dirty products, they generally do not switch between clean and
dirty cargoes, as a vessel’s tank must be cleaned prior to loading a different cargo type. In order to benefit
from economies of scale, tanker charterers transporting crude oil will typically charter the largest possible
vessel, taking into consideration port and canal size restrictions and optimal cargo lot sizes. The main tanker
vessel types are:
• VLCCs, with an oil cargo carrying capacity in excess of 200,000 DWT. VLCCs carry the largest percentage
of crude oil, typically on long-haul voyages, although port constraints limit their trading routes. VLCCs
generally trade on long-haul routes from the Middle East to Asia, Europe and the U.S. Gulf or the Caribbean.
Vessels in excess of 320,000 DWTare commonly known as Ultra Large Crude Carriers, or ULCCs. As of July
2006, only 9 vessel met the specification of ULCC,hence their inclusion in the ULCC fleet.
• Suezmax tankers, with an oil cargo carrying capacity of approximately 120,000 to 200,000 DWT. Suezmax
tankers are engaged in a range of crude oil trades, most usually from West Africa to the United States, the
Gulf of Mexico, the Caribbean or Europe, within the Mediterranean, or within Asia.
• Aframax tankers, with an oil cargo carrying capacity of approximately 80,000 to 120,000 DWT. Aframax
tankers are employed in shorter regional trades, mainly in North West Europe, the Caribbean, the
Mediterranean and Asia.
• Panamax tankers, with an oil carrying capacity of 50,000 to 80,000 DWT. Panamax tankers represent a
more specialized trading sphere by generally taking advantage of port restrictions on larger vessels in North
and South America and, therefore, generally trade in these markets.
• Handy tankers, comprising both Handysize tankers and Handymax tankers, with an oil cargo carrying
capacity of less than 50,000 DWT but more than 10,000 DWT. Handy tankers trade on a variety of regional
trade routes carrying refined petroleum products and crude oil on trade routes not suitable for larger vessels.
15
information
155
While larger size vessels, generally Aframax and above, typically carry only crude oil, a number of such
tankers have the capability to carry refined petroleum products and some chemicals. As such, some of these
vessels will also be included within the chemical fleet. However, Handy tankers carry the majority of refined
petroleum products, with more than 90% of vessels in this size range transporting clean products.
The supply of tankers is measured in deadweight tons, or DWT. The supply of tanker capacity is determined
by the age and size of the existing global fleet, the number of vessels on order, also known as newbuildings,
the number of ships removed from the fleet by scrapping and international regulations. Other factors which
can affect the short-term supply of tankers include the number of combined carriers (vessels capable of
trading wet and dry cargoes) trading in the oil market and the number of tankers in storage, drydocked,
awaiting repairs or otherwise not available or out of commission (collectively, “lay-up” or total inactivity).
The following table sets forth the data on the world’s oil tanker fleet based on DWT.
Oil Tanker Fleet (’000 DWT)

Types of Vessell Handy Panamax Aframax Suezmax VLCC Total
End Period No. ‘000 Dwt No. ‘000 Dwt No. ‘000 Dwt No. ‘000 Dwt No. ‘000 Dwt No. ‘000 Dwt
2001 890 27.214 274 17.492 535 51.484 269 39.314 419 122.773 2,387 258.277
2002 893 27.688 266 17.082 550 53.358 280 41.277 422 123.14 2,411 262.545
2003 880 27.886 266 17.296 596 58.846 293 43.475 431 125.143 2,466 272.646
2004 908 29.468 289 19.093 627 62.493 309 46.085 457 133.018 2,590 290.157
2005 839 28.16 325 21.559 667 67.219 329 49.474 476 139.117 2,636 305.529
2006 845 28.765 367 24.407 704 71.537 350 52.733 483 141.32 2,749 318.762
2007 839 29.045 416 27.752 737 75.686 361 54.674 506 148.741 2,859 335.898
2008* 804 28.119 422 28.511 773 80.128 365 55.485 506 150.03 2,870 342.273
16
Source: Drewry
The following table presents the oil tanker order book based on contractual delivery time and DWT.
Oil Tanker Order Book — as per 3Q08

Ukuran 2007 2008 2009 2010 2011 2012 Total %
(‘000 dwt) Jml Dwt Jml Dwt Jml Dwt Jml Dwt Jml Dwt Jml Dwt Jml Dwt Armada
Oct-50 75 3.079 70 3.149 66 3.022 23 1.102 2 98 0 0 236 10.450 36.9%
50-80 73 4.778 66 4.088 70 4.438 36 1.94 0 0 0 0 245 15.244 60.8%
80-120 50 5.491 69 7.549 96 10.584 37 4.136 2 215 0 0 254 27.975 38.7%
120-200 20 3.214 22 3.461 54 8.496 27 4.273 2 300 0 0 125 19.744 37.1%
200-320 25 7.585 35 10.619 61 18.778 37 11.25 5 1.495 2 600 165 50.327 35.7%
> 320 2 640 3 960 5 1.600 2 640 0 0 0 0 12 3.840 39.6%
Total 245 24.786 265 29.827 352 46.918 162 23.342 11 2.108 2 600 1.037 127.580 39.6%
Type of Vessel Handy Panamax Aframax Suezmax VLCC Total

End Period No. ‘000 Dwt No. ‘000 Dwt No. ‘000 Dwt No. ‘000 Dwt No. ‘000 Dwt No. ‘000 Dwt
2004 201 8,562 189 12,767 172 18,731 84 13,330 88 26,778 734 80,168
2005 222 9,432 182 11,901 152 16,606 59 9,373 94 28,471 709 75,783
2006 240 10,642 248 15,540 225 24,714 107 16,963 168 51,347 988 119,206
2007 237 10,544 221 14,160 290 31,921 139 21,929 175 53,594 1,062 132,148
2008* 172 7,333 224 14,338 270 29,726 185 29,034 263 81,449 1,114 161,880
* as per 3Q08
17
Source: Drewry
16
information
156
As the tanker fleet ages, a number of vessels are scrapped as they become uneconomical to operate or
forbidden to trade because of environmental laws which effectively limit the trading life of single hull tankers.
In recent years, most oil tankers that have been scrapped were between 25 and 30 years of age.
Vessel owners often conclude that it is more economical to scrap a vessel that has exhausted its useful life
than to upgrade the vessel to maintain it “in-class”. A vessel is deemed to be “in-class” if the surveyors of a
classification society determine that the vessel conforms to the standards and rules of that classification
society. Customers, insurance companies and other industry participants use the survey and classification
regime to obtain reasonable assurance of a vessel’s seaworthiness, and vessels must be certified as in-class
in order to continue to trade and be admitted to ports worldwide.
In many cases, particularly when tankers reach approximately 25 years of age, the costs of conducting the
special survey and performing associated repairs, such as the replacement of steel plate, in order to
maintain a vessel in-class may not be economically efficient. In addition, according to the revised Marpol (the
IMO International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of
1978 relating thereto (MARPOL 73/78)). Regulation 13G, single hull tankers should be phased out or
converted to a double hull by the dates established by the revised regulation. However, the regulation allows
the flag state of a given vessel to permit continued operation of category 2 (an oil tanker of 20,000 DWT and
above carrying crude oil, fuel oil, heavy diesel oil or lubricating oil as cargo, and of 30,000DWTand above
carrying oil other than the above) or category 3 tankers (an oil tanker of 5,000 DWTand above but less than
that specified for a Category 2 type oil tanker) beyond their phaseout dates, in accordance with the schedule,
subject to satisfactory results from the Condition Assessment Scheme. Nonetheless, the continued operation
of single hulls must not go beyond the anniversary of the date of delivery of the ship in 2015 or the date on
which the ship reaches 25 years of age after the date of its delivery, whichever is earlier.
17
The Company has not sought the consent of Drewry Shipping Consultants Ltd for the purposes of Section 249 and Section 277 of the
Securities and Futures Act, Chapter 289 of Singapore, as amended or modified from time to time (the “SFA”), for the inclusion of the information
above which is publicly available, and Drewry Shipping Consultants Ltd is thereby not liable for such information under Sections 253 and 254 of
the SFA. The Company has included the above information in its proper form and context and has not verified the accuracy of the content of such
information. The Company is not aware of any disclaimers made by Drewry Shipping Consultants Ltd in relation to the above information
157
The graph below illustrates the age profile of the world’s tanker fleet as per 3Q08 :
Age Profile of World’s Oil Tanker Fleet — per 3Q08 (In million DWT)
18
Source: Drewry
Despite the impending legislative changes there still exits the potential to use single hull, double side or
double bottom tankers beyond 2010, as there is flexibility allowed by IMO for flag and state exemptions—
Singapore and Japan being cases in point. In addition, there is further flexibility in the form of domestic
shipping markets, where cabotage and flag restrictions could offer longer term employment for single hulled
tonnage.
Oil tankers are employed in the market through a number of different chartering options.Worldscale is the
tanker industry’s standard reference for calculating freight rates, and its aim is to make the business of fixing
tankers quicker, easier and more flexible.
Worldscale is used because it gives the flexibility required for the oil trade. Oil is a fairly homogenous
commodity, it does not vary too much in quality and it is relatively easy to transport by a variety of methods.
This, combined with the volatility of the world oil markets, means that an oil cargo may be bought and sold
many times while at sea. The cargo owner therefore requires great flexibility in its choice of discharge
options. If tanker fixtures were priced in the same way as dry cargo fixtures this would involve the shipowner
calculating separate individual freights for a wide variety of discharge points. Worldscale provides a solution
to this problem by providing a set of nominal rates designed to provide roughly the same daily income
irrespective of discharge point.
TCE, or time charter equivalent, is the figure that describes the earnings potential of any voyage based on
the quoted Worldscale rate. As described above, the Worldscale rate is set and can then be converted into
dollars per cargo ton. A voyage calculation is then performed which takes all expenses (port costs, bunkers
and commission) from the gross revenue. This leaves a net profit which is divided by the total voyage days
(at sea and in port) to give a daily TCE.
Tanker charter hire rates and vessel values for all tankers are strongly influenced by the supply and demand
for tanker capacity. Small changes in tanker utilization have historically led to relatively large fluctuations in
tanker charter rates for VLCCs, more moderate price volatility in the Suezmax, Aframax and Panamax
18
information
158
markets and less volatility in the Handy market compared to the tanker market as a whole. The Handy
segment has generally been less volatile than other market segments because these vessels mainly
transport refined petroleum products that are not subject to the same degree of volatility as the crude oil
market.
In general terms, time charter rates are less volatile than spot rates, because they reflect the fact that the
vessel is fixed for a longer period of time. In the spot market, rates will reflect the immediate underlying
conditions in vessel supply and demand and are thus prone to more volatility.
Overall, tanker rates have been declining in 3Q08 as a result of lower demand for oil from the OECD
countries, thus reducing the overall seaborne movement of oil. Nonetheless, there is still growth in shipments
from the Asia Pacific region to Europe, which potentially maintains the stability of rates for routes east of the
Suez. Drewry estimates that the trend for global reduction will persist until 2011 in line with the time required
for the OECD countries to achieve economic recovery and thus stimulate demand for oil and its derivative
products. Rates are expected to be back on an incline by 2012 as demand stabilizes on a northward course.
Oil Tanker Spot Rates — USD/Day
100000
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E
VLCC sp o t r at e s Su e zm ax sp o t r at e s Pan am ax sp o t r at e s
A f r am ax sp o t r at e s Handy sp o t r at e s
Source: Drewry19
Time charter rates will normally follow the broad trend set by the overall spot market, although the movement
in rates is usually less volatile. Volatility in rates is also more pronounced with the larger ship sizes,
especially VLCCs and Suezmax type units. Conversely, earnings for smaller tankers tend to be more stable.
Oil Tanker Time Charter Freight Rates — USD/Day
19
information
159
90000
80000
70000
60000
50000
40000
30000
20000
10000
2004 2005 2006 2007 2008E 2009E 2010E 2011E 2012E
VLCC p e r io d r at e s Su e zm ax Pe r io d Rat e s
Pan am ax Pe r io d Ra t e s A f r am ax p e r io d r at e s
H an d y p e r io d r at e s
Source: Drewry20
Vessels Prices
In 3Q08, new tanker orders continued to rise as in 1H08, but such trend is expected to slide down in line with
the economic recession and difficulties in bank financing. The increase in the price of new vessels was not
only triggered by higher vessel demand and limited capacity for vessel production for delivery in 2009, but
also by rising price of steel. POSCO, as one of the world’s largest steel producers, increased its price up to
21% in July, and Japan’s steel price has correspondingly gone up to USD1,250/ton in July as against
USD1,200/ton in June. The following table sets forth the trend for indicative prices for the construction of new
vessels by the different types of oil tankers.
Oil Tanker Newbuilding Prices in USD Million
21
Source: Drewry
An increase in the prices of vessels in the secondary market was mainly driven by the segment of large
vessels, such as VLCC and Suezmax. Prices of second-hand VLCC increased by 7.2% in 3Q08 compared
20
information
21
information
160
to 2Q08 prices, whereas resale prices of Suezmax and Aframax rose by 5.5% and 8.8% respectively over
the same period.
The graph below illustrates movements in price (in million USD) for secondary (5 year-old) oil tankers for the
period of 2004 up to 2008.
Secondary Market Price of Oil Tankers in USD million — 5 Year-old Tankers
1 6 0 .0
1 4 0 .0
1 2 0 .0
1 0 0 .0
8 0 .0
6 0 .0
4 0 .0
2 0 .0
2004 2005 2006 2007 2008*
VLCC Su e zm ax A f r am ax Pan am ax Han d y

22
Source: Drewry
Liquefied Petroleum Gas (LPG)
Introduction
The LPG carrier market provides a transportation service to rectify imbalances between the main LPG,
ammonia and petrochemical gases producing and consuming areas of the world.
LPG Demand
Liquefied Petroleum Gas (LPG): LPG is produced as a by-product either from the production of natural gas
or refining of crude oil. LPG cargoes in normal gas carriers are typically propane and butane (including n-
Butane and i-Butane). The primary uses of these are in residential and commercial heating and cooking, as
fuel for transportation and as a feedstock for the production of petrochemicals.
LPG production is more geographically diverse than that of oil production due to a significant proportion of
LPG supplies originating from oil refineries (in addition to LPG produced from associated and non-associated
oil and gas fields). Only the Middle East and North and West Africa have significant regional surpluses of
LPG, and are the most important loading areas for large gas carriers, although these regions are relatively
unimportant for the small gas carrier fleet.
LPG Supply and Demand (‘000 tonnes)
22
information
161
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Produksi
North America 58.256 57.898 58.679 60.220 57.427 57.200 55.181 56.831 51.790 52.926
Asia 24.679 25.480 28.248 32.260 34.684 36.723 39.266 40.895 45.352 45.175
Middle East 33.831 34.113 34.396 35.122 35.787 35.993 36.948 38.128 39.580 41.528
Europe 25.099 25.742 25.106 26.039 27.263 27.348 28.896 28.287 28.191 26.984
Africa 9.985 11.022 13.104 14.396 15.151 15.466 14.884 14.801 15.801 15.987
North America 11.606 12.096 12.807 13.118 13.846 14.290 14.356 15.084 15.932 15.665
Former Soviet Union 5.535 5.420 6.409 7.120 8.467 9.377 9.767 11.244 11.641 12.815
Central America 7.426 7.864 8.207 8.236 8.393 8.527 8.778 8.937 8.866 8.728
Australasia 3.457 3.241 3.318 3.395 3.685 3.685 3.459 3.491 3.347 3.110
Total World 179.874 182.876 190.274 199.906 204.703 208.609 211.535 217.698 220.5 222.918
% change 2,6% 1.70% 4.00% 5.10% 2.30% 2.00% 1.40% 2.90% 0.40% 2.00%
Consumption
Asia 46.025 47.270 51.654 54.607 56.901 60.918 65.537 66.675 69.439 70.288
North America 58.124 58.334 60.060 58.421 54.654 57.370 56.073 58.652 56.036 54.715
Europe 28.039 29.052 28.406 29.985 30.327 29.965 30.366 30.037 30.490 30.434
South America 13.469 14.135 14.437 14.879 14.744 14.295 13.647 14.020 14.331 14.725
Middle East 9.302 9.391 10.194 12.166 14.874 15.874 14.954 13.897 13.776 14.603
Central America 10.347 11.043 11.722 12.568 12.216 12.437 12.099 12.389 12.066 12.007
Former Soviet Unon 4.908 4.727 4.978 6.491 7.158 8.031 7.992 8.250 8.769 9.902
Africa 5.815 6.165 6.680 7.098 7.437 7.926 8.406 9.019 9.444 9.681
Australasia 2.227 2.317 2.371 2.411 2.099 2.078 2.085 2.074 2.056 2.101
Total World 178.256 182.434 190.502 198.626 200.410 208.894 211.159 215.013 216.407 218.456
% change 2.8% 2,3% 4,4% 4.3% 0.9% 4.2% 0.1% 2.8% 0.6% 0.9%
Source: Drewry23
Japan is the world’s single largest importer of LPG but China, India and the USA have been the most
important growth markets in recent years. Europe has a relatively good balance between supply and demand
but the imbalance within the region creates significant employment for the small ship market. Inter-Asia
trades also provide significant employment for the pressurised LPG fleet.
Ammonia: Ammonia is produced by the synthesis of gas and a hydrocarbon. Production is heavily influenced
by the availability of gas, which forms around 80% of current capacity. The bulk of ammonia (85% to 90 %) is
used in fertiliser production—the principal product being ammonium sulphate, ammonium nitrate, urea (dry)
and ammonium nitrate solution. It can also be used for nitric acid, explosives, nylon fibre, acrylic and
urethane plastics. Ammonia accounts for as much as one-fifth of all cargo carried by gas carriers, and is
especially an important cargo or trade for Mgc and Lgc gas carriers. The Former Soviet Union (via the Black
Sea port of Yuzhnyy and the Baltic Republics), the Arabian Gulf, Trinidad & Tobago and Indonesia are the
sources for the vast majority of seaborne Ammonia exports. While the US, Europe, India, and to a lesser
extent North Africa and Korea are the major import destinations.
Petrochemical Gases: Ethylene, propylene and butadiene are significant members of the olefins family used
in the manufacture of a large number of intermediate chemicals and finished products. Vinyl chloride
monomer (“VCM”) is a chlorinated gas, which is used principally in the manufacturing of plastics. VCM is
produced by the oxychlorination process, which treats ethylene to produce ethylene dichloride, which then
gives VCM.
Ethylene Capacity
(‘000 tonnes)
23
information
162
East Europe
Middle East
/ Former South North
World Capacity % Change West Europe Soviet Union America America Asia Pacific
1998 91.014 6,3% 20.785 7.467 6.327 3.452 31.126 21.857
1999 94.016 3,3% 21.147 7.337 6.612 3.456 31.715 23.749
2000 100.799 7,2% 21.788 7.265 8.582 3.918 33.742 25.504
2001 107.036 6,2% 23.219 7.517 9.404 4.338 35.421 27.137
2002 109.434 2,2% 23.541 7.417 9.982 4.338 35.83 28.326
2003 110.778 1,2% 24.063 7.582 11.012 4.363 34.412 29.346
2004 112.906 1,9% 23.957 8.137 11.217 4.386 35.114 30.095
2005 117.33 3,9% 24.443 8.452 12.357 4.939 35.543 31.597
2006 117.575 0.20% 24.438 8.462 12.367 5.019 35.688 31.602
2007 119.575 1.70% 24.928 8.512 12.342 5.084 35.708 33.002
% total 100,0% 20,8% 7,1% 10,3% 4,3% 29,9% 27,6%
Source: various industry sources
Ethylene is polymerised into high density polyethylene (“HDPE”), low density polyethylene (“LDPE”) and
linear density polyethylene (“LLDPE”), which in turn are used to make plastic packaging, bottles, containers
and household hardware. It can also be turned into ethylene glycol used in anti-freeze. Ethylene is also used
with benzene in the manufacturing of polystyrene. Propylene is polymerised into polypropylene used in the
manufacturing of moulded components for cars and domestic appliances, carpet fibres, cable’s sheathing,
piping, coatings and containers. Butadiene is combined with styrene to produce styrene butadiene rubber
(“SBR”), used in tyre manufacturing. It is also used in making acrylonitrile-butadiene-styrene (“ABS”) resin,
which has applications in car fittings, packaging and sports equipment. VCM is used to produce PVC
(polyvinyl chloride), which is formed into a wide variety of plastic products.
Demand for LPG carriers is primarily generated by the demand for LPG, ammonia and petrochemical gases
in economies that lack sufficient domestic supply to meet their consumption needs. Transportation of
petrochemical gases is driven primarily by industrial and consumer demand for products derived from
petrochemical gases such as plastics/polymers, synthetic-based products, textiles, chemicals and rubber.
LPG, on the other hand, is an associated gas, produced as a by-product of crude oil and natural gas
production, and is primarily used as fuel for transportation, residential and commercial heating/cooking, and
as a feedstock for the production of petrochemicals. With expected increases in crude oil and natural gas
production, LPG volumes are expected to increase.
Economic growth is one of the best indicators of change in demand for seaborne transportation of gas.
However, increased crude oil and natural gas production (with resulting increased LPG volumes) and more
trading activity may result in additional demand for seaborne transportation of gas.
Following a period of slow trade growth at the start of the decade trade has grown strongly since 2003. A
recovery in Middle East LPG exports, increased ammonia imports into the USA and an upturn in the
petrochemical gases trade have been the major factors behind faster trade growth since 2003.
163
Seaborne LPG Trade (Million Tonnes)
60
50
40
30
20
10
0
2003 2004 2005 2006 2007 2008
LPG Ammonia Petrochemical Gases
Source: Drewry24
LPG, ammonia and petrochemical gases all have different characteristics and are traded in specific areas
according to the infrastructure and industrial demand of the region. Each of the gas types, its use and trading
pattern is described below.
Trade patterns for petrochemical gases follow global economic patterns and can be very irregular as the
opening or closing of petrochemical plants can create and destroy trade routes virtually overnight. Typically
where a regular import requirement is identified a new plant will be built that will meet this need and
invariably initially produce a considerable surplus that will need to be exported. However long-term
imbalances mean that in the Atlantic basin ethylene and propylene tend to cross the Atlantic in an eastbound
direction whereas butadiene flows the other way (creating opportunities for back-haul cargoes). The VCM
trade sees a significant amount of cargo cross the Pacific from the USA to Asia. The build up of ethylene
production capacity in the Middle East in recent years (see table) has been of particular benefit to shipping
as there is little regional demand and the excess product is shipped to Asia and Europe (and even the
Americas). The majority of the petrochemical gases trade is relatively short-haul within regions but this
nevertheless provides significant employment (especially in Europe and Asia).
LPG Carriers Supply
LPG carriers are commonly referred to as ships that can transport liquid petroleum gas (propane and
butane), ammonia and petrochemical gases. However, only a limited number of LPG carriers can transport
ammonia and certain petrochemical gases such as ethylene and VCM have characteristics that require
additional design features and/or equipment on the vessels.
The LPG fleet can be split into three main types based on method of liquefaction:
• Fully-pressurized (pr) carriers, which liquefy their cargoes at ambient temperatures under high pressure of
up to 17 bar (kg/cm2), are generally small vessels of under 8,000 CBM. The majority of these ships are less
than 5,000 CBM.
• Semi-refrigerated (s/r) carriers, which liquefy their cargoes under a combination of pressure and
refrigeration to temperatures down to minus 48.7 degree Celsius and pressure up to 9 bar (kg/cm2). Certain
semi-refrigerated carriers with gas plants are able to cool cargoes further to minus 104.7 degree Celsius and
are referred to as ethylene carriers. The majority of s/r ships are less than 23,000 CBM.
24
information
164
• Fully-refrigerated (f/r) carriers can liquefy their cargoes at or under their boiling temperatures down to
approximately minus 48.7 degree Celsius at atmospheric pressure with onboard compressors. These ships
are typically over 17,000 CBM with the majority over 70,000 CBM, and some can also carry clean petroleum
products such as naphtha. The f/r fleet is commonly further broken down into three segments: Mgc (20-
50,000 CBM), Lgc (50-70,000 CBM) and Vlgc (70,000+ CBM).
LPG Carrier Fleet — Per December 2008

(‘000 CBM) 1-5 5-8 8-25 25-70 70+ Total
End of Period No. CBM No. CBM No. CBM No. CBM No. CBM No. CBM
1996 479 1.091 86 526 101 1.454 54 2.333 87 6.707 807 12.110
1997 483 1.106 93 572 102 1.479 57 2.437 89 6.865 824 12.459
1998 497 1.147 95 582 106 1.535 58 2.462 89 6.865 845 12.591
1999 509 1.183 102 624 108 1.560 58 2.469 92 7.106 869 12.942
2000 509 1.190 109 670 113 1.658 57 2.416 97 7.503 885 13.437
2001 518 1.221 118 731 112 1.649 56 2.390 104 8.068 908 14.059
2002 524 1.233 121 757 116 1.690 53 2.218 103 8.016 917 13.914
2003 525 1.232 119 746 121 1.732 55 2.384 106 8.290 926 14.384
2004 526 1.232 117 734 123 1.771 58 2.552 104 8.153 928 14.443
2005 524 1.224 116 729 122 1.752 62 2.745 104 8.158 928 14.607
2006 539 1.260 127 789 126 1.804 66 2.901 110 8.653 968 15.407
2007 555 1.312 135 834 135 1.908 73 3.117 113 8.939 1011 16.110
2008 562 1.336 145 886 154 2.153 76 3.255 134 10.689 1071 18.319
25
Source: Drewry
In December 2008, the fleet of LPG carriers comprised of 1,071 vessels with a combined capacity of 18.32
million CBM. In the past decade, the number of LPG transporters has expanded by 26.75% or grown by
45.50% in terms of cargo capacity.
As at December 2008, the orderbook for LPG carriers has reached 200 tankers with a combined capacity of
4.2 million CBM. In term of capacity, this amount represents 21.1% of all existing tanker fleets.
LPG Order Book and Delivery Time Schedule – Per December 2008
Ukuran 2007 2008 2009 2010 2011 2012 Total %

(‘000 cu.m) Jml cu.m Jml cu.m Jml cu.m Jml cu.m Jml cu.m Jml cu.m Jml cu.m Armada
1-5 17 56 8 28 3 11 0 0 0 0 0 0 28 94 7.4%
5 - 12 19 139 30 225 8 70 1 10 0 0 0 0 58 444 32.9%
12 - 25 3 56 7 144 12 245 3 55 0 0 0 0 25 499 39.8%
25 - 50 6 216 2 70 5 175 0 0 0 0 0 0 13 461 31.5%
50 - 70 0 0 6 359 0 0 0 0 0 0 0 0 6 359 23.3%
70+ 10 824 27 2.203 20 1.632 6 498 0 0 0 0 63 5.157 60.3%
Total 55 1.291 80 3.030 48 2.132 10 563 0 0 0 0 193 7.016 45.5%
(‘000 CBM) 1-5 5-8 8-25 25-70 70+ Total
End of Period No. CBM No. CBM No. CBM No. CBM No. CBM No. CBM
2004 16 52 12 68 10 127 18 700 21 1708 77 2655
2005 29 94 35 192 33 374 23 972 43 3534 163 5166
2006 32 108 29 166 55 757 22 925 63 5157 201 7113
2007 50 170 31 184 60 851 17 744 51 4150 209 6099
2008 57 181 41 257 58 816 17 670 27 2194 200 4118
26
Source: Drewry
25
information
26
information
165
Scrapping of tonnage has not historically contributed to any significant reduction of the fleet because
seaborne gas transportation is a relatively new industry and the vessels are designed to last over 30 years
with proper maintenance. In addition, technically complex vessels combined with stringent safety and
operational requirements have created a high barrier of entry and an excellent safety record. Thus, age
alone has not been a disqualifying factor for continued operations. The average age of the LPG carriers in
service is 17 years.
Age Profile of LPG Fleet – December 2008
3 ,0 0 0 90
80
2 ,5 0 0
70
2 ,0 0 0 60
50
1 ,5 0 0
40
1 ,0 0 0 30
20
500
10
0 0
77 80 83 86 89 92 95 98 01 04 07 10+
O r d e r b o o k : '0 0 0 c u . m ( l e f t )
F le e t : ' 0 0 0 c u . m ( l e f t )
Orderbook: number of vessels (right)
F le e t : n u m b e r o f v e s s e l s ( r i g h t )
Source: Drewry27
27
information
166
However, gas carriers have been faced with increased requirements from regulatory bodies, port states and
charterers alike. Whereas 30 years used to be considered a reasonable lifespan for a gas carrier, ships older
than 20 years are now more frequently facing rejection by charterers and port authorities. Consequently
scrapping of LPG carriers did pick up significantly between 2002 and 2004 as owners decided to scrap some
of their 1970s built vessels. This is refelected in the above graph, which indicates that the number of newly-
built vessels between 1970 and 1980 are substantially fewer compared to those built after the year 2000.
The delivery of new vessels began to pick up significantly in 2006.
In recent years ownership trends in the LPG fleet have seen a move away from ownership of diversified LPG
fleets with owners increasingly concentrating on particular segments.
Many owners have placed their vessels into pools (a cooperative marketing venture among several owners)
with other owners to increase flexibility and to optimise vessel utilization and profitability.
In comparison to the oil tanker market time charters and COAs cover a larger portion of the cargo moved and
pooling arrangements have greater significance.
The following graph shows the movement in the LPG spot rates in US Dollar per metric ton for the period
indicated.
LPG Spot Rates — USD per metric ton

110
100
90
80
70
60
50
40
30
20
2004 2005 2006 2007 2008
Vlgc Lgc M gc
Source: Drewry28
The following graph provides LPG time charter rates in US Dollar per month for the periods indicated.
LPG Time Charter Rates

(USD ‘000 per month)
28
information
167
1200
1000
800
600
400
200
0
2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E
Vlgc Lgc Mgc 15 s/r 7.5 eth 3 s/ r 3 pr
29
Source: Drewry
Vessel Prices
Higher freight rates in the LPG sector have stimulated much new vessel ordering in the last two years and
similar conditions have existed in other shipping sectors.
LPG Carrier Newbuilding Prices (USD million)

1 0 0 .0
8 0 .0
6 0 .0
4 0 .0
2 0 .0
0 .0
2004 2005 2006 2007 2008
Vlgc Lgc M gc 1 5 s/ r 7 .5 e t h 3 s/ r 3 pr
Source: Drewry30
Consequently, the near-term availability of newbuilding berths for vessel delivery before the end of 2009 is
scarce, and newbuilding prices for all vessel types have increased significantly, due to a combination of
rising demand, shortage in berth space and rising raw material costs, especially the price of steel.
The typical newbuilding price for a Vlgc vessel has risen 31.7% to USD93.5 million in the last 4 years, while
the price of a new 7,500 CBM ethylene tanker was recorded at USD44.0 million in 2008, or up 47.65% since
2004. The steep increase in newbuilding prices within the past several years and the strength in the charter
market have also affected vessel prices in the secondhand market.
.
29
information
30
information
168
Price of Secondhand LPG Carriers – USD million – 10 Year-old Carrier
1 0 0 .0
8 0 .0
6 0 .0
4 0 .0
2 0 .0
0 .0
2004 2005 2006 2007 2008
Vlgc Lgc M gc 1 5 s/ r 7 .5 e t h 3 s/ r 3 pr
Source: Drewry31
2. REGULATIONS
The International Maritime Organisation
The International Safety Management Code
The Company’s operations are affected by the requirements contained in the International Management
Code for the Safe Operation of Ships and for Pollution Prevention (“ISM Code”) promulgated by the
International Maritime Organisation (“IMO”). The ISM Code requires “the Company”, which is defined as the
shipowner or any person, such as the manager or bareboat charterer, who has assumed responsibility for
operating the ship to develop, implement and maintain an extensive safety management system, both
ashore and on board, that includes among other things, the adoption of a safety and environmental
protection policy; instructions and procedures to ensure safe operation of ships and protection of the
environment in compliance with relevant international and flag state legislation; and procedures to prepare
for and respond to emergencies. The Company relies and intends to continue to rely upon the safety
management that the Company and its technical managers have developed.
The ISM Code also requires ship managers to obtain a safety management certificate for each vessel they
manage from the flag state authorised organisation after verification of compliance by way of an external
audit on board the vessel. In Singapore, the Maritime and Port Authority has authorised nine classification
societies to carry out ISM Code audits and certifications. This certificate evidences prima facie compliance
by a vessel’s management with code requirements for a safety management system. No vessel can obtain a
safety management certificate unless its manager has been awarded a document of compliance, issued by
each flag state, under the ISM Code.
Non-compliance with the ISM Code and the other IMO Conventions described below may subject the
shipowner or a bareboat charterer to increased liability, may lead to decreases in available insurance
coverage for affected vessels and may result in the denial of access to, or detention in, some ports. The
Company believes that all its vessels are in compliance with the ISM Code and other applicable IMO
Conventions.
31
information
169
IMO Regulations
The International Convention for the Prevention of Pollution from Ships (“MARPOL”)
MARPOL is the main international Convention covering prevention of pollution of the marine environment by
ships from operational or accidental causes. It was first adopted on November 2, 1973 at IMO and has since
been updated by amendments. It includes pollution by oil, chemicals, harmful substances in packaged form,
sewage, garbage, ballast, and exhaust gases. With the exception of very small vessels, ships engaged on
international voyages must carry on board valid international certificates which may be accepted at foreign
ports as prima facie evidence that the ship complies with the requirements of MARPOL. If there are clear
grounds for believing that the condition of the ship or its equipment does not correspond substantially with
the particulars of the certificate, or if the ship does not carry a valid certificate, the authority carrying out the
inspection may detain the ship until it is satisfied that the ship can proceed to sea without presenting
unreasonable threat of harm to the marine environment. Further, the shipowner is liable to pay the costs of
any measures taken to remove or reduce the contamination caused by the pollutant.
By virtue of the adoption of the 1978 MARPOL Protocol, MARPOL includes regulations regarding subdivision
and stability which are designed to ensure that, in any loading conditions, the ship can survive after being
involved in a collision or stranding. If the Company operates tankers in its fleet in the future, MARPOL
regulations require tankers of 5,000 DWTand more to be fitted with double hulls, or an alternative design
approved by IMO. The requirement for double hulls applies to new tankers and also to existing tankers when
they reach a certain age (up to 30 years old). Following the 2003 amendments to MARPOL, the flag state
may allow single-hull ships to continue trading until the 25th anniversary of their delivery or 2015, whichever
is earlier, where such vessels conform to certain technical specifications. In the amendment passed in 2003
(which came into force in April 2005), this phase-out date has been brought forward to 2010. Single hulled
tankers of 5,000 DWTand above are not allowed to carry heavy grade oil after 5 April 2005, while carriage of
heavy grade oil by single hulled tankers of 600 DWTand above but less than 5,000 DWT would be
disallowed by 2008. However, MARPOL does provide exemption in cases where both the relevant flag-state
authority and the port-state authority allow such ships to trade for up to 25 years. But a party to MARPOL
73/78 is entitled to deny entry of single hulled tankers carrying heavy grade oil which have been allowed to
continue operation under those exemptions, into ports or offshore terminals under its jurisdiction or deny
ship-to-ship transfer of heavy grade oil.
The International Convention for the Safety for Life at Sea (“SOLAS”)
SOLAS prescribes a series of regulations which are essential for the safety of a vessel, its crew and its
passengers. The main objective of SOLAS is to specify minimum standards for the construction, equipment,
navigation, carriage of goods by sea and operation of ships, compatible with their safety. Flag states are
responsible for ensuring that ships under their flag states comply with its requirements, and a number of
certificates are prescribed in SOLAS as proof of compliance. Control provisions also allow contracting
governments to inspect and detain ships of other contracting states if there are clear grounds for believing
that the ship and its equipment do not substantially comply with the requirements of SOLAS, a procedure
known as port state control. The 1978 SOLAS protocol introduces unscheduled inspections and/or
mandatory annual surveys and the strengthening of port State Control requirements. The adoption of the
1988 protocol harmonised the survey and certification systems of SOLAS, MARPOL and the Loadline 66
Convention, to each of which Singapore is a party.
SOLAS has also introduced a number of Codes to address the issue of safety through appropriate ship-
building and ship-and-cargo management practices. Among others, Code of Safe Practice for Cargo
Stowage and Securing, the International Code for the Construction and Equipment of Ships Carrying
Dangerous Chemicals in Bulk (IBC Code), and the International Code for the Constructions and Equipment
of Ships Carrying Liquefied Gases in Bulk (IGC Code) are mandatory under SOLAS.
The International Ship and Port Facility Security Code (“ISPS”)
In response to the terrorist attack of 11 September 2001 in the United States and the perceived risks to ships
and the danger of ships being used for terrorist purposes, the IMO began extensive work towards modifying
SOLAS 74 and created ISPS, the shipping industry’s statements on maritime security.
170
ISPS came into effect on 1 July 2004 pursuant to the December 2003 amendments to SOLAS 74 which is
aimed at enhancing maritime security on board ships and at ship/port interface areas. Among other things,
these amendments create a new SOLAS Chapter XI-2 dealing specifically with maritime security, which in
turn contains ISPS. ISPS contains detailed security-related requirements for governments, port authorities
and shipping companies in a mandatory section (Part A), together with a series of guidelines about how to
meet these requirements in a second recommendatory but nonmandatory section (Part B). A series of
resolutions designed to add weight to the amendments, encourage the application of the measures to ships
and port facilities not covered by ISPS and pave the way for future work on the subject were also adopted.
For ships, these mandatory requirements include ship security plans on board approved by the flag state on
the basis of the ship security assessments, designated ship and company security officers, drills and
exercises with regard to the ship’s security plan to be carried out at appropriate intervals and certain onboard
equipment. Ships have to carry on board an International Ship Security Certificate, valid for a period not
exceeding 5 years, indicating that they comply with the requirements of ISPS and are subject to port state
control inspections. A ship, when prior to entering a port or while in the port, is required to comply with the
security level set by the Flag State or Port State, whichever is higher. ISPS further requires all ships to be
provided with a ship security alert system, according to a strict timetable that will see most vessels fitted by
2004 and the remainder by 2006. Vessels not complying with the above requirements face possible delay
and detention, restrictions of operations including movement within port as well as expulsion from the port.
The International Convention on Standards of Training, Certification and Watchkeeping for Seafarers
(“STCW”)
STCW prescribes minimum standards relating to training, certification and watchkeeping for seafarers on an
international level, which countries are obliged to meet or exceed. By December 2000, STCW has 135
parties representing 97.53% of world shipping tonnage. Previously the standards of training, certification and
watchkeeping of officers and ratings were established by individual governments, usually without reference
to practices in other countries. As a result standards and procedures varied widely. STCW also includes
requirements for seafarers to hold valid certificates for employment at sea and port state control. One
especially important feature of STCW is that it applies to ships of non-party states when visiting ports of
states which are parties to STCW.
Pending IMO Plans and European Regulations
In response to the oil spill caused by the sinking of the oil tanker ERIKA in December 1999, the European
Union has proposed legislation that would (1) ban manifestly sub-standard ships (defined as those over 15
years of age that have been detained by port authorities more than twice in the previous six months) from
European waters and create an obligation of port states to inspect ships posing high risk to maritime safety
and the marine environment; (2) provide the European Commission with greater authority and control over
classification societies, including the ability to suspend or revoke the authority of negligent societies; and (3)
accelerate the phasing in of double hull or equivalent design standards for single hull oil tankers on the same
schedule as that required under OPA. In December 2001, the European Union adopted a legislative
resolution confirming an accelerated phase-out schedule for single hull tankers in line with the schedule
adopted by the IMO in April 2001. Additionally, the European Union has recently voted on other initiatives,
including the establishment of a European Maritime Safety Agency, introduction of a community to monitor
and control the traffic of its coast and setting up of a compensation fund for oil pollution in European waters.
Until such legislation is actually enacted, however, it is impossible to predict how such measures will affect
the Company.
Indonesian Shipping Regulation
Law No. 21/1992 on Shipping and Government Regulation No. 82/1999 on Sea Transportation
In 1992 the Indonesian Government issued Law No. 21/1992 on Shipping (the “Shipping Law”) to foster the
development of the maritime industry in Indonesia. The Shipping Law covers, among other matters, the
implementation of the cabotage principle, minimum navigation requirements, good port governance, port
tariffs and port status (e.g. designation of ports for international seaborne trade), ship registration, standard
requirements for crew members and maritime management and environmental safety requirements.
171
The Shipping Law’s implementing regulation, Government Regulation No. 82/1999 on Sea Transportation,
was issued in 1999. Subsequently, in November 2005, the Indonesian Government issued the Minister of
Communication Regulation No. 71/2005 (“KM 71”) which set out a timetable for implementation of the
cabotage principle by reference to the categories of goods to be shipped domestically.
Presidential Instruction No. 5/2005
The President of Indonesia issued Presidential Instruction No. 5/2005 (the “Presidential Instruction”) to
thirteen ministers, as well as governors, regents and mayors in Indonesia. These government officials were
instructed to implement the cabotage principle (which prohibits foreign-flagged vessels from providing
domestic shipping services within Indonesia) and to formulate policies in accordance with the Presidential
Instruction, in order to foster the development of the shipping industry in Indonesia. The key proposals
contained in the Presidential Instruction included (a) fully implementing the cabotage principle, allowing
domestic seaborne transportation to be carried out by Indonesian-flagged vessels operated by Indonesian
shipping companies (b) encouraging banks to be actively involved in the development of the national
shipping industry and developing non-bank financial institutions to provide financing for national shipping
companies (c) expediting the ratification of the 1993 International Convention on Maritime Liens and
Mortgages and preparing a draft law on maritime liens and mortgages and expediting the ratification of the
1999 International Convention on Arrest of Ships and preparing a draft law on arrest of ships in accordance
with national practices (d) developing a national shipbuilding industry through various incentives and (e)
encouraging municipal governments and the private sector to develop training and education centres for
seamen which comply with IMO standards.
Implementation of Cabotage Principle
KM 71 sets out a timetable for shipping goods domestically using Indonesian-flagged vessels. KM 71 defines
various categories of goods and provides that the timetable for shipping the various categories of goods to
be shipped domestically using Indonesian-flagged vessels is as follows:
(1) transportation of goods using containers-November 18, 2005;

(2) transportation of general cargo without using containers-November 18, 2005;
(3) transportation of wood and primary products, cement, fertiliser and rice-November 18,
2005;
(4) transportation of crude palm oil, mining and quarrying products, other grains, vegetables,
fruits and fresh fish-by, latest, January 1, 2008;
(5) transportation of liquid cargo and chemicals and agricultural grains-by, latest, January 1,
2009;
(6) transportation of oil and natural gas-by, latest, January 1, 2010;
(7) transportation of coal-as of the date of expiration of current contracts and by, latest, January
1, 2010.
KM 71 also provides that transportation supporting upstream and downstream oil and natural gas activities
should be carried out using Indonesian-flagged vessels by, latest, January 1, 2011.
Law No. 17/2008

There is a new regulation pertaining to national shipping, i.e. Law No. 17 of 2008 which confirms the
provisions of the Presidential Instruction No. 5/2005 on the cabotage principle prevailing in Indonesia, i.e. as
of 1 January 2008 for crude palm oil and other edible oil and followed by liquid cargo and chemicals as of 1
January 2009. This Law, in principle, requires the use of Indonesian-flagged vessels to ship and transport
cargo or person within Indonesia and imposes firm sanction and penalties to those in violation to this
regulation.
In support of Law No. 17 of 2008, reformation on law and regulations relating to hyphotec was carried out
and law and regulations on ship arrests are also being prepared, all of these are carried out in order to
encourage Indonesian-flagged vessels financing from offshore banking and other financial institutions, which
is expansionary steps for the industry.
Ratification of the International Convention on Maritim Liens and Mortgages of 1993
172
Pursuant to Presidential Regulation No. 44 of 2005 dated July 8, 2005, the Republic of Indonesia ratified the
1993 International Convention on Maritime Liens and Mortgages. The Department of Communication has
submitted to the Department of Law and Human Rights a draft of a new law concerning maritime liens and
ship mortgages to amend the relevant provisions of Indonesia’s domestic laws following the ratification of the
Convention by the Republic of Indonesia but there is, currently, no timeframe for the promulgation of the new
law.
Foreign Investment in Indonesia’s Shipping Industry
The Indonesian Government periodically issues what is known as the Negative List of Investments
(commonly referred to in Indonesian as the “DNI”). The DNI lists those areas in which foreign and domestic
investments are prohibited or restricted and, in principle, any area not listed in the DNI is open for foreign
and domestic investments. The current DNI provides that “Pelayaran Rakyat” (or “Small-Scale Shipping
Industries” i.e. companies engaged in cabotage using traditional local vessels) are closed for foreign
investments. Other shipping companies are, generally, open for foreign investments and, prior to August,
2005, foreigners were permitted to own up to 95% of a foreign investment law shipping company with no
subsequent divestment required.
However, in August, 2005, the Directorate General of Sea Communication of the Department of
Communication (“Seacom”) notified the Capital Investment Coordinating Board (or BKPM) that, in future,
Seacom would not issue the requisite shipping licence (or SIUPAL) to a foreign investment law shipping
company (a shipping company established within the framework of Law No. 1 of 1967 on Foreign Capital
Investment, as amended; this Law has been replaced by Law No. 25 of 2007 on Capital Investment) if more
than 49% of the company’s shares are held by foreigners. Accordingly, pursuant to current policy, foreigners
may not own more than 49% of a foreign investment law shipping company. BLT is not a foreign investment
law shipping company and is therefore not subject to this policy.
Minister of Communication Regulation No. KM.26 of 2006
On 30 May 2006, the Minister of Communication issued Regulation No. KM.26 of 2006 (“KM 26”) on
Simplification of System and Procedures for Procurement of Vessels and Use/Change of Vessel Flag. KM 26
revokes Minister of Communication Decree No. KM.14 of 1996 on Simplification of Procedures for
Procurement and Registration of Vessels as subsequently amended.
Pursuant to KM 26, vessels which may be registered under Indonesian flag are those (i) having a volume of
GT7 or more and (ii) whose shares are owned by Indonesian citizens or legal entities. The application for
registration may be made through the Directorate General of Sea Communication or through the office of the
harbour master at certain seaports throughout Indonesia including Jakarta, Surabaya and Batam.
Safety and Maintenance requirements under Indonesian Law
Any seagoing vessel operating within Indonesian waters shall be subject to Indonesian safety regulations.
Three primary certificates are mandatory under the Indonesian Shipping Law to enable a vessel to operate in
Indonesian waters: (i) certificate of vessel safety (ii) certificate of radio safety and (iii) certificate of load line.
In connection with the enforcement of safety and maintenance requirements, Indonesian marine inspectors
are authorised to carry out the necessary surveys or inspections on board vessels, including the following:
(a) Initial surveys are carried out for a new vessel built at a shipyard or for the reflagging of a foreign flagged
vessel to an Indonesian flagged vessel.
(b) Annual surveys;
(c) Renewal surveys are conducted once every five years;
(d) Interim surveys are conducted annually to every five years;
(e) Outside the regular surveys, there are on the spot inspections; and
(f) Surveys due to vessel damage or repair.
Indonesia is a signatory to numerous international Conventions including MARPOL and SOLAS and,
accordingly in addition to the safety requirements provided in the Indonesian Shipping Ordinance of 1935,
173
the requirements set out in the relevant international Conventions are also applicable to seagoing vessels
operating within Indonesian waters.
Environmental Regulations
Indonesia has, by virtue of Presidential Decree No. 46 of 1986, ratified MARPOL and has, by virtue of
Presidential Decree No. 52 of 1999, ratified the International Convention on Civil Liability for Oil Pollution
Damage, 1969 Protocol. By way of further implementing regulations for the Conventions, the Minister of
Communication has issued Regulations No. KM 4 of 2005 on the Prevention of Pollution from Ships and
Regulation No. KM 66 of 2005 on the Operation of Single Hulled Tankers. In addition to these regulations
issued by the Minister of Communication, there are numerous other relevant environmental regulations
issued by the Minister of the Environment including the following:
1. Government Regulation No. 19 of 1999 on the Prevention of Sea Pollution and/or Damage;
2. Decree of the Minister of the Environment No. 45/MENLH/11/1996 on the Program to Protect Beaches;
3. Decree of the Minister of the Environment No. 04 of 2001 on the Criteria of the Quality Standard of the
Damage on the Coral Reef;
4. Decree of the Chairman of the Environmental Controlling Agency No. 47 of 2001 on the Guidelines on
Measurements of Conditions of Coral Reef;
5. Decree of the Minister of the Environment No. 51 of 2004 on the Criteria of the Quality Standard of Sea
Water;
6. Decree of the Minister of Environment No. 200 of 2004 on the Criteria of the Quality Standard of
Environmental Damage and on the Guidelines on Measurements of Seagrass Status;
7. Decree of the Minister of the Environment No. 201 of 2004 on the Criteria of the Quality Standard and
the Guidelines to Determine Damage on Mangroves.
Other Regulations
The U.S. Oil Pollution Act of 1990 ("OPA")
OPA established an extensive regulatory and liability regime for the protection and cleanup of the
environment from oil spills. OPA affects all owners and operators whose vessels trade to the United States
or its territories or possessions or whose vessels operate in United States waters, which include the United
States’ territorial sea and its two hundred nautical mile exclusive economic zone.
Under OPA, vessel owners, operators and bareboat (or demise) charterers are “responsible parties” and are
jointly, severally and strictly liable, unless the spill results solely from the act or omission of a third party (if
the responsible party establishes that due care has been exercised and has took precautions against
foreseeable acts or omissions of any such third party and the foreseeable consequences of those acts or
omissions) and act of God or an act of war, for all containment and clean-up costs and other damages
arising from discharges or threatened discharges of oil from their vessels. If the Company decides to acquire
or charter in one or more crude oil tankers, the Company plans to extend to such tankers the coverage it
currently maintains for pollution liability up to US$1 billion per incident. A catastrophic spill could exceed the
insurance coverage available, in which case there would be a material adverse effect on the Company.
Singapore Prevention of Pollution of the Sea Act ("PPSA")
The PPSA gives effect to provisions of the International Convention for the Prevention of Pollution from
Ships 1973, as modified and added to by the Protocol of 1978, and to other international agreements relating
to the prevention, reduction and control of pollution of the sea and pollution from ships. The PPSA makes
provision generally for the protection of the marine environment and for the prevention, reduction and control
of pollution of the sea and pollution from ships, as well as other related measures.
Under Part III of the PPSA, among other offences, the master, the owner and the agent of the ship shall
each be guilty of an offence if (i) any disposal or discharge of refuse, garbage, waste matter, trade effluent,
plastics or marine pollutant in package form occurs from any ship into Singapore waters; (ii) any discharge of
oil or oily mixture occurs from a Singapore ship into any part of the sea or from any ship into Singapore
waters; or (iii) any discharge of a noxious liquid substance or of a mixture containing a noxious liquid
substance, being a substance or mixture carried as cargo or part cargo in bulk, occurs from a Singapore ship
into the sea or from any ship into Singapore waters. The penalties for these offences differ and the party
174
convicted may be liable for a fine or imprisonment or both. The master, the owner of the ship and the agent
may each be guilty of the offence and individually liable for the specified penalty. Further, section 18 of the
PPSA provides that owner of the ship found to have discharged the pollutants shall be liable to the appointed
authority for costs of any measure reasonably taken by the appointed authority to remove the discharge as
well as the costs for preventing or reducing any damage caused by contamination, resulting from such
discharge.
It is not however, an offence, if discharge is necessary (a) for the purpose of securing the safety of a ship or
saving life at sea, or (b) in consequence of damage, other than intentional damage, to the ship or its
equipment, and all reasonable precautions were taken after the occurrence of the damage or the discovery
of the discharge for the purpose of preventing or minimising the escape of the matter or substances
described in the preceding paragraphs; or (c) in the case of (ii) and (iii) in the preceding paragraph above, if
the discharge was for the purpose of combating specific pollution incidents in order to minimise the damage
from pollution and was approved by the appointed authority, and, where the discharge occurred in the
jurisdiction of the government of a country other than Singapore, by that government.
Up to now, the Company has not been investigated nor received any summons for any breach of the
regulations described in this “Regulation” section.
175
X. SUMMARY OF SIGNIFICANT FINANCIAL
INFORMATION
The numbers below are derived from and or calculated based on the consolidated financial
st
statements of the Company and its Subsidiaries for the years ended on December 31 of
2008, 2007, 2006, 2005 and 2004 and have been audited by the Public Accountant Office of
Osman Bing Satrio & Rekan for the years 2008 and 2007 and by Public Accountant Office of
Osman Ramli Satrio dan Rekan for the years 2006, 2005 and 2004, all with unqualified
opinion.
CONSOLIDATED BALANCE SHEET
Description 2008 2007 2006 2005 2004

(Rp million) (Rp million ) (Rp million) (Rp million ) (Rp million)
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents 714,446 1,980,423 886,091 1,040,036 727,229

Time Deposits - - - 48,609 23,877
Available-for-Sale Investments 1,416,774 680,967 433,572 384,808 111,794
Trade Accounts Receivable
Related Parties 10,749 - 12,118 180 21,153
Third Parties 1,047,827 713,432 494,927 408,739 179,886
Other Account Receivables 51,058 26,242 30,463 36,727 23,944
Inventories 139,627 118,865 58,881 57,892 25,131
Advances 82,029 15,421 17,663 2,338 4,575
Prepaid Taxes 5,837 547 85 64 313
Prepaid Expenses 72,821 88,720 38,677 29,446 16,929
Total Current Assets 3,541,168 3,624,617 1,972,477 2,008,839 1,134,831
FIXED ASSETS
Restricted Cash in Bank - 275,035 - - -

Investment in Associates 2,388 194,724 224,238 244,560 1,587
Long Term Account Receivables - - 23,735 27,577 27,600
Property, Vessels and Equipment – net
Of accumulated depreciation and impairment of
Rp 3.746.670 million, Rp 2.108.077 million and
Rp 1.637.897 million in 2008, 2007and 2006 20,657,220 15,810,719 5,.903,931 5,184,774 2,944,327
Advances for the Purchase of Property, vessels, and
Equipment - 7,912 13,780 387,993 232,448
Security Deposits 244,542 1,456 2,351 1,012 1,157
Goodwill-Net 461,984 713,306 36,167 39,428 42,688
Deferred Charges 69,022 39,612 24,138 14,404 9,276
Derivative Financial Instruments - 1,244 5,139 - -
Total Fixed Assets 21,435,156 17,044,008 6,233,479 5,899,748 3,259,083
TOTAL ASSETS 24,976,324 20,668,625 8,205,956 7,908,587 4,393,914
Description 2008 2007 2006 2005 2004

(Rp Million) (Rp (Rp (Rp Million) (Rp
176
Million) Million) Million)
EQUITY AND LIABILITIES
CURRENT LIABILITIES
Derivative financial instruments 337,089 60,152 - - -
Short-term bank loans 1,933,650 2,814,873 193,052 220,000 288,839
Trade-accounts payable - -
Related parties 921 26,285 6,285 2,263 436
Third parties 188,975 116,329 82,500 172,154 52,311
Other accounts payable 27,028 65,273 65,033 42,543 6,136
Dividends payable 5,352 5,204 14,876 21,691 4,478
Taxes payable 17,538 23,452 17,545 5,906 5,309
Accrued expenses 380,823 299,213 172,412 116,696 68,796
Unearned revenue 7,051 35,830 1,681 5,887 23,404
Bank loans 1,086,422 807,474 733,080 788,312 224,931
Obligations under financial lease 965,271 545,629 - - -
Bonds payable - 399,117 - - 199,322
Other long-term payable 6,470 - - - -
Deferred gain on sale and leaseback transaction 2,281 - - - -
Total Current Liabilities 4,958,871 5,198,831 1,286,464 1,375,452 873,962
NONCURRENT LIABILITIES
Long term liabilities - net of current maturities
Bank loans 7,900,384 5,707,025 3,194,726 3,405,473 1,410,057

Bonds payable 893,263 891,338 396,997 394,878 392,758
Notes payable 1,445,400 3,255,836 - - -
Obligations under finance lease 1,701,365 810,079 - - -
Other long term payable 135,880 122,447 117,260 116,173 -
Post-employment benefits 31,998 21,438 11,178 6,974 4,900
Convertible bonds 396,938 1,210,730 29,315 487,814 -
Derivative financial instruments 1,589,928 135,320 38,857 113,438 46,777

Deferred gain on sale and leaseback transaction 24,809 - - - -
Total Non current Liabilities 14,.119,965 12,154,213 3,788,333 4,524,750 1,854,492
Description 2008 2007 2006 2005 2004

(Rp (Rp (Rp
(Rp Million) Million) Million) (Rp Million) Million)
Capital stock 286,830 259,938 259,848 259,826 259,024

Additional paid-in capital 570,659 533,010 524,840 409,095 407,973
Translation adjustment 1,362,125 192,460 75,252 300,516 183,605
Difference due to change of equity in associate - (39,164) - - -
Unrealized gain (loss) on securities (20,420) 20,159 612 455 57
Retained earnings - -
Appropriated 57,366 52,275 51,965 51,805 2,400
Unappropriated 4,421,850 3,077,825 2,468,966 1,346,102 812,401
Total 6,678,410 4,096,503 3,381,483 - -
Less cost of treasury stock - 412.351.000 shares - -
in 2008 and 2007 and 149.453.800 shares in 2006 (780,922) (780,922) (250,324) (359,414) -
Total Equity 5,897,488 3,315,581 3,131,159 2,008,385 1,665,460
TOTAL LIABILITES AND EQUITY 24,976,324 20,668,625 8,205,956 7,908,587 4,393,914
1)
Profit per diluted shares is taking into account the potentials of securities to become diluted ordinary
shares over convertible bonds and warrants.
177
CONSOLIDATED STATEMENTS OF INCOME
Description 2008 2007 2006 2005 2004

(Rp (Rp
(Rp Million) (Rp Million) (Rp Million) Million) Million)
OPERATING REVENUES 7,005,851 3,641,773 3,073,787 2,617,192 1,351,433
DIRECT COST 4,762,118 2,504,681 1,951,494 1,568,618 965,219
GROSS PROFIT 2,243,733 1,137,092 1,122,293 1,048,574 386,214
GENERAL AND ADMINISTRATIVE EXPENSES 351,819 239,021 175,901 102,753 80,782
INCOME FROM OPERATIONS 1,891,914 898,071 946,392 945,821 305,432
OTHER INCOME (CHARGES)

Change in fair value of convertible bonds and notes
payable
2,961,090 378,867 - - -
Gain on sale of vessels and equipment 919,311 27,199 482,911 470 14,137
Investment income 164,746 108,126 55,649 34,969 23,413
Finance cost (2,919,873) (622,023) (233,757) (310,215) (124,076)
Impairment loss on asset (434,868) - - - -
Impairment of goodwill (319,042) - - - -
–Foreign exchange gain (loss) – net (447,786) 15,453 (21,981) (20,755) 31,330
Equity in net loss of associates (179,266) (219) (235) 257 304
Others – Net (68,415) (37,392) (14,943) 2,439 (2,692)
Other Charges - Net (324,103) (129,989) 267,644 (292,835) (57,584)
INCOME BEFORE TAX 1,567,811 768,082 1,214,036 652,986 247,848

TAX EXPENSE (9,849) (9,100) (8,756) (7,800) (4,644)
NET INCOME 1,557,962 758,982 1,205,280 645,186 243,204
EARNINGS PER SHARE (in full Rupiah amount)

Basic 373 199 303 159 64
Diluted 146 178 268 145 62
2)
1) : Profit per diluted shares is taking into account the potentials of securities to become diluted
ordinary shares over convertible bonds and warrants.
SIGNIFICANT RATIOS
Description 2008 2007 2006 2005 2004

GROWTH RATIOS (%)
Operating Revenues 92.4 18.5 17.5 93.7 39.3
Operating Cost 47.2 35.9 71.2 27.2 36.6
Operating Income 110.7 (5.1) 0.1 209.7 50.4
Net Income 105.3 (37.0) 86.8 165.3 63.1
Total Asset 20.8 151.9 3.8 81.3 45.9
Total Obligation 10.0 242.0 (14.0) 118.8 41.5
Equity 77.9 5.9 55.9 20.6 53.9
OPERATING RATIOS (%)

Operating Profit to Operating Income 27.0 24.7 30.8 36.1 22.6
Operating Profit to Average Assets 8.3 6.2 11.7 15.4 8.3
Operating Profit to Average Equity 41.1 27.9 36.8 51.5 22.2
Net Profit to Operating Income 22.2 20.8 39.2 24.7 18.0
Net Profit to Average Asset 6.8 5.3 14.7 10.5 6.6
Net Profit to Average Equity 33.8 23.5 46.9 35.1 17.7
FINANCIAL RATIOS (%)

Total Current Asset to Total Current Liabilities 71.4 69.7 153.3 146.1 129.8
178
Total Liabilities to Total Asset 76.4 84.0 61.8 74.6 62.1
Total Liabilities to Total Equity 323.5 523.4 162.1 293.8 163.8
179
XI. EQUITY
The table below will describe the equity position of the Company and its Subsidiaries on
December 31, 2008, 2007, and 2006 based on consolidated financial statements of the
Company and its Subsidiaries which have been audited by the Public Accountant Office of
Osman Bing Satrio & Rekan for the years 2008 and 2007 and the Public Accountant Office of
Osman Ramli Satrio dan Rekan for the year 2006, all with unqualified opinion.
31 December
2008 2007 2006

Description
(Rp Million) (Rp Million) (Rp Million)
Authorised Capital
Subscribed and paid up capital 286,830 259,938 259,848
Additional paid-in capital 570,659 533,010 524,840
Difference due to change of equity in associate 1,362,125 192,460 75,252
Translation adjustment - (39.164) -
Unrealized gain (loss) on securities (20,420) 20,159 612
Retained earnings 4,479,216 3,130,100 2,520,931
Treasury stock (780,922) (780,922) (250,324)
Total Equity 5,897,488 3,315,581 3,131,159
Aside from the abovementioned, as of the date of the Financial Statement of December 31,
2008 until this Prospectus is issued, there are no increase in the capital.
Year 2006
In respect of the execution of warrant issued based on the Limited Public Offering II, in
accordance with Deed of Amendment of Articles of Association Number 18, dated 16 May
2005 drawn up before Dr. Amrul Partomuan Pohan, S.H., LL.M., Notary in Jakarta, the Board
of Commissioners of the Company has approved the increase in the issued/paid-up capital of
the Company, from 4,156,608,996 shares or with an aggregate nominal value of Rp.
259,788,062,250,- to 4,157,572,436 shares or with an aggregate nominal value of Rp.
259,848,277,250,-.
Year 2007
In accordance with Deed of Amendment of Articles of Association Number 17, dated 23
November 2007 drawn up before Dr. Amrul Partomuan Pohan, S.H., LL.M., Notary in Jakarta,
the shareholders of the Company approved the increase in the issued/paid-up capital of the
Company, from 4,157,572,436 shares or with an aggregate nominal value of Rp.
259,938,152,250,-. The increase in the issued and paid-up capital in 2007 resulted from the
exercise of warrant.
Year 2008
In accordance with Deed of Amendment of Articles of Association Number 30, dated 29 April
2008 drawn up before Dr. Amrul Partomuan Pohan, S.H., LL.M., Notary in Jakarta, the
shareholders of the Company approved the increase in the issued/paid-up capital of the
Company, from 4,159,010,436 shares or with an aggregate nominal value of Rp.
286,830,073,500,-. The increase in the issued and paid-up capital in 2008 resulted from the
exercise of warrant.
If the change in the equity of the Company pursuant to the Rights Issue IV by way of issuance
of 1,392,310,059 (one billion three hundred and ninety-two million three hundred and ten
thousand fifty-nine) shares to public with a nominal value of Rp. 62.5 (sixty-two point five
Rupiah) per share and the Execution Price of Rp. 425.- (four hundred and twenty-five Rupiah)
occurred in December 31, 2008, the proforma equity as of such date is as follows.
180
Table of Equity Proforma per December 31, 2008
(in million Rupiah)
Position on Equity based Equity Proforma on 31
Changes after Limited
Description on Financial Statement December 2008 after
Public Offering IV
per 31 December 2008 Limited Public Offering IV
Subscribed and paid-up capital 286,830 87,019 373,849
Additional paid-in capital 570,659 504,712 1,075,371
Translation adjustment 1,362,125 - 1,362,125
Unrealized gain (loss) on securities (20,420) - (20,420)
Retained earnings 4,479,216 - 4,479,216
Treasury stock (780,922) - (780,922)
Translation adjustment 5,897,488 591,731 6,489,219
181
XII. DIVIDEND POLICY
The Holders of new shares in relation to the Limited Public Offering IV shall have the same and equal
right in all respects as the holders of old shares of the Company, including dividend rights.
The Company plans to make payment of cash dividend at least once a year subject to the Company’s
profit for the financial year concerned with due consideration to the requirement for the Company to
set aside reserves in accordance with prevailing regulations and the Company’s financial position.
The Board of Directors has considered the general principles to formulate recommendation of annual
and interim dividend payment and such recommendation will be presented to the shareholders of the
Company for approval . The actual value of dividend that the Board of Directors may recommend or
announce in respect of any particular financial year or period will be subject to the factors outlined
below as well as any other factors deemed relevant by the Board of Directors.
The Company’s current dividend policy is described as follow:

1. In determining its dividend payment ratio to any particular financial year, the company will take
into account its objective to maintain and potentially increase dividend levels as to maximize long-
term shareholders value; and
2. For dividend paid in certain financial year, such dividend shall be announced at the second
quarter and payable at the third quarter of the subsequent financial year.
3. In formulating the recommendation on the amount of dividend payable, the Board of Directors will
take into account the following factors
a. The total value of the Company’s current cash, gearing, return on equity (ROE) and retained
earnings;
b. The Company’s expected financial performance;
c. The Company’s projected levels of capital expenditure and other investment plans of the
relevant year;
d. The level of dividends, if applicable, that is the dividend received by the Company and its
Subsidiaries received;
e. The dividend yield of similar companies with comparable shipping companies in other
countries.
The following is table to show historically dividend payment of the Company as of the Initial Public
Offering in 1990:
Cash Dividend
Fiscal Year Rp per Share Total Dividend Net Profit Pay Out Ratio
(Rp) (Rp)
1990 (Interim) 50.0 595,000,000 5,252,487,257 11.33%
1990 (final) 70.0 980,000,000 5,252,487,357 18.66%
1991 120.0 2,520,000,000 8,165,320,975 30.86%
1992 50.0 2,940,000,000 9,435,826,023 31.16%
1993 50.0 2,940,000,000 12,004,519,839 24.49%
1994 100.0 5,880,000,000 10,186,663,218 57.72%
1995 100,0 5,880,000,000 9,645,533,121 60.96%
1996 30,0 4,586,400,000 13,232,719,380 34.66%

1997 15,0 6,879,600,000 20,673,859,675 33.28%
1998 - - 74,539,573,249 0.00%
1999 10,0 4,586,463,800 132,641,573,249 3.46%
2000 15,0 7,698,067,950 25,451,979,791 30.21%
182
2001 12,5 23,151,630,850 112,831,220,587 20.52%
2002 12,5 22,288,155,850 106,505,436,280 20.93%
2003* 15,0 27,994,748,820 149,149,512,900 18.77%
2004 15,0 62,333,360,640 243,204,229,960 25.63%
2005* 20,0 75,420,628,720 645,185,592,405 11.69%
2006 40,0 166,302,897,440 1,205,279,899,017 13.80%
2007 50,0 208,846,508,800 758,981,783,247 27.52%
* Dividend calculation excludes Buy-Back Shares.

Based on the historical distribution of dividend of the Company of the last 10 years, pay out ratio
dividend paid to the shareholders by the Company is approximately between 0% (year 1998) to
33.28% (year 1997).
Since the financial year 2009, the management of the Company intends to propose the payment of
future cash dividend in the amount of 0% up to 30% of net income after tax. Such policy was
determined with due observance and consideration of the Company’s financial condition, cash value,
debts level, return on equity, and return earning, as well as the needs of Company’s funds for
business expansion, without prejudice to the right of the Company’s General Meeting of Shareholders
to determine otherwise, in accordance to the provisions of the Company’s Articles of Association.
The Company’s dividend policy is only slightly different with the historical distribution of dividend (see
table above)
183
XIII. TAXATION
Income tax is imposed on dividends in accordance to the applicable tax laws and regulations.
According to the Law of the Republic of Indonesia No.17 dated 2 August 2000 (effective as at 1
January 2001) regarding Amendment to Law of the Republic of Indonesia No.10 dated 9 November
1994 regarding Amendment Law to No.7 of 1991 dated 30 December 1991 regarding Amendment
Law to No.7 of 1983 regarding Income Tax, the receipt of dividend or the distribution of profit
generated by a Limited Liability Company as a domestic taxpayer, cooperatives, foundations or other
similar organizations or State-owned Companies or Regional state-owned Companies, from capital
investment in companies established and domiciled in Indonesia are not considered as Income Tax
Objects provided that:
1. Dividend is derived from retained earnings; and
2. For Limited Liability Companies, State-owned and Regional State-owned Companies receiving
dividend, share ownership in such companies is not less than 25% of the total paid-up capital
and which have an active business operation in addition to the capital investment.
Pursuant to Regulation of the Government of the Republic of Indonesia No.41 of 1994 regarding
Income Tax on Gain from Securities Sale Transactions in Stock Exchange, juncto Regulation of the
Government of the Republic of Indonesia No.14 of 1997 regarding Amendment to Government
Regulation No.41 of 1994 regarding Income Tax on Gain from Securities Sale Transactions in the
Stock Exchange and Circular Letter of the Directorate General of Taxation No.SE-07/PJ.42/1995
dated 21 February 1995 regarding Income Tax on Gain from Securities Sale Transaction in Stock
Exchange (series General Income Tax No. 3 juncto SE-06/Pj.4/1997 dated 20 June 1997 regarding :
Collection of Income Tax on Gain from Securities Sale Transaction in Stock Exchange), it is stipulated
that:
1. Income received or obtained by private person or institution from securities sale transactions in
Stock Exchange will be subject to a final Income Tax of 0.10% from the gross proceeds.
Payment of the income tax will be deducted by the Stock Exchange through the stock broker at
the time of payment for the securities transaction;
2. Founder shareholders will be subject to additional Income Tax of 0.50% from the Company’s
share value at the time of Initial Public Offering;
3. Founder shareholders are allowed to pay their taxes by way of self-assessment based on the
above provisions. In this respect, for tax purposes, founder shareholders can make a final
calculation on the basis of their estimated earning. Payment of additional income tax payable can
be made by the Company on behalf of individual founder shareholders no later than 1 month
following the share trading in the Stock Exchange. However, in the event that the shareholder
does not elect this method of payment, their income tax will be based on the generally applicable
tariff of Income Tax according to Article 17 of Law No.17 of 2000.
According to Article 23.1 of Law No.17/2000, dividends generated from shares, traded in the Capital
Market or otherwise, indebted or payable to a Domestic Taxpayer and private person shall be subject
to income tax of Article 23 at 15% (fifteen percent) of the gross proceeds.
Dividend payable to foreign taxpayer will be subject to a tariff of 20% (twenty percent) or at a lower
rate in the event that payment is made to those residing in a country that has ratified a Double Tax
Treaty with Indonesia, in accordance to the Circular Letter of the Directorate General of Taxation No.
SE-03/PJ.101/1996 dated 29 March 1996 regarding The Application of Approval on Double Tax
Treaty.
Securities transactions in Indonesia are subject to stamp duty of Rp6,000 (six thousand Rupiah) for
transaction with value of more than Rp1,000,000 (one million Rupiah) and Rp3,000 (three thousand
Rupiah) for transaction value of Rp250,000 (two hundred and fifty thousand Rupiah) up to
Rp1,000,000 (one million Rupiah). Transactions with value less than Rp250,000 (two hundred and
fifty thousand Rupiah) are not subject to stamp duty.
184
PROSPECTIVE BUYERS IN THE LIMITED PUBLIC OFFERING IV ARE RECOMMENDED TO
CONSULT WITH THEIR RESPECTIVE TAX CONSULTANT REGARDING TAX IMPLICATIONS OF
THE PURCHASE, OWNERSHIP OR SALE OF SHARES PURCHASED THROUGH THIS LIMITED
PUBLIC OFFERING IV
185
XIV. CAPITAL MARKET SUPPORTING INSTITUTION AND
PROFESSION
The Capital Market Supporting Institution and Profession assisting and participating in the Limited
Public Offering IV are as follows:
PUBLIC ACCOUNTANT
Osman Bing Satrio & Rekan
Member of Deloitte Touche Tohmatsu
th
Wisma Antara 12 Floor
Jl. Medan Merdeka Selatan 17
Jakarta 10110
The primary function of the Public Accountant in the Limited Public Offering IV is to conduct an audit
based on standards established by the Indonesian Accountant Association (Ikatan Akuntan
Indonesia). Such standard requires the Public Accountant to plan and conduct the audit in obtaining
adequate certainty that the financial statement is free from any material misstatement presentation.
The Public Accountant is responsible for the opinion expressed on the financial statements based on
the audit.
The audit conducted by the Independent Auditor includes assessment based on the verification of
evidences supporting the amounts and the disclosures in the financial statement. The audit also
includes valuation based on the accounting principle applied and any significant estimation made by
the management and assessment of the presentation of the financial statement in its entirety. The
Independent Auditor is responsible for the qualified opinion of the Company’s financial statement.
The Company appoints Osman Bing Satrio & Rekan based on Appointment Letter No.
249/V/09/SA/660 dated May 15, 2009.
Letter of Registration of Capital Market Supporting Profession (Surat Tanda Terdaftar Profesi
Penunjang Pasar Modal) No. 305/PM/STTD-AP/2002 dated January 30, 2002 and a member of the
Indonesian Public Accountant Institute (Institut Akuntan Publik Indonesia (IAPI)) Number 1020.
Working Guidelines:
• The audit is conducted based on the Auditing standard set out by the Indonesian Public
Accountant Institute (Institut Akuntan Publik Indonesia (IAPI)).
Working Records:
Conducting Audits for, among others, the following companies:
PT Gajah Tunggal Tbk. 2008, 2007 and 2006
PT Metrodata Tbk. 2008, 2007 and 2006
PT Fajar Surya Wisesa Tbk. 2008, 2007 and 2006
PT Bank Pan Indonesia Tbk. 2008, 2007 and 2006
PT Bank Swadesi Tbk. 2008, 2007 and 2006
PT Radiant Utama Interinsico Tbk. 2008, 2007 and 2006
PT Barito Pacific Tbk. 2008 and 2007
PT Mitra Adi Perkasa Tbk. 2008, 2007 and 2006
PT Pakuwon Jati Tbk. 2008, 2007 and 2006
PT Mulia Industrindo Tbk. 2008, 2007 and 2006
LEGAL COUNSEL
William, Effendi & Co. Law Office
Jl. Blora No. 31, Menteng
Jakarta 10310
In accordance with the professional standards and the prevailing Capital Market Law, the scope of
duty of the Legal Counsel in this Public Offering is to conduct a due diligence on each legal aspect of
186
the Company and also to give an objective legal opinion on the Company. The legal audit of the
company is conducted in order to apply the disclosure principle to provide information to the public
and support any statement and information provided in the prospectus, especially any legal-related
matter. The legal counsel is responsible for their opinion given with respect to the legal aspect.
The company appoints William, Effendi & Co. Law Office based on the Company’s Appointment Letter
dated March 17, 2009.
Penunjang Pasar Modal) No. 361/PM/STTD-KH/2001 dated April 6, 2001 member of the Association
of Capital Market Legal Consultant (Himpunan Konsultan Hukum Pasar Modal) with membership
number of 200125 and a member of Indonesian Advocate Association (Perhimpunan Advokat
Indonesia) with Advocate Identification No. G.01.10273 by the name of Teddy A. Wardhana, S.H.,
LL.M.
Penunjang Pasar Modal) No. 363/PM/STTD-KH/2001 dated April 6, 2001 member of the Association
of Capital Market Legal Consultant (Himpunan Konsultan Hukum Pasar Modal) with membership
number of 200126 and a member of Indonesian Advocate Association (Perhimpunan Advokat
Indonesia) with Advocate Identification No. G.01.10258 by the name of Imran S. Kristanto, S.H., LL.M.
Working Guidelines:
Professional standard of the Association of Capital Market Legal Consultant (HKHPM) as stated in the
HKHPM Decision No. KEP-01/HKHPM/2005 dated February 18, 2005.
Working Records:
No. Name of Issuer Type of Work Location of Year

Listing
1. PT Tempuran Emas Tbk. IPO Indonesia 2003
2. PT Yulie Sekurindo Tbk. IPO Indonesia 2003
3. PT Aneka Kemasindo Utama Tbk. IPO Indonesia 2003
4. PT Wahana Ottomitra Multiartha Tbk. IPO Indonesia 2004
5. PT Mandala Multifinance Tbk. IPO Indonesia 2005
6. PT Arpeni Pratama Ocean Line Tbk. IPO Indonesia 2005
7. PT Alam Sutera Realty Tbk. IPO Indonesia 2007
8. PT Destinasi Tirta Nusantara Tbk. IPO Indonesia 2008
9. PT Yanaprima Hasta Persada Tbk. IPO Indonesia 2008
10. PT Mitra Surya Cemerlang IPO Indonesia 2008
11. Bank CIC International Tbk. Rights Issue Indonesia 2004
12. PT Bank Bumiputera Indonesia Tbk. Rights Issue Indonesia 2006
13. PT Citra Kebun Raya Agri Tbk. Rights Issue Indonesia 2007
14. PT Royal Oak Development Asia Tbk. Rights Issue Indonesia 2007
15. PT Citra Kebun Raya Agri Tbk. Rights Issue Indonesia 2008
16. PT Tiga Pilar Sejahtera Food Tbk. Rights Issue Indonesia 2008
17. PT Royal Oak Development Asia Tbk. Rights Issue Indonesia 2008
18. PT Bintang Mitra Semestaraya Tbk Rights Issue Indonesia 2008
19. PT Pelangi Indah Canindo Corporate Restructure Indonesia 2002
20. PT Duta Busana Danastri Corporate Restructure Indonesia 2002
21. PT Jaka Artha Graha Tbk. Corporate Restructure Indonesia 2002
187
No. Name of Issuer Type of Work Location of Year
Listing
22. PT Gloria Rasa Sayang Corporate Restructure Indonesia 2003
23. PT Intikeramik Alamasri Industri Tbk Corporate Restructure Indonesia 2003
24. PT Jan Darmadi Corporation Corporate Restructure Indonesia 2003
25. PT Namoryan Garden Estate Corporate Restructure Indonesia 2004
26. PT Ryane Adibusana Tbk Corporate Restructure Indonesia 2003
27. PT Fortune Indonesia, Tbk. Corporate Restructure Indonesia 2003
28. PT Arpeni Pratama Ocean Line, Tbk. Corporate Restructure Indonesia 2003
28. PT Bank Harfa Corporate Restructure Indonesia 2005
29. PT Wahana Ottomitra Multiartha Tbk Corporate Restructure Indonesia 2005
30. PT Tiga Pilar Groups Corporate Restructure Indonesia 2007
31. PT London Sumatra Tbk. Corporate Restructure Indonesia 2007
32. PT Selamat Sempurna, Tbk. Corporate Restructure Indonesia 2007
33. PT Yanaprima Hasta Persada, Tbk. Corporate Restructure Indonesia 2007
34. Emirates Trading Agency Dubai Corporate Restructure Indonesia 2008
35. PT Berlian Laju Tanker Tbk Bond & Sharia Bond Indonesia 2003
36. PT Arpeni Pratama Ocean Line Tbk Bond Indonesia 2003
37. PT Bank Pembangunan Daerah Jawa Bond I Indonesia 2004
Timur
38. PT Arpeni Pratama Ocean Line Tbk International Bond Indonesia 2006
39. PT Wahana Ottomitra Multiartha Bond IV Indonesia 2007
40. PT Selamat Sempurna Tbk Bond Indonesia 2007
41. PT Madala Multifinance Tbk Bond Indonesia 2007
43. PT Berlian Laju Tanker Tbk Bond III & Sukuk Ijarah Indonesia 2007
44. PT Arpeni Pratama Ocean Line Tbk Bond II & MTN Indonesia 2008
45. PT Arpeni Pratama Ocean Line Tbk Bond II Indonesia 2008
46. PT Bank Pembangunan Daerah Jawa Bond I Indonesia 2004
Timur
NOTARY
Robert Purba, S.H.
nd
Panin Life Plaza 2 Floor Suite 201
Jl. Letjend S. Parman Kav. 89
Jakarta-Indonesia
The primary function of a Notary in relation to the Public Offering is to prepare and to draw up deeds
relevant to the Limited Public Offering IV of the Company, among others Stand-by Purchase
Agreement, Share Management Agreement including the amendments thereto and to be responsible
of the validity of the deeds drawn up.
The company appoints Robert Purba, S.H., based on Appointment Letter No. 0316/RP-
N/III/2009 dated March 16, 2009.
Letter of Registration of Capital Market Supporting Professionals (Surat Tanda Terdaftar Profesi
Penunjang Pasar Modal) No. 472/PM/STTD-N/2002 dated January 18, 2002 and a member of the
Association of Indonesian Notary Association (Ikatan Notaris Indonesia (INI)), with registration
number 001.031.211063 by the name of Robert Purba S.H.
Working Guidelines:
• The prevailing laws and regulations
• Law No. 30 of 2004 regarding Notary
188
• Notary Code of Ethics
Working Records:
• Initial Public Offering of PT Truba Alam Manunggal Engineering Tbk;
• Initial Public Offering of PT Adaro Energy Tbk;
• Initial Public Offering of PT Bakrie & Brothers Tbk;
• General Meeting of Shareholders of PT Energi Mega Persada Tbk;
• Initial Public Offering of PT Darma Henwa Tbk.
SHARE REGISTRAR
PT Sinartama Gunita
Plaza BII Menara 3 12th floor
Jl. MH. Thamrin No. 51
Jakarta 10350
The scope of work of the Share Registrar in the Limited Public Offering IV are, among others, to
prepare Register of Shareholders (DPS) that are entitled to the Rights (HMETD), to issue Certificate
of Rights (Sertifikat Bukti HMETD (“SBHMETD”)) in the name of the shareholders, to distribute
SBHMETD to Shareholders or to confirm the registration of the Rights in the collective custody of
KSEI, to assist application to split SBHMETD, to assist application to transfer of title upon SBHMETD
which has been traded/transferred, to process order of shares in accordance with the rights owned
including the additional order based on the prevailing requirements until the issuance of Collective
Share Certificate to the shareholders or Letter of Confirmation from KSEI on the Share Registration in
accordance with the determined schedule.
In the event there are unexercised rights, the Share Registrar together with the Company will conduct
allotment process upon additional share order and print the allotment confirmation and prepare the
allotment report. The Share Registrar is also responsible for the adjustment of the Register of
Shareholders and the Collective Share Register or Letter of Confirmation of Share Registration upon
every additional share issued for the reason of execution of right, to check the completeness of the
subscribers’ documents and to issue receipt of the share purchase order, to deliver Collective Share
Certificate which has been processed to the subscriber or to distribute the shares electronically into
the collective custody of KSEI to make sure that the payment for the Share Purchase Order has been
received in good fund in the Company’s account and to prepare the cheque for the reimbursement of
the additional share order.
Working Records:
• Initial Public Offering of PT Perdana Gapuraprima Tbk;
• Initial Public Offering of PT Bumi Serpong Damai;
• Limited Public Offering I of PT Surya Semesta Internusa Tbk;
• Limited Public Offering I of PT Ancora Indonesia Resources Tbk;
• Limited Public Offering I of PT Bintang Mitra Semestaraya Tbk.
The Capital Market Supporting Institutions and Professionals have declare that they are not directly or
indirectly affiliated with the Company as defined in Law No. 8 Year 1995 dated November 10, 1995
concerning Capital Market.
189
XV. STANDBY BUYER
Pursuant to Deed of the Agreement to Purchase Remaining Shares of the Rights Issue IV of PT
Berlian Laju Tanker Tbk. No. 65 dated 20 May 2009, drawn up before Robert Purba, S.H., Notary in
Jakarta, which has been amended by the Amendment to the Agreement to Purchase Remaining
Shares of the Rights Issue IV of PT Berlian Laju Tanker dated 5 June 2009, drawn up privately and
duly stamped, and lastly amended with Deed of Amendment and Restatement of the Agreement to
Purchase Remaining Shares of the Rights Issue IV of PT Berlian Laju Tanker Tbk No. 133 dated 22
June 2009, drawn up before Robert Purba, S.H., Notary in Jakarta, the Standby Buyer in relation with
this Limited Public Offering IV is:
PT Tunggaladhi Baskara
Wisma BSG, 12th Floor
Jl, Abdul Muis No. 40, Jakarta 10160
Phone No.: (62-21) 385 9000
Fax No. : (62-21) 385 9055
PT Tunggaladhi Baskara, as the main shareholder states its ability to exercise all of its rights and
have sufficient fund and is able to perform its obligations as a standby buyer in this Limited Public
Offering IV of PT Berlian Laju Tanker, Tbk in this Limited Public Offering IV of PT Berlian Laju Tanker
Tbk.
If the shares offered in the Limited Public Offering IV are not fully subscribed or purchased by the
Rights holders, then the remaining unsold shares shall be allocated to the other Rights holders who
have subscribed to purchase an amount of shares greater than his entitlement as specified in the
Rights, proportionately based on the total Rights exercised.
In the event that after such allocation there still be remaining shares to be offered, then pursuant to
Deed of the Agreement to Purchase Remaining Shares of the Rights Issue IV of PT Berlian Laju
Tanker Tbk. No. 65 dated 20 May 2009, drawn up before Robert Purba, S.H., Notary in Jakarta, which
has been amended by the Amendment to the Agreement to Purchase Remaining Shares of the
Rights Issue IV of PT Berlian Laju Tanker dated 5 June 2009, drawn up privately and duly stamped,
and lastly amended with Deed of Amendment and Restatement of the Agreement to Purchase
Remaining Shares of the Rights Issue IV of PT Berlian Laju Tanker Tbk No. 133 dated 22 June 2009,
drawn up before Robert Purba, S.H., Notary in Jakarta, it has been agreed that the remaining
common shares that are not taken by the shareholders will be entirely taken by PT Tunggaladhi
Baskara at the same price as the price of the Company’s Limited Public Offering IV, that is Rp425,-
(four hundred and twenty-five Rupiah) per share.
190
XVI. REQUIREMENTS FOR SUBSCRIPTION AND PURCHASE OF
SHARES
The requirements for subscription and purchase of shares described below may be
adjusted/changed, subject to new regulations issued by KSEI.
The Company has appointed PT Sinartama Gunita as Share Administrator and Exercise Agent
for the Limited Public Offering IV pursuant to the Deed of Agreement on Shares Administration and
Exercise Agent in relation to the Limited Public Offering IV PT Berlian Laju Tanker Tbk. No. 66 dated
20 May 2009 juncto Deed on Addendum of the Agreement on Shares Administration No. 134 dated
22 June 2009, both drawn up before Robert Purba, S.H. Notary in Jakarta.
The requirements for Subscription and Purchase of Shares described below may be
adjusted/changed, subject to capital market regulations issued subsequent to the date of this
information.
1. ELIGIBLE SUBSCRIBERS
Shareholders whose names are recorded in the Register of Shareholders as at 13 July 2009 at
16:00 Western Indonesia Time are entitled to purchase new shares (Qualified Shareholder) in
relation to the Limited Public Offering IV with the applicable term being that each Qualified
Shareholder with 3 (three) Common Shares is entitled to 1 (one) Right which will give the right to
purchase 1 (one) Common Share. The offering price of Rp425 (four hundred and twenty-five
Rupiah) per share shall be payable in full at the time of order.
Eligible subscribers of the new shares are:

– Shareholders of the Company who obtained the Rights from the Company and have not
sold/transferred the Rights to other parties and
– Purchaser of the Rights whose name is recorded on the Rights Certificate or in the
endorsement column of the Rights Certificate, or Rights holders registered in the Collective
Custody at KSEI.
Subscribers may be Indonesian and/or Indonesian and foreign Legal Entities, as regulated under
Law No. 8 of 1995 dated 10 November 1995 concerning Capital Market.
2. DISTRIBUTION OF RIGHTS
– For Qualified Shareholders whose shares are in the Collective Custody at KSEI (scripless),
their Rights will be distributed electronically to the securities account of the respective Stock
Exchange Member or Custodian Bank at KSEI no later than 1 business day after the
recording date on the Register of Shareholders entitled to the Rights, i.e. 14 July 2009.
– For Qualified Shareholders whose shares are not in the Collective Custody at KSEI (scrip),
the Company will issue the Rights Certificate in the name of the Qualified Shareholders.
3. REGISTRATION/EXERCISE OF THE RIGHTS
Registration for the exercise of Rights shall be submitted at the office of the Company’s Share
Registrar starting from 15 July 2009 up to 4 August 2009 during business hours at 9:00 – 15:00
Western Indonesia Time.
a. Holders of the Rights in the scripless form who intend to exercise their Rights to purchase
shares may submit a request to exercise the Rights with the Stock Exchange
Members/Custodian Bank in charge of the securities. Then, the Stock Exchange
Member/Custodian Bank will execute the instruction on how to exercise the Rights through
the C-Best system by giving such instruction to KSEI in accordance with the regulations and
operating procedures of KSEI.
In executing the exercise instruction, the Stock Exchange Member/Custodian Bank must
follow the following rules:
191
– Holders of the Rights must have sufficient funds allocated for the exercise of the Rights
at the time of the request.
– Sufficient Rights and sufficient payment for exercising of those Rights. Rights must
already be made available in the securities account of the Rights holder who wishes to
exercise.
– The Securities Company/Custodian Bank must have already opened a sub-account for
the Rights holder who wishes to subsribe the new shares.
– The electronic instruction to apply for purchase of shares by the Securities
Company/Custodian Bank shall be effective no later than 4 August 2009.
On the subsequent business day after the Stock Exchange Member/Custodian Bank
provides the instruction for the exercising of Rights, KSEI will submit to the Share Registrar
the list of Rights holders, in the Collective Custody at KSEI, who will exercise their rights
and deposit the payment for the exercise of those Rights into the Company’s bank account
and submit the original evidence of payment to the Share Registrar.
The Rights which remain unexercised until the expiration date as have been specified by
the Company shall be removed from the records in the securities accounts by KSEI. In
relation to this, KSEI will issue a Confirmation on the Removal of such recorded securities
to the relevant Securities Company/Custodian Bank.
b. Holders of the Rights in the form of Rights Certificates who intend to exercise the Rights
may submit a request to exercise the Rights exercise to the Share Registrar appointed by
the Company, namely:
PT Sinartama Gunita
Plaza BII Menara 3 Floor 12
JL. MH. Thamrin No. 51
Jakarta 10350
by submitting the following documents:
• Original Rights Certificate duly signed and completed

• Original evidence of payment by way of transfer/book-entry/giro cheque/cheque/cash to
the Company’s bank account from the bank from which the payment deposit was made;
• Original of the valid power of attorney (if by proxy) with Rp6,000 stamp duty, attaching a
copy of Identification Card/Driver’s License/Passport/Temporay Residence Permit of
both the grantor and the proxy;
• For individual subscriber, a copy of valid Identification Card/Driver’s
License/Passport/Temporary Residence Permit; for subscribers that are legal
entities/companies, copy of the Articles of Association and current composition of the
incumbent Board of Directors/Management, together with copies of evidence of
identification of the members of the Board of Directors/Management authorized to
represent;
• In the event that the Rights holders wish to have the new shares from the exercise of
the Rights deposited into the Collective Custody at KSEI (in electronic form), the
relevant Rights holders may submit the request to exercise to the Share Registrar
through the Stock Exchange Member/Custodian Bank appointed by the Rights holders
by submitting the following additional documents:
- Original power of attorney from the Rights holders to the Stock Exchange
Member/Custodian Bank to apply for the Rights exercise and to manage the new
shares in the Collective Custody at KSEI on behalf of the grantor;
- Original Securities Deposit Form issued by KSEI, duly completed and signed.
Registration for the exercise of Rights will be conducted at the Office of the Share Registrar
and will take place starting from 15 July 2009 up to 4 August 2009 during business hours
until 16:00 Western Indonesia Time.
192
The Company will issue shares from the exercise of the Rights in the form of Rights Certificates in
the event that the Rights holders do not wish to have the shares from the exercise to be deposited
in the Collective Custody at KSEI.
If the Rights Certificates are not completed according to the guidance/terms and conditions of the
subscription set out in the Rights Certificate and/or prospectus for the purpose of Rights exercise,
this may result in the rejection of the subscription. The Rights will be deemed to have been
exercised only after payment has been received in good funds in the Company’s bank account
under the terms and conditions of purchase set out in the Prospectus.
4. ADDITIONAL SHARE PURCHASE SUBSCRIPTION
a. Holders of Rights Certificates (outside the Collective Custody at KSEI) can subscribe new
shares exceeding the specified portion of their rights by completing the designated
Additional Share Subscription column in the Rights Certificate or Additional Share
Subscription Form in increments of 500 (five hundred).
b. For holders of the Rights in electronic form who wish to subscribe for shares exceeding
their portion of rights as determined in accordance with the shares owned can submit a
request to the Share Registrar of the Company through the Stock Exchange
Member/Custodian Bank, by submitting the following documents:
– Original Additional Share Subscription Form, duly completed;
– Original exercise instruction settled through the C-Best system;
– Original Share Subscription Form, duly completed;
– Original evidence of payment by way of transfer/book-entry/giro cheque/cheque/cash to
the Company’s bank account from the bank from which the deposit payment is made.
Applications for additional share subscriptions that are not in accordance with the guidelines
pursuant to the terms and conditions of the subscription may result in rejected subscription.
Payment for additional share subscription must be received in good funds in the Company’s bank
account no later than 6 August 2009.
5. ALLOTMENT FOR ADDITIONAL SHARE SUBSCRIPTION
Allotment or allocation for additional share subscription will be determined on 7 August 2009,
proportionately based on the number of Rights exercised by the respective shareholders applying
for the additional subscription based on the subscription price.
The Allotment Manager shall submit an Auditor’s Report to Bapepam and LK regarding the
fairness of the allotment procedures, which are based on Bapepam Regulation No. VIII.G.12
concerning Audit Guidelines for Accountants regarding Subscription and Allotment of Securities or
Bonus Shares and Bapepam Regulation No.IX.A.7 concerning the Responsibilities of Allotment
Manager with respect to Subscription and Allotment of Securities in a Public Offering, at the latest
30 days after the Allotment Date.
6. PAYMENT TERMS
a. Original evidance of payment from the bank in the form of evidence of transfer/book-
entry/giro cheque/cheque/cash
Payment for subscription of shares in relation to this Limited Public Offering IV must be
made in its full amount in Rupiah currency at the time of subscription, in cash or by way of
cheque, giro cheque or book-entry/transfer at the time of applying for subscription by
indicating the name of the subscriber and the number of Rights. Payment must be
deposited to the Company’s account as follows.
Bank Mega, Gunung Sahari Branch, Jakarta

Acc No. 01.035.0011.123450
By the name of: PT Berlian Laju Tanker Tbk
193
In this regard, the Company will provide a copy of the evidence of payment, which indicates
the name of the subscriber and number of the Rights Certificates.
All bank charges associated with the shares purchase will be borne by the subscriber.
Subscription will be deemed cancelled in the event the payment condition is not fulfilled.
b. All cheques and money orders will be cleared upon receipt. In the event that the cheques
and money-orders are rejected by the issuing banks, subscriptions will be deemed
cancelled. The payment date will be considered based on the receipt date of the
cheque/book entry/giro cheque payment and the date the fund is received in good funds in
the Company’s bank account as mentioned above. For additional subscription of new
shares, payment must be made on the day where the payment should have been received
in good funds in the Company’s bank account which is no later than 2 (two) business days
after the last trading date of the Rights, i.e. 6 August 2009.
7. RECEIPT FOR SHARE SUBSCRIPTION
Upon receipt of requests for share subscription, the Share Registrar will provide a receipt for
share subscription, which represents a part of the Rights Certificate which has been chopped and
signed, to the subscriber as evidence for the subscription which can be used to collect the new
Share Certificates or refund for subscriptions that are not fulfilled. Holders of Rights in the
Collective Custody at KSEI shall receive a confirmation of their Rights exercise request, through
C-Best, from KSEI through their securities account holders.
8. CANCELLATION OF SHARE SUBSCRIPTION
The Company reserves the right to cancel subscription of new shares fully or partially subject to
the prevailing terms and conditions. Factors that may bring about the cancellation of subscription
of new shares include: The giving of false information in the Rights Certificates or subscription
form or the failure to complete it; payment for subscription in the Company’s bank account is not
in good funds; and/or supporting documents for exercise request are not complete at the time of
its submission for subscription. Notice of cancellation for subscription of additional shares, i.e. on
7 August 2009, shall be announced simultaneously with the announcement for allotment of
additional subscription.
9. REFUND OF SUBSCRIPTION PAYMENT
In the event that subscription of the additional shares is not fulfilled, partly or entirely, or there is a
cancellation of share subscription, the Share Registrar on behalf of the Company shall make a
refund at the latest 1 (one) business day after the Allotment date, i.e. on 10 August 2009.
In the event that there is a delay in the refund payment is delayed, the amount of refund shall
include interest which shall be calculated effective on 10 August 2009, based on the average
interest rate of 1 (one) month deposit of state-owned commercial bank(s), i.e. PT Bank Mandiri
(Persero) Tbk. The foregoing shall not be applicable if the delay is due tothe subscriber not
collecting the refund at the designated time.
Refund shall be paid in the Rupiah currency in made giro cheque, cheque and bank transfer in
the name of the subscriber, which may be collected by the subscriber starting from 10 August
2009 at the Share Registrar from 10:00 to 15:00 Western Indonesia Time. After 10 August 2009,
refund cheque may be collected at the office of the Company.
Refund may only be collected upon presentation of original valid identification card/or other
evidence of identity of the subscriber, as well as the original evidence of receipt of subscription
form and a copy of the identification card/document.
Refund must be collected by the subscribers concerned upon presentation of the receipt of share
subscription and original proof of identification of the subscriber in the form of Identification
Card/Driver’s License/Passport/Temporary Residence Permit (for individuals) or copy of the
Articles of Association and current composition of the Board of Directors/Management, together
with copies of evidence of identification of members of the Board of Directors/Management
194
authorized to represent (for legal entities). In the event that the subscriber is unable to make the
collection directly, then he can grant a power of attorney to another party, by attaching a power of
attorney duly stamped with Rp6,000 (six thousand Rupiah) stamp duty and a copy of
Identification cards of both the grantor and the proxy and by presenting the original Identification
cards of both the grantor and the proxy.
In the event that refund is made by way of book-entry/transfer, the Company shall transfer the
funds directly to the accounts of the subscriber, so that the subscriber shall not be subject to bank
charges or charges for such book entry/transfer.
Distribution of Shares from the Execise of Rights
Shares from the exercise of Rights shall be distributed to the shareholders starting from 17 July
2009 up to 6 August 2009.
For shares in the Collective Custody at KSEI:
a. The Company will not issue Collective Shares Certificates in relation to the Limited Public
Offering IV, but shares from the exercise of Rights shall be distributed electronically to
KSEI’s Collective Custody.
b. Shares in electronic form will be deposited by the Company through the Share Registrar in
the securities account designated by KSEI no later than 2 (two) business days after the
Share Registrar receives from KSEI the list of Rights holders in the Collective Custody at
KSEI who are exercising their rights and the Company receives payment in good fund in its
bank account. KSEI will then distribute the shares to the securities account of the respective
Rights holders exercising the Rights.
c. Shares based on the additional share subscriptions shall be credited or distributed by the
Company through KSEI in electronic form into the Collective Custody at KSEI no later than
2 business days after the allotment date, i.e. on 11 August 2009.
For shares not registered in the Collective Custody at KSEI (scrip):
a. The Company will issue Collective Share Certificates.

b. Collective Share Certificates may be collected at the office of the Share Registrar no later
than 5 (five) business days after the request has been received by the Share Registrar and
payment has been received in good fund in the Company’s account.
c. Shares based on additional share subscription may be collected no later than 2 (two)
business days after the allotment date, i.e. 11 August 2009 at the office of the Share
Registrar.
10. ALLOCATION OF SHARES NOT SUBSCRIBED BY THE RIGHTS HOLDERS
If the shares offered in the Limited Public Offering IV are not entirely subscribed or purchased by
the Rights holders, then the remaining unsold shares shall be allocated to the other Rights
holders, who have applied to purchase additional shares exceeding their rights.
If after such allocation there are still some remainder of the shares offered, then in accordance
with the provisions of the Agreement on Purchase of Remaining Shares of the Rights Issue IV of
PT Berlian Laju Tanker Tbk. No. 65 dated 20 May 2009 drawn up before Robert Purba, Notary in
Jakarta, these remainder of Shares shall be purchased entirely by PT Tunggaladhi Baskara at the
same price as the price of the Limited Public Offering IV of Rp 425.- (four hundred and twenty-five
Rupiah) per share.
195
XVII INFORMATION ON THE RIGHTS
A. INFORMATION ON THE RIGHTS
1. Rights Holders
Eligible Rights holders are:

– Shareholders entitled to receive the Rights, and who have not sold such Rights;
– Purchaser of the Rights whose name is recorded on the Rights Certificate; or
– Rights holder registered in the Collective Custody of KSEI,
up to the last date of the Rights trading period.
2. Trading of the Rights
Rights may be sold or transferred during the trading period of the Rights, starting from 15 July
2009 up to 4 August 2009. Rights holders who intend to transfer his rights may do so through the
Stock Exchange (through a Securities Brokerage registered at the Stock Exchange) or off the
exchange in accordance with the applicable Capital Market regulations. All Rights in the
Collective Custody at KSEI shall be traded on the Stock Exchange, whereas Rights Certificates in
the relevant form may only be traded off the exchange.
Settlement of Rights transactions traded through the Stock Exchange will be conducted by book-
entry settlement between securities accounts of Custodian Bank or securities companies at KSEI.
Trading of the Rights shall be subject to the prevailing laws and regulations applicable within the
jurisdiction of the Republic of Indonesia, including but not limited to tax regulations and Capital
Market regulations including regulations of the Stock Exchange where the Rights are traded and
regulations of KSEI. If the Rights holders are in doubt as to making their decision, they are
advised to consult with an investment advisor, securities brokerage, investment manager, legal
advisor, public accountant or other professional advisors.
All costs and taxes incurred with respect to transactions for the transfer and sale of the Rights
shall be borne by the Rights holders or potential Rights holders.
3. Forms of Rights
For shareholders whose shares are in the Collective Custody at KSEI, the Company shall not
issue Rights Certificates and the Rights to which they are entitled to shall be received
electronically by crediting the securities account of the Stock Exchange Member/Custodian Bank
at KSEI, designed by the respective shareholders.
For shareholders who are not currently registered in the Collective Custody at KSEI, the
Company will issue Rights Certificates which specify the name and address of the shareholder,
number of shares owned, number of Rights which can be used to purchase shares, as well as
columns for the number of shares purchased, the sum of amount to be paid, the number of
subscription for additional shares, a column for endorsement and other required information.
4. Value of the Rights
Value of the Rights offered to a valid Rights holder may differ from one Rights holder to another,
depending on the bid and offer available in the market.
For example, the calculation formula below is one of the means to calculate the value of the
Rights, though it does not guarantee that the end result of the Rights value obtained is the actual
value of the Rights. The description below is expected to provide a general description to
calculate the value of the Rights:
196
Assuming that the market price per one share = Rp a
Price of share from Limited Public Offering IV = Rp r
Number of Shares outstanding before the Limited Public Offering IV = A
Number of Shares offered in the Limited Public Offering IV = R
⎡ (Rp a x A) + (Rp r x R) ⎤
Theoretical Price of New Share Ex HMETD = ⎢ ⎥
⎣ (A + R) ⎦
= Rp X
Price of the Rights per Share = Rp X – Rp r
5. Fractioned Rights
Pursuant to Regulation No. IX.D.1, fractioned Rights must be sold by the Company, with the
proceeds deposited into the Company’s account.
6. Use of Rights
The Rights issued shall be used for the qualified holders to subscribe shares offered by the
Company. The Rights are not exchangeable for money or other matter whatsoever with the
Company and cannot be traded in the form of photocopies.
7. Others
Any costs incurred in relation to the transfer of Rights shall be borne by the Rights holders.
Information on issued Warrant
At the time the limited Public Offering II was carried out in 1998, the Company also issued warrants,
where each holder of 10 (ten) new shares issued at the Limited Public Offering II attach 2 free
warrants as an incentive for the Shareholders, so that the total number of the issued warrants is
61,152,000 warrants at the exercise price of Rp 1,200 per warrant. The warrant has 5 years terms of
period with the exercise period of July 16, 1998 until January 20, 2003.
On December 26, 2001 and May 6, 2004, the Company carried out stock split with a ratio of
consecutively 1:4 and 1:2 so that the number of warrants after such split is 489,216,000. Moreover,
based on EGMS dated October 17, 2002, the Company was extending the exercise period of
warrants up until January 18, 2008. The total warrants which have been exercised by the
shareholders were 488,495,976 warrants.
197
XVIII. DISTRIBUTION OF PROSPECTUS AND RIGHTS
Prospectus and the Rights shall be available for the Company’s shareholders whose names are
recorded in the Register of Shareholders as at 13 July 2009 at 16:00 Western Indonesia Time at the
Share Registrar and Head Office of the Company.
Share Registrar Head Office

PT Sinartama Gunita PT Berlian Laju Tanker Tbk
th
Plaza BII Tower 3 12th Floor Wisma BSG, 10 Floor
JL, MH, Thamrin No. 51 Jl, Abdul Muis No, 40
Jakarta 10350 Jakarta 10160
If until 4 August 2009 a shareholder of the Company whose name is recorded in the Company’s
Register of Shareholders dated 13 July 2009 has not received or collected the Prospectus and the
Rights and has not contacted the Share Registrar or the Company, then all risks of losses shall not be
the responsibility of the Share Registrar or the Company, but shall be the responsibility of the relevant
shareholder.
198

Rights Issue Prospectus Summary

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Rights Issue Prospectus Summary

Uploaded by

Copyright:

Available Formats

UNOFFICIAL TRANSLATION

PT BERLIAN LAJU TANKER Tbk

Dumai Branch Office: Head Office: Merak Branch Office:

LIMITED PUBLIC OFFERING IV TO THE SHAREHOLDERS OF THE COMPANY

This Prospectus is issued in Jakarta on 30 June 2009

BRIEF HISTORY AND BUSINESS ACTIVITIES OF THE COMPANY

SUMMARY OF SIGNIFICANT FINANCIAL DATA

CONSOLIDATED BALANCE SHEET

Description 2008 2007 2006

CONSOLIDATED STATEMENTS OF INCOME

Description 2008 2007 2006

LIMITED PUBLIC OFFERING IV

Before Limited Public Offering IV After Limited Public Offering IV

Treasury Stock 412,351,000 25,771,937,500 8.985 412,351,000 25,771,937,500 6.894

* shareholders with ownership less than 5% (five percent) respectively

Before Limited Public Offering IV After Limited Public Offering IV

Koperasi Karyawan Berlian 2,422,056 151,378,500 0.053 3,229,408 201,838,000 0.054

* shareholders with ownership less than 5% (five percent) respectively

USE OF PROCEEDS OBTAINED FROM THE LIMITED PUBLIC OFFERING IV

TOTAL LIABILITIES 19,078,836

• Risk of contract termination.

• Risk of natural disasters and accidents at sea.

• Risk of Political Instability.

• Risk as a Holding Company.

DEFINITION AND GLOSSARY ..…….……………………………………………………………………... iii

EXECUTIVE SUMMARY ..................................................................................................................... v

I. LIMITED PUBLIC OFFERING IV ………………………...………………………………………… 1

III. STATEMENT OF INDEBTEDNESS ........................................................................................ 7

IV. MANAGEMENT DISCUSSION AND ANALYSIS ..……………………………………………….. 19

V. RISK FACTORS ....................................................................................................................... 49

VI. SIGNIFICANT EVENTS SUBSEQUENT TO THE INDEPENDENT AUDITORS’ REPORT .... 57

VII. INFORMATION ON THE COMPANY AND ITS SUBSIDIARIES ………………....................... 58

IX. SHIPPING INDUSTRY….. ………………………………………………………………………….. 141

X. SUMMARY OF SIGNIFICANT FINANCIAL INFORMATION ...…...…………………………….. 176

XI. EQUITY ……………………………………………………………………………………………….. 180

XII. DIVIDEND POLICY …………………………….………...……………………………...………….. 182

XIII. TAXATION ………………………………………………...……………………………...………….. 184

XIV. CAPITAL MARKET SUPPORTING INSTITUTIONS AND PROFESSION ……………………. 186

XV. STANBY BUYER …………………………………………………………………………………….. 190

XVI. REQUIREMENTS FOR SUBSCRIPTION AND PURCHASE OF SHARES …………………... 191

XVII. INFORMATION ON THE RIGHTS …………………………………………………………………. 196

XVIII. DISTRIBUTION OF PROSPECTUS AND RIGHTS …………………………………………….. 198

PT Berlian Laju Tanker Tbk.

Dumai Branch Office: Head Office: Merak Branch Office:

Registered Ordinary Shares

Before Limited Public Offering IV After Limited Public Offering IV

* With ownership by each shareholder of less than 5% (five percent) respectively

Before Limited Public Offering IV After Limited Public Offering IV

Koperasi Karyawan Berlian 2,422,056 151,378,500 0.053 3,229,408 201,838,000 0.054

DBS Bank Ltd

III. STATEMENT OF INDEBTEDNESS

TOTAL LIABILITIES 19,078,836

The following are detailed descriptions of the Company’s liabilities:

DnB NOR Bank, ASA, Singapore - USD50,000,000 547,500

Interest rate per annum for the current year

TRADE ACCOUNTS PAYABLE

OTHER ACCOUNTS PAYABLE

On 31 December 2008, the Company recorded dividends payable of Rp5,352 million.

CURRENT MATURITIES OF LONG-TERM LIABILITIES

LONG-TERM BANK LOANS

DnB NOR Bank, ASA, Singapore/Fortis Bank S.A./N.V./ING Bank N.V./

Long-term Bank Loans – Net 7,900,384