Chembulk Tankers is Founded
- Chembulk Tankers("Chembulk") was founded in 1980 as part of the MT Maritime Management Group.
- Chembulk began as a Singapore-based operator of time-chartered vessels and owner of second-hand tonnage, initially focused on the SE Asian vegoils and commodity chemicals trade.
MT Chembulk Growth
From founding through 2006, Chembulk developed into an owner-operator of a fleet ultimately consisting of 19 stainless steel chemical tankers, ranging from 17K DWT to 34K DWT built from 2000 onward.
Transition to BLT Chembulk
- Acquired from MTMM by AMA Capital and Varde Partners in January 2007. Chembulk Tankers became an independent and autonomous chemical tanker company.
- Sold to Berlian Laju Tankers of Jakarta, Indonesia in December 2007.
BLT Chembulk Group operated over 60 stainless steel tankers on global trade routes, making it the world's third largest operator of stainless steel tankers.
January 2012 – BLT declares a debt-standstill and halts stock trading on Singapore SGX and Jakarta IDX. The development of a corporate restructuring plan commences.
BLT creditors vote in favor of proposed restructuring plan, which is sanctioned by Central Court of Jakarta and subsequently recogonized in Singapore and the U.S..
Restructuring Process Continues
Private equity firms led by KKR and York Capital acquire BLT’s secured debt. The restructuring process continues with numerous procedural and legal milestones being achieved along the way.
New Chembulk Tankers
2015 – New Chembulk Tankers Era Commences
- A Restructuring Support Agreement (RSA) was reached in April between BLT and KKR/York.
- BLT creditors approved the revised restructuring plan in August via a second PKPU, which was subsequently approved by BLT shareholders in November.
- This paved the way for BLT's return to solvency and the creation of a new and independent company -- Chembulk Tankers.