PT BERLIAN LAJU TANKER Tbk. Stay Vigilant, Stay Resilient

PT BERLIAN LAJU TANKER Tbk Annual Report 2009

Stay Vigilant, Stay Resilient

w w w . b l t . c o . i d

Daftar Isi | Contents Visi dan Misi | Vision and Mission 01 Riwayat Singkat Perusahaan | Company at Glance 02 Tonggak Penting Perjalanan Perseroan | Corporate Milestones 04 Ikhtisar Data Keuangan Penting | Financial Highlights 06 Struktur Organisasi | Organization Structure 08 Informasi Perseroan | Company Information 09 Sambutan Dewan Komisaris | Remarks from Board of Commissioners 10 Laporan Tugas Pengawasan Dewan Komisaris | Supervisory Report of the Board of Commissioners 14 Sambutan Direksi | Remarks from Board of Directors 20 Pembahasan Operasional | Operations Review 29

Ringkasan Aktivitas Usaha | Business Activities 29

Kapasitas dan Komposisi Armada Perusahaan | Capacity and Composition of the Company’s Fleet 30

Penjualan dan Pemasaran | Sales and Marketing 37

Kekuatan Daya Saing | Competitive Strengths 40

Strategi | Strategy 44

Prospek Usaha dan Kondisi Pasar | Business Prospects and Market Conditions 47

Anak Perusahaan Utama | Major Subsidiaries 50

Kinerja Saham | Share Performance 53

Penghargaan dan Sertifikasi | Awards and Certifications 56

Tata Kelola Perusahaan yang Baik | Good Corporate Governance 59

Kebijakan Dividen | Dividend Policy 77

Penerbitan Obligasi Korporasi | Corporate Bond Issuance 79

Wesel Bayar | Notes Payable 81

Penerbitan Obligasi Konversi | Issuance of Convertible Bonds 81

Pemeringkatan Efek | Financial Ratings 83

Susanan Kepemilikan Saham Perseroan | Statistics of Shareholdings 84

Pengembangan Sumber Daya Manusia | Human Resources Development 86

Manajemen Serta Pelatihan Awak Kapal | Crew Management and Crew Training 87

Tanggub Jawab Sosial Perusahaan | Corporate Social Responsibility 89

Analisa dan Pembahasan Manajemen | Management’s Discussion and Analysis 93 Dewan Komisaris | Board of Commissioners 98 Direksi | Board of Directors 100 Surat Pernyataan | Statement Letter 101 Laporan Auditor Independen | Independent Auditor’s Report 109 Group Addresses (on inside back cover)

PT Berlian Laju Tanker Tbk Annual Report 2009

VISI

Untuk menjadi Perusahaan Pelayaran Multinasional terkemuka baik dalam pengangkutan di dalam negeri maupun internasional dengan memperkerjakan sumber daya yang berkualitas dan memiliki keunggulan bersaing agar dapat memberikan layanan yang berkualitas tinggi.

MISI

Untuk melayani kepentingan publik dan kebutuhan pelanggan dengan melakukan pencegahan kehilangan jiwa, kecelakaan di laut dan pencemaran lingkungan.

VISION

To be the preferred Multinational Shipping Company in domestic and international trading by employing good and competitive resources to deliver high-quality services.

MISSION

To serve the public interest, as well as the needs of our customers by preventing loss of life, marine casualties, and environmental pollution.

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Riwayat singkat perusahaan

Riwayat singkat perusahaan

PT Berlian Laju Tanker Tbk (“Perseroan”) pada mulanya berdiri dengan nama PT Bhaita Laju Tanker pada tahun 1981. Perseroan memulai kiprahnya dalam industri pelayaran dengan mengoperasikan 2 kapal tanker minyak, MT Brotojoyo dan MT Anjasmoro dengan total bobot sebesar 12.050 DWT. Kedua kapal tanker tersebut disewakan oleh Perseroan kepada Pertamina yang sekaligus menjadi tonggak awal hubungan bisnis Perseroan dengan Pertamina. Pada tahun 1988, Perseroan resmi berganti nama menjadi PT Berlian Laju Tanker.

PT Berlian Laju Tanker Tbk (the “Company”) was initially established under the name of PT Bhaita Laju Tanker in 1981. The Company started its business in the shipping industry by operating 2 oil tankers, namely MT Brotojoyo and MT Anjasmoro with dead weight capacities of 12,050 DWT each. These two tankers were chartered by the Company to Pertamina, which later on became a landmark of the business relationship between the Company and Pertamina. In 1988, the Company officially changed its name to become PT Berlian Laju Tanker.

Usaha Perseroan dalam menyediakan jasa angkutan muatan cair ternyata berkembang dengan sangat pesat. Perkembangan dalam industri petrokimia dan minyak nabati pada era 80an ternyata membuka peluang bagi Perseroan untuk memperluas cakupan usahanya dan masuk ke dalam segmen usaha baru. Dengan melihat potensi bisnis yang cukup menjanjikan pada segmen gas dan kimia cair, maka pada tahun 1986 Perseroan memutuskan untuk memperluas cakupan muatan cair yang dilayani, antara lain meliputi bahan kimia, bahan bakar gas cair (LPG) dan minyak nabati.

The business of the Company in providing the liquid cargo transportation services apparently grew very fast. The development in the petrochemical and vegetable oil industries in the 1980s opened a new business opportunity for the Company to expand its business coverage and enter into a new business segment. To better respond the market demand, in 1986, the Company expanded its services to include transportation of a wider range of chemicals, liquified petroleum gas (LPG) and vegetable oils.

Pada tahun 1990, Perseroan menjadi perusahaan pelayaran pertama di Indonesia yang mencatatkan sahamnya di Bursa Efek Indonesia. Dengan lingkup usaha pelayaran berskala internasional, maka pada tanggal 30 Oktober 2006 Perseroan mencatatkan sahamnya pada Singapore Exchange Securities Trading Limited (SGX) dan menjadi perusahaan Indonesia pertama yang melakukan pencatatan saham di Bursa Efek Indonesia dan Singapura (dual listed). Singapura sejak lama telah dikenal sebagai pusat pelayaran antar negara dan pusat kegiatan ekonomi regional. Karena itulah, tindakan ini diharapkan dapat memberi pengaruh positif terhadap perkembangan Perseroan di masa mendatang.

In 1990, the Company became the first Indonesian shipping company to be listed on the Indonesia Stock Exchange. With an international shipping business coverage in hand, on October 30, 2006 the Company listed its shares on the Singapore Exchange Securities Trading Limited (SGX) and became the first Indonesian company to be listed in both Indonesia Stock Exchange and Singapore Stock Exchange (dual listed). Since a long time ago, Singapore has been known as an intra country shipping center and a center of regional business activities therefore this action was expected to positively affect the growth of the Company in the future.


Company at a Glance

Company at a Glance Perseroan memiliki jaringan internasional yang luas dalam hal pengoperasian, penjualan, dan pemasaran. Perseroan mempertahankan pertumbuhan jaringan usahanya di luar negeri, dan di saat yang bersamaan, terus meningkatkan komitmen Perseroan atas operasi usaha yang global namun terkontrol dan terintegrasi penuh dengan seluruh jaringan operasi usaha Perseroan. Selain kantor-kantor operasional di Jakarta, Singapura, Hongkong, Bangkok, Taiwan, Shanghai, dan Beijing, Perseroan juga memiliki kantor-kantor pemasaran di Dubai, untuk melayani para pelanggan di Timur Tengah, Mumbai, untuk melayani pelanggan di Asia Selatan, Glasgow untuk melayani pelanggan di Eropa dan Westport - Connecticut dan Sao Paolo - Brasil untuk melayani pelanggan di Amerika Utara dan Amerika Selatan. Dengan mengakuisisi Chembulk Tankers LLC (“Chembulk”) pada akhir tahun 2007, Perseroan mampu menyediakan jasa transportasi ke seluruh dunia termasuk Eropa, Baltik, Amerika, Asia Timur, Asia Tenggara, Asia Selatan, Timur Tengah serta Australia. Sebagai perusahaan pelayaran k e l a s d u n i a , Pe r s e r o a n sangat memahami bahwa kondisi armada yang dimiliki akan menentukan peluang keberhasilan bisnis Perseroan di tengah kompetisi global. Hampir seluruh kapal yang dimiliki oleh Perseroan merupakan kapal berlambung ganda (double hull) dan seluruh armada kapal tanker kimia Perseroan telah memenuhi standard IMO II/III. Spesifikasi modern dari kapal – kapal yang dimiliki oleh Perseroan juga didukung dengan perwira dan awak yang terlatih, berpengalaman, dan bersertifikat internasional. Sampai dengan akhir tahun 2009, Perseroan telah mengoperasikan 91 kapal tanker berbobot total sekitar 2,2 juta DWT. Melalui semboyan “Mengangkut dengan Selamat, Kompetitif dan Tepat Waktu”, Perseroan senantiasa berkomitmen untuk memberikan pelayanan bermutu, terbaik, dan merata kepada setiap pelanggannya. Komitmen ini diwujudkan melalui pemenuhan standar keselamatan internasional (International Safety Management Code/ISM Code) dan standar ISO 9001:2000, standar ISO 14001:2004 dan standar OHSAS 18001:1999 dimana Perseroan telah memperoleh sertifikat dari lembaga-lembaga internasional tersebut. Komitmen Perseroan untuk memberikan pelayanan terbaik dan mematuhi standar tertinggi diyakini akan dapat menjamin kelangsungan bisnis Perseroan hingga masa mendatang.

The Company has a wide international network for the purpose of its operation, sales and marketing. The Company maintains its business network growth in abroad and at the same time keeps increasing the commitment of the Company to the global business operations yet fully controlled and integrated with the whole business operation network of the Company. In addition to the operational offices in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai and Beijing, the Company also has marketing offices in Dubai for attending customers in the Middle East, Mumbai for attending customers in the South Asia, Glasgow and for attending customers in Europe, and Westport, Connecticut and Sao Paolo, Brazil for attending customers in North America and South America. By acquiring Chembulk Tankers LLC (“Chembulk”) at the end of 2007, the Company managed to provide transportation services to the whole world, including Europe, Baltic, America, East Asia, Southeast Asia, South Asia, Middle East as well as Australia.

As a world class shipping company, the Company truly understands that the condition of its fleets will determine the business achievement of the Company in the midst of global competition. Nearly all of the vessels owned by the Company are double hulled vessels and stainless steel and all chemical tankers of the Company have fulfilled the IMO II/III standards. The modern specifications of the vessels owned by the Company, is also supported with well trained and highly experienced officers and crews with international certifications. Up to the end of 2009, the Company operates 91 tankers with a total capacity of approximately 2.2 million DWT.

With a motto “Delivers with Safety, Competitiveness and Timeliness” the Company always commits itself to provide excellent, the best, equivalent services to all its customers. This commitment is materialized by fulfilling the international safety standards (International Safety Management Code/ISM Code) and ISO 9001:2000 standard, ISO 14001:2004 standard and OHSAS 18001:1999 standard in which the Company has obtained the relevant certifications from the above mentioned international institutions. The commitment of the Company to provide its best services and fulfill the highest standards is believed to secure the business sustainability.

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tonggak penting perjalanan perseroan Corporate Milestones

Didirikan dengan memiliki dua kapal sebagai aset yang disewakan ke Pertamina

Memulai transportasi bahan kimia cair dari dan untuk beberapa manufaktur kimia besar

Memulai transportasi gas cair

Penawaran Umum Saham Perdana Perseroan di BEJ dan BES (saat ini dikenal sebagai Bursa Efek Indonesia)

Mengakuisisi Asean Maritime Corp. termasuk anak perusahaannya; Gold Bridge Shipping Corp, yang memiliki tujuh kapal tanker bahan kimia. Akuisisi ini dimaksudkan untuk mempercepat pertumbuhan pangsa pasar Perseroan di wilayah Timur Jauh dan China

Meresmikan beroperasinya kantor perwakilan di Glasgow guna melayani pasar Eropa

tonggak penting perjalanan perseroan 1981

Established with two vessels as assets chartered to Pertamina

1986

Commenced transportation of liquid chemical substances from and for several major chemical manufacturers


1989

Commenced transportation of liquified gas

1990

Conducted the Initial Public Offering of the Company at BEJ and BES (presently known as Bursa Efek Indonesia (Indonesia Stock Exchange))

1998

Acquired Asean Maritime Corp. including its subsidiary; Gold Bridge Shipping Corp. which has seven chemical tankers. The acquisition was aimed to accelerate the growth of the Company’s market share in the Far East and China regions

2004

Commenced the operation of a representative office in Glasgow to serve the European market

tonggak penting perjalanan perseroan Corporate Milestones enawaran Saham P Perdana pada Bursa Singapura dan menjadi perusahaan pertama yang terdaftar di Bursa di Indonesia sekaligus Singapura; BLT menjadi perusahaan penyedia jasa transportasi terbesar untuk segmen transportasi bahan kimia cair antar negara Asia, yang memiliki armada tanker kimia terbesar ketiga di kelas berbobot dibawah 20.000 DWT.

Membuka kantor perwakilan di Dubai

Memulai usaha di bidang offshore dengan memiliki kapal FPSO (Floating, Production, Storage, and Offloading)

2005

2006

2009 Melakukan Rights Issue pada dua bursa yang berbeda sekaligus, yaitu Bursa Efek Indonesia dan Bursa Efek Singapura

Membuka kantor pemasaran di Mumbai, India Mengakuisisi Chembulk Tankers LLC - USA, yang mengoperasikan 16 kapal tanker kimia baja anti karat berukuran besar. Langkah akuisisi ini menempatkan Perseroan menjadi salah satu perusahaan penyedia jasa transportasi terbesar di dunia, untuk segmen bahan kimia cair.

2007

Membuka kantor pemasaran di Sao Paolo, Brasil, untuk lebih dalam menembus pasar Amerika Selatan dan Amerika Utara

2008

Pada akhir 2009 Perseroan beroperasi di semua wilayah pasar utama dunia, dengan armada yang terdiri dari 91 kapal (63 tanker kimia, 14 tanker minyak, 13 tanker gas dan 1 FPSO) dan total kapasitas angkut berbobot mati sekitar 2,2 juta DWT.

2009

Corporate Milestones Opened a representative office in Dubai

Conducted the Initial Public Offering at the Singapore Exchange Securities Trading Limited (SGX-ST) and became the first company listed on both stock exchanges in Indonesia and Singapore BLT became the largest transporter in the intraAsia chemical transportation market, with the third largest sub-20,000 DWT chemical tanker fleet globally Commenced offshore business by owning FPSO (Floating, Production, Storage and Offloading) vessel

Opened a marketing office in Mumbai, India Acquired Chembulk Tankers LLC – USA which operated 16 large sized stainless steel chemical bulk tankers. With this acquisition, the Company becomes one of the largest transportation service providers in the world for the liquid chemical bulk segment.

Opened a marketing office in Sao Paolo, Brazil penetrating the South American and North American markets.

Conducted Rights Issues in two different stock exchanges simultaneously, namely Bursa Efek Indonesia (Indonesia Stock Exchange) and Singapore Exchange Securities Trading Limited. At the end of 2009, the Company had operations in all global major markets with 91 vessels (63 chemical tankers, 14 oil tankers, 13 gas tankers and 1 FPSO) and with a total transportation capacity of 2.2 million DWT.

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ikhtisar data keuangan penting Financial Highlights

in USD or Rupiah based on INDO GAAP 2009

2008

2007

2006

2005

(USD ‘000)

(USD ‘000)

(Rp Million)

(Rp Million)

(Rp Million)

618,346

723,682

3,641,773

3,073,788

2,617,192

132,834

229,624

1,137,092

1,122,293

1,048,574

99,907

193,313

898,071

946,392

945,822

(285,876)

218,364

758,982

1,205,280

645,186

1,946,389

1,896,264

15,810,719

5,903,932

5,184,774

2,497,922

2,295,926

20,668,625

8,205,956

7,908,587

1,879,630

1,742,099

17,353,043

5,074,796

5,900,202

618,292

553,827

3,315,582

3,131,160

2,008,385

5,981,591

4,589,281

4,159,010

4,157,572

4,157,214

5,109,770

4,781,577

3,810,883

3,973,970

4,046,588

(0.0559)

0.0457

199

303

159

-11.4

9.5

3.7

14.7

8.2

-46.2

39.4

22.9

38.5

32.1

0.8

0.7

0.7

1.5

1.5

304

314.6

523.4

162.1

293.8

75.2

75.9

84.0

61.8

74.6

Laporan Laba Rugi| Income Statement Pendapatan Usaha Revenues Laba kotor Gross Profit Laba Usaha Operating Profit Laba Bersih Net Profit

Neraca | Balance Sheet Aktiva Tetap Bersih Property, vessels and equipment net Jumlah Aktiva Total Assets Jumlah Kewajiban Liabilities Ekuitas Equity Jumlah Saham yang beredar (‘000 unit) Share Issued (‘000 units) Jumlah rata-rata tertimbang Saham beredar (‘000 unit) Weighted average number of shares (‘000 units)

Data Per Saham | Per Share Data Per share data Laba Bersih Per Saham Net Earning per Share

Rasio | Ratios Laba Bersih / Jumlah Aktiva (%) Net Profit / Total Assets (%) Laba Bersih / Ekuitas (%) Net Profit / Equity (%) Rasio Lancar (x) Current Ratio (x) Jumlah Kewajiban / Ekuitas (%) Total Liabilities / Equity (%) Jumlah Kewajiban / Aktiva (%) Total Liabilities / Assets (%)


ikhtisar data keuangan penting Financial Highlights

in USD based on IFRS 2009

2008

2007

2006

2005

(USD ‘000)

(USD ‘000)

(USD ‘000)

(USD ‘000)

(USD ‘000)

618,346

723,682

398,643

335,217

266,405

132,237

217,652

118,794

113,442

101,619

101,084

182,167

96,824

94,921

91,370

(117,004)

24,892

76,778

107,490

60,210

1,991,975

1,982,260

1,891,626

817,556

677,148

2,522,015

2,405,724

2,413,086

1,077,989

960,141

1,873,256

1,736,400

1,837,860

560,780

603,062

648,759

669,324

575,226

517,210

357,079

5,981,591

4,589,281

4,159,010

4,157,572

4,157,214

5,109,770

4,176,930

3,810,883

3,973,970

4,046,588

0.0052

0.0060

0.020

0.027

0.014

-4.6

1.0

3.2

10.0

6.3

-18

3.7

13.3

20.8

16.9

0.76

0.71

0.7

1.5

1.3

288.7

259.4

319.5

108.4

168.9

74.3

72.2

76.2

52.0

62.8

Laporan Laba Rugi| Income Statement Pendapatan Usaha RevenuesRevenues Laba kotor Gross Profit Laba Usaha Operating Profit Laba Bersih Net Profit

Neraca (USD) | Balance Sheet (USD) Aktiva Tetap Bersih Property, vessels and equipment net Jumlah Aktiva Total Assets Jumlah Kewajiban Liabilities Ekuitas Equity Jumlah Saham yang beredar (‘000 unit) Share Issued (‘000 units) Jumlah rata-rata tertimbang Saham beredar (‘000 unit) Weighted average number of shares (‘000 units)

Data Per Saham | Per Share Data Laba Bersih Per Saham Net Earning per Share

Rasio | Ratios Laba Bersih / Jumlah Aktiva (%) Net Profit / Total Assets (%) Laba Bersih / Ekuitas (%) Net Profit / Equity (%) Rasio Lancar (x) Current Ratio (x) Jumlah Kewajiban / Ekuitas (%) Total Liabilities / Equity (%) Jumlah Kewajiban / Jumlah aktiva (%) Total Liabilities / Total Assets (%)

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struktur organisasi Organization Structure

struktur organisasi Organization Structure Nomination Committee

Remuneration Committee

Audit Committee

Management Representative

Corporate Secretary

Internal Audit

Board of Commissioners

President Director

Quality MR

Business Development Director

Commercial Director

Corporate

Commercial

Finance Director

HSE MR

Administration Director

Finance Accounting

Legal & Insurance Business Dev & Asset Management

Marketing & Operation

Treasury Chartering

People Management

Organization Development

Marketing & Operation Agency

Adm & Office Management Branch Management

Offshore

Project

Business Relation


Finance Operation

Investor Relations

Information Technology

Ship Management Controller

informasi perseroan Company Information

BOARD OF COMMISSIONERS Mr Hadi Surya President Commissioner Mr Harijadi Soedarjo Commissioner Mr Alan Jonathan Tangkas Darmawan Independent Commissioner Mr Jaka Prasetya Independent Commissioner BOARD OF DIRECTORS Mr Widihardja Tanudjaja President Director Mr Henrianto Kuswendi Commercial Director Mr Michael Murni Gunawan Administration Director Ms Siana Anggraeni Surya Business Development Director Mr Wong Kevin Finance Director AUDIT COMMITTEE Mr Alan Jonathan Tangkas Darmawan Chairman Mr Jaka Prasetya Mr Max Sumakno Budiarto REMUNERATION COMMITTEE Mr Alan Jonathan Tangkas Darmawan Chairman Mr Hadi Surya Mr Jaka Prasetya NOMINATION COMMITTEE Mr Alan Jonathan Tangkas Darmawan Chairman Mr Hadi Surya Mr Jaka Prasetya Corporate SECRETARY Mr Wong Kevin

REGISTERED OFFICE & BUSINESS ADDRESSES PT Berlian Laju Tanker Tbk Wisma BSG, 10th floor Jalan Abdul Muis No.40 Jakarta 10160 – Indonesia Phone : +62 21 30060300 Fax : +62 21 30060389, +62 21 30060391 Email : [email protected] , [email protected] SHARE REGISTRARS PT Sinartama Gunita as Share Registrar for Shares registered in Bursa Efek Indonesia PT Sinartama Gunita Plaza BII, Tower 3, 12th floor Jl. M.H Thamrin No.51, Jakarta 10350 - Indonesia Boardroom Limited as Share Transfer Agent for Shares registered in Singapore Exchange Securities Trading Ltd (SGX-ST) Boardroom Limited 50 Raffles Place Singapore Land Tower #32-01 Singapore 048623 AUDITOR Osman Bing Satrio & Rekan Member of Deloitte Touche Tohmatsu Wisma Antara 12th Floor, Jl. Medan Merdeka Selatan No.17 Jakarta -10110

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Sambutan Dewan Komisaris

Sambutan Dewan Komisaris Yang terhormat para Pemegang Saham dan Mitra Usaha Perseroan

Valued Shareholders and Business Partners of the Company

Pertama-tama Dewan Komisaris menyampaikan terima kasih kepada para Pemegang Saham, Direksi, beserta Jajaran Manajemen atas dukungan dan kerja keras selama tahun 2009 sehingga membawa Perseroan tetap bertahan dan berkembang baik.

Firstly, the Board of Commissioners would like to express its gratitude to all Shareholders, to Members of the Board of Directors and to the Management of the Company for their ongoing support and their hard work throughout 2009, as a result of which the Company has achieved its present progress and growth.

Dewan Komisaris patut memberikan apresiasi terhadap kerja keras Direksi dan seluruh Jajaran Manajemen atas berbagai upaya untuk menjalankan usaha Perseroan sepanjang tahun 2009 yang cukup sulit akibat krisis perekonomian global. Apresiasi yang sama patut diberikan juga kepada seluruh pemegang saham yang dengan caranya masing-masing tetap mendukung berbagai langkah yang dilakukan Perseroan dalam menghadapi situasi krisis sepanjang tahun 2009. Dewan Komisaris menilai bahwa Direksi beserta Jajaran Manajemen telah cukup banyak melakukan inovasi sehingga Perseroan mampu melewati tahapan krisis global. Konsolidasi ke dalam dan pengendalian biaya berjalan cukup baik kendati masih perlu melakukan beberapa penyesuaian paradigma agar Perseroan tetap mampu mengikuti perubahan dan perkembangan ekonomi dunia yang terus-menerus terjadi.


The Board of Commissioners commemorates its appreciation towards the hard work presented by the Board of Directors and the Management of the Company for their effort in running the Company’s business through the difficult time of 2009 as a result of global economic crisis. The equal appreciation is also given to the Shareholders who had in their own ways supported the necessary steps taken by the Company when facing the crisis in 2009. The Board of Commissioners is in the view that the Board of Directors along with the Management have done numerous innovations that led the Company through the global crisis phase. Internal consolidation and cost control were well implemented despite a few paradigm adjustments that need to be done for the Company to track the ongoing changes and development of global economy.

Remarks from Board of Commissioners

Remarks from Board of Commissioners Keadaan ekonomi makro yang masih belum stabil hingga tahun 2009 akibat krisis keuangan global memang menjadi tantangan, namun pertumbuhan ekonomi bangsa kita masih cukup baik walaupun ada risiko, namun tidak terlalu mengkhawatirkan. Suku bunga relatif membaik dan laju inflasi dalam kisaran 6-7 persen.

The instability of the macro economy condition in 2009 which was caused by a global financial crisis proved to be quite a challenge. Fortunately, the rate of economic growth within Indonesia was still good, and although this growth is subject to risk factors, these are not cause for excessive concern. Interest rates continued to decline while the rate of inflation was in the range of 6-7%.

Pada tahun 2009 Dewan Komisaris mencatat beberapa hal penting yang berhasil dicapai oleh Perseroan, antara lain:

In 2009, the Board of Commissioners was gratified to note a number of important achievements by the Company, including the following:

a. Perkembangan Armada - secara keseluruhan, Perseroan telah meningkatkan kapasitas armadanya sehingga pada akhir tahun 2009 total armada Perseroan mencapai 91 unit dengan total bobot sekitar 2,2 juta DWT. Suatu peningkatan dibandingkan dengan akhir tahun 2008 dimana Perseroan mengoperasikan 88 unit dengan total bobot sekitar 2,1 juta DWT. Sebagai antisipasi terhadap meningkatnya pertumbuhan permintaan jasa transportasi laut di dalam negeri terutama sehubungan dengan penerapan azas cabotage di Indonesia, Perseroan dalam tahun 2009 telah berhasil mengkonversikan sebanyak 7 kapal Perseroan menjadi kapal berbendera Indonesia dan 3 kapal lainnya dikonversikan pada awal tahun 2010.

a. Fleet development - Overall the Company has increased the capacity of its fleet so that at the end of 2009, the fleet consisted of 91 vessels with a total capacity of 2.2 million DWT. This is an increase over the size and capacity of the fleet compared with the end of 2008, when the fleet consisted of 88 vessels with a total capacity of 2.1 million DWT. In anticipation of the increase in demand growth for marine transportation services with domestic waters especially in relation with the implementation of cabotage principle in Indonesia, the Company has converted 7 of its vessels into Indonesian flag vessels during 2009 and with 3 additional conversion in the beginning of 2010. Following the crisis in the global economy where the freight rate of international liquid cargo is far from conducive, the implementation of cabotage principle was a golden opportunity for the Company which lead to the Company’s decision to divert several of its vessels which were originally operated in international waters to domestic waters and provide relatively better opportunity and freight rate.

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Sambutan Dewan Komisaris

b. Diversifikasi – sejalan dengan peningkatan kapasitas armada, Perseroan telah melakukan diversifikasi, baik dengan memperkuat bisnis baru seperti offshore, memperkuat sektor angkutan gas cair, maupun pengembangan daerah usaha dengan lebih mengintensifkan angkutan ke beberapa daerah di luar Asia seperti Mediterania, Afrika, Eropa dan Amerika Latin untuk meningkatkan fleksibilitas dan kemampuan Perseroan dalam mengoperasikan armadanya ke kawasan yang lebih menguntungkan.

b. Diversification – along with the increase of fleet capacity, the Company has diversified its business, through establishment of new businesses such as offshore, strengthening of liquid gas cargo transportation, and also geographical expansion through intensification of transportation to several regions outside Asia such as the Mediterranean, Africa, Europe and Latin America to improve the Company’s flexibility and its ability to operate its fleet in areas that offer profitable margins.

c. Mempertahankan Likuiditas, Cashflow, dan Rasio Keuangan – dalam upaya memperbesar armada dan merebut pangsa pasar yang lebih luas, Perseroan tetap memperhatikan dan mempertahankan likuiditas maupun rasio pinjaman terhadap ekuitas.

c. Maintain Liquidity, Cashflow and Financial Ratio – As part of its endeavors to expand its fleet and to win a larger market share, the Company should continue to focus and maintain liquidity and debt to equity ratio.

d. Mengintegrasikan armada anak perusahaan, Chembulk Tankers LLC, kedalam usaha Perseroan sehingga secara langsung berdampak tidak saja pada penambahan kapasitas angkutan armada, tetapi juga memberikan kontribusi yang lebih besar dalam memperluas wilayah operasi dan pasar Perseroan, disamping akses terhadap pelanggan baru sehingga lebih melengkapi dan memperkuat posisi Perseroan sebagai pemain global.

d. Integration of Chembulk Tankers LLC, subsidiary of the Company, into the Company’s business which will directly impact not only the additional capacity of the fleet, but also a larger contribution through expansion of the Company’s operational area and market, aside from access to new customers which completed and strengthen the Company’s position as global player.

Walaupun iklim usaha sepanjang tahun 2009 cukup berat, namun secara umum jalannya usaha Perseroan masih terkendali dan Perseroan telah membuktikan kemampuan dalam memenuhi kewajiban-kewajiban keuangannya. Keadaan ini memberi keyakinan pada Jajaran Manajemen dalam menghadapi tantangan di tahun-tahun mendatang dimana diperkirakan kondisi usaha akan semakin membaik dan mewujudkan cita-cita Perseroan menjadi salah satu perusahaan pelayaran angkutan cair terbaik di Indonesia maupun internasional. Untuk mencapai hal tersebut tentu

Although the business climate in 2009 was quite challenging, in general the Company’s business was well under control and the Company has shown its ability to fulfill its financial liabilities. This condition provides a strong basis for the management of the Company to face the challenges that will emerge in years to come where the business condition is expected to improve and to achieve the goal of transforming the Company into the best provider of maritime transportation services specializing in the transportation of liquid chemicals in Indonesia and


Remarks from Board of Commissioners

menuntut kerja yang lebih keras dan komitmen penuh serta rasa percaya diri baik pada Jajaran Manajemen dan seluruh Karyawan maupun dukungan penuh dari para Pemegang Saham dan Mitra Usaha.

throughout the globe. In order to achieve this, extensive hard work and total commitment as well as confidence from all levels of Management and staff, together with the support of Shareholders and business partners, will be required.

Selain itu, untuk mencapai cita-cita perseroan, seluruh Jajaran dalam Perseroan terus bahu-membahu mempertahankan kinerja dengan terus memacu revenue dan lebih ketat dalam pengawasan biaya sehingga likuiditas tetap meningkat dan pertumbuhan Perseroan dapat terus berkesinambungan.

n addition, in order to achieve the Company’s goals, all layers of management and staff within the Company must continue to strive to increase revenues and to control cost rigorously so that liquidity will continue to improve, thus ensuring the ongoing growth and development of the Company.

Melihat kondisi perkembangan Perseroan sejauh ini dan perkiraan akan peningkatan pertumbuhan ekonomi yang cukup baik di kawasan Asia Pasifik, Dewan Komisaris yakin bahwa Perseroan bersama Jajaran Manajemen yang telah teruji dapat mempertahankan dan meningkatkan kinerja dengan memanfaatkan pertumbuhan ekonomi regional, bahkan mampu melintas pada jalur ekonomi dunia, demi pertumbuhan Perseroan di masa-masa mendatang. Dewan Komisaris juga berharap agar seluruh Jajaran Manajemen lebih berani melakukan inovasi untuk perkembangan Perseroan dan menyesuaikan cara pandang baru dalam menjalankan aktivitas bisnis dalam lingkungan usaha yang terus berubah.

Looking at the Company’s growth to this point and based on the forecast of ongoing stable economic growth in the Asia Pacific region, the Board of Commissioners is confident that the current well proven Management of the Company will continue to maintain and improve the Company’s performance and to harness regional and global economic growth to ensure its future growth. The Board of Commissioner also expects that the Management of the Company would dare to conduct innovations for the Company’s development and adjust its point of view in carrying business activities in an ever changing business environment.

Setelah mempelajari laporan keuangan Perseroan untuk tahun buku yang berakhir tanggal 31 Desember 2009 yang telah diaudit oleh Kantor Akuntan Publik Osman, Ramli Satrio & Rekan (member of Deloitte Touche Tohmatsu) dengan pendapat Wajar Tanpa Pengecualian, Dewan Komisaris berpendapat bahwa secara umum usaha Perseroan selama tahun 2009 berjalan cukup baik dan dapat dipertanggungjawabkan. Direksi Perseroan bersama Jajaran Manajemennya telah mengambil kebijakan-kebijakan yang efektif dalam mengembangkan armada dan mencoba mengatasi kondisi krisis dunia dan faktor eksternal lainnya yang kurang kondusif sehingga Perseroan tetap mampu bertahan pada kondisi krisis perekonomian global dan tetap dapat berkembang dan memberikan nilai tambah bagi para Pemegang Saham. Untuk itu, Dewan Komisaris merekomendasikan kepada para Pemegang Saham Perseroan agar menanggapi secara positif laporan hasil usaha dan laporan keuangan Perseroan tahun buku 2009 ini.

After examining the Company’s financial reports for the book year ending 31 December 2009, which have been audited and affirmed to be a fair representation by the Public Accountant Osman Bing Satrio & Rekan (member of Deloitte Touche Tohmatsu), the Board of Commissioners is of the opinion that the Company has been run properly and the business performance is accountable. The Board of Directors of the Company and its management have implemented the appropriate policies to expand the Company’s fleet and overcome the global crisis condition and other unsupportive external factors which lead to its current standing and continue to grow and provide values to the shareholders. Thus, the Board of Commissioners has no hesitation in recommending that the Company’s Shareholders accept this report of the Company’s business operations and financial performance in 2009.

Akhirnya, Dewan Komisaris menyampaikan terima kasih kepada para Pemegang Saham, Direksi beserta Jajaran Manajemen, dan seluruh Karyawan atas dukungannya. Dewan Komisaris juga menyampaikan terima kasih kepada Komite Audit, Komite Nominasi, dan Komite Remunerasi atas usaha dan kerjasama yang baik sehingga tugas pengawasan yang diemban Dewan Komisaris dapat terlaksana dengan baik.

Finally, the Board of Commissioners would like to express its gratitude to Shareholders, members of the Board of Directors and all members of the Company’s management and staff for their ongoing support. The Board of Commissioners would also like to express its gratitude to the Audit Committee, Nomination Committee, Remuneration Committee, and to the Independent Commissioners for their cooperation and efforts in assisting the Board of Commissioners to exercise their supervisory role appropriately.

Sekian dan terima kasih. Dewan Komisaris

Best Regards and Thank You, The Board of Commissioners

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Laporan Tugas Pengawasan Dewan Komisaris

Laporan Tugas

Pengawasan Dewan Komisaris Yang terhormat para Pemegang Saham dan Mitra Usaha Perseroan, Pertama-tama Dewan Komisaris menyampaikan terima kasih kepada para Pemegang Saham, Direksi beserta Jajaran Manajemen atas dukungan dan kerja keras selama tahun 2009 sehingga membawa perseroan tetap maju dan berkembang.

Dear Shareholders and Business Partners, First of all, we, the Board of Commissioners, would like to convey our gratitude to the Shareholders, to the Board of Directors and all levels of the Company management for their support and hard work during 2009 which has kept the Company progressing in the right direction as we all look forward to.

Sesuai dengan fungsi Dewan Komisaris yang bertugas untuk mengawasi kinerja Direksi dan Manajemen Perseroan untuk melindungi kepentingan para Pemegang Saham, serta memastikan Perseroan mencapai tujuan – tujuan yang telah ditetapkan sebelumnya, maka bersama ini, Dewan Komisaris melaporkan tindakan – tindakan yang telah dilakukan dalam kapasitasnya untuk mengawasi dan memberikan nasihat kepada Direksi dan Manajemen.

In line with the function of the Board of Commissioners, i.e. to supervise the performance of the Board of Directors and Management of the Company in order to protect the interest of the Shareholders, and to ensure that the Company achieves the objectives as designated from the start, therefore, the Board of Commissioners shall herewith report the activities that have been undertaken in order to supervise and to provide advice to the Board of Directors and the Management.

Kinerja Keuangan

Financial Performance

Pada tahun 2009, kinerja keuangan Perseroan memang tidak sebaik pada tahun 2008. Pendapatan Perseroan turun sebesar 14,6% dibandingkan tahun 2008 berdasarkan IndoGAAP

In 2009, the Company’s financial performance was not as bright as 2008. The Company’s revenue was down 14.6% compared with year 2008 based on IndoGAAP

Total aktiva Perseroan pada posisi 31 Desember 2009 mencapai USD 2,50 milyar atau tumbuh 8,8% dibanding periode yang sama tahun 2008 dan merupakan bentuk komitmen Perseroan untuk terus mengembangkan usahanya di masa depan.

Total Company assets by 31 December 2009 has expanded by 8,8% to a total value of USD 2.50 billion compared to the same period of 2008, which is a materialization of the Company’s commitment to continuously expand its business in the future.

Pada tahun 2009, Dewan Komisaris juga telah memantau bahwa tidak terdapat pelanggaran transaksi benturan kepentingan yang terjadi yang dilakukan oleh Direksi dan Manajemen Perseroan. Dewan Komisaris telah pula melihat adanya peningkatan praktek good corporate governance dengan adanya penerapan masa reses dari transaksi efek (black out periods) bagi Direksi dan Manajemen termasuk staff lainnya untuk menghindari perdagangan efek orang dalam (insider trading).

The Board of Commissioners has also concluded that in 2009 there were no cases of conflict of interest transactions by the Board of Directors or the Management of the Company. The Board of Commissioners has also observed improvement in the good corporate governance practices in terms of application of black out periods for the Board of Directors and Management members including staff alike, to prevent any insider trading.

Pada tahun 2009, Direksi dan Manajemen Perseroan PT Berlian Laju Tanker Tbk telah menjalankan usaha Perseroan dengan baik sesuai dengan prosedur dan rencana kerja tanpa melanggar rambu-rambu yang telah ditetapkan oleh Dewan Komisaris.

During the year of 2009, the Board of Directors and the Management of PT Berlian Laju Tanker Tbk have done their task well and in line with the procedure and work plan, without any breach to the guidelines set by the Board of Commissioners.


Supervisory Report of the Board of Commissioners

Supervisory Report of

the Board of Commissioners Kinerja Operasional

Operational Performance

Ekspansi armada yang telah dilakukan Perseroan sepanjang tahun 2009 telah meningkatkan kapasitas angkut Perseroan menjadi semakin besar sehingga meningkatkan skala operasi dimana jumlah kapal dalam armada perseroan telah meningkat menjadi 91 kapal pada tahun 2009 dibandingkan dengan 88 kapal pada tahun 2008. Dari segi kapasitas, perusahaan juga menunjukkan peningkatan dimana pada tahun 2008 total kapasitas angkut armada Perseroan adalah sekitar 2,1 juta DWT dan pada tahun 2009 jumlah tersebut telah naik menjadi sekitar 2,2 juta DWT. Dengan jumlah dan kapasitas armada yang dimiliki Perseroan, maka Perseroan memiliki keunggulan kompetitif yang kuat untuk semakin memperbesar pangsa pasar global yang dimilikinya, terutama pada segmen transportasi kimia cair.

The fleet expansion by the Company throughout 2009 has expanded the tonnage capacity of the Company’s vessel and in terms of operational scale, in 2009 our fleet consists of 91 vessels, compared to 88 vessels in 2008. The fleet’s total tonnage capacity itself has increased from 2.1 million DWT in 2008 to 2.2 million DWT in 2009. With the current number and total capacity of the Company’s operated fleet, the Company has obtained a competitive advantage to enlarge its global market share, especially in the liquid chemical cargo transportation segment.

Secara keseluruhan, Dewan Komisaris menilai bahwa kinerja perusahaan selama tahun 2009 telah menunjukkan prestasi yang cukup baik.

In overall, the Board of Commissioners regards the Company’s 2009 performance as satisfying.

Dalam menjalankan tugas pengawasannya, Dewan Komisaris telah membentuk beberapa komite untuk mendukung kinerja pengawasan Dewan Komisaris. Komite – komite tersebut adalah Komite Nominasi, Komite Remunerasi, dan Komite Audit. Setiap komite tersebut terdiri atas anggota – anggota Dewan Komisaris dimana telah ditunjuk satu ketua untuk setiap komite tersebut.

In carrying out its supervisory function, the Board of Commissioners also has established several committees which supports the function of the Board of Commissioners. These are the Nomination Committee, Remuneration Committee, and Audit Committee. Each committee consists of members of the Board of Commissioners, and one chairman was appointed to lead each of the committees.

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Laporan Komite Nominasi

Report of the Nomination Committee

Tujuan dari pendirian Komite Nominasi adalah untuk memfasilitasi Dewan Komisaris dalam menentukan susunan Direksi dan Dewan Komisaris yang dapat dipercaya untuk membawa Perseroan mencapai tujuan – tujuan yang telah digariskan sebelumnya oleh para pemegang saham.

The objective of establishment of the Nomination Committee is to assist the Board of Commissioners in making decision on the composition of the Company’s board of directors and board of commissioners who will be entrusted to lead the Company toward the designated targets as set forth by the Shareholders.

Tugas dan tanggung jawab dari Komite Nominasi adalah sebagai berikut:

Nomination Committee has the duties of, among other things:

1. Meneliti dan menilai calon anggota Dewan Komisaris dan Direksi .

1. reviewing and assessing candidates for directorships and commissionership.

2. Memberikan rekomendasi nama – nama yang dinilai memiliki kapasitas yang cukup sebagai anggota Dewan Komisaris dan Direksi.

2. reviewing and recommending to our Shareholders the individuals considered to have the capacity to be Directors and Commissioners.

3. Menyusun komposisi dan jumlah Komisaris Independen untuk memastikan adanya keseimbangan keahlian dan kemampuan yang tepat di antara Dewan Komisaris dan Direksi.

3. reviewing the composition of the Company’s Board of Directors and Board of Commissioners annually to ensure that we have an appropriate balance of independent Commissioners and to ensure there is an appropriate balance of expertise, skills, attributes and ability among Directors and Commissioners;

4. Menilai independensi dari Komisaris Independen yang telah ditunjuk oleh Rapat Umum Pemegang Saham.

4. determining the independence of the Company’s Independent Commissioners, that have been appointed by the Shareholders.

5. Menentukan sejauh mana setiap anggota Dewan Komisaris dan Direksi dapat berkontribusi secara efektif dan menunjukkan komitmen yang tinggi terhadap tanggung jawab mereka.

5. deciding whether the Directors and Commissioners can continue to contribute effectively and demonstrate commitment to their roles.

Menjelang Rapat Umum Pemegang Saham tahun 2009, Komite Nominasi melakukan penilaian terhadap kinerja setiap Direktur Perseroan. Penilaian ini didasarkan pada kinerja dan pencapaian yang telah ditunjukkan Direksi selama tahun 2008 dan mengevaluasi kembali apakah komposisi Direksi tersebut memiliki kompetensi dan kapasitas yang dibutuhkan Perseroan untuk menjawab tantangan – tantangan yang ada di masa depan. Evaluasi yang sama juga dilakukan terhadap anggota – anggota Dewan Komisaris dimana kinerja pengawasan yang telah ditunjukkan selama tahun 2008 dinilai dan digunakan sebagai acuan dalam penentuan komposisi Dewan Komisaris pada periode selanjutnya.

Prior to 2009 Shareholders’ Annual General Meeting, the Nomination Committee has carried out assessment on the performance of each of the Directors, based on individual performance during 2008 and reevaluated the decision to maintain composition of the Board of Directors, to ensure they have the right competence and capacity as needed by the Company. There are challenges to develop the Company in the future. The same evaluation is also applied to members of the Board of Commissioners, in which their performance for 2008 has been used as reference, also to determine what kind of composition of the Board of Commissioners shall be recommended for the following period.

Dewan Komisaris menilai bahwa kinerja Direksi selama tahun 2009 adalah baik adanya.

The Board of Commissioners is in the view that the performance of the Board of Directors in 2009 was satisfactory.

Laporan Komite Remunerasi

Report of the Remuneration Committee

Komite Remunerasi dibentuk dengan tujuan utama adalah memastikan tersedianya prosedur formal dan transparan untuk penentuan paket remunerasi yang sesuai kepada Direksi. Dalam penentuan paket remunerasi tersebut,

The Remuneration Committee was established to assist the Board of Commissioners for one key duty; to ensure the availability of a formal and transparent procedure to determine remuneration package for the Board of



Komite Nominasi bekerja secara independen tanpa ada pengaruh dari satupun Direktur Perseroan. Dalam menentukan paket remunerasi, Komite mempertimbangkan beberapa hal berikut seperti: kinerja setiap Direktur pada tahun – tahun sebelumnya, keahlian dan kompetensi yang dimiliki, tugas dan tanggung jawab yang akan diemban, dan kondisi keuangan Perseroan.

Directors. To do this task, the Nomination Committee works independently, apart from any influences from any Directors of the Company. There are several considerations to be included, such as individual performance of the Directors on previous years, their capability, expertise and competence, duty and responsibility assigned to them, and the Company’s financial situation.

Lingkup tugas dari Komite Remunerasi mencakup hal – hal sebagai berikut:

Remuneration Committee has the duties of, among other things:

1. Memberikan rekomendasi kepada Dewan Komisaris mengenai kebijakan dan panduan dalam penentuan paket remunerasi bagi para anggota Direksi.

1. recommending to the Board of Commissioners for endorsement, the remuneration policies and guidelines for setting remuneration for the Directors and Commissioners.

2. Menyetujui target kinerja serta mekanisme penilaian yang akan digunakan dalam mengevaluasi kinerja para anggota Direksi.

2. Approving performance targets for assessing the performance of our Directors; and

3. Memberikan rekomendasi kepada Dewan Komisaris mengenai paket remunerasi yang dianggap sesuai dan pantas bagi para anggota Direksi.

3. Recommending specific remuneration packages for each Director for endorsement by our Board of Commissioners.

Dalam penentuan paket Remunerasi tersebut, Komite Remunerasi juga telah mempertimbangkan dan merancang suatu tingkat remunerasi yang cukup menarik untuk mempertahankan dan memotivasi Direksi Perseroan dan di saat yang bersamaan menghindari paket remunerasi yang berlebihan dan tidak sesuai dengan kepentingan Perseroan.

Decision on the level of remuneration should be appropriate to attract, retain and motivate the directors to run the company successfully but companies should avoid paying too much for this purpose, or a proportion which has no relation to the Company’s interest.

Kegiatan yang dilakukan oleh Komite Remunerasi pada tahun 2009 adalah menetapkan untuk memberikan usulan gaji dan/atau tunjangan bagi seluruh anggota Direksi Perseroan setelah dipotong pajak penghasilan tidak melebihi Rp.16.500.000.000 (enam belas miliar lima ratus juta Rupiah) setahun.

Accomplishment by the Remuneration Committee in 2009 were recommendation to salary and/or allowance for all members of the Board of Directors, which in total, after being deducted by income tax, shall not exceed Rp.16,500,000,000 (sixteen billion five hundred million Rupiah) annually.

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Laporan Komite Audit

Report of the Audit Committee

Dalam memastikan fungsi pengawasan Dewan Komisaris dapat berjalan dengan optimal dan menyeluruh, maka Dewan Komisaris membentuk Komite Audit. Komite Audit memiliki tugas utama melakukan penelaahan terhadap sistem akuntansi internal, pengawasan operasional, serta kepatuhan dan manajemen risiko, melalui kerjasama dengan auditor internal maupun eksternal Perseroan.

To ensure the fulfillment of supervisory function of the Board of Commissioners in an optimum and thorough way, the Board of Commissioners has established an Audit Committee, with key duties to review the internal accounting system, to supervise operational activities in relation to compliance and risk management, in collaboration with the internal and external auditor of the Company.

Tugas dan tanggung jawab Komite Audit adalah sebagai berikut:

The duties and responsibilities of the Audit Committee are as follows:

1. Melakukan penelaahan atas laporan keuangan terkonsolidasi dan laporan auditor atas laporan keuangan tersebut, termasuk kepatuhan atas standar pencatatan/pelaporan akuntansi yang berlaku.

1. Examining the consolidated financial statement and auditor’s report on the financial statement, including compliance of the reporting to the applicable rules in accounting.

2. Melakukan pembahasan bersama dengan auditor eksternal mengenai, apabila ada, dugaan terjadinya penipuan ataupun pelanggaran terhadap ketentuan – ketentuan yang telah diatur dalam undang – undang dan berdampak material terhadap kondisi operasional dan keuangan Perseroan

2. Examining and discussing with external auditors regarding suspicion of fraud, unusual matters or breach of law or regulation which might have material effect to the result of the Company’s operation and/or financial position.

3. Menelaah transaksi – transaksi yang dilakukan Perseroan menyangkut instrumen derivatif keuangan

3. Examining the transactions undertaken by the Company which involve financial derivative instruments

4. Meneliti dan menilai independensi auditor eksternal dan memberikan rekomendasi penunjukan auditor eksternal

4. Reviewing and asses the independence of the external auditor and providing recommendation for appointment of an external auditor

5. Melakukan pengujian terhadap transaksi – transaksi benturan kepentingan

5. Examining conflict of interests transactions based on applicable rules and regulations.

6. Melaporkan risiko – risiko yang dihadapi Perseroan dan dampaknya terhadap kinerja operasional dan keuangan Perseroan

6. Reporting any risks which the Company faces and their impact on the Company’s operational performance and financial condition.

Sepanjang tahun 2009, Komite Audit mengadakan pertemuan dengan Perseroan dengan frekuensi satu kali dalam satu bulan dan pertemuan dengan auditor eksternal sebanyak dua kali dalam tahun tersebut. Kegiatan – kegiatan yang dilakukan oleh Komite Audit pada tahun 2009 adalah sebagai berikut:

Throughout 2009, the Audit Committee met with the Company’s management once every month, and with the external auditor twice during that year. Activities undertaken by the Audit Committee in 2009 were as follows:

1. Meminta penjelasan manajemen mengenai kepatuhan terhadap regulasi – regulasi yang berlaku di Singapura dan Indonesia sehubungan dengan dual listing Perseroan di Indonesia dan Singapura.

1. Requesting explanation to the management regarding the compliance to applicable rules and regulation both in Indonesia and Singapore in relation to the Company plan to dual-listing shares.

2. Memonitor perkembangan pembuatan kapal baru dan dana sehubungan dengan pembuatan kapal tersebut

2. Following the construction progress of the Company’s new vessels and funding related to it

3. Memantau transaksi – transaksi dengan pihak tertentu dan pihak terafiliasi

3. Discussing and monitoring related-party transactions

4. Meninjau rencana kerja audit internal dan memberi masukan terhadap rencana audit tersebut

4. Reviewing the scope and working plan of the Company’s Internal Audit, providing advices and monitoring the results of Internal Audit

5. Memutakhirkan (meng-update) Pedoman Kerja Komite Audit (Audit Committee Charter).

5. Updating the Company’s Audit Committee Charter.



Hal-Hal Yang Perlu Mendapat Perhatian Manajemen

Matters of Importance to Consider by the Company Management

Berdasarkan pengawasan atas realisasi kinerja dan pelaksanaan program kerja Perseroan tahun 2009, maka Dewan Komisaris menyampaikan beberapa hal yang perlu mendapat perhatian manajemen dalam menghadapi tahun 2010 antara lain sebagai berikut:

Based on supervision on the performance and realization of the Company’s 2009 work program, the Board of Commissioners has come to conclusion on some key aspects to be considered by the Management in the year 2010, as follows:

1. Pada tahun 2010, kondisi makro ekonomi global telah mulai stabil dan beberapa indikator ekonomi telah menunjukkan tanda - tanda perbaikan dibandingkan dengan tahun 2009. Oleh karena itu, Perseroan perlu menyiapkan strategi yang tepat untuk memanfaatkan momentum kenaikan industri pengangkutan laut kargo cair.

1. In 2010, the global macro economy has started to stabilize and several economic indicators have shown signs or recovery compared with 2009. Therefore, the Company should prepare the exact strategy to tap the rebound momentum of the marine liquid cargo transportation industry.

2. Terus melakukan perbaikan – perbaikan yang berkelanjutan terhadap proses bisnis yang ada sehingga Perseroan semakin mantap dalam pengembangan bisnis ke depan.

2. Continuous improvement on existing business activity to strengthen the Company’s position in the market.

3. Melakukan upaya – upaya efisiensi dan menanamkan budaya efisiensi di dalam Perseroan dengan tidak mengganggu proses bisnis yang ada. Hal ini terutama mengingat efek dari krisis yang dialami sekarang ini sehingga dirasa perlu untuk melakukan peningkatan pengelolaan efisiensi operasional yang dilaksanakan secara berkelanjutan dengan memperbaiki struktur biaya melalui program efisiensi operasional yang berkesinambungan dan harus dilaksanakan secara sistematik.

3. Efficiency measures and culture shall be enforced and nurtured internally, without disrupting the existing business process. Due to the impact of current crisis, it is necessary to continue the improvement of operational efficiency in a sustainable and systematic way, by creating a better cost structure and more efficient operational activities.

4. Perseroan harus memanfaatkan dengan sebaik baiknya implementasi prinsip cabotage di Indonesia untuk memperkuat operasional Perseroan di perairan domestik.

4. The Company should fully utilize the implementation of cabotage principle in Indonesia to strengthen the Company’s operation in domestic waters.

Seluruh Komite telah melaksanakan tugas dan kewajibannya dengan baik serta telah mampu memberikan laporan dan rekomendasi yang berguna kepada Dewan Komisaris dalam menjalankan tugas serta wewenangnya. Oleh karena itu, Dewan Komisaris mengucapkan terima kasih atas segala upaya yang telah diberikan Komite – Komite terkait dalam mendukung kinerja Dewan Komisaris dalam melaksanakan tanggung jawabnya seperti yang telah diamanatkan oleh para pemegang saham.

All the Committees have carried out their duties and obligations well, and are capable to provide the required reports and recommendation necessary for the Board of Commissioners to fulfill their duties and authority. Therefore, the Board of Commissioners is thankful for their hard works and dedication to assist the performance of the Board of Commissioners in meeting the assignment as trusted by the Company’s Shareholders.

Demikian laporan Dewan Komisaris atas pelaksanaan pengawasan terhadap Perseoran selama tahun 2009.

The Report of the Board of Commissioners on supervision of the Company in 2009 is duly made.

Sekian dan terima kasih. Dewan Komisaris

Thank you. Board of Commissioners

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Sambutan Direksi

Sambutan Direksi Yang terhormat para Pemegang Saham dan Mitra Usaha Perseroan

Distinguished stakeholders and partners of the company

Tahun 2009 adalah tahun yang penuh dengan gejolak yang ditandai dengan pelemahan struktur ekonomi global yang signifikan sebagai kelanjutan dari krisis yang terjadi pada tahun 2008. Krisis yang berdampak luas ini telah menyebabkan kesulitan keuangan pada banyak usaha dan industri utama, penurunan pertumbuhan GDP global yang signifikan menjadi negatif 2,2%, berkurangnya kekayaan masyarakat dalam jumlah yang diperkirakan mencapai milyaran Dollar Amerika Serikat, jaminan keuangan yang harus diberikan oleh banyak pemerintahan dan bank sentral pada lembaga keuangan mereka, dan penurunan aktifitas usaha global yang cukup besar. Oleh karena itu menurut banyak ahli perekonomian, krisis ini adalah krisis ekonomi dunia terburuk sejak depresi besar yang terjadi pada sekitar tahun 1933. Kesulitan likuiditas dan pinjaman juga melanda dimana-mana yang menyebabkan sistem keuangan global berada pada situasi yang sangat memprihatinkan.

The year 2009 was a year that was characterized by turmoils as indicated by a significantly weakened global economic structure following the global crisis in 2008. The crisis, which had an extensive impact, has caused a lot of major businesses and industries to fold, a significant decrease in the global GDP to a negative 2.2%, a loss in public wealth estimated amounted to billions of US Dollars, financial commitments that have to be pledged by many governments and central banks to their financial institutions and a substantial decrease in the world business activities. Therefore, according to many economic pundits, this crisis is considered as the worst crisis since the great depression that took place in 1933. Liquidity and credit crunch also affected many areas causing a severe distressed to the global financial system.

Sehubungan dengan kondisi kritis tersebut, 20 negara dengan perekonomian terbesar yang disebut dengan G-20, telah melakukan beberapa kali pertemuan tingkat tinggi dunia pada tahun 2009 dan telah membuat beberapa kebijakan penting yang walaupun sulit, namun telah memberikan dampak yang cukup baik dalam mencegah potensi efek beruntun yang dapat mengakibatkan krisis yang jauh lebih buruk. Kebijakan yang diambil banyak negara maju sebagai hasil diskusi G-20 itu antara lain: melakukan ekspansi suplai di pasar uang, menyediakan paket stimulus fiskal dengan skala besar, dan menyelamatkan banyak perusahaan termasuk lembaga keuangan besar dari kerusakan yang lebih parah. Kerjasama yang baik dan kebijakan-kebijakan yang diambil oleh negara-negara dalam G-20 sampai saat ini cukup berhasil dalam menyelamatkan ekonomi dunia, menghindari potensi krisis yang lebih berat, serta membawa ekonomi global ke fase pemulihan (recovery).

Due to this critical conditions, the 20 countries with the biggest economy in the world, also known as the G-20, swiftly conducted a series of world summits in 2009 and produced several important and difficult policies that have resulted in a positive impact in order to prevent a potential domino effect that can result in a much worse crisis. Policies issued by many developed countries as a result of the G-20 discussions include the expansions of supply in the money market, the provision of fiscal stimulus package in a big scale and the rescue of many companies including big financial institutions from a more severe damage. Good cooperation among the G-20 countries coupled with strong implementation of such policies taken by the G-20 countries have alleviated the calamity and somehow have proven to be quite successful not only in saving the world’s economy but also in avoiding a potentially bigger crisis and managed to bring the global economy to the recovery phase.

Krisis pada tahun 2009 tersebut, telah menyebabkan penurunan permintaan yang sangat besar pada berbagai jenis barang dan jasa, terutama karena krisis ini bermula dari kawasan pengimpor barang dan jasa yang besar yaitu negara-negara di Amerika Utara dan di Eropa Barat dimana krisis yang menimpa kawasan tersebut ternyata jauh lebih berat dari perkiraan semula. Industri angkutan laut yang berperan penting dalam perdagangan internasional telah mengalami dampak paling berat sejak tahun 2008 akibat perlambatan ekonomi dunia tersebut. Sama seperti hampir semua industri-industri lainnya, industri pelayaran pada umumnya juga terimbas oleh penurunan permintaan yang signifikan.

The crisis in 2009 resulted in a significant decrease of demands for various types of goods and services, especially since the crisis was first started from areas which usually imported a large number of goods and services, countries in North America and West Europe, and the effect of crisis in these areas were even more severe than previously predicted. The seaborne transportation industry, which plays a very important role in the international trading, has suffered the biggest impact since 2008 due to the meltdown of the economy. Just like in any other industries, shipping industries in general also suffered from a significant decline in demand.


Remarks from Board of Directors


Segmen angkutan kimia cair yang pada krisis-krisis sebelumnya menunjukkan kinerja yang relatif lebih stabil dibanding dengan segmen angkutan laut lainnya, pada krisis kali ini mengalami penurunan kinerja yang cukup berarti walaupun perlu dicatat bahwa besarnya penurunan tarif tambang pada sektor ini masih relatif lebih kecil dibanding pelemahan tarif tambang pada segmen lainnya seperti segmen curah kering dan kontainer.

The segment of liquid chemical cargoes transportation, which in previous crises showed a relatively more stable performance compared to other segments in shipping industry, also suffered a rather significant decline in performance, although it has to be noted that the weakened freight rate in this particular segment is relatively lighter when compared to the free fall in freight rate of other segments such as the dry bulk cargo and the containership.

Secara umum permintaan angkutan produk kimia cair dan sejenisnya pada tahun 2009 mengalami stagnasi, padahal pada tahun-tahun sebelum krisis, peningkatan permintaan yang tinggi terus terjadi dari tahun ke tahun. Dalam kurun waktu 2003-2007 total angkutan muatan kimia cair meningkat dari 144 juta ton menjadi 213,5 juta ton. Namun permintaan angkutan segmen ini kemudian mengalami penurunan pada tahun 2008 menjadi 210,8 juta ton dan angka ini tidak berubah pada tahun 2009. Sementara itu, permintaan angkutan tanker minyak juga mengalami penurunan sebesar 1,5% pada tahun 2009 dibanding dengan periode yang sama tahun lalu. Ini merupakan faktor yang semakin memberatkan bagi industri pelayaran.

In general the demands for the shipment of liquid chemical cargoes and related similar cargoes in 2009 suffered a stagnation while in previous years before the crisis, the annual increase of the demand was significant. From 2003 to 2007, the total liquid chemical cargoes being transported increased from 144 million tons to 213.5 million tons. However, the demand for shipment in this particular segment suffered a decrease in 2008 to 210,8 million tons and this number did not change in 2009. Meanwhile, the demand for oil tanker suffered a decrease of 1.5% in 2009 compared to the same period of the previous year. This was a factor that brought even more burden for the shipping industry in general.

Seperti biasanya, sektor yang memberikan kontribusi terbesar dalam pertumbuhan permintaan ruang kapal tanker kimia adalah angkutan kimia organik. Data menunjukkan bahwa negara-negara pengimpor terbesar di Amerika Utara dan Eropa memberikan kontribusi besar atas turunnya tingkat perdagangan kimia organik ini. Bahkan pengimpor kimia organik besar lainnya seperti China dan India yang setiap tahun biasanya selalu meningkatkan impor juga mengurangi impor pada tahun 2008 dan

As usual, sector that gives the most contribution to the growth in the demands for chemical tankers is the organic chemical cargoes. The data shows that major importing countries in North America and Europe have contributed a significant impact in the decrease of the demand from the trading of organic chemical cargoes. Even other major organic chemical importing countries like China and India, which usually increased their import annually, also reduced their import in 2008 and at the beginning

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awal tahun 2009, walaupun mendekati akhir tahun 2009 kembali menunjukkan peningkatan perdagangan sektor ini dibandingkan periode yang sama tahun 2008.

of 2009 although at the end of 2009 they started to show an improvement in the trading of this sector compared to the same period in 2008.

Meskipun perdagangan angkutan kimia organik dunia pada tahun 2009 relatif sedikit melemah dibandingkan dengan tahun 2008, namun impor kimia organik dari negara di kawasan Asia secara keseluruhan pada tahun 2009 tetap meningkat dibandingkan dengan tahun 2008 sehingga memberikan kompensasi atas penurunan impor yang substansial oleh negara-negara di kawasan Amerika Utara dan Eropa. Dalam periode tersebut, berdasarkan laporan Drewry 4Q09, impor kimia cair organik dari China, Korea Selatan, Taiwan, India dan Asia Tenggara mengalami kenaikan dari 34,9 juta ton pada tahun 2008 (dari angka rata-rata) menjadi 44,1 juta ton pada tahun 2009 atau naik dari 43% dibanding total impor kimia cair dunia pada tahun 2008 menjadi 59%. Kondisi ini memberikan sinyal semakin pentingnya Asia dalam perdagangan kimia organik di dunia, sesuai dan didukung oleh faktor jumlah penduduknya yang mencapai lebih dari setengah penduduk dunia.

Despite the trading and transportation of organic chemical cargoes in 2009 was relatively weaker compared to last year, in 2009 the import of organic chemical from Asian countries saw some improvement and it managed to compensate the substantial decrease of import from countries in North America and Europe. Within this period, based on the Drewry 4Q09 report, the import of organic liquid chemical substances from China, South Korea, Taiwan, India and South East Asia increased from 34,9 million tons (annualised from 2Q09 number) in 2008 to 44.1 million tons in 2009 or an increase from 43% compared to the total import of the global liquid chemical substances in 2008 to 59%. This condition indicates the important position of Asian countries in the world organic chemical trading, in line with the number of their population which is more than half of the world’s population.

Di sektor angkutan minyak sebagaimana kita ketahui, pertumbuhan permintaan jasa angkutan sangat dipengaruhi oleh volume produksi dan konsumsi minyak dunia. Tingkat produksi minyak dunia mengalami kontraksi sebesar 1,7% pada tahun 2009. Selain turunnya produksi minyak di Amerika Utara dan Eropa, produksi minyak negara-negara OPEC mengalami penurunan yang lebih tajam yakni sebesar 6,1% pada tahun 2009. Permintaan konsumsi minyak dunia juga telah turun sebesar 0,3% pada tahun 2008 dan kembali turun sebesar 1,5% pada tahun 2009. Penurunan konsumsi sebagian besar disebabkan oleh melemahnya pertumbuhan ekonomi di seluruh dunia terutama di negara-negara maju yang tingkat konsumsi minyaknya relatif lebih tinggi. Penurunan tingkat konsumsi minyak negara-negara OECD pada tahun 2009 adalah sebesar 3%. Kondisi ini menyebabkan turunnya harga rata-rata minyak mentah spot (spot crude oil price) kategori brent dari USD 97,5 per barrel pada tahun 2008 menjadi USD 61,8 per barrel pada tahun 2009. Penurunan harga ini sebagian besar terjadi pada akhir tahun 2008 atau awal tahun 2009 setelah pada pertengahan tahun 2008 sempat menyentuh harga USD 115 per barrel sehingga secara rata-rata harga minyak sepanjang tahun 2008 menjadi tinggi. Secara keseluruhan sebenarnya dari awal tahun 2009 sampai akhir tahun 2009, telah terjadi kenaikan harga minyak mentah spot kategori brent dari USD 44,6 per barrel menjadi USD 74,9 per barrel.

In oil transportation sector, as we all know, the increase in the demand for transportation services highly depends on the volume of world production and consumption of oil. The level of world oil production suffered a contraction of 1.7% in 2009. Besides the decrease of oil productions in North America and Europe, the oil production of the OPEC countries also suffered an even sharper decrease of 6.1% in 2009. The world demand for oil also suffered a decline of 0.3% in 2008 and, again, declined by 1.5% in 2009. The decline in the consumption was mostly due to the weakened economic growth all over the world, especially among developed countries which had a relatively higher consumption of oil. The decrease in the level of oil consumption among OECD countries in 2009 was 3%. Due to this conditions, the annual average price of the spot crude oil price of the brent category suffered a decrease from USD 97.5 per barrel in 2008 to USD 61.8 per barrel in 2009. The decrease in the annual average price was mostly due to the significant decrease of oil price at the end of 2008 or early 2009, after it once reached USD 115 per barrel in the mid of 2008 so that the average price of oil in 2008 was high. In general, compared to the beginning of 2009, the end of 2009 saw an increase in price of spot crude oil price of the brent category from USD 44.6 per barrel to USD74.9 per barrel.

Untuk gas cair, permintaan atas transportasi umumnya didorong oleh permintaan industri dan konsumen atas produk-produk turunan gas petrokimia seperti plastik, produk-produk sintetis, tekstil, dan lain-lain. Oleh karena tingkat pembangunan kapal gas yang relatif tinggi pada tahun 2009 dan sementara itu telah terjadi penurunan ekonomi global yang menyebabkan penurunan permintaan atas angkutan jenis ini, maka tarif tambang angkutan gas juga

For liquid gas, the demand for its transportation in general was encouraged by the demand of industries and consumers of the petrochemical gas derivative products such as plastics, synthetic products, textiles, etc. Due to a relatively high level of newbuildings for gas tankers in 2009 and a decrease in the global economy at the same time that caused a weaker demand for this type of transportation, the freight rate of gas transportation also



mengalami pelemahan pada tahun 2009. Namun sejalan dengan pertumbuhan ekonomi global maka permintaan transportasi gas cair diperkirakan juga akan meningkat pada tahun 2010, selain itu peningkatan produksi minyak mentah dan gas alam juga akan meningkatkan permintaan angkutan LPG dan lain-lain gas petrokimia sebagai produk turunan dari minyak dan gas alam cair tersebut.

suffered in 2009. But, in line with the recovery of the global economy, it is predicted that the demand for liquid gas transportation will increase again in 2010, while the increase in production of crude oil and natural gas will also improve the demand for the transportation of LPG and other petrochemical gases as a derivative products of the oil and liquid natural gas.

Akibat krisis yang melanda pada tahun 2009 dan berbagai faktor penyebab yang disebutkan di atas, Perseroan mencatat penurunan pendapatan operasi pada tahun buku 2009. Dalam hubungannya dengan pencatatan saham Perseroan di bursa efek Singapura, seperti tahun lalu Perseroan selain menyajikan laporan keuangan sesuai Prinsip Akuntansi Yang Berlaku Umum di Indonesia, juga menyajikan laporan keuangan sesuai Standard Pelaporan Keuangan Internasional (IFRS). Perbandingan kinerja Perseroan di tahun 2009 dibandingkan dengan tahun 2008 sesuai dengan kedua standard pelaporan keuangan tersebut dapat dilihat pada tabel sebagai berikut:

Due to the crisis in 2009 and various factors mentioned above, the company recorded a decline in its total revenues in the fiscal year of 2009. In relation to the Company’s status as a listed company as well in the Singapore Exchange Securities Trading Pte Ltd., similar to the previous year, the Company, besides preparing a financial report in line with the Indonesia Generally Accepted Accounting Principles, also presented a financial report according to the International Financial Reporting Standard (IFRS). The Company’s performance in 2009 compared to 2008 in both financial reporting standards is illustrated in table below:

Revenue Gross Profit Net Profit/(Loss)

INDONESIAN GAAP In USD’000 2008 2009 (Re Measurement) 723,682 618,346 229,624 132,834 218,364 (285,876)

IFRS Increase/ (Decrease) (15%) (42%) (231%)

In USD’000 2008 2009 (Re Measurement) 723,682 618,346 217,652 132,237 24,892 (117,004)

Increase/ (Decrease) (15%) (39%) (570%)

Sesuai dengan Keputusan Menteri Keuangan No: KEP1514/WPJ.07/BD.04/2008 maka mulai tahun buku 2009 dan seterusnya, Perseroan menyelenggarakan pembukuan IndoGAAP dalam mata uang dollar Amerika Serikat dan dalam Bahasa Inggris. Tahun 2009 merupakan tahun pertama Perseroan menyelenggarakan pembukuan IndoGAAP dalam mata uang Dollar Amerika Serikat dan dengan adanya perubahan penggunaan mata uang tersebut pelaporan dari mata uang Rupiah ke mata uang Dollar Amerika Serikat dilakukan secara retroaktif sehingga laporan keuangan pembanding yakni laporan keuangan tahun 2008 dilakukan pengukuran kembali. Selain itu, mulai tahun 2009 Perseroan telah menerapkan PSAK 16 mengenai revaluasi aktiva tetap pada pembukuan IndoGAAP.

In accordance with the Decree of the Finance Minister No: KEP-1514/WPJ.07/BD.04/2008, starting from financial year 2009 onwards, the Company will record its IndoGAAP financials in United States (US) Dollar currency and in English language. 2009 will be the first year for the Company in implementing US Dollar currency as the recording currency in IndoGAAP and along with the changes in the currency, the reporting from Indonesian Rupiah to US Dollar was done in a retroactive manner and thus the 2008 financial report was remeasured. Starting from 2009, the Company has also implemented PSAK 16 regarding revaluation of fixed assets in the IndoGAAP financials.

Penurunan atas Pendapatan dalam tahun buku 2009 berdasarkan laporan keuangan IndoGAAP adalah sebesar 15% dibandingkan dengan periode yang sama tahun 2008 terutama disebabkan oleh penurunan tarif tambang untuk hampir semua segmen angkutan yang digeluti oleh Perseroan. Hal ini disebabkan oleh kondisi perekonomian global yang mengalami krisis yang serius sepanjang tahun 2009 sebagaimana yang telah dijelaskan di atas.

Decrease in Total Revenue in the financial year 2009 based on IndoGAAP financials was around 15% compared with the same period last year. This is mainly caused by the decrease of freight rate for all the Company’s business segments. This was the result of a serious crisis suffered by the global economic condition through out 2009 as previously mentioned.

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Sejalan dengan penurunan Pendapatan maka Perseroan juga mencatat adanya penurunan Laba Kotor pada tahun 2009 dibandingkan dengan tahun 2008 namun penurunan Laba Kotor terjadi dengan margin yang lebih tinggi daripada penurunan Pendapatan Perseroan. Hal ini sebagian besar disebabkan oleh naiknya harga harga bahan bakar (bunker) dunia yang cukup signifikan mulai dari awal tahun 2009 sampai akhir tahun 2009 dan naiknya biaya perbaikan dan perawatan kapal. Laba Usaha untuk tahun 2009 berdasarkan laporan keuangan IndoGAAP mengalami penurunan sebesar 48% dibandingkan periode yang sama tahun 2008. Walaupun Biaya Umum dan Administrasi pada tahun 2009 mengalami penurunan sebesar 10% dibandingkan dengan tahun 2008 namun oleh karena Pendapatan Usaha mengalami penurunan yang lebih tinggi, maka Laba Usaha untuk tahun 2009 tersebut juga mengalami penurunan.

Along with the decrease in revenue, the Company has also recorded a decline in Gross Profit during 2009 compared with 2008 but the margin of the decrease in gross profit is relatively higher than the decrease in the total revenue. This is mainly caused by the significant increase in global fuel (bunker) price starting from the beginning until the end of 2009, coupled with the increase of vessels repair and maintenance costs. The Company’s Operating Profit in 2009 suffered a 48% decrease compared with the previous year. Although General and Administrative expenses in 2009 was down around 10% compared to the same period last year, however since the total revenue has declined rather significantly in 2009, then the Operating Profit also took a tumble in the particular year.

Perseroan pada tahun 2009 mengalami kerugian terutama karena besarnya kerugian non-operasional yang sebagian besar disebabkan oleh penerapan PSAK 16 mengenai revaluasi aktiva tetap sehingga terjadi penurunan nilai kapal sebesar USD 227,8 juta untuk laporan keuangan IndoGAAP. Selain itu, terdapat pula kerugian yang belum terealisasi (unrealised losses) sebesar USD 196,4 juta sehubungan dengan perubahan nilai wajar atas obligasi konversi dan wesel bayar yang diterbitkan Perseroan dan berdampak pada laba bersih Perseroan pada kedua laporan keuangan baik IndoGAAP maupun laporan keuangan IFRS. Namun perlu dikemukakan disini bahwa kerugian non-operasional yang disebutkan diatas tidak berdampak pada arus kas Perseroan (non-cash items).

The Company suffered a net loss in 2009 which was mainly due to the existence of sizeable non operating losses and this in turn was caused among others by the implementation of PSAK 16 which requires a revaluation of fixed assets and this has resulted in the decrease of vessels value amounting to USD 227.8 million based on IndoGAAP financials. In addition, there was also an unrealized loss amounting to USD 196.4 million with regard to the change in the fair value of the Company’s convertible bonds and notes payable issued by the Company and this has negatively impacted the Company’s financial statement both in IndoGAAP and IFRS. However, it should be noted that such non-operational loss as mentioned above did not impact the Company’s cash flow (non-cash items) position.

Sehubungan dengan hasil laporan keuangan Perseroan di atas, Perseroan terus mengantisipasi perkembangan pasar yang ada dan terus berbenah diri untuk menghadapi segala kemungkinan yang dapat terjadi. Oleh karena itu, untuk menghadapi krisis ekonomi ini, Manajemen Perseroan tetap melakukan program pengetatan dan penghematan yang merupakan kelanjutan dari program yang dicanangkan pada tahun lalu. Hal ini dipertegas dan dibahas dalam kegiatan BLT Global Executive Meeting 2010 yang diadakan Perseroan pada bulan Maret 2010.

In relation to the above financial results, the Company continues to monitor the development of existing markets and stays vigilant through the improvement of its internal systems and procedures in order to face various possibilities. Therefore, in order to overcome the current crisis, the Management of the Company continues to be on the guard through the implementation of cost cutting measures and efficiency programs which is the continuation of the similar programs that was declared last year. This has been emphasized and discussed in the BLT Global Executive Meeting 2010 organized by the company in March 2010.

Selain hal-hal diatas, Perseroan juga masih fokus pada prioritas yang telah ditetapkan tahun lalu dimana di dalam rencana tindak lanjut Perseroan, telah ditetapkan hal-hal sebagai berikut sebagai bentuk antisipasi terhadap risiko usaha yang dapat timbul sehubungan dengan krisis ini:

Besides the above-mentioned points, the company focus is still consistent with the priority established last year whereas in the follow up plan, the followings have been established as a form of anticipation to overcome business risks that may come up as a result of the crisis:

1. Memperkuat likuiditas dengan menjalin kerjasama dengan berbagai sumber pendanaan;

1. Strengthening the liquidity of the Company by cooperating with various financiers;

2. Meningkatkan persentase pendapatan dari kontrak. Hal ini bertujuan untuk mengamankan pendapatan dari fluktuasi tarif uang tambang;

2. Improving the revenue from contracts. The aim is to secure revenues against fluctuation of the freight rates;

3. Memantau pasar untuk menentukan saat yang tepat untuk mengambil kesempatan yang akan timbul ditengah krisis dunia;

3. Closely monitoring the market in order to determine the right time to take opportunities amidst the global crisis;



4. Menitikberatkan fokus perkembangan di dalam negeri;

4. Grow and more focus on domestic business opportunity;

5. Pengembangan armada dengan memperhatikan struktur permodalan. Hal ini untuk menjaga agar Perseroan tetap memiliki likuiditas yang cukup saat menghadapi kondisi usaha yang kurang mendukung.

5. Fleet expansion to be in line with the preferable capital structure. This is to make sure that the Company still has sufficient liquidity in the facing of an unconducive business climate.

Memasuki tahun 2010, banyak ahli ekonomi yang memperkirakan bahwa krisis sudah mencapai titik terendah pada akhir tahun 2009 dan diharapkan akan kembali membaik pada tahun 2010 sesuai dengan beberapa indikator ekonomi yang ada. International Monetary Funds (IMF) telah melakukan beberapa kali revisi mengenai pertumbuhan GDP global pada 2010 dari 2,8% pada akhir tahun 2008 menjadi 3,1% pada awal tahun 2009 dan kembali merubahnya menjadi 3,9% pada akhir tahun 2009. Namun berbeda dengan krisis-krisis sebelumnya dimana penggerak kebangkitan ekonomi pasca krisis adalah berasal dari negara-negara maju bagian belahan dunia barat, pemulihan krisis kali ini lebih didukung oleh adanya perkembangan ekonomi yang relatif baik pada negara-negara berkembang di Asia yang menjadi penopang pertumbuhan ekonomi dunia termasuk China, India, dan negara-negara Asia lainnya termasuk Indonesia. Bank Dunia pada akhir tahun 2008 memprediksikan bahwa pertumbuhan ekonomi China pada tahun 2010 diprediksikan hanya sebesar 6,5% namun pada November 2009 merubahnya menjadi 8,7%. IMF bahkan memperkirakan pertumbuhan GDP China pada tahun 2010 adalah sebesar 10%. IMF juga merasa cukup optimis terhadap perekonomian India dimana perkiraan pertumbuhan GDP diperkirakan sebesar 7,7% untuk tahun 2010 dan 7,8% pada tahun 2011. Sementara itu, IMF pada Januari 2010 memperkirakan pertumbuhan ekonomi pada ASEAN-5 adalah sebesar 4,7% pada tahun 2010 dan 5,5% pada tahun 2011.

Entering 2010, a lot of economists have predicted that the crisis reached its lowest point at the end of 2009 and it is expected that the economic performance will improve in 2010 and various existing economic indicators have already shown such trend. The International Monetary Funds (IMF) has revised its forecast for several times on the global GDP growth for 2010 starting from 2.8% made at the end of 2008 to 3.1% at the beginning of 2009 and once again changed into 3.9% at the end of 2009. However, unlike previous crises where the post-crisis economy development started from developed countries from the western part of the world, the recovery of this crisis is supported by a relatively good economic growth of developing countries in Asia which supports world’s economic growths, including countries like China, India and other Asian countries including Indonesia. World Bank at the end of 2008 predicted that the China’s economy growth will be 6,5% but changed its projection in November 2009 to 8.7%. IMF even predicted that GDP growth of China in 2010 is 10%. IMF is also bullish in its prediction of India’s economy in which it forecasted that the GDP growth of the country to 7.7% in 2010 and 7.8% in 2011. Meanwhile, IMF in 2010 predicted that the economy growth of the five ASEAN countries to be at 4.7% in 2010 and 5.5% in 2011.

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Sambutan Direksi

IMF menyatakan bahwa pertumbuhan ekonomi pada negaranegara berkembang terutama disebabkan oleh dukungan permintaan domestik yang kuat pada negara-negara tersebut, namun IMF juga mengingatkan bahwa banyaknya aliran dana pada negara-negara tersebut semakin menunjukkan tren yang perlu mendapatkan perhatian karena hal ini akan dapat menyebabkan penggelembungan harga aset dan terjadinya inflasi harga barang serta appresiasi mata uang negara-negara berkembang tersebut. IMF juga mengingatkan bahwa walaupun pasar keuangan telah pulih lebih cepat dari perkiraan awal, kondisi-kondisi keuangan global akan tetap mengalami kesulitan seperti sebelum krisis terutama pada negara-negara di mana pertumbuhan kredit domestik masih terjadi kontraksi.

IMF stated that the positive economy growth in developing countries is due to the strong domestic demands within the countries, however, the IMF also warns that a lot of fund circulation in the countries showed the trends that need to be monitored closely since it can result in the tendency to mark-up the asset values as well as the inflations of product prices and in the appreciation of the countries’ currencies. IMF also warns that although the condition of the financial market recovers faster that the earlier prediction, the global finacial condition is still facing difficulties as before the crisis took place, especially from the pockets in which the the growth of domestic loan still suffer from contraction which limits the growth of domestic credits.

Dari rencana beberapa langkah antisipasi yang disebutkan di atas dan didukung oleh harapan pemulihan ekonomi setelah krisis, serta iklim usaha domestik yang cukup kondusif maka Manajemen melihat masih ada peluang bagi Perseroan untuk terus memperkuat dan mengembangkan armadanya baik di sektor angkutan kimia cair, maupun minyak dan gas.

Based on the above-mentioned steps and the expectations of economic recovery from the severe crisis in 2009, there is an opportunity for the Company to strengthen and develop its fleet both for the liquid chemical transportation as well as oil and gas transportations.

Pada tahun 2009 Perseroan telah berhasil mengembangkan armadanya dengan membeli 4 kapal baru dan bekas dan menjual 1 kapal Perseroan, sehingga pada akhir tahun 2009 armada Perseroan bertambah menjadi 91 kapal tanker dengan total bobot mati atau DWT sekitar 2,2 juta ton. Selain itu Perseroan juga memiliki kontrak pesanan kapal baru sejumlah 13 kapal yang akan bergabung dengan armada Perseroan pada tahun 2010-2012.

In 2009, the Company was able to develop its fleet by purchasing 4 new and old vessels and sold 1 Company’s vessel, so that by the end of 2009 the number of Company’s fleet was 91 vessels with total capacity of around 2.2 million tons. Besides that, the Company also has new buildings on order for additional 13 vessels that will join the Company’s fleet in 2010 - 2012.

Pengembangan armada kapal membutuhkan dana yang cukup besar. Dalam hal ini Perseroan telah membuktikan fleksibilitas maupun kredibilitas dalam bidang pendanaan eksternal yang terdiri dari berbagai tipe pendanaan seperti pinjaman bank baik dari dalam negeri maupun luar negeri, obligasi, dan obligasi konversi. Dari sisi pendanaan, walaupun krisis global yang hebat melanda pada tahun 2009, Perseroan tetap berhasil mencari sumber pendanaan yang diperlukan untuk pengembangan usaha melalui penerbitan Obligasi Rupiah IV dan Sukuk Ijarah II Berlian Laju Tanker sebesar Rp. 500 milyar dan penerbitan saham melalui rights issue sebesar USD 57 juta yang merupakan perusahaan Indonesia pertama yang melakukan penawaran rights pada dua pasar modal yang berbeda yakni pada Bursa Efek Indonesia dan Bursa Efek Singapura. Dengan adanya fleksibilitas dalam menggalang dana, Perseroan memiliki lebih banyak pilihan untuk mendapatkan sumber dana yang lebih murah dan fleksibel dimana hal ini merupakan faktor penting bagi persaingan dalam industri pelayaran yang padat modal.

The development of the fleet surely requires a large amount of funds. In this case, the Company has proven its flexibility as well as its credibility in external funding of various types such as from domestic banks as well as international banks, from international bonds issuance and domestic bonds, etc. From the funding side, although there was a serious crisis in 2009, the Company was able to obtain necessary funding sources in order to develop its business through the issuance of Obligasi Rupiah IV and Sukuk Ijarah II Berlian Laju Tanker in the amount of IDR 500 billions and the rights issue of the Company’s stocks in the capital market amounting to USD 57 million making it the first Indonesian company offering its stocks in two exchanges, the Indonesian Stock Exchange and the Singapore Exchange Securities Trading Pte Ltd. By having this flexibility in gathering funds, the Company has more options to source funds from a cheaper and more flexible sources which is an important factor in being competitive in a capital intensive shipping industry.

Berdasarkan data historis, setelah krisis berlalu biasanya tarif tambang angkutan pelayaran akan mengalami kenaikan yang cukup signifikan. Oleh karena itu, walaupun ekonomi global belum menunjukkan perubahan pertumbuhan permintaan angkutan pelayaran yang sangat signifikan, prospek pada 2010 diharapkan cukup positif bagi industri pelayaran secara keseluruhan dan pada Perseroan khususnya oleh karena faktor-faktor dibawah ini.

Based on historical data, after the crisis usually the freight rate of shipping transportation tend to have a significant raise. Therefore, although the global economy has not yet shown a significant growth in the shipping transportation demand, the prospect in 2010 is quite positive for shipping industry as a whole and especially for the Company due to the following factors below.



Permintaan terhadap angkutan kimia cair sangat berkorelasi erat dengan pertumbuhan Gross Domestic Product (GDP) dunia dan pertumbuhan produksi industri. Hal ini dikarenakan produk-produk kimia yang diproduksi oleh pabrikan kimia dijual dan ditransportasikan kepada perusahaan-perusahaan manufaktur pada berbagai kegiatan industri yang ada di dunia sebagai bahan baku dan ini akan mempengaruhi permintaan terhadap angkutan kimia cair. Kami percaya bahwa dengan adanya perubahan aktifitas ekonomi dunia yang lebih kondusif pada tahun 2010 yang direfleksikan dari pemulihan penimbunan kembali persediaan produk kimia cair maupun oleh karena peningkatan produksi industri di semua negara dan dengan adanya perkiraaan pertumbuhan GDP yang cukup signifikan dari sekitar -2% menjadi positif hampir 4% maka permintaan atas angkutan kimia cair akan kembali naik. Terlebih lagi, pertumbuhan permintaan angkutan kimia cair biasanya adalah sekitar 2 (dua) kali dari pertumbuhan GDP dunia. Selain itu, adanya efek ekspansi ton mile (ton mile expansion) yang disebabkan oleh naiknya tingkat kapasitas produksi kimia pada negaranegara di Timur Tengah dan Asia yang dapat memproduksi bahan baku kimia dengan harga yang lebih kompetitif menyebabkan terjadinya ekspansi jarak tempuh kapal karena kapal-kapal tanker harus berlayar lebih jauh untuk mentransportasikan kargo kimia pada konsumen yang masih sebagian besar terletak di dunia bagian barat. Penggunaan biofuel, bioethanol, biodiesel dan minyak sayur (vegetable oils) sebagai pengganti minyak mentah yang harganya semakin tinggi dan peraturan lingkungan hidup yang lebih ketat sehubungan dengan pengurangan tingkat emisi global juga akan meningkatkan permintaan terhadap bahan-bahan kimia jenis ini.

The demand for liquid chemical substance transportation is closely related to the growth of the world’s Gross Domestic Product (GDP) and the growth of industrial products. This is due to the fact that chemical products manufactured by chemical factories are sold and transported to the manufacturers, in various industrial activities, which will use them as raw materials and this will influence the demand for liquid chemical transportation. We believe that with a change in the world’s economy activities that become more conducive in 2010 as reflected in the restocking of the inventory of liquid chemical products as well as due to increase in the industrial production of all countries and the significant GDP growth from -2% to almost positive 4% guarantees the demands for liquid chemical cargoes transportation to increase. Moreover, the growth of liquid chemical cargoes transportation usually doubles the world’s GDP growth. Besides, there is also a ton mile expansion due to the increase in the chemical production capacity of Middle East and Asian Countries that can produce a more competitive chemical raw materials causing the expansion of the distance that the tanker ships have to sail in order to transport these chemical cargos to consumers that mostly are still located in the western part of the world. The use of biofuel, bioethanol, biodiesel and vegetable oil to replace crude oil, which price keeps on increasing, and stricter environmental rules related to the efforts to reduce the global emissions will also increase the demand for the same types of chemical substances.

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Sambutan Direksi

Dari sisi penawaran, walaupun jumlah kapal tanker kimia yang telah dipesan untuk dibangun diperkirakan mencapai sekitar 25% (IMO II) untuk tiga tahun kedepan dari 2010 – 2012, jumlah pesanan tersebut masih akan mengalami kontraksi oleh karena terjadinya pembatalan pemesanan oleh perusahaan-perusahaan yang tidak dapat mencari sumber pendanaan maupun terjadinya kemunduran penyerahan kapal (delays) yang akan meringankan akibat yang dapat timbul dari jumlah kapal yang ada di pasar. Selain itu, diperkirakan hampir 10% dari armada kapal tanker kimia inti (selain epoxy-coated tanker) sudah mencapai masa pembesituaan dan ini akan memberikan efek positif bagi pemain di segmen tersebut.

From the supply side, although the number of chemical tankers that have been ordered to be built reaches around 25% (IMO II) for the next three years of 2010 – 2012, this order will still go through a contraction since there will be a cancelation in the order by companies that cannot find financial sources as well as due to the delays in the handover of the tankers that can reduce the effects causing by the number of tankers in the market. Besides that, almost 10% of the core chemical tankers (besides the epoxy-coated tanker) has reached the time to be scrapped and this will give a postive effect for the players in this segment.

Proyeksi pertumbuhan ini ditunjang dengan implementasi regulasi IMO tentang pengangkutan vegetables oil yang harus menggunakan kapal tanker tipe IMO II sehingga memberikan keyakinan akan pertumbuhan permintaan kapal tanker kimia tipe IMO II. Disisi lain mengingat hampir seluruh kapal tanker kimia dalam armada Perseroan merupakan tipe IMO II stainless steel, dan kondisi galangan kapal yang telah maksimal maka Manajemen cukup optimistik bahwa walaupun sekarang terjadi stagnasi kenaikan tarif uang tambang di sektor ini namun pada pertengahan semester pertama 2010 tarif akan meningkat dan selanjutnya diperkirakan akan meningkat secara tajam dalam tahun-tahun mendatang. Bergabungnya Chembulk Tankers LLC kedalam group Perseroan dimana seluruh armadanya terdiri dari kapal tanker kimia stainless steel IMO II telah memberikan kontribusi yang cukup besar pada kinerja Perseroan di tahun ini dan diharapkan kontribusi ini semakin membaik di tahun-tahun mendatang. Oleh karena faktor-faktor di atas, maka manajemen berharap tahun 2010 dapat memberikan kinerja yang lebih baik dari tahun 2009.

The growth projection in chemical market is supported by the implementation of the IMO regulation on the transportation of vegetables oil that stipulates the use of IMO II Type chemical tankers. On the other hand, since almost all chemical tankers of the Company’s fleet are the stainless steel IMO II type, the management is quite optimist that although there is a stagnation in the freight rate at this time, by the middle of the first semester of 2010 the rate will increase and then will even increase sharply in the next years. The merger of Chembulk Tankers LLC to the Company group, where all its fleet are IMO II stainless steel chemical tankers have given a considerable contribution to the performance of the Company this year and in the years to come. Due to the above-mentioned factors, the management hopes that the year 2010 can provide a better performance compared to the year 2009.

Sementara perekonomian dunia pada tahun 2009 mengalami kontraksi, perekonomian Indonesia menunjukkan kinerja yang relatif cukup baik dengan tumbuh sebesar 5,4% pada kuartal ke-empat tahun 2009 berdasarkan data dari Biro Pusat Statistik sehingga pertumbuhan sepanjang tahun 2009 tercatat sebesar 4,5%. Pertumbuhan ini relatif lebih baik daripada pertumbuhan negara-negara lain di Asia Tenggara seperti Singapura, Malaysia, Phillipines dan Thailand. Pada tahun 2010, pertumbuhan GDP Indonesia diperkirakan akan berkisar antara 5,5% sampai 6%.

While the world’s economy in 2009 suffered from a heavy setbacks, the Indonesian economy showed a relatively good performance with a growth of 5.4% in the fourth quarter of 2009 based on the data of the National Statistical Agency so that the growth in 2009 was 4.5%. This was relatively better than the growths of other countries in South East Asia such as Singapore, Malaysia, the Phillipines and Thailand. In 2010, the Indonesian GDP growth is predicted to be around 5.5% to 6%.

Harapan akan pertumbuhan ekonomi yang baik dan ditunjang oleh implementasi azas cabotage di dalam negeri akan memberi peluang yang besar bagi usaha Perseroan karena azas ini mengharuskan semua kapal yang beroperasi di dalam negeri (bahkan pada hal-hal tertentu juga mencakup impor dan ekspor) menggunakan kapal berbendera Indonesia dan ini mencakup semua jenis transportasi air termasuk tanker minyak dan gas, FPSO/FSO, unit jasa lepas pantai (offshore services unit) yang termasuk di dalamnya PSV (Platform Support Vessel), OSV (Offshore Supply Vessel), AHTS, kendaraaan survey seismic (seismic survey vessel) dan lainnya, FSRU (Floating Storage and Regassification Units) untuk LNG, unit

Aside from that, the implementation of the cabotage principle will provide a bigger opportunity for the Company since this policy requires all vessels sailing within Indonesian waters (even in certain cases it also include the import and export) to use the vessels with Indonesia flag, covering all types of water transportation, including oil and gas tankers, FPSO/FSO, offshore service units, including PSV (Platform Support Vessels), OSV (Offshore Supply Vessel), AHTS, seismic survey vessel and others, FSRU (Floating Storage and Regassification Units) for LNG, production and oil drilling units, dry bulk vessel and other types of vessels. The introduction



produksi dan pengeboran minyak, kapal curah kering dan lain sebagainya. Kesempatan ini cukup besar mengingat masih banyaknya kapal-kapal berbendera asing yang dioperasikan di dalam negeri. Perseroan memiliki posisi yang unik untuk dapat menangkap peluang-peluang yang besar dengan penerapan azas cabotage ini maupun berkembangnya pasar domestik secara keseluruhan.

of this cabotage principle provides huge opportunity for the Company given than there are a lot of vessels which are still foreign flagged in Indonesia.

Dengan adanya penerapan perjanjian perdagangan bebas (free trade agreement) antara negara-negara yang termasuk di dalam kawasan Asia Tenggara (ASEAN) dengan China dan adanya penurunan tarif perdagangan antara sesama anggota negara-negara ASEAN yang mulai berlaku sejak tanggal 1 Januari 2010 pada dasarnya akan berdampak positif bagi perkembangan industri pelayaran. Kedua peristiwa tersebut diharapkan dapat mengakibatkan kenaikan perdagangan dan investasi yang signifikan di kasawan ini.

With the implementations of free trade agreement between ASEAN countries and China and with a decrease in the trading tariffs among ASEAN countries that started to take effect on January 1, 2010, basically will result in a positive impact for the development of shipping industry. Both events are expected to cause a significant increase in trading and investments in this part of the world.

Berdasarkan hal-hal yang diutarakan di atas dan perkembangan Perseroan selama ini, manajemen yakin dan optimis bahwa Perseroan akan dapat melewati periode krisis ini dan bahkan keluar dari kondisi prihatin ini dengan kemampuan yang lebih baik untuk mendapatkan peluang yang lebih besar.

Based on the the afore-mentioned situation and the current development of the Company, the management is confident and optimist that the Company shall survive the crisis and exit this condition becoming more resilient to grabmore opportunities.

Akhir kata, Direksi mengucapkan banyak terima kasih atas kepercayaan yang telah diberikan selama ini oleh para pemegang saham, mitra usaha Perseroan, dan para karyawan baik karyawan laut dan karyawan darat yang telah memberikan dedikasi, bekerja keras dan turut berperan serta membesarkan dan mengembangkan usaha Perseroan selama ini. Ucapan terimakasih kami sampaikan pula kepada Dewan Komisaris beserta komite-komite yang membantunya, dan lembaga-lembaga profesi maupun penunjang pasar modal lainnya yang telah memberikan masukan-masukan berharga kepada Direksi dalam menjalankan usaha Perseroan.

Lastly, the Board of Directors would like to express its gratitude for the confidence that has been extended by the shareholders, Company’s partners, and on-shore and off-shore employees who have shown their dedications, hardwork and taken part in the businesses development of the Company. Our sincere gratitude is also expressed to the Board of Commissioners, Audit Committee, Nomination Committee, Remuneration Committee and professionals and capital market supporting institutions that have given great inputs to the Board of Directors in running the Company.

Saran dan pendapat yang membangun dari semua pihak demi kemajuan Perseroan di masa yang akan datang senantiasa kami nantikan.

Constructive suggestions and opinions from all parties for the future progress of the Company are always welcome.

Sekian dan terima kasih. Direksi

Thank you, Board of Directors

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Pembahasan Operasional

Pembahasan Operasional RINGKASAN AKTIVITAS USAHA

BUSINESS ACTIVITIES

Perseroan bergerak di bidang angkutan laut, khususnya pengangkutan muatan cair. Jenis muatan cair tersebut antara lain:

The Company’s main business is the maritime transportation of liquid bulk cargo. The types of cargo carried by the Company’s fleet include:

• Kimia cair (organik dan non-organik) • Minyak nabati dan hewani • Minyak bumi (minyak mentah, bahan bakar minyak, dan jenis lainnya) • Pelumas (Pelumas dasar dan aditif) • Gas cair (LPG, propylene, propane, ethylene, LNG, dan gas-gas lainnya)

• Liquid Chemical (organic and unorganic); • Vegetable oil and animal fats. • Crude oil and petroleum products; • Lubricating Oil (Base Oil and additives);

Kegiatan usaha utama Perseroan dapat dikategorisasi menjadi beberapa bidang usaha, yaitu:

The Company offers a wide range of maritime transportation and related services, including the following:

Penyewaan Kapal Perseroan menyewa kapal-kapal dari pihak ketiga melalui perjanjian Short Term Time Charter, Medium Term Time Charter, dan Long Term Time Charter.

Vessel Chartering The Company charters in its vessels from third parties on a range of terms, including Short-Term Time Charter; Medium-Term Time Charter; and Long-Term Time Charter basis.

Pengoperasian Kapal Perseroan menyewakan ruang muatan kapal kepada pihak ketiga. Kapal yang dioperasikan adalah kapal-kapal milik Perseroan serta kapal – kapal yang disewa dari pihak ketiga. Muatan yang diangkut berasal dari spot market dan Contract Of Affreightment (COA). COA merupakan kontrak pengangkutan dengan jumlah muatan tertentu untuk periode waktu tertentu.


• Liquified gas (LPG, propylene, propane, ethylene, LNG and others);

Vessel Operations The Company charters out cargo spaces in its vessels to the third parties. The vessels used to provide these services include vessels owned by the Company and chartered-in vessels. Cargo is carried according to a range of terms, including spot market contracts and Contract Of Affreightment (COA). COA is a contract for the transportation of a certain volume of cargo within a specified period of time.

Operations Review

Operations Review Jasa Keagenan Kapal Sesuai dengan regulasi yang berlaku di Indonesia, kapal-kapal asing yang mengunjungi pelabuhan Indonesia diwajibkan untuk menunjuk perusahaan Indonesia untuk bertindak selaku agen. Pada bidang usaha ini, Perseroan bertindak sebagai agen bagi banyak kapal asing. Beberapa perusahaan pelayaran terkemuka di dunia yang armadanya sering melakukan aktivitas bisnis di pelabuhan Indonesia telah mempercayai dan menunjuk Perseroan sebagai agen untuk mengurus perizinan, pelabuhan, dan pemasokan keperluan-keperluan kapal, seperti bahan bakar, air tawar, suku cadang, perbaikan, dan lain-lain. Selain memberikan kontribusi yang menguntungkan bagi pendapatan Perseroan, kegiatan keagenan ini juga akan memperluas jaringan kerja sama Perseroan dengan perusahaan pelayaran di luar negeri.

Vessel Agency Services Pursuant to the prevailing regulations in Indonesia, foreign vessels calling at Indonesian ports are required to appoint an Indonesian company or companies to act as their general agent. As a registered Indonesian company, the Company acts as the general agent for many foreign vessels. Foreign shipping companies whose vessels enter into Indonesian waters contract a range of agency services from the Company, including the arrangement of permits, the arrangement of port facilities, and the provision of supplies such as fuels, freshwater, spare-parts, repair services, and others. Besides contributing directly to the Company’s revenues and profits, the agency business facilitates the expansion of the Company’s network with foreign shipping companies.

Penyewaan Tanki Penyimpanan Di Darat Proses bongkar muat muatan cair di pelabuhan membutuhkan tangki-tangki penampung di darat yang digunakan sebagai tempat penyimpanan sementara sebelum muatan cair tersebut diangkut oleh kapal tanker atau didistribusikan ke tempat pemrosesan. Perseroan memiliki beberapa tangki darat yang disewakan kepada pemilik muatan cair.

Shore Storage Rental Liquid cargo must be stored in the appropriate facilities in ports before being transported by oil tankers or distributed to processing plants. The Company owns and operates shore storage facilities which it rents to the owners of liquid cargo.

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KAPASITAS DAN KOMPOSISI ARMADA PERUSAHAAN Dalam usaha transportasi kelautan, jumlah kapal merupakan faktor yang sangat menentukan dan langsung mempengaruhi hasil operasi perusahaan. Seiring dengan meningkatnya jumlah kapal yang dimiliki oleh armada Perseroan, maka kapasitas tonase yang dimiliki oleh Perseroan juga meningkat dan tentunya terjadi pula peningkatan dalam pendapatan Perseroan. Walaupun penambahan jumlah kapal ini juga meningkatkan biaya pelayaran dan biaya operasional kapal, namun peningkatan biaya – biaya tersebut terjadi dalam jumlah yang secara signifikan lebih kecil daripada peningkatan pendapatan yang didapatkan dari penambahan kapal tersebut.

CAPACITY AND COMPOSITION OF THE COMPANY’S FLEET In the world of maritime transportation, the number of vessels operated by one entity plays a pivotal role to a company’s performance and operational capability. As the number of vessels in the Company’s fleet has increased, the tonnage capacity owned by the Company also increases and at the same time increases the revenue of the Company. Although the increase of the number of vessel simultaneously increases the voyage costs and the vessel operational expenses, the increase of such expenses is significantly less compared to the increase of the revenue generated by the Company from such increase of fleets.

Tabel berikut menunjukkan komposisi armada Perseroan, berdasarkan segmen usaha per 31 Desember 2009:

The following table shows the composition of the Company’s fleet categorized based on business segments as of 31 December 2009:

Bahan Kimia Minyak Gas(1)1) FPSO Jumlah

Jumlah Kapal Number of Vessels 61 14 13 1 91

DWT (‘000) 1010,74 929,72 209,50 60,87 2210,83

Rata-rata Usia Average Age 8,4 16,4 9,0 29 9,7

Chemical Oil Gas(1) FPSO Total

Catatan: (1) Kapasitas kapal tanker gas yang disajikan di sini dalam DWT tetapi dapat juga disajikan dalam CBM.

Note: (1) The capacity of the gas tanker is presented here in DWT although it can be presented in CBM as well.

Selain ukuran dan kapasitas, karakteristik penting yang dimiliki oleh armada Perseroan adalah komposisi dari armadanya. Armada yang dimiliki oleh Perseroan terdiri atas kapal tanker pengangkut bahan kimia cair, minyak mentah, produk minyak, gas cair dan tanker FPSO, serta dua buah kapal angkutan LNG yang dioperasikan khusus untuk proyek LNG Tangguh. Kapal-kapal ini memiliki perbedaan dalam hal ukuran (demikian juga kapasitas tonasenya) umur, fungsi, keandalan, jangkauan dan penggunaan, dan juga dalam peralatan teknisnya.

In addition to the size and shipping capacity, another important consideration for the Company is the composition and diversification of its fleet. The Company’s fleet includes chemical tankers, crude oil tankers, oil product tankers, gas tankers, an FPSO and two LNG carriers specially dedicated for LNG Tangguh project. These vessels vary in terms of size and tonnage capacity; age; functionality; reliability; nautical reach and usage; as well as their technical equipment.

Selama ini, Perseroan berusaha menjaga portofolio kapalkapal yang berbeda dalam armadanya dan menjaga keseimbangan antara kapal dalam keempat segmen usaha yang dimiliki oleh Perseroan, dengan demikian Perseroan dapat memberikan layanan dalam wilayah maupun pasar tertentu yang dipercaya Perseroan akan tumbuh dan tetap menguntungkan pada masa yang akan datang serta mampu untuk menjaga marjin dalam mengoperasikan kapalnya.

The Company has been trying to maintain this portfolio composition of different purpose cargo vessels in a good balance on all four business segments, in order to be able to meet specific demands from different customers. This allows the Company to better service a wide range of geographical and markets and product types, and to maintain profitable margins across different segments.

Kapal Tanker Kimia Segmen kapal tanker kimia merupakan segmen usaha Perseroan dengan jumlah kapal terbesar dibandingkan dengan segmen – segmen usaha lainnya. Per 31 Desember 2009, Perseroan mengoperasikan 63 kapal tanker kimia dengan total tonase sebesar 1.010.736 DWT dan merupakan salah satu perusahaan pelayaran tanker kimia terbesar di dunia dalam jumlah tonase. Rata-rata umur kapal tanker kimia yang dioperasikan oleh Perseroan adalah sekitar 8,4 tahun, dibandingkan armada pada industri yang rata-rata berusia sekitar 11,1 tahun. Untuk memperkuat armada kapal tanker kimia yang sudah ada sekaligus untuk

Chemical Tankers The chemical tanker segment is a business segment of the Company with the largest number of vessels compared to the other segments. As of 31 December 2009, the Company is recognized as one of the largest shipping companies in the world in terms of the tonnage capacity for liquid chemical transportation, which in total has reached 1.010.736 DWT. On average, the age of the Company’s vessels used for transportation of the liquid chemical is 8.4 years old, a lot younger compared to the industry’s average age of 11.1 years. By 31 December 2009, the Company had placed orders


Operations Review

peremajaan armada dan memperkuat posisi Perseroan di pasar, maka per 31 Desember 2009, Perseroan telah memesan 9 buah kapal tanker kimia baru yang kini dalam proses pembangunan, dengan kapasitas total 178.480 DWT yang akan diserahterimakan dari galangan kapal kepada Perseroan antara tahun 2010 dan 2011.

to acquire 9 more new chemical tankers with total capacity of 178,480 DWT. The new vessels will be delivered between 2010 and 2011.

Tabel berikut memberikan gambaran singkat mengenai kapal tanker pengangkut bahan kimia yang dioperasikan oleh Perseroan per 31 Desember 2009.

The following table gives a brief explanation on the chemical tankers operated by the Company as of 31 December 2009.

No. Owned Vessels

Built

DWT

Type (1)

Flag

Hull (1)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

1998 1999 2004 1999 1992 1997 1997 1997 1994 1996 2004 2004 2003 2004 2005 2004 1993 1991

6.555 6.688 40.354 6.690 9.202 5.851 7.477 3.159 4.990 7.527 8.578 8.575 8.521 8.738 14.271 14.312 13.944 3.665

IMO II/III IMO II/III IMO II/III IMO II/III IMO II/III IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS

Singapore Singapore Singapore Singapore Singapore Singapore Hong Kong Singapore Hong Kong Singapore Singapore Singapore Hong Kong Hong Kong Singapore Singapore Singapore Hong Kong

DH DH DH DH DH DH DH DH DH DH DH DH DH DH DH DH DB DH

MT Dragonaria MT Erowati MT Gagarmayang MT Ulupi MT Yanaseni MT Bauhinia MT Celosia MT Cendanawati MT Eustoma MT Fatmawati MT Fatmarini MT Frabandari MT Freesia MT Gerbera MT Harsanadi MT Hartati MT Indradi MT Larasati

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19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44

MT Mustokoweni MT Nogogini MT Nolowati MT Ratih MT Rasawulan MT Rengganis MT Setyawati MT Tirtasari MT Wulansari CB Virgin Gorda CB Hong Kong CB Savannah CB New York CB Yokohama CB Kobe CB Gibraltar CB Shanghai CB Ulsan CB Barcelona CB Houston MT Anggraini MT Anjasmoro MT Jembawati MT Kunti MT Pramesti MT Hyacinth

1991 1996 1998 1996 1996 1993 1994 1997 1992 2004 2003 2002 2002 2003 2002 2001 2000 2004 2004 2003 1995 1996 1999 1992 2009 2009

3.199 11.639 11.636 10.329 10.332 3.667 3.189 5.878 11.055 32.000 32.000 25.000 27.000 19.500 19.500 19.500 19.500 19.500 32.300 16.400 31.225 32.696 6.685 3.984 19.900 12.500

IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO III IMO III IMO III IMO III IMO II/III SUS IMO II/III SUS

Singapore Singapore Singapore Singapore Singapore Singapore Hong Kong Indonesia Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Indonesia Singapore Hong Kong

DB DH DH DH DH DH DH DH DB DH DH DH DH DH DH DH DH DH DH DH DH DH DH DB DH DH

No. Bareboat Charter

Built

DWT

Type (1)

Flag

Hull (1)

45 46 47 48 49 50 51 52

2008 2008 2007 2006 2006 2006 2004 2008

19.990 19.900 19.900 19.970 19.998 19.900 40.354 19.900

IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III IMO II/III SUS

Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore

DH DH DH DH DH DH DH DH

No. Time Charter

Built

DWT

Type (1)

Flag

Hull (1)

53 54 55 56 57 58 59 60 61 62 63

2003 2003 2007 2007 2006 2008 2008 2007 2008 2008 2009

6.689 6.678 19.500 19.500 32.000 32.000 19.500 32.000 13,000 19,600 19.500

IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III SUS IMO II/III IMO II/III IMO II/III SUS

Panama Panama Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore

DH DH DH DH DH DH DH DH DH DH DH

MT Pramoni(7) MT Puspawati(7) MT Purwati(7) MT Pertiwi(2) MT Prita Dewi(2) MT Pujawati(2) MT Gagarmayang(7) MT Purbasari(7)

MT Bestari(4) MT Bidadari(4) MT CB Singapore(3) MT CB Tortola(3) MT CB Westport(3) MT CB Lindy Alice(3) MT CB Kings Point(3) MT CB Minneapolis(3) MT Golden Ambrosia(4) MT Royal Flos(6) MT CB Jakarta(5)

Tabel pertama menunjukkan tanker pengangkut bahan kimia yang seluruhnya dimiliki oleh Perseroan sementara tabel kedua dan ketiga menunjukkan kapal yang disewa oleh Perseroan.


The first table shows the chemical tankers owned by the Company while the second and the third tables show the vessels chartered by the Company.

Operations Review Catatan: 1) “SUS” mengacu pada kapal tanker dengan tangki kargo terbuat dari stainless steel, “DH” berarti “Double Hull”, “DB” berarti “Double Bottom” 2) Bareboat charter untuk periode 12 tahun, akan jatuh tempo pada bulan Juni, Juli dan September 2018. 3) Time Charter 10 tahun, akan jatuh tempo pada bulan Agustus dan Oktober 2016 hingga 2018 4) Time Charter 6 tahun, akan jatuh tempo pada bulan Agustus dan Oktober 2009 5) Time Charter 4 tahun, akan jatuh tempo pada bulan Februari 2013 6) Time Charter 3 tahun, akan jatuh tempo pada bulan Juni 2011 7) Sewa guna usaha operasi 12 tahun akan jatuh tempo pada tahun 2020 dan 2021

Note: (1) “SUS” refers to tankers with cargo tank made of stainless steel, “DH” means “Double Hull”, “DB” means “Double Bottom”. (2) Bareboat charter for a period of 12 years, will expire in June, July and September 2018. (3) Time charter for 10 years, will expire in August and October 2016 up to 2018. (4) Time charter for 6 years, will expire in August and October 2009. (5) Time charter for 4 years, will expire in February 2013. (6) Time charter for 3 years, will expire in June 2011. (7) Leasing for 12 years, will expire in 2020 and 2021.

Kapal MT Purwati, MT Gagarmayang, MT Pramoni, dan MT Puspawati sebelumnya adalah kapal milik Perseroan, namun pada akhir tahun 2008 kapal tersebut telah dijual kepada pihak lain dan disewa kembali oleh Perseroan (sale and lease back) sesuai dengan rencana awal Perseroan untuk mengurangi jumlah beban hutang yang ada sehubungan dengan akuisisi Chembulk. Sepanjang tahun 2009 Perseroan kembali melakukan sale and leaseback terhadap kapal tanker kimia MT Purbasari.

MT Purwati, MT Gagarmayang, MT Pramoni and PT Puspawati previously were tankers owned by the Company but at the end of 2008, the above tankers were sold to another party and leased back to the Company (sale and lease back) in accordance with the initial plan of the Company to reduce the amount of debts in relations to the acquisition of Chembulk. During 2009, the Company conducted another sale and lease back for chemical tanker MT Purbasari.

Setiap kapal tanker pengangkut bahan kimia Perseroan didaftarkan dalam salah satu klasifikasi kapal. Untuk kapal tanker pengangkut bahan kimia, klasifikasi ini adalah: Lloyds Register, Nippon Kaiji Kyokai, Bureau Veritas dan Det Norske Veritas dan Badan Klasifikasi Indonesia (BKI).

Each of the Company’s chemical tankers is registered to one of several classification organizations. For the Company’s chemical tankers, these organizations include Lloyds Register, Nippon Kaji Kyokai, Bureau Veritas and Det Norske Veritas and Indonesian Classification Bureau.

Kapal Tanker Minyak Untuk armada kapal tanker minyak, Perseroan mengoperasikan 14 kapal tanker minyak dengan jumlah kapasitas 929.723 DWT per 31 Desember 2009. Kapasitas tonase dan jenis kapal tanker minyak yang dimiliki juga telah terdiversifikasi sesuai dengan kebutuhan pasar yang berbeda. Dilihat dari jenis kapal berdasarkan tonase, armada tanker minyak yang yang kini dioperasikan oleh Perseroan terdiri dari 2 unit Suezmax, 4 unit Aframax, 5 unit Handysize dan 3 unit small-range tanker serta apabila dilihat dari jenis kargo yang diangkut maka armada kapal tanker minyak Perseroan terdiri dari 6 Oil Product Tanker dan 8 Crude Oil Tanker. Armada tanker minyak Perseroan rata-rata berusia sekitar 16,4 tahun. Seiring dengan asas cabotage di dalam negeri yang akan diimplementasikan di Indonesia pada tahun 2010, maka Perseroan sedang mempersiapkan armada kapal tanker minyaknya untuk memenuhi kebutuhan akan kapal tanker minyak berbendera Indonesia melalui perubahan bendera beberapa kapal tanker minyak Perseroan serta tidak tertutup kemungkinan untuk membeli beberapa kapal tanker minyak second hand untuk memperbesar armada.

Oil Tankers For oil tankers, the Company operated 14 oil tankers with a total capacity of 929,723 DWT as of 31 December2009. The Company also diversifies its oil tanker vessels based on tonnage capacity and type of oil tankers it owns in order to fulfill different market needs. From tonnage capacity differentiation, the oil tankers currently operated by the Company consist of 2 units of Suezmax, 4 units of Aframax, 5 units of Handysize and 3 units of small-range tankers, and from segregation on the type of cargoes transported, the fleet consists of 6 Oil Product Tankers and 8 Crude Oil Tankers. The average age of the oil tankers of the Company is approximately 16,4 years old. In conjunction with the implementation of the cabotage principle which will be implemented for domestic Indonesia in 2010, the Company prepares its oil tankers fleet to fulfill the needs of Indonesian flag oil tankers through flag conversion of several oil tankers currently owned by the Company. In addition, the Company holds an option to purchase several second hand oil tankers to increase the size of its fleets.

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Tabel di bawah memberikan penjelasan singkat mengenai kapal tanker minyak yang dioperasikan Perseroan per 31 Desember 2009. Kecuali untuk kapal MT Gandari yang merupakan kapal sewa kosong (bareboat charter), seluruh kapal dalam daftar ini dimiliki oleh Perseroan. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14

Operated Vessels MT Tridonawati MT Trirasa MT Badraini MT Barunawati MT Barawati MT Bramani MT Pergiwo MT Anjani MT Pradapa MT Gandini MT Gandari(1) MT Ontari MT Dewayani MT Dewi Sri

Year of Construction 1991 1991 1991 1992 1990 1990 1993 1985 1993 1998 1999 1993 1999 1999

DWT 154.970 154.970 111.777 111.689 101.134 96.672 37.087 36.882 36.362 32.042 30.500 18.520 3.561 3.557

The following table provides a brief overview of the oil tankers operated by the Company as at 31 December 2009. Except for MT Gandari which falls under bareboat charter, all vessels are fully owned by the Company.

Type (1) Crude Oil Tanker Crude Oil Tanker Crude Oil Tanker Crude Oil Tanker Crude Oil Tanker Crude Oil Tanker Crude Oil Tanker Oil Product Tanker Crude Oil Tanker Oil Product Tanker Oil Product Tanker Oil Product Tanker Oil Product Tanker Oil Product Tanker

Flag Liberia Singapore Indonesia Singapore Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Singapore Indonesia Indonesia Indonesia

Hull (2) DH DH DB DB SH SH SH SH DS DH DH SH DB DB

Catatan: 1) Kepemilikan secara sewa bareboat selama 10 tahun yang akan berakhir pada bulan Mei 2012. 2) “DH“ berarti Double Hull, “DS“ berarti Double Side, “SH“ berarti Single Hull dan “DB“ berarti Double Bottom.

Note: (1) The ownership based on bareboat charter for a period of 10 years which will expire in May 2012. (2) “DH” means Double Hull, “DS” means Double Side, “SH” means Single Hull and “DB” means Double Bottom.

Setiap kapal tanker pengangkut minyak tersebut terdaftar dalam salah satu klasifikasi, yaitu Nippon Kaiji Kyokai, Bureau Veritas dan Det Norske Veritas dan Biro Klasifikasi Indonesia.

Each of the Company’s oil tankers is registered to one of several classifications organizations, namely Nippon Kaiji Kyokai, Bureau Veritas and Det Norske Veritas and Biro Klasifikasi Indonesia (Indonesian Classification Bureau).

Kapal Tanker Gas Per 31 Desember 2009, Perseroan mengoperasikan 13 kapal tanker pengangkut gas, yang sebagian besar adalah tanker gas pengangkut LPG namun akhir-akhir ini Perseroan menambah 2 LNG Carrier dimana total kapasitas dari semua kapal tersebut menjadi 365.626 CBM (209.500 DWT). Armada tanker gas Perseroan memiliki umur rata – rata sekitar 9,0 tahun, dibandingkan dengan umur rata-rata untuk industri yaitu 16,4 tahun.

Gas Tankers As of 31 December 2009, the Company operated 13 gas tankers, of which the majority were designed for the transportation of LPG and other gas substances and recently the Company added 2 LNG carriers with a total combined capacity of 365,626 CBM (209,500 DWT). The gas fleet of the Company has an average age of approximately 9 years, a lot younger compared to the industry average of 16.4 years.

Perseroan saat ini memiliki 4 unit tanker pengangkut gas LPG yang sedang dibangun, dengan kapasitas keseluruhan 17.000 CBM (17.800 DWT). Kapal-kapal tersebut akan diserahterimakan kepada Perseroan antara tahun 20102012. Khusus untuk 2 kapal LNG Carrier yang dioperasikan oleh Perseroan, yaitu MT Tangguh Hiri dan MT Tangguh Sago, Perseroan memiliki 30 persen saham pada kedua LNG Carrier tersebut. Kedua LNG Carrier tersebut khusus didedikasikan untuk pengangkutan LNG dari Proyek LNG

The Company currently has four gas tankers under construction for the transportation of LPG with total shipping capacity of 17,000 CBM (17.800 DWT). The new building vessels will be put under operation between 2010 and 2012. For the 2 LNG carriers operated by the Company, namely MT Tangguh Hiri and MT Tangguh Sago, the Company has 30% shares in both LNG carriers. These 2 LNG carriers are solely dedicated to transport LNG from the LNG Blok Tangguh Project in Papua Barat.


Operations Review

Blok Tangguh yang berada di Papua Barat. Perseroan bermaksud untuk meningkatkan pangsa pasar untuk pengangkutan gas petroleum/petrochemical di wilayah Asia Tengah, Eropa, dan Asia Timur Jauh.

The Company aims to increase its market share in the transportation of LPG and petrochemical gases in the Middle Asian, Europe, and Far East Asian region.

Tabel berikut memberikan gambaran singkat mengenai kapal tanker pengangkut gas yang dioperasikan oleh Perseroan per 31 Desember 2009, dimana seluruh kapal ini dimiliki oleh Perseroan.

The following table provides a brief overview of the gas tankers operated by the Company as at 31 December 2009. All vessels are fully owned by the Company.

No Owned Vessels

Built

Type

Flag

Hull

CBM

1 2 3 4 5 6 7 8 9 10 11 12 13

1996 1989 1989 1990 1996 2006 2007 2007 2008 2008 2008 2008 2009

Pressurized Gas Tanker Pressurized Gas Tanker Pressurized Gas Tanker Pressurized Gas Tanker Pressurized Gas Tanker Pressurized Gas Tanker Pressurized Gas Tanker Pressurized Gas Tanker Ethylene Gas Tanker Ethylene Gas Tanker Pressurized Gas Tanker LNG Carrier LNG Carrier

Indonesia Indonesia Indonesia Indonesia Indonesia Singapore Singapore Singapore Singapore Singapore Indonesia Bahamas Bahamas

DH DH DH DH DH DH DH DH DH DH DH DH DH

5.000 3.512 3.596 3.518 3.500 5.000 5.000 5.000 9.000 9.000 3.500 155.000 155.000

MT Gas Maluku MT Gas Sumatera MT Gas Jawa MT Gas Indonesia MT Gas Kalimantan MT Gas Sulawesi MT Gas Papua MT Gas Bali MT Gas Lombok MT Gas Sumbawa MT Gas Natuna MT Tangguh Hiri MT Tangguh Sago

Setiap kapal tanker pengangkut gas Perseroan terdaftar pada salah satu klasifikasi yaitu Nippon Kaiji Kyokai dan Biro Klasifikasi Indonesia serta Det Norske Veritas.

Each gas tanker of the Company is registered to one of several different classification organizations, namely Nippon Kaiji Kyokai and Biro Klasifikasi Indonesia (Indonesian Classification Bureau) as well as Det Norske Veritas.

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Kapal Tanker FPSO Kapal tanker FPSO (Floating, Production, Storage, and Offloading) adalah kapal tanker yang digunakan sebagai fasilitas terapung untuk produksi, penyimpanan dan bongkar muat minyak bumi. Per 31 Desember 2009, Perseroan memiliki satu tanker FPSO dalam armadanya. Perseroan membeli tanker ini yang digunakan sebagai tanker minyak pada bulan Desember 2005 dan kemudian mengkonversinya menjadi kapal FPSO. Konversi ke FPSO diselesaikan pada bulan Agustus 2006. Kapal ini memiliki total kapasitas 60.874 DWT.

FPSO Tanker An FPSO tanker is a tanker used as a floating production, storage and offloading facility. As of 31 December 2009, the Company had one single FPSO tanker in its fleet. The Company bought this tanker as an oil tanker in December 2005 and converted it to its current purpose as an FPSO tanker. The conversion was completed in August 2006. This vessel has a shipping capacity of 60,874 DWT.

Perseroan juga tengah mengikuti beberapa tender FPSO/ FSO yang kini sedang berjalan. Dari seluruh kapal FPSO/ FSO yang kini beroperasi di perairan Indonesia, 75% diantaranya merupakan kapal berbendera asing dan hanya 25% yang berbendera Indonesia. Sesuai dengan penerapan asas cabotage maka kapal – kapal FPSO/FSO berbendera asing tersebut harus digantikan dengan kapal – kapal FPSO/ FSO berbendera Indonesia paling lambat pada 1 Januari 2011. Hal ini tentunya merupakan kesempatan yang sangat baik bagi Perseroan yang sudah memiliki pengalaman dalam mengoperasikan FPSO sejak tahun 2006.

The Company is currently participating in several FPSO/FSO tenders which are still ongoing. Of all FPSO/FSO vessels presently operating in Indonesia waters, around 75% of them are still foreign flag vessels and therefore only 25% of them are Indonesian flag vessels. In accordance with the implementation of the cabotage principle, the foreign flag FPSO/FSO vessels must be replaced by Indonesian flag vessels at the latest on 1 January 2011 based on prevailing regulations. This policy opens a lucrative opportunity for the Company which is well experienced in operating FPSO vessel since 2006.


Operations Review

Tabel dibawah ini memberikan penjelasan singkat mengenai tanker FPSO Perseroan yang telah dioperasikan per 31 Desember 2009. Tanker FPSO Perseroan terdaftar dalam klasifikasi, yaitu Biro Klasifikasi Indonesia.

The following table provides a brief overview of the FPSO tanker operated as of 31 December 2009. The FPSO is registered in Biro Klasifikasi Indonesia (Indonesian Classification Bureau).

No

Owned Vessels

Year of Construction

DWT

Type

Flag

Hull

1

FPSO Brotojoyo

1980

60.874

FPSO Tanker

Indonesia

DB

Kapal Baru Dalam Pembangunan Sesuai dengan strategi Perseroan untuk terus mengembangkan armadanya, maka Perseroan juga melakukan pemesanan atas beberapa kapal baru yang Perseroan anggap sesuai dengan kondisi kebutuhan pasar dan memenuhi standar – standar internasional yang berlaku dalam industri perkapalan dunia. Dalam pembangunan kapal tanker, Perseroan selalu menggunakan perusahaan galangan kapal yang berpengalaman dan berkualifikasi tinggi guna memastikan kualitas kapal yang dibangun. Beberapa galangan kapal yang rutin Perseroan gunakan untuk pembangunan kapal tanker baru adalah: Fukuoka Shipyard Co. Ltd, Usuki Shipyard Co. Ltd, Asakawa Shipyard Co. Ltd, Shin Kurushima Dockyard Co., Ltd. Shitanoe Shipbuilding Co., Ltd., Yamanishi Corporation, Hyundai Heavy Industries Co., Ltd. Selama ini perseroan selalu menggunakan perusahaan galangan kapal yang berasal dari Jepang dan Korea Selatan.

New Vessels Under Construction Following the Company’s strategy to continuously increase the size of its fleet, the Company has ordered several new vessels that the Company considered as in line with the market needs and fulfills the prevailing international standards within the global shipping industry. In constructing these tankers, the Company always engages experienced and highly qualified shipyards in order to ensure the quality of the constructed tankers. Several shipyards which the Company regularly engages for the construction of new tankers are Fukuoka Shipyard Co. Ltd, Usuki Shipyard Co. Ltd, Asakawa Shipyard Co. Ltd, Shin Kurushima Dockyard Co., Ltd., Shitanoe Shipbuilding Co., Ltd., Yamanishi Corporation, Hyundai Heavy Industries Co., Ltd. The Company always employs shipyards from Japan and South Korea.

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Tabel di bawah memberikan penjelasan singkat mengenai kapal Perseroan yang masih dalam pembangunan, beserta rencana tonase dan rencana tanggal penyerahan per 31 Desember 2009. Seluruh kapal ini sepenuhnya dimiliki oleh Perseroan. Untuk tanker pengangkut bahan kimia ukuran kapal tersebut dinilai dengan DWT, dan untuk tanker pengangkut gas satuan diukur dalam satuan CBM. Name

1 2 3 4 5 6 7 8 9 10 11 12 13

MT Gas Bangka MT Gas Madura MT Gas Batam MT Gas Karimun MT Iris MT Wilutama MT Watari MT Setyaboma MT Sakuntala MT Wardani MT Widawati MT Pitaloka MT Partawati

Expected Delivery 2010 2010 2011 2012 2011 2011 2011 2011 2011 2011 2011 2010 2010

The following table provides a brief overview of the vessels under construction including the planned capacity and the scheduled delivery date of each tanker as at 31 December 2009. All tankers are fully owned by the Company. For chemical tankers, the size of the vessels is measured in DWT while for the gas tankers are measured in CBM.

DWT/ CBM

Type

Flag

Hull

3,500 3,500 5,000 5,000 12,500 25,100 25,400 12,500 12,500 25,400 25,100 19,990 19,990

Pressurized Gas Tanker Pressurized Gas Tanker Pressurized Gas Tanker Pressurized Gas Tanker Tanker Kimia IMO II/III SUS Tanker Kimia IMO II/III SUS Tanker Kimia IMO II/III SUS Tanker Kimia IMO II/III SUS Tanker Kimia IMO II/III SUS Tanker Kimia IMO II/III SUS Tanker Kimia IMO II/III SUS Tanker Kimia IMO II/III SUS Tanker Kimia IMO II/III SUS

Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore

DH DH DH DH DH DH DH DH DH DH DH DH DH

Pertumbuhan Armada Grafik berikut menunjukkan pertumbuhan armada Perseroan menurut tonase dan jumlah kapal yang dimiliki Perseroan selama satu dekade terakhir:

Fleet Growth The following bar chart demonstrates the growth in the Company’s fleet in terms of deadweight tonnage and number of vessels over the past decade.

2500 88

91

90

78

2000

80 70

59 1500

60

53

1000 28

30

35

50

44

40

100

35

40 30

No. of ships

No.

Tonnage ('000 DWT)

40

20

500

10 0

0 1999

2000

2001

2002

2003

2004

Tonnage ('000 DWT)

PENJUALAN DAN PEMASARAN Sebagai salah satu pemain global dalam industri pelayaran, Perseroan sangat bergantung terhadap jaringan penjualan dan pemasaran Perseroan yang tersebar luas, sehingga memungkinkan Perseroan memasarkan dan menjual layanannya langsung dimana pelanggan Perseroan


2005

2006

2007

2008

2009

Number of Ships

SALES AND MARKETING As one of the global players in the shipping industry, the Company relies on the vast and extensive sales and marketing network which allows the Company to market and sell its services directly to where the customers engage their business activities. Due to its strategic value

Operations Review

beraktivitas. Perseroan memilih untuk melakukan sendiri seluruh kegiatan pemasaran, karena Perseroan beranggapan bidang ini sangat strategis bagi kelangsungan usaha Perseroan.

in the Company’s business continuity, the Company decided to run its own marketing activities.

Tim pemasaran dan operasional terdiri dari 172 orang, yang tersebar di berbagai kantor Perseroan, yaitu: di Jakarta, Singapura, Hong Kong, Bangkok, Taiwan, Shanghai, Beijing, Xiamen, Dubai, Mumbai, Glasgow, Westport – Connecticut, dan Sao Paulo Brazil. Kantor Perseroan di Jakarta, Hong Kong, Singapura, dan Westport - Connecticut melayani segala aspek operasional, dari pemasaran dan pengelolaan kapal hingga penawaran dan penandatanganan kontrak, pengalokasian kapal, pembelian kapal dan pengelolaan umum lainnya. Sedangkan kantor – kantor yang lain memiliki kegiatan utama terbatas untuk pemasaran dan pengelolaan kapal saja. Untuk mendukung pengoperasian armada bagian barat, Perseroan telah membuka kantor pemasaran di Glasgow tahun 2004 di Dubai tahun 2005 dan di Mumbai tahun 2007, dan Perseroan telah membuka kantor pemasaran di Shanghai untuk mendukung operasional di daerah Asia Timur Jauh serta di Brasil pada tahun 2008 untuk mendukung operasional di daerah Amerika Selatan.

The marketing and operations team consists of 172 people working in the Company’s offices in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai, Beijing, Xiamen, Dubai, Mumbai, Glasgow, Brazil, and Westport - Connecticut. The Company’s offices in Jakarta, Singapore, Hong Kong, and Westport - Connecticut, handle and oversee all major aspects of the operations, from marketing and vessel management to bidding and closing of contracts, allocation of shipping resources, acquisition of new vessels and other general management issues. Other offices are primarily dealing with local ship management and marketing activities only. To support the operation of the Company’s fleet in the western hemisphere, the Company opened a marketing office in Glasgow in 2004, Dubai office in 2005 and Mumbai in 2007. In order to support its operations in Far East Asia, the Company has opened a marketing office in Shanghai in 2007, and another in Brazil for operational in South America in 2008.

Di tengah iklim persaingan yang cukup ketat, Perseroan tetap berpegang kepada prinsip bersaing secara fair dan menggunakan jalur penjualan yang biasa dilakukan dalam industri transportasi laut. Contract of Affreightment (COA) biasanya ditenderkan dalam pasar terbuka, dan Perseroan berpartisipasi dalam penawaran COA yang mencakup wilayah geografis di sekitar mana kapal – kapal Perseroan beroperasi melalui proses tender normal.

In the midst of a highly competitive environment, the Company firmly holds to a fair competition principle and competes for business through established channels of sales commonly used in the maritime transportation industry. COA (Contract Of Affreightment) are normally tendered in the open market, and the Company participates in bidding through the normal tender process for those COA that covered some geographic areas in which or near which the Company’s vessels are operating.

Kontrak spot biasanya ditawarkan dalam pasar terbuka dan tim penjualan dan pemasaran Perseroan melakukan kontak dengan para penyewa dan broker untuk memasarkan ruang kapal dengan memperhatikan posisi dan timing kapal. Departemen Pemasaran juga senantiasa menginformasikan kepada pelanggan tentang ketersediaan ruang kapal dan lokasinya.

Spot contracts are usually offered on the open market. The Company’s marketing and sales team maintains contact with charterers and brokers to market vessel space according to the position and timing of particular vessels. The marketing department also continually updates charterers on the availability of space on the Company’s vessels and their geographic location.

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Persaingan Perseroan terutama melayani segmen pengangkutan muatan bahan cair, dan tanker yang dimiliki oleh Perseroan digunakan untuk melakukan transportasi muatan bahan cair baik dalam negeri maupun luar negeri. Persaingan dalam industri ini sangat ketat, namun barrier to entry juga cukup kuat sehingga tidak banyak pemain baru yang mencoba untuk masuk dalam industri ini. Salah satu barrier to entry yang cukup kuat adalah kebutuhan modal yang sangat besar dan standar – standar industri yang cukup tinggi dan berlaku secara internasional sehingga menyulitkan pemain baru untuk masuk ke dalam industri ini. Secara umum persaingan terjadi berdasarkan tingkat ketersediaan kapal yang sesuai dengan spesifikasi dari muatan yang akan diangkut di wilayah – wilayah atau rute – rute tertentu dan harga. Selain itu faktor yang juga sangat berpengaruh dalam memenangkan persaingan adalah kehandalan dan reputasi di dalam industri.

Market Competition The Company caters primarily to the liquid cargo segment in the shipping industry, as the Company’s tankers are transshipping for both domestic and foreign trade. Competition in this segment of the industry can be extremely intense, but the barrier to entry is also quite strong and thus only a few new players enter this particular industry. One of the most immense barrier to entry is high capital expenditures and tough industrial standards that apply globally which makes it difficult for the new players to enter this industry. In general, competition occurs based on the level of ships availability that match with the specification of the cargo to be transported in particular regions or routes, and also price. Another factor that is crucial in thriving the competition is reliability and reputation in the industry.

Dalam segmen pengangkutan domestik yang melibatkan pengangkutan di dalam wilayah Indonesia jumlah pesaing yang dihadapi Perseroan lebih sedikit dibandingkan dengan segmen pengangkutan internasional. Pesaing utama untuk pengangkutan domestik adalah beberapa perusahaan pelayaran terkemuka di dalam negeri.

Within the domestic market, the number of operators in this market segment is considerably fewer than in the international arena. In terms of transportation services within the Indonesian waters, the Company competes primarily with some profound shipping companies.

Untuk segmen kapal tanker kimia dengan rute internasional, Perseroan memiliki sejumlah pesaing dari berbagai negara. Pesaing utama adalah group pelayaran asing khususnya yang berasal dari Jepang dan wilayah lain di Eropa.

In the segment of chemical tankers servicing international routes, the Company has a number of different competitors, primarily shipping groups based in Japan and elsewhere in Europe.

Dalam segmen kapal tanker minyak, kimia dan gas cair dengan rute internasional, pesaing utama adalah beberapa perusahaan pelayaran terkemuka dunia yang khusus di bidangnya.

In the area of the international oil, chemical, and gas transshipment, the Company’s competitors are major players who specialize in their fields.


Operations Review

Pelanggan Perusahaan mempunyai hubungan jangka panjang yang kuat dengan banyak pelanggan termasuk diantaranya perusahaan kimia dan minyak terkemuka dunia seperti Pertamina, Celanese Corporation, Exxon Mobil Corporation, Shell, BASF, SABIC, IPCC, Dow Chemical dan sebagainya. Masuknya perusahaan – perusahaan kimia dan minyak tersebut merupakan bukti dari dipercayanya layanan yang Perseroan berikan kepada mereka, mengingat perusahaan – perusahaan tersebut memiliki standar tinggi dalam menentukan perusahaan pelayaran mana yang bisa mengangkut muatan cair mereka.

Our Customers The Company has in general established long-term relationships with the majority of its customers, to include some major international oil and chemical companies such as Pertamina, Celanese Corporation, Exxon Mobil Corporation, Shell, BASF, SABIC, IPCC, and Dow Chemical, etc. The relationship with the above chemical and oil companies proves the reliable services provided by the Company considering that they apply high standards in determining which shipping companies are qualified enough to carry their liquid cargoes.

Perseroan memiliki hubungan bisnis jangka panjang dengan Pertamina, perusahaan minyak dan gas milik pemerintah Indonesia yang saat ini mengontrol distribusi minyak yang diproduksi di Indonesia dan produk turunannya di wilayah perairan Indonesia. Semua kontrak sewa jangka panjang Perseroan adalah dengan Pertamina.

In particular, the Company has an established long-term mutual & strategic business relationship with Pertamina, the Indonesian state-owned oil company, which currently controls the distribution of Indonesian oil and gas and other refinery products within Indonesian waters. All long-term contracts are with Pertamina.

Dilihat dari sumber pendapatan Perseroan berdasarkan pelanggan, maka Pertamina merupakan pelanggan terbesar Perseroan. Namun, meskipun demikian pendapatan dari Pertamina hanya merepresentasikan sekitar 8% dari total pendapatan Perseroan. Selain Pertamina, tidak ada satu pelanggan pun yang memberi kontribusi lebih dari 5% terhadap total pendapatan Perseroan pada tahun 2009. Dengan demikian, Perseroan tidak memiliki resiko ketergantungan pada masing-masing pelanggannya.

From the Company’s revenue point of view, Pertamina is the Company’s largest customer. Even so, Pertamina only contributed around 8% of the Company’s total revenue. Other than Pertamina, there is no single customer that contributed more than 5% of the Company’s total revenue in 2009. Therefore, the Company holds no dependency risk towards any of its customers

Perseroan mencari pelanggan dan menerima order jasa pengangkutan baik melalui broker pelayaran maupun melalui kontak langsung dengan pelanggan yang dilakukan oleh tim pemasaran dan penjualan. Para pelanggan memilih menggunakan layanan yang diberikan oleh Perseroan dibandingkan dengan para pesaing lainnya karena kombinasi dari reputasi Perseroan yang dikenal luas tentang keselamatan, kehandalan awak kapal yang dimiliki, dan harga yang bersaing serta ketersediaan kapal dari berbagai tipe dan ukuran. Selain itu, sekitar 92% dari total armada kapal tanker kimia yang dimiliki Perseroan merupakan kapal tanker kimia dengan lambung ganda yang terbuat dari stainless steel dan dengan demikian kapal – kapal tanker kimia Perseroan mampu untuk mengangkut semua jenis muatan kimia cair dan memastikan kondisi muatan tetap terjaga baik selama pelayaran.

The Company establishes contact with customers and receives orders for shipping transportation services through brokers and direct contacts with the Company’s marketing and sales team. Customers choose the Company’s services over those of competitors on the basis of the Company’s established reputation for safety and reliability; competitive prices; and the availability of various types and size of vessels. Another reason is that, 92% of the total chemical tankers within the Company’s fleet is double hulled with stainless steel which allows the Company’s chemical tankers to carry all types of liquid chemical cargoes and ensure the cargoes carried is kept in fine condition during the voyage.

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Sebagai bagian dari tim pemasaran dan penjualan, Perseroan menunjuk personil khusus untuk pelayanan pelanggan yang bertugas khusus melayani dan memenuhi kebutuhan pelanggan utama tertentu secara eksklusif. Melalui kontak dengan pelanggan ini, Perseroan mampu mengantisipasi atau mengetahui pada wilayah mana pelanggan tertentu akan membutuhkan layanan pengangkutan di masa yang akan datang sehingga Perseroan dapat memenuhi kebutuhan tersebut. Untuk memenuhi permintaan pelanggan pada wilayah tertentu atau untuk pelayaran tertentu, Perseroan kadang-kadang menyewa kapal dalam jangka pendek dari perusahaan pelayaran lain yang memiliki reputasi yang baik. Pelayanan dan fleksibilitas ini memungkinkan Perseroan untuk menjaga hubungan jangka panjang dengan para pelanggan, dan pada saat yang bersamaan mampu membangun reputasi untuk dapat memenangkan kontrak pengangkutan baru.

Within its marketing and sales teams, the Company employs designated customer service representatives who focus exclusively on one or more major customer accounts in order to address the needs of valued customers. In this way, the Company can always anticipate any particular, specific needs of the customer in terms of shipping capacity and geographical destination, allowing the Company to deploy its fleet effectively to meet these needs. In order to fulfill the needs of customers for transshipment services in a particular area or at a particular time, the Company occasionally charters vessels from other, reputable shipping companies on a short term charter basis. This allows the Company to maintain long-term relationships with its customers and to build on the Company’s reputation to win new contracts.

Wilayah Operasional Armada Perseroan membagi operasi armadanya menjadi empat wilayah geografis untuk kapal tanker kimia, dan masingmasing satu wilayah geografis untuk armada tanker minyak dan armada tanker gas. Divisi I untuk segmen kapal tanker kimia meliputi wilayah operasi di dalam wilayah Asia tenggara, yaitu antar pelabuhan-pelabuhan di Indonesia, Thailand, Malaysia, dan Singapura. Divisi 2 meliputi wilayah operasi dari Asia Tenggara hingga Asia Timur Jauh, dan didalam wilayah Asia Timur Jauh dan pengangkutan balik dari Asia Timur Jauh dengan pelabuhan tujuan utama di China, Korea, Taiwan dan Jepang. Divisi 3 meliputi wilayah operasi dari wilayah Asia Tenggara ke arah barat, menuju India, wilayah Timur Tengah, dan Eropa, selain operasi didalam wilayah itu sendiri dan pengangkutan baliknya. Pelabuhan tujuan utama untuk Divisi 3 berlokasi di India, Iran, Saudi Arabia, Kuwait, Qatar, Mesir, Italia, Spanyol, Belanda, dan Inggris. Divisi 4 meliputi wilayah operasi dari wilayah Amerika Utara – Amerika Selatan, Amerika ke Eropa melalui Samudera Atlantik dan Amerika ke Asia melalui Samudera Pasifik.

Areas of Operation The Company divides the operation of its chemical tanker fleet into four geographical zones, one zone for oil tanker fleet, and another for its gas tankers. In the chemical tanker segment, Section 1 includes the area within Southeast Asia, between ports in Indonesia, Thailand, Malaysia and Singapore. Section 2 includes the area from Southeast Asia to/within Northern Asia, as well as the backhaul from the region, with primary destination ports located in China, Korea, Taiwan and Japan. Section 3 includes the area from Southeast Asia to the west; to India, Middle East countries and Europe as well as trade within these areas and backhaul from these areas. Primary destination ports for Section 3 are located in India, Iran, Saudi, Kuwait, Qatar, Egypt, Italy, Spain, Netherlands and England. Section 4 covers trade to/between North and South America, from America to Europe through the Atlantic Ocean, and from America to Asia through the Pacific Ocean.

Glasgow Beijing Westport,CT

Seoul

Shanghai

Tokyo

Middle East Dubai Myanmar Taiwan North Af rica Hong Kong Mumbai Bangkok Singapore Sao Paulo Headquarter Representative Office / Operation Center Chembulk Trading Coverage BLT Trading Coverage


Jakarta Australia

Operations Review

Perseroan menempatkan kapal yang dimilikinya pada wilayah operasinya agar dapat merespon kondisi pasar dan kebutuhan dari para pelanggan dengan tanggap. Perseroan senantiasa berusaha untuk dapat mengantisipasi lokasi dari permintaan terbanyak untuk kapal yang dimiliki oleh Perseroan, dan pada saat yang bersamaan menjaga tingkat diversifikasi penempatan kapal-kapal pada wilayah geografis yang berbeda.

The Company deploys its vessels throughout its area of operations on the basis of market conditions and customer requirements. It is part of the Company’s strategy to continue anticipating where the load of demand for next transportation services will be needed, while at the same time maintaining a broadly diversified position by spreading its vessels across a range of different geographic areas.

KEKUATAN DAYA SAING Industri perkapalan pada dasarnya diwarnai persaingan yang cukup ketat, dan paling menuntut kekuatan daya saing yang tinggi dibandingkan kebanyakan industri pada umumnya. Walaupun demikian, Perseroan menyimpan sejumlah faktor yang memperkuat daya saing yang memungkinkan pencapaian visinya, yaitu menjadi perusahaan pengangkutan laut multinasional terpilih bagi para pengguna jasa ini, baik untuk perdagangan domestik maupun internasional. Faktor-faktor kekuatan daya saing tersebut antara lain:

COMPETITIVE STRENGTHS Shipping industry is competitive in nature and one of the most notorious ones compare to other industries in general. However, the Company possesses a number of competitive strengths that will enable it to achieve its vision of becoming the preferred multinational shipping company in domestic and international trade. These strengths include the following:

Armada Operasional Kapal-kapal berbagai tipe dan ukuran, dengan fleksibilitas dan kualitas tinggi, diawaki, dikendalikan, dan dikelola oleh para awak kapal serta staf darat yang berpengalaman.

Operating Fleet Large, flexible, modern, high quality ships manned, operated and managed by experienced crew and staff

Perseroan mengharapkan industri kimia dan minyak bumi masih akan terus bertumbuh dalam beberapa tahun mendatang, dan dengan demikian, kebutuhan layanan transportasi laut bagi industri tersebut juga meningkat. Dengan armada yang terdiri dari beragam kapal tanker dalam ukuran dan spesifikasi yang berbeda, keseluruhannya 91 kapal, Perseroan saat ini berada dalam posisi yang sangat siap untuk menyediakan layanan transportasi yang dibutuhkan tersebut, bahkan bagi perusahaan-perusahaan perdagangan multinasional dan regional yang memiliki berbagai macam produk dan kelompok muatan.

The Company expects that the chemical and petroleum industries will continue to grow over the next several years and with this growth, the demand for shipping services will continue to increase. With its extensive and diverse fleet, comprised of 91 vessels, the Company is well positioned to service the widely varying transportation needs of even the largest multinational companies and regional trading companies and for a wide range of different products and product groups.

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Armada tanker pengangkut bahan kimia, minyak dan gas Perseroan terus dijaga dalam kondisi prima, serta dioperasikan oleh awak kapal terbaik, dimana kombinasi dari armada yang modern dan awak kapal yang professional akan mampu mengembangkan sekaligus mempertahankan relasi bisnis jangka panjang dengan para klien dan memastikan Perseroan akan selalu dapat memberikan pelayanan berkualitas tinggi serta efisien dari segi biaya. Armada yang dimiliki Perseroan sudah terbukti jauh lebih moderen dibandingkan kebanyakan pesaingnya: per tanggal 31 Desember 2009, umur rata-rata tanker bahan kimia, minyak serta gas yang dimiliki Perseroan adalah masing-masing 8,4, 16,4 dan 9,0 tahun dimana rata-rata umur tanker dalam industri ini berkisar masing-masing antara 11,1, 9,4 dan 16,4 tahun.

The Company’s fleet of modern chemical, oil and gas tankers is well maintained and operated by highly qualified crews, facilitating its ability to develop and maintain longterm relationships with its clients by providing consistently high-quality and cost efficient services. The Company’s fleet is demonstrably more recently constructed than that of the majority of its competitors: as of 31 December 2009, the average age of the Company’s chemical, oil and gas tankers was approximately 8.4, 16.4 and 9.0 years respectively, compared to industry averages of approximately 11.1, 9.4 and 16.4 respectively.

Kualitas prima para awak kapal Perseroan telah dibuktikan dengan diperolehnya Sertifikasi ISO 9001:2000 dari Nippon Kaiji Kyokai untuk crew management & manning division serta untuk bisnis perkapalan dan keagenan.

The quality of the Company’s crews has been demonstrated by the fact that it has been granted ISO 9001:2000 certification from Nippon Kaiji Kyokai for the crew management and manning division and for shipping and agency business.

Perseroan bangga menggunakan armada kapal yang moderen dan berklasifikasi tinggi, dimana hampir semua kapal yang dimiliki telah berlambung ganda dan hampir semua tanker kimia memiliki sertifikasi IMO kelas II / III. Sertifikasi IMO tersebut menyatakan bahwa kapal tersebut dapat membawa bahan kimia cair mulai dari grade biasa hingga grade khusus dengan spesifikasi tinggi, sehingga memberikan fleksibilitas kemampuan mengangkut hingga fleksibilitas dalam menentukan pilihan produk minyak dan bahan kimia yang mampu ditransportasikan. Selain itu, hampir semua tangki muatan untuk kapal-kapal pengangkut bahan kimia terbuat dari baja antikarat (stainless steel) berkualitas tinggi, yang menambah kemampuan serta fleksibilitas untuk mengangkut muatan bernilai tinggi. Seluruh kapal yang dioperasikan oleh Perseroan dibangun di Jepang dan Korea Selatan yang sudah diakui oleh dunia internasional memiliki galangan – galangan kapal terbaik dan berteknologi mutakhir. Kemampuan armada Perseroan untuk mengangkut produk – produk minyak dan kimia grade khusus telah mampu memberikan Perseroan posisi yang baik di pasar sekaligus menjadi keunggulan kompetitif Perseroan yang mampu memberikan margin tersendiri

The Company enjoys the use of modern and high classification fleet of vessels in which almost all of our vessels are double hulled, stainless steel and almost all of our chemical tankers have IMO type II/III class notation. IMO Type II/III class notation means that we can carry highly sophisticated and specialized grade of liquid chemicals and this creates flexibility to transport the various types of oil and chemical products. In addition, almost all of the cargo tanks of our chemical ships are made of high grade stainless steel which has even greater flexibility to carry high value cargoes. All the tankers operated by the Company were constructed in Japan and South Korea, 2 countries that are internationally admitted to have the best shipyards with state of the art technology. The Company’s ability to carry special grades oil products and liquid chemicals has become a competitive advantage that presents the Company with a strategic position in the market that awards the Company with a higher margin.


Operations Review

Kinerja Finansial Laba usaha yang berkesinambungan, serta peningkatan pendapatan bersih yang berkelanjutan

Financial Performance Consistent profitability and steady, ongoing increases in net revenues

Sejak terdaftar dalam perdagangan saham di Bursa Efek Jakarta di tahun 1990, Perseroan menunjukkan peningkatan dalam kinerja keuangan setiap tahunnya. Peningkatan ini seiring dengan komitmen Perseroan untuk terus mengembangkan armadanya dan memperluas cakupan operasional Perseroan. Pada tahun 2009, sebagai bukti dari komitmen Perseroan untuk terus mengembangkan bisnisnya, total aktiva Perseroan telah tumbuh sekitar 8,8% dari tahun sebelumnya menjadi USD 2,50 milyar pada tahun 2009, meskipun Perseroan menghadapi masa-masa sulit yaitu krisis ekonomi global.

Since its listing on the Jakarta Stock Exchange in 1990, the Company has shown improvement in its financial performance annually. This improvement is in line with the Company’s commitment to continuously develop its fleet and expand its operational coverage. In 2009, as a form of its commitment to grow its business, the Company’s total assets has grown 8.8% compared with the previous year where in 2009 the amount of the Company’s total assets is USD 2.50 billion, despite the fact that the Company was facing difficult times during the global economic crisis.

Kinerja finansial yang cukup baik tersebut, dapat diraih Perseroan dengan mengadopsi satu strategi unik yaitu keseimbangan berbagai bisnis yang berasal dari sektor kimia, minyak serta gas. Sama halnya, Perseroan juga mengadopsi gabungan yang tepat antara kontrak dan sewa spot. Strategi-strategi inilah yang memungkinkan Perseroan mempertahankan tingkat keuntungan melalui siklus bisnis yang tepat.

The Company has achieved this excellent financial performance by adopting a strategy of a balanced business mix between the chemical, oil, and gas sectors. Similarly, it has adopted a strategy of a balanced mix of contract and spot charters. These strategies enable the Company to maintain its profitability through business cycles.

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Relasi dengan Pelanggan Dibangun diatas kemampuan yang sudah terbukti dalam memberikan layanan transportasi laut yang handal, aman, terjamin serta efisien

Customer Relationships Building on proven ability to provide dependable, secure and efficient marine transportation services

Perseroan terus berupaya mempertahankan hubungan kerja sama bisnis yang sudah kuat dan terjalin lama dengan para kliennya, termasuk banyak perusahaan migas dan kimia internasional utama seperti PT Pertamina (Persero), Exxon Mobil, Shell, BASF, IPCC, Celanese, Dow, SABIC dan lain sebagainya. Dasar dari relasi bisnis yang kuat tersebut tidak lain adalah kemampuan Perseroan yang sudah terbukti untuk menyediakan layanan transportasi laut yang handal, aman, terjamin serta efisien.

The Company has worked to develop strong, long standing relationships with its clients, who include major international oil and gas as well as chemical companies such as PT Pertamina (Persero), Exxon Mobil, Shell, BASF, Celanese, Dow, IPCC, SABIC and many other clients. The basis for these strong customer relationships is the Company’s proven ability to provide dependable, safe and efficient transportation services.

Dengan ekspansi armada kapal yang terus berkelanjutan seiring dengan pertumbuhan permintaan global, Perseroan mengharapkan bahwa relasi yang sudah terbina ini dapat menjadi batu loncatan mendapatkan pelanggan-pelanggan baru di pasar-pasar wilayah lain.

With the ongoing expansion of the Company’s fleet, it expects to be able to build a stepping stone on these existing relationships to win the trust of new clients by providing them with a greater geographical reach.

Berdasarkan relasi yang kuat dengan para klien inilah, Perseroan telah melanjutkan upaya memperluas pasar dan jaringan, memposisikan diri dengan kuat dalam industri ini, serta terus meningkatkan pangsa pasar di wilayah-wilayah tersebut.

By leveraging on the strong relationship with our customers, the Company has continued to expand our presence and position ourselves with a strong foothold in principal markets in our segments and has continued to increase our market shares in those regions.

Jaringan Pemasaran dan Operasional Mendapatkan manfaat dari jaringan global yang sudah terbangun

Marketing and Operating Network Leveraging from our global networks

Perseroan telah mengembangkan jaringan pemasaran serta penjualan internasional, baik untuk melayani klien yang sudah ada maupun mengidentifikasi peluang-peluang bisnis baru di pasar global. Perseroan berupaya menciptakan suatu kehadiran yang terpadu di tengah pasar-pasar Asia utama, dengan memiliki kantor-kantor di Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai dan Beijing. Selain itu, Perseroan juga sudah memiliki perwakilan untuk wilayah Timur Tengah, dimana kantor pemasarannya berada di Dubai; untuk wilayah Eropa berkantor di Glasgow; untuk Asia Selatan di Mumbai; dan untuk Amerika Utara serta Selatan di Westport, Connecticut dan Sao Paolo, Brasil.

The Company has developed an extensive international sales and marketing network, both to serve existing clients and to enable it to identify new business opportunities. The Company maintains an integrated marketing presence in the customers’ key Asian markets by setting up offices in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai and Beijing. In addition, the Company has established a presence in the Middle East through marketing offices in Dubai; in Europe through office in Glasgow; in South Asia through offices in Mumbai; and in North America and South America through offices in Westport - Connecticut and Sao Paolo - Brasil.

Komitmen Membangun Budaya Pelatihan yang ekstensif Program Pelatihan yang Sistematis dan Ketat bagi para Staf Onshore dan Offshore

Commitment to Extensive Training Culture Systematic and Rigorous Training Programs for Onshore and Offshore Staff

Aset terbesar Perseroan adalah para karyawannya, yang bekerja baik di darat ataupun di laut (di kapal). Oleh karena itu, Perseroan tidak ragu untuk berinvestasi di sumber daya manusia yang dimiliki untuk meningkatkan kompetensi, profesionalitas, dan performa kerja dan investasi ini akan terus dilanjutkan oleh Perseroan di masa – masa yang akan datang sebagai bagian dari strategi Perseroan dalam memenangkan persaingan dan memberikan kualitas pelayanan terbaik bagi para pelanggannya.

The Company’s greatest assets are its people who work both onshore and off-shore (on board its vessels) hence the Company has no doubt in investing in human resources to leverage competence level, professionalism, and performance. The Company is committed to continue this form of investment in the future as an integral part of the Company’s strategy in thriving through the competition and provide the best quality service for its customers.

Perseroan melaksanakan program pelatihan yang luas cakupannya bagi semua karyawan di setiap tingkatan baik untuk lokasi kerja di darat maupun di laut. Program-program pelatihan tersebut beragam, mulai dari pembentukan motivasi untuk pengetahuan industri ini secara khusus, yang


We have extensive training programs for all employees at all levels both for onshore staff as well as for those who work offshore. The trainings ranging from motivation programs to specific industry knowledge are designed systematically such that they meet the level of rigor and thoroughness to ensure all employees continue to be

Operations Review

dirancang secara sistematis sehingga para lulusannya sudah memenuhi standar kemampuan secara ketat dan lengkap. Program-program ini perlu agar semua karyawan selalu memiliki pengetahuan dan kemampuan kerja terbaru sesuai perubahan terakhir, serta terus meningkatkan keahlian di bidang dan/atau fungsi masing - masing. Perseroan percaya bahwa pelatihan dan program pelatihan yang tepat adalah investasi yang sangat berharga bagi pengembangan individu para karyawan dan juga, penting bagi pertumbuhan bisnis Perseroan di masa mendatang, yang akan menentukan sukses tidaknya organisasi ini di kemudian hari. Untuk tujuan pelatihan awak kapal, Perseroan telah berinvestasi banyak melalui pengadaan perangkat simulator anjungan kapal atau kamar mesin kapal dan bagan pompa muatan termasuk juga berbagai investasi lainnya seperti laboratorium Bahasa Inggris agar para awak kapal dapat terus meningkatkan ketrampilan dan pengetahuan mereka sesuai dengan perkembangan industri terbaru serta mempertajam keahlian yang dibutuhkan untuk menjadi seorang pelaut yang berpengalaman. Khusus untuk perangkat simulator anjungan kapal, Perseroan merupakan satu – satunya perusahaan perkapalan swasta nasional yang memiliki perangkat tersebut. Simulator yang dimiliki oleh Perseroan adalah tipe TRANSAS Navy Trainer 4000 Bridge Simulator dan ERS 4000 Engine Room Simulator buatan Rusia serta telah memenuhi standar yang ditetapkan oleh Sea Fleet Service of Russia’s Ministry of Transport dan Marine Safety Agency UK. Selain itu, Perseroan juga telah melengkap perangkat simulator ini dengan Electronic Chart Display and Information System (ECDIS), yaitu suatu sistem navigasi yang diwajibkan oleh International Maritime Organization (IMO) untuk digunakan oleh setiap kapal di seluruh dunia pada tahun 2012. Simulator yang dimiliki oleh Perseroan memiliki kemampuan untuk menciptakan situasi sesungguhnya yang akan dialami oleh para awak kapal dalam mengoperasikan kapal. Dengan demikian, Perseroan dapat memastikan bahwa bekal pendidikan dan kompetensi yang dimiliki oleh para awak kapal sebelum naik ke kapal sudah cukup untuk memastikan operasional kapal dapat berjalan dengan baik, keamanan dan keselamatan terjaga, dan pelayanan yang memuaskan bagi para pelanggan Perseroan.

Secara umum, Perseroan kini memiliki staf baik darat maupun laut yang tidak hanya memiliki tingkat ketrampilan tinggi, tetapi juga mampu menerapkan praktek kerja terbaik, serta terus-menerus meningkatkan kinerjanya, serta telah membuktikan komitmen mereka yang kuat bagi pertumbuhan bisnis Perseroan.

updated with recent changes and provide development in the area of their expertise and/or functions. The Company believes that the training and the appropriate training programs are investments in nature and are important for the personal development for the employees as much as it is important for the future growth of the Company which can determine future success of our organization. For seafarers or crews trainings purposes, the Company invested heavily on the in-house bridge or engine room simulator and cargo pump mock up as well as other investments such as English language laboratory to ensure the offshore crews continue to get upgrading of their skills and the sharpening of the expertise for our seasoned seamen.

Specifically on bridge simulator, the Company is the only national private shipping company which owns a bridge simulator. The simulator is a TRANSAS Navy Trainer 4000 Bridge Simulator and ERS 4000 Engine Room Simulator made in Russia which has fulfilled the standards established by the Sea Fleet Service of Russia’s Ministry of Transport and Marine Safety Agency of the United Kingdom. In addition, the Company has added this simulator equipment with Electronic Chart Display and Information System (ECDIS), a navigation system which will be made compulsory pursuant to the International Maritime Organization (IMO) to be installed and applied in each vessel in the world starting from 2012. The simulator has the ability to create a close to real life experience which demonstrates the various conditions that crews might encounter in operating the vessel. Therefore, the Company guarantees that the education level and capability of the crews before boarding to a vessel are sufficient to ensure a smooth and safe operation of the vessel will be smooth, safe and provide satisfactory services for the customers. In general, we have onshore and offshore staffs who are not only highly skilled, promoting best practices, and continuously improve our performance but also have shown their strong commitment to the growth of the Company.

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Pengelolaan Kapal Layanan berkualitas tinggi serta efektif dari segi biaya, melalui anak-anak perusahaan

Vessel Management High-quality and cost effective services through wholly owned subsidiaries

Perseroan menyediakan semua layanan manajemen kapal yang dibutuhkan untuk pengoperasian armada kapal yang dimilikinya, termasuk operasi pendukung, perawatan kapal, dukungan teknis, penempatan staf teknis, pengawasan pekerjaan di galangan kapal serta manajemen komersial, yang dilakukan oleh anak – anak perusahaan yang sepenuhnya dimiliki oleh Perseroan. Perseroan percaya bahwa dengan menempatkan layanan – layanan tersebut dibawah kendali anak-anak perusahaan tersebut, kualitas layanan yang memuaskan, serta tingkat efektivitas biaya yang lebih tinggi akan dapat dicapai.

The Company provides all of the vessel management services required to operate the fleet, including operations support, tanker maintenance and technical support, crewing, shipyard supervision and commercial management, through wholly owned subsidiaries. The Company believes that by performing these services through wholly owned subsidiaries, the Company is able to ensure a satisfying quality service and to achieve a greater level of cost efficiency.

Tim Manajemen Berpengalaman Pengalaman panjang di dunia perkapalan, kesetiaan dan komitmen kepada Perseroan

Experienced Management Team Extensive experience in the shipping industry and loyalty and commitment to the Company

Para eksekutif senior serta staf kunci Perseroan telah memegang pengalaman luas dalam industri perkapalan internasional, dengan masa kerja rata-rata 20 tahun. Selain itu, loyalitas serta komitmen anggota tim manajemen senior tersebut kepada Perseroan telah terbukti dalam hal jumlah tahun yang telah mereka baktikan ke Perseroan, yaitu rata-rata hampir 18 tahun kerja. Dengan masa kerja sedemikian lama, tim manajemen Perseroan telah memiliki keterampilan di semua bidang dalam bisnis perkapalan ini, termasuk pengelolaan aspek komersial dan teknisnya. Pengalaman ekstensif tersebut tentunya menjadi modal keunggulan kompetitif yang kuat dalam upaya Perseroan untuk memfokuskan diri pada pemasaran, mempertahankan kualitas dan kontrol biaya, operasional yang efektif serta pemantauan tingkat keselamatan kerja.

The Company’s senior executives and key employees have extensive experience in the international shipping industry, with an average of 20 years of experience. In addition, members of the senior management team’s loyalty and commitment to the Company are demonstrated by the fact that they have on average been employed by the Company for almost 18 years. With their extensive experience, Company’s management team has expertise in all areas of the shipping business, including commercial and technical management. This long experience provides the basis for a focused marketing effort, rigorous quality and costs controls, effective operations and safety monitoring.


Operations Review

STRATEGI Dalam rangka mempertahankan dan meningkatkan pangsa pasar serta meningkatkan kinerja finansial secara konsisten, dalam berbagai siklus ekonomi dan perkapalan, maka Perseroan berencana untuk mewujudkan beberapa prakarsa strategis berikut ini:

STRATEGY In order to maintain and increase its market share and to achieve a consistently strong financial performance through economic and shipping cycles, the Company plans to pursue the following strategic initiatives:

Portofolio yang Seimbang Mengurangi perubahan – perubahan dengan cara menjaga keseimbangan lintas sektor kimia, minyak dan gas

A Balanced Portfolio Reducing volatility by maintaining a balance between the chemical, oil, and gas sectors

Fakta menyebutkan bahwa sektor industri kimia, minyak dan gas selalu terpengaruh oleh pola siklus perluasan dan penurunan, yang juga berdampak besar pada kebutuhan layanan transportasi bagi produk-produk yang dihasilkannya. Namun, juga jelas bahwa tiga sektor tersebut memiliki pola siklus berbeda yang masing-masing tidak langsung saling terkait. Dengan demikian, diversifikasi layanan di ketiga bidang tersebut, yaitu untuk pasar minyak, kimia dan gas, akan dapat mengurangi naik atau turunnya permintaan secara drastis di salah satu sektor sehingga kelangsungan bisnis Perseroan tidak hanya tergantung pada satu segmen bisnis saja. Agar dapat mengelola resiko serta mencapai tingkat pertumbuhan yang konsisten, Perseroan berniat untuk mempertahankan keseimbangan tersebut, yaitu layanan transportasi laut bagi ketiga sektor yang menjadi segmen utama bisnis Perseroan saat ini.

It is a fact that the chemical, oil, and gas sectors are subject to cyclical patterns of expansion and contraction, and that this will impact the demand for shipping services in each of these respective sectors. However, it is also clear that each of these three sectors is governed by cycles that are not directly correlated. Thus, by diversifying its focus across the oil, chemical and gas markets, the Company can reduce its exposure to volatilities in any one particular sector. In order to manage risk and achieve consistent growth, the Company intends to maintain a balance between these three main segments of its business.

Pengaturan Kontraktual Memanfaatkan pengaturan kontrak guna menumbuhkan dan mempertahankan arus kas operasi.

Contractual Arrangements Utilize contractual arrangements to grow and maintain stable operating cash flow

Perseroan terus berupaya memastikan stabilitas arus kas yang lebih kuat, melalui kontrak-kontrak serta sewa dengan jangka waktu tertentu pada sebagian armada kapalnya, sekaligus mempertahankan fleksibilitas armadanya agar dapat meraih pendapatan di peningkatan pasar spot. Perseroan selalu mengamati dengan cermat kondisi pasar dan mencari cara mengatisipasi kebutuhan transportasi laut yang muncul, dan merespon dengan cepat jika suatu peluang chartering yang menguntungkan muncul.

The Company seeks to ensure greater cash flow stability through the use of contracts and time charters for a significant portion of our fleet, while maintaining the flexibility to benefit from spot market rate improvements. The Company constantly monitors the market and seeks to anticipate clients’ transportation needs and to respond promptly to attractive chartering opportunities.

Ekspansi Armada Armada kapal yang terus bertumbuh, sementara struktur modal dikelola dengan seksama

Fleet Expansion Consistently growing the fleet while prudently managing the capital structure.

Sejak Januari 2005, pertumbuhan bersih armada Perseroan (net fleet growth) yang dihitung berdasarkan jumlah kapal yang dibeli dikurangi dengan jumlah kapal yang dijual adalah sebanyak 48 kapal baru serta yang diperbarui, dengan mengeluarkan biaya keseluruhan sebesar USD 1.198,0 juta, sehingga total kapasitas angkut sekarang menjadi 2.210.833 DWT. Perseroan bermaksud terus menambah jumlah armada kapalnya dengan 13 kapal baru lainnya, sehingga nantinya kapasitas akan bertambah sebanyak 196.280 DWT, yang keseluruhannya akan selesai proses pembangunannya dan diserah-terimakan dalam waktu 3 tahun mendatang.

Since January 2005, the Company’s net fleet growth, which is calculated based on the number of vessels purchased deducted with the number of vessels sold, is 48 new and refurbished vessels for an aggregate cost of approximately USD 1.198,0 million which made the Company’s total capacity at 2.210.833 DWT. The Company intends to continue to expand its fleet, with 13 new builds, representing a total capacity of 196.280 DWT, scheduled to be accomplished and delivered over the next 3 years.

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Membuka Pasar Baru Memperluas cakupan layanan geografis ke dalam pasarpasar utama lainnya

Penetrating New Markets Expand the geographic presence in customers’ key markets

Sejak tahun 1998, Perseroan mulai menerapkan strategi perluasan layanan untuk mencakup wilayah pasar-pasar baru, melalui pusat operasional yang sudah berdiri di Asia Tenggara. Di tahun 1998, Perseroan mengakuisisi satu anak perusahaan di Hong Kong sebagai langkah perwujudan menembus pasar Asia Utara lainnya. Pada tahun 2001, Perseroan melebarkan wilayah perdagangan dan operasionalnya sampai ke Timur Tengah dan India. Tahun 2004 ditandai pembukaan kantor pemasaran Perseroan di Glasgow, Skotlandia. Pada tahun 2007 Perseroan kembali mengakuisisi satu perusahaan pelayaran di Amerika, guna meraih pangsa pasar di Amerika Utara dan Selatan. Selain fokus perhatian pada pasar utama di Asia, Perseroan akan terus memperluas dan melebarkan sayap operasi ke kawasan Eropa, Amerika Utara dan Selatan, serta menekankan pada upaya memenuhi kebutuhan pelanggan di pasar Eropa dan Amerika tersebut. Strategi perluasan sayap operasi ke kedua kawasan tersebut terbukti berhasil dimana sekitar 44% dari total pendapatan Perseroan berasal dari kedua wilayah tersebut. Pihak manajemen Perseroan percaya bahwa pasar di kedua wilayah utama ini menawarkan peluang yang cukup menjanjikan, mengingat begitu banyak pelanggan terbesar Asia saat ini juga berbisnis dengan pasar-pasar tersebut, sementara permintaan untuk layanan perkapalan yang handal, efisien serta hemat biaya di wilayah-wilayah tersebut masih tinggi.

Since 1998, the Company has implemented a strategy of expanding into new geographical markets from its established operational centre in Southeast Asia. In 1998, the Company acquired a subsidiary in Hong Kong as a means to penetrate North Asian markets. In 2001, the Company extended its area of trading and operations into the Middle East and India. In 2004, the Company established a marketing office in Glasgow, Scotland. In 2007 the Company acquired a shipping company in America to penetrate North and South America. Other than focusing on the major market in Asia, the Company continuously expands its operation to European, North and South American region, and emphasize on fulfilling customer needs in both European and American market. The Company’s expansion strategy to both regions is proven successful where around 44% of the Company’s total revenue derived from both regions. The Company’s management believes that the market in both regions offer a promising opportunity, considering that major Asian customers are also making business in those regions, while on the other hand the demand for efficient and capable shipping services in those regions remain high.

Perseroan bermaksud membangun relasi bisnis dengan para pelanggan yang ada, sebagai batu loncatan perluasan layanan tersebut, serta mendapatkan pelanggan-pelanggan baru dari Eropa dan Amerika. Pada waktu yang sama, Perseroan juga merencanakan menggunakan keunggulan efisiensi biaya yang telah tercapai lewat pangsa pasar yang telah dimilikinya di Asia, dan menawarkannya dalam bentuk harga yang kompetitif bagi para pelanggan di Eropa, Amerika Utara serta Amerika Latin.

The Company intends to build on established relationships with existing customers in order to facilitate expansion and gain a greater share of their European and American shipping businesses. At the same time, the Company also plans to take advantage of the cost efficiencies it has achieved through its established presence in Asia to offer competitive pricing to customers in European, North American as well as Latin American markets.

Perseroan juga tengah bersiap diri untuk menyambut implementasi asas cabotage di Indonesia dimana untuk segmen minyak dan gas asas ini akan diterapkan secara penuh pada tahun 2010 dan untuk segmen angkutan lepas pantai (offshore) akan diterapkan secara penuh pada tahun 2011. Sehubungan dengan segmen angkutan lepas pantai, BLT telah menandatangani Memorandum of Understanding (MOU) dengan salah satu perusahaan jasa angkutan pendukung lepas pantai terkemuka untuk membentuk perusahaan patungan (Joint Venture) bersama guna menangkap peluang yang ada pada segmen jasa angkutan pendukung lepas pantai (offshore support vessels). Asas cabotage mengharuskan kapal-kapal yang mengangkut muatan antar pulau di dalam wilayah perairan Indonesia adalah kapal-kapal berbendera Indonesia dan diawaki oleh warga negara Indonesia. Asas cabotage ini tentunya merupakan kesempatan yang sangat baik sebagai peluang bagi perluasan operasi dalam negeri.

In addition, the Company is preparing itself to welcome the implementation of the cabotage principle in Indonesia whereas for the gas and oil segment this principle will be put to action in 2010 and for offshore it will be fully implemented in 2011. In relations with the offshore transportation segment, BLT has signed a Memorandum of Understanding with a profound offshore transportation services company, to form a joint venture company together with BLT to grasp the opportunity lies with the offshore support vessels segment. Cabotage principle is a new Indonesian shipping regulations which stipulate that intra-Indonesian shipping services may only be provided by domestic ship owners using Indonesian-flagged vessels and manned by Indonesians as well. This cabotage principle certainly offers a uniques opportunity to expand the Company’s domestic operation.


Operations Review

Pasar FSO dan FPSO Perluasan operasi di wilayah yang berpotensi tinggi

FSO and FPSO Markets Expanding operations into areas with high growth potential

Perseroan percaya bahwa pasar FSO dan FPSO untuk melayani kebutuhan operasi lepas pantai masih memiliki potensi tumbuh yang sangat menjanjikan. Sejalan dengan itu, Perseroan akan terus mengembangkan kekuatan dan layanan di bidang ini, dengan cara mendapatkan lebih banyak perjanjian layanan jangka panjang dengan para operator eksplorasi minyak dan fasilitas produksi lepas pantai, untuk layanan pengelolaan penyimpanan, offloading dan layanan lepas pantai lainnya. Tahun 2006 Perseroan telah mengubah satu dari kapal tanker yang dimilikinya agar dapat melayani FPSO, menandai awal masuknya Perseroan ke pasar ini.

The Company believes that the FSO and FPSO markets for offshore services possess a high growth potential. Thus, the Company will seek to expand its involvement in this area by entering into long-term agreements with operators of oil exploration and production facilities to manage storage, off-loading and other offshore services. The Company has converted one of its existing tankers to serve as an FPSO in 2006 which marked the Company’s presence in this segment.

PROSPEK USAHA DAN KONDISI PASAR Industri pelayaran angkutan muatan cair sangat dipengaruhi oleh kondisi dari pasar yang sering kali berada diluar kendali perusahaan pelayaran. Hasil operasi Perseroan bisa jadi berfluktuasi secara signifikan karena dipengaruhi oleh faktor-faktor seperti: kondisi perekonomian global, tingkat permintaan dan penawaran dari pengangkutan muatan cair, serta siklus yang dimiliki oleh industri pengangkutan muatan cair.

BUSINESS PROSPECTS AND MARKET CONDITIONS The liquid cargo shipping industry is easily affected by market conditions that are often outside the control of shipping companies. Thus, the Company’s operational and financial performance may fluctuate significantly due to external factors including global economic conditions; supply and demand for liquid shipping transportation services; and business cycles affecting the liquid cargo maritime shipping industry itself.

Pengangkutan bahan kimia cair, minyak dan gas merupakan penyumbang utama hasil operasi Perseroan. Pasar untuk transportasi bahan kimia cair, minyak dan gas memiliki tingkat perubahan yang tinggi seiring dengan tingkat permintaan global terhadap produk ini yang berfluktuasi. Perubahan tingkat permintaan untuk pengangkutan minyak, bahan kimia cair, dan gas sangat dipengaruhi oleh banyak faktor seperti: perubahan produksi minyak dan gas global dan hubungannya dengan perubahan harga minyak dan gas, tingkat ekspor dan impor pada perdagangan minyak dunia, permintaan dunia terhadap energi, khususnya minyak dan produk turunannya, tingkat fluktuasi pada perdagangan dan produksi global serta regional, tingkat nilai tukar mata uang, tingkat persediaan minyak dan gas terutama di negara pengimpor komoditas tersebut, dan perubahan peraturan yang mengatur tentang perkapalan dan industri pelayaran.

The majority of the Company’s revenue comes from shipping operation of chemicals, oil and gas. Demand for these services is known historically to be always volatile, as global demand for these three products fluctuates from time to time. Demand for oil, chemicals and gas is closely interrelated with global patterns of economic development, growth and activity. Fluctuations in the demand for services involving the transportation of these commodities are influenced by a number of factors, including changes in oil and gas production level and demand for oil and gas related to changes in the prices of these commodities; export and import levels in the global energy market; the level of global demand for energy products and particularly petroleum and other refinery products; fluctuations in global and regional trade; in currency exchange rates; in the oil and gas inventory levels, particularly in importing countries; and changes in the regulatory regimes governing the shipping industry.

Selama beberapa tahun terakhir ini, tingkat permintaan dunia terhadap pengangkutan minyak, bahan kimia, dan gas meningkat secara stabil. Pengangkutan bahan kimia mengalami peningkatan sebesar 58,50 persen sejak tahun 2001, yaitu dari 133 juta ton menjadi 210,8 juta ton di tahun 2009. Sedangkan tingkat permintaan untuk tanker pengangkut minyak telah meningkat dari sekitar 249,9 juta DWT di tahun 2003 menjadi sekitar 267,1 juta DWT di tahun 2009. Untuk sektor gas terjadi peningkatan tingkat permintaan dari 67,5 juta ton untuk pengangkutan LPG, amonia, dan gas petrokimia pada tahun 2002 menjadi 78,2 juta ton di tahun 2009.

During the last several years, the global demand for transportation services involving the shipping of oil, chemicals and gas has risen steadily. The volume of liquid chemicals transported by sea has risen by approximately 58.50 per cent since 2001, from 133 million tons to 210.8 million tons in 2009; whereas the volume of petroleum transported by sea has increased from approximately 249.9 million DWT in 2003 to approximately 267.1 million DWT in 2009; and the volume of LPG, ammonia and petrochemical gas altogether has risen from 67.5 million tons in 2002 to 78.2 million tons in 2009.

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Selama beberapa tahun terakhir ini, tingkat penawaran pengangkutan muatan cair mengalami peningkatan sebagai akibat dari kenaikan pada tingkat permintaan. Menurut Drewry Shipping Consultants Ltd., sejak tahun 2002 armada tanker pengangkut bahan kimia dunia berkembang dari sekitar 40,6 juta DWT menjadi 71,4 juta DWT pada akhir tahun 2009. (termasuk didalamnya kapal yang memiliki peringkat kimia terbatas tapi pada umumnya digunakan untuk transportasi produk minyak). Jumlah armada kapal tanker pengangkut minyak telah berkembang dari sekitar 265,5 juta DWT pada tahun 2003 menjadi lebih dari 371,6 juta DWT pada akhir tahun 2009 sedangkan armada kapal tanker gas dunia berkembang dari 14,4 juta CBM pada tahun 2003 menjadi sekitar 19,18 juta CBM pada akhir tahun 2009.

Over the past several years, supply of liquid cargo maritime transshipment services has increased in response to the growth of demand. According to Drewry Shipping Consultants Ltd, since 2002, the total combined capacity of the world chemical tankers has grown from approximately 40.6 million DWT to 71.4 million DWT by end of 2009 (including vessels with a limited chemical rating but are primarily used for transporting oil products). The total combined capacity of the world’s oil tankers has expanded from approximately 265.5 million DWT in 2003 to approximately 371.6 million DWT at the end of 2009, while the combined capacity of the world’s gas tankers has grown from 14.4 million CBM in 2003 to approximately 19.18 million CBM by end of 2009.

Segmen Kapal Tanker Kimia Volume kargo cair yang diangkut dengan kapal tanker kimia berkembang secara konsisten sejak awal dekade 1980an, didorong terutama oleh pertumbuhan pergerakan bahan kimia organik dan bahan petrokimia. Dalam periode antara tahun 2001 sampai dengan 2009 rata-rata pertumbuhan angkutan laut untuk bahan kimia adalah sebesar 3,36%. Bahan kimia organik masih mendominasi dengan rata – rata kontribusi per tahun dalam periode 2001 – 2009 sebesar 52,26% dari total angkutan laut untuk bahan kimia. Secara umum total angkutan laut bahan kimia telah tumbuh sebesar 25,93% pada tahun 2009 atau naik 34,5 juta ton menjadi 167,5 juta ton dibandingkan posisi tahun 2001. Drewry memperkirakan bahwa trend naik angkutan laut bahan kimia masih akan terus terjadi di masa depan dan diperkirakan total kargo laut bahan kimia akan mencapai 231,5 juta ton pada tahun 2012. Seiring dengan pertumbuhan tersebut, maka tingkat permintaan kapasitas kapal tanker juga akan turut berkembang.

Chemical Tanker Segment The liquid cargo volume transported by chemical tankers has increased consistently since the beginning of the 1980s which was marked by the growth of the organic chemical and petrochemical substances. During the period of 2001 until 2009, the sea transportation growth for chemical substances is averagely 3.36%. The organic chemical cargo still dominates the annual average contribution for the period of 2001 – 2009, around 52.26% of the total sea transportation of chemical cargoes. In general, the total chemical sea transportation has increased by 25.93% in 2009 or increased from 34.5 million tons to become 167.5 million tons compared to it in 2001. Drewry estimates that the upscaling trend of the chemical substances sea transportation will continue in the future and it is estimated that the total chemical substance sea cargo will reach 231.5 million tons in 2012. In line with such growth, the demand rate for tankers capacities has also increased.

Grafik Permintaan Kimia Cair Dunia / Global Liquid Chemical Demand Graphic PT Berlian Laju Tanker Tbk Annual Report 2009

Operations Review

Sekitar 50% dari seluruh jasa angkutan bahan kimia dilakukan berdasarkan COA, sementara pasar spot mencakup sekitar 35% sampai dengan 40%. Sisanya terdiri atas berbagai kontrak charter lainnya dan kargo diangkut dalam volume tonase yang diatur oleh para eksportir dan importir. Untuk angkutan laut bahan kimia berjarak pendek, kontrak-kontraknya biasanya berlaku sampai dengan 1 (satu) tahun, tetapi untuk jasa angkutan laut bahan kimia berjarak jauh, komitmennya lebih sering berjangka waktu 2 (dua) sampai dengan 3 (tiga) tahun, dimana persyaratan komersialnya diperbaharui setiap tahun.

Approximately 50% of the total chemical substance transportation is made based on the COA while the spot market covers approximately 35% up to 40%. The rest consists of various other charter contracts and the cargo is transported in tonnage volume which is determined by the exporters and importers. For the short distance chemical cargo sea transportation, the contracts are usually valid up to 1 (one) year but for the long distance chemical cargo sea transportation, the commitment is more common for a term of 2 up to 3 years where the commercial terms are renewed every year.

Segmen Kapal Tanker Minyak Tingkat permintaan minyak secara umum telah mengalami pertumbuhan yang berkesinambungan untuk dekade terakhir meskipun mengalami perlambatan pada tahun 2007 dan 2008. Secara umum, permintaan minyak dunia hanya naik 0.09% y-o-y pada 3Q08. Hal ini disebabkan oleh penurunan permintaan yang terus terjadi di Negara – Negara OECD terutama Amerika Utara. Pada 3Q08 permintaan dari Amerika Utara turun 4.7% sebagai akibat dari memburuknya kondisi ekonomi. Namun di lain pihak, penurunan permintaan dari Negara – Negara OECD diimbangi oleh kenaikan permintaan dari Negara – Negara non OECD terutama China. China menjadi penggerak pertumbuhan permintaan akan minyak bumi seiring dengan diadakannya olimpiade dan peningkatan penjualan kendaraan bermotor di Negara tersebut. Secara umum, permintaan dari Negara – Negara non OECD naik 4.4% y-o-y pada 3Q08 dan kenaikan ini membuat permintaan minyak dunia secara global masih naik sebesar 0.09% y-o-y meskipun terjadi penurunan di Negara – Negara OECD.

Oil Tanker Segment The oil demand rate in general has increased sustainably for the last decade although there was a decrease in 2007 and 2008. In general, the global oil demand only increased 0.09% y-o-y in 3Q08. This is caused by the continuing decrease of demand in OECD countries, especially North America. In 3Q08, the demand from North America decreased 4.7% as a result of the worsening economic condition. On the other hand, the decrease of demand in the OECD countries was balanced by the increase of demand from the non OECD countries especially China. China became the stimulant for the demand growth of natural oil as a result of the Olympic Games and the increase of the sale of motor vehicles in this country. In general, the demand from the non OECD countries increased by 4.4% y-o-y in 3Q08 and this increase resulted in the increase of the global oil demand by 0.09% y-o-y although there was a decrease in the OECD countries.

Grafik Permintaan Global Atas Kapal Tanker Minyak / Global Demand of Oil Tankers Graphic

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Tren musiman juga mempengaruhi tingkat konsumsi minyak dunia dan selanjutnya mempengaruhi tingkat permintaan tanker minyak. Sementara tren konsumsi bervariasi tergantung musim, puncak permintaan tanker minyak seringkali mendahului puncak konsumsi minyak musiman, dimana para penyuling minyak dan pemasok minyak telah mengantisipasi permintaan konsumen. Puncak musiman permintaan minyak secara garis besar bisa diklasifikasikan menjadi dua kategori: (i) peningkatan permintaan minyak sebelum musim dingin belahan Utara dunia, dimana konsumsi minyak untuk pemanas meningkat; dan (ii) peningkatan permintaan minyak sebelum musim panas di Amerika Serikat, dimana banyak konsumen akan mengemudikan kendaraan bermotor. Segmen Kapal Tanker Gas Tingkat permintaan untuk kapal pengangkut LPG didorong terutama oleh tingkat permintaan LPG, amonia dan gas petrokimia di negara-negara yang tidak memiliki pasokan dalam negeri yang cukup untuk memenuhi kebutuhan konsumsinya. Pengangkutan gas petrokimia terutama didorong oleh konsumen dan industri yang memerlukan produk-produk yang dihasilkan dari gas petrokimia, seperti plastik/polymer, produk berbasis sintetik, tekstil, bahanbahan kimia dan karet. Sedangkan LPG merupakan gas terasosiasi dengan minyak, yang diproduksi sebagai produk sampingan minyak mentah dan gas alam dan dipergunakan terutama untuk transportasi, pemakaian untuk pemanasan dan memasak residensial dan komersial dan sebagai bahan baku (feedstock) untuk memproduksi petrokimia. Dengan meningkatnya produksi minyak mentah dan gas alam, volume LPG juga diperkirakan meningkat. Pertumbuhan ekonomi merupakan salah satu indikator terbaik terhadap perubahan tingkat permintaan transportasi gas lewat laut. Namun demikian, meningkatnya produksi minyak mentah dan gas alam yang mengakibatkan naiknya volume LPG dan meningkatnya kegiatan perniagaan juga dapat mengakibatkan meningkatnya permintaan untuk transportasi gas lewat laut.


The seasonal trend always influences the global oil consumption rate and subsequently influences the oil tanker demand rate. While the consumption trend varies depending on the season, the peak of oil tanker demand usually precedes the peak of the seasonal oil consumption where the oil refineries and oil suppliers have anticipated the consumer demands. The peak of the seasonal oil demand in general may be classified into two categories: (i) the increase of oil demand prior to the winter in the north part of the world where the oil consumption for heaters increases and (ii) the increase of oil demand before the summer in the United States where a lot of consumers ride motor vehicles. Gas Tanker Segment The demand rate for LPG carrier tankers is mainly driven by the LPG, ammonia and petrochemical demand rates in countries which do not have sufficient domestic supply to fulfill their consumption needs. The petrochemical gas transportation is mainly driven by consumers and industry which require products originated from petrochemical gas such as plastic/ polymer, synthetic based products, textiles, chemical and rubber substances. While LPG is gas associated with oil which is produced as a form of side products of crude oil and natural gas and used mainly for transportation, heating and residential as well as commercial cooking and as feedstock for producing petrochemical. With the increase of crude oil production and natural gas, the LPG volume is estimated to increase. The economy growth is one of the best indicators to the change of the demand rate of the sea transportation of gas. However, the increase of the production of crude oil and natural gas resulting in the increase of LPG volume and the increase of the commercial activities may also result in the increase of demand for the transportation of gas by sea.

Operations Review

Siklus Bisnis yang Berbeda antar Segmen Siklus usaha dari masing-masing kegiatan usaha Perseroan, yaitu: pengangkutan bahan kimia, minyak, dan gas, belum tentu saling berhubungan satu dan yang lainnya. Siklus usaha yang berbeda inilah yang menjadi dasar mengapa Perseroan bergerak di ketiga bisnis tersebut, yaitu mengurangi ketergantungan pada segmen tertentu saja dan mengurangi resiko dari dampak negatif yang terjadi apabila salah satu segmen usaha mengalami penurunan yang signifikan.

Different Business Cycles From Different Segments The business cycle of each business activities of the Company, consist of liquid chemical, oil, and gas cargoes, is not necessarily related from one to another. The different business cycle becomes the basis why the Company engages in these three businesses, where this strategy will reduce the dependency to certain segments and to reduce the risks resulting from the negative impacts if one of the business segments experiences a significant downfall.

Rute operasi Perseroan yang bervariasi dan variasi produk yang diangkut memiliki paparan yang berbeda-beda dengan siklus uang tambang tersebut. Perseroan berusaha untuk selalu mengelola risiko tersebut dengan menjaga keseimbangan dari berbagai macam produk, dengan menjaga keseimbangan antara sewa spot dan kontrak jangka panjang dan dengan mengalihkan operasi armada Perseroan ke wilayah geografis yang diperkirakan memiliki tingkat permintaan yang tinggi dan relatif stabil.

The various operation routes serviced by the Company and the variety of the products carried have different presentations with the cycle of the freight rates. The Company is trying to always maintain such risks by keeping the balance of the various types of products by keeping the balance between spot charters and long term contracts and by transferring fleets of the Company to geographical areas which are expected to have high and pretty stable demand rate.

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ANAK PERUSAHAAN UTAMA

MAJOR SUBSIDIARIES

GBLT Ship Management Pte. Ltd. (Singapore)

GBLT Ship Management Pte. Ltd. (“GBLT”), anak perusahaan yang dimiliki sepenuhnya oleh PT Berlian Laju Tanker Tbk. (“BLT”), didirikan di Singapura pada tanggal 1 Juni 2002. GBLT didirikan untuk memberikan pelayanan independen untuk pengelolaan teknis bagi armada kapal BLT. GBLT mengelola armada tanker, termasuk kapal minyak, kimia, dan gas yang beroperasi dari pelabuhan-pelabuhan yang berasal dari/ke Indonesia dan dari/ke Asia Tenggara, Asia dan Timur Tengah, meluas ke Mediterania, Eropa dan lintas benua menuju Amerika Selatan.

GBLT Ship Management Pte. Ltd. (GBLT) a wholly owned subsidiary of PT Berlian Laju Tanker Tbk. (BLT) , was established in Singapore on 1st June 2002. It was set up to provide an independent technical management services to BLT fleet. GBLT manages a fleet of tankers, which include Petroleum, Chemical, and Gas vessels, trading from the home ports of Indonesia to South East Asia, Asia and the Middle East, extending to the Mediterranean, Europe, and across the continents to South America.

Untuk dapat mencapai misinya dalam menyediakan pelayanan yang berkualitas dunia dan profesional, GBLT berkomitmen pada pencapaian ZERO accident dan ZERO spills dalam pengelolaan kapal-kapal. Perseroan senantiasa melakukan perbaikan-perbaikan yang berkesinambungan untuk mencapai tujuan-tujuan tersebut.

To uphold its Mission Statement to provide a world class quality and professional services, GBLT is committed to ZERO accident and ZERO spills in the management of all our vessels and we aim to achieve these goals through continuous improvement.

Melalui struktur program pelatihan in-house yang dimiliki, berdasarkan orientasi standar keunggulan keselamatan dan lingkungan, GBLT menetapkan standar–standar pencegahan pencemaran, memberikan pelayanan pengelolaan kapal yang kompeten dan menetapkan strategi-strategi untuk meningkatkan kinerja keselamatan dan pencegahan pencemaran secara keseluruhan bagi armada kapal. Tim manajemen GBLT yang terdiri atas professional internasional mampu memberikan pandangan dan pengalaman yang lebih baik dalam semua aspek manajemen kapal untuk tetap menjadi yang terdepan dalam industri maritim.


Through its in-house structured training program, based on safety and environmental excellence, GBLT defines standards, provides competent ship management services and maps out strategies to improve the overall safety performance and pollution prevention of the fleet. GBLT’s management team of international professionals provides better insight and experience to all areas of ship management to stay at the forefront of the maritime industry.

Operations Review

GBLT Shipmanagement (UK) Ltd

Sebagai salah satu anak perusahaan PT Berlian Laju Tanker Tbk (BLT), GBLT Shipmanagement (UK) Ltd (“GBLT UK”) menempati lokasi strategis di Glasgow, Skotlandia untuk membantu ekspansi ke pasar-pasar Eropa dan Afrika. Glasgow adalah kota yang kaya akan tradisi pembuatan kapal dan saat ini merupakan pusat pengelolaan kapal yang terkemuka. Perusahaan telah menunjukkan kapasitas dan pengalaman, yang dikombinasikan dengan etika yang kuat serta komitmen terhadap keselamatan, dan ini diyakini akan menentukan suksesnya Perseroan di Eropa.

As a subsidiary of PT Berlian Laju Tanker Tbk (BLT), GBLT Shipmanagement (UK) Ltd. (GBLT UK) is strategically located in Glasgow, Scotland to assist with the Group’s expansion into the European and African markets. Glasgow is a city with a rich shipbuilding tradition and in the present day is a centre of ship management excellence. The Company’s demonstrated capability and experience, combined with strong ethics and a commitment to safety, will determine its success in Europe.

GBLT UK memiliki wewenang untuk menyewakan dan mengoperasikan semua kapal BLT yang berada di pasarpasar Eropa, Laut Mediterania, dan Afrika Utara. Sementara itu, disaat kapal-kapal terus beroperasi secara reguler di wilayah ini, GBLT UK juga mengembangkan pelayananpelayanan adminstratif dan teknis (termasuk audit kapal, melayani pelatihan kadet dan superintenden kapal) untuk menjamin dukungan terbaik bagi kapal mana pun yang berlayar ke Eropa.

GBLT UK has authority for the chartering and operations of all BLT vessels trading in the European, Mediterranean Sea, and North African markets. Indeed, as the vessels continue to trade more regularly in this area, developed administrative and technical services (including ship audit, cadet training and marine superintendent services) to ensure the best possible support for any of the vessels calling to Europe.

Selain melaksanakan pemeriksaan semua kapal GBLT UK setiap tahunnya, departemen teknis seringkali mengadakan kunjungan inspeksi ke kapal-kapal BLT yang singgah di pelabuhan-pelabuhan Eropa. GBLT UK juga merekrut dan melatih para kadet dari akademi dan/atau universitas – universitas maritim setempat, yang proses pelatihannya dilakukan di atas kapal BLT. GBLT UK telah mendapatkan sertifikasi manajemen mutu ISO 9001 dari Llyods Register pada tahun 2006. Perusahaan terus mempertahankan standar-standar yang tinggi yang berkaitan dengan kualitas dan pelayanan jasa. GBLT UK membeli kantor baru dan menempatinya pada bulan Januari 2008. Kantor baru tersebut terletak di Sentra Bisnis Glasgow yang berada tidak jauh dari pusat kota Glasgow. Kantor baru yang lebih luas memberikan GBLT UK suatu kebebasan untuk mengakomodasi anggota tim mereka yang terus berkembang.

Along with auditing all GBLT UK vessels on an annual basis, the technical department often visits BLT vessels calling in European ports. GBLT UK also recruits and train cadets of local maritime academies and/or universities, and part of their training being conducted onboard BLT vessels. GBLT UK obtained ISO 9001 quality certification from Lloyds Register in 2006. The office continues to maintain high standards of quality and service. GBLT UK recently purchased new office and relocated to the new premises in January 2008. The new offices are situated in the Glasgow Business Park which is only a short distance from the centre of Glasgow. The spacious new office affords GBLT UK the freedom to accommodate their expanding team.

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Gold Bridge Shipping Ltd (Hong Kong)

Industri petrokimia Asia telah berubah menjadi pusat penyulingan besar dan berhubungan langsung dengan pusat lalu lintas pengapalan guna memenuhi lonjakan permintaan akan produk-produk petrokimia dan perminyakan yang semakin meningkat di kawasan ini. Pusat-pusat kilang besar di Asia Utara, Asia Tenggara dan Timur Tengah memberikan peluang bisnis yang baik dalam permintaan akan transportasi laut bahan kimia cair dan perminyakan di kawasan ini. Dibalik pertumbuhan tersebut, Gold Bridge Shipping Ltd. (”Gold Bridge”) telah melayani industri petrokimia dan perminyakan Asia sejak 1990. Gold Bridge merupakan anak perusahaan yang dimiliki seluruhnya oleh PT Berlian Laju Tanker Tbk (“BLT”). BLT memiliki lebih dari 24 tahun pengalaman dibidang pengangkutan muatan cair, dan terlibat dalam semua aspek industri tanker seperti bahanbahan kimia cair, produk minyak mentah dan bahan bakar minyak, tanker aspal dan tanker gas. Dengan kehadiran Gold Bridge yang kuat di Asia Utara dan BLT di kawasan lainnya, BLT telah menjadi operator tanker bahan kimia terkemuka di kawasan ini.

Asia petrochemical industry has transformed itself as a major refining centre and transshipment hub to feed the ever increasing demand for petrochemicals and petroleum products in the region. Major refining centers in North Asia, Southeast Asia and the Middle East provide a buoyant trade in the demand for liquid chemical and petroleum marine transportation in the region. Behind this growth, Gold Bridge Shipping Ltd. (Gold Bridge) has been serving the Asian petrochemical and petroleum industry since 1990. Gold Bridge is a subsidiary of PT Berlian Laju Tanker Tbk (BLT). BLT has over 24 years of liquid marine transportation experience, and is involved in all aspects of tanker industry from chemical, product crude oil, asphalt and gas tankers. With Gold Bridge strong presence in North Asia and BLT in other regions, BLT has become a leading chemical tanker operator in the region.

Chembulk Tankers LLC (“Chembulk”)

Chembulk Tankers LLC (Chembulk) didirikan pada bulan Januari 2007 sebagai salah satu penyedia pengangkutan laut mutakhir abad 21 untuk bahan kimia cair yang menggunakan kapal-kapal angkut berbahan baja anti karat (stainless steel) sesuai dengan spesifikasi industri tertinggi. Dengan komitmennya akan keunggulan dalam semua aspek yang ditetapkan baik karena persaingan maupun peraturan yang ada, Chembulk memadukan kemampuan berbisnis yang baik dengan kecakapan operasional guna menjamin pengangkutan kargo pelanggan dengan handal.

Chembulk Tankers LLC (Chembulk) was formed in January 2007 as a cutting edge provider of marine transportation for the chemical industry deploying stainless steel chemical tankers built to the industry’s highest specifications. With its commitment to excellence in all aspects demanded by a competitive commercial and regulatory arena. Chembulk combines commercially sound business acumen with rigorous operational capabilities ensuring seamless transportation of customer cargo.

Chembulk merupakan anak perusahaan yang dimiliki sepenuhnya oleh PT. Berlian Laju Tanker Tbk. (BLT). Wilayah operasi Chembulk adalah di kawasan Amerika, Eropa dan Asia Timur. Dengan bergabungnya Chembulk ke dalam BLT, maka wilayah operasional BLT kini menjangkau seluruh dunia.

Chembulk is a wholly owned subsidiary of PT Berlian Laju Tanker Tbk (BLT). Chembulk operating areas are in America, Europe and East Asia. With the existence of Chembulk, BLT’s operational area has become worldwide.


Operations Review

KINERJA SAHAM Sejak Penawaran Umum Perdana saham Perseroan pada tanggal 22 Januari 1990 yang kemudian terdaftar di Bursa Efek Indonesia, sebelumnya dikenal dengan nama Bursa Efek Jakarta dan Bursa Efek Surabaya, Perseroan telah melakukan 4 kali Penawaran Umum Terbatas disertai dengan Pre-emptive Rights yaitu di tahun 1993, 1998, 2001, dan 2009. Selain itu, beberapa langkah strategis telah diambil Perseroan di pasar modal tersebut, misalnya pembagian Saham Bonus sebagai penghargaan Perseroan kepada para pemegang saham, dan Pemecahan Nilai Saham (Stock Split) yang dimaksudkan untuk meningkatkan likuiditas perdagangan saham Perseroan.

SHARE PERFORMANCE Since the Company conducted The Initial Public Offering on 22 January 1990 which was subsequently listed at Indonesia Stock Exchange previously known as Jakarta Stock Exchange and Surabaya Stock Exchange, the Company has conducted 4 Limited Public Offering With the Pre-emptive Rights in the year of 1993, 1998, 2001 and 2009. In addition, some corporate action in the capital market has also been conducted such as distribution of Bonus Shares as an appreciation of the Company to shareholders, and Stock Split which were intended to increase the trading liquidity of the Company’s shares.

Perseroan akan selalu mempertimbangkan berbagai alternatif bagi pemanfaatan dana di pasar modal, yang dapat digunakan untuk investasi dan mendorong aktivitas operasional Perseroan. Salah satu alternatif pendanaan lain yang, di masa sebelumnya, belum pernah secara serius dicoba Perseroan adalah pasar dana internasional. Perseroan pernah merintis akses ke pendanaan pasar modal luar negeri tersebut dengan menerbitkan Obligasi Konversi yang sukses dilakukan Perseroan pada akhir tahun 2005. Kemudian, tanggal 30 Oktober 2006, Perseroan mencatatkan penjualan sahamnya di Singapore Exchange Securities Trading Limited (SGX-ST) sebagai basis untuk memperluas akses ke pasar modal luar negeri, meningkatkan likuiditas dan visibilitas saham bagi pemegang saham. Di awal tahun 2007 Perseroan juga telah berhasil menerbitkan Guaranteed Notes serta Obligasi Konversi kedua, yang juga didaftarkan di Singapore Exchange Securities Trading Limited, dan menerbitkan Obligasi Rupiah Ketiga serta Sukuk Ijarah yang tercatat di Bursa Efek Indonesia. Sebagaimana yang telah disebutkan di atas, pada tahun 2009, Perseroan melakukan penerbitan Hak Memegang Efek Terlebih Dahulu (HMETD) atau Rights Issue kepada pemegang saham pada dua bursa yang berbeda yakni Bursa Efek Indonesia (BEI) dan Singapore Exchange Securities Trading Limited (SGX-ST) dengan nilai ekuivalen sebesar USD57juta dengan harga penawaran sebesar Rp 425 per saham.

The Company shall always consider various alternatives of financing which can be conducted for investment and operational activity of the Company. One financing alternative which, in the past, has not been a major area of focus for the Company is the international capital market. The Company has initiated access to the overseas capital market financing by issuance of Convertible Bond that has been successfully issued by the Company at the end of year 2005. Thereafter, on 30 October 2006, the Company has registered its share in the Singapore Exchange (Singapore Exchange Securities Trading Limited) as a foundation which can be used by the Company to access overseas capital market. In early 2007 Company also succeeded in issuing Guaranteed Notes and the second Convertible Bond which was also listed in Singapore Exchange Securities Trading Limited, and issuing its Third Rupiah Bond and Sukuk Ijarah which were listed in Indonesia Stock Exchange. As mentioned previously, in 2009 the Company executed a limited public offering or rights issue addressed for the shareholders in both capital market, the Indonesia Stock Exchange (IDX) and Singapore Stock Exchange Securities Trading Limited (SGX-ST) with a total value equivalent to USD 57 million with execution price of Rp 425 per share.

Rangkuman Aktivitas Perseroan di Pasar Modal:

Summary of Company’s activities in Capital Market :

Aksi Korporasi

Tanggal Pencatatan Recording Date

Saham Baru New Share

Sebelum Penawaran Umum Perdana

Jumlah Saham Total Share

Nilai Nominal Nominal Value

Corporate Action

11,900,000

Rp. 1,000

Penawaran Umum Perdana (@ Rp 8.500)

26-Mar-90

2,100,000

14,000,000

Rp. 1,000

Saham Bonus I (2:1) Saham Bonus II (5:2) Penawaran Umum Terbatas I (1:1 @ Rp 1.600) Pemecahan Nilai Saham (1:2)

20-Jul-91 24-Sep-92

7,000,000 8,400,000

21,000,000 29,400,000

Rp. 1,000 Rp. 1,000

24-May-93

29,400,000

58,800,000

Rp. 1,000

27-Jan-97

58,800,000

117,600,000

Rp. 500

Before IPO Initial Public Offering (@ Rp 8,500) Stock Bonus I (2:1) Stock Bonus II (5:2) Rights Issue I (1:1 @ Rp 1,600) Stock Split (1:2)

4-Mar-97

35,280,000

152,880,000

Rp. 500

Stock Bonus III (500:150)

Saham Bonus III (500:150)

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Penawaran Umum Terbatas II (1:2 @ Rp 1.200, 10 HMETD + 2 Waran) Konversi Waran Penawaran Umum Terbatas III (17:2 @ Rp 1.100) Pembelian Kembali Saham * Konversi Waran Pemecahan Nilai Saham (1:4) Konversi Waran Konversi Waran Pemecahan Nilai Saham (1:2) Konversi Waran Pembelian Kembali Saham * Konversi Waran Pembelian Kembali Saham * Konversi Waran Konversi Waran Penawaran Umum Terbatas IV (3:1 @ Rp 425)

16-Jan-98

305,760,000

458,640,000

Rp. 500

6,380

458,646,380

Rp. 500

53,958,150

512,604,530

Rp. 500

Start from Oct-01 Up to 6-Feb-02 6-Feb-02 Up to 31-Dec-03 Up to 12-Nov-04 12-Nov-04 Up to 31-Dec-04 Start from May-05 Up to 31-Dec-05 Start from Jul-06 Up to 31-Dec-06 Up to 31-Dec-07

51,260,000 839,262 1,540,331,376 14,482,420 3,923,900 2,072,181,488 22,500 412,433,000 12,828,960 113,938,000 358,000 1,438,000

512,604,530 513,443,792 2,053,775,168 2,068,257,588 2,072,181,488 4,144,362,976 4,144,385,476 4,144,385,476 4,157,214,436 4,157,214,436 4,157,572,436 4,159,010,436

Rp. 500 Rp. 500 Rp. 125 Rp. 125 Rp. 125 Rp. 62.50 Rp. 62.50 Rp. 62.50 Rp. 62.50 Rp. 62.50 Rp. 62.50 Rp. 62.50

10-Aug-09

1,392,310,059

5,981,591,235

Rp. 62.50

Up to 31-Dec-00 19-Jan-01


Rights Issue II (1:2 @ Rp 1,200, 10 Rights + 2 Warrant) Warrant Conversion Rights Issue III (17:2 @ Rp 1,100) Stock Buy Back(*) Warrant Conversion Stock Split (1:4) Warrant Conversion Warrant Conversion Stock Split (1:2) Warrant Conversion Stock Buy Back(*) Warrant Conversion Stock Buy Back(*) Warrant Conversion Warrant Conversion Rights Issue I (3:1 @ Rp 425)

Operations Review

Total saham tercatat di BEI dan SGX-ST sampai 31 Desember 2009 adalah 5.981.591.235 lembar

Total Listed Share in IDX and SGX on 31 December 2009 is 5.981.591.235 shares

Kinerja Saham di Kwartal Awal 2008 dan 2009 disajikan dalam bentuk grafik sebagai berikut:

Performance of Share at the Early Quarter in 2008 and 2009 is presented in the following graphics

Indonesia Stock Exchange (IDX)

Singapore Stock Exchange (SGX)

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PENGHARGAAN DAN SERTIFIKASI

AWARDS AND CERTIFICATIONS

Perseroan berupaya meningkatkan dan memperluas pangsa pasar, dengan cara memperkuat dan meningkatkan keunggulan kompetitifnya di segala bidang, terutama yang berkaitan dengan sistem-sistem manajemen, performa operasional, performa finansial, yang berkaitan dengan prinsip perusahaan yang dikelola dengan baik (good corporate governance), dan peningkatan nilai untuk para pemegang saham. Perseroan sangat berterimakasih bahwa upaya-upaya dalam menciptakan keunggulan di semua bidang-bidang tersebut telah mendapatkan pengakuan melalui penghargaan-penghargaan dan sertifikasi yang diterima Perseroan dari sejumlah lembaga, badan-badan sertifikasi, dan pihak ketiga lainnya. Pada tahun 20072009, Perseroan antara lain menerima penghargaanpenghargaan berikut:

The Company is engaged in an ongoing endeavor to develop and expand its market share by strengthening and developing its competitive excellence especially those related to management systems, operational performance, financial performance, adherence to the principles of good corporate governance, and creating value for shareholders. The Company is extremely gratified that its endeavors to achieve excellence in all these areas has been recognized and acknowledged through awards and certificates granted by a number of prestigious agencies, certifying bodies, and other third parties. In 2007-2009, amongst others, the Company received the following awards:

Investor Award 2007: Perusahaan Publik Terbaik di bidang Infrastruktur

Business Review Award 2007: CEO terbaik ke-6

Investor Award 2007: Best Public Company in Infrastructure Sector

Bisnis Review Award 2007: 6th Best CEO

Investor Best Syariah 2007: Peringkat Kedua untuk Obligasi Syariah Mudharabah

Best GCG Most Improved Category 2009 Pemenang GCG Award 2009

Investor Best Syariah 2007: 2nd Place for Syariah Mudharabah Bond


Operations Review

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Tata Kelola Perusahaan Yang Baik

Tata Kelola

Perusahaan Yang Baik TATA KELOLA PERUSAHAAN YANG BAIK

GOOD CORPORATE GOVERNANCE

Perseroan bertekad untuk terus meningkatkan dan mempertahankan standar tinggi di bidang tata kelola korporasi, sesuai dengan prinsip-prinsip dan panduan yang telah digariskan dalam Code of Corporate Governance 2005 yang baru dan Best Practices Guide yang diterbitkan oleh otoritas Singapore Exchange Securities Limited (Bursa Singapura) dimana prinsipprinsip tersebut juga sejalan dengan aturan Tata Kelola Perusahaan yang Baik tahun 2001 di Indonesia serta beberapa standar lain yang berlaku dan digunakan di Indonesia.

The Company is committed to achieving and maintaining high standards of corporate governance, in compliance with the principles and guidelines set out in the new Code of Corporate Governance 2005 (“Code 2005”) and the Best Practices Guide issued by the Singapore Exchanges Securities Limited (the “SGXST”) and these are in line in principle with the Indonesian Code of Good Corporate Governance 2001 and other prevailing standards adopted and used in Indonesia.

Pelaksanaan prinsip tata kelola korporasi di Perseroan pada tahun 2009 dijelaskan sebagai berikut: Ketentuan tentang Dewan Komisaris dan Direksi Prinsip No.1: Setiap perusahaan harus dipimpin oleh satu Dewan yang efektif untuk dapat memimpin serta mengontrol jalannya perusahaan. Komposisi dan Keseimbangan Dewan Komisaris dan Direksi Prinsip No.2: Harus terdapat satu elemen yang kuat serta independen di dalam Dewan tersebut, yang mampu memberikan penilaian obyektif mengenai urusan korporasi secara independen, khususnya, dari pihak Manajemen. Tidak satupun individu ataupun sekelompok kecil individu yang diperbolehkan mendominasi proses pengambilan keputusan di Dewan tersebut.


The corporate governance practices of the Company in 2009 are described herein under the following sections: The Board’s Conduct of its Affairs Principle 1: Every company should be chaired by an effective Board to lead and control the company. Board Composition and Balance Principle 2: There should be a strong and independent element within the Board, which is able to exercise objective judgment on corporate affairs independently, in particular, from the Management. No individual or small group of individuals should be allowed to dominate the Board’s decision making.

Good Corporate Governance

Good

Corporate Governance Komposisi Dewan Komisaris dan Direksi Serta Komite-Komite

Composition Of The Board And Its Committees

Komposisi Dewan serta Komite-komite di bawahnya dapat ditampilkan sebagai berikut:

The composition of the Board and its Committee are as follows:

Dewan Komisaris Board of Commissioners

Direksi Board of Directors

Komite Audit Audit Committee

Komite Nominasi Nomination Committee

Komite Remunerasi Remuneration Committee

Hadi Surya

C

-

-

M

M

Harijadi Soedarjo

M

-

-

-

-

Alan Jonathan T. Darmawan*

M

-

C

C

C

Jaka Prasetya*

M

-

M

M

M

Max Sumakno Budiarto

-

-

M

M

M

Widihardja Tanudjaja

-

C

-

-

-

Siana Anggraeni Surya

-

M

-

-

-

Kevin Wong

-

M

-

-

-

Michael Murni Gunawan

-

M

-

-

-

Henrianto Kuswendi

-

M

-

-

-

Catatan: C- Ketua; M – Anggota; * - Komisaris Independen

Note: C – Chairman; M – Member; * - Independent Commissioner

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Dewan Komisaris Sesuai dengan ketentuan di dalam Anggaran Dasar Perseroan, Dewan Komisaris, yang memegang tugas mengawasi manajemen Perseroan, harus terdiri dari paling sedikit tiga orang anggota, termasuk seorang Komisaris Utama. Suatu perusahaan yang tercatat di Bursa Efek Indonesia dan Bursa Efek Singapura, seperti halnya Perseroan, juga dituntut agar memiliki Komisaris Independen (atau direktur non-eksekutif independen yang dipersyaratkan oleh Bursa Singapura) sebagai anggota dari Dewan Komisaris yang dimilikinya. Fungsi utama Dewan Komisaris adalah memberikan nasihat dan mengawasi kebijakan-kebijakan yang dibuat oleh Direksi. Dewan Komisaris diharuskan untuk melakukan tugasnya dalam itikad baik serta untuk kepentingan terbaik bagi Perseroan. Rapat-rapat Dewan Komisaris dapat diselenggarakan kapanpun jika dianggap perlu oleh Komisaris Utama atau dua anggota dari Dewan Komisaris, atau jika diminta secara tertulis oleh satu atau lebih anggota Direksi atau satu atau lebih pemegang saham yang secara bersama-sama mewakili paling sedikit 1/10 (satu per sepuluh) dari total saham dengan hak suara yang diterbitkan oleh Perseroan. Rapat Dewan Komisaris akan dianggap sah dan berhak menentukan resolusi rapat apapun yang mengikat Perseroan hanya jika lebih dari 50 persen dari anggota Dewan Komisaris hadir dan/atau diwakili di dalam rapat tersebut.

Board of Commissioners Under the Company’s Articles of Association, the Board of Commissioners, which has the task of supervising the Company’s management, must consist of at least three members, including the President Commissioner. A company listed on the Indonesia Stock Exchange (IDX) and Singapore Exchange Securities Trading Limited (SGX), such as the Company, is also required to have independent commissioners (or independent non-executive director in the case of Singapore Exchange requirement) as members of its Board of Commissioners. The principal functions of the Board of Commissioners are to give advice to and supervise the policies of the Board of Directors. The Board of Commissioners is required to perform its duties in good faith and in the best interests of the Company. Meetings of the Board of Commissioners may be held at any time deemed necessary by the President Commissioner or two members of the Board of Commissioners, or upon the request in writing from either one or more members of the Board of Directors or one or more of the shareholders jointly representing at least one-tenth of the total voting shares issued by the Company. A meeting of the Board of Commissioners will be valid and entitled to adopt binding resolutions only if more than 50 percent of the members of the Board of Commissioners are present and/ or represented at the meeting.

Para anggota Dewan Komisaris diangkat dan diberhentikan melalui Rapat Umum Pemegang Saham. Dalam menjalankan tugas yang diberikan, setiap anggota Dewan Komisaris mendapatkan gaji/honorarium yang besarnya ditentukan oleh Rapat Umum Pemegang Saham.

The members of the Board of Commissioners are appointed and dismissed by a general meeting of shareholders. Each Commissioner is granted an honorarium for serving, the amount of which is determined at a general meeting of shareholders.

Direksi Direksi bertugas mengelola jalannya Perseroan seharihari. Sesuai Anggaran Dasar Perseroan, Direksi harus paling sedikit terdiri dari tiga orang anggota, salah satu di antaranya adalah Direktur Utama. Apabila diperlukan, satu atau lebih dari anggota Direksi dapat ditunjuk sebagai Wakil Direktur Utama. Direksi berkewajiban menjalankan tugasnya dengan itikad baik dan penuh tanggung jawab dengan selalu memperhatikan kepentingan Perseroan.

Board of Directors The Board of Directors manages the Company on a dayto-day basis. Under the Articles of Association of the Company, the Board of Directors is required to be made up of at least three members, one of whom is the President Director and if deemed necessary, one or more Directors may be appointed as Vice-President Director. The Board of Directors is required to perform its duties in good faith and in the best interests of the Company.

Direksi memiliki kewenangan untuk bertindak untuk kepentingan dan atas nama Perseroan, berkaitan dengan semua transaksi manajemen dan administrasi Perseroan. Walaupun demikian, berdasarkan Anggaran Dasar Perseroan dan Undang Undang yang berlaku di Indonesia, ada tindakan-tindakan tertentu yang memerlukan persetujuan tertulis dari dan/atau akta yang bersangkutan turut ditandatangani oleh Komisaris Utama atau dari/oleh dua anggota Dewan Komisaris bila Komisaris Utama berhalangan hadir atau oleh semua anggota Dewan Komisaris bersama-sama.

The Board of Directors has the power to perform for and on behalf of the Company all transactions concerning the Company’s management and administration. However, pursuant to the Company’s Articles of Association and in conjunction with the Indonesian Company Law, certain actions of the Company require written approval or the relevant deed relating to such actions must also be signed by the President Commissioner or in the absence of the President Commissioner by two other Commissioners.

Rapat Direksi dapat dilakukan sewaktu-waktu apabila dipandang perlu, oleh Direktur Utama atau satu atau lebih dari satu anggota Direksi, atau berdasarkan permintaan tertulis, baik dari seorang atau lebih anggota Dewan Komisaris atau atas permintaan tertulis 1 (satu) pemegang saham atau lebih yang bersama-sama mewakili 1/10 (satu per sepuluh) bagian dari jumlah seluruh saham dengan hak suara yang sah.

Meetings of the Board of Directors may be held at any time deemed necessary by the President Director or one or more members of the Board of Directors, or upon the request in writing from either one or more members of the Board of Commissioners or one or more of the shareholders jointly representing at least one-tenth of the total voting shares issued by the Company.



Suatu rapat Direksi akan dianggap sah dan berhak menerapkan keputusan-keputusan rapat tersebut jika lebih dari 50 persen anggota Direksi hadir atau diwakilkan. Seluruh rapat Direksi dipimpin oleh Direktur Utama. Apabila Direktur Utama berhalangan hadir hal mana tidak perlu dibuktikan kepada pihak ketiga, maka Rapat Direksi akan dipimpin oleh salah satu dari anggota Direksi yang secara khusus ditunjuk oleh Rapat Direksi tersebut.

A meeting of the Board of Directors will be valid and entitled to adopt binding resolutions only if more than 50 percent of the members of the Board of Directors are present or represented at the meeting. All meetings of the Board of Directors are chaired by the President Director. In the event of the absence or disability of the President Director, the impediment of which need not be evidenced to any third parties, a meeting of the Board of Directors will be chaired by another member of the Board of Directors specifically appointed by the meeting of the Board of Directors.

Keputusan rapat Direksi umumnya diambil lewat cara musyawarah mufakat, namun bila tidak tercapai suatu mufakat, maka keputusan diambil berdasarkan pemungutan suara dimana suara setuju harus lebih dari 50% (lima puluh persen) dari jumlah anggota Direksi yang hadir dan/atau diwakili dalam rapat.

Resolutions of a meeting of the Board of Directors are generally adopted on the basis of a mutual consensus. In the event a mutual consensus is not reached, then a resolution may be adopted on the basis of an affirmative vote of more than 50 per cent. of the members of the Board of Directors present and/or represented at the meeting.

Manajemen Kinerja dan Manajemen Krisis adalah pelatihan yang diselenggarakan oleh Perseroan untuk meningkatkan kompetensi para Direksi.

Performance Management and Crisis Management are the trainings held by the Company to improve the competency level of the Board of Directors.

Anggota Direksi diangkat dan diberhentikan oleh Rapat Umum Pemegang Saham. Berdasarkan Anggaran Dasar Perseroan setiap anggota Direksi mendapatkan gaji bulanan dan tunjangan lainnya, termasuk santunan purna jabatan yang jumlahnya ditentukan oleh Rapat Umum Pemegang Saham. Kewenangan Rapat Umum Pemegang Saham untuk menentukan jumlah gaji dan tunjangan yang diberikan kepada masing-masing Direksi tersebut dapat didelegasikan kepada Dewan Komisaris.

The members of the Board of Directors are appointed and dismissed by a general meeting of shareholders. In accordance with the Company’s Articles of Association, members of the Board of Directors may be given monthly salary and other benefits, including pension benefits, which amount shall be determined by the General Meeting of Shareholders of the Company. The authority of the General Meeting of Shareholders to determine the amount of the salary and benefits of each member of the Board of Directors may be delegated to the Board of Commissioners.

Tanggung Jawab Manajemen Prinsip No.3: Harus ada pembagian tanggung jawab yang jelas antara para pemimpin perusahaan – pekerjaan Dewan Komisaris dan Direksi dan eksekutif yang bertanggung jawab terhadap bisnis perusahaan – yang dapat menjamin keseimbangan kekuasaan dan wewenang, mengingat tidak satupun individu boleh bertindak sebagai pusat semua kekuasaan.

Management Responsibilities Principle 3: There should be a clear division of responsibilities at the top of the company – the working of the Board and the executive responsibility of the company’s business – which will ensure a balance of power and authority, such that no one individual represents a considerable concentration of power.

Peran Direktur Utama dan direktur-direktur eksekutif lainnya dibuat terpisah, untuk menjamin perimbangan kekuasaan, meningkatkan akuntabilitas dan kapasitas Direksi dalam mengambil keputusan independen. Para Direktur tidak terkait satu sama lain.

The roles of President Director and those of the other executive directors are separated to ensure an appropriate balance of power, increased accountability and greater capacity of the Board for independent decision making. They are not related to each other.

Peran Direktur Utama dalam Rapat Direksi di antaranya sebagai berikut:

The President Director’s role in the Board of Directors includes among others, the following:

a) Mengatur waktu rapat Direksi sedemikian hingga Direksi dapat menjalankan kewajibannya tanpa menghambat jalannya aktivitas bisnis rutin perusahaan;

a) schedule meetings that enable the Board to perform its duties responsibly while not interfering with the flow of the company’s operations;

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b) Mempersiapkan agenda pertemuan yang dikonsultasikan dengan Direksi;

b) prepare meeting agenda in consultation with the Board;

c) Mengendalikan kualitas, kuantitas dan jadwal aliran informasi antara Manajemen dan Direksi; dan

c) exercise control over quality, quantity and timeliness of the flow of information between Management and the Board; and

d) Memberikan bantuan untuk menjamin kepatuhan terhadap ketentuan-ketentuan perusahaan terkait dengan penerapan tata kelola perusahaan yang baik.

d) assist in ensuring compliance with company’s guidelines on corporate governance.

Keanggotaan Direksi Prinsip No.4: Harus ada suatu proses formal dan transparan dalam penunjukan direktur baru. Sesuai ketentuan tata kelola perusahaan, maka semua direktur diminta mendaftarkan diri untuk pencalonan dan pemilihan ulang setelah suatu periode tertentu yang tetap.

Board Membership Principle 4: There should be a formal and transparent process for the appointment of new directors to the Board. As a principle of good corporate governance, all directors should be required to submit themselves for re-nomination and reelection at regular intervals.

Komite Nominasi Para anggota Komite Nominasi Perseroan adalah Alan Jonathan Tangkas Darmawan, Hadi Surya, dan Jaka Prasetya, dan diketuai oleh Alan Jonathan Tangkas Darmawan.

Nomination Committee The Nomination Committee members are Alan Jonathan Tangkas Darmawan, Hadi Surya, and Jaka Prasetya. The Chairman of our Nomination Committee is Alan Jonathan Tangkas Darmawan.

Komite Nominasi memiliki beberapa tugas, antara lain adalah:

Nomination Committee has the duties of, among other things:

• Meneliti dan menilai calon Direksi dan Komisaris sebelum mengajukan nama-nama mereka ke pemegang saham Perseroan untuk disetujui sebagai Direktur dan Komisaris Perseroan;

• reviewing and assessing candidates for directorships and commissionership before making recommendations to Shareholders for appointment of Directors and Commissioners;

• Meneliti dan memberikan rekomendasi kepada pemegang saham Perseroan mengenai berakhirnya masa jabatan atau pengangkatan kembali Direktur dan Komisaris sesuai dengan Anggaran Dasar Perseroan pada setiap rapat tahunan;

• reviewing and recommending to our Shareholders the retirement or re-election of Directors and Commissioners in accordance with the Company’s Articles of Association at each annual general meeting;

• Meneliti komposisi Dewan Komisaris dan Direksi setiap tahun untuk memastikan bahwa Perseroan memiliki cukup Komisaris Independen dan untuk memastikan adanya keseimbangan keahlian dan kemampuan yang tepat di antara para Direktur dan Komisaris Perseroan;

• reviewing the composition of the Company’s Board of Directors and Board of Commissioners annually to ensure that we have an appropriate balance of independent Commissioners and to ensure there is an appropriate balance of expertise, skills, attributes and ability among Directors and Commissioners;

• Setiap tahun menentukan tingkat independensi para Komisaris Independen Perseroan, sesuai dengan peraturan perundang-undangan dan pedoman yang berlaku;

• determining annually the independence of the Company’s Independent Commissioners, in accordance with applicable codes and guidelines; and

• Menentukan sejauh mana Direktur dan Komisaris dapat memberikan kontribusi secara efektif dan menunjukkan komitmen mereka terhadap tugas-tugas mereka.

• deciding whether the Directors and Commissioners can continue to contribute effectively and demonstrate commitment to their roles.

Kinerja Dewan Komisaris dan Direksi Prinsip No.5: Harus ada suatu evaluasi formal atas efektivitas kerja Dewan secara keseluruannya dan kontribusi yang diberikan oleh setiap direktur bagi efektivitas kerja Dewan tersebut.

Board Performance Principle 5: There should be a formal assessment of the effectiveness of the Board as a whole and the contribution of each director to the effectiveness of the Board.



Pengambilan Keputusan Berdasarkan Informasi Yang Tepat Keputusan yang dibuat oleh Dewan Komisaris dan/atau Direksi dibuat berdasarkan:

Proper Information for Decision Making The decision made by the Board of Commissioners and/ or Board of Directors based on:

• Diskusi mengenai topik utama yaitu suatu masalah/ proyek harus dilakukan dalam suatu kerangka kerja yang benar, dengan cara mendefinisikan cakupan dari masalah/proyek tersebut, asumsinya serta hasil akhirnya.

• Discussion of the main topic of an issue/project should be carried out in a correct framework by defining scope of issue/project, assumption, and its final results.

• Pihak manajemen menunjukkan alternatif-alternatif yang ada ke Dewan Komisaris dan / atau Direksi sebagai dasar penyusunan kebijakan / keputusan yang diambil.

• Presenting alternatives (by management) to the Board of Commissioners and/or Board of Directors as a basis of the policy / decision taken.

• Menyajikan informasi yang terpadu serta dapat dipercaya kepada Dewan Komisaris dan / atau Direksi untuk mendukung proses pembuatan keputusan yang diambil dengan mempertimbangkan berbagai aspek dari masalah/ proyek tersebut, termasuk memberikan perhatian pada masukan dan / atau cara pandang dari pelanggan dan pemangku kepentingan lain.

• Delivering integrated and reliable information to the Board of Commissioners and/or Board of Directors as to serve the decision making process which is taken by considering various aspects of the issue / project including paying attention to customers and other stakeholders input and/or perspective

• Kebijakan akhir harus disetujui oleh Dewan Komisaris dan Direksi yang didasarkan atas penjelasan yang jelas, masuk akal, serta beralasan, dan sifatnya terukur termasuk juga dapat dibandingkan.

• Final policy approved by the Board of Commissioners and Board of Directors is based on a clear, logical, sound explanation, and is measurable as well as comparable.

• Keputusan-keputusan tersebut harus dapat dilaksanakan, mereka yang melaksanakan keputusan-keputusan tersebut harus bertanggungjawab untuk hasilnya dan ketepatan waktu penyelesaiannya.

• Decisions are executable and people who implement the decisions should take responsibility for the result and project timeliness.

Pengelolaan Resiko Perseroan mengelola resiko melalui satu kerangka kerja dan proses yang jelas, dimana satu budaya kesadaran akan resiko serta pengelolaan resiko terus dikembangkan dan dibina dalam organisasi ini, termasuk didalamnya kemampuan:

Risk Management Company manages risk through a framework and processes, whereby a culture of risk awareness and risk management is encouraged in the organization, which involves:

• Mengenali jenis-jenis resiko yang berbeda, yang mungkin ditemui Perseroan dalam menjalankan operasi sehari-hari dan/atau membuat keputusan

• Recognizing different types of risk the company may encounter in running daily operation and/or making decision

• Memastikan agar terdapat satu anggota manajemen senior yang bertanggungjawab untuk menanggapi atau mengatur langkah mitigasi terhadap resiko tersebut.

• Ensuring that there is one accountable senior management member who may answer or take responsibility for mitigating the risk

Pengelolaan Krisis Perseroan menyadari berbagai jenis krisis yang mungkin terjadi di lapangan dan dalam lingkungan kerja yang membutuhkan suatu pengelolaan krisis yang efektif. Rencana bagi pengelolaan krisis secara efektif diformulasikan didasarkan atas kelemahan – kelemahan yang diidentifikasi dalam rangka membentuk suatu proses bisnis yang teruji dan handal.

Crisis Management The Company recognizes various types of crisis that might occur on site and in working environment that require an effective crisis management. Plan for effective crisis management is formulated based on the weaknesses identified in order to establish a proven and reliable business process.

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Dewan Komisaris dan Direksi Perseroan berkomitmen dalam menerapkan Tata Kelola Perusahaan dalam mengendalikan jalannya Perseroan untuk mencapai tujuan usaha. Dengan memiliki mekanisme yang mendukung proses pengambilan keputusan yang baik, pengenalan dan pengendalian risiko bisnis, serta kesiapan dalam menghadapi krisis, maka Perseroan memiliki cukup bekal untuk menjalankan usaha secara efektif. Diperkuat dengan mekanisme pengendalian biaya yang baik maka diyakini bahwa Perseroan akan tumbuh berkelanjutan dan memberikan imbal hasil investasi yang layak.

Board of Commissioners and Directors are committed to put into practice Good Corporate Governance in managing the business to achieve Company’s objectives. By having a mechanism that promotes good decision making process, recognizing and addressing business risk, as well as being prepared to deal with event of crisis the Company is well equipped to run an effective business. Coupled with good cost control mechanism, the Company will surely deliver a sustainable growth and worthy investment results.

Sekretaris Korporasi Pada saat ini Sekretaris Perusahaan dijabat oleh Wong Kevin yang juga adalah Direktur Keuangan Perseroan. Resume dari Wong Kevin dapat dilihat pada profil direksi Perseroan.

Corporate Secretary Currently the Corporate Secretary post is held by Wong Kevin, who is also a Director of the Company. For the resume of Mr. Wong Kevin, please refer to the Board of Directors’ profile.

Sedangkan tugas dan fungsi Sekretaris Perusahaan adalah, antara lain, sebagai berikut:

The tasks and function of the Corporate Secretary are as follow:

• Mengikuti perkembangan pasar modal, khususnya peraturan – peraturan baru yang berlaku di bidang pasar modal;

• keep informed with respect to capital market developments, especially capital market regulations;

• Memberikan pelayanan kepada masyarakat atau investor yang memerlukan informasi berkaitan dengan kondisi Perseroan;

• provide the public with all information needed by investors regarding the condition of the Company;

• Memberikan masukan bagi Direksi Perseroan dalam upaya mematuhi ketentuan peraturan perundangundangan yang berlaku;

• make recommendations to the Company’s Board of Directors with respect to compliance with the applicable law, rules, and regulation;

• Sebagai penghubung antara Perseroan dan otoritas perdagangan saham serta masyarakat

• act as the Company’s contact person with capital market authorities and the public.

Rapat Dewan dan Akses Mendapatkan Information Prinsip No.6: Dalam rangka melaksanakan tanggung jawabnya, anggota Dewan Komisaris dan Direksi harus mendapatkan informasi yang benar, lengkap, dan tepat waktu, sebelum rapat dewan dan secara teratur.

Board Meetings and Access to Information Principle 6: In order to fulfill their responsibilities, board members should be provided with complete, adequate and timely information prior to board meetings and on an on-going basis.

Sebelum waktu rapat Dewan Komisaris dan Direksi, manajemen berkewajiban menyediakan informasi yang lengkap dan tepat waktu bagi anggota Komisaris dan Direksi untuk membantu Dewan Komisaris dan Direksi memenuhi tanggung jawab mereka. Informasi yang disediakan termasuk latar belakang dan penjelasan mengenai masalah-masalah yang akan disampaikan oleh Dewan Komisaris dan Direksi, salinan dokumen-dokumen yang perlu disampaikan, pernyataan finansial bulanan, laporan pengelolaan risiko, anggaran dan prediksi. Untuk anggaran, setiap perbedaan penting antara proyeksi dan hasil nyata juga harus disampaikan dan dijelaskan.

Prior to each Board meeting, management has an obligation to provide members of the Commissioners and the Directors with timely and complete information to enable members to fulfill their responsibilities. Information provided includes background and explanatory notes on matters to be addressed by the Boards, copies of disclosure documents, monthly internal financial statements, risk management reports, budgets and forecasts. In respect of budgets, any material variance between the projections and actual results should also be disclosed and explained.



Sesuai prosedur Dewan Komisaris dan Direksi, para komisaris dan direksi, secara individual atau berkelompok, dapat meminta pendapat profesional yang independen, jika diperlukan untuk mendukung pekerjaan mereka, yang dibiayai perusahaan.

The Boards have a procedure for commissioners and directors, either individually or as a group, in the furtherance of their duties, to take independent professional advice, if necessary, at the company’s expense.

Selama tahun buku 2009 yang berakhir tanggal 31 Desember 2009, lima (5) Rapat Dewan Komisaris dan Direksi dan dua-belas (12) Rapat Evaluasi Manajemen telah diselenggarakan, dimana kehadiran para Komisaris dan Direksi dalam rapat-rapat Komite terebut dapat dilihat pada tabel berikut ini:

During the financial year ended 31st December 2009, five (5) Board Meetings and twelve (12) Management Review Meetings were held. The attendance records of the Commissioners and Directors, together with their attendance at Committee Meetings are as follows:

Rapat Dewan Board Meeting

Rapat Evaluasi Manajemen Management Review Mtg

Komite Audit Audit Committee

Komisi Nominasi Nomination Committee

Komite Remunerasi Remuneration Committee

Hadi Surya

3/5

-

-

1/1

1/1

Harijadi Soedarjo

5/5

-

-

-

-

Alan Jonathan T. Darmawan

5/5

-

11/11

1/1

1/1

Jaka Prasetya

5/5

-

10/11

1/1

1/1

-

-

10/11

-

-

Max Sumakno Budiarto Widihardja Tanudjaja

5/5

11/12

-

-

-


3/5

7/12

-

-

-

Kevin Wong

4/5

9/12

-

-

-


5/5

12/12

9/11

-

-

Henrianto Kuswendi

4/5

10/12

-

-

-

Remunerasi

Remuneration Matters

Prosedur untuk Mengembangkan Kebijakan Remunerasi Prinsip No.7: Harus ada suatu prosedur formal dan transparan bagi penentuan paket remunerasi untuk masing-masing direktur. Tidak satupun direktur boleh terlibat dalam penentuan remunerasi untuk dirinya sendiri.

Procedures for Developing Remuneration Policies Principle 7: There should be a formal and transparent procedure for fixing the remuneration packages of individual directors. No director should be involved in deciding his own remuneration.

Komite Remunerasi Komite Remunerasi Perseroan beranggotakan Alan Jonathan Tangkas Darmawan, Hadi Surya, dan Jaka Prasetya. Ketua dari Komite Remunerasi Perseroan tersebut adalah Alan Jonathan Tangkas Darmawan. Jika satu orang anggota Komite Remunerasi memiliki kepentingan terkait ke satu hal tertentu yang sedang dipertimbangkan oleh Komite tersebut, maka dia harus abstain/menarik suaranya dari proses kajian, pengambilan keputusan dan persetujuan oleh Komite Remunerasi terkait hal tertentu tersebut.

Remuneration Committee The Company’s Remuneration Committee members are Alan Jonathan Tangkas Darmawan, Hadi Surya, and Jaka Prasetya. The Chairman of the Company’s Remuneration Committee is Alan Jonathan Tangkas Darmawan. If a member of the Remuneration Committee has an interest in a matter being deliberated upon by the Committee, he will abstain from participating in the review and approval process of the Remuneration Committee in relation to that matter.

Komite Remunerasi memiliki tugas-tugas, antara lain:

Remuneration Committee has the duties of, among other things:

• Memberikan rekomendasi bagi Dewan Komisaris mengenai dukungan, kebijakan remunerasi dan panduan bagi penentuan paket remunerasi bagi para anggota Direksi, Komisaris dan posisi eksekutif kunci lainnya;

• recommending to the Board of Commissioners for endorsement, the remuneration policies and guidelines for setting remuneration for the Directors, Commissioners and key executives;

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• Menyetujui target kinerja untuk penilaian kinerja dari para anggota Direksi; dan

• Approving performance targets for assessing the performance of our Directors; and

• Memberikan rekomendasi bagi paket remunerasi khusus untuk setiap Direktur untuk diajukan dan disetujui oleh Dewan Komisaris.

• Recommending specific remuneration packages for each Director for endorsement by our Board of Commissioners.

Tingkat dan Gabungan Remunerasi Prinsip No.8: Tingkat remunerasi harus dirancang tepat agar mampu menarik, mempertahankan serta memotivasi para anggota Direksi agar menjalankan Perseroan menuju sukses, namun perusahaan juga harus menghindari membayar berlebihan untuk tujuan tersebut. Satu proporsi paket remunerasi tersebut, khususnya bagi direktur eksekutif, harus dikaitkan ke kinerja mereka.

Level and Mix of Remuneration Principle 8: The level of remuneration should be appropriate to attract, retain and motivate the directors needed to run the company successfully but company should avoid paying excessively for this purpose. A proportion of the remuneration,especially that of executive directors, should be linked to performance.

Keputusan mengenai Remunerasi Prinsip No.9: Setiap perusahaan harus menyediakan kebijakan remunerasi yang jelas, tingkat dan komposisi remunerasi, dan prosedur untuk menerapkan remunerasi, di dalam laporan tahunan perusahaan tersebut.

Disclosure on Remuneration Principle 9: Each company should provide clear disclosure of its remuneration policy, level and mix of remuneration, and the procedure for setting remuneration, in the company’s annual report.

Berdasarkan Rapat Umum Pemegang Saham Tahunan Perseroan yang diadakan pada tanggal 22 April 2009 ditetapkan bahwa besarnya gaji dan /atau tunjangan lainnya bagi seluruh anggota Dewan Komisaris Perseroan setelah dipotong pajak penghasilan jumlahnya tidak melebihi Rp 8,000,000,000,- (delapan miliar Rupiah) setahun. Gaji dan/atau tunjangan yang diberikan pada masing-masing anggota Dewan Komisaris, yang besarnya kurang dari SGD 250,000,- (Kecuali untuk Presiden Komisaris yang berkisar antara SGD250,000-SGD500,000) dan diberikan sebagai penghargaan Perseroan atas pengabdian yang mereka telah berikan selama tahun yang berakhir pada tanggal 31 Desember 2009, termasuk di dalamnya segala benefit atau kompensasi pada tahun fiskal tersebut yang dibayarkan secara akumulasi dan pada waktu yang telah ditentukan, adalah sebagai berikut:

On the Annual General Meeting of the Company which was held on 22 April 2009, it was resolved that the annual compensation for all members of Board of Commissioners after income tax is not more than Rp 8.000.000.00,- (eight billion Rupiah). The compensation for commissioners is below SGD250.000 (except for the President Commissioner which is in the band of SGD250.000-SGD500.000) paid by the Company to each of the Commissioners for services rendered by them in all capacities to the Company for the years ended 31 December 2009, including any benefitin-kind and any deferred compensation accrued for the financial year in question and payable at a later date, are as follows:

Dibawah/Below SGD250,000

Antara/Between SGD250,000 - SGD500,000

Diatas/Above SGD500,000

-



-

Harijadi Soedarjo



-

-

Jaka Prasetya



-

-

Alan Jonathan Tangkas Darmawan



-

-

Nama/Name Hadi Surya

Berdasarkan Rapat Umum Pemegang Saham Tahunan Perseroan yang diadakan pada tanggal 22 April 2009 ditetapkan bahwa besarnya gaji dan /atau tunjangan lainnya bagi seluruh anggota Direksi Perseroan setelah dipotong pajak penghasilan tidak melebihi Rp 16.500.000.000.-


On the Annual General Meeting of the Company which was held on 22 April 2009, it was resolved that the annual compensation for all members of Board of Directors after income tax is not more than Rp 16.500.000.000,- (sixteen billion five hundred million Rupiah). The compensation


(enam belas miliar lima ratus juta Rupiah) setahun. Gaji dan/atau tunjangan yang diberikan pada masingmasing anggota Direksi, yaitu antara SGD250.000 - SGD500.000 sebagai balas jasa atas pengabdian yang diberikan kepada Perseroan selama tahun yang berakhir pada tanggal 31 Desember 2008, termasuk didalamnya segala benefit atau kompensasi pada tahun tersebut yang dibayarkan secara akumulatif dan dibayarkan pada waktu yang telah ditentukan, adalah sebagai berikut:

is in the band of SGD250.000-SGD500.000 paid by our Company to each of our Directors for services rendered by them in all capacities to our Company for the years ended 31 December 2008, including any benefit-in-kind and any deferred compensation accrued for the financial year in question and payable at a later date, are as follows:

Dibawah/Below SGD250,000

Antara/Between SGD250,000 - SGD500,000

Diatas/Above SGD500,000

Widihardja Tanudjaja

-



-

Kevin Wong

-



-


-



-

Henrianto Kuswendi

-



-


-



-

Name/Name

Akuntabilitas dan Audit

Accountability and Audit

Akuntabilitas Prinsip No.10: Dewan Komisaris dan Direksi bertanggungjawab kepada para pemegang saham sedangkan pihak manajemen bertanggungjawab kepada Dewan Komisaris dan Direksi.

Accountability Principle 10: The Board is accountable to the shareholders while the Management is accountable to the Board.

Dewan Komisaris dan Direksi berupaya memberikan suatu penilaian yang berimbang dan dapat dipahami oleh para pemegang saham, mengenai kinerja Perseroan, serta posisi dan peluang pada tiap kuartal. Tanggung jawab ini juga meliputi penyusunan laporan interim dan laporan lain yang sifatnya sensitif, serta laporan kepada regulator (jika diperlukan).

The Board strives to provide its shareholders with a balanced and understandable assessment of the Company’s performance, position and prospects on a quarterly basis. This responsibility extends to interim and other price sensitive public reports, and reports to regulators (if required).

Pihak Manajemen menyediakan laporan yang berimbang dan mudah dipahami mengenai kinerja, posisi, dan peluang perusahaan setiap bulan, untuk kepentingan anggota Dewan.

The Management provides to all members of the Boards with a balanced and understandable management accounts of the company’s performance, position and prospects on a quarterly basis.

Akuntabilitas bagi Pemegang Saham Dewan Komisaris dan Direksi memahami pentingnya ketersediaan informasi yang tepat dan berkualitas tinggi, sebagaimana dibutuhkan oleh para pemegang saham secara tepat waktu agar mereka bisa mengikuti semua perkembangan terakhir yang mempengaruhi kinerja Perseroan. Guna menjamin diseminasi informasi secara efektif, Perseroan memiliki kebijakan Hubungan Komunikasi dengan Pemegang Saham dan Investor. Kebijakan tersebut menggarisbawahi bagaimana Perseroan mengidentifikasi dan membagikan informasi tepat waktu kepada semua pemegang saham. Hal tersebut juga memperkuat komitmen Perseroan terhadap kewajiban-kewajiban untuk mengungkapkan informasi secara terus-menerus sebagaimana diharuskan oleh regulasi yang berlaku, dan menggambarkan prosedur-prosedur yang diimplementasikan untuk menjamin kepatuhan terhadap regulasi.

Accountability to Shareholders The Board of Commissioners and Board of Directors acknowledge the importance of ensuring high quality, relevant information are made available to shareholders in a timely manner to keep them abreast of all material business matters affecting the Company. Towards ensuring the effective dissemination of information, the Company maintains a Shareholders Communication and Investor Relation Policy. The Policy outlines how the Company identifies and distributes information in a timely manner to all shareholders. It also reinforces the Company’s commitment to the continuous disclosure obligations imposed by law, and describes the procedures implemented to ensure compliance.

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Pengumuman Peraturan, Laporan Tahunan, Hasil Finansial per Kuartal dan informasi terkait lainnya dapat diakses melalui situs web Perseroan di www.blt.co.id. Siapa pun yang ingin mendapatkan atau mengajukan permohonan untuk mendapat dokumen tertentu dapat disampaikan melalui situs Perseroan. Selain itu, pemegang saham juga diundang untuk menghadiri Rapat Umum Pemegang Saham (RUPS) Tahunan yang dihadiri oleh para Komisaris, Direksi dan auditor eksternal, di mana pemegang saham tersebut dapat mengajukan pertanyaan, menyampaikan kekhawatiran atau menggunakan hak suara mereka untuk penentuan langkah bisnis Perseroan ke depan.

Regulatory Announcements, Annual Reports, Quarterly Financial Results and other relevant information are accessible via the Company’s website at www.blt.co.id. Any persons wishing to receive or make any request for documents are able to do so via submission to the Group’s website. Additionally, shareholders are encouraged to attend the Annual General Meeting (AGM) which is attended by the Commissioners, Directors and external auditors, where shareholders may raise questions, voice their concerns and vote on proposed resolutions.

Laporan Finansial Direksi bertanggung jawab untuk menyediakan pandangan yang wajar dan berimbang mengenai kinerja dan peluang finansial Perseroan dalam semua laporannya kepada Pemegang Saham dan pihak otoritas yang berwenang. Pertanggungjawaban tersebut dibuktikan melalui laporan finansial yang telah diaudit, pengumuman – pengumuman setiap kuartal tentang hasil finansial Perseroan yang belum diaudit, begitu pula dengan Sambutan Dewan Komisaris, Sambutan Direksi, serta Diskusi dan Analisis Manajemen dalam Laporan Tahunan. Perseroan selalu berupaya agar semua pengumuman kinerja dan pernyataan pers dapat disampaikan tepat waktu kepada media.

Financial Reporting The Board of Directors is committed to providing a balanced and fair view of its financial performance and prospects in all its reports to stakeholders and regulatory authorities. This is channeled through the audited financial statements, quarterly announcements of the Company’s unaudited financial results as well as the Remarks from Board of Commissioners, Remarks from Board of Directors and Management Discussion and Analysis in the Annual Report. The Company strives to make timely releases of all result announcements and press releases to the media.

Dalam kaitan dengan tanggung jawab fidusia dan gadainya, Dewan dibantu oleh Komite Audit dalam mengawasi proses pelaporan finansial Perseroan dan kualitas laporan keuangan tersebut.

In discharging its fiduciary responsibility, the Boards are assisted by the Audit Committee to oversee the financial reporting processes and the quality of the Company’s financial statements.

Pernyataan Tanggung Jawab Direksi dalam hal penyelenggaraan pemeriksaan laporan keuangan tahunan yang telah diaudit untuk evaluasi tahun buku ini dapat dilihat pada halaman 115 pada buku Laporan Tahunan ini.

The Statement of Responsibility by Directors in respect of the preparation of the annual audited financial statements for the financial year under review is set out on page 115 of this Annual Report.

Komite Audit Prinsip No.11: Dewan harus membentuk suatu Komite Audit dengan disertai ketentuan yang menggariskan dengan jelas wewenang dan kewajiban Komite tersebut. Komite Audit Perseroan saat ini beranggotakan Alan Jonathan Tangkas Darmawan, Max Sumakno Budiarto dan Jaka Prasetya. Ketua Komite Audit adalah Alan Jonathan Tangkas Darmawan yang diangkat sejak tanggal 19 Desember 2006. Komite Audit Perseroan dibentuk Dewan Komisaris untuk mengawasi Direksi dan bertanggung jawab penuh terhadap Dewan Komisaris. Sesuai dengan peraturan yang berlaku di Indonesia, Perseroan telah mengangkat Bpk. Max Sumakno Budiarto menjadi anggota Komite Audit, sebagai seseorang yang independen terhadap anggota Dewan Komisaris maupun Direksi, sehingga diperoleh perpaduan keahlian dan pengalaman di antara anggota Komite Audit untuk mencapai seluruh tujuan dibentuknya Komite Audit tersebut. Tugas dan tanggung jawab Komite Audit adalah sebagai berikut:


Audit Committee Principle 11: The Board should establish an Audit Committee with written terms of reference which clearly set out its authority and duties. The Audit Committee members are Alan Jonathan Tangkas Darmawan, Max Sumakno Budiarto and Jaka Prasetya. The Chairman of our Audit Committee is Alan Jonathan Tangkas Darmawan which was appointed since 19 December 2006. Our Audit Committee is formed by the Board of Commissioners to assist the Board of Commissioners in supervising the Board of Directors and is accountable to the Board of Commissioners. In accordance with Indonesian law and regulations, the Company has appointed one member of our Audit Committee Mr. Max Sumakno Budiarto, who is independent of our Board of Directors and Board of Commissioners, in order to have a mix of relevant skills, experience and other qualities among the members of the Audit Committee to achieve all of the Audit Committee’s objectives. The tasks and responsibilities of the Audit Committee are as follows:


• Meneliti rencana audit auditor eksternal dan internal Perseroan, termasuk hasil auditor Perseroan dalam menelaah dan mengevaluasi sistem akuntansi internal, pengawasan operasional, kepatuhan dan manajemen risiko, serta memastikan koordinasi antara auditor internal, auditor eksternal, dan manajemen Perseroan, yang kegiatannya diadakan sekurang-kurangnya setahun sekali;

• Examining the audit plan of the Company’s external and internal auditor in evaluating the internal accounting system, operational supervision, compliance and risk management, and ensuring coordination among the internal auditor, external auditor and the Company’s management at least once a year;

• Melakukan penelaahan atas laporan keuangan terkonsolidasi dan laporan auditor atas laporan keuangan tersebut, membahas setiap penyesuaian penting dan bidang-bidang yang berisiko tinggi, perubahan kebijakan akuntansi, kepatuhan tehadap standar-standar pelaporan keuangan berdasarkan ketentuan yang berlaku, masalahmasalah yang timbul dari hasil audit, termasuk hal-hal yang ingin dibahas oleh auditor eksternal tetapi tidak di hadapan manajemen (jika diperlukan), sebelum diajukan kepada Dewan Komisaris untuk disetujui;

• Examining the consolidated financial statement and auditor’s report on the financial statement, discussing every important adjustment and high-risk areas, changes in accounting policies, compliance of the reporting to the applicable rules, issues found from audit process, including matters which the external auditor wish to discuss without the presence of management (if necessary), prior to submission to Board of Commissioners for approval;

• Melakukan penelaahan dan pembahasan bersama dengan auditor eksternal tentang dugaan penipuan, hal-hal yang janggal atau pelanggaran peraturan perundang-undangan yang berakibat atau kemungkinan dapat berdampak material terhadap hasil operasional Perseroan dan atau posisi keuangan Perseroan dan tanggapan dari manajemen atas hal-hal tersebut di atas;

• Examining and discussing with external auditors regarding suspicion of fraud, unusual matters or breach of law or regulation which might have material effect to the result of the Company’s operation and/or financial position and management’s responds on the above issues;

• Mengkaji ulang kerjasama yang diberikan manajemen kepada auditor Perseroan;

• Examining the cooperation given by the management to the Company’s auditor;

• Menelaah transaksi-transaksi yang dilakukan Perseroan menyangkut instrumen derivatif keuangan;

• Examining the transactions undertaken by the Company which involve financial derivative instruments;

• Mempertimbangkan penunjukan dan penunjukan kembali auditor eksternal dan meneliti ketidakberpihakan serta objektifitas auditor eksternal setiap tahun;

• Considering the appointment and re-appointment of external auditor and examining the independence and objectivity of external auditor annually;

• Melakukan pengujian atas transaksi-transaksi benturan kepentingan berdasarkan peraturan-peraturan yang berlaku;

• Examining conflict of interests transactions based on applicable rules and regulations;

• Mengkaji ulang dan menyetujui biaya auditor Perseroan;

• Examining and approving the fees of the Auditors of the Company;

• Melakukan penelitian-penelitian lain dan tugas-tugas yang diminta oleh Dewan Komisaris dan melaporkan hasil temuan kepada Dewan Komisaris dari waktu ke waktu atas hal-hal yang timbul dan membutuhkan perhatian Komisaris;

• Conducting other researches and other tasks assigned by Board of Commissioners from time to time on issues which require Commissioners’ attention;

• Melaporkan risiko-risiko yang dihadapi Perseroan dan implementasi risiko manajemen oleh Perseroan kepada Dewan Komisaris;

• Reporting the risks which the Company faces and the implementation of risk management by the Company to Board of Commissioners;

• Melakukan penelaahan dan melaporkan keluhan-keluhan mengenai Perseroan kepada Dewan Komisaris;

• Examining and reporting complaints regarding the Company to Board of Commissioners;

• Meneliti kepatuhan Perseroan terhadap semua peraturan dan perundang-undangan di bawah hukum pasar modal dan peraturan perundang-undangan tempat Perseroan beroperasi; dan

• Examining the compliance of the Company to all applicable rules and regulation in capital market and the law where the Company is operating; and

• Secara umum melakukan fungsi-fungsi dan tugas-tugas lain yang diwajibkan oleh hukum yang berlaku dari waktu ke waktu

• In general conducting the functions and other tasks which are required by applicable law from time to time.

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Selain dari tugas-tugas yang disebutkan di atas, Komite Audit juga membangun suatu mekanisme agar pegawai Perseroan dapat menyampaikan (secara rahasia) halhal mengenai kemungkinan pelanggaran sehubungan dengan laporan keuangan atau hal lainnya. Komite Audit akan meneliti penemuan-penemuan investigasi internal mengenai masalah-masalah tersebut atau masalah-masalah di mana diduga terjadi penipuan atau kejanggalan atau kegagalan pengawasan internal atau pelanggaran hukum dan peraturan perundang-undangan yang berlaku yang memiliki atau dapat memiliki dampak material terhadap hasil operasional atau posisi keuangan Perseroan. Komite Audit juga akan memastikan tindakan-tindakan lanjutan yang diperlukan sudah dilakukan. Setiap anggota Komite Audit yang memiliki konflik kepentingan tidak boleh memberikan suara dalam hal pengambilan keputusankeputusan Komite.

Other than the above mentioned tasks, the Audit Committee shall provide a mechanism so that the Company’s employees can confidentially communicate the possible breach with regard to financial reports or other matters. The Audit Committee shall examine the findings of internal investigation regarding the issues and whereby fraud or unusual matter is suspected or the failure in internal supervision, or breach of applicable law, rules and regulations which have or may have material impact to the Company’s operational result or financial position. The Audit Committee also ensures necessary mitigation measures are taken. Any member of the Audit Committee cannot vote on decision whereby the member has conflict of interests.

Sepanjang tahun 2009, Komite Audit mengadakan pertemuan dengan Perseroan, dengan frekuensi sekali dalam dua bulan, sedangkan pertemuan Komite Audit dengan Auditor eksternal Perseroan dilakukan dua kali dalam setahun.

During the year 2009, the Audit Committee has conducted meetings with the Company’s management once in two months. The meetings with external auditor were conducted twice a year.

Kegiatan-kegiatan Komite Audit selama tahun 2009 sebagai berikut:

In the year 2009, the Audit Committee conducted activities as follows:

• Meminta penjelasan kepada Manajemen mengenai kinerja keuangan Perseroan pada setiap kuartal sehubungan dengan penyampaian laporan keuangan kepada pihak otoritas;

• Requesting explanation from the management regarding the financial performance of the Company on every quarters with regard to the submission of the financial statements to the authorities;

• Meminta penjelasan tentang kepatuhan terhadap peraturan terkait, yang berlaku di Indonesia dan di Singapura, sehubungan dengan kondisi dual-listing Perseroan;

• Requesting explanation to the management regarding the compliance to applicable rules and regulation both in Indonesia and Singapore in relation to the Company’s dual-listing status;

• Meninjau ruang lingkup rencana kerja Internal Audit Perseroan, memberi masukan dan memonitor hasil kerja Internal Audit;

• Reviewing the scope of work and audit plan of the Internal Audit of the Company, providing inputs and suggestions as well as monitoring of the work and results of the work of the internal audit function.

• Mengikuti perkembangan kapal – kapal yang masih dalam proses pembangunan

• Following the progress of the Company’s new building vessels;

• Mendiskusikan dan memantau transaksi dengan pihakpihak tertentu;

• Discussing and monitoring related-party transactions;

• Berdiskusi secara rutin dengan Manajemen Perseroan mengenai perkembangan terakhir Perseroan dan regulasi-regulasi terkait bisnis Perseroan;

• Routinely discussing with the Company’s management regarding the latest development of the Company and regulations related the Company’s business;

• Mengadakan pertemuan dengan Auditor Eksternal dan Manajemen Perseroan dalam membahas lingkup Audit, hasil Audit, dan surat kepada Manajemen;

• Conducting meeting with external auditors and the Company’s management in discussing scope of audit, result of audit and Management Letter;

• Mendiskusikan mengenai peran dan fungsi Komite Audit serta rencana memperbarui pedoman kerja Komite Audit.

• Discussing the role and function of Audit Committee and the plan to update the Audit Committee Charter.



Komite Audit dan Perseroan telah mengevaluasi dan mengkonfirmasikan bahwa tim auditor eksternal dari kantor Osman, Bing, Satrio & Rekan tidak menyediakan jasa-jasa non audit apapun kepada Perusahaan dan oleh karena itu tidak ada biaya yang dibayarkan untuk jasa – jasa tersebut.

The Audit Committee and the Company has reviewed and confirmed that the external auditors, Osman Bing Satrio & Rekan did not provide non-audit services to the Company and therefore no such fee being paid for such services.

Pengendalian Internal Prinsip No.12: Dewan harus menjamin agar pihak Manajemen selalu memiliki suatu sistem pengendalian internal untuk menjaga investasi pemegang saham dan aset-aset Perseroan.

Internal Controls Principle 12: The Board should ensure that the Management maintains a sound system of internal controls to safeguard the shareholders’ investments and the company’s assets.

Manajemen Perseroan menyadari bahwa sistem pengendalian internal yang baik merupakan salah satu elemen penting dalam kerangka Tata Kelola Perusahaan, sekaligus membantu untuk mencapai tujuan Perseroan dan mencegah atau mendeteksi apabila terjadi penyimpangan.

The Company’s management recognized the importance of a good internal control system as an important element in the framework of Good Corporate Governance, which helps the Company to achieve its goals and prevent or detect wrong doings.

Perseroan telah memiliki serangkaian elemen kontrol yang terpadu, mulai dari pengendalian lingkungan dengan membuat suatu aturan pelaksana yang tepat dan sepakat untuk patuh terhadap nilai-nilai Korporasi sebagai panduan dalam menjalankan bisnis. Kegiatan pengendalian dimulai dengan cara menetapkan pembagian tugas, wewenang dan tanggung jawab yang jelas di semua tingkat staf dalam struktur organisasi. Saluran-saluran yang tepat mengenai penilaian resiko, penerapan pengendalian aliran informasi dan komunikasi, dan pengawasan berkelanjutan, diterapkan melalui pemeriksaan internal dan kegiatan kolaboratif lainnya yang dilaksanakan untuk menjaga integritas dari sistem kontrol itu sendiri.

The Company has established a series of integrated control element, starting with environment control by establishing a strict code of conduct and adopting adherence to its Corporate Values as guidelines in doing business. Activities controls are created by setting a clear division of tasks, authority and responsibility at all level of staff within the organization structure. Proper channels of risk assessment, controlled information flow and communication, and continuous monitoring conducted through internal audit and other collaborative activities, are all undertaken to safe guard the integrity of the control systems.

Tujuan dari pengendalian tersebut adalah untuk menetapkan dan menerapkan sistem pengendalian internal yang mencakup:

The essence of the controls is that the Company is aiming to establish and implement internal control system which covers:

• Pengendalian Keuangan; • Pengendalian Operasional; dan • Pengendalian Ketaatan atas Hukum dan Peraturan yang berlaku.

• Financial Controls; • Operational Controls; and • Compliance Controls

Audit Internal Prinsip No.13: Perseroan harus membentuk suatu fungsi pemeriksaan internal yang independen terpisah dari kegiatan operasi bisnis normal.

Internal Audit Principle 13: The Company should establish an internal audit function that is independent from the activities it audits.

Setiap level dalam struktur organisasi Perseroan ikut bertanggung jawab dalam menerapkan sistem pengendalian internal yang baik. Untuk memastikan efektivitas pengendalian internal tersebut, Direksi dibantu oleh auditor internal. Peran Auditor Internal Auditor internal Perseroan melakukan pengujian atas tingkat kecukupan dan ketaatan pada kebijakan, prosedur, hukum dan peraturan yang ada, serta kehandalan informasi dan laporan keuangan. Di samping itu, auditor internal juga memberikan pandangan mengenai pengendalian internal dan rekomendasi kepada bagian yang diaudit agar segera melakukan tindakan perbaikan atas kelemahan implementasi pengendalian internal yang ditemukan.

All levels of staff within the Company are required to adhere to a prescribed internal control system. To ensure the effectiveness of the Company’s internal control system, the Board of Directors is assisted by internal auditor.

The Role of an Internal Auditor Internal auditor conducts tests on the sufficiency and compliance on policies, procedures, law and regulations, and verify the reliability of information and financial reports. In addition, internal auditor also provide his views on internal controls and make appropriate recommendations to the auditees to immediately undertake corrective actions on the weaknesses identified during the investigative process and to ensure the completeness of internal control implementation.

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Komunikasi dengan Pemegang Saham Prinsip No.14: Perusahaan harus melibatkan diri dalam komunikasi dengan para pemegang saham yang dilakukan secara rutin, efektif dan jujur.

Communication with Shareholders Principle 14: Companies should engage in regular, effective and fair communication with shareholders.

Perseroan berusaha memberikan informasi tepat waktu dan transparan kepada para pemegang saham dan publik. Semua informasi mengenai inisiatif-inisiatif baru Perseroan akan disebarkan pertama kali melalui situs SGXNET dan IDXNET yang diikuti oleh satu siaran pers apabila diperlukan dan sejauh memungkinkan. Perseroan saat ini selalu melakukan pertemuan dengan media dan analis. Sebagai tambahan terhadap pertemuan media dan analis tersebut, Perseroan telah ikut serta dalam berbagai road show.

The Company strives for timeliness and transparency in its disclosures to the shareholders and the public. All information on the Company’s new initiatives will be first disseminated via SGXNET and IDXNET followed by a news release, where appropriate. The Company currently holds media and analyst briefing upon the release of its quarterly financial results. In addition to the media and analyst briefings, the Company has taken part in various road shows.

Informasi yang sensitif terhadap pergerakan saham umumnya akan dipublikasikan pertama kali kepada publik melalui situs SGXNET dan IDXNET, baik sebelum Perseroan bertemu dengan kelompok investor atau analis atau keduanya sekaligus. Hasil dan laporan kuartalan dan tahunan diumumkan atau dikeluarkan dalam jangka waktu yang ditetapkan oleh Bursa Efek Indonesia dan Bursa Efek Singapura.

Price-sensitive information is first publicly released via SGXNET and IDXNET, either before the Company meets with any group of investors or analysts or simultaneously with such meetings. Results and annual reports are announced or issued within the period prescribed by the Indonesia Stock Exchange and Singapore Stock Exchange.

Pada rapat umum pemegang saham Perseroan, pemegang saham diberikan kesempatan untuk menyampaikan pandangan mereka dan bertanya mengenai Perseroan dan grup.

At general meetings of the Company, shareholders are given the opportunity to express their views and ask questions regarding the Company and the Group.

Selama tahun 2009, Perseroan telah melaksanakan beberapa kali roadshow baik di dalam negeri maupun ke luar negeri. Selain itu dalam beberapa kesempatan, Perseroan juga mengadakan analyst meeting dan konferensi pers yang bertujuan untuk menginformasikan perkembangan terbaru Perseroan. Disamping itu, Perseroan juga telah melaksanakan paparan publik yang diadakan minimal satu tahun sekali. Tabel di bawah ini menjelaskan kegiatan Departemen Hubungan Investor sepanjang tahun 2009.

During 2009 the Company has conducted several road shows in Indonesia and overseas. Furthermore, in various opportunities the Company has also held analyst meetings and press conference which were aimed to disclose the latest development of the Company. Aside from that, the Company has conducted public exposes which were held at least once a year. Below is the table of the Investor Relations activities across the year 2009.

Kegiatan Relasi dengan Investor di tahun 2009

Investor Relations Activities in 2009

Jumlah Kegiatan Number of Activities

Waktu Timing

Public Expose

1

December 2009

General Meetings of Shareholders (AGM and EGM)

2

April & June 2009

Bondholders Meetings

2

March & April 2009

Press Releases – IDX

23

Sebagaimana saat diumumkan As per publication date

Press Releases – SGX

27

Sebagaimana saat diumumkan As per publication date

Investor Conferences

3

April, May, October & November 2009

Road Shows

5

June, September & October 2009

Correspondences with Authorities

24

Rata-rata dua kali sebulan Average twice a month

Analysts/Investors Meetings or Conference Calls

72

Rata-rata sekali sebulan Average once a month

Investor Relations Activities in 2009

Kebijakan Transaksi Dengan Benturan Kepentingan


Interested Person Transactions (“IPTS”) Policy


Perjanjian / Kontrak Terkait Kepentingan Komisaris, Direktur, dan Pemegang Saham Mayoritas

Material Contracts Involving Commissioners’, Directors’ and Major Shareholders’ Interest

Tidak ada perjanjian atau kontrak apapun yang ditandatangani antara Perseroan dan anak-anak perusahaannya yang melibatkan kepentingan diri komisaris, direktur atau pemegang saham pengendali Perseroan, baik yang masih berlaku sampai dengan akhir tahun fiskal dalam laporan ini, ataupun jika tidak, yang ditandatangani pada akhir tahun fiskal sebelumnya.

No material contract has been entered into between the Company and its subsidiaries which involve the interests of each commissioners, directors or controlling shareholder of the Company, either still subsisting at the end of the financial year or it not then subsisting, entered into since the end of the previous financial year.

Kontrak-kontrak Terkait Transaksi Pihak Terafiliasi

Other Contracts in Relation to Related Party Transactions

Selain daripada kontrak yang dimasukkan dan diumumkan sebagai Transaksi Dengan Pihak Terafiliasi dalam Catatan No.38 Laporan Keuangan, tidak ada perjanjian atau kontrak apapun, termasuk kontrak terkait dengan pinjaman (yang bukan bagian dari bisnis biasa) Perseroan, yang melibatkan kepentingan-kepentingan para Komisaris, Direksi dan pemegang saham utama, baik yang masih berlaku pada akhir tahun fiskal ini, atau, jika tidak, berlaku atau ditandatangani sejak akhir dari tahun fiskal sebelumnya.

Other than contracts entered into and disclosed as Related Party Transactions in Note 38 to the Financial Statements, there are no other material contracts, including contracts relating to loans (not being in the ordinary course of business) of the Company, involving Commissioners’, Directors’ and major shareholders’ interests, either still subsisting at the end of the financial year or, if not then subsisting, entered into since the end of the previous financial year.

Pengumuman Transaksi Berulang dengan Pihak Terafiliasi

Disclosure of Recurrent Related Party Transaction

Jumlah nilai transaksi berulang dengan pihak terafiliasi berubah – ubah, tergantung pada cakupan dari transaksi tersebut dalam tahun tertentu dan juga disebutkan dalam catatan No.38 dari Laporan Keuangan.

The amount of the recurrent related party transaction varies depends on the depth of the transaction in a particular year and it is also stated in the note 38 of the notes to the Financial Statements of the Company.

Pengumuman Transaksi Dengan Pihak Terafiliasi

Disclosure Of Related Party Transactions of Trading Nature

Dalam kaitan dengan pendapatan usaha yang didapat dari Transaksi Pihak Terafiliasi yang diperlukan oleh Perseroan dalam operasi sehari-harinya dan ditransaksikan dalam bentuk kegiatan bisnis biasa dengan pihak – pihak terkait, Perseroan biasanya segera membuat laporan atau pengumuman kepada Bursa Efek Indonesia dan Bursa Singapura sejauh dipandang perlu dan diharuskan oleh regulasi yang berlaku di kedua bursa tersebut.

In relation to Related Party Transactions of a revenue of trading nature which are necessary for the Company’s dayto-day operations and transacted in the ordinary course of business with related parties, the Company will make an immediate notification or announcement to Indonesia Stock Exchange and Singapore Stock Exchange where appropriate and required.

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Transaksi signifikan dengan Pihak Terafiliasi dijelaskan dalam Catatan No. 38 dari Laporan Keuangan.

Significant Related Party Transactions are disclosed in note 38 of the Financial Statements.

Perseroan telah menyetujui kebijakan internal mengenai setiap transaksi dengan pihak-pihak yang terafiliasi dan telah menetapkan suatu prosedur untuk evaluasi dan persetujuan transaksi pihak yang memiliki hubungan istimewa dengan Perseroan dan rekanannya, yang dilindungi oleh Mandat Pemegang Saham yang disetujui pada setiap rapat umum.

The Company has adopted an internal policy in respect of any transactions with interested persons and has set out the procedures for review and approval of the Company’s interested person transactions and its associates, which are covered by a Shareholders’ Mandate approved at each general meeting.

Komite Audit mengevaluasi Mandat Pemegang Saham secara teratur, dan menyatakan puas akan prosedur evaluasi untuk Transaksi Dengan Pihak Yang Berkepentingan. Evaluasi tersebut akan dibuat secara teratur oleh Komite Audit untuk menjamin agar Transaksi Dengan Pihak Yang Berkepentingan dapat dilakukan dengan ketentuan – ketentuan biasa dan tidak mengesampingkan kepentingan Perseroan dan pemegang saham minoritasnya.

The Audit Committee reviews the Shareholders’ Mandate at regular intervals, and is satisfied that the review procedures for IPTs and the reviews to be made periodically by the Audit Committee in relation thereto are adequate to ensure that the IPTs will be transacted on normal terms and will not be prejudicial to the interests of the Company and its minority shareholders.

Transaksi Efek

Dealing In Securities

Sejalan dengan Keputusan Direksi PT Bursa Efek Jakarta Nomor: Kep-305/BEJ/07-2004 serta Bab 12 Aturan 18 dari buku Panduan Pendaftaran di Bursa Singapura mengenai masalah transaksi efek, Perseroan telah mengadopsi suatu aturan kepatuhan internal yang secara substansial mencerminkan ketentuan-ketentuan Panduan Praktek – Praktek Terbaik dalam buku Panduan Pendaftaran tersebut, sebagai arahan bagi para Direksi dan pejabat Peseroan dalam kaitan dengan transaksi efek.

In line with Chapter 12 Rule 18 of the Listing Manual of SGX-ST on dealings in securities, the Company has adopted an internal compliance code which mirrors substantially the provisions of the Best Practices Guide in the Listing Manual to provide guidance to its directors and officers in relation to dealings in its securities.

Aturan Perseroan tersebut melarang Direksi dan karyawan melakukan transaksi efek ketika sedang memegang/ mengetahui informasi yang dapat mempengaruhi harga saham. Perseroan menerbitkan edaran kepada Direksi, pejabat tinggi dan pejabat terkait lainnya yang memiliki akses ke informasi penting yang belum diterbitkan, dan untuk mengingatkan mereka akan keharusan melaporkan transaksi efek yang mereka lakukan. Direksi dan karyawan juga dilarang melakukan transaksi efek milik Perseroan pada periode dua minggu sebelum pengumuman hasil laporan keuangan Perseroan untuk setiap kuartal dan enam minggu sebelum pengumuman hasil laporan keuangan tahunan perseroan.

The Company’s Code prohibits securities dealings by the Directors and employees while in possession of price-sensitive information. The Company issues regular circulars to its Directors, principal officers and relevant officers who have access to unpublished material pricesensitive information to remind them of the aforementioned prohibition and to remind them of the requirement to report their dealings in shares of the Company.

Pada tahun 2009, Direksi dan beberapa karyawan tertentu juga dilarang untuk melakukan transaksi efek Perseroan pada periode 2 (dua) minggu sebelum pengumuman laporan keuangan Perseroan untuk setiap kuartal atau 6 (enam) minggu sebelum laporan keuangan tahunan diterbitkan dan berakhir pada tanggal pengumuman laporan keuangan tersebut. Periode Black Out dalam transaksi efek tersebut diimplementasikan untuk menghindari transaksi orang dalam.

In 2009, The Directors and selected employees are also prohibited from dealing in the securities of the Company during the period commencing 2 (two) weeks before the announcement of financial results of the Company for each quarters of its financial year or 6 (six) weeks before the yearly financial statements issuance, as the case may be, and ending on the date of the announcement of the relevant results. These Black Out periods for the dealing in securities is implemented to avoid insider trading actitivities.

Informasi Lain-lain

Other Information

Konflik Kepentingan Komisaris & Direksi Komisaris dan Direksi tidak memiliki konflik kepentingan atau kepentingan apapun dalam perjanjian bisnis yang melibatkan PT Berlian Laju Tanker Tbk., berserta anak-anak perusahaannya.

Commissioners & Directors Conflict of Interest The Commissioners and Directors do not have any existing conflicts of interest or any interest in any business arrangement involving PT Berlian Laju Tanker Tbk., and its subsidiaries.



Sanksi dan/atau Penalti Untuk tahun fiskal yang dilaporkan disini, tidak ada Sanksi dan/atau Penalti yang dikenakan kepada Perseroan, para Komisaris, Direksi ataupun pihak Manajemen.

Sanctions and/or Penalties For the financial year under review, there were no sanctions and/or penalties imposed on the Company, its Commissioners, and its Directors or Management.

Perbedaan Hasil Audit

Variation in Results

Tidak terdapat perbedaan mencolok antara hasil-hasil audit atas tahun fiskal ini, dan hasil yang belum diaudit yang telah diumumkan sebelumnya, jika ada.

There were no significant variations between the audited results for the financial year and the unaudited results previously announced, if any.

Pembayaran Diluar Biaya Audit

Non Audit Fees

Perseroan tidak membayar apapun diluar biaya audit yang ditetapkan, kepada para auditor selama tahun fiskal yang dilaporkan yang berakhir pada tanggal 31 Desember 2009.

There is no Non Audit Fees paid to the auditor during the financial year under review ended 31 December 2009 .

Program Pembelian-Kembali Saham

Share Buy-Backs

Berikut ini adalah kegiatan pembelian kembali saham yang dilakukan Perseroan selama tahun yang berakhir pada tanggal 31Desember 2009. Harga Beli Saham adalah harga rata-rata untuk semua saham yang dibeli pada bulan yang bersangkutan dan Total Harga Beli adalah harga beli yang termasuk biaya insidentil. Semua saham telah disimpan sebagai saham milik Perseroan, dan tidak ada penjualan kembali saham Perseroan tersebut, ataupun tidak ada saham yang dibatalkan selama tahun yang dilaporkan disini.

The following is the Share Buy Back actioned during the year under review ended 31 December 2009. The Purchase Price of Shares is the average price for all shares purchased in the month and the Total Purchase Price includes incidental costs. All shares have been maintained as treasury shares and there have been no resale of the Company’s treasury shares nor have there been any shares cancelled during the year under review.

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Program Kepemilikan Saham Untuk Karyawan Saat ini, Perseroan tidak memiliki program kepemilikan saham untuk karyawan.

Employee Stock Option Scheme Currently the Company does not have any employee share option scheme or plan in place.

Pedoman Tata Kelola Perseroan Perseroan saat ini sedang dalam proses merumuskan kebijakan – kebijakan dalam menerapkan Pedoman Tata Kelola Perusahaan yang dikeluarkan oleh Komite Tata Kelola Perusahaan Singapura dan Indonesia dan tujuannya adalah untuk menerapkan dan melaksanakannya sejauh tidak berbenturan dengan hukum dan peraturan yang berlaku di Indonesia.

Code of Corporate Governance The Company is in the process of setting up the policies to adopt the Code of Corporate Governance issued by the Committee on Corporate Governance of Singapore (the “Code”) and intends to fully adopt and comply with the Code to the extend that it does not contravene with Indonesian laws and regulations.

Properti Untuk Tujuan Pengembangan, Penjualan dan Investasi Keseluruhan nilai dari semua tanah dan bangunan yang dimiliki oleh Perseroan untuk dibangun, dijual dan diinvestasikan tidak melebihi 15% dari nilai bersih aktiva berwujud atau tidak memberikan kontribusi melebihi 15% dari laba operasi sebelum pajak, setelah konsolidasi.

Properties for Development, Sale and Investment Purposes The aggregate value of all properties held by the Company for development, sale or investment purposes does not represent more than 15% of the value of the consolidated net tangible assets, or contribute more than 15% of the consolidated pre-tax operating profit of the Company.

Pihak Yang Dapat Dihubungi Untuk Informasi Mengenai Perseroan PT Berlian Laju Tanker Tbk Wisma BSG, 10th Floor Jalan Abdul Muis No. 40 Jakarta 10160 Indonesia Phone: +62 21 3006 0300 Facsimile: + 62 21 3006 0389 Email: [email protected]

Contact Information For Inquiries Regarding The Company PT Berlian Laju Tanker Tbk Wisma BSG, 10th Floor Jalan Abdul Muis No. 40 Jakarta 10160 Indonesia Phone: +62 21 3006 0300 Facsimile: + 62 21 3006 0389 Email: [email protected]



KEBIJAKAN DIVIDEN Sebagaimana disetujui bersama dalam Rapat Umum Tahunan Pemegang Saham pada tanggal 22 April 2009, Perseroan telah membayarkan dividen sebesar Rp.5 per saham, sebagai hasil dari kinerja tahun 2008.

DIVIDEND POLICY As approved by The Annual General Meeting of Shareholders held on 22 April 2009, the Company paid dividend of Rp 5 per share out of year 2008’s performance.

Dividen Tunai / Cash Dividend

Tahun Fiskal/ Fiscal Year

Rp per Saham / Rp per Share

Jumlah Dividen / Total Dividend (Rp)

Laba Bersih / Net Profit (Rp)

Rasio Pembayaran / Pay Out Ratio

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

7,689,067,950

25,451,979,791

30.21%

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

208,846,508,000

758,981783,247

27.52%

2008

5.0

20,884,650,880

1,567,926,000,000

1.33%

* Perhitungan Dividen di luar saham yang dibeli kembali

* Dividend calculation excluding the shares bought back

Direksi telah mengikuti prinsip umum yang ditentukan dalam memformulasikan rekomendasi mengenai pembayaran dividen tahunan atau interim, dan hasil rekomendasi tersebut juga diajukan kepada para pemegang saham Perseroan untuk mendapatkan persetujuan. Nilai dividen yang dibayarkan sesungguhnya dan direkomendasikan atau diumumkan oleh Direksi pada tahun fiskal tertentu atau periode tertentu akan dipengaruhi beberapa faktor pertimbangan sebagaimana dijelaskan di bawah ini, termasuk juga faktor lain yang dinilai relevan oleh Direksi.

The Board of Directors adheres to certain general principles when formulating its recommendations regarding annual or interim dividend payments, with these recommendations subject to approval by the Company’s shareholders. The actual value of the dividends that the Board of Directors may recommend or declare in respect of any particular financial year or period will be subject to the factors outlined below as well as such other factors deemed relevant by the Board of Directors.

Kebijakan dividen yang berlaku saat ini adalah sebagai berikut:

The current dividend policy is as follows:

• Dalam menentukan rasio pembayaran dividen untuk tahun fiskal tertentu, maka Perseroan akan mempertimbangkan tujuan dalam menjaga serta meningkatkan pembayaran dividen untuk memaksimalkan nilai bagi para pemegang saham untuk jangka panjang, dan

• In determining the Company’s dividend payout ratio in respect of any particular financial year, the Company will take into account its goal of maintaining and increasing dividend levels and of maximizing shareholder value over the longer term; and

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• Untuk dividen yang dibayarkan dalam tahun fiskal tertentu, maka dividen tersebut diumumkan pada kwartal kedua, dan dibayarkan pada kwartal ketiga pada tahun fiskal berikutnya.

• When dividends are paid in any particular financial year, these dividends are generally declared in the second quarter and paid in the third quarter of the following financial year.

Dalam memformulasikan rekomendasi mengenai jumlah dividen yang harus dibayarkan, Direksi ikut mempertimbangkan beberapa faktor berikut ini:

In formulating its recommendations regarding the amount of dividends to be paid, the Board of Directors will take into account the following factors:

• Total nilai kas, gearing, return on equity (ROE) dan retained earning yang dimiliki Perseroan saat ini;

• The total value of the Company’s cash, gearing, return on equity and retained earnings;

• Perkiraan kinerja finansial Perseroan;

• The Company’s expected financial performance;

• Perkiraan tingkat pengeluaran modal Perseroan untuk tahun tersebut, termasuk rencana-rencana investasi lainnya;

• The Company’s projected levels of capital expenditure and other investment plans;

• Tingkat dividen, jika dapat diterapkan, yaitu dividen yang diterima Perseroan dari anak-anak perusahaannya;

• The level of dividends, if any, that the Company receives from its subsidiaries;

• Hasil dividen yang dibayarkan oleh perusahaan sejenis dengan dan perusahaan-perusahaan perkapalan lain yang sebanding di negara lain; dan

• The dividend yield of similar companies and comparable shipping companies globally; and

• Batasan pembayaran dividen yang mungkin akan dikenakan pada Perseroan oleh perjanjian-perjanjian pendanaan tertentu.

• Restrictions on payment of dividends that may be imposed on the Company by financing arrangements.



Perseroan dapat mengumumkan dividen yang akan disetujui sebagai suatu resolusi biasa, yang dibuat dalam suatu Rapat Umum Tahunan Pemegang Saham. Walaupun demikian, tidak diperkenankan untuk membayarkan dividen melebihi jumlah yang direkomendasikan oleh Direksi. Direksi juga dapat mengumumkan suatu dividen interim setelah disetujui dalam rapat Dewan Komisaris, sejauh dividen interim tersebut nantinya akan dikurangkan dari dividen tahunan yang dibagikan setelah diputuskan oleh Rapat Umum Tahunan Pemegang Saham berikutnya. Perseroan akan membayar dividen berdasarkan jumlah keuntungan yang didapatkan setelah dikurangi jumlah dana cadangan sesuai tingkat yang diwajibkan oleh peraturan yang berlaku. Saat diumumkan, jumlah dividen akan disebutkan dalam mata uang Rupiah. Direksi dapat, sesuai pertimbangan mereka, mengubah atau membatalkan kebijakan dividen yang berlaku saat ini, melalui persetujuan yang disepakati oleh suatu Rapat Umum Tahunan Pemegang Saham. Direksi dapat juga mengurangi tingkat dividen yang diberikan sesuai kebijakan pembayaran dividen saat ini, ataupun menghentikan keseluruhan pembayaran dividen tersebut.

The Company may declare dividends to be approved by ordinary resolution of shareholders at the Annual General Meeting of Shareholders. However, it is not permitted to pay dividends in excess of the amount recommended by the Board of Directors. The Board of Directors may also declare an interim dividend with the approval of the meeting of the Board of Commissioners, provided that such interim dividends are offset against the dividends that are distributed on the basis of resolutions of the next Annual General Meeting of Shareholders. The Company will pay dividends on the basis of the amount of the Company’s profits after deducting amounts reserve for the required reserve funds as prescribed by the prevailing regulations. When dividends are declared, they will be declared in Rupiah. The Board of Directors may, at its discretion, amend or repeal the current dividend policy subject to shareholders’ approval at the Annual General Meeting of Shareholders. The Board of Directors may decrease the level of dividends provided for in this dividend policy or entirely discontinue the payment of dividends.

PENERBITAN OBLIGASI KORPORASI

CORPORATE BOND ISSUANCE

Instrumen pendanaan yang berbentuk selain ekuitas juga dibutuhkan oleh Perseroan untuk diversifikasi jenis dan resiko pendanaan untuk pengembangan usaha dan armada kapal. Keberhasilan Perseroan dalam memberikan nilai tambah bagi para pemegang saham menjadi alasan yang kuat bagi manajemen Perseroan untuk menerbitkan instrumen obligasi korporasi sebagai salah satu sumber pendanaan yang digunakan untuk pengembangan armada kapal.

In addition to equities, the Company utilizes a number of other financing instruments available in the market in order to seek different sources of financing and reduce risk there upon. Funds raised from these instruments are used to develop the Company’s business and to expand its fleet of vessels. The Company’s success in providing added value to shareholders justifies the confidence of management in their issuance of corporate bonds as a source of funds for the development of the Company’s fleet.

Pada bulan Juli tahun 2000, Perseroan menerbitkan Obligasi Berlian Laju Tanker I tahun 2000 yang berjangka waktu lima tahun dengan tingkat bunga tetap dan atau mengambang yang nilai nominal keseluruhannya berjumlah Rp 200.000.000.000. Pada saat diterbitkan, Obligasi ini memperoleh peringkat idA- (stable outlook) dari PT Pemeringkat Efek Indonesia (Pefindo). Obligasi ini terdiri dari 2 seri yaitu seri A yang memiliki tingkat bunga tetap sebesar 17% per tahun dan Seri B yang memiliki tingkat bunga tetap sebesar 17% pada tahun pertama dan tingkat bunga mengambang untuk tahun kedua sampai dengan tahun kelima dengan patokan bunga deposito berjangka enam bulan ditambah marjin sebesar 3%. Obligasi ini telah dibayar lunas pada tahun 2005.

In July 2000, the Company issued the Berlian Laju Tanker Bonds 2000, with five-year maturity period from the date of issuance and had both fixed and floating interest rates, with a total nominal value of Rp 200 billion. The bond was rated idA- (stable outlook) by PT Pemeringkat Efek Indonesia (Pefindo). It consisted of two series, the A series, consisting of bonds with fixed interest rates of 17 per cent per annum; and the B series, consisting of bonds with fixed interest rates of 17 per cent in the first year, and floating interest rates from the second until the fifth year, based on interest rates for six months term deposits with an additional margin of three per cent. The overall bonds were due and paid in full by the Company in 2005.

Perkembangan pasar obligasi korporasi yang semakin membaik telah memberikan kesempatan bagi Perseroan untuk menerbitkan Obligasi Berlian Laju Tanker II tahun 2003 yang juga berjangka waktu lima tahun atau jatuh tempo pada tanggal 28 Mei 2008. Pada saat diterbitkan, obligasi ini memperoleh peringkat idA- (positive outlook) dari PT Pemeringkat Efek Indonesia (Pefindo), dengan nilai Nominal keseluruhan sebesar Rp. 340.000.000.000. Obligasi

Improvements in the corporate bond market created opportunities for the Company to issue the second Berlian Laju Tanker Bonds in 2003, which also had a five-year maturity period ending on 28 May 2008. The bond was again rated id A- (positive outlook) by PT Pemeringkat Efek Indonesia (Pefindo) and has a total nominal value of Rp 340 billion. It also consisted of two series, the A Series, with a fixed interest rate of 14,75 per cent per

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ini memiliki 2 seri yang terdiri dari seri A yang memiliki tingkat bunga tetap sebesar 14,75% per tahun dan Seri B yang memiliki tingkat bunga tetap sebesar 14,75% pada tahun pertama dan mengambang untuk tahun kedua sampai dengan tahun kelima dengan patokan bunga tiga bulan SBI ditambah marjin sebesar 2,5% dengan batas bunga maksimum sebesar 16,75%. Obligasi ini terdaftar di Obligasi ini tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri (Persero) Tbk bertindak sebagai wali amanat. Obligasi ini telah dibayar lunas pada tahun 2008.

year; and the B Series, with a fixed interest rate of 14,75 per cent in the first year, and a floating interest rate from the second until the fifth year, based on the interest rate for three month SBI with an additional margin of 2,5 per cent and with a maximum interest rate of 16,75 per cent. This bond is listed on the Indonesia Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee.This bond has been fully repaid in 2008.

Selain itu pada saat yang bersamaan, Perseroan juga telah memperoleh kepercayaan dari Dewan Syari’ah Nasional – Majelis Ulama Indonesia untuk ikut serta mendorong bangkitnya Pasar Modal Syari’ah dengan menerbitkan Obligasi Syari’ah Mudharabah Berlian laju Tanker Tahun 2003 dengan jangka waktu lima tahun atau sampai dengan tanggal 28 Mei 2008. Nilai Nominal keseluruhan Obligasi Syari’ah ini adalah sebesar Rp. 60.000.000.000 dan pada saat diterbitkan telah memperoleh peringkat idA-(sy) (positive outlook) dari PT. Pemeringkat Efek Indonesia (Pefindo). Obligasi Syari’ah ini ditawarkan dengan ketentuan yang mewajibkan Perseroan untuk membayar kepada pemegang Obligasi Syari’ah sejumlah Pendapatan Bagi Hasil yang besarnya dihitung berdasarkan perkalian antara Nisbah Pemegang Obligasi Syari’ah dengan Pendapatan Yang Dibagihasilkan. Obligasi ini tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri (Persero) Tbk bertindak sebagai wali amanat. Obligasi ini telah dibayar lunas pada tahun 2008.

Around the same time, with support from the National Syari’ah Council Majelis Ulama Indonesia, the Company, as participation to develop Syaria’ah Capital Market, issued the Syari’ah Mudarabah Berlian Laju Tanker Bond 2003, which would fall due within five years of issuance, on 28 May 2008. The nominal value of this Syari’ah Bond is Rp 60 billion. At the time of issuance it received a rating of id A-(sy) (positive outlook) from PT. Pemeringkat Efek Indonesia (Pefindo). According to the terms of this bond, the Company is obliged to pay the holder of the bond a sum based on a share of the profits calculated according to an established ratio between the Syari’ah Bond Holder Ratio and revenues. This bond is listed on the Indonesia Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee. This bond has also been fully paid in 2008.

Pada tahun 2007, Perseroan melihat perkembangan pasar obligasi korporasi yang semakin membaik, karena itu Perseroan menerbitkan Obligasi Berlian Laju Tanker III tahun 2007 yang juga berjangka waktu lima tahun atau akan jatuh tempo pada tanggal 5 Juli 2012. Pada saat diterbitkan, obligasi ini memperoleh peringkat idAA- (stable outlook) dari PT. Pemeringkat Efek Indonesia (Pefindo), dengan nilai nominal keseluruhan sebesar Rp. 700.000.000.000. Obligasi ini memiliki tingkat bunga tetap sebesar 10,35% per tahun. Seluruh obligasi dijual dengan harga sebesar nilai nominal dan tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri (Persero) Tbk bertindak sebagai wali amanat.

In 2007, convinced with positive development in corporate bonds market, the Company again issued the third Berlian Laju Tanker Bonds in 2007, with another five-year maturity period due on 5 July 2012. At the time of issuance, these bonds were rated id AA- (stable outlook) by PT. Pemeringkat Efek Indonesia (Pefindo) with a total nominal value of Rp 700 billion. These bonds had a fixed interest rate of 10,35% per annum. All of these bonds were sold at their nominal value and were registered on the Indonesia Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee.

Pada saat yang sama, Perseroan kembali dipercaya oleh Dewan Syari’ah Nasional – Majelis Ulama Indonesia untuk terus mendorong bangkitnya Pasar Modal Syari’ah dengan menerbitkan Obligasi Sukuk Ijarah Berlian laju Tanker Tahun 2007 dengan jangka waktu lima tahun atau sampai dengan tanggal 5 Juli 2012. Nilai Nominal keseluruhan Obligasi Syari’ah ini adalah sebesar Rp 200.000.000.000. dan pada saat diterbitkan telah memperoleh peringkat idAA-(sy) (stable outlook) dari PT Pemeringkat Efek Indonesia (Pefindo). Obligasi Syari’ah ini ditawarkan dengan ketentuan yang mewajibkan Perusahaan untuk

At the same time, the Company again received encouragement from the National Syari’ah Council Majelis Ulama Indonesia and determined to participate in developing the Syari’ah Capital Market through the issuance of Sukuk Ijarah Berlian Laju Tanker Bond 2007, which will fall due within five years of issuance, on 5 July 2012. The nominal value of this Syari’ah Bond is Rp 200 billion. At the time of issuance it received a rating of idAA- (sy) (positive outlook) from PT. Pemeringkat Efek Indonesia (Pefindo). This Syari’ah bond was offered with the provision obliging the Company to pay Rp 20.6 billion



membayar kepada Pemegang Sukuk Ijarah sejumlah Cicilan Imbalan Ijarah sebesar Rp 20.600.000.000 per tahun. Seluruh Sukuk Ijarah dijual dengan harga sebesar nilai nominal, dan tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri (Persero) Tbk bertindak sebagai wali amanat.

per year to the holder of the bond. All of these bonds were sold at their nominal value and listed on the Indonesia Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee.

Pada tanggal 18 Desember 2007, sebagai bentuk dari kepatuhan terhadap Rapat Umum Pemegang Obligasi, para pemegang Obligasi Berlian Laju Tanker III tahun 2007, pemegang Sukuk Ijarah Berlian Laju Tanker III Tahun 2007, dan pemegang Obligasi Syari’ah Mudharabah Berlian laju Tanker Tahun 2003 setuju untuk mengganti PT Bank Mandiri Tbk (Persero) sebagai wali amanat dan menunjuk PT Bank Niaga Tbk sebagai wali amanat.

On 18 December 2007, as a form of compliance to the resolution of the General Bond Holders Meeting, holders of the Berlian Laju Tanker III Bond 2007, the Sukuk Ijarah Berlian Laju Tanker III, and the Syari’ah Mudharabah Berlian laju Tanker 2003 approved the replacement of PT Bank Mandiri (Persero) Tbk. with PT Bank Niaga Tbk as Trustee of the bond.

Pada Tanggal 22 Januari 2008 Berdasarkan Rapat Umum Pemegang Obligasi, para pemegang Obligasi Berlian Laju Tanker II tahun 2003 setuju untuk mengganti PT Bank Mandiri Tbk (Persero) sebagai wali amanat dan menunjuk PT Bank Niaga Tbk sebagai wali amanat yang baru. Penggantian Wali Amanat ini bertujuan untuk menghindari Benturan Kepentingan sesuai dengan peraturan pasar modal dimana wali amanat tidak boleh memiliki hubungan kredit dengan emiten.

On 22 January 2008, following the General Bond Holders Meeting, holders of the Berlian Laju Tanker II Bond 2003 decided to replace PT Bank Mandiri Tbk (Persero) as the Trustee of the bond with PT Bank Niaga Tbk. The decision to nominate a change in the Trustee was intended to avoid conflicts of interest as defined by regulations governing the capital market, with these regulations stating that an appointed the Trustee may not have a credit connection with the issuer.

Pada tanggal 16 Juni 2008, berdasarkan Rapat Umum Pemegang Obligasi, para pemegang Obligasi Berlian Laju Tanker III tahun 2007, setuju untuk merubah Net Debt to Equity Ratio dalam Perjanjian Perwaliamanatan sehingga untuk laporan keuangan sampai dengan Laporan Keuangan yang berakhir pada tanggal 31 Desember 2008 maksimum menjadi sebesar 4,5:1 dan untuk Laporan Keuangan periode setelah tanggal 31 Desember 2008 sampai dengan Obligasi tersebut jatuh tempo maksimum menjadi sebesar 3,5:1.

On 16 June 2008, the Company’s General Bond Holders Meeting, holders of the 2007 Berlian Laju Tanker III collectively decided to change the Net Debt to Equity Ratio in the Trustee Agreement, so that for the financial statement for the period ending 31 December 2008, the ratio in maximum has changed to 4,5:1 and for the period after 31 December 2008 until the maturity date of the bond, the ratio shall stay at maximum 3,5:1.

Pada tanggal 6 Juli 2008, berdasarkan Rapat Umum Pemegang Obligasi, para pemegang Obligasi Sukuk Ijarah Mudharabah tahun 2007, setuju untuk merubah Net Debt to Equity Ratio dalam Perjanjian Perwaliamanatan sehingga untuk laporan keuangan sampai dengan Laporan Keuangan yang berakhir pada tanggal 31 Desember 2008 maksimum menjadi sebesar 4,5:1 dan untuk Laporan Keuangan periode setelah tanggal 31 Desember 2008 sampai dengan Obligasi tersebut jatuh tempo maksimum menjadi sebesar 3,5:1.

On 6 July 2008, the Company’s General Bond Holders Meeting, holders of the 2007 Sukuk Ijarah Mudharabah Berlian Laju Tanker Bond collectively decided to change the Net Debt to Equity Ratio in the Trustee Agreement, so that for the financial statement for the period ending 31 December 2008, the ratio in maximum has changed to 4.5:1 and for the period after 31 December 2008 until the maturity date of the bond, the ratio shall stay at maximum 3.5:1.

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Pada tahun 2009, Perseroan melihat bahwa pasar obligasi korporasi di Indonesia tetap kondusif dan memberikan kesempatan yang sangat baik bagi Perseroan untuk mendapatkan sumber pendanaan. Atas pertimbangan itu, Perseroan menerbitkan Obligasi Berlian Laju Tanker IV tahun 2009 yang memiliki 3 seri yaitu Seri A yang berjangka waktu 1 tahun, Seri B yang berjangka waktu 3 tahun dan seri C yang berjangka watu 5 tahun dengan nilai nominal keseluruhan sebesar Rp. 400.000.000.000 dan pada saat diterbitkan obligasi ini memperoleh peringkat idA (stable outlook) dari PT. Pemeringkat Efek Indonesia (Pefindo). Seluruh obligasi dijual dengan harga sebesar nilai nominal dan tercatat di Bursa Efek Indonesia dengan PT Bank CIMB Niaga Tbk bertindak sebagai wali amanat.

In 2009, the Company considered that the corporate bonds market remained condusive and provided a positive opportunity for the Company to gain source of funding. Based on that consideration, the Company again issued the fourth Berlian Laju Tanker Bonds IV in 2009 that has 3 series, which is A Series with one-year maturity period, B Series with three-years maturity period, and C Series with five-years maturity period with a total nominal value of Rp 400 billion. At the time of issuance, these bonds were rated idA (stable outlook) by PT. Pemeringkat Efek Indonesia (Pefindo) with a total nominal value of Rp 700 billion. All of these bonds were sold at their nominal value and were registered on the Indonesia Stock Exchange with PT Bank CIMB Niaga Tbk as the Trustee.

Selain menerbitkan obligasi konvensional, Perseroan juga melihat maraknya penerbitan obligasi berbasis Syariah dan respon positif dari pasar terhadap obligasi Syariah tersebut. Oleh karena itu, bersamaan dengan penerbitan Obligasi Berlian Laju Tanker IV, Perseroan juga menerbitkan obligasi Sukuk Ijarah Berlian Laju Tanker II yang memiliki 2 seri yaitu Seri A yang berjangka waktu 3 tahun, dan Seri B yang berjangka waktu 5 tahun dengan nilai nominal keseluruhan sebesar Rp. 100.000.000.000. Obligasi Syari’ah ini ditawarkan dengan ketentuan yang mewajibkan Perusahaan untuk membayar kepada Pemegang Sukuk Ijarah seri A sejumlah Cicilan Imbalan Ijarah sebesar Rp 45.000.000.000 per tahun dan kepada Pemegang Sukuk Ijarah seri B Imbalan Ijarah sebesar Rp 55.000.000.000 per tahun. Seluruh Sukuk Ijarah dijual dengan harga sebesar nilai nominal, dan tercatat di Bursa Efek Indonesia dengan PT Bank CIMB Niaga Tbk bertindak sebagai wali amanat.

Aside of issuing conventional bonds, the Company was also aware of the rise of Syaria Bond and the positive respond from it received from the market. Based on that consideration, along with the issuance of Berlian Laju Tanker Bonds IV, the Company also issued Sukuk Ijarah Berlian Laju Tanker II Bonds which consists of 2 series, Series A with three-years maturity period, and B Series with five-years maturity period with a total nominal value of Rp 100 billion. This Syaria Bond was offered according to the terms of this bond,which obliged the Company to pay to the Bondholders a total of Rp 45 billion per year for Series A Bondholders and Rp 55 billion per year for Series B Bondholders. All these bonds were sold at their nominal value and were registered on the Indonesia Stock Exchange with PT Bank CIMB Niaga Tbk as the Trustee.

WESEL BAYAR

NOTES PAYABLE

Dengan semakin dipercayanya Perseroan oleh masyarakat Internasional dimana Perseroan pun telah terdaftar di Bursa Singapura (Singapore Exchange Securities Trading Limited), maka Perseroan pada tanggal 4 Mei 2007 melalui anak perusahaan, BLT Finance B.V. menerbitkan wesel bayar (Guaranteed Senior Notes) senilai USD 400.000.000. Wesel bayar ini ditawarkan kepada masyarakat internasional dengan tingkat bunga 7,5% per tahun dengan jangka waktu selama 7 tahun yang akan jatuh tempo pada tanggal 15 Mei 2014 dengan harga sebesar nilai nominal, dan pada saat penerbitan wesel bayar ini telah memperoleh peringkat idBB- dari Standard & Poor’s Ratings Group dan Fitch ratings Ltd. Wesel bayar ini terdaftar di Bursa Singapura (SGX-ST) dengan The HSBC Bank USA, National Association sebagai wali amanat. BLT Finance BV (BLTFBV) memiliki opsi untuk membeli kembali wesel bayar pada harga tertentu sesuai dengan syarat dan ketentuan yang berlaku.

With increasing trust in the Company by the international investor community demonstrated by positive response of the Company’s listing of its shares on the Singapore Exchange (Singapore Stock Exchange Trading Limited), on 4 May 2007, the Company, through its subsidiary BLT Finance B.V., issued Guaranteed Senior Notes with a total value of USD 400 million. These notes payable were offered to the international investor community with interest rates of 7,5 per cent per annum and with a term of seven years, to fall due on 15 May 2014 at a price determined by the nominal value. At the time of issuance, these notes payable received a rating of BB- from Standard and Poor’s Rating Group and Fitch Ratings Limited. These notes payable were listed on the Singapore Stock Exchange (SGX-ST) with The HSBC Bank USA, National Association, acting as the Trustee. BLT Finance BV (BLTFBV) retains the option to buy back these notes payable at prices determined by defined conditions and stipulations.

Pada bulan December 2009 Standard & Poor’s dan Fitch Ratings Ltd memberikan peringkat masing – masing B (negative outlook) dan B (RWN) untuk wesel bayar ini.

On January 2008, Standard & Poor’s and Fitch Ratings Ltd rated the notes with idB+(stable outlook) assessment.



PENERBITAN OBLIGASI KONVERSI

ISSUANCE OF CONVERTIBLE BONDS

Setelah mempelajari kondisi internal dan eksternal Perseroan khususnya dalam hal pembiayaan untuk pengembangan armada kapal, pada tanggal 14 Desember 2005, Perseroan melalui anak perusahaan BLT Finance Corporation yang seluruh sahamnya dimiliki oleh Perseroan, berhasil menerbitkan Obligasi Konversi dalam mata uang dollar Amerika Serikat senilai USD 50.000.000 Obligasi Konversi ini diterbitkan dengan harga nominal 100%, dengan tingkat suku bunga tetap sebesar 1,25% per tahun. Obligasi Konversi ini berjangka waktu 5 tahun dengan nilai obligasi pada saat jatuh tempo sebesar 130,44%.

After reflecting on the internal and external conditions of the Company, especially with regard to the plan to further develop the fleet of vessels, on 14 December 2005, the Company successfully issued a USD 50 million convertible bond through its wholly-owned subsidiary BLT Finance Corporation. This convertible bond was issued at the nominal cost of 100 per cent, with a fixed interest rate of 1,25 per cent per year. This five-year maturity period Convertible Bond shall have a bond value at the due date amounted to 130,44 per cent.

Obligasi Konversi ini, atas pilihan pemegang Obligasi Konversi, dapat dikonversikan dengan saham-saham Perseroan hasil Pembelian Kembali pada harga konversi sebesar Rp. 1.250. Jumlah saham yang akan diterima pada saat konversi, akan ditentukan dengan membagi jumlah pokok Obligasi Konversi dengan yang akan dikonversikan (setelah disetarakan ke dalam mata uang Rupiah pada kurs yang sudah ditetapkan yaitu Rp. 10.078 per USD) dengan Harga Konversi.

This Convertible Bond can be converted into common shares of the Company, if desired by the holder, at a conversion rate of Rp.1,250. The number of shares to be received at the time of conversion shall be determined by dividing the nominal value of the Convertible Bond to be converted (using a fixed exchange rate of Rp.10.078 per USD), by the conversion rate.

Setelah jangka waktu 3 tahun sejak Obligasi Konversi diterbitkan, BLT Finance Corporation memiliki hak opsi untuk membeli kembali (“Call option”) Obligasi Konversi seluruhnya sesuai dengan syarat-syarat dan ketentuan yang berlaku. Selain itu, setelah jangka waktu 2 tahun sejak obligasi diterbitkan, pemegang Obligasi Konversi memiliki hak opsi untuk menjual Obligasi Konversi kepada BLT Finance Corporaton (“Put Option”) sesuai dengan syarat-syarat dan ketentuan yang berlaku.

The BLT Finance Corporation retains the option to buy back (‘Call Option’) the Convertible Bond after three years in accordance with predetermined terms and conditions. In addition, the bond holder retains the option to sell (‘Put Option’) the convertible bond to BLT Finance Corporation two years after the convertible bonds were issued in accordance with predetermined terms and conditions.

Obligasi konversi ini telah dikonversikan seluruhnya sampai dengan bulan Mei 2007.

This Convertible Bonds were fully converted in May 2007.

Pada tanggal 17 Mei 2007, Perseroan melalui anak perusahaannya BLT Finance B.V. yang seluruh sahamnya dimiliki oleh Perseroan, berhasil menerbitkan Obligasi Konversi dalam mata uang dollar Amerika Serikat senilai USD 125.000.000 Obligasi Konversi ini diterbitkan dengan harga nominal 100%, tanpa bunga, dengan jangka waktu selama 5 tahun yang akan jatuh tempo pada tanggal 17 Mei 2012 dengan nilai obligasi pada saat jatuh tempo adalah 129,58% dari harga pokok. Pada saat penerbitan wesel bayar ini telah memperoleh peringkat BB- dari Standard & Poor’s Ratings Group dan Fitch ratings Ltd. Wesel bayar ini terdaftar di Bursa Singapura (SGX-ST) dengan The Hongkong and Shanghai Banking Corporation Ltd sebagai wali amanat.

On 17 May 2007, the Company, through its subsidiary BLT Finance B.V., issued another Convertible Bond with a total value of USD 125 million. These bonds were issued with a nominal price of 100 percent, no interest, and 5-year maturity date to be due on 17 May 2012, and offered to the international investor community with bond value of 129.58% from the nominal price at maturity date. At the time of issuance, these bonds received a BB- rating from Standard and Poor’s Rating Group and Fitch Ratings Limited. The bonds were listed on the Singapore Stock Exchange (SGX-ST) with The HSBC Bank USA, National Association, acting as the Trustee.

Obligasi Konversi ini, atas pilihan pemegang Obligasi Konversi, dapat dikonversikan dengan saham-saham Perseroan hasil Pembelian Kembali pada harga konversi awal sebesar SGD 0,4965 per saham. Jumlah saham yang akan diterima pada saat konversi, akan ditentukan berdasarkan saham yang tercatat pada SGX-ST, dengan membagi jumlah pokok Obligasi Konversi dengan yang akan dikonversikan (setelah disetarakan menggunakan kurs tetap SGD 1,5143 per USD 1 atau Rp 8.894 per USD 1) dengan Harga Konversi pada saat konversi.

If opted by the bond holder, This Convertible Bond can be converted to the Company shares through a Share Buy Back program with an initial conversion rate of SGD 0,4965 per share. The amount of shares to be received by the bond holder at the time of the conversion are to be determined the shares listed at SGX-ST at that time, by dividing the nominal value of the Convertible Bond to be converted (using the fixed exchange rate of SGD 1,5143 per USD 1 or Rp 8.894,- per USD 1) by the conversion rate.

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Setelah jangka waktu 2 tahun sejak Obligasi Konversi diterbitkan, BLT Finance B.V. memiliki hak opsi untuk membeli kembali (“Call Option”) Obligasi Konversi seluruhnya sesuai dengan syaratsyarat dan ketentuan yang berlaku. Selain itu, setelah jangka waktu 3 tahun sejak obligasi diterbitkan, pemegang Obligasi Konversi memiliki hak opsi untuk menjual Obligasi Konversi kepada BLT Finance Corporaton (“Put Option”) sesuai dengan syarat-syarat dan ketentuan yang berlaku.

After two years after the issuance, the BLT Finance Corporation retains the option to buy back (‘Call Option’) the overall Convertible Bond based on predetermined terms and conditions. In addition, after 3 years of the issuance date, the bond holder also retains the option to sell (‘Put Option’) the convertible bond to BLT Finance Corporation based on predetermined terms and conditions.

Pada tahun 2009, Perseroan juga melakukan Penawaran Umum Terbatas dengan nilai sebesar USD 57 juta, dan menjadi perusahaan Indonesia pertama yang melakukan Penawaran Umum Terbatas di dua pasar modal yang berbeda (Bursa Efek Indonesia dan Singapura). Dengan fleksibilitas untuk meraih dana dari berbagai sumber yang berbeda, Perseroan memiliki lebih banyak pilihan pembiayaan dengan harapan untuk mendapatkan sumber dana yang lebih murah dan memiliki akses untuk pembiayaan yang lebih fleksibel di pasar. Sebagai pemain di industri yang meiliki karakteristik padat modal, kemampuan untuk mencari dana yang murah dan fleksibel adalah faktor yang sangat penting dalam memenangkan kompetisi.

In 2009, the Company also conducted a rights issue amounting to approximately of USD57million, the first Indonesian company to conduct its rights issue exercise in two different markets (Indonesia and Singapore stock exchanges). With the flexibility of being able to garner funds from different sources, the company can have more choices in its financing options with the hope of being able to source cheaper funds and to tap more flexible funding in the market. Being in a capital intensive industry, ability to source cheaper and flexible funds is an important factor in the competition in the market.

Pertanggungjawaban Penggunaan Dana Hasil Penawaran Umum

Accountability on the Use of Proceeds from Public Offering

Sepanjang tahun 2009, Perseroan telah melakukan 2 kali Penawaran Umum, yaitu Penawaran Umum atas Obligasi Berlian Laju Tanker IV Tahun 2009 dan Sukuk Ijarah Berlian Laju Tanker II Tahun 2009, serta Penawaran Umum Terbatas IV Tahun 2009. Keseluruhan dana yang dihimpun dari kedua Penawaran Umum tersebut telah Perseroan gunakan sesuai dengan rencana peruntukan dana yang Perseroan nyatakan di dalam prospektus yang terkait dengan kedua Penawaran Umum tersebut.

Throughout 2009, the Company has executed 2 Public Offerings, namely the Public Offering for Berlian Laju Tanker Bond IV year 2009 and Sukuk Ijarah Berlian Laju Tanker II year 2009, and Limited Public Offering year 2009. All the funds collected from both Public Offerings were fully utilized by the Company in accordance with the use of proceeds plan stated by the Company in the prospectus related with both Public Offerings.

Obligasi Berlian Laju Tanker IV tahun 2009 dan Sukuk Ijarah Berlian Laju Tanker II tahun 2009

Berlian Laju Tanker Bond IV year 2009 and Sukuk Berlian Laju Tanker II year 2009

Dalam prospektus Obligasi Berlian Laju Tanker IV tahun 2009, rencana penggunaan dana bersih hasil penawaran umum obligasi tersebut (dikurangi oleh biaya2 terkait penawaran umum obligasi) telah diungkapkan sebagai berikut:

The Company has disclosed in the Berlian Laju Tanker Bond IV prospectus the utilization plan for the use of net proceeds as a result of the Public Offering on this particular bonds (after deducted with expenses related to the Public Offering) as follows:

• Sekitar 48% atau lebih kurang Rp 192 miliar akan digunakan untuk pembelian kapal

• Approximately 48% or around Rp 192 billion will be used for vessels purchasing

• Sekitar 10% atau lebih kurang Rp 40 miliar akan digunakan untuk modal kerja

• Approximately 10% or around Rp 40 billion will be used for working capital

• Sekitar 42% atau lebih kurang sebesar Rp 168 miliar digunakan untuk pendanaan kembali sehubungan dengan penerapan UU No 17 tahun 2008 tentang pelayaran

• Approximately 42% or around Rp 168 billion will be used for refinancing in relation with the implementation of Law No.17 year 2008 on shipping.

Dari rencana penggunaan dana tersebut, realisasi yang telah dilaporkan kepada Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam & LK) adalah sebagai berikut:


The Company has reported the utilization of the realized net proceeds to Indonesia Capital Market and Financial Institution Supervisory Board (Bapepam & LK) as follows:


• Untuk periode pelaporan 30 September 2009, Perseroan telah melaporkan bahwa sebesar Rp 206,92 miliar telah digunakan oleh perseroan dengan perincian sebagai berikut:

• For the reporting period of 30 September 2009, the Company has reported that a total amount of Rp 206.92 billion was utilized with details as follow:

• Rp 166,93 miliar adalah untuk pendanaan kembali sesuai UU No 17 tahun 2008.

• Rp 166.93 billion was utilized for refinancing in accordance with Law No.17 year 2008 on shipping.

• Rp 40 miliar telah digunakan untuk modal kerja.

• Rp 40 billion was utilized for working capital

• Oleh karena itu, pada periode pelaporan tersebut, masih tersisa dana bersih dari penerbitan obligasi tersebut sebesar Rp 190,92 miliar.

• Therefore, in this reporting period there was still unutilized net proceeds with a total amount of Rp 190.92 billion

• Untuk Periode pelaporan 31 Desember 2009, realisasi penggunaan dana obligasi tersebut adalah sebagai berikut:

• For the reporting period of 31 December 2009, the Company has reported the utilization of net proceeds with details as follow:

• Rp 168 miliar untuk pendanaan kembali sesuai UU No 17 tahun 2008

• Rp 168 billion was utilized for refinancing in accordance with Law No.17 year 2008 on shipping.

• Rp 40 miliar untuk modal kerja


• Rp 189,84 miliar untuk pembelian kapal

• Rp 189.84 billion was utilized for vessels purchasing

• Dengan demikian seluruh dana hasil penawaran umum obligasi tersebut telah digunakan seluruhnya sesuai dengan rencana penggunaan dana yang diungkapkan dalam prospektus

• Therefore, all the net proceeds derived from the Public Offering of the bonds was fully utilized as disclosed in the utilization plan for the use of net proceeds stated in the related prospectus.

• Sesuai peraturan Bapepam & LK nomor X.K.4, karena seluruh dana hasil penawaran umum telah habis digunakan, maka Perseroan tidak melakukan pelaporan lagi atas penggunaan dana tersebut.

• In accordance with Bapepam & LK regulation number X.K.4, because the net proceeds derived from the Public Offering was fully utilized, the Company is no longer obligated to report upon this particular use of net proceeds.

Dalam prospektus Sukuk Ijarah Berlian Laju Tanker II tahun 2009, rencana penggunaan dana bersih hasil penawaran umum obligasi tersebut (dikurangi oleh biaya2 terkait penawaran umum sukuk ijarah) telah diungkapkan sebagai berikut:

The Company has disclosed in the Sukuk Ijarah Berlian Laju Tanker II prospectus the utilization plan for the use of net proceeds as a result of the Public Offering on this particular bonds (after deducted with expenses related to the Public Offering) as follows:

• Sekitar 48% atau lebih kurang Rp 48 miliar akan digunakan untuk pembelian kapal

• Approximately 48% or around Rp 48 billion will be used for vessels purchasing

• Sekitar 10% atau lebih kurang Rp 10 miliar akan digunakan untuk modal kerja

• Approximately 10% or around Rp 10 billion will be used for working capital

• Sekitar 42% atau lebih kurang sebesar Rp 42 miliar digunakan untuk pendanaan kembali sehubungan dengan penerapan UU No 17 tahun 2008 tentang pelayaran

• Approximately 42% or around Rp 42 billion will be used for refinancing in relation with the implementation of Law No.17 year 2008 on shipping.

Dari rencana penggunaan dana tersebut, realisasi yang telah dilaporkan kepada Bapepam & LK adalah sebagai berikut:

The Company has reported the utilization of the realized net proceeds to Bapepam & LK as follows:

93


94

• Untuk periode pelaporan 30 September 2009, Perseroan telah melaporkan bahwa sebesar Rp 99,46 miliar telah digunakan oleh Perseroan dengan perincian sebagai berikut:

• For the reporting period of 30 September 2009, the Company has reported that a total amount of Rp 99.46 billion was utilized with details as follow:

• Rp 43,07 miliar adalah untuk pendanaan kembali sesuai UU No 17 tahun 2008


• Rp 10 miliar telah digunakan untuk modal kerja


• Oleh karena itu, masih tersisa dana bersih dari penerbitan sukuk ijarah tersebut sebesar Rp 46,38 miliar

• Therefore, in this reporting period there was still unutilized net proceeds with a total amount of Rp 46.38 billion

• Untuk Periode pelaporan 31 Desember 2009, realisasi penggunaan dana sukuk ijarah tersebut adalah sbb:

• For the reporting period of 31 December 2009, the Company has reported the utilization of net proceeds with details as follow:

• Rp 43,07 miliar untuk pendanaan kembali sesuai UU No 17 tahun 2008


• Rp 10 miliar untuk modal kerja


• Rp 46,38 miliar untuk pembelian kapal

• Rp 46.38 billion was utilized for vessels purchasing

• Dengan demikian seluruh dana hasil penawaran umum obligasi tersebut telah digunakan seluruhnya sesuai dengan rencana penggunaan dana yang diungkapkan dalam prospektus

• Therefore, all the net proceeds derived from the Public Offering of the bonds was fully utilized as disclosed in the utilization plan for the use of net proceeds stated in the related prospectus.

• Sesuai peraturan Bapepam nomor X.K.4, karena seluruh dana hasil penawaran umum telah habis digunakan, maka Perseroan tidak melakukan pelaporan lagi atas penggunaan dana tersebut.

• In accordance with Bapepam & LK regulation number X.K.4, because the net proceeds derived from the Public Offering was fully utilized, the Company is no longer obligated to report upon this particular use of net proceeds.

Penawaran Umum Terbatas IV tahun 2009

Limited Public Offering year 2009

Dalam Penawaran Umum Terbatas IV tahun 2009, rencana penggunaan dana bersih hasil penawaran umum terbatas tersebut (dikurangi oleh biaya2 terkait penawaran umum obligasi) adalah seluruhnya untuk modal kerja Perseroan

In the Limited Public Offering eyar 2009, the utilization plan for the use of net proceeds from this particular Public Offering (after deducted with expenses related with the Public Offering) was entirely for working capital.

Dari rencana penggunaan dana tersebut, realisasi yang telah dilaporkan kepada Bapepam adalah sbb:

The Company has reported the utilization of the realized net proceeds to Bapepam & LK as follows:

• Untuk periode pelaporan 30 September 2009, Perseroan telah melaporkan bahwa sebesar Rp 341,62 miliar telah habis digunakan untuk modal kerja Perseroan. Sisa dana hasil penawaran umum yang tersisa adalah sebesar Rp 243,43 miliar.

• For the reporting period of 30 September 2009, the Company has reported that a total amount of USD 341.62 billion was utilized for the Company’s working capital. The unutilized net proceeds total amount was Rp 243.43 billion

• Untuk periode pelaporan 31 Desember 2009, Perseroan telah melaporkan bahwa seluruh dana hasil penawaran umum tersebut telah digunakan seluruhnya untuk modal kerja Perseroan.

• For the reporting period of 30 September 2009, the Company has reported that all the net proceeds derived from the Public Offering was fully utilized for the Company’s working capital.



PEMERINGKATAN EFEK

FINANCIAL RATINGS

Hasil pemeringkatan diperoleh Perseroan sejak tahun 2000 yang dilakukan oleh PT Pemeringkat Efek Indonesia atau Pefindo. Hasil pemeringkatan selama ini terus meningkat dari tahun ke tahun yang mencerminkan semakin baiknya posisi keuangan dan kekuatan keuangan perseroan serta kemampuan dalam mengendalikan resiko secara efektif.

Since 2000, the Company has received financial ratings from PT Pemeringkat Efek Indonesia, or Pefindo, with good outlook. These ratings have improved steadily, reflecting the steady improvement in the financial position and the financial strength of the Company and its ability to manage risk effectively.

May 2000

id A - / Stable Outlook

October 2001

N/A

May 2002

id A - / Stable Outlook

April 2003

id A - / Positive Outlook

June 2004

id A / Stable Outlook

May 2005


July 2006

id A + / Stable Outlook

May 2007

id AA - / Stable Outlook

April 2008

id A + / Stable Outlook

November 2008

id A + / Negative Outlook

April 2009


By Pefindo By Fitch Ratings

June 2007

Long term - Foreign Currency

January 2008

July 2008

October 2008

October 2009

BB - / Stable Outlook B+ / Stable Outlook

B+ / Stable Outlook

B+ / Stable Outlook

B / Rating Watch Negative

Long term - Local Currency


B+ / Stable Outlook

B+ / Stable Outlook

B / Rating Watch Negative

Senior Unsecured Loans


B / Stable Outlook

B / Stable Outlook

CCC / Rating Watch Negative

By Fitch Ratings May 2007

BB - / Stable Outlook

January 2008

B + / Stable Outlook

March 2008

B / Negative Watch

November 2008

B / Negative Outlook

December 2009

B / Negative Outlook

By Standard & Poor’s Terjadinya penurunan peringkat yang diberikan oleh perusahaan pemeringkat pada Perseroan pada tahun 2009 sebagian besar disebabkan oleh faktor perekonomian dunia yang secara keseluruhan masih berada pada situasi krisis yang dimulai pada akhir tahun 2008 dan memuncak pada tahun 2009 dan juga oleh adanya persepsi umum industri perkapalan yang secara keseluruhan kurang mendukung terutama akibat penurunan kinerja industri perkapalan segmen angkutan curah kering dan angkutan container. Sejalan dengan membaiknya perekonomian global memasuki tahun 2010 ditunjang dengan naiknya tarif tambang perkapalan, maka Perseroan berharap bahwa pemeringkatan yang diberikan pada Perseroan dapat menjadi lebih baik ditahun 2010.

The downgrade in rating published by rating agencies toward the Company in 2009 was mainly caused by global economic factor engulfed under serious crisis started in the end of 2008 and culminated in 2009, and the general perception that the shipping industry as a whole was less supportive especially due to the decrease of performance in the dry bulk segment and container segment. In line with the improvement of global economy in the beginning of 2010 and supported with the increase of freight rate, the Company expects improvement in the rating for 2010.

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96


SUSUNAN KEPEMILIKAN SAHAM PERSEROAN

STATISTICS OF SHAREHOLDINGS

Per tanggal 31 December 2009, Perseroan telah menerbitkan 5.981.591.235 saham (termasuk sejumlah 412.351.000 lembar saham yang diperoleh kembali). Tabel berikut menjelaskan kepemilikan saham oleh Direksi, Komisaris Perseroan, para Pemegang Saham Utama dan sebagainya sampai dengan tanggal 31 Desember 2009. “Pemegang Saham Utama” adalah pihak yang secara langsung maupun tidak langsung, memiliki lima persen atau lebih saham Perseroan. Kepemilikan demikian, termasuk saham dimana satu pihak secara sendiri atau bersama-sama, memberikan hak suara ataupun hak melakukan keputusan investasi.

As of 31 December 2009, the Company has 5,981,591,235 issued shares (including 412,351,000 shares held in treasury). The following table sets forth the shareholdings of the Company’s Directors, Commissioners, Substantial Shareholders and others as at 31 December 2009. A “Substantial Shareholder” is one who, directly or indirectly, beneficially owns five per cent. or more of the Company’s shares. Beneficial ownership generally includes any shares over which a person exercises sole or shared voting or investment power.

Susunan Kepemilikan Saham Perseroan sampai dengan tanggal 31 Desember 2009

Share ownership as of 31 December 2009

Name of Shareholders

Number of Shares Held

Percentage of Total Outstanding Shares

Directors Widihardja Tanudjaja

2,620,800

0.04%

62,400

0.00%

Siana Anggraeni Surya Other Shareholders

PT Tunggaladhi Baskara

3,263,633,018

54.56%

Meadowstream Limited

184,000,000

3.01%

2,121,607,217

34.61%

412,351,000

8.99%

5,981,591,235

100.00%

Public Shareholders Treasury Stock Total

Catatan : 1. Meadowstream Limited merupakan anak perusahaan atau cabang usaha dari PT . Tunggaladhi Baskara. 2. Sampai dengan tanggal 31 Desember 2009, Widihardja Tanudjaja (Presiden Direktur) dan Siana Anggraeni Surya (Direktur) memiliki 2.620.800 serta 62.400 bagian saham perusahaan, melalui kepemilikan saham langsung atau tidak langsung. Tidak ada kepemilikan saham langsung atau tidak langsung milik perusahaan yang dipegang oleh direktur lainnya.

Notes : 1. Meadowstream Limited is wholly owned subsidiary of PT Tunggaladhi Baskara 2. As of 31 December 2009, Widihardja Tanudjaja (President Director) and Siana Anggraeni Surya ( Director) held 2,620,800 and 62,400 shared of the company respectively, either through direct or deemed interest of the company’s share. No direct shareholding or deemed interest of the Company’s shares held by other Director.

Nilai Kapitalisasi Pasar Saham Perseroan berdasarkan harga IDX dan SG X sampai dengan tanggal 31 Desember 2009

Total Capitalisation by IDX price and SGX price as of 31 December 2009

Number of Shares IDX Price (Rp) SGX Price (Sing $)

5,981,591,235

Capitalisation

650

3,888,034,302,750

0.100

598,159,123.50

Sampai dengan tanggal 31 Maret 2010, Perseroan memiliki modal dasar sebesar 14.676.480.000 lembar saham biasa yang bernilai nominal Rp.62,50 per lembar. Modal yang ditempatkan dan disetorkan Perseroan adalah senilai dengan 5.981.591.235 lembar saham biasa. Semua saham yang telah diterbitkan memiliki klasifikasi yang sama, yaitu saham biasa, dengan hak suara yang sama pula.

As at 31 March 2010, the Company has an authorized capital stock of 14,676,480,000 ordinary shares with par value of Rp 62.50 per share. The issued and fully paid-up capital stock was 5,981,591,235 ordinary shares. All of the issued shares have similar class which is ordinary shares with equal voting rights.

Tabel di bawah adalah statistik kepemilikan saham yang dikeluarkan oleh Perseroan sampai dengan tanggal 31 Maret 2010.

The tables set forth below are the statistic of shareholding of the issued shares of the Company as at 31 March 2010.



Daftar Distribusi Saham Size of Shareholdings

Distribution Schedule of the Shares No. of Shareholders

%

Number of Shares

195

1.91%

5,367,905,511

89.74%

10,001 – 1,000,000

6,534

64.09%

596,869,655

9.98%

1,000 – 10,000

3,056

29.98%

16,679,416

0.28%

410

4.02%

136,653

0.00%

10,195

100.00%

5,981,591,235

100.00%

1,000,001 and above

1 - 999 Total

Daftar Pemegang Saham Utama Langsung dan Tidak Langsung Substantial Shareholders PT Tunggaladhi Baskara Meadowstream Limited

Direct Interest 3,263,633,018 184,000,000

%

List of Substantial Shareholders and Its Deemed Interest % 54.56 3.08

Deemed Interest

%

3,447,633,018

57.64

Catatan:

Kepemilikan tidak langsung PT Tunggaladhi Baskara, termasuk didalamnya kepemilikan saham Meadowstream Limited sebagai anak perusahaan dari PT Tunggaladhi Baskara, yang dinominasikan oleh DB Nominees (S) Pte. Ltd.

Notes: The deemed interests of PT Tunggaladhi Baskara includes the shareholding interest of Meadowstream Limited as a wholly owned subsidiary of PT Tunggaladhi Baskara. The shareholding of Meadowstream Limited is held in nominee by DB Nominees (S) Pte Ltd.

Duapuluh Pemegang Saham Terbesar

Twenty Largest Shareholders

No Name

No of Shares

%

1

Tunggaladhi Baskara - 2 PT

3,263,633,018

54.56%

2

PT. BERLIAN LAJU TANKER TBK

412,351,000

6.89%

3

TECHFAITH INTERNATIONAL LIMITED

226,600,000

3.79%

4

Meadowstream Limited

184,000,000

3.08%

5

Genial Properties Limited

120,400,295

2.01%

6

JIANG PING PING

83,116,500

1.39%

7

CIMB-GK SECURITIES PTE. LTD.

75,443,250

1.26%

8

CITIBANK NEW YORK S/A DIMENSIONAL EMERGI

69,965,733

1.17%

9

Yeung Sheung Ngor (F)

57,659,000

0.96%

10

HSBC (SINGAPORE) NOMS PTE LTD

56,507,123

0.94%

11

PT PRUDENTIAL LIFE ASSURANCE-REF

33,986,000

0.57%

12

PRATAMA CAPITAL INDONESIA, PT

24,399,500

0.41%

13

SSB XBJ2 SSL C/O SSB,BOSTON SCOTTISH WID

19,432,833

0.32%

14

PHILLIP SECURITIES PTE LTD

19,270,098

0.32%

15

Widetech International Limited

18,903,500

0.32%

16

DBS NOMINEES PTE LTD

18,722,796

0.31%

17

BAMBANG SIHONO

16,756,000

0.28%

18

Kusmanto Ichsan

15,723,000

0.26%

19

Dana Pensiun Angkasa Pura I

14,699,333

0.25%

20

THE NORTHERN TRUST S/A AVFC

14,014,333

0.23%

4,745,583,312

79.34%

Total

Berdasarkan informasi yang dimiliki Perseroan sampai dengan tanggal 31 Maret 2010, kurang lebih 34,66% saham yang dikeluarkan oleh Perseroan dimiliki oleh publik. Dengan demikian, Peraturan 723 sebagaimana tercantum di Peraturan Pencatatan Singapore Exchange Securities Trading Limited telah dipenuhi.

Based on information available to the Company as at 31 March 2009, approximately 34.61% of the issued ordinary shares of the Company is held by the public and therefore, Rule 723 of the Listing Manual of Singapore Exchange Securities Trading Limited is complied with.

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PENGEMBANGAN SUMBER DAYA MANUSIA

HUMAN RESOURCES DEVELOPMENT

Perseroan, sebagai perusahaan penyedia jasa angkutan laut khusus muatan cair terkemuka di kawasan dunia, berusaha untuk senantiasa berkembang dan meningkatkan pangsa pasarnya. Untuk mewujudkan tujuan tersebut, Perseroan memperkuat dan memperluas keunggulan bersaing untuk jangka panjang, yaitu melalui pengembangan sumber daya manusia. Perseroan percaya bahwa sumber daya manusia adalah aset strategis yang dapat memberikan keunggulan bersaing dalam menghasilkan kinerja maksimal.

As a leading provider of maritime transshipment services specialized in liquid cargoes across the globe, it is a challenge for the Company to always develop and expand its market share. To achive this goal, the Company strengthens and develops its long run competitive advantage through the development of human resources competencies. The Company is committed to the belief that human resources are a strategic asset that provides the Company with the competitive excellence needed to achieve maximum performance.

Menghadapi perubahan di lingkungan bisnis dan ketatnya persaingan pasar global, Perseroan mempersiapkan sumber daya manusia melalui peningkatan kapabilitas dan komitmen karyawan. Sebagai inisiatif strategis, peningkatan tersebut dilakukan melalui pengembangan terhadap hard dan soft kompetensi karyawan untuk menghasilkan sumber daya manusia dengan kompetensi unggul dan memiliki komitmen tinggi. Khusus untuk awak kapal program pengembangan yang dilakukan telah mengacu pada Standard For Training, Certification & Watchkeeping for Seafarer 1978 as Amended 1995 (STCW 95) yang ditentukan oleh International Maritime Organization (IMO).

In an ever changing and increasingly competitive global market, the Company strives to develop its human resources by improving the capabilities and strengthening commitment among its employees. As a strategic initiative, improvements are made in terms of hard and soft competencies in order to ensure the highest possible degree of competence and commitment. Particularly, to improve the vessel crew’s competence and commitment, the Company refers its training standards to the ones established by the International Maritime Organization (IMO) such as the Standard For Training, Certification & Watchkeeping for Seafarer 1978 as Amended 1995 (STCW 95).

Perseroan menyadari sepenuhnya bahwa organisasi yang kompeten sepenuhnya didukung oleh karyawan yang memiliki kompetensi. Oleh karena itu, Perseroan dengan segala upaya mempersiapkan karyawan yang berkualitas dan berdedikasi tinggi sesuai dengan standar yang ditetapkan, baik dari segi pengetahuan, keterampilan, dan sikap. Upaya ini tidak hanya dilakukan untuk membentuk, dan mengembangkan karyawan yang sudah ada, tetapi sudah dimulai sejak rekrutmen karyawan baru yang dilakukan secara selektif.

The Company is fully aware that developing a competent organization is only possible when supported by competent staff, the Company makes every possible effort to implement the highest possible training standards to ensure dedication and competence of its staff in terms of knowledge, skills and attitudes. This strategy is not merely applicable to the ongoing training and development of existing employees, but starting with a selective recruitment process for new generations of qualified employees.

Perseroan menyadari sumber daya manusia merupakan aset yang berharga dalam mengoperasikan bisnis serta memberikan keunggulan bersaing bagi Perseroan. Dalam rangka meningkatkan kinerja Perseroan secara maksimal untuk jangka panjang. Manajemen Perseroan secara konsisten menempatkan pengembangan sumber daya manusia sebagai salah satu fokus utama dan menjadikannya komitmen bersama untuk terus meningkatkan kompetensi Sumber Daya Manusia Perseroan.

The Company is also aware that human resources are a vital asset in the operation of the business to ensure the Company’s competitive excellence. In order to ensure the ongoing growth and development of the Company in the long term, the Company consistently strives to develop the human resources by improving competencies of the Company’s staff and employees.

Per 31 Desember 2009,Perseroan memiliki jumlah pegawai tetap sebanyak 433 orang dan pegawai kontrak sebanyak 1837 orang. Tabel berikut ini menunjukan komposisi dari pegawai Perseroan berdasarkan aktivitas dan lokasi:

As of 31 December 2009, the Company had 433 permanent employees and 1837 contract workers. The following table shows the composition of the Company’s employee:

Jumlah Karyawan Berdasarkan Aktivitas

Employees by Activity

Pemasaran / Operasi

184

Marketing / Operation

Manajemen Kapal

97

Ship Management

Administrasi / IT

93

Administration / IT

Keuangan

25

Finance

Sumber Daya Manusia

25

Human Resource

Hukum / Pengembangan Bisnis

9

Legal / Business Development

Jumlah


Total

Jumlah Karyawan Berdasarkan Daerah Geografis

Employees by Geographic Region

Indonesia

295

Indonesia

Singapura

45

Singapore

Hong Kong

23

Hong Kong

Inggris

11

United Kingdom

China

22

China

Uni Emirat Arab

3

United Arab Emirates

India

5

India

Amerika

29

America


MANAJEMEN SERTA PELATIHAN AWAK KAPAL

CREW MANAGEMENT & CREW TRAINING

Para awak kapal yang bekerja di laut mengendalikan kapalkapal Perseroan adalah satu dari sumber daya terpenting yang dimiliki perusahaan. Tanpa pelaut-pelaut handal tersebut, maka manajemen teknis yang efisien akan sulit dilakukan, dan hanya menambah beban kerja bagi para staf yang berada di darat. Para awak kapal yang dipekerjakan telah disaring melalui uji seleksi serta prosedur pelatihan yang ketat, sehingga menghasilkan sejumlah perwira dan awak kapal yang siap ditugaskan, berkompetensi dan memiliki standar kemampuan sesuai aturan maritim internasional serta berpengalaman mengendalikan semua segmen operasi kapal tanker yang ditangani Perseroan, yakni di sektor kimia, minyak dan gas.

The seagoing staff that man our vessels are one of our most important resources and valuable assets of the company. Without quality seafarers onboard our vessels, efficient technical management is difficult and will put more burden and work load to our shore staff. We do the employing of crews through our rigorous selection and training procedures thereby producing a large pool of competent and high standard officers and crews with hands on experience on all tanker segments that we are involved in i.e. chemical, oil and gas sectors.

Dalam kelompok terpilih ini, aktivitas rekrutmen, pelatihan serta upaya mempertahankan standar kecakapan pelaut setinggi mungkin terus dilakukan oleh satu perusahaan mandiri, PT Karya Bakti Adil (PT KBA), sebagai yang bertanggungjawab atas penempatan staf di atas kapal-kapal armada Perseroan. Perusahaan ini juga kadang-kadang melayani kebutuhan penempatan tenaga kerja terlatih di kapal pihak ketiga, sebagai agen tenaga kerja berlisensi.

Within our group, the activity of recruiting, training and retaining the high standard seafarers are carried out through a separate group entity PT Karya Bakti Adil (PT KBA). PT KBA is an independent entity and responsible for manning the Company’s management fleet. They also at times supply seafarers to third parties as a licensed manning agent.

Melalui PT KBA, Perseroan mendapatkan para pelaut dari Indonesia, dan meskipun potensi mendapatkan pelaut berkualitas dari Indonesia cukup besar, beberapa tahun terakhir Perseroan juga merekrut pelaut dari negaranegara asia lain, yaitu yang berkewarganegaraan China, Myanmar/Burma, India, Pakistan serta dari wilayah lainnya, dan kesemuanya dapat terpadu membentuk suatu unit manajemen pengendalian kapal yang efisien dan merekat. Perseroan memiliki jaringan rekrutmen melalui lembaga pendidikan dan pelatihan maritim di Asia, termasuk akademi dan universitas, guna memastikan secara terus menerus tersedianya sejumlah tenaga pelaut yang memiliki kualifikasi yang diminta, pada saat dibutuhkan dalam operasi. Sebagai tambahan, Perseroan juga telah membuka program magang kadet untuk membina sendiri kelompok perwira laut untuk kebutuhan masa mendatang.

Through PT KBA, The Company employs seafarers from Indonesia and while Indonesia is still a potential country for seagoing staff sourcing with its large pool of talents supply, recently we have included the employment of seafarers from other seafaring nations ranging from Chinese, Myanmar/Burma, India, Pakistan and other Asian nationalities all of which blend to form a cohesive and efficient shipboard management unit. We have scouting networks across Asian maritime educational institutions including academies and universities ensuring smooth flow of qualified people coming into the system. In addition, we have also established cadetship program for grooming future pool of offshore staff.

Saat ini, Perseroan mempekerjakan kurang-lebih 1.800 orang Awak kapal dan melatih lebih dari 200 kadet per tahun, yang berasal dari berbagai universitas dan akademi maritim berbagai Negara (kebanyakan berkewarganegaraan Indonesia, China, Burma, India, UK, dll) sebagai bagian dari tanggungjawab sosial korporat sekaligus menjamin ketersediaan generasi baru pelaut – pelaut yang handal.

Right now, we employ around 1.800 crews and train more than 200 cadets per year from many maritime universities and academies in many different countries (mostly Indonesian, Chinese, Burmese, Indian, UK, etc) as part of our corporate social responsibility as well as for the regeneration of our present seafarers.

Program manajemen awak kapal Perseroan cukup beragam dan menerapkan standar tertinggi dalam praktekpraktek sumber daya manusia. Beberapa dari layanan pengembangan sumber daya manusia yang disediakan dalam program tersebut adalah:

Our crew management programs are wide ranging and have applied the highest standards of human resources management. Some of the services it provides include the following services:

• Rekrutmen awak kapal serta prosedur bagi awak kapal yang baru akan bergabung, serta pengembalian awak kapal ke negara asal

• crew recruitment and procedures for joining ship and repatriating crew

• Implementasi, pengawasan, dan kelanjutan dari kebijakan anti narkoba/minuman keras

• implementation and follow up of drug and alcohol policies

• Asuransi P&I bagi awak kapal termasuk menangani klaim – klaim yang berhubungan dengannya

• crew P&I insurance as well as handling of respective claims

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100


• Kualifikasi dan sertifikasi yang tepat bagi para awak kapal

• proper qualification and certification of crew

• Program pelatihan dan pengembangan awak kapal agar mereka mampu mengoperasikan armada Perseroan yang modern dan pemahaman yang lengkap dan mendalam terhadap regulasi – regulasi pelayaran internasional

• training and development

• Program kesejahteraan pelaut serta keluarga pelaut

• seafarers welfare programs

Perseroan saat ini menjalankan sejumlah program pelatihan bagi awak kapal, demi memastikan ketersediaan para perwira muda yang berdedikasi serta setia di masa mendatang. Pandangan ke arah masa depan inilah yang akan memastikan komitmen total Perseroan kepada para pelanggan dan prinsipal dalam memperoleh tenaga-tenaga pelaut yang siap / sigap dan mampu bekerja. Selain itu, tingginya permintaan bagi awak kapal yang berkualitas dan berjiwa melayani, serta fokus para pelanggan terus meningkat. Di sisi lain, Perseroan juga menekankan pada faktor keselamatan dalam operasional kapal dan untuk memenuhi standar keselamatan yang semakin tinggi maka Perseroan selalu berupaya untuk meningkatkan standar kualitas awak kapalnya. Budaya komitmen pada kualitas dan keselamatan tersebut ditanamkan kepada para awak kapal lewat berbagai program pelatihan berkualitas yang secara metodik dan intensif memperkenalkan, memperbaharui serta menambah pengetahuan serta ketrampilan mereka, dalam bentuk:

The Company operates a number of crew training schemes, thereby securing loyal dedicated young officers for the future. It is exactly this long term view which assures our principals of our total commitment in obtaining reliable and industrious crews. In addition, with higher demand for quality and service oriented crews and with the everincreasing focus on quality and safety by our customers, we continue to strive to improve our crewing standards. Commitment to quality and safety is reflected in the quality training and development programs that methodically and intensively reinforced towards the company’s commitment to excellence:

1. Kursus kepemimpinan serta manajemen bagi semua perwira senior 2. Konferensi periodik bagi perwira senior 3. Pelajaran di kelas bagi para perwira dan pelatihan pengkajian kepemimpinan bagi para perwira pertama yang akan dipromosikan ke tingkat nahkoda 4. Latihan dengan bagan pompa muatan yang dimiliki sendiri 5. Program pelatihan berbasis komputer 6. Latihan dengan simulator anjungan kapal dan kamar mesin kapal berbasis komputer yang berfokus ke praktek-praktek keselamatan dan perlindungan lingkungan di kapal 7. Laboratorium bahasa Inggris bagi pelaut

1. Leadership and management course for all senior officers 2. Periodic Senior officer conference 3. Classroom lessons for officers and command assessment training for chief officers to be promoted to masters

Kebijaksanaan untuk berinvestasi secara luas pada perencanaan dan pelatihan sumber daya manusia dan juga pengembangan karir telah dianut oleh Perseroan sejak dulu, dan kini menghasilkan jajaran staf pelaut yang handal, dengan tingkat retensi sangat tinggi. Hal ini penting dalam memastikan ketersediaan para awak kapal dan perwira yang mampu dan cakap dalam mengendalikan kapal-kapal Perseroan, mengingat jumlah armada yang semakin tumbuh dari waktu ke waktu.

A high level of investment in manpower planning and training as well as career development has been put in place by the Company and this has results in a stable seagoing staff with a very high retention level. This is important to ensure continuing supply of capable and high quality crews and masters for our ships as we continue to grow our fleet.


4. in house training for cargo pump mock up 5. Computer-based training programs 6. In house computer-based Full Bridge and Engine Room simulators focusing on safety and environmental – protection practices 7. English language laboratory for seamen


TANGGUNG JAWAB SOSIAL PERUSAHAAN

CORPORATE SOCIAL RESPONSIBILITY

Misi Perseroan adalah memenuhi kepentingan masyarakat banyak, sebagaimana juga kebutuhan dari para pelanggan, dengan cara menghindarkan jatuhnya korban jiwa, kecelakaan dalam operasional kapal, serta pencemaran laut. Misi tersebut mengandung arti bahwa Perseroan bertekad tidak hanya melayani keinginan para pemegang sahamnya, namun juga memenuhi kebutuhan masyarakat yang lebih luas.

The Company’s mission is to serve the public interest, as well as the needs of our customers by preventing loss of life, marine casualties, and environmental pollution. This mission means The Company is committed not only to serving the needs of stakeholders, but also to serving members of the broader community.

Sebagai warga negara yang baik, Perseroan selalu menempatkan upaya kelanjutan aktivitas kontribusi sosial dalam prioritas tinggi. Perseroan percaya bahwa relasi saling menguntungkan antara Perseroan dan para pemangku kepentingan sekitarnya penting untuk dibina. Tujuan yang ingin dicapai adalah menciptakan masyarakat yang lebih sejahtera, melalui prakarsa – prakarsa sosial. Perseroan sadar mengenai pentingnya menjaga relasi yang baik dengan semua anggota masyarakat setempat, khususnya di tempat dimana Perseroan beroperasi.

As a good corporate citizen, The Company regards continued social contribution activities as a high priority. The Company believes a mutually beneficial relationship between The Company and local stakeholder is essential. We are sparing no effort to create a more prosperous society through those initiatives. The Company is aware of the importance of maintaining good relationships with all members of the community, particularly those of communities in the areas surrounding the Company’s operations.

Agar dapat memfasilitasi terbentuknya relasi semacam itu, Perseroan bertekat untuk terlibat dalam sejumlah kegiatan yang bertujuan membawa sejumlah manfaat bagi anggota masyarakat. Perseroan berupaya membangun relasi dengan anggota masyarakat tersebut lewat berbagai cara, termasuk proyek-proyek sosial yang mendorong terciptanya pertukaran antar basis-basis operasional serta masyarakat sekitar basis,serta aktivitas lain yang membantu membentuk kemampuan kerja masyarakat setempat, dan prakarsa sosial lainnya.

In order to facilitate such relationships, the Company is committed to engaging in a number of activities intended to benefit members of the community. The Company strives to build relationships with local communities in a wide variety of ways, including projects that promote exchanges among its operational bases and their surrounding communities and activities that lend a helping hand to build human capital and other social initiatives.

Salah satu bentuk kepedulian terhadap masyarakat dan lingkungannya adalah melalui kegiatan sosial berupa donor darah yang rutin dilakukan setiap tahunnya. Tahun 2009, Perseroan telah melakukan kegiatan donor darah pada bulan Agustus. Untuk mendukung kegiatan ini, Perseroan bekerjasama dengan Palang Merah Indonesia dan mengundang lebih dari 100 pendonor untuk setiap kegiatannya. Pendonor berasal dari karyawan Perseroan maupun dari pihak eksternal yang telah rutin berpartisipasi menyumbangkan darahnya.

As one manifestation of its concern for the community and the environment around it, the Company takes part in routine blood donation programs. In August 2009 as an integral part of this program, the Company worked in cooperation with the Indonesian Red Cross, inviting more than 100 donors to participate. These donors included both members of the Company staff and those from outside the Company who have taken in blood donation programs.

Perseroan juga selalu membantu keluarga karyawan yang terkena musibah bencana. Dengan menunjukkan perhatian kepada karyawan, Perseroan membangun ikatan yang loyal antara Perseroan dengan karyawan. Dalam jangka panjang, hal ini akan memberi manfaat kepada Perseroan. Karyawan akan melihat adanya komitmen Perseroan untuk melindungi kepentingan jangka panjang mereka. Dengan begitu, mereka akan berusaha memberi kontribusi terbaik kepada Perseroan.

The Company also provided assistance to staff members and family who were themselves directly affected by natural disasters. By demonstrating its commitment to the welfare of its staff, the Company strengthened long-term bonds of loyalty with these staff. In the long term, this will provide direct benefit for the Company itself, as members of staff will become aware of the Company’s commitment to protecting their long-term interests. As a result, they will be inspired to make the best possible contribution to the Company.

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Selain kepada keluarga karyawan, Perseroan juga turut melakukan aksi nyata dalam membantu meringankan penderitaan saudara – saudara kita yang terkena bencana gempa Padang. Pada bulan Oktober 2009, Perseroan mengirimkan bantuan secara langsung ke Padang dan memonitor serta memastikan bantuan – bantuan tersebut diterima oleh mereka yang benar – benar membutuhkan.

Aside from supporting the families of its employees, we also involved in alleviate the suffering of our relatives affected by the earthquake incident in Padang. In October 2009, the Company sent aid directly to Padang and monitored the distribution to ensure the aid was received by those who truly need it.

Perseroan juga memberikan bantuan langsung kepada para putra-putri karyawan BLT yang berprestasi di bidang akademik tertentu, dalam bentuk beberapa jenis dana bantuan. Program Siswa/Siswi Berprestasi tersebut diarahkan untuk mendorong anak – anak karyawan BLT untuk melanjutkan pencapaian prestasi akademis mereka sekaligus memupuk semangat bersaing secara sehat di kalangan murid-murid sekolah tersebut. Program ini juga menyediakan penghargaan bagi mereka yang berhasil mendapatkan prestasi akademis menonjol, sekaligus memacu mereka untuk terus melanjutkan prestasi tersebut di masa depan. Untuk tahun ini, Perseroan memberikan penghargaan bagi 13 siswa berprestasi terbaik.

The Company has also provided appreciation to the children of BLT’s employees that have achieved certain academic achievement in the form of several types of funds. The High Achiever Student Programs are aimed to encourage children of BLT’S employees to continue to perform their best in their education and foster the spirit of competitiveness among the children. This is also to provide an appreciation to those who have excel academically so as to provide them more motivation to continue to perform well in the future. For this year, the Company granted appreciation to 13 high-achieving students.

Sebagai bagian dari komitmen Perseroan terhadap pengembangan pendidikan keahlian maritim di Indonesia, Perseroan juga mendukung dan mensponsori program pendidikan dan pelatihan beberapa pemuda terbaik dari negeri ini. Pada tahun 2009, program tersebut menyediakan beasiswa bagi pemuda-pemuda tersebut yang berstatus siswa di tiga lembaga akademi maritim terkemuka di Indonesia, yakni:

As part of our commitment to the future of maritime education in Indonesia, Company supports and sponsors the ongoing education and training of some of the country’s best young people. Launched in 2008, the programs funded students from three Maritime Training Institutes in Indonesia. The three Colleges are:

1. Sekolah Tinggi Ilmu Pelayaran (STIP), Jakarta 2. Politeknik Ilmu Pelayaran (PIP), Semarang 3. Politeknik Ilmu Pelayaran (PIP), Makassar

1. Merchant Marine College - Jakarta 2. Merchant Marine Polytechnic - Semarang 3. Merchant Marine Polytechnic - Makassar

Para pemuda tahun ketiga yang terpilih melalui seleksi tersebut akan diberi kesempatan untuk menjalani magang pada tahun ketiga mereka tersebut di salah satu kapal yang dioperasikan oleh BLT dan kemudian di satu tahun terakhir, mereka juga akan menghadiri Program Kelas BLT. Program Kelas BLT adalah suatu program pendidikan lanjutan yang dirancang khusus menciptakan para perwira kapal dengan jabatan deck officers atau marine engineers di tanker-tanker minyak, kimia dan gas Perseroan. Di dalam program ini, peserta diajari mengenai pengetahuan teknis tentang perkapalan dan kelautan, sejarah dan latar belakang grup

The selected 3rd year students will be spending their third year at sea in BLT’s vessels and continuing their final year back at college to attend BLT Class Program. BLT Class Program is an advance educational program which is designated to create experienced deck officers or marine engineers on the Company’s oil going tankers, chemical and gas carriers. In BLT Class Program, cadets will be taught about the technical knowledge on shipping, the history and background of BLT groups, maritime English language training and finally the standard of facilities and technicalities needed to be seafarers. BLT will provide



BLT, ketrampilan Bahasa Inggris maritim serta tidak ketingalan standar fasilitas dan pengetahuan teknis yang diperlukan untuk menjadi seorang pelaut kelas dunia. BLT menyediakan kelas beserta semua fasilitas lain yang diperlukan para peserta, termasuk simulasi anjungan kapal, ruang mesin kapal, bagan pompa muatan, dan ruang belajar berbasis komputer. Pelajaran diberikan dalam kelompok. Satu-satunya persyaratan kepesertaan adalah bahwa peserta diharuskan mampu mengaplikasikan ketrampilan dan pengetahuan yang mereka dapat dari program ini, dengan bekerja di Perseroan sampai dengan 5 tahun, setelah lulus dan mendapatkan lisensi kelas-1.

classrooms and all the facilities needed by the students including bridge simulators, engine room mock up and PC-based learning room. The lessons will be taught in groups. The only condition of these programs is that the recipients must apply the skills and knowledge that they had gained from the program in the Company up to 5 years after graduated class-1 license.

Program Kelas BLT tersebut juga berkontribusi bagi peningkatan kualitas pengajar di lembaga-lembaga pendidikan & pelatihan yang telah disebutkan diatas, dimana Perseroan bekerjasama dengan Glasgow College of Nautical Studies (GCNS). Beberapa pengajar terpilih dikirim ke GCNS, Glasgow untuk mengikuti kursus-kursus spesial yang meningkatkan pengetahuan dan ketrampilan mereka dalam bidang kelautan. Metode “melatih para pelatih” tersebut diharapkan dapat meningkatkan ketrampilan serta mutu materi pengajaran mereka, khususnya dalam nantinya mengembangkan sendiri materi dan kurikulum pengajaran sebagai bagian dari proses belajar – mengajar di lembaga masingmasing. Program ini juga akan mendorong para akademi maritim untuk bergerak kearah metodologi pengajaran yang mutakhir dan sesuai dengan perkembangan teknologi serta regulasi maritim internasional. Dengan demikian, pelatihan tersebut memiliki sasaran spesifik yaitu memperkenalkan metode pengajaran yang modern, sekaligus membantu para pengajar mengembangkan mutu belajar – mengajar di kelas mereka masing-masing.

Our BLT Class Program also contributes in improving lecturers of the Maritime Training Institutes by cooperating with Glasgow College of Nautical Studies (GCNS). Selected lecturers will be sent to GCNS, Glasgow to attend special courses to enhance their knowledge and expertise in maritime subjects. This “training for the trainers” method will improve lecturer’s skill and proficiency, especially to progress and develop their own material as part of the teaching process whilst also moving towards modern teaching methodology. Hence, the training has the specific goal of introducing modern teaching methodologies, supporting lecturers to develop their own teaching.

Penandatanganan kerjasama Perseroan dengan lembaga – lembaga pendidikan maritim tersebut menjadi peristiwa yang pertama dimana sebuah perusahaan pelayaran nasional menyediakan peluang latihan kerja langsung bagi para kadet akademi maritim Indonesia. BLT bermaksud meningkatkan program tersebut di masa depan dengan cara melibatkan lebih banyak sekolah dan akademi pelayaran setempat, sehingga BLT dapat menjadi bagian dari gerakan nasional peningkatan standar pendidikan Indonesia, yang juga sekaligus penciptaan tenaga kerja yang lebih berkualitas bagi negara ini.

By signing the join cooperation with those maritime academies, BLT has become the first national shipping company in Indonesia to provide such opportunity for Indonesian maritime cadets. BLT intends to increase such activities in the future by engaging with more maritime schools and academies so that BLT can be part of national movement of increasing educational standard of Indonesian cadets and therefore create a better human capital for the country.

Dukungan dan komitmen Perseroan kepada dunia pendidikan maritim di Indonesia akan terus berlanjut dan semakin penting perannya di saat Indonesia menerapkan prinsip Cabotage yang mengharuskan pengangkutan muatan antar pelabuhan domestik menggunakan kapal berbedera Indonesia yang dimiliki oleh perusahaan pelayaran Indonesia dan diawaki oleh pelaut Indonesia. Dengan mendukung dan berperan aktif dalam memajukan dunia pendidikan maritim Indonesia, Perseroan juga secara tidak langsung turut berkontribusi dalam mensukseskan penerapan prinsip Cabotage di Indonesia dalam hal penyediaan awak kapal yang terlatih dan kompeten.

the Company’s support and commitment towards the maritime education in Indonesia will continue going forward especially after the implementation of Cabotage law which stipulates that all cargo deliveries between domestic ports must be transported by Indonesian flagged vessels, owned by an Indonesian company, and manned by Indonesian crews. By playing an active roll and continuously giving support in leveraging the maritime education in Indonesia, the Company has indirectly contributed in the success of the Cabotage principle implementation, especially in providing well trained and competent Indonesian seamen.

Program dan aktivitas sosial yang dilakukan oleh Perseroan dirancang untuk mengembangkan relasi yang saling menguntungkan dengan para anggota masyarakat setempat. Peningkatan kesejahteraan masyarakat tersebut juga diharapkan membawa manfaat bagi Perseroan secara tidak langsung, yaitu meningkatnya permintaan dan kebutuhan layanan transportasi melalui laut sebagai dampak dari peningkatan kegiatan ekonomi.

The social programs and activities conducted by the Company are designed to develop mutually beneficial relationships with members of the community. With improvements to the welfare of members of the broader community, it is hoped that the Company will benefit indirectly from the increased demand for maritime transportation services created by improvements to the economy.

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Analisa dan Pembahasan Manajemen


Tinjauan Atas Pendapatan dan Beban Biaya

Overview of Revenue and Expenses

PENDAPATAN

REVENUE

Perseroan mendapatkan pendapatan dari empat kegiatan usahanya yaitu penyewaan kapal, pengoperasian kapal, jasa keagenan kapal serta penyewaan tangki penyimpanan di darat. Pendapatan utama Perseroan didapat dari penyewaan kapal dan pengoperasian kapal. Kedua kegiatan usaha pengangkutan cair ini oleh Perseroan dibagi kedalam 4 segmen yaitu segmen pengangkutan kargo kimia cair, segmen pengangkutan kargo minyak, dan segmen pengangkutan kargo gas serta segmen baru yang dimasuki oleh perseroan sejak tahun 2006 yaitu segmen FPSO.

The Company derives its revenues from four main areas of activity, namely chartering out of its own vessels; operating own vessels; agency fees; and onshore storage fees, with a large proportion of revenue coming from the first two activities. The Company’s transshipment operations is further divided into four main segments: transportation of bulk liquid chemicals; oil; gas; and a new segment that started in 2006, the FPSO services.

Tabel berikut ini menunjukkan pendapatan operasi perseroan untuk tahun 2009 menurut segmen usaha. Segment Chemical Oil Gas FPSO Others* Total

USD ‘000 475.987 85.861 44.137 10.367 1.994 618.346

*Pendapatan dari jasa keagenan dan penyimpanan


The following table shows the operating revenues for 2009 according to business segment:

% 76,9% 13,9% 7,1% 1,7% 0,4% 100,0%

Segment Kimia Minya Gas FPSO Lain - Lain* Jumlah

*Revenue from Agency and storage fee

Management’s Discussion and Analysis


Pendapatan Perseroan tahun 2009 adalah sebesar USD 616.3 juta, turun sebesar 15% apabila dibandingkan dengan tahun 2008, dimana Perseroan membukukan total pendapatan sebesar USD 723,7 juta. Penurunan pendapatan ini tidak lepas dari imbas negatif krisis ekonomi global yang mempengaruhi industri perkapalan secara keseluruhan, meskipun dampaknya pada segmen transportasi laut kargo cair masih lebih baik dibandingkan dengan segmen curah kering dan kontainer. Pada tahun 2009, armada Perseroan bertambah sebanyak 3 kapal dimana Perseroan membeli 2 kapal tanker kimia, 1 kapal tanker gas, dan menyewa 1 kapal tanker kimia. Sepanjang tahun 2009, Perseroan juga menjual 1 kapal tanker kimia. Penambahan armada yang dilakukan oleh Perseroan menambah daya angkut Perseroan menjadi sebesar 127.350 DWT, sehingga total kapasitas angkut Perseroan pada akhir tahun 2009 adalah sebanyak 91 buah kapal dengan total kapasitas angkut sebesar 2,2 juta DWT. Jumlah rata-rata kapal untuk tahun 2008 adalah sebanyak 84,5 kapal sedangkan pada tahun 2009 jumlah tersebut telah naik menjadi 91 kapal.

The Company’s total revenue for 2009 was USD 616.3 million, a decrease of around 15% compared with 2008, where in that period the Company was able to book a total revenue of USD 723.7 million. The decrease in revenue was related to the negative impact from the global economic crisis which has impacted the shipping industry in general, although the repercussion to marine transportation for liquid cargo segment was relatively less severe as compared with dry bulk and container segments. In 2009, there was addition of 3 vessels coming into the Company’s fleet, where the Company bought 2 new chemical tankers, 1 new gas tanker, and chartered 1 chemical tanker. Throughout 2009, the Company also sold 1 chemical tanker outright. The additional vessels in the Company’s fleet was done in order to increase the Company’s transportation capacity for another 127,350 DWT which resulted in the Company’s total fleet capacity by the end of 2009 at 2.2 million DWT consisted of 91 vessels. The average number of vessel in 2008 was 84.5 vessels while in 2009 that number has increased into 91 vessels.

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BIAYA

EXPENSES

Biaya utama perseroan dapat dibagi menjadi menjadi seperti berikut:

The Company’s main expenses can be described as follows:

Biaya Pelayaran

Voyage Expenses

Biaya berlayar Perseroan terdiri dari biaya bahan bakar dan biaya sandar/jasa pelabuhan (port charges).

The Company’s voyage expenses consist primarily of fuel expenses and port charges.

Biaya bahan bakar dipengaruhi oleh jumlah kapal dan ukuran armada perseroan, dan harga bahan bakar. Biaya bahan bakar termasuk biaya marine fuel oil(MFO) yang digunakan sebagai bahan bakar mesin utama (main engines) kapal, dan marine gas oil (MGO) untuk bahan bakar mesin tambahan(auxiliary engines). Dari jumlah bahan bakar yang dipakai Perseroan, sekitar dua-pertiganya adalah MFO dan sepertiganya adalah MGO.

The Company’s fuel costs are determined primarily by the size of its fleet and the cost of fuel on the open market. Fuel costs include the cost of Marine Fuel Oil (MFO), used in the main engines of the Company’s vessels, and the cost of Marine Gas Oil (MGO), used in auxiliary engines. Of the Company’s total expenditure on fuel, approximately two thirds is for the purchase of MFO, while another one third is for the purchase of MGO.

Biaya sandar terdiri dari biaya jasa pelabuhan saat kapal bersandar dan biaya pasasi (passing charges) untuk melalui terusan(canal). Biaya ini sangat dipengaruhi oleh jumlah kapal armada perseroan dan jumlah pelabuhan yang harus disinggahi. Biaya sandar sudah termasuk biaya jasa pelabuhan yang ditagih oleh pihak pelabuhan dimana kapal singgah termasuk biaya pasasi (passing charges) untuk melewati terusan (canal). Biaya sandar Perseroan ditentukan terutama oleh jumlah kapal dalam armada Perseroan dan jumlah pelabuhan yang disinggahinya. Biaya pelabuhan juga dipengaruhi oleh rata rata biaya jasa pelabuhan setiap kali singgah.

The Company’s expenditure on port charges is heavily influenced by the number of vessels in the Company’s fleet and the number of port calls made by these vessels. Port charges include harbor services fees imposed by ports visited by the Company’s vessels and including canal passing charges. The Company’s expenses for port charges depend primarily on the size of the fleet and the resultant number of port calls by the vessels. Port charges also depend on the average fee imposed for each port call.

Biaya Sewa

Charter Expenses

Biaya Sewa adalah biaya yang harus dikeluarkan oleh Perseroan untuk menyewa kapal dari pihak ketiga.

Charter expenses consist of expenses and other costs incurred by the Company for chartering vessels belonging to third parties.

Biaya Operasi Kapal

Ship Operating Expenses

Biaya operasi kapal Perseroan adalah biaya yang dikeluarkan Perseroan untuk menjalankan kapalnya. Biaya ini terdiri dari biaya untuk gaji awak kapal, biaya untuk perbaikan dan pemeliharaan kapal, baik yang bersifat rutin maupun diluar kebiasaan, termasuk untuk membeli suku cadang, biaya asuransi, biaya perlengkapan berlayar dan biaya transportasi untuk mengangkut suku cadang pada saat kapal sedang transit, uang makan untuk para awak kapal, pengurusan dokumen, dan biaya pelumas untuk mesin-mesin kapal.

The Company’s ship operating expenses are the costs related to the running of the vessels. These costs consist of salaries and wages for the crew of the vessels; the cost of repairs and maintenance, including both routine and extraordinary repairs; the purchase of spare parts; cost of insurance; the cost of supplies and the transportation of spare parts; the cost of catering and meal allowances for crew members; costs related to documentation; and lubricants for the engines.

Besarnya biaya dari masing - masing segmen bisnis Perseroan terhadap biaya operasi kapal ini dipengaruhi oleh beberapa faktor, yang terutama adalah oleh ukuran dan usia kapal itu sendiri, selain itu juga bergantung pada biaya pokok yang terkait dengan jenis kapal yang berbeda antara tanker kimia, tanker minyak dan tanker gas serta tanker FPSO.

The relative expenditure on each of the Company’s business segments is influenced by a number of factors, primarily the size and age of each vessel, as well as different principal cost basis for chemical tanker, oil tanker, gas tanker, and FPSO vessel.



Penyusutan

Depreciation

Beban penyusutan merupakan komponen biaya yang paling besar bagi perseroan untuk untuk mengoperasikan kapal milik Perseroan. Perseroan menghitung penyusutan menggunakan metode garis lurus (straight line method) berdasarkan estimasi usia ekonomis masing – masing kapal, dengan jangka waktu antara 5 tahun sampai 25 tahun. Penyusutan didasarkan pada biaya perolehan kapal dikurangi perkiraan nilai akhir/residunya. Beban ini bervariasi untuk setiap tahunnya karena perhitungannya sebagian didasarkan atas penilaian yang dilakukan oleh pihak ketiga.

Depreciation makes up the largest proportion of the Company’s costs in the operation of vessels owned by the Company itself. The Company apply the straight line method to calculate depreciation cost, which is based on the estimated economic lifespan of each vessel, ranging from 5 to 25 years. The cost of appreciation is determined by calculating the cost of obtaining the vessel in question and subtracting its residual value. The estimated costs of depreciation vary from year to year as a result of differences in the valuations made by third parties.

Biaya Umum dan Administrasi

General and Administrative Cost

Beban umum dan administrasi Perseroan terdiri dari gaji karyawan darat, biaya operasional kantor untuk kantorkantor Perseroan yang berlokasi di 14 kota yang tersebar di kawasan Asia, Eropa, Amerika dan Timur Tengah (termasuk biaya tertentu yang berkaitan dengan pembukaan beberapa kantor pemasaran diantaranya yang dibuka akhir-akhir ini di kota Rotterdam dan Westport, Connecticut), biaya jasa profesional untuk penasihat keuangan, penasihat hukum dan konsultan, biaya pemasaran, biaya biaya telekomunikasi, biaya bank, biaya transportasi, biaya penyusutan peralatan kantor, imbalan paska kerja/pensiun, pendidikan dan pelatihan karyawan. Gaji merupakan komponen terbesar dari biaya umum dan administrasi in, Biaya tersebut terdiri dari upah, pembayaran jaminan sosial dan pembayaran pensiunan pegawai darat, juga pembayaran awak kapal yang dibayar selaku pegawai darat.

The Company’s general and administrative costs consist primarily of salaries for onshore personnel; expenses related to the running of the Company’s offices in 14 different cities throughout Asia, Europe, the Americas, and the Middle East (including expenses related to the opening of marketing offices, most recently in Westport, Connecticut - USA); professional fees for financial, legal and other consultants and specialists; costs related to marketing; telecommunications costs; banking charges; transportation costs; the cost of depreciation in value of office equipment; and the cost of providing pensions, training and education to employees. Wages and salaries, including social security, pension payments for onshore personnel, and payments for crew members stationed as onshore personnel, make up the biggest proportion of these general and administrative costs.

Beban Keuangan Bersih dan Beban Lain Lain

Net Financial and Other Costs

Beban keuangan bersih dan beban lain-lain Perseroan termasuk keuntungan dan kerugian dari perubahan nilai tukar mata uang asing, keuntungan atau kerugian dari transaksi swap, keuntungan dari kepemilikan saham pada anak perusahaan asosiasi, pendapatan investasi, beban keuangan dan keuntungan atau kerugian lainnya.

The Company’s net financial and other costs include gains or losses from foreign exchange transactions; gains or losses from swap transactions; gains or losses resulting from net earnings of associated companies; investment income; financial costs; and other miscellaneous gains and losses.

Komponen terbesar dari Beban Keuangan Bersih dan beban lain-lain ini adalah beban keuangan yang harus dikeluarkan untuk membiayai pembelian kapal untuk pengembangan armada Perseroan. Beban keuangan ini terdiri dari pembayaran bunga pinjaman bank dan dan biaya bunga obligasi yang berhasil diterbitkan oleh Perseroan.

The largest proportion of net financial and other costs is made up of financial costs incurred by the Company in financing the acquisition of vessels for the expansion of its fleet. These financial costs consist primarily of interest payments on bank loans and, to a lesser extent, interest payments on the Company’s outstanding bonds.

HASIL OPERASI

RESULTS OF OPERATION

Pendapatan Operasi

Operating Revenue

Total Pendapatan Operasi Perseroan tahun 2009 menurun sebesar USD 105,3 juta yang terutama disebabkan oleh melemahnya tarif uang tambang dan turunnya permintaan atas pengangkutan laut kargo cair. Di saat yang sama, armada kapal Perseroan bertambah sebanyak 3 kapal sehingga total armada Perseroan per 31 Desember 2009 mencapai 91 kapal tanker dengan total kapasitas sebesar 2,2 juta DWT.

The Company’s total revenue in 2009 has declined by about USD 105.3 million which was mainly due to the weakened freight rate and lower demand for marine transportation of liquid cargo. At the same time, The Company’s fleet had an additional 3 vessels which raised the number of vessels in the Company’s fleet into 91 tankers with total capacity of 2.2 million DWT.

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Biaya Pelayaran

Voyage Expense

Total biaya pelayaran Perseroan menurun sebesar 23,5% dari USD 193,0 juta menjadi USD 147.6 juta dan ini terjadi seiring dengan turunnya permintaan jasa transportasi dan dengan demikian memberi dampak pada tarif tambang yang berlaku dipasar dan juga mempengaruhi tingkat utilisasi kapal Perseroan. Penurunan ini juga disebabkan oleh karena menurunnya biaya sandar yang memang berbanding lurus dengan turunnya permintaan akan ruang kapal.

The Company’s total voyage expense decreased by 23.5% from previously USD 193.0 million in 2008 into USD 147,6 million which mainly due to lower demand for transportation services and thus impacted the market freight rate as well as the Company’s ships utilization rate. The decrease was also caused by lower port charges which was directly proportional with the decrease on demand of cargo space.

Biaya Sewa

Charter Expense

Total Biaya Sewa Perseroan meningkat sebesar 5,0% dari USD 91,8 juta pada tahun 2008 menjadi USD 96,3 juta pada tahun 2009. Kenaikan ini seiring dengan penambahan armada Perseroan termasuk adanya kenaikan pada biaya sandar (port charges) yang terjadi pada tahun 2009.

The Company’s total charter expense was up 5% from from USD 91.8 million in 2008 into USD 96.3 million in 2009. This increase was paralel with the additional vessels in the Company’s fleet as well as increase in port charges which occured in 2009.

Biaya Pengoperasian Kapal

Ship Operating Expense

Total Biaya pengoperasian kapal pada tahun 2009 turun dibandingkan dengan tahun 2008 dimana pada tahun 2009 biaya pengoperasian kapal adalah sebesar USD 120,86 juta sedangkan pada tahun 2008 adalah sebesar USD 121,46 juta. Kenaikan biaya gaji, yang merepresentasikan 47,6% dari total biaya operasi kapal, naik seiring dengan bertambahnya jumlah kapal yang dioperasikan oleh Perseroan. Namun di sisi lain biaya perbaikan dan perawatan kapal turun pada tahun 2009 dimana pada tahun tersebut Perseroan membukukan total biaya sebesar USD 13,18 juta sedangkan pada tahun 2008 jumlah biaya perbaikan dan perawatan kapal adalah sebesar USD 19,13 juta.

Total ship operating expense in 2009 slightly decreased compared with 2008 where in 2009 the ship operating expense was USD 120.86 million compared with 2008 where the total ship operating expense was USD 121.46 million. The increase in crew wages, which represented 47.6% of the total ship operating expense, was due to the increase on number of vessels operated by the Company. On the other hand, the repairs and maintenance expense decreased where in 2009 the Company booked a total expense of USD 13.18 million while the total repairs and maintenance expense in 2008 was USD 19.13 million.

Biaya Penyusutan Kapal

Cost of Vessel Depreciation

Beban Penyusutan Kapal Perseroan meningkat sebesar 29,61% pada tahun 2009 bila dibandingkan dengan tahun 2008. Peningkatan ini dikarenakan adanya peningkatan armada rata-rata Perseroan dari 84,5 kapal pada tahun 2008 menjadi 91 kapal pada tahun 2009.

The Company’s depreciation expense in 2009 rose by 29.61% compared with 2008. This increase was due to the increase of the Company’s average number of vessels where in 2008 the average number of vessels was 84.5 and in 2009 it increased into 91 vessels.

Biaya Umum dan Administrasi

General and Administrative Expense

Total Biaya Umum dan Administrasi Perseroan menurun sebesar 9,32% pada tahun 2009 dibandingkan dengan tahun 2008. Penurunan ini terutama dikarenakan Perseroan menjalankan program efisiensi biaya yang efektif pada tahun 2009. Selain itu, sepanjang tahun 2009 Perseroan juga tidak melakukan pembukaan kantor baru seperti yang Perseroan lakukan pada tahun 2008, sehingga turut menekan Biaya Umum dan Administrasi. Dalam hal biaya pendidikan dan pelatihan, Perseroan juga giat melaksanakan in-house training yang dilakukan di kantor Perseroan tanpa mengurangi efektifitas serta kualitas dari pelatihan itu sendiri.

The total expense for general and administration was down 9.32% in 2009 compared with 2008. The decrease was mainly caused by the effective efficiency program runned by the Company in 2009. Beside that, in 2009 the Comopany did not open a new representative office as previously done in 2008, which also helped to suppress the general and administration expense. In terms of education and training expense, the Company has engaged in in-house training conducted in the Company’s office without sacrificing the effectivity and quality of the training.



Pendapatan /Beban Keuangan Bersih dan Pendapatan/ Beban Lain – Lain. Beban Keuangan Bersih dan Beban Lain-Lain Perseroan meningkat cukup signifikan dibandingkan dengan tahun 2008. Perseroan sesungguhnya telah berhasil menurunkan beban keuangan sebesar 6,59% dari yang semula sebesar USD 117,23 juta pada tahun 2008 menjadi sebesar USD 109,50 juta pada tahun 2009. Meskipun demikian, Perseroan mencatat kerugian belum terealisasi (unrealised losses) akibat perubahan nilai wajar atas obligasi konversi dan wesel bayar Perseroan, yaitu sebesar USD 196,42 juta serta kerugian dari penurunan revaluasi sebesar USD 227,78 juta sebagai akibat dari penerapan PSAK 16 sehubungan dengan ketentuan revaluasi aktiva tetap.

Net Financial and Other Costs The Company’s net financial and other costs increased quite significantly in 2009 compared with 2008. The Company has actually managed to reduce the financial cost by around 6.59% from previously USD 117.23 million in 2008 into USD 109.50 million in 2009. Even so, the Company booked unrealised losses due to change in fair value of its convertible bonds and notes payable, amounting to USD 196.42 million and losses from decrease of fair value of assets due to revaluation amounting to USD 227.78 million as a result of the implementation of PSAK 16 regarding revaluation of fixed assets.

Meskipun demikian, perlu dicatat bahwa kerugian dari perubahan nilai wajar serta revaluasi kapal bukanlah disebabkan oleh kinerja operasional Perseroan dan tidak berdampak terhadap arus kas Perseroan (non cash items).

However, it is important to note that the losses occured from change in fair value and ships revaluation was not caused by the Company’s operational performance and thus it would not impact the Company’s cash flow (non cash items).

BELANJA MODAL

CAPITAL EXPENDITURES

Belanja modal Perseroan terutama terkait dengan pembelian kapal kapal baru, baik bekas maupun yang baru dibangun. Perseroan melakukan investasi dengan nilai keseluruhan sebesar USD 137,3juta untuk belanja modal tersebut yang berasal dari kas hasil operasi Perseroan dan dari pinjamaan bank. Belanja modal perseroan selanjutnya terkait dengan pembuatan kapal baru yang saat ini sedang dibangun.

The Company’s capital expenditures is especially related with the purchase of new vessels, either newly built vessels or second hand vessel. The Company has conducted an investment with a total value of USD 137.3 million for capital expenditures which was funded by cash from the Company’s operation and bank loans. The Company‘s future capital expenditures is related to the vessels currently being built.

DIVESTASI

DIVESTMENT

Divestasi utama Perseroan terkait dengan pelepasan kapal. Tahun 2009 Perseroan telah menjual 2 kapal anak perusahaan yaitu MT Dewi Madrim dan MT Purbasari. Sehubungan dengan penjualan MT Purbasari, Perusahaan melakukan perjanjian sewa balik dengan pembeli kapal selama periode 12 tahun.

The Company’s main divestment is related with the selling of vessels. In 2009 the Company sold 2 vessels owned by the Company’s subsidiaries, namely MT Dewi Madrim and MT Purbasari. Especially for MT Purbasari, the Company engaged in a sale and lease back agreement with the buyer for a 12 years period. MT Dewi Madrim was sold outright.

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Dewan Komisaris

HADI SURYA Komisaris Utama/ President Commissioner

HARIJADI SOEDARJO Komisaris/ Commissioner PT Berlian Laju Tanker Tbk Annual Report 2009

Umur 71 tahun, diangkat sebagai Presiden Komisaris Perseroan pada tanggal 26 Juni 2000. Bergabung dengan Perseroan pada tahun 1981, sebelumnya menjabat sebagai Direktur Utama Perseroan (1989-2000). Pada saat ini juga menjabat selaku Komisaris PT. Jaya Agra Wattie (sejak 1990), Komisaris Utama PT Dwibina Prima (sejak 2004), Komisaris PT. Banyu Laju Shipping (sejak 2002) dan Komisaris Utama PT Alas Watu Utama (sejak 1990). Sebelumnya juga menjabat sebagai Komisaris CV Kartika Pabrik Triplex (1955-1959), Komisaris PT Daya Sakti Timber Corporation (19701994) dan Komisaris PT Daya Sakti Krida Unggul (1985-1999). Menyelesaikan pendidikan di Lian Huo High School di Surabaya pada tahun 1954. Pada tahun 2002 mendapatkan penghargaan sebagai “Entrepreneur Of the Year Indonesia” oleh Ernst & Young.

Aged 71, was appointed as the President Commissioner of the Company on 26 June 2000. He joined the Company in 1981 and was previously the President Director of the Company (1989—2000). He is also currently a Commissioner of PT Jaya Agra Wattie (since 1990), the President Commissioner of PT Dwibina Prima (since 2004), a Commissioner of PT Banyu Laju Shipping (since 2002) and the President Commissioner of PT Alas Watu Utama (since 1990). He was previously a Commissioner of CV Kartika Pabrik Triplex (1955—1959), a Commissioner of PT Daya Sakti Timber Corporation (1970— 1994) and a Commissioner of PT Daya Sakti Krida Unggul (1985—1999). He graduated from Lian Huo High School in Surabaya in 1954. In 2002, he was awarded the ‘‘Entrepreneur of the Year — Indonesia’’ by Ernst & Young.

Umur 47, diangkat sebagai Komisaris Perseroan pada 30 Juni 1991. Pada saat ini menduduki jabatan sebagai Direktur Utama PT Jaya Agra Wattie (sejak 1990). Sebelumnya sebagai Wakil Direktur PT Jaya Agra Wattie (1987-1988). Direktur PT Jaya Agra Wattie (19881990) dan Direktur PT Daya Sakti Unggul Corporation Tbk (19941998). Memperoleh gelar MBA dari Golden Gate University, San Francisco pada tahun 1987.

Aged 47, was appointed as a Commissioner of the Company on 30 June 1991. He is currently the President Director of PT Jaya Agra Wattie (since 1990). He was previously an Assistant Director of PT Jaya Agra Wattie (1987—1988), a Director of PT Jaya Agra Wattie (1988—1990) and a Director of PT Daya Sakti Unggul Corporation Tbk (1994— 1998). He received an MBA from Golden Gate University, San Francisco in 1987.

Board of Commissioners

Umur 42, diangkat sebagai Ko m i s a r i s Pe r s e r o a n p a d a 11 September 2006. Saat ini menjabat sebagai Direktur PT Asuransi Allianz Life Indonesia. Sebelumnya menduduki jabatan sebagai konsultan jasa keuangan pada American International Assurance Co. Ltd di Singapura (2002-2004), Direktur PT Asuransi Allianz Life Indonesia (2001-2002), Vice President pada PT Asuransi Jiwa Principal Indonesia (20002001), dan Vice President pada PT. Puri Dana Bersama (1997-2000). Lulusan dari Indiana University pada tahun 1991.

Aged 42, was appointed as a Commissioner of the Company on 11 September 2006. He is currently a Director of PT Asuransi Allianz Life Indonesia. He was previously a financial services consultant at the American International Assurance Co. Ltd in Singapore (2002—2004), Director of PT Asuransi Allianz Life Indonesia (2001—2002), Vice President at PT Asuransi Jiwa Principal Indonesia (2000— 2001) and Vice President at PT Puri Dana Bersama (1997— 2000). He graduated from Indiana University in 1991.

Umur 38 tahun, diangkat sebagai Komisaris Perseroan pada tanggal 11 September 2006. Pada saat ini menduduki jabatan sebagai Direktur pada Standard Chartered Private Equity di Singapore. Sebelumnya menjabat sebagai CEO pada United Fiber System Ltd (2006-2009), Direktur pada Deutsche Bank (20042006), Wakil Presiden pada Zurich Financial Services (2002-2004), sebagai Associate pada Merrill Lynch (2000-2002) dan Associate Direktur pada UBS (1998-2000). Lulusan dari Institut Teknologi Bandung pada 1994 dan memperoleh gelar MBA dari Massachusetts Institute of Technology Sloan School of Management pada tahun 1998. Saat ini juga menjabat sebagai Direktur di United Fiber System Ltd.

Aged 38, was appointed as a Commissioner of the Company on 11 September 2006. He is currently a Director at Standard Chartered Private Equity in Singapore. Previously, he was the CEO of United Fiber System Ltd (20062009) and prior to that, a Director at Deutsche Bank (2004—2006), Vice President at Zurich Financial Services (2002—2004), an Associate at Merrill Lynch (2000— 2002) and an Associate Director at UBS (1998—2000). He graduated from the Bandung Institute of Technology in 1994 and received an MBA from the Massachusetts Institute of Technology Sloan School of Management in 1998. Currently also a Director at United Fiber System Ltd.

ALAN JONATHAN TANGKAS DHARMAWAN Komisaris Independen/ Independent Commissioner

JAKA PRASETYA Komisaris Independen/ Independent Commissioner

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Direksi

WIDIHARDJA TANUDJAJA Direktur Utama/ President Director

HENRIANTO KUSWENDI Direktur Komersial/ Commercial Director


Umur 59, diangkat sebagai Presiden Direktur pada 26 Juni 2000. Bertanggung jawab atas seluruh aspek operasional Perseroan. Bergabung dengan Perseroan pada tahun 1981, sebelumnya menduduki jabatan sebagai Operation Manager Perusahaan (1984-1987). General Manager (1987-1990) dan Commercial Director (1990-2000). Saat ini menjabat sebagai Direktur Utama PT Banyu Laju Shipping (sejak 2002) dan sebelumnya menduduki jabatan sebagai Komisaris PT Banyu Laju Shipping sejak 1999 sampai 2000. Lulusan dari Tokyo University of Mercantile Marine dengan memperoleh gelar master dalam ilmu kelautan dan master dalam bidang Hukum dari Hosei University of Tokyo pada 1979, dan gelar sarjana dalam bidang ilmu kelautan dari Tokyo University of Mercantile Marine pada 1976. Merupakan Ketua Komite Indonesia dari Nippon Kaiji Kyokai sejak 2001. Juga menjabat sebagai Ketua Divisi Cargo Cair dari Indonesian National Ship owners’ Association (2005-2008) dan Wakil Ketua Forum Komunikasi Rekanan Kapal Charter PT Pertamina (20052008).

Aged 59, was appointed as President Director on 26 June 2000. He oversees all aspects of the Group’s operations. He joined the Company in 1981. He previously served as the Company’s Operation Manager (1984—1987), General Manager (1987—1990) and Commercial Director (1990—2000). He currently serves as President Director of PT Banyu Laju Shipping (since 2002) and previously served as a Commissioner of PT Banyu Laju Shipping from 1999 to 2000. He graduated with a Masters degree in Maritime Science from Tokyo University of Mercantile Marine and a Bachelors degree in Law from Hosei University of Tokyo in 1979, and a Bachelors degree in Maritime Science from Tokyo University of Mercantile Marine in 1976. He has been the Chairman of the Nippon Kaiji Kyokai’s Indonesia Committee since 2001. He also serves as the Chairman of Liquid Cargo Division of the Indonesian National Ship owners’ Association (2005—2008) and the Vice Chairman of the Forum Komunikasi Rekanan Kapal Charter PT Pertamina (2005—2008), a forum of approved Pertamina partners.

Umur 48, diangkat sebagai Direktur Perseroan pada 22 Juni 1999. Bertanggungjawab terhadap bidang komersial dan operasional Perseroan. Bergabung dengan Perseroan pada 1986, menduduki jabatan sebagai Marketing Manager (1990-1994), Asisten General Manager, Divisi Komersial (1994-1997) dan General Manager, Divisi Niaga (1997-1999). Memperoleh gelar sarjana dalam bidang manajemen dari Universitas Padjadjaran, Bandung, Indonesia pada tahun 1985.

Aged 48, was appointed as a Director of the Company on 22 June 1999. He is responsible for the operational and commercial areas of the Group. He joined the Company in 1986, served as Marketing Manager (1990—1994), Assistant General Manager, Commercial Division (1994—1997) and General Manager, Commercial Division (1997—1999). He graduated with a Bachelors degree in management from Padjadjaran University, Bandung, Indonesia in 1985.

Board of Directors

MICHAEL MURNI GUNAWAN Direktur Administrasi/ Administration Director

SIANA ANGGRAENI SURYA Direktur Korporat dan Pengembangan Usaha/ Corporate and Business Development Director

WONG KEVIN Direktur Keuangan/ Finance Director

Umur 47, diangkat sebagai Direktur Pe r s e r o a n p a d a 2 2 Ju n i 1 9 9 9 . Bertanggungjawab terhadap bidang akunting, audit internal dan teknologi informasi Perseroan. Bergabung dengan Perseroan pada bulan Januari 1999 sebagai General Manager Divisi Admnistrasi. Sebelum bergabung dengan Perseroan, menjabat sebagai Head of Corporate Administration and Information System dari BSG Corporation (1996-1998), Information Technology Manager PT Daya Sakti Timber Corporation (1991-1994), dan Assistant Accounting Manager PT Daya Sakti Timber Corporation (1986-1991). Memperoleh gelar sarjana dalam bidang akuntansi dari Universitas Airlangga Surabaya tahun 1985 dan memperoleh gelar MBA dari University of San Diego pada tahun 1996.

Aged 47, was appointed as a Director of the Company on 22 June 1999. He is responsible for the accounting, internal audit and information technology areas of the Group. He joined the Company in January 1999 as General Manager of the Administration Division, a post he held until June 1999. Prior to joining the Company, he was Head of Corporate Administration and Information System of BSG Corporation (1996—1998), Information Technology Manager of PT Daya Sakti Timber Corporation (1991—1994), and Assistant Accounting Manager of PT Daya Sakti Timber Corporation (1986—1991). He graduated with a bachelor’s degree of accounting from Airlangga University Surabaya in 1985 and received his MBA from the University of San Diego in 1996.

Umur 42 tahun, diangkat sebagai Direktur Perseroan pada 22 Juni 1999. Bertanggungjawab terhadap bidang hukum, klaim & asuransi, Sumber daya manusia dan pengembangan usaha Perseroan. Bergabung dengan Perseroan pada 1994 dan menduduki jabatan sebagai Marketing Manager sejak 1997 sampai 1999. Sebelum bergabung dengan Perusahaan, menduduki jabatan sebagai Marketing Sales pada ICI Jepang (19931994). Mengambil jurusan Kimia Terapan dan memperoleh gelar sarjana dalam bidang chemical engineering dari Waseda University – Tokyo pada 1991 dan gelar master dalam chemical engineering dari Waseda University – Tokyo pada 1993.

Aged 42, was appointed as a Director of the Company on 22 June 1999. She is responsible for the legal, claims & insurance, human resources and business development areas of the Group. She joined the Company in 1994 and served as Marketing Manager from 1997 to 1999. Prior to joining the Company, she was in Marketing Sales at ICI Japan (1993—1994). She majored in Applied Chemistry and graduated with a bachelor’s degree in engineering from Waseda University — Tokyo in 1991 and a master’s degree in engineering from Waseda University — Tokyo in 1993.

Umur 41, Diangkat sebagai Direktur Perseroan pada 22 Juni 1999. Bergabung dengan Perseroan pada 1996 sebagai Sekretaris Perusahaan, posisi yang masih dijabat sampai dengan saat ini. Pernah menduduki jabatan sebagai General Manager, Divisi Keuangan Perusahaan (Januari 1999-Juni 1999). Sebelum bergabung dengan Perusahaan, pernah menjabat sebagai Associate Direktur Pan Union Co.Ltd (1995-1996). Associate PT Bahana Pembinaan Usaha Indonesia (1994-1995), dan Assistant Manager Citibank, N.A. Jakarta (1992-1994). Dia memperoleh gelar BA dalam bidang administrasi bisnis dari Lewis and Clark College pada 1989 dan gelar BA dalam teknik mesin dari Columbia University pada 1991.

Aged 41, was appointed as a Director of the Company on 22 June 1999. He joined the Company in 1996 as Corporate Secretary, a position he still holds currently. He also served as General Manager, Finance Division of the Company (January 1999— June 1999). Prior to joining the Company, he was an Associate Director of Pan Union Co. Ltd (1995—1996), an Associate of PT Bahana Pembinaan Usaha Indonesia (1994—1995), and an Assistant Manager of Citibank, N.A. Jakarta (1992—1994). He graduated with a Bachelor of Arts degree in business administration from Lewis and Clark College in 1989 and a Bachelor of Science degree in mechanical engineering from Columbia University in 1991.

113

PT BERLIAN LAJU TANKER Tbk Surat Pernyataan

Statement Letter

Dewan Komisaris Perseroan bertanggung

The Board of Commissioners of the Company

jawab penuh atas kebenaran informasi yang terdapat

accept full responsibility for the accuracy of

dalam Laporan Tahunan Tahun 2009 ini.

the information contained in this 2009 Annual Report.

Jakarta, 23 April 2010

Dewan Komisaris The Board of Commissioners

Hadi Surya Komisaris Utama President Commissioner

Harijadi Soedarjo

Alan Jonathan Tangkas Darmawan

Jaka Prasetya

Komisaris

Komisaris Independen

Komisaris Independen

Commissioner

Independent Commissioner

Independent Commissioner

Laporan Auditor Independen

INDEPENDENT Auditor’s Report

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN/AND ITS SUBSIDIARIES LAPORAN KEUANGAN KONSOLIDASI/ CONSOLIDATED FINANCIAL STATEMENTS UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2009 DAN 2008/ FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008 DAN LAPORAN AUDITOR INDEPENDEN/ AND INDEPENDENT AUDITORS’ REPORT

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES TABLE OF CONTENTS

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN DAFTAR ISI Halaman/ Page SURAT PERNYATAAN DIREKSI LAPORAN AUDITOR INDEPENDEN

DIRECTORS’ STATEMENT LETTER 1

LAPORAN KEUANGAN KONSOLIDASI Pada tanggal 31 Desember 2009 dan 2008 serta untuk tahun-tahun yang berakhir pada tanggal tersebut

INDEPENDENT AUDITORS’ REPORT CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2009 and 2008 and for the years then ended

Neraca Konsolidasi

3

Consolidated Balance Sheets

Laporan Laba Rugi Konsolidasi

5

Consolidated Statements of Income

Laporan Perubahan Ekuitas Konsolidasi

6

Consolidated Statements of Changes in Equity

Laporan Arus Kas Konsolidasi

7

Consolidated Statements of Cash Flows

Catatan atas Laporan Keuangan Konsolidasi

8

Notes to Consolidated Financial Statements

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASI 31 DESEMBER 2009 DAN 2008

2009 US$'000

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2009 AND 2008

Catatan/ Notes

2008 (Pengukuran kembali Catatan 2/ As remeasured Note 2) US$'000

ASET ASET LANCAR Kas dan setara kas Investasi tersedia untuk dijual Piutang usaha Pihak hubungan istimewa Pihak ketiga Piutang lain-lain Persediaan Uang muka Pajak dibayar dimuka Biaya dibayar dimuka Instrumen keuangan derivatif Jumlah Aset Lancar

ASSETS

118.732 44.898 129.976 7.350 15.604 8.546 29 10.116 2.259

3f,4 3g,5 3h,6 34

3i,7

3j 3v,33

337.510

ASET TIDAK LANCAR Investasi pada perusahaan asosiasi Aset tetap - setelah dikurangi akumulasi penyusutan dan penurunan nilai aset sebesar USD 497.412 ribu tahun 2009 dan USD 363.006 ribu tahun 2008 Uang muka pembelian kapal Uang jaminan dan beban tangguhan Goodwill - bersih Instrumen keuangan derivatif

1.946.389 46.905 30.273 43.776 16.944

Jumlah Aset Tidak Lancar JUMLAH ASET

65.250 129.386 982 95.692 4.667 12.786 6.650 544 8.147 324.104

CURRENT ASSETS Cash and cash equivalents Available-for-sale investments Trade accounts receivable Related parties Third parties Other accounts receivable Inventories Advances Prepaid taxes Prepaid expenses Derivative financial instruments Total Current Assets

1.896.264 28.637 46.648 -

NONCURRENT ASSETS Investments in associates Property, vessels and equipment - net of accumulated depreciation and impairment of USD 497,412 thousand in 2009 and USD 363,006 thousand in 2008 Advance for purchase of vessels Security deposits and deferred charges Goodwill - net Derivative financial instruments

2.160.412

1.971.822

Total Noncurrent Assets

2.497.922

2.295.926

TOTAL ASSETS

76.125

3g,8

3k,3l,3p,9 9 3c,3l,10 3v,33

Lihat catatan atas laporan keuangan konsolidasi yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi.

273

See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.

-3-

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASI 31 DESEMBER 2009 DAN 2008 (Lanjutan)

2009 US$'000

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2009 AND 2008 (Continued)

Catatan/ Notes


KEWAJIBAN DAN EKUITAS KEWAJIBAN LANCAR Instrumen keuangan derivatif Hutang bank Hutang usaha Pihak hubungan istimewa Pihak ketiga Hutang pajak Biaya masih harus dibayar Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Kewajiban sewa pembiayaan Hutang lain-lain jangka panjang Obligasi konversi Keuntungan atas transaksi jual dan sewa-balik yang ditangguhkan Kewajiban lancar lainnya Jumlah Kewajiban Lancar KEWAJIBAN TIDAK LANCAR Hutang jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Wesel bayar Kewajiban sewa pembiayaan Hutang lain-lain jangka panjang Kewajiban imbalan pasca kerja Instrumen keuangan derivatif Obligasi konversi Keuntungan atas transaksi jual dan sewa-balik yang ditangguhkan Jumlah Kewajiban Tidak Lancar EKUITAS Modal saham - nilai nominal Rp 62,5 per saham Modal dasar - 14.676.480.000 saham Modal ditempatkan dan disetor - 5.981.591.235 saham tahun 2009 dan 4.589.281.176 saham tahun 2008 Agio saham Selisih kurs karena penjabaran laporan keuangan Keuntungan (kerugian) yang belum direalisasi dari pemilikan efek Surplus revaluasi Saldo laba Ditentukan penggunaannya Tidak ditentukan penggunaannya

LIABILITIES AND EQUITY

10.877 65.225 929 34.250 957 45.347

138.674 6.322 32.572 1.181 99.560 208 8.862

3v,33 11 12 34

30.784 176.589

3t,13 14

84 17.262 1.606 34.636

15 3m,16 3p,18 19 3o,21

99.217 88.152 591 -

3p,9

208 3.602

444.964

452.731

Current maturities of long-term liabilities Financial institution Bonds payable Obligations under finance lease Other long-term payable Convertible bonds Deferred gain on sales and leaseback transaction Other current liabilities Total Current Liabilities NONCURRENT LIABILITIES

779.538 141.575 249.809 228.925 11.228 4.126 17.407 2.058

15 3m,16 3n,17 3p,18 19 3s,20 3v,33 3o,21 3p,9

1.434.666

721.496 81.450 132.000 155.376 12.409 2.922 145.199 36.250 2.266 1.289.368

70.936 114.824 (16.828)

22 23 3d

62.191 64.823 (15.615)

757 237.677

3g,5 3k,25

(1.865) -

5.898 291.656

5.898 525.023

Jumlah Dikurangi harga perolehan saham diperoleh kembali 412.351.000 saham

704.920

640.455

Jumlah Ekuitas JUMLAH KEWAJIBAN DAN EKUITAS

CURRENT LIABILITIES Derivative financial instruments Bank loans Trade accounts payable Related parties Third parties Taxes payable Accrued expenses

Long-term liabilities - net of current maturities Financial institution Bonds payable Notes payable Obligations under finance lease Other long-term payable Post-employment benefit obligation Derivative financial instruments Convertible bonds Deferred gain on sale and leaseback transaction Total Noncurrent Liabilities EQUITY Capital stock - Rp 62.5 par value per share Authorized - 14,676,480,000 shares Subscribed and paid-up - 5,981,591,235 shares in 2009 and 4,589,281,176 shares in 2008 Additional paid-in capital Translation adjustment Unrealized gain (loss) on available-for-sale investments Revaluation reserve Retained earnings Appropriated Unappropriated

(86.628)

Total Less cost of treasury stocks - 412,351,000 shares

618.292

553.827

Total Equity

2.497.922

2.295.926

(86.628)

3q,24


TOTAL LIABILITIES AND EQUITY


-4-

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN LABA RUGI KONSOLIDASI UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2009 DAN 2008

2009 US$'000

Catatan/ Notes

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008


PENDAPATAN USAHA

618.346

3r,26,34

723.682

OPERATING REVENUES

BEBAN LANGSUNG

485.512

3r,27,34

494.058

DIRECT COST

LABA KOTOR

132.834

229.624

GROSS PROFIT

BEBAN UMUM DAN ADMINISTRASI

32.927

LABA USAHA

99.907

PENGHASILAN (BEBAN) LAIN-LAIN Keuntungan (kerugian) transaksi derivatif bersih Pendapatan investasi Bagian laba (rugi) bersih perusahaan asosiasi

3r,28

36.311 193.313

148.898 18.078

3v,33 3g,30

(163.179) 16.294

Net gain (loss) on derivative transactions Investment income

9.621

3g,8

(18.524)

Equity in net income (loss) of associates Gain on sale of property, vessels and equipment Revaluation decrease Change in fair value of convertible bonds and notes payable Finance cost Foreign exchange loss - net Impairment loss on asset Impairment of goodwill Others - net

762 (227.778)

3k,3p,9 3k,3l,9

94.989 -

(196.420) (109.500) (26.698) (1.785)

3n,3o,17,21 3p,29 3d 3k,3l,9 3c,10

305.958 (117.231) (17.286) (37.841) (29.136) (7.977)

Penghasilan (Beban) Lain-lain - Bersih

(384.822)

26.067

LABA (RUGI) SEBELUM PAJAK

(284.915)

219.380

LABA (RUGI) BERSIH

(961)

3t,13

(285.876)

(1.016) 218.364

2009 US$ LABA (RUGI) PER SAHAM (dalam nilai penuh) Dasar Dilusian

INCOME FROM OPERATIONS OTHER INCOME (CHARGES)

Keuntungan penjualan aset tetap Penurunan revaluasi Perubahan nilai wajar obligasi konversi dan wesel bayar Beban keuangan Kerugian kurs mata uang asing - bersih Kerugian penurunan nilai aset tetap Penurunan nilai goodwill Lain-lain - bersih

BEBAN PAJAK

GENERAL AND ADMINISTRATIVE EXPENSES

Other Income (Charges) - Net INCOME (LOSS) BEFORE TAX TAX EXPENSE NET INCOME (LOSS)

2008 US$ 3u,31

(0,0559) (0,0559)

0,0457 0,0248


-5-

EARNINGS (LOSS) PER SHARE (in full amount) Basic Diluted


70.936

114.824

-

-

32

-

-

-

-

50.001

64.823

-

25 25 3g,5

8.745

62.191

-

3.981 -

-

-

2.843 -

-

-

60.842

Agio saham/ Additional paid-in capital US$'000

3d

22,23

3g,8

22,23 32 32

3d 3g,5

59.348


Saldo per 31 Desember 2009

Saldo per 31 Desember 2008 (Pengukuran kembali - catatan 2) Pengeluaran saham baru melalui penawaran umum terbatas Selisih kurs karena penjabaran laporan keuangan Surplus revaluasi bersih selama tahun berjalan Transfer ke laba ditahan Laba pemilikan efek Sudah direalisasi Belum direalisasi Dividen Rugi bersih

Pelaksanaan waran Dividen Pembentukan cadangan umum Selisih transaksi perubahan ekuitas perusahaan asosiasi Laba bersih

Saldo per 1 Januari 2008 (Pengukuran kembali - Catatan 2) Selisih kurs karena penjabaran laporan keuangan Laba (rugi) pemilikan efek Sudah direalisasi Belum direalisasi

Catatan/ Notes

Modal ditempatkan dan disetor/ Subscribed and paid-up capital stock US$'000

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN PERUBAHAN EKUITAS KONSOLIDASI UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2009 DAN 2008

(86.628)

-

-

-

-

(86.628)

-

-

-

-

(86.628)

Modal saham diperoleh kembali/ Treasury stocks US$'000

757

1.865 757 -

-

-

-

(1.865)

-

-

(2.140) (1.865)

-

2.140

-6-

-

-

-

-

-

-

4.158 -

-

-

-

(4.158)

237.677

-

292.268 (54.591)

-

-

-

-

-

-

-

-

Keuntungan (kerugian) yang belum Selisih transaksi direalisasi dari perubahan ekuitas pemilikan efek/ perusahaan asosiasi/ Unrealized gain (loss) Difference due to on available-for-sale change in equity Surplus revaluasi/ investments of associate Revaluation reserve US$'000 US$'000 US$'000

(16.828)

5.898

-

-

-

-

-

5.898

-

551

-

-

5.347

291.656

618.292

1.865 757 (2.082) (285.876)

292.268 -

(1.213)

58.746

553.827

4.158 218.364

6.824 (22.876) -

(2.140) (1.865)

(15.524)

366.886

Jumlah Ekuitas/ Total equity US$'000

Balance as of December 31, 2009

Translation adjustment Net revaluation reserve during the year Transfer to retained earnings Gain on securities Realized Unrealized Dividends Net loss

Balance as of December 31, 2008 (As remeasured - Note 2) Issuance of shares through right issue

Translation adjustment Gain (loss) on securities Realized Unrealized Issuance of shares through exercise of warrants Dividends Appropriation for general reserve Difference due to change in equity of associate Net income

Balance as of January 1, 2008 (As remeasured - Note 2)


(2.082) (285.876)

54.591

-

-

525.023

218.364

(22.876) (551)

-

-

330.086

Saldo Laba/Retained earnings Ditentukan Tidak ditentukan penggunaannya/ penggunaannya/ Appropriated Unappropriated US$'000 US$'000

(1.213)

-

(15.615)

-

-

-

(15.524)

(91)

Selisih kurs karena penjabaran laporan keuangan/ Translation adjustment US$'000

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN ARUS KAS KONSOLIDASI UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2009 DAN 2008

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

2009 US$'000 ARUS KAS DARI AKTIVITAS OPERASI Penerimaan dari pelanggan Pembayaran kepada pemasok dan karyawan Kas dihasilkan dari operasi Pembayaran bunga Pembayaran bagi hasil Obligasi Syari'ah Mudharabah dan Sukuk Ijarah Pembayaran pajak penghasilan Penerimaan klaim asuransi


582.216 (356.907)

711.176 (417.466)

225.309 (120.646)

293.710 (129.919)

(2.307) (932) 215

(3.616) (2.737) 809

Kas Bersih Diperoleh dari Aktivitas Operasi

101.639

158.247

ARUS KAS DARI AKTIVITAS INVESTASI Pencairan investasi sementara Penempatan investasi sementara Penerimaan bunga

139.124 (48.176) 1.068

351.549 (402.148) 5.871

CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers Cash paid to suppliers and employees Cash generated from operations Interest paid Profit sharing paid on Syari'ah Mudharabah and Sukuk Ijarah Income tax paid Receipts from insurance claim Net Cash Provided by Operating Activities

Hasil penjualan aset tetap - bersih Pengurangan (penambahan) uang muka pembelian aset tetap Perolehan aset tetap Uang jaminan atas sewa balik kapal Pengembalian modal dari investasi pada perusahaan asosiasi Akuisisi perusahaan asosiasi Akuisisi anak perusahaan

50.075

228.839

(46.905) (137.297) (66.231) -

840 (407.877) (22.195) 8.400 138

CASH FLOWS FROM INVESTING ACTIVITIES Withdrawal of temporary investments Placement of temporary investments Interest received Net proceeds from sale of property, vessels and equipment Decrease (increase) in advances for the purchase of property, vessels and equipment Acquisitions of property, vessels and equipment Security deposit on vessels leased back Return of capital from investment in associate Acquisition associates company Acquisition of subsidiary

Kas Bersih Digunakan untuk Aktivitas Investasi

(108.342)

(236.583)

Net Cash Used in Investing Activities

ARUS KAS DARI AKTIVITAS PENDANAAN Penerimaan dari hutang bank dan lembaga keuangan Pengeluaran saham baru melalui penawaran umum terbatas Penerimaan bersih dari penerbitan hutang obligasi Pembayaran hutang bank dan lembaga keuangan Pembayaran hutang lain-lain jangka panjang Pembayaran dividen Pembayaran hutang obligasi Pembayaran kewajiban sewa pembiayaan Penerimaan setoran modal dari pelaksanaan waran

290.868 58.746 48.520

285.337 -

(323.756) (591) (2.103) (11.709) -

(288.519) (22.941) (42.644) (34.313) 6.824

Kas Bersih Diperoleh dari (Digunakan untuk) Aktivitas Pendanaan

59.975

(96.256)

KENAIKAN (PENURUNAN) BERSIH KAS DAN SETARA KAS

53.272

(174.592)

Reklasifikasi kas yang dibatasi penggunaannya Pengaruh perubahan kurs mata uang asing

210

29.200 327

KAS DAN SETARA KAS AWAL TAHUN

65.250

210.315

KAS DAN SETARA KAS AKHIR TAHUN

118.732

65.250

PENGUNGKAPAN TAMBAHAN Aktivitas investasi dan pendanaan yang tidak mempengaruhi kas: Penambahan aset tetap melalui kewajiban sewa pembiayaan Penambahan (pengurangan) karena penjabaran laporan keuangan: Aset tetap Akumulasi penyusutan Hutang bank jangka panjang

CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from loans from banks and other financial institutions Proceeds from issuance of new shares through rights issue Net proceeds from issuance of bonds payable Payments of loans from banks and other financial institutions Payment of other long-term payable Dividends paid Payment of bonds payable Payments of obligations under finance lease Proceeds of capital stock from exercise of warrants Net Cash Provided by (Used in) Financing Activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Reclassification of restricted cash Effect of exchange rate changes on cash CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR SUPPLEMENTAL DISCLOSURES

35.895

91.952

425 709 12.288

(19.900) (3.098) 82.627


Noncash investing and financing activities: Addition to property, vessels and equipment through lease payable Increase (decrease) due to translation adjustments in: Property, vessels and equipment Accumulated depreciation Long-term bank loans


-7-

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED

CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2009 DAN 2008 SERTA UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT

1.

1.

UMUM a.

Pendirian dan Informasi Umum

GENERAL a.

Establishment and General Information

P.T. Berlian Laju Tanker Tbk (Perusahaan) didirikan berdasarkan akta No. 60 tanggal 12 Maret 1981 dengan nama P.T. Bhaita Laju Tanker, yang kemudian dengan akta No. 4 tanggal 5 September 1988 diubah namanya menjadi P.T. Berlian Laju Tanker. Kedua akta tersebut dibuat dihadapan Raden Santoso, notaris di Jakarta, dan telah mendapat persetujuan dari Menteri Kehakiman Republik Indonesia dalam Surat Keputusannya No.C2-2630.HT.01.01-Th.89 tanggal 31 Maret 1989, serta diumumkan dalam Berita Negara Republik Indonesia No. 70 tanggal 1 September 1989, Tambahan No. 1729. Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan akta No. 31 tanggal 28 Juli 2009 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, mengenai peningkatan modal disetor. Perubahan anggaran dasar tersebut telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusannya No. AHU-AH.01.10-15036 tanggal 4 September 2009.

P.T. Berlian Laju Tanker Tbk (the “Company”) was established based on notarial deed No. 60 dated March 12, 1981 under the name of P.T. Bhaita Laju Tanker. The Company's name was changed to P.T. Berlian Laju Tanker based on notarial deed No. 4 dated September 5, 1988. Both deeds were notarized by Raden Santoso, notary in Jakarta. The deed of establishment was approved by the Minister of Justice of the Republic of Indonesia in his Decision Letter No. C2-2630.HT.01.01.Th.89 dated March 31, 1989 and was published in State Gazette of the Republic of Indonesia No. 70 dated September 1, 1989, Supplement No. 1729. The Company's articles of association have been amended several times, most recently by notarial deed No. 31 dated July 28, 2009 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, concerning the additional paid up capital stock. Such amendments were approved by the Minister of Law and Human Rights of the Republic of Indonesia in his Decision Letter No. AHU-AH.01.10-15036 dated September 4, 2009.

Perusahaan berkedudukan di Jakarta, mempunyai dua kantor cabang di Merak, Dumai dan kantor perwakilan di Cina, India, Brazil, Uni Emirat Arab dan Taiwan. Kantor pusat beralamat di Wisma Bina Surya Group (BSG) Lt. 10 Jl. Abdul Muis No. 40 Jakarta.

The Company is domiciled in Jakarta and has two branches in Merak, Dumai and representative offices in China, India, Brazil, United Arab Emirates and Taiwan. Its head office is located at Wisma Bina Surya Group th (BSG) 10 Floor, Jl. Abdul Muis No. 40, Jakarta.

Sesuai dengan pasal 3 anggaran dasar Perusahaan, ruang lingkup kegiatan Perusahaan meliputi usaha dalam bidang perkapalan dalam dan luar negeri dengan menggunakan kapal-kapal, termasuk tetapi tidak terbatas pada kapal tanker, tongkang dan kapal tunda (tugboat). Perusahaan bergerak dalam bidang jasa seperti pelayaran/angkutan laut dengan konsentrasi pada angkutan muatan bahan cair baik dalam kawasan Indonesia maupun Asia, Eropa dan Amerika. Perusahaan mulai beroperasi secara komersial pada tahun 1981. Jumlah karyawan Perusahaan rata-rata 403 karyawan untuk tahun 2009 dan 388 karyawan untuk tahun 2008.

In accordance with article 3 of the Company’s articles of association, the scope of its activities comprise of local and overseas shipping including but not limited to tanker, barges and tugboat operations. The Company is presently engaged in providing cargo shipping with concentration on liquid cargo transportation services in Indonesia, Asia, Europe and America. The Company started its commercial operations in 1981. The Company had average total number of employees of 403 in 2009 and 388 in 2008.

-8-


P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES

CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2009 DAN 2008 SERTA UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued)

Susunan pengurus Perusahaan pada tanggal 31 Desember 2009 adalah sebagai berikut:

The Company’s management as of December 31, 2009 consisted of the following:

Dewan Komisaris Komisaris Utama Komisaris Komisaris Independen Dewan Direksi Direktur Utama Direktur

Komite Audit Ketua Anggota b.

Board of Commissioners President Commissioner Commissioner Independent Commissioners

Hadi Surya Harijadi Soedarjo Alan Jonathan Tangkas Darmawan Jaka Prasetya

Board of Directors President Director Directors

Widihardja Tanudjaja Michael Murni Gunawan Wong Kevin Siana Anggraeni Surya Henrianto Kuswendi

Audit Committee Chairman Members

Alan Jonathan Tangkas Darmawan Jaka Prasetya Max Budiarto Sumakno

Anak Perusahaan

b. Subsidiaries

Perusahaan memiliki 100% saham Indigo Pacific Corporation, Diamond Pacific International Corporation, Asean Maritime Corporation (ketiganya berkedudukan di luar negeri) dan P.T. BLT International Group (berkedudukan di Indonesia), semuanya bergerak dalam bidang investasi. Perusahaan juga memiliki P.T. Banyu Laju Shipping, P.T. Brotojoyo Maritime dan P.T. Buana Listya Tama yang bergerak dalam bidang pengoperasian dan pemilikan kapal serta P.T. Bayu Lestari Tanaya yang bergerak dalam bidang agen perkapalan, keempat anak perusahaan ini berdomisili di Indonesia.

The Company owns 100% equity in Indigo Pacific Corporation, Diamond Pacific International Corporation, Asean Maritime Corporation (all domiciled in foreign country) and P.T. BLT International Group (domiciled in Indonesia), all of which are operating as investment holding companies. The Company also owns P.T. Banyu Laju Shipping, P.T. Brotojoyo Maritime and P.T. Buana Listya Tama, owners and operators of vessels, and P.T. Bayu Lestari Tanaya, operating as a shipping agency, which are all domiciled in Indonesia.

Berikut adalah rincian anak perusahaan yang dimiliki oleh Perusahaan, baik langsung maupun tidak langsung melalui anak perusahaan:

Details of the Company’s subsidiaries, directly or indirectly owned, are as follows:

Tahun Operasi Komersial/ Anak Perusahaan/Subsidiaries

Jumlah Aset 31 Desember 2009/

Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations

December 31, 2009 US$'000

1.

Indigo Pacific Corporation

Perusahaan Investasi/ Investment holding company

Labuan, Malaysia

24 Desember 1997/ December 24, 1997

263.930

1.1.

Indigo Pacific Corporation


British Virgin Islands

8 Pebruari 1993/ February 8, 1993

265.177

1.1.1.

Melani Maritime Inc.

Pengoperasian dan pemilikan kapal/ Owner and operator of vessel

Panama


32.934

1.1.2.

Zona Overseas International Shipping S.A.


Panama

24 Juni 1997/ June 24, 1997

79.702

1.1.3.

Kunti Maritime Pte. Ltd.


Singapore

11 Oktober 2000/ October 11, 2000

4.236

1.1.4.

Jembawati Maritime Pte. Ltd.


Singapore

15 Nopember 2000/ November 15, 2000

14.845

1.1.5.

Tirtasari Maritime Pte. Ltd.


Singapore


3.691

-9-




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Tahun Operasi Komersial/

Anak Perusahaan/Subsidiaries


Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations


1.1.6.

Pergiwo Navigation Pte. Ltd.


Singapore

26 April 2002/ April 26, 2002

9.732

1.1.7.

Fatmarini Maritime Pte. Ltd.


Singapore

14 Agustus 2002/ August 14, 2002

32.773

1.1.8.

Harsanadi Maritime Pte. Ltd.


Singapore


5.519

1.1.9.

Hartati Maritime Pte. Ltd.


Singapore


2.720

1.1.10.

BLT Finance Corporation

Pembiayaan/Financing


20 Juni 2005/ June 20, 2005

19.260

1.1.11.

Pujawati Maritime Pte. Ltd.


Singapore

10 Maret 2006/ March 10, 2006

6.030

1.1.12.

Pertiwi Maritime Pte. Ltd.


Singapore

12 Maret 2006/ March 12, 2006

8.417

1.1.13.

Anggraini Maritime Pte. Ltd.


Singapore

5 Juni 2006/ June 5, 2006

41.587

1.1.14.

Emerald Maritime Pte. Ltd.


Singapore

12 April 2006/ April 12, 2006

15.531

1.1.15.

BLT Finance B.V

Pembiayaan/Financing

The Netherlands

27 April 2007/ April 27, 2007

367.548

1.1.16.

Tridonawati Maritime Pte. Ltd


Singapore

6 Juni 2007/ June 6, 2007

52

1.1.17.

Purbasari Maritime Pte. Ltd


Singapore

23 Juni 2007/ June 23, 2007

20.394

1.1.18.

Tridonawati Maritime Corporation


Liberia

21 Juni 2007/ June 21, 2007

44.937

1.1.19.

Trirasa Maritime Pte. Ltd


Singapore

6 Juni 2007/ June 6, 2007

27

1.1.20.

Pramoni Maritime Pte. Ltd


Singapore

16 April 2008/ April 16, 2008

30.925

1.1.21.

Fatmarini Shipping Pte. Ltd


Singapore


23.613

1.1.22.

Frabandari Shipping Pte. Ltd


Singapore


23.898

1.1.23.

Harsanadi Shipping Pte. Ltd


Singapore


34.240

1.1.24.

Hartati Shipping Pte. Ltd


Singapore


31.637

1.1.25.

Nogogini Shipping Pte. Ltd


Singapore


20.753

1.1.26.

Nolowati Shipping Pte. Ltd


Singapore


19.281

1.1.27.

Ratih Shipping Pte. Ltd


Singapore


17.759

- 10 -







Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations


2.

Diamond Pacific International Corporation


Labuan, Malaysia


151.651

2.1.





164.133

2.1.1.

Lenani Maritime Inc.


Panama


65.027

2.1.1.1

Ontari Maritime Pte. Ltd.


Singapore

25 Juli 2002 July 25, 2002

8.579

2.1.2.

Averina Maritime S.A.

Agen perkapalan/ Shipping agency

Panama

27 Mei 1998/ May 27, 1998

45.848

2.1.3.

Gandari Navigation Pte. Ltd.

Pengoperasian kapal/ Operator of vessel

Singapore

26 April 2002/ April 26, 2002

782

2.1.4.

GBLT Shipmanagement Pte. Ltd.

Manajemen perkapalan/ Ship management

Singapore

10 Maret 2002/ March 10, 2002

1.191

2.1.4.1.

GBLT Shipmanagement Ltd.


United Kingdom


3.414

2.1.4.1.1

Harsanadi Shipping Ltd.


United Kingdom


24

2.1.4.1.2

Hartati Shipping Ltd.


United Kingdom


144

2.1.4.1.3

Frabandari Shipping Ltd.


United Kingdom


122

2.1.4.1.4

Fatmarini Shipping Ltd.


United Kingdom


627

2.1.4.1.5

Nolowati Shipping Ltd.


United Kingdom


23

2.1.4.1.6

Nogogini Shipping Ltd.


United Kingdom


173

2.1.4.1.7

Ratih Shipping Ltd.


United Kingdom


473

2.1.5.

Cendanawati Navigation Pte. Ltd.


Singapore

25 Juli 2002/ July 25, 2002

10.129

2.1.6.

Frabandari Maritime Pte. Ltd.


Singapore


25.510

2.1.7.

Brotojoyo Maritime Pte. Ltd.


Singapore

3 Juli 2003/ July 3, 2003

18.276

2.1.8.

Berlian Laju Tanker Pte. Ltd.


Singapore

3 Juli 2003/ July 3, 2003

9.025

2.1.9.

Anjasmoro Maritime Pte. Ltd.


Singapore

17 Maret 2004/ March 17, 2004

47.193

2.1.10.

Gas Lombok Maritime Pte. Ltd.


Singapore

20 Maret 2008/ March 20, 2008

44.023

2.1.11.

Gas Sumbawa Maritime Pte. Ltd.


Singapore

12 Juni 2008/ June 12, 2008

44.150

- 11 -







Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations


Marshall Island

8 Juli 2005/ July 8, 2005

9.553

2.2.

BLT LNG Tangguh Corporation


3.

Asean Maritime Corporation


Labuan, Malaysia

16 September 1997/ September 16, 1997

374.330

3.1.

Gold Bridge Shipping Corporation




32.832

3.1.1.

Bauhinia Navigation S.A.


Panama

30 Mei 1996/ May 30, 1996

1.788

3.1.2.

Cempaka Navigation S.A.


Panama

23 Juni 1997/ June 23, 1997

5.551

3.1.3.

Gold Bridge Shipping Ltd.


Hong Kong

27 April 1990/ April 27, 1990

3.963

3.1.3.1

BLT Shipping Shanghai Co. Ltd.


China

27 Juli 2006/ July 27, 2006

749

3.1.4.

Great Tirta Shipping S.A.


Panama

23 Juni 1997/ June 23, 1997

4.797

3.1.4.1.

Dewayani Maritime Pte. Ltd.


Singapore


3.041

3.1.5.

Hopeway Marine Inc.


Panama


16.796

3.1.6.

Lestari International Shipping S.A.


Panama

23 Juni 1997/ June 23, 1997

5.439

3.1.6.1.

Gandini Maritime Pte. Ltd.


Singapore

2 Januari 2002/ January 2, 2002

4.361

3.1.7.

Quimera Maritime S.A.


Panama


10.182

3.1.8.

South Eastern Overseas Navigation S.A.


Panama

26 Mei 1994/ May 26, 1994

5.199

3.1.9.

Zenith Overseas Maritime S.A.


Panama

23 Juni 1997/ June 23, 1997

231

3.1.9.1.

Gandari Maritime Pte. Ltd.


Singapore


3.1.10.

Zona Shipping S.A.


Panama

23 Juni 1997/ June 23, 1997

4.296

3.1.10.1.

Dewi Sri Maritime Pte. Ltd.


Singapore


2.735

3.1.11.

Dahlia Navigation S.A.


Panama


1.286

3.1.12.

Eglantine Navigation S.A.


Panama


1.819

3.1.13.

Wulansari Maritime Pte. Ltd.


Singapore

6 April 2001/ April 6, 2001

15.761

3.1.14.

Yanaseni Maritime Pte. Ltd.


Singapore

18 April 2001/ April 18, 2001

11.105

- 12 -

129.537







Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations


3.1.15.

Indradi Maritime Pte. Ltd.


Singapore


20.748

3.1.16.

Gold Bridge Logistic Ltd.


Hong Kong

4 Juni 2001/ June 4, 2001

1.000

3.1.16.1

Beihai New Resources Logistic Corporation

Jasa penyimpanan/ Storage services

China

8 Juni 2001/ June 8, 2001

2.338

3.1.17.

Gold Bridge Shipping Agencies S.A.


Panama


755

3.1.18.

Elite Bauhinia Navigation Pte. Ltd.


Singapore


11.339

3.1.19.

Cempaka Navigation Pte. Ltd.


Singapore

25 Juli 2002/ July 25, 2002

1.743

3.1.20.

Dahlia Navigation Pte. Ltd.


Singapore

25 Juli 2002/ July 25, 2002

15.895

3.1.21.

Freesia Navigation S.A.


Panama


20.002

3.1.22.

Gerbera Navigation S.A.


Panama


27.515

3.1.23.

Mustokoweni Maritime Pte Ltd.


Singapore


1.817

3.1.24.

Ulupi Maritime Pte. Ltd.


Singapore


16.283

3.1.25.

Erowati Maritime Pte. Ltd.


Singapore


14.705

3.1.26.

Gas Papua Maritime Pte Ltd.


Singapore


24.338

3.1.27.

Rasawulan Maritime Pte. Ltd.


Singapore


15.703

3.1.28.

Gas Sulawesi Maritime Pte. Ltd.


Singapore


21.635

3.1.29.

Tribuana Maritime Pte. Ltd.


Singapore


19.643

3.1.30.

Gagarmayang Maritime Pte. Ltd.


Singapore


47.806

3.1.31.

Prita Dewi Maritime Pte. Ltd.


Singapore

13 Nopember 2004/ November 13 2004

22.869

3.1.32.

Purwati Maritime Pte. Ltd.


Singapore


38.986

3.1.33.

Trijata Maritime Pte Ltd.


Singapore


20.632

3.1.34.

Pradapa Maritime Pte. Ltd.


Singapore


-

3.1.35.

Pergiwati Maritime Pte. Ltd.


Singapore


51.442

3.1.36.

Badraini Maritime Pte. Ltd.


Singapore


20.417

- 13 -







Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations


3.1.37.

Barunawati Maritime Pte. Ltd.


Singapore


27.768

3.1.38.

Gas Maluku Maritime Pte. Ltd.


Singapore

8 April 2005/ April 8, 2005

11.822

3.1.39.

Barawati Maritime Pte. Ltd.


Singapore

22 April 2005/ April 22, 2005

10.665

3.1.40.

Gas Bali Maritime Pte. Ltd.


Singapore

6 Juli 2005/ July 6, 2005

21.590

3.1.41.

Eustoma Navigation S.A.


Panama


9.288

3.1.42.

Puspawati Maritime Pte. Ltd.


Singapore


31.722

3.1.43.

Diamond Flow Ltd.

Perusahaan investasi/ Investment holding company

Hong Kong


3.1.44

Likabula International Ltd.


Hong Kong

14 Juni 2007/ June 14, 2007

246

3.1.45.

Richesse International Corp




16

3.1.45.1

Richesse Logistic (International) Ltd.


Hong Kong


10.533

3.1.45.1.1

Richesse Logistic (Fangcheng Port) Co. Ltd.

Penyimpanan dan penjualan produk kimia/Storage and sale of chemical product

China

12 Juli 2007 July 12, 2007

21.244

3.1.46

Hyacinth Navigation S.A

Pengoperasian & pemilikan kapal/ Owner and operator of vessel

Panama

12 Maret 2008/ March 12, 2008

32.388

3.1.47

Irish Maritime International S.A


Panama

12 Maret 2008/ March 12, 2008

3.744

3.2.

BLT Chembulk Corp BVI




129.706

3.2.1

Chembulk Tankers LLC


Marshall Islands


33.633

3.2.1.1

Chembulk Trading II LLC


Marshall Islands


377.381

3.2.1.2

Chembulk Management LLC


United States of America


1.226

3.2.1.3

Chembulk Management B.V.


The Netherlands

22 Mei 2007/ May 22, 2007

3.2.1.4

Chembulk Management Pte. Ltd.


Singapore

29 Maret 2007/ March 29, 2007

3.2.1.5

CBL Tankers Do Brazil Ltd.


Brazil

17 Juli 2008/ July 17, 2008

3.2.2

Chembulk Barcelona Pte. Ltd.


Singapore


60.247

3.2.3

Chembulk Gibraltar Pte. Ltd.


Singapore


36.713

- 14 -

-

156

1.210

3







Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations


3.2.4

Chembulk Hong Kong Pte. Ltd.


Singapore


58.706

3.2.5

Chembulk Houston Pte. Ltd.


Singapore


36.121

3.2.6

Chembulk Kobe Pte. Ltd.


Singapore


38.374

3.2.7

Chembulk New York Pte. Ltd.


Singapore


48.118

3.2.8

Chembulk Savannah Pte. Ltd.


Singapore


45.402

3.2.9

Chembulk Shanghai Pte. Ltd.


Singapore


35.306

3.2.10

Chembulk Ulsan Pte. Ltd.


Singapore


40.906

3.2.11

Chembulk Virgin Gorda Pte. Ltd.


Singapore


60.608

3.2.12

Chembulk Yokohama Pte. Ltd.


Singapore


40.219

3.2.13

Chembulk New Orleans Pte. Ltd.


Singapore

22 Juni 2008/ June 22, 2008

67.698

3.3

BLT International Corp.

* Perusahaan investasi/ Investment holding company

Hong Kong


3.4

Nevaeh Limited

** Perusahaan investasi/ Investment holding company

British Virgin Island


4.

PT Banyu Laju Shipping


Indonesia

25 Juli 1991/ July 25, 1991

4.1.

Banyu Laju Corporation


Labuan, Malaysia


5.

PT Brotojoyo Maritime


Indonesia


11.059

5.1.

PT Gemilang Bina Lintas Tirta


Indonesia


1.079

5.1.1.

PT Karya Bakti Adil

Agen kru/Crew agency

Indonesia


1.656

6.

PT Buana Listya Tama


Indonesia

12 Mei 2005/ May 12, 2005

6.1.

PT Anjasmoro Maritime


Indonesia

24 Maret 2006/ March 24, 2006

6.2.

PT Pearl Maritime


Indonesia


4.493

6.3.

PT Ruby Maritime


Indonesia


41.004

6.4.

PT Sapphire Maritime


Indonesia


13.594

- 15 -

50

-

21.879

163

128.527

20







Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations


6.5.

PT Citrine Maritime


Indonesia

29 Mei 2006/ May 29, 2006

22.550

6.6.

PT Diamond Maritime


Indonesia

29 Mei 2006/ May 29, 2006

26.435

6.7.

PT Emerald Maritime


Indonesia

29 Mei 2006/ May 29, 2006

61.138

6.8.

PT Jade Maritime

* Pengoperasian & pemilikan kapal/ Owner and operator of vessel

Indonesia

19 Mei 2009/ May 19, 2009

26

6.9.

PT Onyx Maritime


Indonesia

19 Mei 2009/ May 19, 2009

26

6.10.

PT Topaz Maritime


Indonesia

19 Mei 2009/ May 19, 2009

26

7.

PT Bayu Lestari Tanaya

Agen Perkapalan/Shipping agency

Indonesia

22 Maret 2005/ March 22, 2005

40

7.1.

PT Berlian Dumai Logistic

Perdagangan umum/ General trading

Indonesia


24

8

PT BLT International Group

Indonesia


27

* Perusahaan investasi/ Investment holding company

* Merupakan pendirian perusahaan baru di tahun 2009/Newly established companies in 2009. ** Merupakan akuisisi perusahaan di tahun 2009/Newly acquired company in 2009. c.

Penawaran Umum Efek Perusahaan dan Obligasi

c.

Public Offering of Shares and Bonds

Saham

Shares

Perusahaan menawarkan 2.100.000 saham kepada masyarakat melalui bursa efek di Indonesia seharga Rp 8.500 setiap saham, yang telah disetujui oleh Menteri Keuangan Republik Indonesia dengan Surat Keputusannya No. S1-076/SHM/MK.01/1990 tanggal 22 Januari 1990. Saham-saham tersebut telah tercatat pada bursa efek di Indonesia pada tanggal 26 Maret 1990.

The Company’s offering of 2,100,000 shares to the public through the stock exchanges in Indonesia, at a price of Rp 8,500 per share, was approved by the Minister of Finance of the Republic of Indonesia in his Decision Letter No. S1-076/SHM/MK.01/1990 dated January 22, 1990. These shares were listed on the stock exchanges in Indonesia on March 26, 1990.

Pada tanggal 27 Januari 1993, Perusahaan memperoleh Surat Pemberitahuan Efektif No. S-109A/PM/1993 dari Ketua Badan Pengawas Pasar Modal (Bapepam) (sekarang menjadi Bapepam-LK) untuk mengadakan Penawaran Umum Terbatas I kepada para pemegang saham sejumlah 29.400.000 saham seharga Rp 1.600 setiap saham. Saham-saham tersebut telah tercatat pada Bursa Efek Jakarta dan Bursa Efek Surabaya (sekarang Bursa Efek Indonesia) pada tanggal 24 Mei 1993.

On January 27, 1993, the Company obtained the notice of effectivity from the Chairman of the Capital Market Supervisory Agency (“Bapepam”) (currently Bapepam-LK) in his letter No. S-109A/PM/1993 for its Rights Issue I to the stockholders totaling 29,400,000 shares at a price of Rp 1,600 per share. These shares were listed on the Jakarta and Surabaya Stock Exchanges (currently Indonesian Stock Exchange) on May 24, 1993.

- 16 -





Pada tanggal 26 Desember 1997, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam dengan suratnya No. S-2966/PM/1997 untuk melakukan Penawaran Umum Terbatas II dengan Hak Memesan Efek Terlebih Dahulu kepada pada pemegang saham sebanyak 305.760.000 saham dan 61.152.000 waran dengan harga pelaksanaan Rp 1.200 per waran. Pemegang waran dapat melaksanakan haknya untuk membeli saham mulai tanggal 16 Juli 1998 sampai dengan tanggal 20 Januari 2003. Berdasarkan Addendum Pernyataan Penerbitan Waran sebagaimana tercantum dalam akta No. 32 tanggal 17 Oktober 2002 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, Perusahaan memutuskan untuk menambah jangka waktu waran selama 5 (lima) tahun sampai tanggal 18 Januari 2008. Bila waran tidak dilaksanakan sampai masa berlakunya habis, maka waran tersebut menjadi kadaluarsa dan tidak ada nilainya. Sahamsaham tersebut telah dicatat pada Bursa Efek Jakarta dan Bursa Efek Surabaya pada tanggal 16 Januari 1998.

On December 26, 1997, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-2966/PM/1997 for its Rights Issue II with pre-emptive right to stockholders totaling 305,760,000 shares with 61,152,000 warrants at an exercise price of Rp 1,200 per warrant. The holders of warrants can exercise the right to purchase one share from July 16, 1998 to January 20, 2003. Based on the addendum on the statement of warrant issuance which was notarized with notarial deed No. 32 dated October 17, 2002 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, the Company decided to extend the period of warrants for five (5) years until January 18, 2008. If the warrants are not exercised during this period, the warrants will expire and will have no value. The shares were listed on the Jakarta and Surabaya stock exchanges on January 16, 1998.

Perusahaan melakukan stock split 4:1 pada tahun 2002 dan 2:1 pada tahun 2004. Dengan demikian harga pelaksanaan waran sejak tahun 2005 adalah sebesar Rp 150 per saham.

The Company conducted a stock split of 4:1 in 2002 and 2:1 in 2004. Thus, the exercise price of the warrants since 2005 became Rp 150 per share.

Pada tanggal 18 Desember 2000, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam dengan suratnya No. S-3690/PM/2000 untuk melakukan Penawaran Umum Terbatas III dengan Hak Memesan Efek Terlebih Dahulu kepada para pemegang saham sebanyak 61.152.000 saham. Perusahaan telah mengeluarkan saham baru sebanyak 53.958.150 saham biasa atas nama dengan nilai nominal Rp 500 per saham yang ditawarkan dengan harga Rp 1.100 per saham.

On December 18, 2000, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-3690/PM/2000 for its Rights Issue III with pre-emptive right to stockholders totaling 61,152,000 shares. The Company issued 53,958,150 new common shares with nominal value of Rp 500 per share at a price of Rp 1,100 per share.

Pada tanggal 22 September 2006, Perusahaan memperoleh ijin untuk mencatatkan sahamnya di papan utama (SGX-Mainboard) berdasarkan surat No. RMR/IR/YCH/260407 dari Singapore Exchange Securities Limited (SGX-ST). Sehubungan dengan pencatatan saham tersebut Perusahaan telah merubah anggaran dasarnya yang telah disetujui oleh para pemegang saham dalam Rapat Umum Para Pemegang Saham Luar Biasa pada tanggal 11 September 2006.

On September 22, 2006, the Company obtained the eligibility to list all of its shares on the SGX-Mainboard based on letter No. RMR/IR/YCH/260407 from Singapore Exchange Securities Limited (SGX-ST). In connection with the Company’s listing of shares, the Company also amended certain provisions of its Articles of Association as approved by the shareholders in their Extraordinary Shareholders Meetings held on September 11, 2006.

Pada tanggal 29 Juni 2009, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam-LK dengan suratnya No. S-5658/BL/2009 untuk melakukan Penawaran Umum Terbatas IV dengan Hak Memesan Efek Terlebih Dahulu kepada para pemegang saham. Perusahaan telah mengeluarkan sebanyak 1.392.310.059 saham biasa baru dengan harga penawaran Rp 425 per saham.

On June 29, 2009, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-5658/BL/2009 for its rights issue IV with pre-emptive rights to stockholders. The Company issued 1,392,310,059 common shares at an exercise price of Rp 425 per share.

Pada tanggal 31 Desember 2009, seluruh saham Perusahaan sejumlah 5.981.591.235 saham telah tercatat di Bursa Efek Indonesia dan Singapura.

As of December 31, 2009, 5,981,591,235 shares have been listed on the Stock Exchanges in Indonesia and Singapore.

- 17 -




2.


Obligasi dan Wesel Bayar

Bonds and Notes Payable

Pada tanggal 4 Mei 2007 dan 17 Mei 2007, BLT Finance B.V. (BLT FBV), anak perusahaan, menerbitkan 7,5% Guaranteed Senior Notes senilai USD 400 juta jatuh tempo tahun 2014 dan USD 125 juta Zero Coupon Guaranteed Convertible Bond jatuh tempo tahun 2012, yang keduanya terdaftar di Bursa Efek Singapura (SGX-ST).

On May 4, 2007, and May 17, 2007, BLT Finance B.V. (BLT FBV), a subsidiary, issued USD 400 million 7.5% Guaranteed Senior Notes due 2014 and USD 125 million Zero Coupon Guaranteed Convertible Bonds due 2012, respectively, which were both registered on the SGX-ST.

Pada tanggal 25 Juni 2007, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam-LK dengan suratnya No. S-3117/BL/2007 untuk melakukan Penawaran Umum Obligasi Berlian Laju Tanker III tahun 2007 sejumlah Rp 700.000 juta dengan tingkat bunga tetap dan Obligasi Sukuk Ijarah tahun 2007 sejumlah Rp 200.000 juta.

On June 25, 2007, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3117/BL/2007 for its public offering of Berlian Laju Tanker III Bond year 2007 amounting to Rp 700,000 million with fixed interest rate and Sukuk Ijarah year 2007 amounting Rp 200,000 million.

Pada tanggal 15 Mei 2009, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam-LK dengan suratnya No. S-3908/BL/2009 untuk melakukan Penawaran Umum Obligasi Berlian Laju Tanker IV tahun 2009 sebesar Rp 400.000 juta dan Obligasi Sukuk Ijarah II tahun 2009 sebesar Rp 100.000 juta.

On May 15, 2009, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3908/BL/2009 for its public offering of Berlian Laju Tanker IV Bonds year 2009 amounting to Rp 400,000 million and Sukuk Ijarah II year 2009 amounting to Rp 100,000 million.

PERUBAHAN KEBIJAKAN AKUNTANSI

2.

CHANGES IN ACCOUNTING POLICY

Agar penyajian posisi keuangan, kinerja keuangan atau arus kas Perusahaan dan anak perusahaan lebih relevan dan andal (reliable), Perusahaan melakukan perubahan kebijakan akuntansi sebagai berikut:

In order for the presentation of financial position, financial performance or cash flows of the Company and its subsidiaries to be more relevant and reliable, the Company has changed the following accounting policies:

Perubahan Pengukuran Aset Tetap

Change the Measurement of Vessels

Efektif 1 Januari 2009, Perusahaan merubah pengukuran aset tetap - kapal termasuk kapal sewa pembiayaan dari model biaya ke model revaluasi. Perubahan kebijakan akuntansi ini diperlakukan secara prospektif. Sebagai akibat dari perubahan kebijakan akuntansi ini, pada tanggal 1 Januari 2009, Perusahaan mencatat saldo Surplus Revaluasi sebesar USD 247.253 ribu dalam ekuitas dan Penurunan Revaluasi sebesar USD 160.215 ribu dalam laporan laba rugi, serta mencatat peningkatan nilai tercatat aset tetap - kapal sebesar USD 87.038 ribu.

Effective January 1, 2009, the Company changed the measurement of its vessel including leased vessels from cost model to revaluation model. This change in accounting policy has been accounted for prospectively. As a result of this change, on January 1, 2009, the Company has recorded "Revaluation Reserve” of USD 247,253 thousand in equity and “Revaluation Decrease” of USD 160,215 thousand in profit and loss, and an increase in the carrying amount of vessels of USD 87,038 thousand.

Perubahan Mata Uang Pelaporan

Change in Reporting Currency

Sampai dengan 31 Desember 2008, pencatatan akuntansi Perusahaan diselenggarakan dalam mata uang Rupiah. Efektif 1 Januari 2009, Perusahaan merubah mata uang pencatatan dan pelaporan dari Rupiah menjadi Dollar Amerika Serikat, yang merupakan mata uang fungsional Perusahaan.

Until December 31, 2008, the books of accounts of the Company are maintained in Indonesian Rupiah. Effective January 1, 2009, the Company changed its recording and reporting currency from the Indonesian Rupiah to the U.S. Dollar, which is its functional currency.

Perusahaan telah mendapatkan persetujuan dari Menteri Keuangan Republik Indonesia untuk menyelenggarakan pembukuan dengan menggunakan bahasa Inggris dan mata uang Dollar Amerika Serikat (USD) mulai tahun pajak 2009.

The Company had received the approval from the Minister of Finance of the Republic of Indonesia to maintain its accounting records in the English language and in United States (U.S.) Dollar reporting currency starting from the 2009 fiscal year.

- 18 -





Penentuan saldo awal untuk tujuan pencatatan akuntansi dilakukan dengan pengukuran kembali akun-akun laporan keuangan seolah-olah mata uang fungsional tersebut telah digunakan dalam pencatatan transaksi sejak tanggal terjadinya transaksi. Prosedur pengukuran kembali, adalah sebagai berikut:

Beginning balance for the purpose of the accounting records is determined by remeasuring the financial statements as if the functional currency had been used to record the transactions at the date the transactions are recognized. The procedures for remeasurement are as follows:

a)

aset dan kewajiban moneter diukur kembali dengan menggunakan kurs pada tanggal neraca;

a)

monetary assets and liabilities are remeasured using the exchange rate on the balance sheet date;

b)

aset dan kewajiban non-moneter serta modal saham diukur kembali dengan menggunakan kurs historis, atau kurs pada tanggal perolehan aset tetap, atau kewajiban diakui, atau penerimaan setoran modal saham;

b)

non-monetary assets and liabilities and capital stock are remeasured using the historical exchange rates, or the rates on the date on which fixed assets are acquired, or liabilities are recognized, or capital stock-subscriptions are received;

c)

pendapatan dan beban diukur kembali dengan menggunakan kurs rata-rata tertimbang selama periode yang diperbandingkan, kecuali untuk beban penyusutan aset tetap atau amortisasi aset non-moneter yang diukur kembali dengan menggunakan kurs historis aset yang bersangkutan;

c)

income and expenses are remeasured using the weighted average exchange rate for the comparative period, except for depreciation of fixed assets or amortization of non-monetary assets which is remeasured using the historical exchange rates of the underlying assets;

d)

dividen diukur dengan menggunakan tanggal pencatatan dividen tersebut;

kurs

d)

dividends are remeasured using the exchange rate on the date on which the dividends are recorded;

e)

perbedaan yang timbul dari pengukuran kembali di atas dicatat dalam saldo laba.

e)

the difference as a result of the above remeasurement is recognized in retained earnings.

Pengukuran kembali tersebut diatas dilakukan surut (retroaktif) hingga tahun di mana mata uang fungsional tersebut mulai berlaku.

The remeasurements as specified above are performed retroactively to the year when the functional currency became effective.

Neraca dan laporan laba rugi konsolidasi tahun 2008 sebelum dan setelah pengukuran kembali adalah sebagai berikut:

The consolidated balance sheet and profit and loss year 2008 before and after the remeasurement are as follows:

2008 Sebelum Setelah pengukuran pengukuran kembali/ kembali/ Before After Remeasurement Remeasurement Rp'000.000 US$'000 ASSETS

ASET ASET LANCAR Kas dan setara kas Investasi tersedia untuk dijual Piutang usaha Persediaan Aset lancar lainnya

714.446 1.416.774 1.058.576 139.627 211.745

65.250 129.386 96.674 12.786 20.008

CURRENT ASSETS Cash and cash equivalents Available-for-sale investments Trade accounts receivable Inventories Others current assets

Jumlah Aset Lancar

3.541.168

324.104

Total Current Assets

ASET TIDAK LANCAR Aset tetap - bersih Uang jaminan dan beban tangguhan Goodwill - bersih Aset tidak lancar lainnya

20.657.220 244.542 461.984 71.410

1.896.264 28.637 46.648 273

Jumlah Aset Tidak Lancar

21.435.156

1.971.822

Total Noncurrent Assets

JUMLAH ASET

24.976.324

2.295.926

TOTAL ASSETS

- 19 -

NONCURRENT ASSETS Property, vessels and equipment - net Security deposits and deferred charges Goodwill - net Others noncurrent assets




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 2008

Sebelum pengukuran kembali/ Before Remeasurement Rp'000.000

Setelah pengukuran kembali/ After Remeasurement US$'000 LIABILITIES AND EQUITY

KEWAJIBAN DAN EKUITAS KEWAJIBAN LANCAR Instrumen keuangan derivatif Hutang bank Hutang usaha Biaya masih harus dibayar Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Kewajiban lancar lainnya Jumlah Kewajiban Lancar KEWAJIBAN TIDAK LANCAR Hutang jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Wesel bayar Kewajiban sewa pembiayaan Hutang lain-lain jangka panjang Instrumen keuangan derivatif Obligasi konversi Kewajiban tidak lancar lainnya Jumlah Kewajiban Tidak Lancar EKUITAS Modal saham Agio saham Selisih kurs karena penjabaran laporan keuangan Kerugian yang belum direalisasi dari pemilikan efek Saldo laba Ditentukan penggunaannya Tidak ditentukan penggunaannya

337.089 1.933.650 189.896 380.823

30.784 176.589 17.346 34.636

CURRENT LIABILITIES Derivative financial instruments Bank loans Trade accounts payable Accrued expenses

2.058.163 59.250

187.960 5.416

Current maturities of long-term liabilities Others current liabilities

4.958.871

452.731

Total Current Liabilities NONCURRENT LIABILITIES

7.900.384 893.263 1.445.400 1.701.365 135.880 1.589.928 396.938 56.807

721.496 81.450 132.000 155.376 12.409 145.199 36.250 5.188

14.119.965

1.289.368

286.830 570.659

62.191 64.823

1.362.125 (20.420)

(15.615) (1.865)

57.366 4.421.850

5.898 525.023

Jumlah Dikurangi harga perolehan saham diperoleh kembali 412.351.000 saham

6.678.410

640.455

Jumlah Ekuitas JUMLAH KEWAJIBAN DAN EKUITAS

Long-term liabilities - net of current maturities Financial institutions Bonds payable Notes payable Obligations under finance lease Other long-term payable Derivative financial instruments Convertible bonds Others noncurrent liabilities Total Noncurrent Liabilities EQUITY Capital stock Additional paid-in capital Translation adjustment Unrealized loss on available-for-sale investment Retained earnings Appropriated Unappropriated

(86.628)

Total Less cost of treasury stock - 412,351,000 shares

5.897.488

553.827

Total Equity

24.976.324

2.295.926

(780.922)

- 20 -

TOTAL LIABILITIES AND EQUITY





Sebelum pengukuran kembali/ Before Remeasurement Rp'000.000

Setelah pengukuran kembali/ After Remeasurement US$'000

PENDAPATAN USAHA

7.005.851

723.682

OPERATING REVENUES

BEBAN LANGSUNG

4.762.118

494.058

DIRECT COST

LABA KOTOR

2.243.733

229.624

GROSS PROFIT

351.819

36.311

1.891.914

193.313

BEBAN UMUM DAN ADMINISTRASI LABA USAHA PENGHASILAN (BEBAN) LAIN-LAIN Perubahan nilai wajar obligasi konversi dan wesel bayar

2.961.090

305.958

Keuntungan penjualan aset tetap Pendapatan investasi Kerugian transaksi derivatif Beban keuangan Kerugian penurunan nilai aset tetap Penurunan nilai goodwill Kerugian kurs mata uang asing - bersih Bagian rugi bersih perusahaan asosiasi Lain-lain - bersih

919.311 164.746 (1.784.179) (1.135.694) (434.868) (319.042) (447.786) (179.266) (68.415)

94.989 16.294 (163.179) (117.231) (37.841) (29.136) (17.286) (18.524) (7.977)

Penghasilan (Beban) Lain-lain - Bersih LABA SEBELUM PAJAK

(324.103) 1.567.811

BEBAN PAJAK LABA BERSIH

3.

219.380

(9.849)

(1.016)

1.557.962

218.364

3.

KEBIJAKAN AKUNTANSI

a.

26.067

SUMMARY POLICIES a.

Penyajian Laporan Keuangan Konsolidasi

GENERAL AND ADMINISTRATIVE EXPENSES INCOME FROM OPERATIONS OTHER INCOME (CHARGES) Change in fair value of convertible bonds and notes payable Gain on sale of property, vessels and equipment Investment income Net loss on derivative transactions Finance cost Impairment loss on asset Impairment of goodwill Foreign exchange loss - net Equity in net loss of associates Others - net Other Income (Charges) - Net INCOME BEFORE TAX TAX EXPENSE NET INCOME

OF

Consolidated Presentation

SIGNIFICANT

ACCOUNTING

Financial

Statement

Laporan keuangan konsolidasi disusun dengan menggunakan prinsip dan praktek akuntansi yang berlaku umum di Indonesia.

The consolidated financial statements have been prepared using accounting principles and reporting practices generally accepted in Indonesia.

Dasar penyusunan laporan keuangan konsolidasi, kecuali untuk laporan arus kas, adalah dasar akrual. Mata uang pelaporan yang digunakan untuk penyusunan laporan keuangan konsolidasi adalah mata uang Dollar Amerika Serikat (USD). Laporan keuangan konsolidasi tersebut disusun berdasarkan nilai historis, kecuali beberapa akun tertentu disusun berdasarkan pengukuran lain sebagaimana diuraikan dalam kebijakan akuntansi masingmasing akun tersebut.

The consolidated financial statements, except for the consolidated statements of cash flows, are prepared under the accrual basis of accounting. The reporting currency used in the preparation of the consolidated financial statements is the U.S. Dollar (USD), while the measurement basis used is the historical cost, except for certain accounts which are measured on the bases described in the related accounting policies.

- 21 -





Laporan arus kas konsolidasi disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas dalam aktivitas operasi, investasi dan pendanaan.

The consolidated statements of cash flows are prepared using the direct method with classifications of cash flows into operating, investing and financing activities.

Sehubungan dengan pencatatan saham Perusahaan di Bursa Efek Singapura (SGX-ST), Perusahaan juga menerbitkan laporan keuangan konsolidasi berdasarkan Standar Pelaporan Keuangan Internasional (International Financial Reporting Standards). Perbedaan signifikan antara prinsip-prinsip akuntansi yang berlaku umum di Indonesia dengan Standar Pelaporan Keuangan Internasional dijelaskan pada Catatan 37 atas laporan keuangan konsolidasi.

In connection with the listing of the Company’s shares on the SGX-ST, the Company issued separate consolidated financial statements prepared under International Financial Reporting Standards (IFRS). Significant differences between Indonesian GAAP and IFRS are summarized in Note 37 to the consolidated financial statement.

b.

c.

Prinsip Konsolidasi

b.

Principles of Consolidation

Laporan keuangan konsolidasi menggabungkan laporan keuangan Perusahaan dan entitas yang dikendalikan oleh Perusahaan (dan anak perusahaan). Pengendalian dianggap ada apabila Perusahaan mempunyai hak untuk mengatur dan menentukan kebijakan finansial dan operasional dari investee untuk memperoleh manfaat dari aktivitasnya. Pengendalian juga dianggap ada apabila induk perusahaan memiliki baik secara langsung atau tidak langsung melalui anak perusahaan lebih dari 50% hak suara.

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (and its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of the investee entity so as to obtain benefits from its activities. Control is presumed to exist when the Company owns directly or indirectly through subsidiaries, more than 50% of the voting rights.

Hak minoritas terdiri dari jumlah kepemilikan pada tanggal terjadinya penggabungan usaha (Catatan 3c) dan bagian minoritas dari perubahan ekuitas sejak tanggal dimulainya penggabungan usaha. Kerugian yang menjadi bagian minoritas melebihi hak minoritas dialokasikan kepada bagian induk perusahaan.

The minority interest consists of the amount of those interest at the date of original business combination (Note 3c) and minority's share of movements in equity since the date of the business combination. Any losses applicable to the minority interest in excess of the minority interest are allocated against the interests of the parent.

Hasil dari anak perusahaan yang diakuisisi atau dijual selama tahun berjalan dari tanggal efektif akuisisi atau sampai dengan tanggal efektif penjualan termasuk dalam laporan laba rugi konsolidasi.

The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of income from the effective date of acquisition or up to the effective date of disposal, as appropriate.

Penyesuaian dapat dilakukan terhadap laporan keuangan anak perusahaan agar kebijakan akuntansi yang digunakan sesuai dengan kebijakan akuntansi yang digunakan oleh Perusahaan.

Where necessary, adjustments are made to the financial statements of the subsidiaries to bring the accounting policies used in line with those used by the Company.

Seluruh transaksi antar perusahaan, saldo, penghasilan dan beban dieliminasi pada saat konsolidasi.

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Penggabungan usaha

c.

Akuisisi anak perusahaan dicatat dengan menggunakan metode pembelian (purchase method). Biaya penggabungan usaha adalah keseluruhan nilai wajar (pada tanggal pertukaran) dari aset yang diperoleh, kewajiban yang terjadi atau yang diasumsikan dan instrumen ekuitas yang diterbitkan sebagai penggantian atas pengendalian dari perolehan ditambah biaya-biaya lain yang secara langsung dapat diatribusikan pada penggabungan usaha tersebut. - 22 -

Business Combinations Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is the aggregate of the fair value (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued in exchange for control of the acquire, plus any costs directly attributable to the business combination.





Pada saat akuisisi, aset dan kewajiban anak perusahaan diukur sebesar nilai wajarnya pada tanggal akuisisi. Selisih lebih antara biaya perolehan dan bagian Perusahaan atas nilai wajar aset dan kewajiban yang dapat diidentifikasi diakui sebagai goodwill dan diamortisasi dengan menggunakan metode garis lurus selama dua puluh tahun. Jika biaya perolehan lebih rendah dari bagian Perusahaan atas nilai wajar aset dan kewajiban yang dapat diidentifikasi yang diakui pada tanggal akuisisi (diskon atas akuisisi), maka nilai wajar aset non-moneter yang diakuisisi harus diturunkan secara proposional, sampai seluruh selisih tersebut tereliminasi.

On acquisition, the assets and liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognized as goodwill and amortized using the straight-line method over twenty years. When the cost of acquisition is less than the interest in the fair values of the identifiable assets and liabilities acquired as at the date of acquisition (i.e. discount on acquisition), the fair values of the acquired non-monetary assets are reduced proportionately until all the excess is eliminated.

Kepemilikan pemegang saham minoritas dicatat sebagai bagian dari minoritas atas biaya historis dari aset bersih.

The interest of the minority is stated at the minority’s proportion of the historical cost of the net assets.

d.

e.

Transaksi dan Penjabaran Keuangan dalam Mata Uang Asing

Laporan

d.

Foreign Currency Translation

Transactions

and

Pembukuan Perusahaan dan anak perusahaan yang berlokasi di luar negeri diselenggarakan dalam Dollar Amerika Serikat. Transaksitransaksi selama tahun berjalan dalam mata uang selain Dollar Amerika Serikat dicatat dengan kurs yang berlaku pada saat terjadinya transaksi. Pada tanggal neraca, aset dan kewajiban moneter dalam mata uang selain mata uang Dollar Amerika Serikat disesuaikan untuk mencerminkan kurs yang berlaku pada tanggal tersebut. Keuntungan atau kerugian kurs yang timbul dikreditkan atau dibebankan pada laporan laba rugi tahun berjalan.

The books of accounts of the Company and its foreign subsidiaries are maintained in US Dollar. Transactions during the year involving currencies other than US Dollar are recorded at the rates of exchange prevailing at the time the transactions are made. At balance sheet date, monetary assets and liabilities denominated in currencies other than US Dollar are adjusted to reflect the rates of exchange prevailing at that date. The resulting gains or losses are credited or charged to current operations.

Pembukuan anak perusahaan yang berlokasi di dalam negeri (Indonesia) diselenggarakan dalam mata uang Rupiah. Untuk tujuan laporan keuangan konsolidasi, aset dan kewajiban anak perusahaan tersebut pada tanggal neraca dijabarkan dalam mata uang Dollar Amerika Serikat masing-masing dengan menggunakan kurs yang berlaku pada tanggal neraca, sedangkan pendapatan dan beban dijabarkan dengan menggunakan kurs yang berlaku pada tanggal transaksi. Selisih kurs yang terjadi disajikan sebagai bagian dari ekuitas pada akun selisih kurs karena penjabaran laporan keuangan sampai pelepasan investasi neto yang bersangkutan.

The books of accounts of the domestic (Indonesia) subsidiaries are maintained in Rupiah. For consolidation purposes, assets and liabilities of these subsidiaries at balance sheet date are translated into U.S. Dollar using the exchange rates at balance sheet date, while revenues and expenses are translated using the rates of exchange prevailing at the time transactions are made. The resulting gain of loss are credited or charged to current opeation. The differences resulting from translation adjustment are shown as part of equity under the account “Translation Adjustments” until the disposal of the related net investment.

Penggunaan Estimasi

e. Use of Estimates

Penyusunan laporan keuangan konsolidasi sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia mengharuskan manajemen membuat estimasi dan asumsi yang mempengaruhi jumlah aset dan kewajiban yang dilaporkan dan pengungkapan aset dan kewajiban kontinjensi pada tanggal laporan keuangan serta jumlah pendapatan dan beban selama periode pelaporan. Realisasi dapat berbeda dengan jumlah yang diestimasi.

- 23 -

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in Indonesia requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could be different from these estimates.




f.

Kas dan Setara Kas

f. Cash and Cash Equivalents

Kas dan setara kas terdiri dari kas, bank dan semua investasi yang jatuh tempo dalam waktu tiga bulan atau kurang dari tanggal perolehannya dan yang tidak dijaminkan serta tidak dibatasi penggunaannya. g.


Investasi

Cash and cash equivalents consist of cash on hand and in banks and all unrestricted investments with maturities of three months or less from the date of placement. g. Investment

Investasi efek ekuitas yang nilai wajarnya tersedia

Investments in equity securities with readily determinable fair values

Investasi dalam efek yang tersedia untuk dijual dinyatakan sebesar nilai wajarnya. Keuntungan dan kerugian yang timbul dari perubahan nilai wajar diakui langsung dalam ekuitas sampai pada saat efek tersebut dijual atau telah terjadi penurunan nilai. Pada saat itu, keuntungan atau kerugian kumulatif yang sebelumnya dicatat dalam ekuitas dibebankan dalam laba rugi tahun berjalan.

Investments in available-for-sale securities are stated at fair value. Gains and losses arising from changes in fair value are recognized directly in equity, until the security is disposed of or is determined to be impaired, at which time, the cumulative gain or loss previously recognized in equity is included in current operations.

Untuk menghitung laba atau rugi yang direalisasi, biaya perolehan efek ditentukan berdasarkan metode rata-rata tertimbang.

Cost of securities sold is determined using the weighted average method.

Investasi dalam Reksadana

Investment in Mutual Fund

Investasi dalam reksadana dinyatakan sebesar nilai wajarnya berdasarkan nilai aset bersih. Kenaikan (penurunan) nilai aset bersih disajikan dalam laporan laba rugi konsolidasi tahun berjalan.

Investment in mutual fund are stated at fair value based on the net asset value of the funds. Increase (decrease) in net asset value is reflected in the consolidated statements of income.

Investasi pada perusahaan asosiasi

Investments in associates

Perusahaan asosiasi adalah suatu perusahaan dimana induk Perusahaan mempunyai pengaruh yang signifikan, namun tidak mempunyai pengendalian atau pengendalian bersama, melalui partisipasi dalam pengambilan keputusan atas kebijakan finansial dan operasional investee.

An associate is an entity over which the Company is in a position to exercise significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee.

Penghasilan, aset dan kewajiban dari perusahaan asosiasi digabungkan dalam laporan keuangan konsolidasi dicatat dengan mengunakan metode ekuitas. Investasi pada perusahaan asosiasi dicatat di neraca sebesar biaya perolehan dan selanjutnya disesuaikan untuk perubahan dalam bagian kepemilikan Perusahaan atas aset bersih perusahaan asosiasi yang terjadi setelah perolehan, dikurangi dengan penurunan nilai yang ditentukan untuk setiap investasi secara individu. Bagian Perusahaan atas kerugian perusahaan asosiasi yang melebihi nilai tercatat dari investasi tidak diakui kecuali jika Perusahaan mempunyai kewajiban atau melakukan pembayaran kewajiban perusahaan asosiasi yang dijaminnya, dalam hal demikian, tambahan kerugian diakui sebesar kewajiban atau pembayaran tersebut.

The results of operations, assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Company’s share of the net assets of the associate, less any impairment in the value of the individual investments. Losses of the associates in excess of the Company’s interest in those associates are not recognized except if the Company has incurred obligations or made payments on behalf of the associates to satisfy obligations of the associates that the Company has guaranteed, in which case, additional losses are recognized to the extent of such obligations or payments.

- 24 -





Selisih lebih antara biaya perolehan dengan bagian Perusahaan atas nilai wajar aset bersih perusahaan asosiasi yang dapat diidentifikasi pada saat akuisisi diakui sebagai goodwill. Goodwill termasuk dalam nilai investasi dan dinilai untuk penurunan nilai sebagai bagian dari investasi.

Any excess of the cost of acquisition over the Company’s share of the fair values of the identifiable net assets of the associate at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of investment.

Apabila terdapat transaksi antara Perusahaan dengan perusahaan asosiasi, keuntungan dan kerugian yang terjadi dieliminasi sebesar bagian Perusahaan pada perusahaan asosiasi tersebut.

Where a company transacts with an associate, profits and losses are eliminated to the extent of the Company’s interest in the relevant associate.

h.

Penyisihan Piutang Ragu-ragu

h. Allowance for Doubtful Accounts

Penyisihan piutang ragu-ragu ditetapkan berdasarkan penelaahan terhadap masingmasing akun piutang pada akhir tahun. i.

Persediaan

Allowance for doubtful accounts is provided based on a review of the status of the individual receivable accounts at the end of the year. i.

Persediaan dinyatakan berdasarkan biaya perolehan atau nilai realisasi bersih, mana yang lebih rendah. Biaya perolehan ditentukan dengan metode “first-in, first-out” (FIFO). j.

Biaya Dibayar Dimuka

k.

Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined using the first-in, first-out method. j.

Biaya dibayar dimuka diamortisasi selama manfaat masing-masing biaya dengan menggunakan metode garis lurus. Aset Tetap

Inventories

Prepaid Expenses Prepaid expenses are amortized over their beneficial periods using the straight-line method.

k. Property, Vessels and Equipment

Kapal

Vessels

Sejak tahun 2009, kapal termasuk kapal sewa pembiayaan dicatat pada jumlah revaluasian, yaitu nilai wajar pada tanggal revaluasi dikurangi akumulasi penyusutan dan akumulasi rugi penurunan nilai yang terjadi setelah tanggal revaluasi. Revaluasi dilakukan dengan keteraturan yang cukup reguler untuk memastikan bahwa jumlah tercatat tidak berbeda secara material dari jumlah yang ditentukan dengan menggunakan nilai wajar pada tanggal neraca. Penyusutan kapal dihitung dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomis dari kapal yaitu 5 - 25 tahun.

Since 2009, vessels including leased vessels are stated at their revalued amount, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the balance sheet date. Depreciation of vessels is calculated on a straight line basis over the estimated useful life of the vessels between 5 – 25 years.

Kenaikan yang berasal dari revaluasi kapal tersebut langsung dikreditkan ke surplus revaluasi pada bagian ekuitas, kecuali sebelumnya penurunan revaluasi atas aset yang sama pernah diakui dalam laporan laba rugi, dalam hal ini, kenaikan revaluasi hingga sebesar penurunan nilai aset akibat revaluasi tersebut, dikreditkan dalam laporan laba rugi. Penurunan jumlah tercatat yang berasal dari revaluasi kapal dibebankan dalam laporan laba rugi apabila penurunan tersebut melebihi saldo akun surplus revaluasi kapal yang berasal dari revaluasi sebelumnya, jika ada.

Any revaluation increase arising on the revaluation of such vessels is credited to vessels revaluation surplus in the equity section, except to the extent that it reverses a revaluation decrease, for the same asset which was previously recognized in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously charged. A decrease in carrying amount arising on the revaluation of such vessels is charged to profit or loss to the extent that it exceeds the balance, if any, held in the vessels revaluation surplus relating to a previous revaluation of such vessels, if any.

- 25 -





Penyusutan atas nilai revaluasian kapal dibebankan ke laporan laba rugi. Sejalan dengan penggunaan kapal oleh Perusahaan dan anak perusahaan, surplus revaluasi kapal dipindahkan ke saldo laba sebesar perbedaan jumlah penyusutan berdasarkan nilai revaluasian kapal dengan jumlah penyusutan berdasarkan biaya perolehan kapal. Bila kemudian kapal yang telah direvaluasi dijual atau dihentikan penggunaannya, saldo surplus revaluasi tersisa dipindahkan langsung ke saldo laba.

Depreciation on revalued vessels is charged to profit or loss. As the vessels are used, a transfer is made from revaluation reserve to retained earnings equivalent to the difference between depreciation based on revalued carrying amount of the vessels and depreciation based on the vessels’ original cost. On subsequent sale or retirement of a revalued vessel, the attributable revaluation surplus remaining in the vessels revaluation reserve is transferred directly to retained earnings.

Sebelumnya, kapal dinyatakan berdasarkan biaya perolehan, dikurangi akumulasi penyusutan dan akumulasi rugi penurunan nilai. Perubahan kebijakan akuntansi dari model biaya ke model revaluasi dalam pengakuan kapal diterapkan secara prospektif.

Previously, vessels were stated at cost less accumulated depreciatian and any accumulated impairment losses. The changes in accounting policy from cost model to revaluation model in the measurement of the vessel are accounted propectively.

Kapal dalam pembangunan dicatat sebesar biaya perolehan dikurangi penurunan nilai yang ada. Biaya perolehan termasuk biaya profesional, yang timbul selama masa pembangunan dikapitalisasi sesuai dengan kebijakan akuntansi Perusahaan. Penyusutan kapal dimulai sejak kapal siap untuk digunakan.

Vessels in construction are carried at cost less any impairment loss. Costs, including professional fees, incurred while under construction are capitalized in accordance with the Company’s accounting policy. Depreciation of these vessels commences when the vessels are ready for their intended use.

Masa manfaat ekonomis, nilai residu dan metode penyusutan direview setiap akhir tahun buku dan pengaruh dari setiap perubahan tersebut diperlakukan prospektif.

The vessels’ residual values, estimated useful lives and depreciation method are reviewed at each balance sheet date, with the effect of any changes in estimate accounted for on a prospective basis.

Keuntungan dan kerugian yang timbul dari penjualan atau penghentian kapal ditentukan sebesar perbedaan antara jumlah neto hasil penjualan dan jumlah tercatat dari kapal tersebut dan dicatat dalam laporan laba rugi.

The gain or loss arising on sale or retirement of vessels is determined as the difference between the sales proceeds and carrying amount of the vessel and is recognized in profit or loss.

Biaya Docking

Dry Docking Cost

Nilai kapal, termasuk biaya docking yang dikapitaliasi pada saat terjadinya dan diamortisasi berdasarkan metode garis lurus sampai dengan docking berikutnya.

Included in the balance of vessels is dry docking cost which is capitalized when incurred and is amortized on a straight line basis over the period to the next dry docking.

Aset Tetap Lainnya

Property and Equipment

Aset tetap lainnya dinyatakan berdasarkan biaya perolehan setelah dikurangi akumulasi penyusutan dan akumulasi kerugian penurunan nilai. Penyusutan dihitung dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomis aset tetap sebagai berikut:

Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is computed using the straight-line method based on the estimated useful lives of the assets as follows:

Tahun/Years Bangunan Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess

20 10 5 5 5

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Buildings and premisses Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment





Aset sewa pembiayaan disusutkan berdasarkan taksiran masa manfaat ekonomis yang sama dengan aset yang dimiliki sendiri atau disusutkan selama jangka waktu yang lebih pendek antara periode masa sewa dan umur manfaatnya.

Assets held under finance lease are depreciated based on the same estimated useful life with owned assets or over the lease period which ever is shorter.

Masa manfaat ekonomis, nilai residu dan metode penyusutan direview setiap akhir tahun dan pengaruh dari setiap perubahan estimasi tersebut berlaku prospektif.

The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis.

Tanah dinyatakan berdasarkan biaya perolehan dan tidak disusutkan.

Land is stated at cost and is not depreciated.

Beban pemeliharaan dan perbaikan dibebankan pada laporan laba rugi konsolidasi pada saat terjadinya. Biaya-biaya lain yang terjadi selanjutnya yang timbul untuk menambah, mengganti atau memperbaiki aset tetap dicatat sebagai biaya perolehan aset jika dan hanya jika besar kemungkinan manfaat ekonomis di masa depan berkenaan dengan aset tersebut akan mengalir ke entitas dan biaya perolehan aset dapat diukur secara andal. Aset tetap yang sudah tidak digunakan lagi atau yang dijual dikeluarkan dari kelompok aset tetap berikut akumulasi penyusutannya. Keuntungan atau kerugian dari penjualan aset tetap tersebut dibukukan dalam laporan laba rugi konsolidasi pada tahun yang bersangkutan.

The cost of maintenance and repairs is charged to operations as incurred. Other costs incurred subsequently to add to, replace part of, or service an item of property, plant and equipment, are recognized as asset if, and only if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. When assets are retired or otherwise disposed of, their carrying values and the related accumulated depreciation and any impairment loss are removed from the accounts and any resulting gain or loss is reflected in the current operations.

Aset dalam penyelesaian dinyatakan sebesar biaya perolehan. Akumulasi biaya perolehan akan dipindahkan ke masing-masing aset tetap yang bersangkutan pada saat selesai dan siap digunakan.

Construction in progress is stated at cost, and is transferred to the respective property, vessels and equipment account when completed and ready for use.

l.

l. Impairment of Asset

Penurunan nilai aset Pada setiap tanggal neraca, Perusahaan dan anak perusahaan me-review nilai tercatat asetnya untuk menentukan ada atau tidaknya indikasi penurunan nilai aset. Jika terdapat indikasi penurunan nilai aset, jumlah yang dapat diperoleh kembali dari aset tersebut diestimasi untuk menentukan besarnya jumlah penurunan nilai aset, jika ada. Jika estimasi jumlah yang dapat diperoleh kembali tidak dapat dilakukan secara individual, Perusahaan dan anak perusahaan melakukan estimasi jumlah yang dapat diperoleh kembali dari unit penghasil kas dimana aset tersebut berada.

At each balance sheet date, the Company and its subsidiaries review the carrying amounts of their tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Company and its subsidiaries estimate the recoverable amount of the cash-generating unit to which the asset belongs.

Nilai yang dapat diperoleh kembali adalah nilai tertinggi antara harga jual neto dengan nilai pakai. Dalam menentukan nilai pakai, taksiran arus kas masa depan didiskontokan ke nilai sekarang menggunakan tarif diskonto sebelum pajak yang menunjukkan taksiran sekarang mengenai nilai waktu uang dan risiko spesifik yang terkait dengan aset yang bersangkutan.

Recoverable amount is the higher of the net realizable less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

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Jika suatu nilai yang dapat diperoleh kembali dari suatu aset ditaksir lebih kecil dari nilai tercatatnya, nilai tercatat aset tersebut atau unit penghasil kasnya harus diturunkan menjadi sebesar nilai yang dapat diperoleh kembali. Rugi penurunan nilai aset segera diakui sebagai beban pada laporan laba rugi, kecuali aset tersebut dicatat dengan metode revaluasi, maka rugi penurunan nilai diperlakukan sebagai penurunan revaluasi (Catatan 3k).

If the recoverable amount of the asset or cashgenerating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at revaluation model, in which case the impairment loss is treated as a revaluation decrease (Note 3k).

Jika rugi penurunan nilai kemudian dipulihkan, nilai tercatat dari aset (unit penghasil kas) dinaikkan ke perubahan taksiran dari nilai yang dapat diperoleh kembali, untuk itu kenaikan nilai yang dapat diperoleh kembali tidak boleh melebihi nilai tercatat yang seharusnya diakui seandainya pada tahun sebelumnya tidak ada pengakuan rugi penurunan nilai. Pemulihan rugi penurunan nilai segera diakui sebagai laba dalam laporan laba rugi, kecuali aset tersebut dicatat dengan metode revaluasi, maka pemulihan rugi penurunan nilai tersebut diperlakukan sebagai kenaikan revaluasi (Catatan 3k).

Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at revaluation model, in which case the reversal of the impairment loss is treated as a revaluation increase (Note 3k). m. Bond Issuance Costs

m. Biaya Emisi Obligasi Biaya emisi obligasi langsung dikurangi dari hasil emisi dalam rangka menentukan hasil emisi neto obligasi tersebut. Selisih antara hasil emisi neto dengan nilai nominal merupakan diskonto atau premium yang diamortisasi selama jangka waktu obligasi tersebut dengan metode garis lurus. n.

n. Notes Payable

Wesel Bayar Pada saat penerbitan, wesel bayar termasuk derivatif melekat (embedded derivative), diukur dan dicatat pada nilai wajar, laba atau rugi yang timbul sebagai hasil dari perubahan nilai wajar yang terjadi dikemudian hari diakui dalam laporan laba rugi. Nilai wajar ditetapkan berdasarkan referensi kuotasi harga pasar.

o.

Bond issuance costs are deducted directly from the proceeds of the related bonds to determine the net proceeds. The difference between the net proceeds and nominal value represent discount or premium, which is amortized using the straight-line method over the term of the bonds.

Obligasi Konversi

At the time of issue, the notes payable which included embedded derivative, were measured and recorded at fair value, with any resultant gain or loss as a result of subsequent changes in fair value recognized in profit or loss. Fair values are determined with reference to quoted market prices. o. Convertible Bonds

Obligasi konversi yang jatuh tempo tahun 2012 dipertimbangkan sebagai sebuah instrumen campuran (hybrid instrument) dimana di dalamnya termasuk kumpulan kontrak utama hutang dan gabungan instrumen derivatif melekat (embedded derivatives). Pada saat penerbitan obligasi konversi diukur dan dicatat pada nilai wajar, laba atau rugi yang timbul sebagai hasil dari perubahan nilai wajar dikemudian hari diakui dalam laporan laba rugi. Nilai wajar ditetapkan berdasarkan referensi kuotasi harga pasar.

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These convertible bonds due in 2012 are considered a hybrid instrument containing a debt host contract and compound embedded derivatives. At the time of issue, the convertible bonds were measured and recorded at fair value, with any resultant gain or loss as a result of subsequent changes in fair value recognized in profit or loss. Fair values are determined with reference to quoted market prices.




p.

Sewa


p.

Leasing

Sewa diklasifikasikan sebagai sewa pembiayaan jika sewa tersebut mengalihkan secara substantial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset. Sewa lainnya, yang tidak memenuhi kriteria tersebut, diklasifikasikan sebagai sewa operasi.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Perusahaan dan Anak Perusahaan Sebagai Lessor

The Company and its Subsidiaries as Lessor

Pendapatan sewa dari sewa operasi diakui sebagai pendapatan dengan dasar garis lurus selama masa sewa. Biaya langsung awal yang terjadi dalam proses negosiasi dan pengaturan sewa operasi ditambahkan ke jumlah tercatat dari aset sewaan dan diakui dengan dasar garis lurus selama masa sewa.

Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term.

Perusahaan dan Anak Perusahaan Sebagai Lessee

The Company and its Subsidiaries as Lessee

Aset pada sewa pembiayaan dicatat pada awal masa sewa sebesar nilai wajar aset sewaan Perusahaan dan anak perusahaan yang ditentukan pada awal kontrak atau, jika lebih rendah, sebesar nilai kini dari pembayaran sewa minimum. Kewajiban kepada lessor disajikan di dalam neraca sebagai kewajiban sewa pembiayaan.

Assets held under finance leases are initially recognized as assets of the Company and subsidiaries at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Pembayaran sewa harus dipisahkan antara bagian yang merupakan beban keuangan dan bagian yang merupakan pengurangan dari kewajiban sewa sehingga mencapai suatu tingkat bunga yang konstan (tetap) atas saldo kewajiban. Rental kontinjen dibebankan pada periode terjadinya.

Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Contingent rentals are recognized as expenses in the periods in which they are incurred.

Pembayaran sewa operasi diakui sebagai beban dengan dasar garis lurus (straight-line basis) selama masa sewa, kecuali terdapat dasar sistematis lain yang dapat lebih mencerminkan pola waktu dari manfaat aset yang dinikmati pengguna. Rental kontinjen terkait sewa operasi diakui sebagai beban di dalam periode terjadinya.

Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred.

Dalam hal insentif diperoleh dalam sewa operasi, insentif tersebut diakui sebagai kewajiban. Keseluruhan manfaat dari insentif diakui sebagai pengurangan dari biaya sewa dengan dasar garis lurus kecuali terdapat dasar sistematis lain yang lebih mencerminkan pola waktu dari manfaat yang dinikmati pengguna.

In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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q.

Jual dan Sewa-balik

Sale and Leaseback

Aset yang dijual berdasarkan transaksi jual dan sewa balik diperlakukan sebagai berikut:

Assets sold under a sale and leaseback transaction are accounted for as follows:

Jika transaksi jual dan sewa-balik merupakan sewa pembiayaan, selisih lebih hasil penjualan dari nilai tercatat aset ditangguhkan dan diamortisasi selama masa sewa.

If the sale and leaseback transaction results in a finance lease, any excess of sales proceeds over the carrying amount of the asset is deferred and amortized over the lease term.

Jika transaksi jual dan sewa-balik merupakan sewa operasi dan jelas bahwa transaksi tersebut terjadi pada nilai wajar, maka laba atau rugi harus diakui segera. Jika harga jual di bawah nilai wajar, maka laba atau rugi harus diakui segera, kecuali rugi tersebut dikompensasikan dengan pembayaran sewa di masa depan yang lebih rendah dari harga pasar, maka rugi tersebut harus ditangguhkan dan diamortisasi secara proporsional dengan pembayaran sewa selama periode penggunaan aset. Jika harga jual di atas nilai wajar, selisih lebih dari nilai wajar tersebut ditangguhkan dan diamortisasi selama periode penggunaan aset.

If the sale and leaseback transaction results in an operating lease, and it is clear that the transaction is established at fair value, any profit or loss is recognized immediately. If the sale price is below fair value, any profit or loss is recognized immediately except that, if the loss is compensated for by future lease payments at below market price, it shall be deferred and amortized in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is deferred and amortized over the period for which the asset is expected to be used.

Untuk sewa operasi, jika nilai wajar aset pada saat transaksi jual dan sewa-balik lebih rendah daripada nilai tercatatnya, rugi sebesar selisih antara nilai tercatat dan nilai wajar harus diakui segera.

For operating leases, if the fair value at the time of a sale and leaseback transaction is less than the carrying amount of the asset, a loss equal to the amount of the difference between the carrying amount and fair value is recognized immediately.

Untuk sewa pembiayaan, penyesuaian seperti di atas tidak diperlukan kecuali jika telah terjadi penurunan nilai. Dalam hal ini, jumlah tercatat berkurang menjadi jumlah yang dapat dipulihkan.

For finance leases, no such adjustment is necessary unless there has been an impairment in value, in which case the carrying amount is reduced to recoverable amount.

Saham Diperoleh Kembali

q.

Pembelian kembali saham Perusahaan sendiri (treasury stock) dicatat berdasarkan metode biaya perolehan (cost method). Dengan metode ini bila saham tersebut dijual kembali dengan harga jual yang melebihi harga perolehan, maka kelebihannya akan dicatat sebagai agio saham, sedangkan bila harga jual lebih rendah dari harga perolehan, selisihnya akan dicatat sebagai pengurangan saldo laba. r.


Pengakuan Pendapatan dan Beban

Treasury Stocks Treasury stocks is recorded using the cost method. Under this method, if the treasury stock is subsequently sold, the excess of the selling price over the acquisition cost is recorded as additional paid-in capital, while if the selling price is lower than acquisition cost, the difference is recognized as a deduction from retained earnings.

r. Revenue and Expense Recognition

Pendapatan dari operasi freight diakui berdasarkan persentase penyelesaian rute perjalanan pada tanggal neraca. Pendapatan diterima dimuka diakui sebagai kewajiban.

Revenues on freight operations are recognized as income by reference to the percentage of completion of the voyage as at balance sheet date. Unearned revenue received is recognized as liability.

Pendapatan dari sewa berdasarkan waktu (time charter) diakui sesuai masa manfaatnya dari periode kontrak charter tersebut. Pendapatan berdasarkan rute perjalanan diakui selama jangka waktu perjalanan tersebut.

Time charter revenue is recognized on accrual basis evenly over the terms of the time charter agreements. Voyage freight is recognized evenly over the duration of each voyage.

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Pendapatan jasa perantara kapal dan jasa penyimpanan diakui pada saat jasa tersebut diserahkan kepada pelanggan.

Revenues from agency services and storage services are recognized when the services are rendered to customers.

Pendapatan bunga diakui sesuai manfaatnya pada periode yang bersangkutan (accrual basis).

Interest income on interest-bearing instruments is recognized on accrual basis.

Beban diakui pada saat terjadinya.

Expenses are recognized when incurred.

s.

t.

s. Post-Employment Benefits

Imbalan Pasca Kerja Perusahaan memberikan imbalan pasca kerja imbalan pasti untuk karyawan sesuai dengan Undang Undang Ketenagakerjaan No. 13/2003. Tidak terdapat pendanaan yang disisihkan oleh Perusahaan sehubungan dengan imbalan pasca kerja ini.

The Company provides defined benefit postemployment benefits to its employees in accordance with Labor Law No. 13/2003. No funding has been made to this defined benefit plan.

Perhitungan imbalan pasca kerja menggunakan metode Projected Unit Credit. Akumulasi keuntungan dan kerugian aktuarial bersih yang belum diakui yang melebihi 10% dari nilai kini kewajiban imbalan pasti diakui dengan metode garis lurus selama rata-rata sisa masa kerja yang diprakirakan dari para pekerja dalam program tersebut. Biaya jasa lalu dibebankan langsung apabila imbalan tersebut menjadi hak atau vested, dan sebaliknya akan diakui sebagai beban dengan metode garis lurus selama periode rata-rata sampai imbalan tersebut menjadi vested.

The cost of providing post-employment benefits is determined using the Projected Unit Credit Method. The accumulated unrecognized actuarial gains and losses that exceed 10% of the present value of the Company’s defined benefit obligations is recognized on straight-line basis over the expected average remaining working lives of the participating employees. Past service cost is recognized immediately to the extent that the benefits are already vested, and otherwise is amortized on a straight-line basis over the average period until the benefits become vested.

Jumlah yang diakui sebagai kewajiban imbalan pasti di neraca merupakan nilai kini kewajiban imbalan pasti disesuaikan dengan keuntungan dan kerugian aktuarial yang belum diakui, dan biaya jasa lalu yang belum diakui.

The benefit obligation recognized in the balance sheet represents the present value of the defined benefit obligation, as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost. t. Income Tax

Pajak Penghasilan Beban pajak kini ditentukan berdasarkan laba kena pajak dalam periode yang bersangkutan yang dihitung berdasarkan tarif pajak yang berlaku.

Current tax expense is determined based on the taxable income for the year computed using prevailing tax rates.

Aset dan kewajiban pajak tangguhan diakui atas konsekuensi pajak periode mendatang yang timbul dari perbedaan jumlah tercatat aset dan kewajiban menurut laporan keuangan dengan dasar pengenaan pajak aset dan kewajiban, kecuali perbedaan yang berhubungan dengan pajak penghasilan final. Kewajiban pajak tangguhan diakui untuk semua perbedaan temporer kena pajak dan aset pajak tangguhan diakui untuk perbedaan temporer yang boleh dikurangkan, sepanjang besar kemungkinan dapat dimanfaatkan untuk mengurangi laba kena pajak pada masa datang.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, except for differences between the carrying amounts of asset and liabilities subject to final tax. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized for deductible temporary differences to the extent that it is probable that taxable income will be available in future periods against which the deductible temporary differences can be utilized.

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Pajak tangguhan diukur dengan menggunakan tarif pajak yang berlaku atau secara substansial telah berlaku pada tanggal neraca. Pajak tangguhan dibebankan atau dikreditkan dalam laporan laba rugi, kecuali pajak tangguhan yang dibebankan atau dikreditkan langsung ke ekuitas.

Deferred tax is calculated at the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the statement of income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also charged or credited directly to equity.

Aset dan kewajiban pajak tangguhan disajikan di neraca, kecuali aset dan kewajiban pajak tangguhan untuk entitas yang berbeda, atas dasar kompensasi sesuai dengan penyajian aset dan kewajiban pajak kini.

Deferred tax assets and liabilities are offset in the balance sheet, except if these are for different legal entities, in the same manner the current tax assets and liabilities are presented.

Atas pendapatan dari kapal yang dikenakan pajak penghasilan final, beban pajak diakui proporsional dengan jumlah pendapatan menurut akuntansi yang diakui pada periode berjalan. Selisih antara jumlah pajak penghasilan final terutang dengan jumlah yang dibebankan sebagai pajak kini pada perhitungan laba rugi diakui sebagai pajak dibayar dimuka atau hutang pajak. Akun pajak penghasilan final dibayar dimuka disajikan terpisah dari hutang pajak penghasilan final.

Tax expense on revenues from vessels subject to final tax is recognized proportionately based on the revenue recognized in the current year. The difference between the final tax paid and current tax expense in the statement of income is recognized as prepaid tax or tax payable. Prepaid final tax is presented separately from final tax payable.

Perbedaan nilai tercatat aset atau kewajiban yang berhubungan dengan pajak penghasilan final dengan dasar pengenaan pajaknya tidak diakui sebagai aset atau kewajiban pajak tangguhan.

Deferred tax is not recognized for the difference between the financial statement carrying amounts of assets and liabilities if the related revenue is subject to final tax.

u.

v.

Laba (Rugi) Per Saham

u. Earnings (Loss) Per Share

Laba (rugi) per saham dasar dihitung dengan membagi laba (rugi) bersih residual dengan jumlah rata-rata tertimbang saham beredar pada tahun yang bersangkutan.

Basic earnings (loss) per share is computed by dividing net income by the weighted average number of shares outstanding during the year.

Laba (rugi) per saham dilusian dihitung dengan membagi laba (rugi) bersih residual dengan jumlah rata-rata tertimbang saham biasa yang telah disesuaikan dengan dampak dari semua efek berpotensi saham biasa yang dilutif.

Diluted earnings (loss) per share is computed by dividing net income by the weighted average number of shares outstanding as adjusted for the effect of all dilutive potential ordinary shares.

Instrumen Keuangan Derivatif

v. Derivative Financial Instruments

Instrumen keuangan derivatif awalnya dinilai berdasarkan nilai wajar pada saat tanggal kontrak dibuat, dan selanjutnya dinilai kembali berdasarkan nilai wajar pada tanggal laporan keuangan.

Derivative financial instruments are initially measured at fair value on the contract date, and are remeasured to fair value at subsequent reporting dates.

Perubahan nilai wajar dari instrumen keuangan derivatif diakui dalam laporan laba rugi konsolidasi sepanjang tidak dimaksudkan dan tidak memenuhi kualifikasi lindung nilai.

Changes in the fair value of derivative financial instruments are recognized in profit or loss as they are not designated and do not qualify for hedge accounting.

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Derivatif yang melekat pada instrumen keuangan lainnya atau kontrak utama nonfinansial lainnya diperlakukan sebagai derivatif yang terpisah bila resiko dan karakteristiknya tidak secara jelas dan erat berhubungan dengan risiko dan karakteristik kontrak utama, dan kontrak utama tersebut tidak dinyatakan dengan nilai wajar, dan perubahan nilai wajar diakui pada laporan laba rugi konsolidasi.

Derivatives embedded in other financial instruments or other non-financial host contract are treated as a separate derivative when their risks and characteristics are not closely related to the host contract and the host contract is not carried at fair value with changes in fair value recognized in consolidated statement of income.

Suatu derivatif disajikan sebagai aset atau kewajiban tidak lancar jika nilai sisa dari instrumen yang jatuh tempo lebih dari 12 bulan dan diperkirakan tidak akan direalisasi atau diselesaikan dalam waktu 12 bulan. Derivatif lainnya disajikan sebagai aset atau kewajiban lancar.

A derivative is presented as a non current asset or non current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.

Penggunaan instrumen keuangan derivatif ditatakelola berdasarkan kebijakan Perusahaan yang disetujui oleh Dewan Direksi yang konsisten dengan strategi risiko manajemen Perusahaan. Perusahaan tidak menggunakan instrumen keuangan derivatif untuk tujuan spekulasi.

The use of financial derivatives is governed by the Company’s policies approved by the Board of Directors consistent with the Company’s risk management strategy. The Company and subsidiaries do not use derivative financial instruments for speculative purposes.

w. Informasi Segmen

w. Segment Information

Informasi segmen disusun sesuai dengan kebijakan akuntansi yang dianut dalam penyusunan dan penyajian laporan keuangan konsolidasi. Bentuk primer pelaporan segmen adalah segmen usaha sedangkan segmen sekunder adalah segmen geografis.

Segment information is prepared using the accounting policies adopted for preparing and presenting the consolidated financial statements. The primary format in reporting segment information is based on business segment, while the secondary reporting format is based on geographical segment.

Segmen usaha adalah komponen Perusahaan yang dapat dibedakan dalam menghasilkan produk atau jasa (baik produk atau jasa individual maupun kelompok produk atau jasa terkait) dan komponen itu memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan segmen lain.

A business segment is a distinguishable component of an enterprise that is engaged in providing an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business segments.

Segmen geografis adalah komponen perusahaan yang dapat dibedakan dalam menghasilkan produk atau jasa pada lingkungan (wilayah) ekonomi tertentu dan komponen itu memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan pada komponen yang beroperasi pada lingkungan (wilayah) ekonomi lain.

A geographical segment is a distinguishable component of an enterprise that is engaged in providing products or services within a particular economic environment and that is subject to risks and returns that are different for those of components operating in other economic environments.

Aset dan kewajiban yang digunakan bersama dalam satu segmen atau lebih dialokasikan kepada setiap segmen jika, dan hanya jika, pendapatan dan beban yang terkait dengan aset tersebut juga dialokasikan kepada segmensegmen tersebut.

Assets and liabilities that relate jointly to two or more segments are allocated to their respective segments, if and only if, their related revenues and expense are also allocated to those segments.

- 33 -




4.


KAS DAN SETARA KAS

4. 2009 US$'000

Kas Bank Rupiah Bank Capital Bank Mega Bank INA Perdana Lain-lain (masing-masing dibawah USD 1.300 ribu) Dollar Amerika Serikat DnB NoR Bank ASA, Singapura Deutsche Bank Citibank Nordea Bank Finland PLC Lain-lain (masing-masing dibawah USD 3 juta) Mata uang lainnya (masing-masing dibawah USD 3 juta) Jumlah Bank Deposito berjangka Dollar Amerika Serikat Fortis Bank S.A./ N.V. Bank Mega United Overseas Bank Limited Bank Sumitomo Mitsui Indonesia Bank Mizuho Indonesia Hongkong & Shanghai Banking Corporation Citibank Lainnya (masing-masing dibawah USD 3 juta) Mata uang lainnya Jumlah deposito berjangka Jumlah Tingkat bunga deposito berjangka per tahun Dollar Amerika Serikat Rupiah Dollar Singapura Renmimbi

CASH AND CASH EQUIVALENTS 2008 US$'000

992

860

9.579 5.375 3.490

105 175

2.091

491

21.540 11.422 10.323 4.383

146 381 11.073 4.266

15.325

5.694

5.957

5.371

89.485

27.702

Cash on hand Cash in banks Rupiah Bank Capital Bank Mega Bank INA Perdana Others (below USD 1,300 thousand each) U.S. Dollars DnB NoR Bank ASA, Singapore Deutsche Bank Citibank Nordea Bank Finland PLC Others (below USD 3 million each) Other currencies (below USD 3 million each) Total Bank

11.521 11.313 3.025 -

230 17.000 6.000

-

3.494 3.490

Time Deposits U.S. Dollars Fortis Bank S.A./ N.V. Bank Mega United Overseas Bank Limited Bank Sumitomo Mitsui Indonesia Bank Mizuho Indonesia Hongkong & Shanghai Banking Corporation Citibank

2.323 73

5.049 1.425

Other (below USD 3 million each) Other currencies

28.255

36.688

118.732

65.250

0,03% - 3% 0,08% - 5% 5,75% - 6,9% 6,75% - 9,25% 0,825% 0,825% 3,33%

- 34 -

Total time deposits Total Interest rates per annum on time deposits U.S. Dollar Rupiah Singapore Dollar Renmimbi




5.


INVESTASI TERSEDIA UNTUK DIJUAL

5.

Perincian investasi tersedia untuk dijual adalah sebagai berikut:

2009 US$'000

AVAILABLE-FOR-SALE INVESTMENTS The details of available for sale investments are as follows:

2008 US$'000

Biaya perolehan Investasi melalui manajer investasi: PT Andalan Artha Advisindo Sekuritas PT Danatama Makmur First Strategic Advisors Inc. UBS AG, Singapura Reksadana Nusadana Kombinasi Maxima Rugi yang belum direalisasi

25.051 11.700 8.927 61 213 (1.054)

Nilai wajar

44.898

13.000 67.796 50.272 183 (1.865) 129.386

Cost Investment through investment management: PT Andalan Artha Advisindo Sekuritas PT Danatama Makmur First Strategic Advisors Inc. UBS AG, Singapore Nusadana Kombinasi Maxima Mutual Fund Unrealized loss Fair value

PT Andalan Artha Advisindo Sekuritas

PT Andalan Artha Advisindo Sekuritas

Pada tahun 2009, Perusahaan mengadakan perjanjian manajemen investasi dengan PT Andalan Artha Advisindo Sekuritas untuk mengelola dana yang akan diinvestasikan dalam bentuk surat utang negara, obligasi korporasi, reksadana dan surat berharga pasar uang. Pada tanggal 31 Desember 2009, nilai wajar investasi portofolio sebesar USD 23.800 ribu.

In 2009, The Company entered into an investment Management Agreement with PT Andalan Artha Advisindo Sekuritas to manage funds which will be invested in government securities, corporate bonds, mutual funds and money market securities. As of December 31, 2009, the fair value of the investment portofolio amounted to USD 23,800 thousand.

PT Danatama Makmur

PT Danatama Makmur

Perusahaan mengadakan perjanjian kontrak jasa manajer investasi tanggal 15 Juni 2009 dan 12 Juni 2008, dengan PT Danatama Makmur sebagai pengelola dana, yang akan diinvestasikan sebagian atau seluruhnya dalam bentuk tunai, deposito, obligasi, surat hutang, saham, mata uang asing, obligasi konversi, waran, opsi, kontrak derivatif dan efek lainnya termasuk skema investasi kolektif. Pada tanggal 31 Desember 2009 dan 2008, nilai wajar investasi portofolio masing-masing sebesar USD 11.708 ribu dan USD 13.003 ribu.

The Company entered into an Investment Management Contract Service Agreement dated June 15, 2009 and June 12, 2008, with PT Danatama Makmur to manage funds, which will be partly or wholly invested in cash, time deposits, bonds, notes payable, shares of stock, foreign currency, convertible bonds, warrants, options, derivative contracts and other securities including collective investment scheme. As of December 31, 2009 and 2008, the fair value of the investment portfolio amounted USD 11,708 thousand and USD 13,003 thousand, respectively.

First Strategic Advisors Inc.

First Strategic Advisors Inc.

Perusahaan dan anak perusahaan mengadakan perjanjian manajemen investasi dengan First Strategic Advisors, Inc. untuk mengelola dana Perusahaan dan anak perusahaan yang akan diinvestasikan dalam bentuk tunai, surat-surat berharga dan investasi lainnya. Pada tanggal 31 Desember 2009 dan 2008, nilai wajar investasi portofolio masing-masing sebesar USD 9.070 ribu dan USD 67.943 ribu.

The Company and its subsidiaries entered into an investment management agreement with First Strategic Advisors, Inc. to manage an investment portfolio of the Company and its subsidiaries, which may be placed in cash, securities and other investments. As of December 31, 2009 and 2008, the fair value of the investment portfolio amounted to USD 9,070 thousand and USD 67,943 thousand, respectively.

UBS AG, Singapura

UBS AG, Singapore

Pada bulan Juni 2008, anak perusahaan mengadakan perjanjian manajemen investasi dengan UBS AG untuk mengelola investasi portofolio. Nilai wajar investasi portofolio pada tanggal 31 Desember 2009 dan 2008 masing-masing sebesar USD 61 ribu dan USD 48.271 ribu.

In June 2008, the Company’s subsidiaries entered into an Investment Management Agreement with UBS AG to manage an investment portfolio. As of December 31, 2009 and 2008, the fair value of investment portfolio amounted to USD 61 thousand and USD 48,271 thousand, respectively.

- 35 -




6.


6.

PIUTANG USAHA

2009 US$'000 a. Berdasarkan pelanggan Pihak yang mempunyai hubungan istimewa Pan Union Agencies Pte. Ltd. P.T. Arpeni Pratama Ocean Line Tbk

2008 US$'000 a. By Debtor

-

872 110

Related parties Pan Union Agencies Pte. Ltd. P.T. Arpeni Pratama Ocean Line Tbk

-

982

Total

Pihak ketiga Kapal yang dimiliki dan disewa Jasa perantara perkapalan

113.144 16.832

81.761 13.931

Third parties Owned and chartered vessels Agency

Jumlah

129.976

95.692

Total

Jumlah Piutang Usaha

129.976

96.674

Total Trade Accounts Receivable

23.886

25.572

47.305 26.227 13.864 18.694

42.235 17.889 8.326 2.652

129.976

96.674

125.162 1.915 2.899

88.405 3.692 4.577

129.976

96.674

Jumlah

b. Berdasarkan umur (hari) Belum jatuh tempo Lewat jatuh tempo 1 - 60 hari 61 - 120 hari 121 - 180 hari > 180 hari Jumlah c. Berdasarkan mata uang Dollar Amerika Serikat Rupiah Mata uang lainnya Jumlah

7.

TRADE ACCOUNTS RECEIVABLE

b. By Age Category Not yet due Past due 1 - 60 days 61 - 120 days 121 - 180 days > 180 days Total c. JBy Currency U.S. Dollars Rupiah Other currencies Total

Sebelum menerima suatu pelanggan, Perusahaan dan anak perusahaan menilai kualitas kredit pelanggan. Pada tanggal 31 Desember 2009 dan 2008, saldo piutang usaha milik PT Pertamina (Persero) masing-masing sebesar USD 6.241 ribu dan USD 13.142 ribu.

Before accepting any new customer, the Company and its subsidiaries assess the potential customer’s credit quality. As of December 31, 2009 and 2008, the total balance of trade accounts receivables PT Pertamina (Persero) amounting to USD 6,241 thousand and USD 13,142 thousand, respectively.

Perusahaan dan anak perusahaan tidak menerima jaminan atas piutang usaha. Berdasarkan penelaahan atas status masing-masing piutang pada akhir tahun manajemen Perusahaan memutuskan bahwa tidak terdapat perubahan signifikan terhadap kualitas kredit dan semua piutang usaha dapat tertagih sehingga tidak diadakan penyisihan piutang ragu-ragu.

The Company and subsidiaries do not hold any collateral over these balances. Based on a review of the status of the individual receivable accounts at the end of the year, the Company’s management determined that there has not been a significant change in the credit quality and that all trade accounts receivable are collectible. Accordingly, no allowance for doubtful accounts was provided.

PERSEDIAAN

7.

INVENTORIES Inventories mainly consist of bunker fuel.

Terutama merupakan persediaan bahan bakar.

- 36 -




8.


INVESTASI PADA PERUSAHAAN ASOSIASI

8.

INVESTMENTS IN ASSOCIATES

Persentase Kepemilikan/ Percentage of Ownership %

Tempat Kedudukan/ Domicile Metode Ekuitas/Equity Method Brilliant Hero Industrial Limited Teekay BLT Corporation Thai Petra Transport Co. Ltd. PT Berlian Limatama Jiangsu Xinrong Shipyard Company Limited *)

Hong Kong Marshall Islands Thailand Indonesia China

45 30 30 50 21,8

Jumlah/Total

2009 US$'000

2008 US$'000

66.231 9.553 193 148 -

140 133 -

76.125

273

*) Dimiliki 48,45% kepemilikan langsung dan tidak langsung oleh Brilliant Hero Industrial Limited.

*) 48.45% direct and indirect ownership by Brilliant Hero Industrial Limited.

Mutasi investasi dengan metode ekuitas:

Changes in investments under the equity method:

2009 US$'000

2008 US$'000

Saldo awal Penambahan investasi Piutang lain-lain jangka panjang Pengembalian kontribusi modal Bagian laba (rugi) bersih perusahaan asosiasi

273 66.231 -

20.716 2.323 (8.400)

9.621

(14.366)

Saldo Akhir

76.125

273

Balance at beginning of year Additional investment Long-term other receivable Return of contributed capital Equity in net income (loss) of the associate Balance at end of year

Brilliant Hero Industrial Limited

Brilliant Hero Industrial Limited

Pada tahun 2009, Asean Maritime Corporation memperoleh 45% kepemilikan atas Brilliant Hero Industrial Limited, bergerak dalam bidang investasi, dan 21,80% efektif kepemilikan atas Jiangsu Xinrong Shipyard Company Limited, bergerak dalam bidang perbaikan, konversi dan struktur baja, sehubungan dengan akuisisi 100% kepemilikan pada Nevaeh Limited, sebuah perusahaan investasi, dengan harga akuisisi sebesar USD 66.231 ribu.

In 2009, Asean Maritime Corporation acquired 45% ownership in Brilliant Hero Industrial Limited, engaged in investment activities, and an effective ownership of 21.80% in Jiangsu Xinrong Shipyard Company Limited, engaged in ship repair, conversion and steel structure, through the acquisition of 100% ownership in Nevaeh Limited, an investment holding company, at an acquisition cost of USD 66,231 thousand.

Teekay BLT Corporation

Teekay BLT Corporation

Teekay BLT Corporation bergerak dalam bidang jasa pelayaran / angkutan laut mulai beroperasi komersial pada tahun 2006.

Teekay BLT Corporation is engaged in providing cargo shipping service / sea cargo service and has commenced commercial operations in 2006.

Berdasarkan kesepakatan bersama Joint Unanimous Written Consent secara tertulis yang dilaksanakan pada tanggal 23 Juni 2008, Dewan Direksi dan Para Pemegang Saham Teekay BLT Corporation memutuskan bahwa modal tercatat atas Teekay BLT Corporation melebihi modal yang disyaratkan sehingga diputuskan modal disetor diturunkan sebesar USD 28 juta. Berdasarkan hal tersebut anak perusahaan menerima pengembalian modal sebesar USD 8,4 juta dari Teekay BLT Corporation. Tidak terjadi perubahan persentase kepemilikan terhadap Teekay BLT Corporation oleh anak perusahaan.

In a Joint Unanimous Written Consent executed on June 23, 2008, the Board of Directors and Shareholders of Teekay BLT Corporation have determined that the Listing Stated Capital of Teekay BLT Corporation is in excess of its capital requirements, and determined further that the amount of Stated Capital be reduced by USD 28 million. As a result, the subsidiary received a total amount of USD 8.4 million as a return of capital from Teekay BLT Corporation. There were no changes in the subsidiary percentage of ownership on Teekay BLT Corporation.

- 37 -





Bagian kepemilikan anak perusahaan atas perubahan ekuitas perusahaan asosiasi sebesar USD 4.158 ribu pada tanggal 31 Desember 2007 dibebankan pada laporan laba rugi tahun 2008.

The share of changes in associates’ equity of USD 4,158 thousand as of December 31, 2007 was charged to profit and loss in 2008.

Pada tahun 2008, Perusahaan dan anak perusahaan tidak mengakui bagian kerugian bersih dari Teekay BLT Corporation yang melebihi jumlah nilai investasi. Bagian rugi yang tidak diakui tersebut pada tanggal 31 Desember 2008 adalah sebesar USD 2.544 ribu.

In 2008, the Company and its subsidiaries discontinued recognizing their share of net losses in excess of the total interest in Teekay BLT Corporation. Unrecognized losses as at December 31, 2008 amounted to USD 2,544 thousand.

Pada tahun 2009, Perusahaan dan anak perusahaan mengakui kembali bagian keuntungan bersih Teekay BLT Corporation sebesar USD 9.553 ribu dalam laporan laba rugi konsolidasi.

In 2009, the Company and its subsidiaries resumed recognizing their share in the net profit of Teekay BLT Corporation amounting to USD 9,553 thousand which is included in the consolidated statements of income.

Lainnya

Others

Thai Petra Transport Co. Ltd. bergerak dalam bidang pengurusan pelabuhan (keagenan).

Thai Petra Transport Co. Ltd. is engaged in port services (agency).

PT Berlian Limatama bergerak dalam ekspedisi muatan kapal laut.

PT Berlian Limatama is engaged in providing cargo shipping services.

9.

bidang

ASET TETAP

9. Selisih Kurs Penjabaran / 1 Januari 2009 1)/ Translation Penambahan/ January 1, 2009 1) Adjustment Additions US$'000

Biaya perolehan/revaluasi: Tanah Kapal dan peralatan Kapal sewa pembiayaan Kapal dalam penyelesaian Lain-lain Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan Aset dalam penyelesaian Jumlah Akumulasi penyusutan dan penurunan nilai: Kapal dan peralatan Kapal sewa pembiayaan Lain-lain Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan Jumlah Jumlah Tercatat

US$'000

US$'000

Pengurangan/ Reklasifikasi/ Deductions Reclassifications US$'000 US$'000

1.330 1.902.432 341.726 83.256

369 -

30.855 35.895 96.719

51.433 2.090 -

68.030 (68.030)

1.405 1.590 3.606

(2) 6 51

222 48 912

52 1

-

639 2.846 7.478

1 -

22 8.519

-

-

2.346.308

425

173.192

53.576

-

PROPERTY, VESSELS AND EQUIPMENT

Revaluasi/ Revaluations US$'000 (34.052) 11.504 -

Jumlah/ Total US$'000 1.330 1.916.201 387.035 111.945

1.330 111.945

1.916.201 387.035 -

-

1.625 1.592 4.568

1.625 1.592 4.568

-

-

662 2.846 15.997

662 2.846 15.997

-

2.443.801

140.565

2.303.236

(22.548)

337.531 20.605

705 -

120.098 14.430

2.133 -

-

-

456.201 35.035

1.202 936 2.022 426 284

(3) 1 5 1 -

25 227 588 106 396

39 1 -

-

-

1.224 1.125 2.614 533 680

363.006

709

135.870

2.173

-

1.983.302

-

497.412 1.946.389

- 38 -

31 Desember 2009/ December 31, 2009 Cost Valuation US$'000 US$'000 Cost/ Valuation : Land Owned vessels and equipment Leased vessels Vessels under construction Others Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Construction in progress Total Accumulated depreciation and impairment loss: Owned vessels and equipment Leased vessels Others Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Net Carrying Amount




1 Januari 2008/ January 1, 2008 US$'000 Biaya perolehan: Tanah Kapal dan peralatan Kapal sewa pembiayaan Kapal dalam penyelesaian Lain-lain Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan Aset dalam penyelesaian Jumlah Akumulasi penyusutan dan penurunan nilai: Kapal dan peralatan Kapal sewa pembiayaan Lain-lain Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan Jumlah Jumlah Tercatat Biaya docking

Selisih Kurs Penjabaran / Translation Adjustment US$'000


Penambahan/ Penurunan nilai/ Akuisisi/ Additions Impairment loss Acquisition US$'000 US$'000 US$'000

Pengurangan/ Deductions US$'000

Reklasifikasi/ 31 Desember 2008/ Reclassification December 31, 2008 US$'000 US$'000

1.330 1.512.381 329.039 59.014

(19.978) 52

199.670 91.952 184.491

-

10.401

144.526 -

238.777 (68.075) (170.702)

1.325 1.591 3.138

80 (7) (49)

96 459

-

75

90 17

580 2.245 1.847

2 -

57 102 6.130

-

-

-

1.912.490

(19.900)

482.957

-

10.476

144.633

230.551 5.039

(5.024) 1.873

85.383 15.655

36.102 1.739

-

13.182 -

1.116 787 1.710 366 145

68 (6) (10) 1 -

18 245 327 59 139

-

6 -

90 11 -

-

1.202 936 2.022 426 284

239.714

(3.098)

101.826

37.841

6

13.283

-

363.006

499 (499) -

3.701 (3.701)

1.672.776

Jumlah

1)

Saldo 1 Januari 2009 termasuk penambahan saldo awal yang berasal dari penambahan nilai revaluasi karena perubahan pengukuran aset kapal dari model biaya ke model revaluasi (Catatan 2) dengan perincian sebagai berikut:

31 Desember 2008/ December 31, 2008 US$'000 Biaya perolehan/Revaluasi: Kapal dan peralatan Kapal sewa pembiayaan Biaya docking

1)

Penerapan model revaluasi/ revaluation model applied US$'000

1.786.324 352.916 17.880

116.108 (11.190) (17.880)

1.330 1.786.324 352.916 83.256 1.405 1.590 3.606 639 2.846 7.478 2.241.390

337.531 20.605

Cost: Land Owned vessels and equipment Leased vessels Vessels under construction Others Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Construction in progress Total Accumulated depreciation and impairment loss: Owned vessels and equipment Leased vessels Others Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total

1.878.384 17.880

Net carrying amount Docking cost

1.896.264

Total

The January 1, 2009 balance includes additions arising from net revaluation revenue as a result of change in the measurement of vessels from cost model to the revaluation model (Note 2) with details as follows:

1 Januari 2009/ January 1, 2009 US$'000 1.902.432 341.726 -

Cost/Valuation: Owned vessels and equipment Leased vessels Docking cost

Pada tanggal 31 Desember 2009, kapal yang dicatat berdasarkan nilai revaluasi telah direview oleh manajemen dan didukung oleh laporan penilai independen profesional pada tanggal 15 Januari 2010.

As of December 31, 2009, the vessels are stated at their revalued amount, being the fair value reviewed by management and supported by an independent professional valuation carried out on January 15, 2010.

Apabila kapal diukur berdasarkan dengan perolehan dikurangi akumulasi penyusutan dan penurunan nilai maka nilai tercatat kapal pada tanggal 31 Desember 2009 kurang lebih sebesar USD 1.787 juta.

Had the vessels been measured on a historical cost less accumulated depreciation and impairment, their carrying amounts as of December 31, 2009 would have been approximately USD 1,787 million.

Penambahan kapal pada tahun 2009 terdiri dari pembangunan kapal anak perusahaan yang sudah selesai di bangun (M.T. Pramesti dan M.T. Hyacinth) dan kapal sewa pembiayaan dari anak perusahaan (M.T. Chembulk Jakarta).

The additions in vessels in 2009 consist of the subsidiaries vessels whose construction had been completed (M.T. Pramesti and M.T. Hyacinth) and subsidiaries’ vessels under leasing arrangement (M.T. Chembulk Jakarta).

- 39 -





Penambahan kapal pada tahun 2008 terdiri dari kapal anak perusahaan yang sudah selesai di bangun (M.T. Gas Lombok, M.T. Gas Sumbawa, dan M.T. Purbasari) dan pembelian kapal anak perusahaan (M.T. Fatmarini, M.T. Frabandari, M.T. Harsanadi, M.T. Hartati, M.T. Nogogini, M.T. Nolowati, M.T. Ratih dan M.T. Gas Natuna) dan kapal sewa pembiayaan dari anak perusahaan (M.T. Chembulk Lindy Alice dan M.T. Chembulk King Point) serta pelaksanaan opsi kapal sewa pembiayaan dari anak perusahaan (M.T. Chembulk New Orleans).

The additions in vessels in 2008 consist of the subsidiaries vessels whose construction had been completed (M.T. Gas Lombok, M.T. Gas Sumbawa, and M.T. Purbasari) and purchase of vesels by the subsidiaries (M.T. Fatmarini, M.T. Frabandari, M.T. Harsanadi, M.T. Hartati, M.T. Nogogini, M.T. Nolowati, M.T. Ratih and M.T. Gas Natuna), vessels under leasing arrangement (M.T. Chembulk Lindy Alice and M.T. Chembulk King Point), and execution of subsidiaries’ purchase option (M.T. Chembulk New Orleans).

Pengurangan kapal pada tahun 2009 merupakan penjualan kapal anak perusahaan (M.T. Dewi Madrim dan M.T. Purbasari).

The reduction in vessels in 2009 included sale of vessels of the subsidiary (M.T. Dewi Madrim and M.T. Purbasari).

Pengurangan kapal pada tahun 2008 merupakan penjualan kapal anak perusahaan (M.T. Gagarmayang, M.T. Puspawati, M.T. Pramoni, M.T. Pergiwati dan M.T. Purwati).

The reduction in vessels in 2008 included sale of vessels of the subsidiary (M.T. Gagarmayang, M.T. Puspawati, M.T. Pramoni, M.T. Pergiwati and M.T. Purwati).

Sehubungan dengan penjualan M.T. Purbasari pada tahun 2009 dan penjualan M.T. Gagarmayang, M.T. Puspawati, M.T. Pramoni dan M.T. Purwati pada tahun 2008, Perusahaan dan anak perusahaan melakukan perjanjian sewa balik dengan pembeli kapal tersebut selama periode 12 tahun.

In conjunction with the sale of M.T. Purbasari in 2009 and the sale of M.T. Gagarmayang, M.T. Puspawati, M.T. Pramoni and M.T. Purwati in 2008, the Company and its subsidiaries entered into leaseback agreements with the purchasers for a period of 12 years.

Setelah mengevaluasi syarat dan substansi dari perjanjian sewa balik, Direktur Perusahaan berkeyakinan bahwa secara substansial semua risiko dan manfaat dari kepemilikan kapal telah beralih dan berada pada pembeli kapal (lessor). Untuk tahun yang berakhir 31 Desember 2008, keuntungan bersih penjualan dan sewa balik kembali kapal sebesar USD 90.384 ribu dicatat sebagai bagian dalam ”penghasilan (beban) lain-lain” dalam laporan laba rugi konsolidasi. Selisih lebih harga jual atas nilai wajar dari kapal yang dijual dan disewa balik kembali sebesar USD 2.500 ribu pada tahun 2008 dicatat sebagai ”keuntungan atas transaksi jual dan sewa balik yang ditangguhkan” dan diamortisasi selama masa sewa.

After an evaluation of the terms and substance of the leaseback, the Company’s Directors are satisfied that substantially all the risks and rewards incidental to ownership of the vessels have been transferred to and rest with the purchaser-lessor. For the year ended December 31, 2008, the net gain on sale and leaseback of the vessels of USD 90,384 thousand was included in “other income (charges)” in the consolidated statements of income. The excess of the selling price over the fair value of the vessels sold and leaseback of USD 2,500 thousand in 2008 is accounted for as “deferred gain on sale and leaseback transaction” and amortized over the lease term.

Rincian keuntungan atas transaksi jual dan sewa balik yang ditangguhan adalah sebagai berikut:

Details of the deferred gain on sale and leaseback transaction are as follows:

2009 US$'000

2008 US$'000

Saldo awal Akumulasi amortisasi

2.500 234

2.500 26

Beginning balance Accumulated amortization

Saldo akhir Dikurangi bagian lancar

2.266 208

2.474 208

Ending balance Less current portion

Bagian tidak lancar - bersih

2.058

2.266

Non-current portion

Amortisasi keuntungan atas jual dan sewa balik yang ditangguhkan masing-masing sebesar USD 208 ribu dan USD 26 ribu pada tahun 2009 dan 2008 yang dicatat sebagai pengurang beban sewa.

Amortization of deferred income of USD 208 thousand and USD 26 thousand in 2009 and 2008, respectively, is accounted for as reduction of charter expenses.

Selain itu, sehubungan dengan perjanjian sewa, Perusahaan dan anak perusahaan telah membayar uang jaminan tanpa bunga sebesar USD 22.195 ribu yang dicatat sebagai uang jaminan.

Also, in connection with the lease agreements, the Company and its subsidiaries paid non-interest bearing security deposits of USD 22,195 thousand and were recorded as security deposit.

- 40 -





Seluruh penjualan dilakukan kepada pihak ketiga. Keuntungan penjualan seluruh aset tetap - bersih selama tahun 2009 dan 2008 masing-masing sebesar USD 762 ribu dan USD 94.989 ribu dengan perincian sebagai berikut:

All sales are made with third parties. The net gain on sale of vessels and equipment in 2009 and 2008 amounted to USD 762 thousand and USD 94,989 thousand, respectively, with details as shown below:

2009 US$'000 Harga jual aset tetap Nilai tercatat

2008 US$'000

50.146 49.313

230.524 131.350

Bersih Komisi Keuntungan atas transaksi jual dan sewa balik yang ditangguhkan

833 71

99.174 1.685

-

2.500

Keuntungan penjualan aset tetap - bersih

762

94.989

Beban penyusutan dialokasi sebagai berikut:

Proceeds from sale of property, vessels and equipment Net carrying amount Net Commission Deferred gain on sale and leaseback transaction Gain on sale of property, vessels and equipment - net

Depreciation following:

2009 US$'000

expense

was

allocated

to

the

2008 US$'000

Beban usaha Kapal dan tangki yang dimiliki (Catatan 27) Umum dan administrasi (Catatan 28) Selisih kurs penjabaran

Operating expenses 133.589 1.343 938

103.070 777 (2.021)

Jumlah

135.870

101.826

Owned vessels and tanks (Note 27) General and administrative (Note 28) Translation adjustment Total

Pada tahun 2008, Perusahaan dan anak perusahaan melakukan perubahan estimasi nilai residu kapal berdasarkan penilai independen. Perubahan ini menyebabkan beban penyusutan menurun sebesar USD 3.104 ribu.

In 2008, the Company and its subsidiaries changed their estimate of residual values of vessels based on an independent professional valuation. This change resulted to a net decrease of USD 3,104 thousand in depreciation expense.

Pada tanggal 31 Desember 2008, manajemen melakukan pengujian penurunan nilai atas aset tetapnya dan mengakui kerugian penurunan nilai aset tetap sebesar USD 37.841 ribu.

As of December 31, 2008, the management has performed impairment testing and recognized an impairment loss of assets amounting to USD 37,841 thousand.

Kapal dan peralatan digunakan sebagai jaminan atas hutang bank, hutang lembaga keuangan, kewajiban sewa pembiayaan dan fasilitas stand by letter of credit (Catatan 11, 15, 18 dan 39d).

Vessels and equipment are used as collateral for the bank loans, loans from financial institution, obligation under finance lease and stand by letter of credit facility (Notes 11, 15, 18 and 39d).

Perusahaan memiliki beberapa bidang tanah yang terletak di kota Dumai, Riau dengan hak legal berupa Hak Guna Bangunan yang berjangka waktu 20 (dua puluh) tahun yang akan jatuh tempo pada tahun 2024, 2036 dan 2037. Manajemen berpendapat tidak terdapat masalah dengan perpanjangan hak atas tanah karena seluruh tanah diperoleh secara sah dan didukung dengan bukti pemilikan yang memadai.

The Company owns several parcels of land located in Dumai, Riau with Building Use Right (Hak Guna Bangunan or HGB) for a period of 20 years until 2024, 2036 and 2037. Management believes that there will be no difficulty in the extension of the landright since all the land were acquired legally and supported by sufficient evidence of ownership.

Uang muka pembelian kapal merupakan pembayaran uang muka atas pembelian tiga kapal bekas.

Advances for purchase of vessels represent advance payments on the purchase of three second- hand vessels.

Kapal dalam penyelesaian tahun 2009 terutama merupakan 13 kapal yang sedang dibangun yang diperkirakan akan selesai pada tahun 2010 - 2011 (Catatan 39c).

Vessel under construction in progress in 2009 mainly consists of 13 vessels under construction which are estimated to be completed in 2010 - 2011 (Note 39c).

- 41 -





Bangunan dalam penyelesaian merupakan konstruksi atas tangki penyimpanan kimia dan fasilitas lainnya yang terkait.

Building in progress represents construction of chemical storage tanks and other related facilities.

Kapal dan peralatan Perusahaan diasuransikan terhadap kerusakan lambung dan kerusakan kapal (Hull Machinery) dan risiko perang, Increase Value and Additional Owners Interest (I.V & A.O.I.) dengan jumlah pertanggungan seluruhnya sebesar USD 2.359.050 ribu dan USD 1.959.350 ribu masing-masing pada tahun 2009 dan 2008 melalui LCH Insurance (s) Pte. Ltd. dan Sompo Japan Insurance Inc.

The Company’s vessels and equipment were insured for hull and machinery damages and war risk, Increased Value and Additional Owners Interest (I.V. & A.O.I) for USD 2,359,050 thousand in 2009 and USD 1,959,350 thousand in 2008, with LCH Insurance (s) Pte. Ltd. and Sompo Japan Insurance Inc.

Kapal dan peralatan Perusahaan dan anak perusahaan diasuransikan juga terhadap perlindungan dan penggantian terhadap pihak ketiga serta ganti rugi yang disebabkan karena pencemaran lingkungan, sehubungan dengan pengoperasian kapal (Protection & Indemnity atau P & I).

Those vessels and equipment of the Company and its subsidiaries were also insured for losses of third parties from vessel operations such as environmental pollution caused by accident (Protection and Indemnity or P & I).

Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup untuk menutupi kemungkinan kerugian atas aset yang dipertanggungkan.

Management believes that the insurance coverage is adequate to cover possible losses on the assets insured.

10.

GOODWILL – BERSIH

10. GOODWILL - NET

Akun ini merupakan selisih antara biaya akuisisi anak perusahaan dengan nilai wajar aset bersih yang diperoleh dengan rincian sebagai berikut:

2009 US$'000 Harga perolehan Akumulasi amortisasi Akumulasi penurunan goodwill Goodwill - Bersih

This account represents the difference between acquisition cost of subsidiaries and fair value of net assets acquired as follows:

2008 US$'000

87.410 (14.498) (29.136)

87.410 (11.626) (29.136)

43.776

46.648

Cost Accumulated amortization Accumulated impairment of goodwill Goodwill - Net

Perusahaan dan anak perusahaan melakukan pengukuran atas penurunan goodwill secara tahunan atau lebih sering, jika terdapat indikasi penurunan nilai goodwill. Pada saat pengukuran penurunan nilai goodwill, goodwill dialokasikan pada unit penghasil kas terendah yang ditentukan oleh Perusahaan yang diharapkan dapat memberikan manfaat dari penggabungan usaha.

The Company and its subsidiaries test goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. For impairment testing purposes, goodwill has been allocated principally to the lowest level of cash generating units determined by the Company that is expected to benefit from the business combination.

Jumlah yang dapat diperoleh kembali dari unit penghasil kas ditentukan berdasarkan perhitungan nilai pakainya. Asumsi utama terhadap perhitungan nilai pakai adalah tingkat diskonto, tingkat pertumbuhan, perubahan terhadap nilai jual yang diharapkan serta beban langsung selama tahun berjalan. Manajemen mengestimasi tingkat diskonto menggunakan tarif sebelum pajak yang merefleksikan penilaian pasar saat ini atas nilai waktu daripada uang dan risiko-risiko spesifik atas unit penghasil kas. Tingkat pertumbuhan berdasarkan pada perkiraan tingkat pertumbuhan industri. Perubahan atas nilai jual dan beban langsung didasarkan pada praktek-praktek masa lalu dan ekspektasi dari perubahan pasar di masa yang akan datang.

The recoverable amounts of the cash-generating units are determined from value in use calculations. The key assumptions for the value in use calculations are those regarding the discount rate, growth rates and expected changes to selling prices and direct costs during the year. Management estimates the discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the cashgenerating unit. The growth rates are based on industry growth forecasts. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market.

- 42 -





Perusahaan dan anak perusahaan menyiapkan perkiraan laporan arus kas yang diperoleh dari anggaran keuangan saat ini yang telah disetujui oleh manajemen. Tingkat bunga untuk mendiskontokan perkiraan arus kas dari unit penghasil kas adalah rata-rata tingkat bunga pinjaman pada tanggal neraca yang telah disesuaikan, untuk mengestimasi tingkat bunga dari pasar yang diharapkan dari investasi. Tingkat bunga ini tidak melampui tingkat pertumbuhan rata-rata jangka panjang atas pasar yang relevan.

The Company and its subsidiaries prepare cash flow forecasts derived from the most recent financial budgets approved by management. The rate used to discount the forecast cash flows from the cash generating units is the average borrowing rate at balance sheet dates as adjusted to estimate the rate that the market would expect from the invesment. This rate does not exceed the average long-term growth rate for the relevant markets.

Pada tahun 2008, Perusahaan dan anak perusahaan mengakui kerugian penurunan nilai atas goodwill sebesar USD 29.136 ribu.

In 2008, the Company and its subsidiaries recognized an impairment of goodwill amounted to USD 29,136 thousand.

11. HUTANG BANK

11. BANK LOANS

2009 US$'000 DVB Group Merchant Bank (Asia) Ltd Bank Sumitomo Mitsui Indonesia, Jakarta Bank UOB Indonesia, Jakarta Bank Mizuho Indonesia, Jakarta DnB NOR Bank, ASA, Singapura Indonesia Eximbank (d/h Bank Ekspor Indonesia) Bank Mandiri, Jakarta Bank Central Asia, Jakarta Jumlah Tingkat bunga per tahun selama tahun berjalan Dollar Amerika Serikat Tetap Variabel

Rupiah Tetap Variabel

A.

2008 US$'000

18.437

-

17.000 15.958 13.830 -

17.000 13.699 11.872 50.000

-

36.530 31.963 15.525

65.225

176.589

15% 1,75% - 3,5% diatas/above LIBOR

1% - 1,75% diatas/above LIBOR/SIBOR

15% 1,5% - 1,75% diatas/above cost of funds

8,9% - 14% -

Pinjaman yang diperoleh dari DVB Group Merchant Bank (Asia) Ltd. merupakan fasilitas secure term loan dengan maksimum kredit sebesar USD 25 juta. Pinjaman ini dijamin dengan kapal anak perusahaan tertentu dan jaminan Perusahaan. Pinjaman ini jatuh tempo pada tanggal 20 Januari 2010 dengan tingkat bunga LIBOR ditambah sebesar prosentase tertentu, dimana pembayarannya setiap bulan (Catatan 41c).

- 43 -

A.

DVB Group Merchant Bank (Asia) Ltd Bank Sumitomo Mitsui Indonesia, Jakarta Bank UOB Indonesia, Jakarta Bank Mizuho Indonesia, Jakarta DnB NOR Bank, ASA, Singapore Indonesia Eximbank (formerly Bank Ekspor Indonesia) Bank Mandiri, Jakarta Bank Central Asia, Jakarta Total

Interest rates per annum during the year U.S. Dollar Fixed Variable

Rupiah Fixed Variable

Loan obtained from DVB Group Merchant Bank (Asia) Ltd. is a secured term loan facility with a maximum credit of USD 25 million. The loan is secured by a registered mortgage over certain subsidiaries’ vessels and a corporate guarantee by the Company. The loan is due on January 20, 2010 and interest rate is at LIBOR plus certain percentage which is payable monthly (Note 41c).




B.

Pinjaman Perusahaan dari Bank Sumitomo Mitsui Indonesia merupakan fasilitas kredit berulang dengan jumlah maksimum Rp 150.000 juta atau ekuivalen dalam USD 17 juta dan akan jatuh tempo pada bulan Juni 2010. Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Indradi, M.T. Cendanawati dan M.T. Mustokoweni). Tingkat bunga sebesar persentase tertentu diatas cost of fund atau LIBOR, dimana pembayarannya setiap bulan.


B.

Loan obtained from Bank Sumitomo Mitsui Indonesia is a revolving credit facility with maximum credit of Rp 150,000 million or equivalent to USD 17 million and is due on June 2010. This loan is collateralized by subsidiaries’ vessels (M.T. Indradi, M.T. Cendanawati and M.T. Mustokoweni). Annual interest rate is at cost of fund or LIBOR plus certain percentage, which is paid on a monthly basis.

C. Pinjaman dari Bank UOB Indonesia merupakan fasilitas kredit modal kerja dengan maksimum pinjaman Rp 150.000 juta jatuh tempo pada Mei 2010. Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Anjani) dan piutang usaha pendapatan charter ke Pertamina atas kapal M.T. Anjani. Tingkat bunga sebesar persentase tetap tertentu, dimana pembayarannya setiap bulan.

C. Loan obtained from Bank UOB Indonesia is a working capital credit facility with maximum credit of Rp 150,000 million due on May 2010. This loan is secured by subsidiary vessel (M.T. Anjani) and Company’s trade accounts receivable from Pertamina in respect of M.T. Anjani. Interest rate per annum is at certain fixed percentage, which is paid monthly.

D. Pinjaman yang diperoleh dari Bank Mizuho Indonesia adalah time loan revolving dengan jumlah gabungan maksimum kredit sebesar Rp 130.000 juta atau nilai yang setara dalam Dollar Amerika Serikat yang jatuh tempo April 2010. Tingkat bunga per tahun sebesar cost of fund bank atau SIBOR ditambah persentase tertentu, dimana pembayarannya antara 7 - 30 hari.

D. Loan obtained from Bank Mizuho Indonesia is a time revolving loan with a total combined maximum credit of Rp 130,000 million or its US Dollar equivalent due on April 2010. Interest rate per annum is at the bank’s cost of funds or SIBOR plus certain percentage, which is paid between 7 - 30 days.

E.

E.

Anak perusahaan memperoleh pinjaman “secured term loan and reducing revolving credit facilities” dari DnB NOR Bank, ASA, Fortis Bank S.A/N.V., ING Bank N.V., dan NIBC Bank Ltd. sebagai pihak pemberi pinjaman utama. DnB NOR Bank, ASA bertindak sebagai agen dan wali bagi para kreditur. Berdasarkan perjanjian, anak perusahaan menggunakan semua pinjaman tersebut untuk perolehan kapal dan untuk tujuan modal kerja. Pinjaman ini jatuh tempo pada tanggal 19 Desember 2008 dan dijamin dengan kapal anak perusahaan jika pinjaman ini belum dibayar sampai dengan enam bulan dari tanggal penggunaan pinjaman. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya 1-3 bulan. Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Bauhinia, M.T. Cendanawati, M.T. Dewayani, M.T. Dewi Sri, M.T. Fatmawati, M.T. Gagarmayang, M.T. Gandini, M.T. Gas Bali, M.T. Gerbera, M.T. Indradi, M.T. Jembawati, M.T. Tirtasari, M.T. Tridonawati dan M.T. Trirasa).

- 44 -

The subsidiaries 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 original lenders. DnB NOR Bank, ASA acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing the acquisition of the vessels and for general working capital purposes. This loan is due on December 19, 2008 and is secured by the subsidiaries’ vessels, if the loan remains unpaid up to six months from utilization date. Interest rate is at LIBOR plus certain percentage, which is paid between 1-3 months. This loan is collateralized by subsidiaries’ vessels (M.T. Bauhinia, M.T. Cendanawati, M.T. Dewayani, M.T. Dewi Sri, M.T. Fatmawati, M.T. Gagarmayang, 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).





Pada tahun 2008, anak perusahaan telah melunasi fasilitas kreditnya sebesar USD 200 juta, berdasarkan perjanjian tanggal 18 Desember 2008 (yang kemudian diubah pada tanggal 2 Januari 2009), atas sisa saldo hutang kepada DnB NOR Bank, ASA, dan NIBC Bank Ltd. sebesar USD 50 juta telah disetujui diperpanjang sampai dengan 18 Maret 2009. Pinjaman ini dijamin dengan kapal anak perusahaan di atas kecuali M.T. Gagarmayang.

In 2008, the subsidiaries paid a total amount of USD 200 million of the credit facility. As stated in an agreement dated December 18, 2008 (as amended on January 2, 2009), DnB NOR Bank, ASA, and NIBC Bank Ltd. as the remaining lenders agreed to partially extend the payment of the remaining loan amount of USD 50 million to March 18, 2009. This loan was collaterized with subsidiaries’ vessels above except M.T. Gagarmayang.

Pada bulan January 2009, sisa saldo fasilitas kredit sebesar USD 50 juta dari DnB NOR Bank, ASA, dan NIBC Bank Ltd. selanjutnya ditingkatkan menjadi USD 75 juta dengan Fortis Bank (Netherland) N.V. sebagai pemberi pinjaman tambahan. Pinjaman ini dilunasi seluruhnya pada bulan Maret 2009.

In January 2009, the remaining USD 50 million credit facility from DnB NOR Bank, ASA, and NIBC Bank Ltd. was further increased to USD 75 million with Fortis Bank (Netherland) N.V. as additional lender. The loan was paid in full in March 2009.

F.

Pinjaman dari Indonesia Eximbank (d/h Bank Ekspor Indonesia) adalah fasilitas modal kerja dengan maksimum sebesar Rp 400.000 juta yang jatuh tempo pada tanggal 28 Maret 2009. Pinjaman ini dijamin oleh seluruh kekayaan Perusahaan adalah baik yang telah ada maupun yang ada di kemudian hari. Tingkat bunga sebesar persentase tetap tertentu, dimana pembayarannya setiap bulan. Pada bulan Maret 2009, fasilitas kredit modal kerja ini diubah menjadi fasilitas pinjaman ekspor dan jatuh tempo diperpanjang sampai dengan Maret 2014 (Catatan 15E).

F.

Loan obtained from Indonesia Eximbank (formerly Bank Ekspor Indonesia) is a working capital facility with maximum credit of Rp 400,000 million and is due on March 28, 2009. The loan is secured by all of the Company’s tangible and intangible assets, which are already acquired or will be acquired in the future. Annual interest rate is at certain fixed percentage, which is paid monthly. In March 2009, the working capital loan facility was changed to an export facility loan and the maturity date was extended to March 2014 (Note 15E).

G. Pinjaman yang diperoleh dari Bank Mandiri adalah fasilitas kredit jangka pendek dengan maksimum sebesar Rp 350.000 juta yang jatuh tempo pada tanggal 31 Januari 2009. Dengan tingkat bunga per tahun sebesar persentase tetap tertentu, yang dibayar setiap bulan. Pinjaman ini telah dilunasi pada bulan Januari 2009.

G. Loan obtained from Bank Mandiri is a short term loan facility with maximum credit of Rp 350,000 million and is due on January 31, 2009. Annual interest rate is at certain fixed percentage, which is paid monthly. This loan was paid in full in January 2009.

H. Pinjaman dari Bank Central Asia merupakan pembiayaan kapal dan fasilitas kredit modal kerja dengan total maksimum kredit sebesar Rp 170.000 juta. Tingkat bunga per tahun sebesar persentase tertentu, dimana pembayarannya setiap bulan dan dijamin dengan jaminan yang sama dengan hutang bank jangka panjang. Bank Central Asia menyetujui untuk memperpanjang tanggal jatuh tempo hingga bulan Januari 2009. Pada bulan Desember 2008, Bank Central Asia menyetujui perpanjangan lainnya atas jatuh tempo pinjaman sampai dengan bulan April 2009.

H. Loan obtained from Bank Central Asia is a vessel refinancing and working capital credit facilities with a total maximum credit of Rp 170,000 million. Interest rate per annum is at certain percentage, which is paid on a monthly basis and is secured by the same collateral as the long-term loans. Bank Central Asia agreed to rollover these loan facilties to extend the maturity date to January 2009. In December 2008, Bank Central Asia approved another extension of the loan maturity to April 2009.

Pada bulan Maret 2009, fasilitas ini diubah menjadi fasilitas pinjaman cicilan yang akan jatuh tempo hingga tahun 2012 (Catatan 15F).

In March 2009, such facilities were changed to become an installment loan facility, due to be paid until 2012 (Note 15F).

- 45 -




12.


HUTANG USAHA

12. TRADE ACCOUNTS PAYABLE

2009 US$'000 a. Berdasarkan pemasok: Pihak yang mempunyai hubungan istimewa Pan Union Agencies Pte Ltd P.T. Arpeni Pratama Ocean Line Tbk Lain-lain

2008 US$'000 a. By creditor

726 107 96

84

Related parties Pan Union Agencies Pte Ltd P.T. Arpeni Pratama Ocean Line Tbk Others

929

84

Total

Pihak ketiga Pemasok Jasa perantara perkapalan

34.250 -

14.846 2.416

Third parties Suppliers Shipping agents

Jumlah

34.250

17.262

Total

Jumlah Hutang Usaha

35.179

17.346

Total Trade Accounts Payable

b. Berdasarkan mata uang: Dollar Amerika Serikat Dollar Singapura Rupiah Mata uang lainnya

31.896 2.060 637 586

9.123 1.418 3.268 3.537

35.179

17.346

Jumlah

Jumlah

Hutang jasa perantara perkapalan pihak ketiga merupakan kewajiban kepada perusahaan yang ditunjuk sebagai perantara dan sub perantara. Hutang pemasok pihak ketiga merupakan kewajiban atas pembelian minyak, bahan bakar, suku cadang, peralatan kapal dan pengeluaran lainnya (disbursements). 13.

13. INCOME TAXES

Hutang pajak terdiri dari:

Details of taxes payable are as follows:

2009 US$'000

Jumlah

Total

The accounts payable to third parties represent liabilities to other shipping companies as agents and to sub-agents, and to suppliers for purchases of oil, fuel and spare parts, vessel equipment, and other disbursements.

PAJAK PENGHASILAN

Hutang pajak penghasilan badan Perusahaan Anak perusahaan Pajak penghasilan Pasal 21 Pasal 23 Pasal 25 Pasal 26 Pajak Pertambahan Nilai - Bersih Hutang pajak final Pasal 4(2) Pasal 15

b. By currency U.S. Dollars Singapore Dollars Rupiah Other currencies

2008 US$'000 1 3

1 5

516 14 4 4 343

767 69 3 11 690

72

19 41

957

1.606

- 46 -

Corporate income tax The Company Subsidiaries Income taxes Article 21 Article 23 Article 25 Article 26 Value Added Tax - Net Final tax payable Article 4(2) Article 15 Total





Beban pajak terdiri dari:

2009 US$'000 Kapal dan operasional (Perusahaan dan anak perusahaan) Jasa penyimpanan dan perantara perkapalan anak perusahaan Jasa perantara perkapalan (Perusahaan) Jumlah

825 92 44 961

Perhitungan atas pajak final sehubungan dengan pendapatan atas sewa kapal dan pengoperasian kapal Perusahaan untuk tahun-tahun yang berakhir 31 Desember 2009 dan 2008 adalah sebagai berikut:

1.016

Total

The computation of final tax on revenues related to charter and operation of vessels of the Company for the years ended December 31, 2009 and 2008, was as follows:

2009 US$'000 Jumlah pendapatan yang berhubungan dengan sewa kapal dan pengoperasian kapal (Perusahaan)

Details of tax expense are as follows: 2008 US$'000 Vessel and charter operation (Company 927 and its subsidiaries) Storage services and agency of 40 subsidiaries 49 Agency services (Company)

13.413

2008 US$'000

16.039

Revenue from charter and operation of vessels (the Company)

Pajak atas pendapatan sewa kapal 1,2% x USD 13.413 ribu tahun 2009 dan USD 16.039 ribu tahun 2008 Pajak penghasilan anak perusahaan

161 664

192 735

Tax on charter vessel revenues 1.2% x USD 13,413 thousand in 2009 and USD 16,039 thousand in 2008 Income tax of subsidiaries

Jumlah beban Pembayaran selama tahun berjalan

825 753

927 886

Tax expense Payments during the year

72

41

Hutang Pajak Penghasilan Final Perhitungan pendapatan yang pajaknya bersifat final adalah sebagai berikut:

tidak

The computation of tax on revenues not subject to final tax is as follows:

2009 US$'000 Pajak penghasilan anak perusahaan yang berhubungan dengan jasa penyimpanan dan perantara perkapalan Pendapatan dari jasa perantara perkapalan Beban yang berhubungan dengan jasa perantara perkapalan Pendapatan lain-lain Penghasilan bunga Pendapatan yang pajaknya tidak bersifat final

2008 US$'000

92

40

676

750

(541) 24 159

Perhitungan pajak penghasilan dan hutang pajak penghasilan:

Pajak Penghasilan - Perusahaan Dikurangi pembayaran pajak dimuka Pajak penghasilan pasal 25

Income tax of the subsidiaries on storage and agency services Revenue from agency

(422) Agency expenses (110) Other income (44) Interest income 174

Income not subject to final tax

Tax expense and income tax payable are computed as follows:

2009 US$'000 44

Hutang Pajak Penghasilan

Final tax payable

2008 US$'000 49

(43)

(48)

1

1

Tidak terdapat perbedaan temporer yang berhubungan dengan pendapatan tidak bersifat final sehingga tidak terdapat pengakuan aset dan kewajiban pajak tangguhan.

- 47 -

Tax expense - The Company Prepayment of tax Income tax - Article 25 Income Tax Payable

There were no temporary differences relating to non-final revenue, therefore there’s no recognition for deferred tax assets or liabilities.





Laba kena pajak dan hutang pajak penghasilan Perusahaan tahun 2008 sudah sesuai dengan Surat Pemberitahuan Pajak (SPT) yang disampaikan ke Kantor Pelayanan Pajak.

Taxable Income and Tax Payable of the Company for 2008 are in accordance with the annual tax returns (SPT) submitted to the Tax Service Office.

14.

BIAYA MASIH HARUS DIBAYAR

14. ACCRUED EXPENSES

2009 US$'000

15.

2008 US$'000

Operasi kapal dan docking Bunga Lain-lain

35.276 9.037 1.034

28.994 4.486 1.156

Vessels operation and docking Interest Others

Jumlah

45.347

34.636

Total

HUTANG LEMBAGA KEUANGAN JANGKA PANJANG

15. LONG-TERM LOANS FROM FINANCIAL INSTITUTION 2009 US$'000

DnB NOR Bank, ASA, Singapura/ Fortis Bank S.A./N.V. ING Bank N.V. / NIBC Bank Ltd. DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapura Bank Mandiri, Jakarta DVB Group Merchant Bank (Asia) Ltd., Singapura Indonesia Eximbank (d/h Bank Ekspor Indonesia) Bank Central Asia, Jakarta Mitsubishi UFJ Lease & Finance Co. Ltd. Bank Syariah Mandiri/Bank Syariah BRI/ Bank Muamalat Indonesia/ BPD Jatim Divisi Usaha Syariah DnB NOR Bank, ASA, Singapura/ NIBC Bank Ltd. ING Bank N. V., Singapura Mount Gede LLC Bank UOB Indonesia, Jakarta Dialease Maritime S.A., Jepang The Royal Bank of Scotland Plc, Skotlandia

2008 US$'000

576.302

656.453

81.000 47.872

83.400 -

42.375

22.325

36.569 33.968 28.168

26.759 -

19.149

-

18.960 11.940 7.800 7.680 6.429 -

13.930 9.120 7.715 1.011

Jumlah Bagian yang jatuh tempo dalam waktu satu tahun

918.212

820.713

138.674

99.217

Hutang Bank Jangka Panjang - Bersih

779.538

721.496

Tingkat bunga per tahun selama tahun berjalan Dollar Amerika Serikat Tetap Variabel

Rupiah Tetap Yen Jepang Variabel

7,75% 0,7% - 4% 0,7% - 2,5% diatas/ above diatas/above LIBOR/SIBOR LIBOR/SIBOR 9,64% - 14,5% 10,25% - 13% 2% diatas/ above Yen LIBOR

- 48 -

-

DnB NOR Bank, ASA, Singapore/ Fortis Bank S.A./N.V. ING Bank N.V. / NIBC Bank Ltd. DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapore Bank Mandiri, Jakarta DVB Group Merchant Bank (Asia) Ltd., Singapore Indonesia Eximbank (formerly Bank Ekspor Indonesia) Bank Central Asia, Jakarta Mitsubishi UFJ Lease & Finance Co. Ltd. Bank Syariah Mandiri/Bank Syariah BRI/ Bank Muamalat Indonesia/ BPD Jatim Divisi Usaha Syariah DnB NOR Bank, ASA, Singapore/ NIBC Bank Ltd. ING Bank N. V., Singapore Mount Gede LLC Bank UOB Indonesia, Jakarta Dialease Maritime S.A., Japan The Royal Bank of Scotland Plc, Scotland Total Current maturities Long-Term Portion - Net Interest rates per annum during the year U.S. Dollar Fixed Variable

Rupiah Fixed Japanese Yen Variable





Jadwal pembayaran kembali hutang bank jangka panjang adalah sebagai berikut: 2009 US$'000

The long-term bank loans are repayable as follows: 2008 US$'000

Dalam satu tahun Dalam tahun kedua Dalam tahun ketiga Dalam tahun keempat Dalam tahun kelima Setelah lima tahun

138.674 152.435 141.390 147.342 72.744 265.627

99.217 103.105 109.098 102.439 113.713 293.141

Within one year In the second year In the third year In the fourth year In the fifth year After five years

Jumlah

918.212

820.713

Total

Rincian hutang bank adalah sebagai berikut:

Details of the loans are as follows:

A.

A.

DnB NOR Bank, ASA, Singapura / Fortis Bank S.A./N.V. ING Bank N.V. / NIBC Bank Ltd.

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

−

Pada bulan Juni 2008, anak perusahaan memperoleh pinjaman kredit modal kerja dengan jumlah maksimum sebesar USD 165 juta dari DnB NOR Bank ASA, Singapura, Fortis Bank S.A/N.V., ING Bank N.V., dan NIBC Bank Ltd. Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap 3 bulan sampai tahun 2013 dengan tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya antara 1 - 6 bulan dan dijamin dengan kapal anak perusahaan 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 dan M.T. Gas Sumbawa.

−

In June 2008, a subsidiary obtained a secured term loan facility from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. with a maximum credit of USD 165 million for general working capital purposes. The loan is payable in 20 quarterly installments until 2013 and bears interest rate at LIBOR plus certain percentage, which is paid between 1 - 6 months. The loan is secured by subsidiaries’ vessels, 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.

−

Pada bulan Desember 2007, anak perusahaan memperoleh pinjaman “secured term-loan and reducing revolving credit facilities” dari DnB NOR Bank ASA, Singapura, Fortis Bank S.A/N.V., ING Bank N.V., dan NIBC Bank Ltd. sebagai pihak pemberi pinjaman utama. DnB NOR Bank ASA, Singapura, bertindak sebagai agen dan wali pemegang jaminan bagi kreditur. Berdasarkan perjanjian, anak perusahaan harus menggunakan semua pinjaman tersebut untuk perolehan kapal dan modal kerja.

−

In December 2007, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank ASA, Singapore, acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing in relation to the acquisition of the vessels and for general working capital purposes.

Pinjaman ini terdiri dari:

The facilities consist of:

• Fasilitas A adalah “term loan facility” dalam mata uang Dollar Amerika Serikat dengan jumlah maksimum USD 400 juta. Pinjaman ini dibayar dalam 40 kali cicilan setiap 3 bulan sebesar USD 8 juta untuk cicilan ke -1 sampai ke - 39 dan USD 88 juta untuk cicilan ke - 40. Tingkat bunga sebesar persentase tertentu di atas LIBOR tergantung pada rasio nilai yang harus dipertahankan dari kapal-kapal yang dijaminkan dimana pembayarannya antara 1 - 3 bulan.

•

- 49 -

Facility A, which is a term loan facility in US Dollars in the aggregate amount equal to the facility commitment of USD 400 million. This facility shall be repaid in 40 consecutive quarterly st installments of USD 8 million for the 1 th to 39 installments and USD 88 million th for the 40 installment. Interest rate is at LIBOR plus certain percentage depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.




−

B.


• Fasilitas B adalah “reducing revolving loan facility” dalam mata uang Dollar Amerika Serikat dengan jumlah maksimum USD 100 juta. Pinjaman ini dibayar secara triwulan dalam 20 kali cicilan sebesar USD 5 juta sampai dengan tahun 2012. Tingkat bunga sebesar persentase tertentu di atas LIBOR tergantung pada rasio nilai yang harus dipertahankan dari kapal-kapal yang dijaminkan, dimana pembayarannya antara 1 - 3 bulan.

•

Pinjaman ini dijamin dengan kapal anak perusahaan (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 dan M.T. Chembulk Ulsan). Pinjaman ini juga dijamin dengan jaminan dari Perusahaan dan Gold Bridge Shipping Corporation (corporate guarantee).

The loans are collateralized by the subsidiaries’ 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 Gold Bridge Shipping Corporation. −

Pada bulan Maret 2007, anak perusahaan tertentu memperoleh pinjaman dengan maksimum berjumlah USD 65 juta. Pinjaman ini dibayar secara angsuran dalam 32 kali cicilan setiap 3 bulan sampai tahun 2015 dan dijamin oleh Perusahaan dan Gold Bridge Shipping Corporation, anak perusahaan, dan kapal anak perusahaan M.T. Gas Sulawesi, M.T Gas Papua dan M.T. Chembulk New Orleans. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya antara 1 – 3 bulan.

DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapura

B.

Facility B, which is a reducing revolving loan facility in US Dollars in the aggregate amount equal to the facility commitment of USD 100 million. This facility is payable in 20 quarterly installments of USD 5 million until 2012. Interest rate is at LIBOR plus certain percentage depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.

In March 2007, certain subsidiaries obtained loan with maximum credit of USD 65 million. This loan is payable in 32 quarterly installments until 2015 and is collateralized by corporate guarantees from the Company and Gold Bridge Shipping Corporation, a subsidiary, and the subsidiaries’ vessel, M.T. Gas Sulawesi, M.T Gas Papua and M.T. Chembulk New Orleans. Interest rate is at LIBOR plus certain percentage, which is paid between 1 – 3 months.

DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapore

Pada bulan Nopember 2008, anak perusahaan tertentu memperoleh pinjaman senior secured revolving credit facility dengan jumlah maksimum sebesar USD 114 juta dari DVB Group Merchant Bank (Asia) Ltd., dan Nordea Bank Finland Plc, cabang Singapura. Jumlah maksimum fasilitas tersebut akan menurun secara tetap sebesar seperempatpuluh (1/40) dari jumlah maksimum tersebut setiap tiga bulan sampai tahun 2015. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya antara 1 – 6 bulan.

In November 2008, certain subsidiaries obtained senior secured revolving credit facility from DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore Branch with a maximum credit of USD 114 million. The maximum credit shall be reduced quarterly th by one-fortieth (1/40 ) of such amount. The balance of all outstanding drawings is due to be paid in 2015. Interest rate is at LIBOR plus certain percentage, which is paid between 1 – 6 months.

Pinjaman ini dijamin dengan: (a) kapal anak perusahaan (M.T. Fatmarini, M.T. Frabandari, M.T. Harsanadi, M.T. Hartati, M.T. Nogogini, M.T. Nolowati dan M.T. Ratih), (b) Penyerahan pendapatan atas asuransi dan permintaan kompensasi dari kapal anak perusahaan (c) jaminan dan indemnity dari Perusahaan (d) rekening bank, rekening pasar uang, deposito dan akun lain anak perusahaan yang ditempatkan pada Nordea Bank Finland Plc, serta (e) jaminan saham anak perusahaan.

This loan is secured by the following: (a) 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 insurances, earnings and requisition compensation of the subsidiaries’ vessels, (c) a guarantee and indemnity from the Company, (d) bank accounts, money market accounts, dealer deposit accounts and other accounts of the subsidiaries established with Nordea Bank Finland Plc, and (e) the pledged of the shares of the subsidiaries.

- 50 -




C. Bank Mandiri, Jakarta


C. Bank Mandiri, Jakarta In May 2009, the Company obtained financing from Bank Mandiri with a maximum credit of Rp 500,000 million payable in 18 quarterly installments until 2013. This loan is collateralized by The Company and certain subsidiaries’ vessels (M.T. Kunti, M.T. Bramani, M.T. Gas Sumatera, M.T. Gas Jawa, M.T. Pradapa dan M.T. Ontari). Interest rate is at certain fixed percentage, which is payable monthly.

Pada bulan Mei 2009, Perusahaan memperoleh pinjaman dari Bank Mandiri dengan maksimum sebesar Rp 500.000 juta. Pinjaman ini dibayar secara angsuran dalam 18 kali cicilan setiap 3 bulan sampai dengan tahun 2013. Pinjaman ini dijamin dengan kapal Perusahaan dan anak perusahaan (M.T. Kunti, M.T. Bramani, M.T. Gas Sumatera, M.T. Gas Jawa, M.T. Pradapa dan M.T. Ontari). Tingkat bunga sebesar persentase tertentu, dimana pembayarannya setiap bulan. D. DVB Group Merchant Bank (Asia) Ltd., Singapura

E.

D.

DVB Group Merchant Bank (Asia) Ltd., Singapore

Pada bulan Maret 2009, anak perusahaan memperoleh pinjaman dengan maksimum sebesar USD 27 juta. Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap 3 bulan sampai dengan tahun 2014 dan dijamin oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan (M.T. Pramesti). Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan.

In March 2009, a subsidiary obtained loan with a maximum credit of USD 27 million. This loan is payable in 20 quarterly installments until 2014 and collateralized by a corporate guarantee from the Company and a subsidiary’s vessel (M.T. Pramesti). Interest rate is at LIBOR plus certain percentage, which is paid quarterly.

Pada bulan September 2005, anak perusahaan memperoleh pinjaman dengan maksimum sebesar USD 43 juta. Pinjaman ini dibayar secara angsuran dalam 32 kali cicilan setiap 3 bulan sampai dengan tahun 2013 dan dijamin oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan (M.T. Anjasmoro, M.T. Rengganis, M.T. Wulansari and M.T. Yanaseni). Tingkat bunga sebesar LIBOR ditambah persentase tertentu berdasarkan pada persentase pinjaman terhadap nilai jaminan, dimana pembayarannya antara 1 - 3 bulan.

In September 2005, subsidiaries obtained loan with maximum credit of USD 43 million. This loan is payable in 32 quarterly installments until 2013 and collateralized by 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 LIBOR plus certain percentage depending on the loan to value percentage, which is paid between 1 - 3 months.

Indonesia Eximbank Indonesia), Jakarta

(d/h

Bank

Ekspor

Pada bulan Maret 2009, fasilitas kredit modal kerja sebesar Rp 400.000 juta yang diperoleh dari Indonesia Eximbank (dahulu Bank Ekspor Indonesia) diubah menjadi fasilitas pinjaman ekspor dan jatuh tempo diperpanjang sampai dengan bulan Maret 2014 (Catatan 11F). Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap 3 bulan dan dijamin oleh kapal anak perusahaan (M.T. Barawati, M.T. Gas Natuna dan M.T. Pergiwo). Tingkat bunga sebesar persentase tertentu, dimana pembayarannya setiap bulan.

- 51 -

E.

Indonesia Eximbank (formerly Bank Ekspor Indonesia), Jakarta In March 2009, the working capital loan facility with a maximum credit of Rp 400,000 million which from Indonesia Eximbank (formerly Bank Ekspor Indonesia) was changed to an export facility loan and the maturity date was extended to March 2014 (Note 11F). This loan is payable in 20 quarterly installments and secured by the subsidiaries’ vessels (M.T. Barawati, M.T. Gas Natuna dan M.T. Pergiwo). Interest rate is at certain fixed percentage, which is paid monthly.




F.


F.

Bank Central Asia, Jakarta

Bank Central Asia, Jakarta

Jenis pinjaman yang diperoleh antara lain:

The loans obtained were as follows:

−

Pada bulan Maret 2009, fasilitas kredit modal kerja sebesar Rp 170.000 juta yang jatuh tempo bulan April 2009 diubah menjadi fasilitas pinjaman cicilan (Catatan 11H). Pinjaman ini dibayar secara angsuran sampai dengan tahun 2012 dan tingkat bunga sebesar persentase tertentu yang dibayar setiap bulan.

−

In March 2009, the working capital credit facilities with a total maximum credit of Rp 170,000 million that are due to be paid in April 2009 were changed to become an installment loan facility (Note 11H). This loan is payable in monthly installments until 2012 and bears interest rate of certain fixed percentage, which is payable monthly.

−

Pada bulan Nopember 2006, Perusahaan memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 34 juta. Pinjaman ini dibayar secara angsuran dalam 84 kali setiap bulan sampai tahun 2013 dan dijamin dengan kapal anak perusahaan (FPSO Brotojoyo). Tingkat bunga sebesar persentase tertentu diatas SIBOR, dimana pembayarannya setiap bulan.

−

In November 2006, the Company obtained investment credit facility with a maximum credit of USD 34 million. This loan is payable in 84 monthly installments until 2013 and collateralized by a subsidiary’s vessel (FPSO Brotojoyo). Interest rate is at SIBOR plus certain percentage, which is paid monthly.

−

Pada bulan Januari 2005, Perusahaan memperoleh kredit investasi dengan jumlah maksimum sebesar Rp 125.000 juta berlaku selama 5 tahun. Tingkat bunga per tahun 10,25% - 13%, dimana pembayarannya setiap bulan. Pinjaman ini dijamin dengan kapal M.T. Gas Indonesia dan M.T. Gas Kalimantan dan ditambah jaminan saham Perusahaan milik P.T. Tunggaladhi Baskara sebanyak 66.188.311 saham. Pada bulan April 2008 semua jaminan saham tersebut tidak lagi digunakan sebagai jaminan. Pinjaman ini telah dibayar pada bulan Januari 2010.

−

In January 2005, the Company obtained an investment credit facility with maximum credit of Rp 125,000 million, due in 5 years. Interest rate for this loan is 10.25% - 13% per annum, which is paid monthly. The loans are collateralized by the vessels, M.T. Gas Indonesia and M.T. Gas Kalimantan, and pledge of the Company’s shares amounting to 66,188,311 shares owned by P.T. Tunggaladhi Baskara. In April 2008, all of the pledged shares were no longer used as a collateral. This loan was paid in January 2010.

G. Mitsubishi UFJ Lease and Finance Co. Ltd.

G. Mitsubishi UFJ Lease and Finance Co. Ltd.

Pada bulan September 2009, anak perusahaan memperoleh pinjaman hipotik dari Mitsubishi UFJ Lease & Finance Co. Ltd. sebesar JPY 2.537 juta (ekuivalen USD 28.431 ribu). Pinjaman ini dibayar secara cicilan setiap bulan dalam 84 bulan dengan pembayaran pokok sekaligus sebesar JPY 1.551 juta pada akhir periode pinjaman. Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Hyacinth dan M.T. Rasawulan) dan corporate guarantee dari Perusahaan dan Gold Bridge Shipping Corporation. Tingkat bunga sebesar persentase tertentu diatas Yen LIBOR.

- 52 -

In September 2009, a subsidiary obtained a mortgage loan from Mitsubishi UFJ Lease & Finance Co. Ltd. in the amount of JPY 2,537 million (equivalent to USD 28,431 thousand). This loan is payable in 84 monthly installments with a balloon payment of JPY 1,551 million on the last repayment date. Such loan is secured by the subsidiary’s vessel (M.T. Hyacinth and M.T Rasawulan) and corporate guarantees by the Company and Gold Bridge Shipping Corporation. Interest rate is at Yen LIBOR plus a certain percentage.





H. Bank Syariah Mandiri / Bank Syariah BRI / Bank Muamalat Indonesia / BPD Jatim Divisi Usaha Syariah

H. Bank Syariah Mandiri / Bank Syariah BRI / Bank Muamalat Indonesia / BPD Jatim Divisi Usaha Syariah

Pada bulan Desember 2009, anak perusahaan tertentu memperoleh fasilitas pinjaman investasi jangka panjang berdasarkan skema Syariah (Qardh dan Murabahah) dari Bank Syariah Mandiri (sebagai penanggung jawab utama), Bank Syariah BRI, Bank Muamalat Indonesia, dan BPD Jatim Divisi Usaha Syariah dengan maksimum kredit seluruhnya sebesar Rp 180.000 juta. Fasilitas pinjaman ini dibayar secara cicilan setiap 3 bulan sebanyak 20 kali, dengan nilai pembayaran pokok sekaligus sebesar Rp 20.000 juta pada akhir periode pinjaman. Pinjaman ini dijamin antara lain oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan (M.T. Tirtasari, M.T. Dewayani dan M.T. Dewi Sri). Indicative return sebesar persentase tertentu, dimana pembayarannya setiap 3 bulan.

In December 2009, certain subsidiaries obtained long-term investment loan facilities under Syariah (Qardh and Murabahah) scheme from Bank Syariah Mandiri (as lead manager), Bank Syariah BRI, Bank Muamalat Indonesia, and BPD Jatim Divisi Usaha Syariah with a total maximum credit of Rp 180,000 million. These loan facilities are payable in 20 quarterly installments with balloon payments in the total amount of Rp 20,000 million on the last repayment date. Such loans are collateralized, among others, by the subsidiaries’ vessels (M.T. Tirtasari, M.T. Dewayani and M.T. Dewi Sri). and a corporate guarantee from the Company. Indicative return is at certain fixed percentage, which is payable quarterly.

I.

DnB NOR Bank, ASA, Singapura / NIBC Bank Ltd.

I.

Pada bulan April 2009, anak perusahaan memperoleh pinjaman dari DnB NOR Bank ASA, Singapura dan NIBC Bank Ltd dengan maksimum sebesar USD 31,5 juta. Pinjaman ini dibayar secara angsuran dalam 16 kali cicilan setiap 3 bulan sampai dengan tahun 2013 dan dijamin dengan kapal anak perusahaan (M.T. Gas Bali dan M.T. Gerbera). Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan. J.

ING Bank N.V., Singapura

In April 2009, certain subsidiaries obtained loan from DnB NOR Bank ASA, Singapore and NIBC Bank Ltd. with a maximum credit of USD 31.5 million. The loan is payable in 16 quarterly installments until 2013 and secured by the subsidiaries’ vessels (M.T. Gas Bali and M.T. Gerbera). Interest rate is at LIBOR plus certain percentage, which is paid quarterly.

J.

Mount Gede LLC

K.

Pinjaman dari Mount Gede LLC merupakan secured junior term loan facility dengan jumlah maksimum sebesar USD 7,8 juta. Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Tridonawati dan M.T. Trirasa) dan jaminan dari Perusahaan (Corporate guarantee). Pinjaman ini jatuh tempo pada tanggal 31 Desember 2011. Tingkat bunga sebesar persentase tetap tertentu.

- 53 -

ING Bank N.V., Singapore In November 2005, subsidiaries obtained loan facilities from ING Bank N.V., Singapore with maximum credit of USD 19.9 million. These loan facilities is payable in semi-annual installments until November 2015 and collateralized by subsidiaries’ vessels, M.T. Eustoma and M.T. Gas Maluku. Interest rate is at LIBOR plus certain percentage, which is paid monthly.

Pada bulan Nopember 2005, anak perusahaan memperoleh pinjaman dari ING Bank N.V., Singapura dengan jumlah maksimum USD 19,9 juta. Pinjaman ini dibayar secara angsuran setiap enam bulan sampai bulan Nopember 2015 dan dijamin dengan kapal anak perusahaan M.T. Eustoma dan M.T. Gas Maluku. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap bulan. K.

DnB NOR Bank, ASA, Singapore / NIBC Bank Ltd.

Mount Gede LLC Loan obtained from Mount Gede LLC is a secured junior term loan facility with maximum credit of USD 7.8 million. The loan is secured by a registered mortgage over the subsidiaries vessels (M.T. Tridonawati dan M.T. Trirasa) and a guarantee by the Company. Such loan shall be repaid in full on December 31, 2011. Interest rate is at certain fixed percentage.




L.

Bank UOB Indonesia, Jakarta


L.

Bank UOB Indonesia, Jakarta

Pada bulan Oktober 2006, Perusahaan memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 12 juta dari Bank UOB Indonesia. Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap bulan sampai dengan tahun 2011 dan dijamin dengan kapal anak perusahaan (M.T. Anjani) dan penyerahan pendapatan charter dari Pertamina atas kapal M.T. Anjani. Tingkat bunga sebesar persentase tertentu diatas SIBOR, dimana pembayarannya setiap 3 bulan.

In October 2006, the Company obtained investment credit facility with maximum credit of USD 12 million from Bank UOB Indonesia, payable in 20 quarterly installments until 2011. The loan is secured by the subsidiary’s vessel, M.T. Anjani, and an assigment of earnings from Pertamina in respect of the vessels used as collateral. Interest rate is at SIBOR plus certain percentage, which is paid quarterly.

Pada bulan Pebruari 2009, Bank UOB Indonesia menyetujui untuk meninjau kembali fasiltas kredit investasi dan memperpanjang fasilitas kredit Term Loan senilai USD 8.760 ribu yang akan dibayarkan dalam 10 kali cicilan triwulanan sebesar USD 360 ribu dan pembayaran cicilan terakhir senilai USD 5.160 ribu pada saat jatuh tempo yaitu bulan Oktober 2011.

In February 2009, Bank UOB Indonesia approved to review the investment credit facility and extend the working capital credit facility of term loan facility of USD 8,760 thousand, payable in 10 quarterly installments of USD 360 thousand each and one last installment of USD 5,160 thousand upon its maturity in October 2011.

Fasilitas pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Anjani) dan piutang usaha atas pendapatan charter ke Pertamina dari kapal anak perusahaan tersebut.

These loan facilities are secured by a registered mortgage on certain subsidiary's vessel (M.T. Anjani) and the assignment of accounts receivable from Pertamina in respect of the vessel used as collateral. M. Dialease Maritime S.A., Japan

M. Dialease Maritime S.A., Jepang Pada bulan Desember 2004, anak perusahaan memperoleh pinjaman dengan maksimum sebesar JPY 1.347,25 juta (ekuivalen USD 12,86 juta). Pinjaman ini dibayarkan secara angsuran dalam 28 kali cicilan setiap 3 bulan sampai dengan tahun 2011 dan dijamin oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan M.T. Rasawulan. Tingkat bunga sebesar percentage tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan.

In December 2004, a subsidiary obtained loan with maximum credit of JPY 1,347.25 million (equivalent to USD 12.86 million). This loan is payable in 28 quarterly installments until 2011 and collateralized by corporate guarantee from the Company and the subsidiary’s vessel, M.T. Rasawulan. Interest rate is at LIBOR plus certain percentage, which is paid quarterly.

N. The Royal Bank of Scotland Plc, Scotland

N. The Royal Bank of Scotland Plc, Skotlandia Pada bulan Oktober 2007, anak perusahaan (GBLT Shipmanagement UK) memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 1,11 juta dari The Royal Bank of Scotland Plc. Pinjaman ini dibayar secara angsuran dalam 39 kali cicilan setiap 3 bulan sampai dengan tahun 2016 dan dijamin dengan bangunan dan tanah milik anak perusahaan tersebut. Tingkat bunga sebesar persentase tertentu diatas tingkat bunga pinjaman bank untuk mata uang Dollar Amerika Serikat, dimana pembayarannya setiap 3 bulan. Pinjaman ini telah dilunasi pada bulan Agustus 2009.

In October 2007, the subsidiary (GBLT Shipmanagement UK) obtained an investment credit facility with maximum credit of USD 1.11 million from The Royal Bank of Scotland Plc. This loan is payable in 39 quarterly installments until 2016 and is collateralized by the subsidiary’s land and building and bears interest rate of the bank’s currency lending rate for US Dollars plus certain percentange which is paid quarterly. This loan was paid in full in August 2009.

Sehubungan dengan fasilitas pinjaman di atas, Perusahaan dan anak perusahaan diwajibkan memenuhi batasan-batasan tertentu yang telah disepakati bersama sesuai perjanjian termasuk mempertahankan rasio-rasio keuangan tertentu.

In relation to the above loan facilities, the Company and its subsidiaries are required to fulfill certain covenants, including among others the maintenance of certain financial ratios.

- 54 -




16.

HUTANG OBLIGASI

16. BONDS PAYABLE

2009 US$'000 Nilai nominal Obligasi Berlian Laju Tanker III Obligasi Berlian Laju Tanker IV Sukuk Ijarah I Sukuk Ijarah II Diskonto yang belum diamortisasi


74.468 42.553 21.277 10.638 (1.039)

2008 US$'000

63.927 18.265 (742)

Nominal value Berlian Laju Tanker III Bond Berlian Laju Tanker IV Bond Sukuk Ijarah I Sukuk Ijarah II Unamortized discount Total

Jumlah Bagian yang jatuh tempo dalam waktu satu tahun

147.897

81.450

6.322

-

Hutang obligasi - bersih

141.575

81.450

Current maturities Bond payable - net

Jumlah amortisasi diskonto sebesar USD 297 ribu dan USD 318 ribu masing-masing untuk tahun 2009 dan 2008.

Total amortization of discount amounted to USD 297 thousand and USD 318 thousand, in 2009 and 2008, respectively.

Obligasi Berlian Laju Tanker III

Berlian Laju Tanker III Bond

Pada tanggal 5 Juli 2007 Perusahaan menerbitkan obligasi Rupiah sebesar Rp 700.000 juta dengan tingkat bunga tetap sebesar 10,35% yang dibayar setiap 3 bulan. Obligasi tersebut tidak dijamin oleh pihak manapun, berjangka waktu 5 (lima) tahun dan akan jatuh tempo pada tanggal 5 Juli 2012. Hak pemegang obligasi adalah pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Seluruh obligasi dijual sebesar nilai nominal, tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan P.T. Bank Mandiri Tbk (Persero) bertindak sebagai wali amanat.

On July 5, 2007, the Company issued Rupiah Bonds amounting to Rp 700,000 million with fixed interest rate at 10.35% per annum payable every three months. The Bonds are unsecured and have a term of 5 years, due on July 5, 2012. Bondholders’ right is pari-passu without preferential rights with other creditors of the Company. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with P.T. Bank Mandiri Tbk (Persero) as trustee.

Pada tanggal 18 Desember 2007, para Pemegang Obligasi setuju untuk mengganti P.T. Bank Mandiri Tbk (Persero) sebagai wali amanat dan menunjuk P.T. CIMB Niaga Tbk sebagai wali amanat yang baru.

On December 18, 2007, the Bondholders approved the replacement of P.T. Bank Mandiri Tbk (Persero) as trustee and the appointment of P.T. CIMB Niaga Tbk as the new trustee.

Pada tanggal 17 Maret 2008, P.T. Bank CIMB Niaga Tbk sebagai wali amanat mengeluarkan pemberitahuan terhadap kegagalan Perusahaan untuk memenuhi salah satu syarat dalam perjanjian wali amanat, dimana harus mempertahankan rasio hutang bersih terhadap ekuitas tidak lebih dari 2,5:1.

On March 17, 2008, P.T. Bank CIMB Niaga Tbk as the trustee issued a notice for the Company’s failure to comply with one of the covenants under the Trustee Agreement, which is to maintain a ratio of Net Debt to Equity of not more than 2.5:1.

Pada tanggal 16 Juni 2008, para Pemegang Obligasi setuju untuk merubah rasio hutang bersih terhadap ekuitas pada perjanjian wali amanat dari 2,5:1 menjadi 4,5:1 untuk tahun yang berakhir pada tanggal 31 Desember 2008 dan 3,5:1 untuk periode setelah 31 Desember 2008 berdasarkan laporan keuangan Perusahaan yang disusun berdasarkan prinsip akuntansi yang berlaku umum di Indonesia.

On June 16, 2008, the Bondholders approved to amend the debt covenant on the Net Debt to Equity Ratio on the Trustee Agreement from 2.5:1 to 4.5:1 for the year ending December 31, 2008 and 3.5:1 after December 31, 2008 based on the Company’s statutory accounts prepared under generally accepted accounting principles in Indonesia.

Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pefindo tanggal 13 April 2009 peringkat obligasi adalah idA.

Based on P.T. Pefindo’s rating dated April 13, 2009, the bonds are rated as idA.

- 55 -





Obligasi Berlian Laju Tanker IV

Berlian Laju Tanker IV Bond

Pada tanggal 29 Mei 2009, Perusahaan menerbitkan obligasi Rupiah sebesar Rp 400.000 juta yang terdiri dari tiga seri sebagai berikut: (i) Obligasi Seri A dengan jumlah pokok obligasi sebesar Rp 60.000 juta dengan tingkat bunga tetap 14,25% per tahun dan jatuh tempo tanggal 28 Mei 2010, (ii) Obligasi Seri B dengan jumlah pokok obligasi sebesar Rp 150.000 juta dengan tingkat bunga tetap 15,5% per tahun dan jatuh tempo tanggal 28 Mei 2012 dan (iii) Obligasi Seri C dengan jumlah pokok obligasi sebesar Rp 190.000 juta dengan tingkat bunga tetap 16,25% dan jatuh tempo tanggal 28 Mei 2014. Pembayaran bunga dilakukan setiap 3 bulan.

On May 29, 2009, the Company issued Rupiah Bonds amounting to Rp 400,000 million, consisting of three series bonds: (i) the series A Bonds with a nominal value of Rp 60,000 million, bearing fixed interest rate of 14.25% per annum and are due on May 28, 2010, (ii) the series B Bonds with a nominal value of Rp 150,000 million, bearing a fixed interest rate of 15.5% per annum and are due on May 28, 2012 and (iii) the series C Bonds with a nominal value of Rp 190,000 million, bearing fixed interest rate of 16.25% per annum and are due on May 28, 2014. Interest is paid quarterly.

Obilgasi tersebut tidak dijamin dan hak pemegang obligasi adalah pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Setelah lewat satu tahun sejak tanggal emisi, Perusahaan dari waktu ke waktu dapat melakukan pembelian kembali (buy back) atas obligasi tersebut pada harga pasar yang berlaku. Perusahaan harus memenuhi persyaratan tertentu antara lain rasio hutang terhadap ekuitas sebesar 3,5:1. Seluruh obligasi dijual dengan harga sebesar nilai nominal, tercatat di Bursa Efek Indonesia dengan P.T. Bank CIMB Niaga Tbk bertindak sebagai wali amanat.

These bonds are unsecured and the bondholders’ right is pari-passu without preferential rights with other creditors of the Company. At any time after the first anniversary of the Bonds, the Company can redeem the Bonds at prevailing market price. The Company is also required to comply with several covenants, which include among others, a Net Debt to Equity ratio of 3.5:1. All of the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange with P.T. Bank CIMB Niaga Tbk as trustee.

Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pefindo tanggal 13 April 2009 peringkat obligasi adalah idA.

Based on P.T. Pefindo’s rating dated April 13, 2009, the bonds are rated as idA.

Sukuk Ijarah I

Sukuk Ijarah I

Pada tanggal 5 Juli 2007, Perusahaan menerbitkan Sukuk Ijarah senilai Rp 200.000 juta. Obligasi tersebut tidak dijamin oleh pihak manapun, berjangka waktu 5 (lima) tahun dan akan jatuh tempo pada tanggal 5 Juli 2012. Obligasi ini ditawarkan dengan ketentuan yang mewajibkan Perusahaan untuk membayar kepada Pemegang Sukuk Ijarah sejumlah Cicilan Imbalan Ijarah sebesar Rp 20.600 juta per tahun. Para pemegang Sukuk Ijarah mempunyai hak pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Setiap saat setelah lewat satu tahun sejak tanggal emisi, Perusahaan dari waktu ke waktu dapat melakukan pembelian kembali sesuai dengan nilai pasar yang berlaku. Seluruh sukuk ijarah dijual sebesar nilai nominal, tercatat di Bursa Efek Indonesia dengan P.T. Bank Mandiri Tbk (Persero) sebagai wali amanatnya.

On July 5, 2007 the Company issued Sukuk Ijarah amounting to Rp 200,000 million. The Sukuk Ijarah are unsecured and have a term of 5 years, due on July 5, 2012. These bonds were offered under the condition that the Company shall pay to Sukuk Ijarah holders a sum of Ijarah Benefit Installment amounting to Rp 20,600 million per annum. The Sukuk Ijarah bondholders’ right is pari-passu without preferential rights with other creditors of the Company. At anytime after the first anniversary of the Sukuk Ijarah, the Company may redeem the Bonds at prevailing market price. All sukuk ijarah were sold at nominal value and are listed on the Indonesia Stock Exchange, with P.T. Bank Mandiri Tbk (Persero) as trustee.

Pada tanggal 18 Desember 2007, para Pemegang Obligasi setuju untuk mengganti P.T. Bank Mandiri Tbk (Persero) sebagai wali amanat dan menunjuk P.T. Bank CIMB Niaga Tbk sebagai wali amanat yang baru.

On December 18, 2007, the Bondholders approved the replacement of P.T. Bank Mandiri Tbk (Persero) as trustee and the appointment of P.T. Bank CIMB Niaga Tbk as the new trustee.

- 56 -





Pada tanggal 17 Maret 2008, P.T. Bank CIMB Niaga Tbk sebagai wali amanat mengeluarkan pemberitahuan terhadap kegagalan Perusahaan untuk memenuhi salah satu syarat dalam perjanjian wali amanat, dimana harus mempertahankan rasio hutang bersih terhadap ekuitas tidak lebih dari 2,5:1.

On March 17, 2008, P.T. Bank CIMB Niaga Tbk as the trustee issued a notice for the Company’s failure to comply with one of the covenants under the Trustee Agreement, which is to maintain a ratio between Net Debt to Equity of not more than 2.5:1.

Pada tanggal 4 Juli 2008, para Pemegang Obligasi setuju untuk merubah rasio hutang bersih terhadap ekuitas pada perjanjian wali amanat dari 2,5:1 menjadi 4,5:1 untuk tahun yang berakhir pada tanggal 31 Desember 2008 dan 3,5:1 untuk periode setelah 31 Desember 2008 berdasarkan laporan keuangan Perusahaan yang disusun berdasarkan prinsip akuntansi yang berlaku umum di Indonesia.

On July 4, 2008, the Bondholders approved to amend the debt covenant on the Net Debt to Equity Ratio on the Trustee Agreement from 2.5:1 to 4.5:1 for the year ending December 31, 2008 and 3.5:1 after December 31, 2008 based on the Company’s statutory financial statement prepared under generally accepted accounting principles in Indonesia.

Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pefindo tanggal 13 April 2009 peringkat obligasi adalah idA(sy).

Based on P.T. Pefindo’s rating dated April 13, 2009, the bonds are rated as idA(sy).

Sukuk Ijarah II

Sukuk Ijarah II

Pada tanggal 29 Mei 2009, Perusahaan menerbitkan Sukuk Ijarah II senilai Rp 100.000 juta yang terdiri dari: (i) Sukuk Ijarah Seri A dengan jumlah pokok sebesar Rp 45.000 juta yang jatuh tempo tanggal 28 Mei 2012 dimana para pemegang sukuk ijarah berhak atas suatu jumlah cicilan imbalan ijarah sebesar Rp 155 juta per tahun untuk setiap nilai nominal Rp 1.000 juta dan (ii) Sukuk Ijarah Seri B dengan jumlah pokok sebesar Rp 55.000 juta yang jatuh tempo tanggal 28 Mei 2014, dimana para pemegang berhak atas suatu jumlah cicilan imbalan ijarah sebesar Rp 162,5 juta per tahun untuk setiap nilai nominal Rp 1.000 juta.

On May 29, 2009 the Company issued Sukuk Ijarah II amounting to Rp 100,000 million, consisting of two series of bonds: (i) the series A Bonds with nominal amount of Rp 45,000 million, due on May 28, 2012 and entitle the bondholders a sum of Ijarah Benefit Installment of Rp 155 million per annum for every Rp 1,000 million nominal amount and (ii) the series B Bonds with nominal amount of Rp 55,000 million, due on May 28, 2014, and entitle the bondholders a sum of Ijarah Benefit Installment of Rp 162.5 million per annum for every Rp 1,000 million nominal amount.

Obligasi sukuk Ijarah tersebut tidak dijamin dengan agunan khusus dan hak pemegang obligasi adalah pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Setelah lewat satu tahun sejak tanggal emisi, Perusahaan dari waktu ke waktu dapat melakukan pembelian kembali (buy back) atas obligasi tersebut. Perusahaan harus memenuhi persyaratan tertentu antara lain rasio hutang terhadap ekuitas sebesar 3,5:1, berdasarkan laporan keuangan Perusahaan yang disusun berdasarkan Prinsip Standar Akuntansi Keuangan yang belaku di Indonesia. Seluruh obligasi dijual sebesar nilai nominal, tercatat di Bursa Efek Indonesia dengan P.T. Bank CIMB Niaga Tbk bertindak sebagai wali amanat.

These Sukuk Ijarah are unsecured and the Bondholders’ right is pari-passu with other creditors of the Company. At any time after the first anniversary of the Sukuk Ijarah II, the Company may redeem the Bonds at prevailing market price. The Company is also required to comply with several covenants, which include among others, a Net Debt to Equity ratio of 3.5:1, based on the Company’s statutory financial statements prepared under generally accepted accounting principles in Indonesia. All the Bonds were sold at nominal value and are listed on the Indonesia Stock Exchange, with P.T. Bank CIMB Niaga Tbk as trustee.

Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pefindo tanggal 13 April 2009 peringkat obligasi adalah idA(sy).

Based on P.T. Pefindo’s rating dated April 13, 2009, the bonds are rated as idA(sy).

- 57 -




17.

WESEL BAYAR


17. NOTES PAYABLE

Pada tanggal 4 Mei 2007, anak perusahaan (BLT Finance B.V) menerbitkan Guaranteed Senior Notes sebesar USD 400 juta dengan tingkat bunga tetap sebesar 7,5% per tahun yang dibayar tiap 6 bulan dimuka mulai 15 Nopember 2007. Wesel bayar tersebut berjangka waktu 7 tahun dan akan jatuh tempo pada tanggal 15 Mei 2014. Harga jual wesel bayar pada saat penawaran adalah sebesar 100% dari nilai nominal obligasi dan tercatat di Bursa Efek Singapura. Wesel bayar dijamin oleh Perusahaan dan anak perusahaan tertentu berdasarkan senioritas dan jaminan tersebut tanpa syarat dan tidak dapat dibatalkan.

On May 4, 2007, the subsidiary (BLT Finance B.V) issued Guaranteed Senior Notes (the Notes) amounting to USD 400 million with fixed interest of 7.5% per annum payable every six months in arrears commencing November 15, 2007. The notes payable have a term of seven years, due on May 15, 2014. The Notes were offered at 100% of the nominal value and are listed on the Singapore Stock Exchange Securities Trading Limited. The Notes are unconditionally and irrevocably guaranteed on a senior basis by the Company and certain subsidiaries.

BLT Finance BV (BLTF BV) memiliki opsi untuk membeli kembali wesel bayar dengan kondisi sebagai berikut:

The Notes may be redeemed at the option of BLT Finance BV (BLTF BV) as follows:

i.

Setiap saat sebelum tanggal 15 Mei 2011 sampai dengan 35% dari nilai wesel bayar dengan dana yang diperoleh dari satu atau lebih penawaran saham kepada masyarakat dengan harga penebusan sebesar 107,5% dari nilai pokok ditambah bunga yang masih harus dibayar dan belum dibayar jika kondisi-kondisi tertentu terpenuhi;

i.

At anytime prior to May 15, 2011 up to 35% of the Notes with the net proceeds of one or more public equity offerings at a redemption price of 107.5% of their principal amount plus accrued and unpaid interest provided certain conditions are met;

ii.

Pada saat atau setelah tanggal 15 Mei 2012, seluruh atau sebagian wesel bayar dengan harga penebusan setara dengan 100% dari jumlah pokok ditambah applicable premium (seperti yang didefinisikan dalam syarat dan kondisi) dan bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal penebusan.

ii.

On or after May 15, 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) as of, and accrued and unpaid interest if any, to the date of redemption;

iii. Sejak tanggal 15 Mei 2012 sampai dengan tanggal 14 Mei 2013 seluruh atau sebagian wesel bayar pada harga penebusan setara dengan 103,75% dari jumlah pokok ditambah bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal penebusan.

iii. On May 15, 2012 until May 14, 2013 all or part of the Notes at a redemption price equal to 103.75% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption;

iv. Pada tanggal 15 Mei 2013 sampai dengan tanggal 14 Mei 2014 seluruh atau sebagian wesel bayar dengan harga penebusan setara dengan 100% dari jumlah pokok ditambah dengan bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal penebusan, atau

iv. On May 15, 2013 until May 14, 2014 all or part of the Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest if any, to the date of redemption, or

v.

v.

Setiap saat jika terjadi perubahan tertentu yang berkaitan dengan perpajakan di Indonesia dan Belanda, atas seluruh jumlah pokok ditambah jumlah tambahan lainnya yang terhutang dan bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal penebusan.

Jika terjadi perubahan terhadap pengendalian, pemegang wesel bayar memiliki hak untuk meminta kepada BLT FBV untuk menebus seluruh atau sebagian daripada wesel bayar seharga 101% dari jumlah pokok ditambah bunga yang masih harus dibayar dan yang belum dibayar jika ada sampai dengan tanggal penebusan. - 58 -

At anytime in the event of certain changes affecting taxation in Indonesia or Netherlands, in whole at their principal amount plus all additional amounts due as of, and accrued and unpaid interest if any, to the date of redemption.

In the occurrence of change in control, the holders of the Notes have the right to require BLTF BV to redeem all or some of the Notes at 101% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption.





Wesel bayar ini ditetapkan sebesar nilai wajar pada saat pengakuan awal dan setiap tanggal laporan karena adanya embedded call dan put option yang dimilikinya.

The Notes are measured at fair value on initial recognition and at each reporting date because of the embedded call and put options.

Perubahan nilai wajar adalah sebagai berikut:

The change in fair value are as follows:

2009 US$'000

2008 US$'000

Saldo awal Perubahan nilai wajar

132.000 122.000

345.667 (213.667)

Saldo akhir Dikurangi pembelian kembali

254.000 (4.191)

132.000 -

Ending balance Less repurchase of Notes

Bersih

249.809

132.000

Net

Berdasarkan pemeringkatan yang diterbitkan oleh Fitch Ratings Ltd., peringkat wesel bayar pada tahun 2009 adalah CCC. Di tahun 2009, beberapa anak perusahaan melakukan investasi dalam wesel bayar melalui manajer investasi. 18.

Beginning balance Changes in fair value

Based on the rating issued by Fitch Ratings Ltd., in 2009 the Notes are rated CCC. In 2009, certain subsidiaries invested in the Notes through an investment manager.

KEWAJIBAN SEWA PEMBIAYAAN

18. OBLIGATIONS UNDER FINANCE LEASE 2009

2008

Pembayaran sewa minimal/ Minimum lease payments US$'000

Nilai kini pembayaran sewa minimal/ Present value of minimum lease payments US$'000

Pembayaran sewa minimal/ Minimum lease payments US$'000

Nilai kini pembayaran sewa minimal/ Present value of minimum lease payments US$'000

Kurang dari 1 tahun 1 - 2 tahun Lebih dari 2 tahun

34.090 193.191 76.457

32.572 167.319 61.606

95.699 133.882 43.686

88.152 118.502 36.874

Less than 1 year 1 - 2 years More than 2 years

Jumlah Dikurangi beban keuangan masa depan

303.738

261.497

273.267

243.528

42.241

-

29.739

-

Total Less future finance charges

261.497

261.497

243.528

243.528

Nilai kini pembayaran sewa minimal

Present value of minimum lease payment

Kewajiban sewa pembiayaan ini terkait dengan penyewaan kapal dengan jangka waktu 3 sampai dengan 10 tahun, dimana anak perusahaan memiliki opsi untuk membeli kapal tersebut dibawah nilai wajar pada akhir masa perjanjian sewa. Kewajiban sewa pembiayaan anak perusahaan ini dijamin dengan kapal milik anak perusahaan tersebut dengan tingkat bunga efektif 4% - 10%.

The finance lease relates to lease of vessels with lease terms of 3 years until 10 years and where the subsidiaries have options to purchase the vessel for an amount below the expected fair values at the conclusion of the lease agreements. The subsidiaries’ obligations under finance lease are secured by the lessors’ title to the leased vessels and bear effective interest rates of 4% - 10%.

Pada tahun 2009, Perusahaan dan anak perusahaan meninjau dan merevisi perkiraan tanggal pelaksanaan opsi beli kapal sewa pembiayaan. Perubahan ini mengakibatkan penurunan atas kewajiban sewa pembiayaan sebesar USD 2.090 ribu dan penurunan jumlah tercatat dari kapal sewa pembiayaan.

In 2009, the Company and its subsidiaries also reassessed and revised the estimated exercise dates of the purchase options on the leased vessels. This resulted to a decrease of USD 2,090 thousand in the obligations under finance lease and a corresponding decrease in the carrying amount of the leased vessels.

- 59 -




19.

HUTANG LAIN-LAIN JANGKA PANJANG


19. OTHER LONG-TERM PAYABLES

Akun ini merupakan pinjaman sebesar USD 13 juta kepada Teekey Corporation (dahulu Teekay Shipping Corporation). Pinjaman ini dibayar dalam 22 kali setiap 6 bulan dengan tingkat bunga 8% per tahun yang dibayar setiap 3 bulan dan tanpa jaminan.

20.

KEWAJIBAN IMBALAN PASCA KERJA

This account represents a loan of USD 13 million owed to Teekay Corporation (formerly Teekay Shipping Corporation). The loan is payable in 22 semi-annual installments, unsecured, and bears annual interest of 8%, which is payable on a quarterly basis. 20.

POST-EMPLOYMENT BENEFITS OBLIGATION

Perusahaan membukukan imbalan pasca kerja imbalan pasti untuk karyawan sesuai dengan Undang Undang Ketenagakerjaan No. 13/2003. Jumlah karyawan yang berhak atas imbalan pasca kerja tersebut masing-masing adalah 245 dan 236 karyawan di tahun 2009 dan 2008.

The Company provides post-employment benefits for its qualifying employees in accordance with Labor Law No. 13/2003. The number of employees entitled to the benefits is 245 in 2009 and 236 in 2008, respectively.

Beban imbalan pasca kerja yang diakui di laporan laba rugi adalah:

Amounts recognized in income in respect of these post-employment benefits are as follows:

2009 US$'000

2008 US$'000

Biaya jasa kini Biaya bunga Kerugian aktuarial bersih Amortisasi biaya jasa lalu Biaya jasa lalu

257 331 65 -

298 321 331 3 195

Jumlah

653

1.148

Kewajiban imbalan pasca kerja di neraca adalah sebagai berikut:

2009 US$'000 Nilai kini kewajiban yang tidak didanai Kerugian aktuarial yang belum diakui Kewajiban bersih

Current service cost Interest costs Net actuarial losses Amortization of past service cost Past service cost Total

The amounts ofpost-employment obligation are as follows:

benefits

2008 US$'000

5.326 (1.200)

3.624 (702)

Present value of unfunded obligations Unrecognized actuarial losses

4.126

2.922

Net liability

Mutasi kewajiban bersih di neraca adalah sebagai berikut:

Movements in the net liability recognized in the balance sheets are as follows:

2009 US$'000

2008 US$'000

Saldo awal Beban tahun berjalan (Catatan 28) Pembayaran tahun berjalan Selisih kurs penjabaran

2.922 653 (40) 591

2.276 1.148 (56) (446)

Beginning of the year Employee benefits cost for the year (Note 28) Benefit payment Translation adjustment

Saldo akhir

4.126

2.922

End of the year

- 60 -





Perhitungan imbalan pasca kerja dihitung oleh aktuaris independen P.T. Padma Radya Aktuaria. Asumsi utama yang digunakan dalam menentukan penilaian aktuarial adalah sebagai berikut:

The cost of providing post-employment benefits is calculated by independent actuary, P.T. Padma Radya Aktuaria. The actuarial valuation was carried out using the following key assumptions:

Tingkat diskonto per tahun Tingkat kenai kan gaji per tahun Tingkat kematian Tingkat pengunduran diri

21.

2009

2008

10% 15% 100%/TMI2 10% sampai usia 36 tahun kemudian menurun secara linier sampai 0% di usia 55 tahun/ 10% per annum until age 36 then decreasing linearly to 0% until age 55

12% 15% 100%/TMI2 10% sampai usia 36 tahun kemudian menurun secara linier sampai 0% di usi a 55 tahun/ 10% per annum until age 36 then decreasing linearly to 0% until age 55

OBLIGASI KONVERSI

Discount rate per annum Salary increment rate per annum Mortality rate Resignati on rate

21. CONVERTIBLE BONDS

Pada tanggal 17 Mei 2007, BLT Finance B.V (BLTF BV), anak perusahaan, menerbitkan obligasi konversi Zero Coupon Guaranteed dengan denominasi USD 100.000 dan kelipatan integral USD 1.000 dengan jumlah pokok USD 125 juta. Obligasi ini diterbitkan sebesar 100% dari face value, dan dijamin tanpa syarat dan tidak dapat dibatalkan oleh Perusahaan.

On May 17, 2007, BLT Finance B.V. (BLTF BV), a subsidiary issued Zero Coupon Guaranteed Convertible Bonds in denomination of USD 100,000 each and integral multiples of USD 1,000 with aggregate principal amount of USD 125 million. The bonds were issued at 100% of face value, and were unconditionally and irrevocably guaranteed by the Company.

Pemegang obligasi memiliki hak untuk mengkonversikan obligasi ini menjadi saham biasa Perusahaan, dengan nilai nominal Rp 62,50 per saham dari tanggal 27 Juni 2007 sampai dengan 17 April 2012. Jumlah saham yang akan dikonversi akan ditentukan, berdasarkan saham yang tercatat pada SGX-ST, dengan cara membagi nilai obligasi yang akan dikonversikan (menggunakan kurs tetap SGD 1,5143 per USD 1 atau Rp 8.894 per USD 1) dengan harga konversi yang berlaku pada saat konversi. Harga konversi awal adalah SGD 0,4965 per saham. Apabila saham yang dikonversi adalah saham yang tercatat di Indonesia, jumlah saham yang akan dikonversi akan ditentukan dengan metode yang sama untuk saham tercatat pada SGXST, kecuali, pada kejadian ini, untuk tujuan perhitungan rasio, nilai obligasi akan tetap dalam USD dan harga konversi akan ditranslasi dari Rupiah ke USD. Walaupun terdapat hak konversi dari pemegang obligasi, BLTF BV memiliki opsi untuk membayar kepada pemegang obligasi tersebut secara tunai dalam ekuivalen mata uang Dollar Amerika Serikat dengan nilai rata-rata tertimbang harga pasar dari saham yang dikonversi, untuk memenuhi hak konversi.

The bondholders have the right to convert the bonds into ordinary shares of the Company, with par value of Rp 62.50 each, from June 27, 2007 to April 17, 2012. The number of shares to be delivered on conversion 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 SGD 1.5143 per USD 1 or Rp 8,894 per USD 1) 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 delivered are Indonesian Listed Shares, the number of shares to be delivered will be determined using the same method as for SGXST 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.

Pada bulan Agustus 2009, Perusahaan mengumumkan kepada para pemegang obligasi bahwa harga konversi disesuaikan menjadi SGD 0,4447 per saham sehubungan dengan penerbitan saham baru melalui penawaran umum terbatas kepada para pemegang saham.

In August 2009, the Company issued a notice to bondholders that the conversion price be adjusted to SGD 0.4447 per share pursuant to the issuance of new shares throught rights issue by the Company.

- 61 -





BLTF BV juga memiliki opsi untuk menebus obligasi beserta bunga yang masih harus dan belum dibayar pada Early Redemption Amount (ERA) secara keseluruhan dengan ketentuan sebagai berikut ini:

The bonds may also be redeemed at the option of BLTF BV at their Early Redemption Amount (ERA), together with accrued and unpaid interest, in whole but not in part:

I.

Pada atau setiap saat setelah tanggal 17 Mei 2009, tetapi tidak kurang dari 20 hari sebelum tanggal jatuh tempo, jika harga penutupan saham (ditranslasikan ke Dollar Amerika Serikat) setiap tanggal perdagangan secara berturut-turut selama 25 hari kerja sebelum tanggal pemberitahuan pembelian kembali dipublikasikan adalah sekurang-kurangnya 125% dari ERA dibagi rasio konversi.

I.

On or at anytime after May 17, 2009 but not less than 20 days prior to 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.

Jumlah agregat pokok obligasi adalah 10% atau kurang dari nilai agregat jumlah pokok saat pertama kali diterbitkan.

II.

If the aggregate principal amount of the bonds is 10% or less of the aggregate principal amount originally issued.

III.

Setiap saat dimana terjadi perubahan tertentu yang berkaitan dengan perpajakan di Belanda atau Republik Indonesia.

III. At anytime in the event of certain changes relating to taxation in The Netherlands or the Republic of Indonesia.

Pemegang obligasi memiliki hak untuk meminta BLTF BV untuk menebus semua atau sebagian obligasi pada 116,82% dari nilai pokok pada tanggal 17 Mei 2010, Perusahaan menyajikan sebagai kewajiban yang jatuh tempo dalam satu tahun. Pemegang obligasi juga memiliki opsi untuk meminta BLTF BV untuk menebus obligasi pada nilai ERA-nya bila terjadi perubahan pengendalian atau terjadinya delisting saham Perusahaan.

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 May 17, 2010, the Company presents this as current liabilities. The bondholders also have the right at their option to require BLTF BV to redeem the bonds at their ERA on occurrence of change in control or delisting of Company’s shares.

ERA dari obligasi untuk setiap USD 100.000 nilai pokok, untuk penyelesaian sebelum tanggal jatuh tempo pada harga antara USD 102.625,00 sampai dengan USD 129.578,13, hasil (yield) kotor kepada investor sebesar 5,25% pada basis semi-annualy.

ERA of the bonds, for each USD 100,000 principal amount, pertains to settlement before the maturity date at price ranging from USD 102,625.00 to USD 129,578.13, representing a gross yield to the investor of 5.25% on a semi-annual basis.

Kecuali sebelumnya telah ditebus, dibeli dan dibatalkan atau telah dikonversi, BLTF BV akan menebus kembali setiap obligasi konversi pada harga 129,58% daripada nilai pokok pada tanggal 17 Mei 2012.

Unless previously redeemed, purchased and cancelled or converted, BLTF BV will redeem each bond at 129.58% of the principal amount on May 17, 2012.

Obligasi konversi, termasuk derivatif melekat didalamnya, diukur seluruhnya pada nilai wajarnya, laba atau rugi yang timbul sebagai hasil dari perubahan nilai wajar diakui pada laporan laba rugi.

These bonds, which include embedded derivatives, are measured entirely at fair value with changes in the fair value recognized in statement of income. The fair value at balance sheet is determined based on quoted prices.

Nilai wajar pada tanggal neraca ditentukan berdasarkan kuotasi harga pasar dan mungkin tidak mencerminkan jumlah BLTF BV harus membayar kepada para pemegang obligasi untuk memenuhi hak konversi mereka atau saat akan dilakukan penebusan obligasi tersebut.

The fair value at 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.

- 62 -





Perubahan nilai obligasi konversi adalah sebagai berikut:

The changes in carrying amount of the convertible bonds are as follows:

2009 US$'000 Saldo nilai wajar awal tahun Perubahan nilai wajar

Dikurangi pembelian kembali obligasi Saldo nilai wajar akhir tahun

2008 US$'000

36.250 74.420

128.541 Fair value at beginning of the year (92.291) Changes in fair value

110.670 (11.110)

36.250 -

Less repurchase of bonds

99.560

36.250

Fair value at end of the year

Pada tahun 2009, beberapa anak perusahaan melakukan investasi dalam bentuk obligasi melalui manajer investasi. 22.

In 2009, certain subsidiaries of the Company invested in the Bonds through an investment manager.

MODAL SAHAM

22.

The composition of stockholders based on the Share Registration Bureau (Registrasi Biro Administrasi Efek) and P.T. Kustodian Sentral Efek Indonesia as of December 31, 2009 and 2008 are as follows:

Susunan pemegang saham Perusahaan sesuai dengan Registrasi Biro Administrasi Efek dan P.T. Kustodian Sentral Efek Indonesia tanggal 31 Desember 2009 dan 2008 adalah sebagai berikut:

Nama Pemegang Saham

Jumlah Saham/ Number of Shares

CAPITAL STOCK

2009 Persentase Pemilikan/ Percentage of Ownership %

Jumlah Modal Disetor/ Total Paid-up Capital US$'000

Name of Stockholders

PT Tunggaladhi Baskara Tn. Widihardja Tanudj aja Siana Anggraeni Surya Koperasi Karyawan Berlian Masyarakat lainnya (dibawah 5%)

3.263.633.018 2.620.800 62.400 2.422.056 2.712.852.961

54,56 0,04 0,00 0,04 45,36

38.704 31 29 32.172

PT Tunggaladhi Baskara Mr. Widihardja Tanudjaja Si ana Anggraeni Surya Berlian Employees Cooperative Public (below 5 % each)

Jumlah

5.981.591.235

100,00

70.936

Total

2008 Persentase Pemilikan/ Percentage of Ownership %

Jumlah Modal Disetor/ Total Paid-up Capital US$'000

Nama Pemegang Saham

Jumlah Saham/ Number of Shares

Name of Stockholders

PT Tunggaladhi Baskara Tn. Widihardja Tanudjaja Siana Anggraeni Surya Koperasi Karyawan Berlian Masyarakat lainnya (dibawah 5%)

2.447.724.764 2.620.800 62.400 2.422.056 2.136.451.156

53,34 0,06 0,00 0,05 46,55

33.170 36 33 28.952

PT Tunggaladhi Baskara Mr. Widihardja Tanudjaja Siana Anggraeni Surya Berlian Employees Cooperative Public (below 5 % each)

Jumlah

4.589.281.176

100,00

62.191

Total

- 63 -





Mutasi modal disetor Perusahaan adalah sebagai berikut:

Movements in share capital are as follows:

2009 US$'000

2008 US$'000

Saldo awal Penerbitan saham baru melalui penawaran saham terbatas kepada para pemegang saham Pelaksanaan waran

62.191

59.348

8.745 -

2.843

Saldo akhir

70.936

62.191

Mutasi jumlah saham Perusahaan yang beredar adalah sebagai berikut:

Issuance of new shares through rights issue Exercise of warrants End of the year

Details of the Company’s number of shares outstanding are as follows:

2009 Lembar/share

2008 Lembar/share

Saldo awal Penerbitan saham baru melalui penawaran saham terbatas kepada para pemegang saham Pelaksanaan waran

4.176.930.176

3.746.659.436

1.392.310.059 -

430.270.740

Saldo akhir

5.569.240.235

4.176.930.176

Pada Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) sebagaimana tercantum dalam akta No.44 tanggal 30 Juni 2009 dari Dr. A Partomuan Pohan, S.H., LL.M, notaris di Jakarta, para pemegang saham menyetujui untuk menerbitkan saham baru dengan cara penawaran umum terbatas kepada para pemegang saham dengan hak memesan efek terlebih dahulu. Perusahaan menerbitkan sebanyak 1.392.310.059 lembar saham biasa dengan harga pelaksanaan sebesar Rp 425 per lembar. 23.

Beginning of the year

Beginning of the year Issuance of new shares through rights issue Exercise of warrants End of the year

At the Extraordinary General Meeting of Stockholders as stated in notarial deed No.44 dated June, 30, 2009 of Dr. A Partomuan Pohan, S.H., LL.M, notary in Jakarta, the stockholders approved the issuance of new shares through a Right Issue Pre-emptive Rights. The Company issued 1,392,310,059 common shares at an exercise price of Rp 425 per share.

AGIO SAHAM

23. ADDITIONAL PAID-IN CAPITAL

US$'000 Saldo per 1 Januari 2008 Penerbitan 430.270.740 saham melalui pelaksanaan waran Jumlah yang dicatat sebagai modal disetor

60.842

Saldo per 31 Desember 2008 Penawaran saham terbatas IV sebanyak 1.392.310.059 lembar Jumlah yang dicatat sebagai modal disetor

64.823

Saldo per 31 Desember 2009

6.824 (2.843)

58.746 (8.745) 114.824

- 64 -

Balance of January 1, 2008 Issuance of 430,270,740 shares through exercise warrants Amount recorded as paid-in capital Balance of December 31, 2008 Issuance of 1,392,310,059 shares through right issue IV Amount recorded as paid-in capital Balance of December 31, 2009




24.

25.


SAHAM DIPEROLEH KEMBALI

24.

TREASURY STOCKS

Pada Rapat Umum Pemegang Saham Luar Biasa, sebagaimana tercantum dalam akta No. 47 tanggal 31 Mei 2006 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, pemegang saham menyetujui untuk membeli kembali (buy back) saham Perusahaan yang telah dikeluarkan di bursa sebanyak-banyaknya 10% dari modal ditempatkan dan disetor penuh dengan harga Rp 2.750 per saham sampai dengan 31 Mei 2007.

At the Extraordinary General Meeting of Stockholders, as stated in notarial deed No. 47 dated May 31, 2006 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, the stockholders approved to repurchase a maximum of 10% of the issued and paid-up shares, at purchase price of Rp 2,750 per share until May 31, 2007.

Pada tanggal 31 Desember 2009 dan 2008 jumlah saham diperoleh kembali sebanyak 412.351.000 saham atau 6,89% pada tahun 2009 dan 8,98% pada tahun 2008 dari saham yang dikeluarkan dengan biaya perolehan sebesar USD 86.628 ribu.

As of December 31, 2009 and 2008, the total number of treasury stocks amounting to 412,351,000 shares or 6.89% in 2009 and 8.98% in 2008 of its issued and paid-up capital with acquisition cost of USD 86,628 thousand.

SURPLUS REVALUASI

25.

REVALUATION RESERVE

2009 US$'000 Pengaruh penerapan model revaluasi pada 1 Januari 2009 Peningkatan bersih Transfer ke sal do laba

247.253 45.015 (54.591)

Effect of adopting revaluati on model on January 1, 2009 Revaluation increase - net Transfer to retained earnings

Sal do akhir tahun

237.677

Balance at end of year

Surplus revaluasi berasal dari revaluasi seluruh kapal, apabila kapal yang telah direvaluasi dijual, bagian dari surplus revaluasi dari kapal tersebut direalisasikan dengan memindahkan langsung ke saldo laba. 26.

PENDAPATAN USAHA

The revaluation reserves arises on the revaluation of vessels. Where revalued vessels are sold, the portion of the revaluation reserves that relates to that vessel, and is effectively realized, is transferred directly to retained earnings. 26.

2009 US$'000

OPERATING REVENUES 2008 US$'000

Kapal yang dimiliki Kapal yang disewa Jasa perantara perkapalan Jasa penyimpanan

502.834 113.518 1.201 793

524.622 197.782 677 601

Owned vessel s Chartered vessels Agency fees Storage fees

Bersih

618.346

723.682

Total

Pada tahun 2008, 0,01% dari pendapatan usaha dilakukan dengan pihak hubungan istimewa (Catatan 34a).

In 2008, 0.01% of the total operating revenues was from related parties (Note 34a).

Tidak terdapat pendapatan yang berasal dari pihak ketiga yang melebihi 10% dari seluruh pendapatan usaha.

There were no revenues from a third party that exceeds 10% of the total operating revenues.

- 65 -




27.


27.

BEBAN LANGSUNG

2009 US$'000

DIRECT COST

2008 US$'000

Kapal Yang Dimiliki Penyusutan (Catatan 9) Bahan bakar Biaya sandar Gaji Perbaikan dan pemeliharaan Suku cadang Asuransi Pelumas Transportasi Bahan lain Uang makan karyawan Pengurusan dokumen Docking Lain-lain

133.589 94.450 53.167 51.259 12.860 11.237 7.507 6.237 4.878 2.969 2.414 2.325 6.300

103.070 134.511 58.528 40.297 4.681 13.593 6.506 6.791 5.541 3.220 2.917 3.080 13.297 6.260

Owned vessels Depreciation (Note 9) Fuel Port charges Salaries Repairs and maintenance Spareparts Insurance Lubricant Transportation Supplies Employees' meal allowances Processing of documents Docking Others

Jumlah

389.192

402.292

Total

Kapal Yang Disewa Sewa Bahan bakar Biaya sandar Gaji Suku cadang Pelumas Asuransi Transportasi Lain-lain

54.976 18.190 10.280 4.881 1.528 1.291 1.162 1.019 2.993

36.955 30.299 9.237 6.894 1.671 1.290 930 931 3.559

Chartered vessels Rental Fuel Port charges Salaries Spareparts Lubricant Insurance Transportation Others

Jumlah

96.320

91.766

Total

485.512

494.058

Jumlah beban usaha langsung

Total direct cost

0,45% dan 0,84% dari jumlah beban usaha langsung masing-masing pada tahun 2009 dan 2008 dilakukan dengan pihak hubungan istimewa (Catatan 34b).

0.45% and 0.84% of the above direct cost in 2009 and 2008, respectively, were from related parties (Note 34b).

Tidak terdapat beban yang berasal dari pihak tertentu yang melebihi 10% dari seluruh beban usaha langsung.

There is no expense from specific party that exceeds 10% of the total direct cost.

- 66 -




28.


BEBAN UMUM DAN ADMINISTRASI

28.

2009 US$'000

29.

2008 US$'000

Gaji Tenaga ahli Beban kantor Perjalanan dinas Penyusutan (Catatan 9) Telekomunikasi Beban bank Imbalan pasca kerja (Catatan 20) Lain-lain

14.616 6.233 3.645 1.998 1.343 821 698 653 2.920

16.887 5.808 4.435 2.302 777 774 386 1.148 3.794

Salaries Professional fees Office expenses Transportation Depreciation (Note 9) Telecommunication Bank charges Post-employment benefits (Note 20) Others

Jumlah

32.927

36.311

Total

BEBAN KEUANGAN

29.

2009 US$'000 Beban keuangan dari: Hutang bank dan hutang lain-lain jangka panjang Obligasi Sewa pembiayaan Jumlah beban pinjaman Bagi hasil dan imbalan obligasi Syariah Mudharabah dan Sukuk Ijarah Jumlah

30.

GENERAL AND ADMINISTRATIVE EXPENSE

2008 US$'000 Finance costs on:

43.608 41.282 21.637

57.204 39.498 17.484

106.527

114.186

2.973

3.045

109.500

117.231

PENDAPATAN INVESTASI

30.

2009 US$'000 Jasa giro dan lain-lain Deposito berjangka

FINANCE COSTS

Bank loans and long-terms payable Bonds Finance lease Total borrowing cost Profit sharing allocation and benefit on Syariah Mudharabah and Sukuk Ijarah Total

INVESTMENT INCOME

2008 US$'000

805 265

3.002 2.798

Current accounts and others Time deposits Total interest income

Jumlah pendapatan bunga Keuntungan pemilikan efek yang sudah direalisasi

1.070

5.800

17.008

10.494

Realized gain on securities

Jumlah

18.078

16.294

Total

- 67 -




31.


LABA (RUGI) PER SAHAM

31.

Laba (rugi) bersih yang digunakan perhitungan laba (rugi) per saham

dalam

Net income (loss) which is used for the computation of earnings (loss) per share

2009 US$'000 Laba (rugi) bersih untuk perhitungan laba (rugi) per saham dasar Pengaruh efek berpotensi saham biasa yang dilutif: Perubahan nilai wajar obligasi konversi yang belum diamortisasi Laba (rugi) bersih untuk perhitungan laba (rugi) per saham dilusian

2008 US$'000

(285.876)

218.364

-

(88.750)

Net income (loss) for the computation of basic earnings (loss) per share Potential effect of dilutive common share: Unrealized fair value change of convertible bonds

(285.876)

129.614

Net income (loss) for the computation of diluted earnings (loss) per share

Jumlah rata-rata tertimbang yang digunakan dalam perhitungan laba (rugi) per saham

Weighted average number of shares which is used for the computation earnings (loss) per share

2009 Lembar/Share Jumlah rata-rata tertimbang saham biasa untuk laba (rugi) per saham dasar Pengaruh efek berpotensi saham biasa yang dilutif : - Obligasi konversi Jumlah rata-rata tertimbang saham biasa untuk perhitungan laba (rugi) per saham dilusian

2008 Lembar/Share

5.109.770.193

4.781.577.306

-

436.432.063

5.109.770.193

5.218.009.369

Laba (rugi) per saham

Laba (Rugi) per saham (nilai penuh) - Dasar - Dilusian

EARNINGS (LOSS) PER SHARE

Weighted average number of shares used for computation basic earnings (loss) per share Effect of dilutive potential ordinary share: - Convertible bonds Weighted average of common share for computation of diluted earnings (loss) per share

Earnings (loss) per share

2009 US$

2008 US$

(0,0559) (0,0559)

0,0457 0,0248

Earnings (Loss) per share (in full amount) - Basic - Diluted

Pada tahun 2009, potensi saham dari obligasi konversi bersifat anti-dilutif dan karenanya tidak dimasukkan dalam perhitungan rata-rata tertimbang jumlah saham yang beredar untuk tujuan perhitungan laba (rugi) per saham dilusian. Sehubungan dengan penawaran umum terbatas di tahun 2009, perhitungan laba per saham dasar dan dilusian tahun 2008 disajikan kembali untuk mencerminkan efek jumlah bonus dari penawaran umum terbatas.

In 2009, the potential shares on convertible bonds are anti-dilutive and are therefore excluded from the weighted average number of shares for the purposes of diluted earnings (loss) per share. In relation with the Rights Issue carried out in 2009, the basic and diluted earnings per share in 2008 were restated to give effect to the bonus amount of the right issue.

Pada bulan Pebruari 2010 dan Maret 2010, BLT International Corporation, anak perusahaan, mengeluarkan Obligasi Konversi dengan Jaminan (Guaranteed Convertible Bond) 12% masing-masing sebesar USD 100 juta dan USD 25 juta yang jatuh tempo tahun 2015 (Catatan 41d). Obligasi ini dapat dikonversi menjadi saham Perusahaan dan akan merubah jumlah potensi saham yang beredar pada periode akhir laporan seandainya obligasi tersebut dikeluarkan sebelum 31 Desember 2009.

In February 2010 and March 2010, BLT International Corporation, a subsidiary, issued USD 100 million and USD 25 million, respectively, 12% Guaranteed Convertible Bonds due 2015 (Note 41d). Such bonds are convertible into shares of the Company and would have changed the number of potential shares outstanding at the end of the reporting period had such bonds been issued before December 31, 2009.

- 68 -




32.

33.


DIVIDEN DAN CADANGAN UMUM

32.

DIVIDENDS AND APPROPRIATION GENERAL RESERVES

FOR

Pada Rapat Umum Pemegang Saham Tahunan, sebagaimana tercantum dalam akta No. 11 tanggal 22 April 2009 dari Amrul Partomuan Pohan, S.H., LLM, notaries di Jakarta, pemegang saham menyetujui pembagian dividen untuk tahun buku 2008 sebesar Rp 5 per saham atau sebesar Rp 20.885 juta (ekuivalen USD 2.082 ribu).

At the Annual General Meeting of Stockholders, as stated in notarial deed No.11 dated April 22, 2009 of Amrul Partomuan Pohan, SH., LLM, notary in Jakarta, the stockholders approved declaration of dividends of Rp 5 per share for 2008 amounting to Rp 20,885 million (equivalent to USD 2,082 thousand).

Pada Rapat Umum Pemegang Saham Tahunan, sebagaimana tercantum dalam akta No. 28 tanggal 29 April 2008 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, pemegang saham menyetujui pembagian dividen untuk tahun buku 2007 sebesar Rp 50 per saham dengan total Rp 208.847 juta (ekuivalen USD 22.876 ribu) dan membentuk cadangan umum sebesar Rp 5.091 juta (ekuivalen USD 551 ribu) dari saldo laba.

At the Annual General Meeting of Stockholders, as stated in notarial deed No. 28 dated April 29, 2008 of Amrul Partomuan Pohan, SH., LLM, notary in Jakarta, the stockholders decided to declare dividends for 2007 amounting to Rp 50 per share totalling Rp 208,847 million (equivalent to USD 22,876 thousand) and appropriate Rp 5,091 million (equivalent to USD 551 thousand) from retained earnings for general reserve.

INSTRUMEN KEUANGAN DERIVATIF

33.

Perusahaan menggunakan kontrak swap mata uang dan suku bunga untuk mengelola risiko dari kemungkinan pergerakan mata uang asing dan suku bunga serta crude oil target redemption swaps untuk mengelola fluktuasi harga minyak. Dengan rincian sebagai berikut: Nilai notional/ Notional amounts 2009 '000

Cross currency swaps Interest rate swaps Crude oil target redemption swaps Jumlah Dikurangi bagian jangka pendek

2008 '000

DERIVATIVE FINANCIAL INSTRUMENTS The Company utilizes cross currency and interest rate swap contracts to manage exposure to foreign currency and interest rate movement and crude oil target redemption swaps to manage exposures in crude oil price volatility. Details of the derivative contracts are shown below:

Nilai wajar per 31 Desember 2009/ Fair values as of December 31, 2009 Aset/ Kewajiban/ Asset Liability US$'000 US$'000

Nilai wajar per 31 Desember 2008/ Fair values as of December 31, 2008 Kewajiban/ Liability US$'000

USD 258.949 USD 500.000

USD 265.615 USD 575.000

1.597 16.944

17.407 -

82.082 11.340

1.813 barrels

2.640 barrels

662 19.203

10.877 28.284

82.561 175.983

2.259

10.877

30.784

Less current portion

16.944

17.407

145.199

Non-current Portion

Bagian jangka panjang

Cross currency swaps Interest rate swaps Crude oil target redemption swaps Total

Cross currency swaps

Cross currency swaps

Cross currency swaps membutuhkan pertukaran pembayaran secara periodik berdasarkan bunga dari nosional Rupiah dan Dollar Amerika Serikat dan pertukaran akhir atau penyelesaian akhir-bersih dari pokok nosional pada saat jatuh tempo. Cross currency swaps yang berlaku pada tanggal 31 Desember 2009 jatuh tempo antara Juni 2010 dan Juli 2012.

The cross currency swaps require periodic exchange of payments based on the Rupiah and US Dollar notional amounts and final exchange or net settlement of the notional (principal) amounts on the maturity of the contracts. The cross currency swaps outstanding as of December 31, 2009 mature between June 2010 and July 2012.

Interest rate swaps

Interest rate swaps

Swap tingkat bunga membutuhkan pertukaran pembayaran secara periodik pembayaran floating and fixed interest dari nilai Dollar Amerika Serikat dan akan jatuh tempo pada bulan Januari 2015.

The interest rate swaps require periodic exchange of floating and fixed interest payments on the US Dollar notional amounts and mature on January 2015.

- 69 -





Crude Oil Target redemption swaps

Crude Oil Target redemption swaps

Target redemption swaps membutuhkan pertukaran pembayaran secara periodik pada kuantitas nosional dari minyak mentah per barel pada setiap tanggal penyelesaian yang akan jatuh tempo antara Maret 2010 dan Oktober 2010.

The target redemption swaps require periodic exchanges of payments on a notional quantity of crude oil barrels at each settlement date and mature between March 2010 and October 2010.

Derivatif-derivatif di atas diukur berdasarkan nilai sekarang dari estimasi arus kas masa depan dan didiskontokan berdasarkan kurva hasil yang dapat diaplikasikan selama jangka waktu dari instrumeninstrumen tersebut.

The above 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.

Untuk tujuan akuntansi, kontrak-kontrak ini tidak diidentifikasikan dan didokumentasikan sebagai instrumen lindung nilai, oleh sebab itu akuntansi lindung nilai tidak diperlakukan. Keuntungan atau kerugian dari kontrak-kontrak ini diakui di laporan laba rugi yang terdiri dari perubahan nilai wajar dari kontrak dan pembayaran bersih secara periodik dari bunga atas nilai nosional, dengan rincian sebagai berikut:

For accounting purposes, these contracts are not designated and documented as hedging instruments, and therefore hedge accounting is not applied. Gains and losses on these contracts recognized in earnings consist of the changes in fair value of the contract and the periodic net settlements of the related interest on notional amount, details of which are as follows:

2009 US$'000

34.

2008 US$'000

Perubahan nilai wajar - bersih Penyelesaian - bersih

166.902 (18.004)

(155.362) (7.817)

Net change in fair value Net settlements

Keuntungan (kerugian) - bersih

148.898

(163.179)

Net gain (loss) - net

SIFAT DAN TRANSAKSI HUBUNGAN ISTIMEWA

34.

NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES

Sifat Hubungan Istimewa

Nature of Relationship

•

P.T. Bagusnusa Samudera Gemilang (Bagusnusa) merupakan pihak pengendali utama terhadap Perusahaan dan anak perusahaan.

•

The ultimate controlling party of the Company and its subsidiaries is P.T. Bagusnusa Samudera Gemilang (Bagusnusa).

•

P.T. Tunggaladhi Baskara merupakan pemegang saham mayoritas Perusahaan.

•

P.T. Tunggaladhi Baskara stockholder of the Company.

•

Bagusnusa merupakan perusahaan induk dari P.T. Tunggaladhi Baskara. Pemegang saham mayoritas Bagusnusa adalah Bapak Hadi Surya, yang sekaligus menjabat sebagai Komisaris Perusahaan.

•

Bagusnusa is the parent company of P.T. Tunggaladhi Baskara. The majority shareholder of Bagusnusa is Mr. Hadi Surya, one of the Company’s Commissioners.

•

Bagusnusa merupakan pemegang saham mayoritas dari P.T. Garuda Mahakam Pratama.

•

Bagusnusa is the majority shareholder of P.T. Garuda Mahakam Pratama.

•

Pan Union Agencies Pte Ltd, Poseidon Elite Navigations Pte. Ltd, dan Pan Union Shipping Pte Ltd, merupakan anak perusahaan baik secara langsung maupun tidak langsung dimiliki seluruhnya oleh Ibu Siana Anggraeni Surya yang sekaligus menjabat sebagai Direktur Perusahaan.

•

Pan Union Agencies Pte Ltd, Poseidon Elite Navigations Pte. Ltd, and Pan Union Shipping Pte Ltd are wholly-owned subsidiaries, directly or indirectly, of Ms. Siana Anggraeni Surya, one of the Company’s Directors.

•

P.T. Arpeni Pratama Ocean Line Tbk dimiliki oleh keluarga dekat Bapak Hadi Surya.

•

P.T. Arpeni Pratama Ocean Line Tbk is owned by a close family member of Mr. Hadi Surya.

- 70 -

is

a

major





Transaksi Hubungan Istimewa

Transactions with Related Parties

Dalam kegiatan usahanya, Perusahaan dan anak perusahaan mengadakan transaksi tertentu dengan pihak-pihak yang mempunyai hubungan istimewa. Manajemen berpendapat bahwa transaksi tersebut dilakukan dengan kondisi dan persyaratan yang sama seperti yang dilakukan dengan pihak-pihak yang tidak mempunyai hubungan istimewa. Transaksi-transaksi tersebut meliputi antara lain:

In the normal course of business, the Company and its subsidiaries entered into certain transactions with related parties. Management believes that these transactions were made at normal terms and conditions as those conducted with non related parties. These transactions included the following:

a.

a. Details of revenues from related parties are as follows:

Rincian pendapatan usaha dari pihak hubungan istimewa adalah sebagai berikut: 2008 US$'000

b.

Thai Petra Transport Co. Ltd. Pan Union Agencies Pte. Ltd.

57 3

Thai Petra Transport Co. Ltd. Pan Union Agencies Pte. Ltd.

Jumlah

60

Total

0,45% dan 0,84% dari jumlah beban usaha langsung atas kapal yang dimiliki dan disewa pada tahun 2009 dan 2008 merupakan beban yang dibayarkan kepada pihak-pihak yang mempunyai hubungan istimewa.

b. Expenses paid to related parties accounted for 0.45% in 2009 and 0.84% in 2008 of total operating expenses for owned and chartered vessels.

Rincian beban yang dibayarkan kepada pihak hubungan istimewa sebagai berikut:

The details of expenses from related parties are as follows:

2009 US$'000

c.

Pan Union Agencies Pte. Ltd. Thai Petra Transport Co. Ltd. PT Arpeni Pratama Ocean Line Tbk PT Garuda Mahakam Pratama

1.528 571 63 11

2.314 1.510 311 8


Jumlah

2.173

4.143

Total

Total kompensasi kepada manajemen utama (komisaris dan direktur) selama tahun berjalan adalah sebagai berikut: 2009 US$'000

35.

2008 US$'000

c. Total compensation of the Company’s key management (commissioners and directors) during the year are as follows: 2008 US$'000

Imbalan jangka pendek Imbalan pasca kerja

1.495 287

1.650 531

Short-term benefits Post-employment benefits

Jumlah

1.782

2.181

Total

INFORMASI SEGMEN USAHA

35. SEGMENT INFORMATION

Segmen Usaha

Business Segment

Untuk kepentingan tujuan manajemen, saat ini Perusahaan dan anak perusahaan diorganisasikan berdasarkan tipe kapal charter seperti kimia, gas, minyak dan FPSO. Berikut ini disajikan informasi segmen utama yang merupakan dasar pelaporan bagi Perusahaan dan anak perusahaan.

For management purposes, the Company and its subsidiaries are currently organized based on type of vessels chartered - chemical, gas, oil and FPSO. These segments are the basis on which the Company and its subsidiaries report their primary segment information.

- 71 -




Kimia/ Chemical US$'000

Gas US$'000


2009 Minyak/ Oil FPSO US$'000 US$'000

Lainnya/ Others *) US$'000

Jumlah/ Total US$'000

PENDAPATAN Pendapatan eksternal

475.987

44.137

85.861

10.367

1.994

618.346

REVENUES External revenues

Jumlah pendapatan segmen

475.987

44.137

85.861

10.367

1.994

618.346

Total segment revenues

Biaya segmen Biaya pelayaran Biaya sandar Biaya bahan bakar

56.800 95.701

1.398 2.389

5.219 14.550

30 -

-

63.447 112.640

Segment expenses Voyage Expenses Port Charges Fuel

Jumlah biaya pelayaran

152.501

3.787

19.769

30

-

176.087

Total Voyage Expenses

51.691

-

3.285

-

-

54.976

39.266 10.630 8.556 4.590 5.150 3.471 1.747 2.173 1.614 3.672

6.489 292 1.430 881 620 789 365 415 354 1.187

9.090 2.038 2.618 2.034 2.158 1.420 582 850 648 2.533

1.295 215 161 23 741 217 97 36 200 213

-

56.140 13.175 12.765 7.528 8.669 5.897 2.791 3.474 2.816 7.605

80.869 90.794

12.822 11.213

23.971 25.115

3.198 6.467

-

120.860 133.589

Jumlah biaya segmen

375.855

27.822

72.140

9.695

-

485.512

Total segment expenses

Hasil segmen

100.132

16.315

13.721

672

1.994

132.834

Segment result

Biaya Sewa Beban penyusutan kapal dan operasi Beban operasi: Gaji Perbaikan dan pemeliharaan Suku cadang Biaya pelumas Asuransi Transportasi Pengurusan dokumen Perlengkapan Uang makan karyawan Lain-lain Jumlah operasi perkapalan Penyusutan kapal

Pendapatan dan biaya yang tidak dialokasikan Perubahan nilai wajar obligasi konversi dari wesel bayar

Charter Expenses Ship Depreciation and Operating Expenses Ship operating expenses: Salaries Repairs and maintenance Spare parts Lubricants Insurance Transportation Processing of documents Supplies Employees' meal allowances Others Total Ship Operating Expenses Vessel Depreciation

Beban Umum dan adminitrasi Beban keuangan Pendapatan investasi Bagian laba dari Perusahaan asosiasi Penurunan revaluasi Keuntungan (kerugian) lain-lain Rugi sebelum pajak Beban pajak

Unallocated income and expenses Change in fair value of convertible bonds and (196.420) notes payable General and administrative (32.927) expenses (109.500) Finance cost 18.078 Investment income Equity in net income 9.621 of associates (227.778) Revaluation decrease 121.177 **) Other gains and losses (284.915) Loss before tax (961) Tax expense

Rugi bersih tahun berjalan

(285.876)

Net loss for the year Other Information Capital additions Depreciation

Informasi lain-lain Penambahan aset tetap Penyusutan Aset Aset segmen Tidak dialokasikan

141.808 90.794

7.613 11.213

14.048 25.115

6.467

222 -

163.691 133.589

1.578.283

249.911

257.084

47.189

71

2.132.538 365.384

Assets Segment assets Unallocated

2.497.922

Consolidated total assets

Jumlah aset konsolidasi Kewajiban Kewajiban segmen

54.041

9.193

16.141

1.086

64

80.525

Liabilities Segment liabilities

Tidak dialokasikan

1.799.105

Unallocated

Jumlah kewajiban konsolidasi

1.879.630

Consolidated total liabilities

*)

Merupakan biaya agen dan pergudangan.

*)

**) Merupakan ”Jumlah keuntungan penjualan aset tetap, klaim asuransi, kerugian kurs mata uang asing – bersih dan lain-lain.

- 72 -

Represents agency and storage services.

**) Consists of “Total gain on sale of vessels and equipment, insurance claim, net loss on foreign exchange and others - net.





Kimia/ Chemical US$'000

Minyak/ Oil US$'000

Gas US$'000

Lainnya/ Others *) US$'000

FPSO US$'000

Jumlah/ Total US$'000

PENDAPATAN Pendapatan eksternal

534.417

37.378

139.629

10.980

1.278

723.682


Jumlah pendapatan segmen

534.417

37.378

139.629

10.980

1.278

723.682


Biaya segmen Biaya pelayaran Biaya sandar Biaya bahan bakar

60.798 137.716

1.383 4.118

5.555 22.977

28 -

-

67.764 164.811


Jumlah Biaya Pelayaran

198.514

5.501

28.532

28

-

232.575


33.660

-

3.294

-

-

36.954

33.405 9.317 9.435 5.470 4.024 3.986 2.348 2.576 2.016 3.963

4.442 1.805 1.506 845 475 764 345 389 361 1.000

8.385 7.951 4.063 1.742 2.147 1.444 880 782 601 2.020

959 52 260 25 792 279 23 67 149 366

-

47.191 19.125 15.264 8.082 7.438 6.473 3.596 3.814 3.127 7.349

76.540 62.596

11.932 5.350

30.015 29.463

2.972 5.661

-

121.459 103.070

Jumlah biaya segmen

371.310

22.783

91.304

8.661

-

494.058


Hasil Segmen

163.107

14.595

48.325

2.319

1.278

229.624

Segment result

Biaya Sewa Beban penyusutan kapal dan operasi Beban operasi: Gaji Perbaikan dan pemeliharaan Suku cadang Biaya pelumas Asuransi Transportasi Pengurusan dokumen Perlengkapan Uang makan Lain-lain Jumlah Operasi perkapalan Penyusutan kapal

Pendapatan dan biaya yang tidak dialokasikan Perubahan nilai wajar obligasi konversi dari wesel bayar

Laba bersih tahun berjalan

Aset Aset segmen Tidak dialokasikan

218.364

Net income Other Information Capital additions Depreciation

410.933 62.596

61.218 5.350

29.463

5.661

-

472.151 103.070

1.553.115

162.445

296.085

40.707

-

2.052.352 243.574

Assets Segment assets Unallocated

2.295.926

Consolidated total assets

Jumlah aset konsolidasi Kewajiban Kewajiban segmen

Total Ship Operating Expenses Vessel Depreciation

Unallocated income and expenses Change in fair value of convertible bonds and 305.958 notes payable General and administrative (36.311) expenses (117.231) Finance costs 16.294 Investment income Equity in net loss (18.524) of associates (37.841) Impairment loss on asset (29.136) Impairment of goodwill (93.453) **) Other gains and losses 219.380 Profit before tax (1.016) Tax expense

Beban umum dan adminitrasi Beban keuangan Pendapatan investasi Bagian rugi dari Perusahaan asosiasi Kerugian penurunan nilai aset Penurunan nilai goodwill Keuntungan (kerugian) lain-lain Laba sebelum pajak Beban pajak

Informasi lain-lain Penambahan aset tetap Penyusutan

Charter Expenses Ship Depreciation and Operating Expenses Ship operating expenses: Salaries Repairs and maintenance Spare parts Lubricants Insurance Transportation Processing of documents Supplies Meal allowances Others

32.405

3.452

15.171

831

39

51.859

Liabilities Segment liabilities

Tidak dialokasikan

1.690.240

Unallocated

Jumlah kewajiban konsolidasi

1.742.099

Consolidated total liabilities

*)

Merupakan biaya agen dan pergudangan.

*)

**)

Merupakan ”Jumlah keuntungan penjualan aset tetap, klaim asuransi, keuntungan (kerugian) kurs mata uang asing – bersih dan lain-lain.

**) Consists of “Total gain on sale of vessels and equipment, insurance claim, net gain (loss) on foreign exchange and others - net.

- 73 -

Represents agency and storage services.





Segmen Geografis

Geographic Segment

Perusahaan dan anak perusahaan berdomisili di dua area geografis utama: Malaysia dan Indonesia.

The Company and its subsidiaries are domiciled in two main geographical areas: Malaysia and Indonesia.

Berikut ini adalah informasi segmen berdasarkan segmen geografis:

Segment information based on geographic segment is presented below:

2009 Malaysia US$'000

Eliminasi/ Eliminated US$'000

Indonesia US$'000

Konsolidasi/ Consolidated US$'000

PENDAPATAN Pendapatan ekstern Pendapatan antar segmen

567.175 11.710

51.171 -

(11.710)

618.346 -

REVENUES External revenues Inter-segment revenues

Jumlah pendapatan

578.885

51.171

(11.710)

618.346

Total revenues

2008 Malaysia US$'000

36.

Indonesia US$'000

Eliminasi/ Eliminated US$'000

Konsolidasi/ Consolidated US$'000

PENDAPATAN Pendapatan ekstern Pendapatan antar segmen

673.063 30.155

50.619 -

(30.155)

723.682 -

REVENUES External revenues Inter-segment revenues

Jumlah pendapatan

703.218

50.619

(30.155)

723.682

Total revenues

36. CAPITAL RISK MANAGEMENT

MANAJEMEN RISIKO MODAL Perusahaan dan anak perusahaan mengelola modalnya untuk menjamin bahwa Perusahaan dan anak perusahaan mampu untuk melanjutkan kelangsungan hidup selain juga memaksimalkan keuntungan para pemegang saham melalui optimalisasi saldo hutang dan ekuitas.

The Company and its subsidiaries manage their capital to ensure that they will be able to continue as a going concern while maximising the return to stakeholders through the optimalization of the debt and equity balance.

Struktur modal Perusahaan dan anak perusahaan terdiri dari hutang, dimana didalamnya termasuk pinjaman yang dijelaskan pada Catatan 11, 15, 16, 17, 18 dan 21, kas, investasi tersedia untuk dijual dan ekuitas yang dapat diatribusikan kepada pemegang ekuitas induk Perusahaan yang terdiri dari penerbitan saham, cadangan dan saldo laba yang dijelaskan pada Catatan 4, 5, 22, 23 dan 24.

The capital structure of the Group consists of debt, which includes the borrowings disclosed in Notes 11, 15, 16, 17, 18 and 21, cash, available-for-sale investments, and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in Notes 4, 5, 22, 23 and 24.

Dewan Direksi Perusahaan secara periodik melakukan review terhadap struktur modal Perusahaan. Sebagai bagian dari proses review, Dewan Direksi mempertimbangkan biaya modal dan risiko yang berhubungan.

The Company’s Board of Directors periodically reviews the Company’s capital structure. As part of this review, the Board of Directors considers the cost of capital and the related risks.

- 74 -





Rasio hutang bersih terhadap ekuitas per tanggal 31 Desember 2009 dan 2008 adalah sebagai berikut:

The gearing ratio as of December 31, 2009 and 2008 are as follows:

Indonesia GAAP

IFRS

2009 US$'000

2008 US$'000

2009 US$'000

2008 US$'000

1.742.200

1.490.530

1.735.826

1.484.831

untuk dijual

163.630

194.636

163.630

194.636

Hutang - bersih Ekuitas

1.578.570 618.292

1.295.894 553.827

1.572.196 648.759

1.290.195 669.324

Hutang Kas dan investasi tersedia

Rasio hutang bersih terhadap ekuitas

255%

234%

242%

Net debt Equity Net debt to equity ratio

Pada tahun 2009 dan 2008, hutang lain-lain jangka panjang kepada Teekay Corp., masing-masing sebesar USD 12,41 juta dan USD 13 juta tidak diperhitungkan dalam perhitungan rasio hutang bersih terhadap ekuitas konsolidasi/consolidated net debt to equity ratio (CNDER).

In 2009 and 2008, the other long-term payable to Teekay Corp., amounting to USD 12.41 million and USD 13 million was not considered by the Company’s management, in the calculation of the consolidated net debt to equity ratio (CNDER).

Pada tanggal 31 Desember 2009 dan 2008, jika hutang lain-lain jangka panjang kepada Teekay Corp. diperhitungkan maka CNDER masing-masing menjadi sebagai berikut:

As of December 31, 2009 and 2008, had the other long-term payable to Teekay Corp. been considered, the CNDER would have been as follows:

Indonesia GAAP 2009 Rasio hutang bersih terhadap ekuitas

37.

193%

Debt Cash and available-for-sale investments

257%

IFRS

2008

236%

2009

244%

2008

195%

Net debt to equity ratio

REKONSILIASI STANDAR PELAPORAN KEUANGAN INTERNASIONAL (IFRS) DAN PRINSIP STANDAR AKUNTANSI KEUANGAN (PSAK) YANG BERLAKU UMUM DI INDONESIA

37. RECONCILIATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) AND INDONESIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)

Laporan keuangan konsolidasi disusun dengan menggunakan prinsip dan praktek akuntansi yang berlaku di Indonesia (PSAK).

The consolidated financial statements are prepared in accordance with accounting principles and reporting practices generally accepted in Indonesia (Indonesian GAAP).

Sehubungan dengan pencatatan saham Perusahaan di Bursa Efek Singapura, Perusahaan juga menerbitkan laporan keuangan konsolidasi berdasarkan Standard Pelaporan Keuangan Internasional (International Financial Reporting Standard / IFRS).

In connection with the listing of the Company’s shares on the Singapore Exchange Securities Trading Limited, the Company also issued consolidated financial statements prepared under IFRS.

- 75 -




Perbedaan signifikan antara dijelaskan sebagai berikut:

PSAK

dan

IFRS

Significant differences between PSAK and IFRS are described below: a. Goodwill

a. Goodwill

b.


Berdasarkan PSAK, goodwill yang timbul dari akuisisi usaha diakui sebagai aset dan diamortisasi menjadi beban selama masa manfaatnya menggunakan metode garis lurus. Periode amortisasi tidak boleh melebihi lima tahun, kecuali masa manfaat yang lebih panjang namun tidak lebih dari 20 tahun dapat dijustifikasi. Perusahaan mengamortisasikan goodwill selama 20 tahun. Pada setiap tanggal neraca, manajemen menilai apakah terdapat indikasi penurunan nilai pada unit penghasil-kas yang mengandung goodwill tersebut.

Under Indonesian GAAP, goodwill arising from business acquisition is recognized as an asset and amortized as an expense over its useful life using straight-line method. The amortization period should not exceed five years, unless a longer period not exceeding 20 years can be justified. The Company is amortizing goodwill over 20 years. At each balance sheet date, management assessed whether there was any indication of impairment of the cash-generating unit to which the goodwill is attached to.

Berdasarkan IFRS, goodwill yang timbul dari akuisisi usaha pada awalnya diakui sebesar biaya perolehan, dan selanjutnya diukur sebesar biaya perolehan dikurangi akumulasi penurunan nilai.

Under IFRS, goodwill arising from business acquisition is initially recognized at cost, and is subsequently measured at cost less any accumulated impairment losses.

Pada saat penerapan IFRS pertama kali, Perusahaan menghentikan amortisasi terhadap goodwill yang sudah dimulai 1 Januari 2003 dalam penyajian laporan keuangan berdasarkan IFRS. Pada tanggal 31 Desember 2002 nilai akumulasi amortisasi sebesar USD 3.747 ribu yang diakui berdasarkan PSAK telah dieliminasi dengan mengurangi nilai perolehan goodwill. Nilai amortisasi goodwill untuk tahun yang berakhir 31 Desember 2009 dan 2008 berdasarkan PSAK, masing-masing sebesar USD 2.872 ribu dan USD 4.412 ribu telah dijurnal balik berdasarkan IFRS.

In applying IFRS, the Company ceases amortizing goodwill starting January 1, 2003, the transition period when the Company first prepared its IFRS financial statements. The accumulated amortization of USD 3,747 thousand recognized under Indonesian GAAP as of December 31, 2002 has been eliminated with a corresponding decrease in the cost of goodwill. The goodwill amortization of USD 2,872 thousand and USD 4,412 thousand for the years ended December 31, 2009 and 2008, respectively, recognized under Indonesian GAAP has also been reversed under IFRS.

Pada tahun 2008, berdasarkan PSAK, Perusahaan dan anak perusahaan mengakui penurunan nilai goodwill sebesar USD 29.136 ribu. Berdasarkan IFRS penurunan nilai goodwill pada tahun 2008 sebesar USD 8.547 ribu.

In 2008, under Indonesian GAAP, the Company and its subsidiaries recognized goodwill impairment amounting to USD 29,136 thousand. Under IFRS, goodwill impairment in 2008 amounted to USD 8,547 thousand.

Aset Tetap

b. Property, Vessels and Equipment

Sebelum 1 Januari 2008, PSAK pada dasarnya tidak memperbolehkan Perusahaan untuk mengakui peningkatan nilai aset tetap yang terjadi setelah tanggal perolehan, pengecualian diberikan untuk revaluasi yang dilakukan sesuai dengan peraturan pemerintah.

- 76 -

Prior to January 1, 2008, Indonesian GAAP does not generally allow companies to recognize increases in value of property, vessels and equipment that occur subsequent to acquisition, an exception is provided for revaluation made in accordance with government regulations.





Pada tanggal 1 Januari 2008, PSAK secara efektif mengijinkan penggunaan model nilai wajar atau model biaya dalam pengukuran aset tetap pada pengakuan awalnya. Pada tahun 2008, untuk tujuan pelaporan di Indonesia, Perusahaan dan anak perusahaan tidak mengakui kenaikan nilai akibat revaluasi pada kapal dan tetap mengukur aset tetapnya sebesar biaya perolehan dikurangi akumulasi penyusutan dan akumulasi penurunan nilai (metode biaya), karena manajemen Perusahaan masih mengkaji pengaruh pajak atas pengunaan modal revaluasi. Sejak 1 Januari 2009, untuk tujuan pelaporan keuangan di Indonesia, Perusahaan dan anak perusahaan menerapkan metode revaluasi dalam mengukur nilai kapal di masa mendatang berdasarkan pengakuan awalnya.

Effective January 1, 2008, Indonesian GAAP permits the use of fair value model or cost model in measuring property, vessels and equipment at initial recognition. In 2008, for Indonesian reporting purposes, the Company and its subsidiaries did not recognize any revaluation increases on the vessels and continued to measure property, vessels and equipment at cost less accumulated depreciation and any accumulated impairment losses (cost model). Because the Company’s management was, at that time, still evaluating the tax implications of using the revaluation model. Effective on January 1, 2009, for Indonesian reporting purposes, the Company and its subsidiaries adopted the revaluation model in measuring the vessels subsequent to initial recognition.

Dalam laporan keuangan berdasarkan IFRS, Perusahaan dan anak perusahaan menerapkan Model Revaluasi untuk mengukur nilai tercatat kapal setelah pengakuan awal, sejak pertama kali laporan keuangan konsolidasi IFRS disusun.

For IFRS reporting purposes, the Company and its subsidiaries adopted the Revaluation Model in measuring the vessels subsequent to initial recognition, from the time their first consolidated IFRS financial statements were prepared.

Berdasarkan PSAK, harga perolehan hak atas tanah dikapitalisasi kedalam nilai tanah dan tidak disusutkan. Sesuai dengan IFRS, hak atas tanah dipertimbangkan sebagai sewa dan diamortisasi selama periode yang diperkirakan hak atas tanah tersebut dimiliki.

Also, under Indonesian GAAP, the cost of acquired landrights are capitalized as land, which is not depreciated. Under IFRS, land use rights are considered as leases and such rights are amortized over the period the holder is expected to retain the landrights.

c.

c. Financial Instruments

Instrumen Keuangan Berdasarkan PSAK, pinjaman bank jangka pendek dan jangka panjang dinyatakan pada nilai nominal, yang merupakan nilai pokok hutang. Biaya transaksi atas pinjaman bank diklasifikasikan sebagai biaya tangguhan dan diamortisasi menggunakan metode garis lurus sepanjang periode pinjaman. Untuk hutang obligasi, biaya penerbitan obligasi dikurangkan langsung dari hasil penerbitan obligasi. Selisih antara hasil penerbitan bersih dan nilai nominal obligasi diamortisasi menggunakan metode garis lurus sepanjang periode obligasi. Seluruh hasil yang diterima dari penerbitan obligasi konversi diakui sebagai kewajiban.

Under Indonesian GAAP, short-term and longterm bank loans are stated at nominal value, being the principal amount of the loan. Transaction costs on bank borrowings were classified as deferred charges and amortized on a straight-line basis over the period of the borrowings. For bonds payable, bonds issuance costs are deducted directly from the proceeds of the bonds. The difference between the net proceeds and principal amount of the bonds is amortized on a straight-line basis over the term of the bonds. All the proceeds obtained from issuance of convertible bonds are recognized as liabilities.

Berdasarkan IFRS, kewajiban keuangan dinyatakan sebesar biaya perolehan diamortisasi.

Under IFRS, financial liabilities are measured at amortized cost.

Berdasarkan PSAK, uang jaminan tanpa bunga atas sewa dicatat pada jumlah yang tidak didiskontokan.

Under Indonesian GAAP, non-interest bearing security deposits on operating leases are recorded at undiscounted amounts.

- 77 -





Berdasarkan IFRS, uang jaminan tanpa bunga atas sewa dicatat sebesar nilai wajarnya. Perbedaan antara nilai wajar dengan jumlah nominal dicatat sebagai beban sewa ditangguhkan dan diamortisasi secara garis lurus selama masa sewa. Pendapatan bunga ditambahkan pada uang jaminan dengan menggunakan tingkat bunga efektif.

Under IFRS, non-interest bearing security deposits on operating leases are recorded at fair value. The difference between the fair value and nominal amount is recorded as deferred rent and is amortized on a straight line basis over the lease term. Interest income is accreted on the security deposits using the effective interest rate.

Perbedaan-perbedaan ini memiliki dampak pada jumlah yang dilaporkan atas laba bersih dan saldo laba sebagai berikut:

The change had an impact on amounts of reported net profits and retained earnings as follows:

2009 US$'000 Laba bersih Saldo laba d.

304 1.106

Mata Uang Pengukuran dan Pelaporan

2008 US$'000 768 802

Net profits Retained earnings

d. Measurement and Reporting Currency

Berdasarkan PSAK, mata uang pelaporan perusahaan-perusahaan di Indonesia adalah Rupiah. Perusahaan dapat menggunakan mata uang yang lain apabila mata uang lain tersebut memenuhi kriteria mata uang fungsional. Untuk tujuan penyajian laporan keuangan di Indonesia, anak perusahaan berdomisili di Indonesia yang mata uang fungsionalnya dalam Dollar Amerika Serikat melakukan pembukuan dalam mata uang Rupiah dan menyajikan laporan keuangannya dalam mata uang Rupiah. Akibat perubahan mata uang pelaporan Perusahaan dari Rupiah menjadi Dollar Amerika Serikat dalam pelaporan sesuai PSAK, untuk tujuan laporan keuangan konsolidasi, pada tahun 2009 laporan keuangan anak perusahaan tersebut dijabarkan dalam Dollar Amerika Serikat, sehingga ekuitas Perusahaan berdasarkan PSAK mengalami perubahan dari USD 571.205 ribu menjadi USD 553.827 ribu.

Under Indonesian GAAP, the reporting currency used by enterprises in Indonesia is Rupiah. An enterprise may use another currency, only if the other currency meets the definition of functional currency. For statutory reporting purposes in Indonesia, the Company’s subsidiaries domiciled Indonesia whose functional currency is the U.S. Dollar maintain their books of accounts in Rupiah and presents their financial statements also in Rupiah. For financial statement consolidation purposes, the Indonesian Rupiah financial statements of those subsidiaries were translated to U.S. Dollar in 2009, because of the change in reporting currency of the Company for Indonesian GAAP reporting purposes, from Indonesian Rupiah to U.S. Dollar, the Company’s equity under Indonesian GAAP reflected a change from USD 571,205 thousand to USD 553,827 thousand.

Berdasarkan IFRS, Perusahaan harus melakukan pengukuran atas transaksi dalam mata uang fungsional. IFRS memperbolehkan penggunaan mata uang pelaporan selain mata uang fungsional.

Under IFRS, enterprises should measure the transactions in terms of the functional currency. IFRS allows the use of a presentation currency other than the functional currency.

Manajemen menetapkan mata uang fungsional Perusahaan adalah Dollar Amerika Serikat. Untuk tujuan pelaporan berdasarkan IFRS, transaksi yang dilakukan anak perusahaan yang memiliki mata uang fungsional Dollar Amerika Serikat diukur dengan menggunakan mata uang fungsional mereka.

Management has determined that the Company’s functional currency is the U.S. Dollar. For IFRS reporting purposes, the transactions of the Company’s subsidiaries whose functional currency is the U.S. Dollar were measured in terms of their functional currency.

Berikut merupakan penyesuaian yang signifikan terhadap laba bersih konsolidasi untuk tahun yang berakhir 31 Desember 2009 dan 2008 serta laporan perubahan ekuitas per 31 Desember 2009 dan 2008 dari PSAK ke IFRS:

A summary of the significant adjustments to consolidated net income for the years ended December 31, 2009 and 2008 and to consolidated stockholders’ equity as of December 31, 2009 and 2008 from Indonesian GAAP to IFRS are set forth below:

- 78 -



CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2009 DAN 2008 SERTA UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan) Catatan/ Note

Laba (Rugi) konsolidasi sesuai dengan standar PSAK Penyesuaian IFRS - kenaikan (penurunan): Amortisasi goodwill Penurunan goodwill Penyusutan kapal dan peralatan yg dinilai kembali Keuntungan penjualan aset tetap kapal berdasarkan kapal yang telah direvaluasi Penurunan revaluasi bersih Amortisasi keuntungan atas transaksi jual dan sewa-balik ditangguhkan Amortisasi hak atas tanah Bunga atas uang jaminan Kewajiban keuangan yang disajikan dalam biaya amortisasi

Ekuitas berdasarkan IFRS

218.364

Profit (Loss) for the year according to the consolidated statements of income prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Impairment of goodwill

(a) (a)

2.872 -

4.412 20.589

(b)

-

(11.882)

(b) (b)

166.587

(44.082) (161.679)

(c) (b) (c)

(597) (34) 348

(90) (45) 73

(c)

(304)

(768)

168.872

(193.472)

(117.004)

24.892

Total adjustments Consolidated profit (loss) for the year in accordance with IFRS

553.827

Equity according to the consolidated balance sheets prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Impairment goodwill Revaluation reserve

Ekuitas sesuai dengan Neraca Konsolidasi dalam PSAK

Jumlah Penyesuaian

31 Desember/December 31, 2009 2008 US$'000 US$'000

(285.876)

Jumlah penyesuaian Laba (rugi) konsolidasi sesuai dengan IFRS

Penyesuaian IFRS - kenaikan (penurunan): Amortisasi of goodwill Penurunan goodwill Surplus revaluasi Penyusutan kapal dan peralatan yg dinilai kembali Kerugian penjualan aset tetap kapal berdasarkan kapal yang telah direvaluasi Perbedaan antara beban penyusutan berdasarkan nilai revaluasi dengan harga perolehan Amortisasi hak atas tanah Penurunan dalam revaluasi kapal dan peralatan Kerugian selisih kurs Amortisasi keuntungan atas transaksi jual dan sewa-balik ditangguhkan Bunga atas uang jaminan Opsi premium atas obligasi konversi Kewajiban keuangan yang disajikan dalam biaya amortisasi Penyesuaian transaksi dan pengaruh pengukuran kembali


618.292

(a) (a) (b)

11.373 20.589 (2.006)

8.501 20.589 234.454

(b)

(24.833)

(24.833)

(b)

(57.773)

(57.773)

(b) (b)

95.020 (122)

95.121 (88)

(b) (c)

(10.433) (190)

(177.020) (190)

(c) (c)

(687) 421

(90) 73

(c)

177

177

(c)

(1.106)

(802)

37

17.378

Depreciation of revalued vessels Gain on sale of vessels adjustment based on revalued amounts of vessels Net revaluation decrease Amortization of deferred gain on sales and leaseback transaction Amortization of landrights Interest on security deposits Measurement of financial liabilities at amortized cost

Depreciation of revalued vessels Loss on sale of property adjustment based on revalued amounts of vessels Difference between depreciation expense based on revalued amounts and historical cost Amortization of landrights Revaluation decrease of vessels and equipment Foreign exchange loss Amortization of deferred gain on sales and leaseback transaction Interest on security deposits Option premium on convertible bonds Measurement of financial liabilities at amortized cost Translation adjustment and effect of remesurement

30.467

115.497

Total adjustments

648.759

669.324

Equity in accodance with IFRS

- 79 -




38.


38.

REKONSILIASI STANDAR PELAPORAN KEUANGAN INTERNASIONAL (IFRS) a. Rekonsiliasi neraca antara IFRS dengan PSAK pada tanggal 31 Desember 2009 dan 2008:

RECONCILIATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS a.

Reconciliation of balance sheet between IFRS and Indonesian GAAP at December 31, 2009 and 2008:

2009

Aset tetap - bersih Uang muka pembelian aset tetap Investasi pada perusahaan asosiasi Aset tidak lancar lainnya Jumlah Aset Tidak Lancar

PSAK/

Rekonsiliasi/

INDONESIAN

Reconciling

GAAP US$'000

Items US$'000

1.946.389

IFRS US$'000

45.586

46.905 76.125 90.993

(46.905) 24.771

1.991.975 76.125 115.764

Property, vessels and equipment - net Advance for purchase of property, vessel and equipment Investments in associates Other non-current assets

2.160.412

23.452

2.183.864

Piutang usaha Investasi tersedia untuk dijual Kas dan setara kas Aset lancar lainnya

129.976 44.898 118.732 43.904

641

129.976 44.898 118.732 44.545

Trade accounts receivable Available-for-sale investments Cash and cash equivalents Other current assets

Jumlah aset Lancar

337.510

641

338.151


2.497.922

24.093

2.522.015

Modal saham Agio saham

70.936 114.824

177

70.936 115.001

Capital stock Additional paid-in capital

Pembelian saham kembali

(86.628)

-

(86.628)

Treasury stocks

Jumlah Aset

Total Non-current Assets

Total Assets

Selisih kurs karena penjabaran laporan keuangan Keuntungan yang belum direalisasi dari pemilikan efek Surplus revaluasi Saldo laba

(16.828)

17.242

757 237.677 297.554

(2.006) 15.054

757 235.671 312.608

Translation adjustment Unrealized gain on available-for-sale investments Revaluation reserve Retained earnings

Jumlah Ekuitas

618.292

30.467

648.759

Total Equity

Long-term liabilities - net of current maturities Financial institution Bonds payable Notes payable Obligations under finance lease Other non-current liabilities

Kewajiban jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Wesel bayar Kewajiban sewa pembiayaan Kewajiban tidak lancar lainnya Jumlah Kewajiban Tidak Lancar

414

779.538 141.575 249.809 228.925 34.819

(8.084) (63) -

771.454 141.512 249.809 228.925 34.819

1.434.666

(8.147)

1.426.519

Total Non-current Liabilities

Hutang bank Hutang usaha Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Kewajiban lancar lainnya

65.225 35.179

-

65.225 35.179

278.309 66.251

1.773 -

280.082 66.251

Bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities

Jumlah Kewajiban Lancar

444.964

1.773

446.737

Total Current Liabilities

2.497.922

24.093

2.522.015

Jumlah Ekuitas dan Kewajiban

- 80 -

Total Equity and Liabilities





PSAK/

Rekonsiliasi/

INDONESIAN

Reconciling

GAAP US$'000

Items US$'000

IFRS US$'000

Aset tetap - bersih Investasi pada perusahaan asosiasi Aset tidak lancar lainnya

1.896.264 273 75.285

85.996 23.161

1.982.260 273 98.446

Property, vessels and equipment - net Investments in associates Other non-current assets

Jumlah Aset Tidak Lancar

1.971.822

109.157

2.080.979

Total Non-current Assets

Piutang usaha Investasi tersedia untuk dijual Kas dan setara kas Aset lancar lainnya

96.674 129.386 65.250 32.794

641

96.674 129.386 65.250 33.435

Trade accounts receivable Available-for-sale investments Cash and cash equivalent Other current assets

Jumlah aset Lancar

324.104

641

324.745


2.295.926

109.798

2.405.724

62.191 64.823

177

62.191 65.000

Capital stock Additional paid-in capital

(86.628)

-

(86.628)

Treasury stocks

Jumlah aset Modal saham Agio saham Pembelian saham kembali

Total Assets

Selisih kurs karena penjabaran laporan keuangan Kerugian yang belum direalisasi dari pemilikan efek Surplus revaluasi Saldo laba

(15.615)

16.013

398

(1.865) 530.921

234.454 (135.147)

(1.865) 234.454 395.774

Translation adjustment Unrealized loss on available-for-sale investments Revaluation reserve Retained earnings

Jumlah Ekuitas

553.827

115.497

669.324

Total Equity

Long-term liabilities - net of current maturities Financial institution Bonds payable Notes payable Obligations under finance lease Convertible bonds Other non-current liabilities

Kewajiban jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Wesel bayar Kewajiban sewa pembiayaan Obligasi konversi Kewajiban tidak lancar lainnya

721.496 81.450 132.000 155.376 36.250 162.796

(4.503) 78 -

716.993 81.528 132.000 155.376 36.250 162.796

1.289.368

(4.425)

1.284.943

Hutang bank Hutang usaha Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Kewajiban lancar lainnya

176.589 17.346

-

176.589 17.346

187.960 70.836

(1.274) -

186.686 70.836

Bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities

Jumlah Kewajiban Lancar

452.731

(1.274)

451.457


2.295.926

109.798

2.405.724

Jumlah Kewajiban Tidak Lancar

Jumlah Ekuitas dan Kewajiban

- 81 -






b.


Rekonsiliasi laporan laba rugi konsolidasi antara IFRS dan PSAK untuk tahun yang berakhir 31 Desember 2009 dan 2008:

PSAK/ INDONESIAN GAAP US$'000

b.

Reconciliation of consolidated statements of income between IFRS and Indonesian GAAP for the years ended December 31, 2009 and 2008:

2009 Rekonsiliasi/ Reconciling Items US$'000

IFRS US$'000

Pendapatan usaha Biaya pelayaran Pendapatan operasi setelah biaya pelayaran

618.346 (176.087) *

-

618.346 (176.087)

442.259

-

442.259

Biaya charter Penyusutan kapal dan biaya operasi pelayaran Biaya operasi pelayaran Penyusutan kapal

(54.976) *

Laba kotor Beban umum dan administrasi Laba sebelum biaya keuangan dan lain-lain Keuangan dan lain-lain - bersih Beban keuangan Pendapatan investasi Bagian laba bersih perusahaan asosiasi Keuntungan dan kerugian lain-lain

Rugi sebelum pajak Beban pajak Rugi tahun berjalan

(597)

(55.573)

(120.860) * (133.589) *

-

(120.860) (133.589)

(254.449)

-

(254.449)

132.834

Operating revenues Voyage expenses Operating revenues after voyage expenses Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation

(597)

132.237

Gross profit

(32.927)

1.774

(31.153)

General and administrative

99.907

1.177

101.084

Income before financial and other items

(109.500) 18.078

(2.014) 348

(111.514) 18.426

9.621

-

9.621

(303.021)

169.361

(133.660)

(384.822)

167.695

(217.127)

(284.915)

168.872

(116.043)

(961)

-

(961)

(285.876)

168.872

(117.004)

* Merupakan "Jumlah biaya langsung" menurut PSAK

Net financial and other items Finance cost Investment income Equity in net income of associates Other gains and losses

Loss before tax Tax expense Loss for the year

* Presented as "Total direct costs" in Indonesian GAAP

- 82 -




2008 Rekonsiliasi/ Reconciling Items US$'000

PSAK/ INDONESIAN GAAP US$'000 Pendapatan usaha Biaya pelayaran Pendapatan operasi setelah biaya pelayaran

723.682 (232.575) *

Biaya charter Penyusutan kapal dan biaya operasi pelayaran Biaya operasi pelayaran Penyusutan kapal

(36.954) *

Laba kotor Beban umum dan administrasi Laba sebelum biaya keuangan dan lain-lain Beban keuangan Pendapatan investasi Bagian rugi bersih perusahaan asosiasi Keuntungan dan kerugian lain-lain

Laba sebelum pajak Beban pajak Laba tahun berjalan


491.107

(90)

723.682 (232.665)

(90)

491.017

-

(107.809) (128.602)

(224.529)

(11.882)

(236.411)

229.624

(11.972)

217.652

Gross profit

(35.485)

General and administrative Income before financial and other items

(36.311)

826

193.313

(11.146)

182.167

(117.231) 16.294

(1.639) 73

(118.870) 16.367

(18.524)

-

Other gains and losses

(180.760)

(35.232)

26.067

(182.326)

(156.259)

219.380

(193.472)

25.908

Income before tax

(1.016)

Tax expense

24.892

Income for the year

(1.016)

-

218.364

(193.472)

* Presented as "Total direct costs" in Indonesian GAAP

39.

Pada tanggal neraca Perusahaan dan anak perusahaan mengadakan kontrak dengan Pertamina dengan nilai minimum penerimaan sewa masa depan sebagai berikut:

2009 US$'000

Jumlah

(18.524)

Finance cost Investment income Equity in net loss of associates

145.528

Perusahaan dan anak perusahaan memiliki beberapa kontrak pengangkutan dengan Pertamina dengan nilai kontrak sebesar USD 13 juta – USD 37 juta per tahun dimana kontrak akan berakhir antara tahun 2010 – 2016.

Dalam satu tahun Tahun kedua sampai kelima

Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation

(11.882)

IKATAN a.

(36.954)

Operating revenues Voyage expenses Operating revenues after voyage expenses

(107.809) * (116.720) *

* Merupakan "Jumlah biaya langsung" menurut PSAK

39.

IFRS US$'000

COMMITMENTS a.

The Company and its subsidiaries have some charter contracts with Pertamina with contract amount of USD 13 million – USD 37 million per year, which will end between 2010 – 2016.

At balance sheet date, the Company and its subsidiaries have contracts with Pertamina for the following future minimum lease receipts:

2008 US$'000

21.057 80.914

63.697 51.064

101.971

114.761

- 83 -

Within one year In the second to fifth years inclusive Total





Perusahaan mencatat pendapatan dari kontrakkontrak tersebut sebesar USD 49.684 ribu dan USD 55.950 ribu masing-masing untuk tahun 2009 dan 2008.

Revenues earned by the Company on these contracts amounted to USD 49,684 thousand in 2009 and USD 55,950 thousand in 2009 and 2008, respectively.

b.

Perusahaan dan anak perusahaan memiliki beberapa kontrak sewa operasi bareboat charter dengan pihak ketiga senilai USD 1 juta – USD 57 juta per tahun, dimana kontrak akan berakhir antara tahun 2010 - 2021.

b.

Pada tanggal neraca, Perusahaan dan anak perusahaan memiliki perjanjian yang tidak dapat dibatalkan dengan perincian jatuh tempo sebagai berikut:

2009 US$'000

The Company and its subsidiaries have outstanding charter contracts under operating leases with third parties amounting to USD 1 million – USD 57 million per year, which will end between 2010 - 2021. At balance sheet date, the Company and its subsidiaries have outstanding commitments under non-cancellable charter contracts, with scheduled maturities as follows:

2008 US$'000

Dalam satu tahun Dari tahun kedua sampai kelima Setelah lima tahun

56.754 197.027 129.471

50.533 193.469 115.769

Within one year In the second to fifth years inclusive After five years

Jumlah

383.252

359.771

Total

Pembayaran sewa minimum berdasarkan perjanjian dicatat sebagai beban sebesar USD 54.976 ribu tahun 2009 dan USD 36.954 ribu tahun 2008.

The minimum lease payments under charter contracts recognized as an expense amounted to USD 54,976 thousand and USD 36,954 thousand in 2009 and 2008, respectively.

c.

Perusahaan dan anak perusahaan memiliki beberapa kontrak pembangunan kapal baru dengan galangan kapal di Jepang dengan total nilai kontrak sekitar JPY 46.387 juta tahun 2009 dan JPY 53.079 juta tahun 2008.

c.

The Company and its subsidiaries have several contracts with shipyards in Japan for the construction of new vessels with total contract price of approximately JPY 46,387 million in 2009 and JPY 53,079 million in 2008.

d.

Pada bulan April 2008, Chembulk Tankers LLC memperoleh fasilitas irrevocable Standby Letter of Credit (SBLC) dari ING Bank N.V, Singapura senilai USD 29,2 juta. Fasilitas ini dijamin dengan kapal anak perusahaan (M.T. Barunawati) dan akan menurun secara periodik sebesar USD 3,6 juta dan jatuh tempo pada tanggal 19 Januari 2019.

d.

In April 2008, Chembulk Tankers LLC, obtained an irrevocable Standby Letter of Credit (SBLC) facility from ING Bank N.V, Singapore Branch amounting to USD 29.2 million. Such SBLC is secured by M.T. Barunawati and reduced periodically by USD 3.6 million and matures on January 19, 2019.

e.

Pada tanggal 17 Januari 2008, Richesse Logistics (Fangcheng Port) Co. Ltd, mengadakan kerjasama dengan Fangcheng Port Group Co. Ltd. untuk melakukan reklamasi dan penggunaan tanah dengan total area seluas 2 2 360 juta m . Total seluas 83 juta m merupakan kontribusi modal dari Fangcheng Port Group 2 Co. Ltd dan sisanya seluas 276.759.657 m akan dibeli sebesar RMB 83.238.000. Perjanjian ini juga menyebutkan bahwa Richesse Logistics (Fangcheng Port) Co. Ltd akan bertanggung jawab antara lain untuk mendapatkan ijin penggunaan aset. Pada tanggal 31 Desember 2009, Richesse Logistics (Fangcheng Port) Co. Ltd. belum memperoleh izin penggunaan aset tersebut.

e.

On January 17, 2008, Richesse Logistics (Fangcheng Port) Co. Ltd, entered into an agreement with Fangcheng Port Group Co. Ltd. for the reclamation and use of land with a total area of 360 million square meters. A total of 83 million square meters represent capital contribution of Fangcheng Port Group Co. Ltd and the remaining 276,759,657 square meters will be purchased for RMB 83,238,000. The agreement also mentioned that Richesse Logistics (Fangcheng Port) Co. Ltd will be responsible for, among others, applying the license to use the property. As of December 31, 2009, Richesse Logistics (Fangcheng Port) Co. Ltd. has not yet obtained the license to use the property.

Pada tanggal 31 Desember 2009, Richesse Logistics (Fangcheng Port) Co. Ltd. telah membayar USD 17,5 juta yang dicatat dalam akun aset dalam penyelesaian. - 84 -

As of December 31, 2009, Richesse Logistics (Fangcheng Port) Co. Ltd, has paid USD 17.5 million, which is included under the construction in progress account.




40.


DALAM

40. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

Pada tanggal 31 Desember 2009 dan 2008, Perusahaan dan anak perusahaan mempunyai aset dan kewajiban moneter dalam mata uang asing sebagai berikut:

At December 31, 2009 and 2008, the Company and its subsidiaries had monetary assets and liabilities in foreign currencies as follows:

ASET DAN KEWAJIBAN MATA UANG ASING

MONETER

2009

2008

Mata Uang Asing/ Foreign Currencies Aset Kas dan setara kas

Ekuivalen USD'000/ Equivalent to USD' 000 20.784 2.037 1.914 310

Mata Uang Asing/ Foreign Currencies

Ekuivalen USD'000/ Equivalent to USD' 000

IDR SGD JPY EURO Lainnya/ Others

195.369.239.681 2.858.627 176.869.390 215.424

Investasi tersedia untuk dijual

IDR

226.156.353.852

24.059

1.846.441.012

169

Piutang usaha

IDR Lainnya/ Others

18.001.797.351

1.915

40.429.618.360

3.692

Piutang lain-lain

AED JPY IDR

41

1.493 29 -

5.989.095.981 2.891.220

637 2.060

313 11.117

35.784.209.632 2.055.801

3.268 1.418

586

IDR

280.000.000.000

29.787

1.200.000.000.000

109.589

Hutang bank jangka panjang

IDR

1.110.416.666.667

118.129

27.083.333.334

2.473

Hutang lain-lain

SGD IDR Lainnya/ Others

1.153.999 6.926.599.286

822 737

-

-

9

-

Jumlah kewajiban

152.767

120.285

Jumlah Kewajiban Bersih

(97.286)

(109.168)

2009 USD Mata Uang 1 Rupiah Indonesia 1 Dollar Singapura 1 EURO 1 Yen Jepang 1 United Arab Emirates Dirham

0,000106 0,71 1,43 0,01 0,27

- 85 -

Available-for-sale investments Trade accounts receivable

Other accounts receivable

Total assets Liabilities Trade accounts payable

3.537

Hutang bank

Pada tanggal 31 Desember 2009 dan 2008, kurs konversi yang digunakan sebagai berikut:

Assets Cash and cash equivalents

4.577 3.424.462.393

55.481

IDR SGD Lainnya/ Others

1.200 31 58 1.055 22

2.899 5.483.344 2.633.217 -

Jumlah aset Kewajiban Hutang usaha

13.144.637.020 45.306 4.911.603 748.652

Bank loans Long-term bank loans Other accounts payable

Total liabilities Net Liability

The conversion rates used by the Company and its subsidiaries on December 31, 2009 and 2008 were as follows:

2008 USD 0,000091 0,69 1,41 0,01 0,27

Foreign Currency RP 1 SGD 1 EUR 1 JPY 1 AED 1




41.

PERISTIWA NERACA

PENTING

SETELAH

TANGGAL


41. SUBSEQUENT EVENTS

a. Pada bulan Januari 2010, MT Pramoni, salah satu kapal yang disewa oleh Perusahaan telah dibajak saat melintasi Teluk Aden dalam perjalanan ke Kandla, India. Pada bulan Pebruari 2010, kapal tersebut telah dibebaskan.

a.

In January 2010, MT Pramoni, one of chartered vessels of the Company was taken over by pirates during a controlled transit in the Gulf of Aden on the passage to Kandla, India. In February 2010, the vessel was recovered.

b. Pada bulan Januari 2010, anak perusahaan memperoleh kontrak sewa jangka panjang dengan Pertamina untuk menyediakan Very Large Gas Carrier (VLGC) selama 5 tahun dengan opsi perpanjangan 2 tahun.

b.

In January 2010, a subsidiary obtained a longterm charter contract with Pertamina for the provision of a Very Large Gas Carrier (VLGC) for period of 5 years with additional 2-year option.

c. Pada bulan Januari 2010, jatuh tempo pembayaran hutang jangka pendek atas fasilitas pinjaman dari DVB Group Merchant Bank (Asia) Ltd., telah diperpanjang sampai bulan Januari 2012 (Catatan 11A).

c.

In January 2010, the repayment of the term loan facility from DVB Group Merchant Bank (Asia) Ltd., was extended until January 2012 (Note 11A).

d. Pada bulan Pebruari 2010 dan Maret 2010, anak perusahaan, BLT International Corporation menerbitkan 12% Guaranteed Convertible Bonds masing-masing senilai USD 100 juta dan USD 25 juta jatuh tempo pada 2015 melalui offshore placement dengan J.P. Morgan Securities Ltd and RS Platou Markets AS sebagai agen penempatan bersama (Catatan 31).

d.

In February 2010 and March 2010, BLT International Corporation, a subsidiary, issued USD 100 million and USD 25 million, respectively, 12% Guaranteed Convertible Bonds due 2015 through an offshore private placement with J.P. Morgan Securities Ltd and RS Platou Markets AS as joint placement agents (Note 31).

Obligasi konversi ini diterbitkan pada harga 100% dari nilai pokok. Obligasi ini berjangka waktu lima tahun dan para pemegang obligasi ini memiliki hak untuk meminta penebusan dari waktu ke waktu pada tahun ke-3 setelah tanggal 10 Pebruari 2010 (tanggal penutupan). Hasil pada penebusan pada saat jatuh tempo sebesar 12%.

The Convertible Bonds are issued at 100% of the principal amount. The Convertible Bonds have a maturity of five years and the holders have the right to put on a date that falls three years after February 10, 2010 (“Closing Date”). The yield to put at maturity date is 12%.

Obligasi konversi tersebut dapat diexercise berdasarkan opsi para pemegang obligasi konversi setiap saat sejak 41 hari setelah tanggal penutupan sampai dengan 10 hari sebelum jatuh tempo, dan dapat dikonversi menjadi saham biasa Perusahaan yang terdaftar di Bursa Efek Indonesia. Pada bulan Maret 2010, tambahan USD 25 juta diterbitkan oleh BLT International Corporation.

The Convertible Bonds are exercisable at the option of the holders at any time from 41 days after the Closing Date until 10 days before maturity, and shall be convertible into ordinary shares listed on Indonesia Stock Exchange the capital of Company. In March 2010, an additional USD 25 million was issued by BLT International Corporation.

e. Pada bulan Pebruari 2010, anak perusahaan tertentu menarik dana yang dikelola oleh First Strategic Advisor Inc. sebesar USD 9.226 ribu.

e.

In February 2010, certain subsidiary has withdrawn the funds managed by First Strategic Advisor Inc. amounting to USD 9,226 thousand.

f. Pada bulan Maret 2010, Perusahaan memperoleh fasilitas kredit investasi dari Bank Negara Indonesia dengan maksimum kredit Rp 337 milyar.

f.

In March 2010, the Company obtained an investment credit facility from Bank Negara Indonesia with a maximum credit of Rp 337 billion.

g. Pada bulan April 2010, piutang jangka panjang sebesar USD 2.323 ribu telah dibayar oleh Teekay BLT Corporation.

g.

In April 2010, the long-term receivables amounting to USD 2,323 thousand were subsequently paid by Teekay BLT Corporation.

- 86 -




42.

PENGARUH KRISIS KEUANGAN GLOBAL TERHADAP PERUSAHAAN DAN ANAK PERUSAHAAN

42. THE IMPACT OF GLOBAL FINANCIAL CRISIS TO THE COMPANY AND ITS SUBSIDIARIES

Di tahun 2008, pasar modal dan keuangan dunia mengalami kesulitan kredit dan volatilitas. Keadaan ini yang belum sepenuhnya pulih telah menyebabkan melemahnya permintaan konsumen, masalah likuiditas dan menurunnya tarif tambang, yang mempengaruhi baik operasional maupun nonoperasional Perusahaan dan anak perusahaan. Dampaknya, di tahun 2009, pendapatan Perusahaan mengalami penurunan jika dibandingkan dengan tahun 2008. Perusahaan dan anak perusahaan mengalami rugi sebesar USD 285.876 ribu pada tahun 2009 yang disebabkan oleh kerugian nonoperasional dari perubahan nilai wajar obligasi konversi dan wesel bayar, penurunan nilai kapal dan adanya penurunan laba usaha.

In 2008, the global financial and capital markets have experienced severe credit crunch and volatility. These was generally characterized by weak consumer demand, liquidity problems and decreased freight rates, which had an adverse effect on the Company and its subsidiaries' operations. Accordingly, in 2009 the operating revenue of the Company and its subsidiaries decreased compared with 2008. The Company and its subsidiaries incurred a loss in 2009 of USD 285,876 thousand which this was principally due to non-operating losses arising from changes in the fair value of the convertible bonds and notes payable, decrease in the fair value of the vessels and decrease in income from operations.

Meskipun ekonomi global mulai menunjukkan tandatanda pemulihan, masih ada beberapa tantangan yang dihadapi oleh industri pelayaran. Untuk menjaga kemampuan Perusahaan dan anak perusahaan dalam mempertahankan kegiatan operasional dan profitabilitasnya, membayar pinjaman ketika jatuh tempo dan memenuhi batasan-batasan keuangan tertentu dengan kreditur, maka tindakan-tindakan yang akan dilakukan oleh manajemen sebagai berikut:

While global trade and industrial production shows signs of recovery, there are still certain challenges faced by the shipping industry. The ability of the Company and its subsidiaries to maintain operations and profitability, pay their debts as they mature and meet their financial covenants with lenders may be dependent to a large extent on the measures being instituted by management, which include, among others, the following:

•

• Generate new long-term contracts across diversified geographic areas and industries;

• • • •

43.


Mendapatkan kontrak-kontrak jangka panjang baru melalui diversifikasi area geografis dan industri Pemanfaatan kesempatan atas aturan cabotage di Indonesia Perbaikan struktur modal dan likuiditas Pendanaan atas pembangunan kapal yang sedang berlangsung, dan Penerapan efisiensi biaya

• Take advantage of the Indonesia cabotage opportunities; • Improve the capital structure; • Secure access to financing of new vessel deliveries; and • Implement cost efficiency measures.

Catatan 36 atas laporan keuangan konsolidasi juga menggambarkan manajemen risiko modal Perusahaan dan anak perusahaan. Dalam menghadapi situasi ekonomi dunia seperti saat ini, manajemen optimis bahwa Perusahaan dan anak perusahaan akan mampu melaksanakan strateginya dan mengelola risiko-risiko bisnis serta keuangannya dengan baik. Manajemen juga yakin bahwa Perusahaan dan anak perusahaan memiliki sumberdaya yang memadai untuk melanjutkan kelangsungan operasionalnya di masa yang akan datang. Dengan demikian, manajemen tetap menerapkan basis kelangsungan usaha dalam menyusun laporan keuangan konsolidasi.

Note 36 to the consolidated financial statements also describes the Company and its subsidiaries' capital risk management. Despite the current uncertain economic outlook, management has a reasonable expectation that the Company and its subsidiaries will be able to execute its strategies and manage its business and financial risks successfully. The Company and its subsidiaries' management also believes that they have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements.

PENERAPAN PERNYATAAN DAN INTERPRETASI STANDAR AKUNTANSI KEUANGAN REVISI (PSAK DAN ISAK)

43. ADOPTION OF REVISED STATEMENTS AND INTERPRETATIONS OF FINANCIAL ACCOUNTING STANDARDS (PSAK AND ISAK)

a.

Standar revisi yang berlaku efektif pada tahun berjalan Pada tahun 2009, Perusahaan dan anak perusahaan menerapkan standar akuntansi revisi untuk persediaan, yang menggantikan PSAK 14, Persediaan. - 87 -

a.

Revised standards effective in the current year In 2009, the Company and its subsidiaries adopted the revised accounting standard for inventories, which supersedes PSAK 14, Inventories.





Perubahan mendasar pada standar ini termasuk antara lain entitas harus menggunakan rumus biaya yang sama terhadap semua persediaan yang memiliki sifat dan kegunaan yang sama, dan pembelian persediaan dengan persyaratan penyelesaian tangguhan (deferred settlement terms), perbedaan antara harga beli untuk persyaratan kredit normal dan jumlah yang dibayarkan diakui sebagai beban bunga selama periode pembiayaan.

The principal changes to the standard include among others the requirement to use the same cost formula for all inventories having similar nature and use to the entity, and for purchase of inventories with deferred settlement terms, the difference between the purchase price for normal credit terms and the amount paid is recognized over the period of financing.

Penerapan awal ini tidak mempunyai pengaruh signifikan pada laporan keuangan konsolidasi tetapi dapat mempengaruhi akuntansi untuk transaksi atau perjanjian yang akan datang.

The initial adoption has no significant effect on the consolidated financial statements but may affect the accounting for future transactions or arrangements.

b.

Standar revisi ini telah diterbitkan tetapi belum berlaku efektif i.

Standar ini berlaku efektif untuk laporan keuangan yang dimulai pada atau setelah 1 Januari 2010:

b.

Revised standards effective i.

PSAK 26 (revisi 2008), Biaya Pinjaman

•

•

PSAK 50 (revisi 2006), Instrumen Keuangan: Penyajian dan Pengungkapan PSAK 55 (revisi 2006), Instrumen Keuangan: Pengakuan dan Pengukuran

•

ii. Standar ini berlaku efektif untuk laporan keuangan yang dimulai pada atau setelah 1 Januari 2011: • • • • • • • • • •

PSAK 1 (revisi 2009), Penyajian Laporan Keuangan PSAK 2 (revisi 2009), Laporan Arus Kas

•

ii.

• • •

PSAK 12 (revisi 2009), Bagian Partisipasi dalam Ventura Bersama PSAK 15 (revisi 2009), Investasi pada Entitas Asosiasi PSAK 25 (revisi 2009), Kebijakan Akuntansi, Perubahan Estimasi Akuntansi, dan Kesalahan PSAK 48 (revisi 2009), Penurunan Nilai Aset PSAK 57 (revisi 2009), Provisi, Liabilitas Kontinjensi, dan Aset Kontinjensi

•

- 88 -

not

yet

PSAK 26 (revised 2008), Borrowing Costs PSAK 50 (revised 2006), Financial Instruments: Presentation and Disclosures PSAK 55 (revised 2006), Financial Instruments: Recognition and Measurement

Standards effective statements beginning January 1, 2011:

PSAK 4 (revisi 2009), Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri PSAK 5 (revisi 2009), Segmen Operasi

PSAK 58 (revisi 2009), Aset Tidak Lancar yang Dimiliki untuk Dijual dan Operasi yang Dihentikan

issue

Standards effective for consolidated financial statements beginning on or after January 1, 2010:

•

•

in

•

• • • • •

for on

financial or after

PSAK 1 (revised 2009), Presentation of Financial Statements PSAK 2 (revised 2009), Statements of Cash Flows PSAK 4 (revised 2009), Consolidated and Separate Financial Statements PSAK 5 (revised 2009), Operating Segments PSAK 12 (revised 2009), Financial Reporting of Interest in Joint Ventures PSAK 15 (revised 2009), Accounting for Investments in Associates PSAK 25 (revised 2009), Accounting Policies, Changes in Accounting Estimates and Errors PSAK 48 (revised 2009), Impairment of Assets PSAK 57 (revised 2009), Provisions, Contingent Liabilities and Contingent Assets PSAK 58 (revised 2009), Non-current Assets Held for Sale and Discontinued Operations




c.


c.

Interpretasi Standar Akuntansi Keuangan (ISAK) berikut ini telah diterbitkan tetapi belum berlaku efektif ISAK berikut ini berlaku efektif untuk laporan keuangan yang dimulai pada atau setelah 1 Januari 2011:

ISAKs which are effective for financial statements beginning on or after January 1, 2011:

•

ISAK 7 (revisi 2009), Konsolidasi Entitas Bertujuan Khusus ISAK 9, Perubahan atas Liabilitas Purna Operasi, Restorasi, dan Liabilitas Serupa

•

ISAK 10, Program Loyalitas Pelanggan ISAK 11, Distribusi Aset Nonkas Kepada Pemilik ISAK 12, Pengendalian Bersama Entitas: Kontribusi Nonmoneter oleh Venturer

• •

• • • •

•

•

Manajemen sedang mengevaluasi dampak dari standar dan interpretasi ini terhadap laporan keuangan konsolidasi. 44.

Interpretation of Financial Acconting Standards (ISAK) in issue not yet effective

PERSETUJUAN KONSOLIDASI

LAPORAN

KEUANGAN

ISAK 7 (revised 2009), Consolidation: Special Purpose Entities ISAK 9, Changes in Existing Decommissioning, Restoration and Similar Liabilites ISAK 10, Customer Loyalty Programmes ISAK 11, Distribution of Non-Cash Assets to Owners ISAK 12, Jointly Controlled Entities: NonMonetary Contribution by Venturers

Management is evaluating the effect of these standards and interpretation on the consolidated financial statements. 44.

Laporan keuangan konsolidasi dari halaman 3 sampai dengan 89 telah disetujui Direksi Perusahaan untuk diterbitkan tanggal 12 April 2010.

********

- 89 -

APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements on pages 3 to 89 were approved by the Company’s Directors and authorized for issue on April 12, 2010.

This page has been intentionally left blank.

Laporan Auditor Independen

INDEPENDENT Auditor’s Report

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008 AND INDEPENDENT AUDITORS’ REPORT

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES TABLE OF CONTENTS

Page

DIRECTORS’ STATEMENT LETTER INDEPENDENT AUDITORS’ REPORT

1

CONSOLIDATED FINANCIAL STATEMENTS – as of December 31, 2009 and 2008 and for the years then ended Consolidated Statements of Financial Position

3

Consolidated Statements of Comprehensive Income

5

Consolidated Statements of Changes in Equity

6

Consolidated Statements of Cash Flows

7

Notes to Consolidated Financial Statements

8

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2009 AND 2008

Notes

December 31, 2009 2008 US$'000 US$'000

ASSETS NON-CURRENT ASSETS Property, vessels and equipment - net Deferred charges and security deposits Goodwill Investments in associates Derivative financial instruments

6 6 7 8 24

Total Non-Current Assets CURRENT ASSETS Derivative financial instruments Inventories Trade accounts receivable Other accounts receivable Prepaid expenses and taxes Advances Available-for-sale investments Cash

24 9 10 6 11 12

Total Current Assets TOTAL ASSETS


-3-

1,991,975 23,081 75,739 76,125 16,944

1,982,260 22,707 75,739 273 -

2,183,864

2,080,979

2,259 15,604 129,976 7,350 10,786 8,546 44,898 118,732

12,786 96,674 4,667 9,332 6,650 129,386 65,250

338,151

324,745

2,522,015

2,405,724

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2009 AND 2008 (Continued)

Notes

December 31, 2009 2008 US$'000 US$'000

EQUITY AND LIABILITIES CAPITAL AND RESERVES Share capital Additional paid-in capital Treasury stocks Translation adjustment Net unrealized gain (loss) on available-for-sale investments Revaluation reserve Retained earnings

13 14 15 11 16

Total Equity NON-CURRENT LIABILITIES Long-term liabilities - net of current maturities Loans from financial institutions Bonds payable Notes payable Obligations under finance lease Other long-term payable Deferred income Post-employment benefits Convertible bonds Derivative financial instruments

17 18 19 20 21 6 22 23 24

Total Non-Current Liabilities CURRENT LIABILITIES Derivative financial instruments Short-term bank loans Trade accounts payable Other current liabilities Dividends payable Taxes payable Accrued expenses Unearned revenue Current maturities of long-term liabilities Loans from financial institutions Bonds payable Obligations under finance lease Other long-term payable Convertible bonds

24 25 26 6 27 28

17 18 20 21 23

Total Current Liabilities TOTAL EQUITY AND LIABILITIES


-4-

70,936 115,001 (86,628) 414 757 235,671 312,608

62,191 65,000 (86,628) 398 (1,865) 234,454 395,774

648,759

669,324

771,454 141,512 249,809 228,925 11,228 2,058 4,126 17,407

716,993 81,528 132,000 155,376 12,409 2,266 2,922 36,250 145,199

1,426,519

1,284,943

10,877 65,225 35,179 7,894 468 957 45,347 708

30,784 176,589 17,346 2,677 489 1,606 34,636 644

140,414 6,355 32,572 1,181 99,560

97,943 88,152 591 -

446,737

451,457

2,522,015

2,405,724

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

Notes

Operating Revenues Voyage Expenses

29 30

Operating Revenues after Voyage Expenses Charter Expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation

31 6

Gross Profit General and Administrative

32

Income before financial and other items Net financial and other items Finance cost Investment income Share in profits (losses) of associates Other gains and losses

33 34 8 35

Income (Loss) Before Tax Tax Expense

27

Profit (Loss) for the Year Other Comprehensive Income Translation adjustment Net revaluation during the year Share of changes in associates' equity Net gain (loss) on revaluation of available-for-sale investments

16 8

Other Comprehensive Income for the Year Total Comprehensive Income (Loss) for the Year Earnings (Loss) Per Share (in full amounts) Basic As originally reported As restated for the 2009 rights issue Diluted As originally reported As restated for the 2009 rights issue

Years ended December 31, 2009 2008 US$'000 US$'000

618,346 (176,087)

723,682 (232,665)

442,259 (55,573)

491,017 (36,954)

(120,860) (133,589)

(107,809) (128,602)

(254,449)

(236,411)

132,237 (31,153)

217,652 (35,485)

101,084

182,167

(111,514) 18,426 9,621 (133,660)

(118,870) 16,367 (18,524) (35,232)

(217,127)

(156,259)

(116,043) (961)

25,908 (1,016)

(117,004)

24,892

16 37,137 2,622

489 84,616 4,158 (4,005)

39,775

85,258

(77,229)

110,150

(0.0229) -

0.0060 0.0052

(0.0229) -

(0.0148) (0.0129)

36


-5-

13,14 37 37

13,14 37


Balance at December 31, 2009

70,936

8,745 -

-

Total comprehensive income for the year

Transfer to retained earnings Issuance of shares through rights issue Dividends

-

62,191

Profit for the year Other comprehensive income for the year

Balance at December 31, 2008

2,843 -

-

Total comprehensive income for the year

Transfer to retained earnings Issuance of shares through exercise of warrants Dividends Appropriation for general reserve

-

59,348

Subscribed and paid-up capital stock US$'000

Profit for the year Other comprehensive income for the year

Balance at January 1, 2008

Notes

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY DECEMBER 31, 2009 AND 2008

115,001

50,001 -

-

-

65,000

3,981 -

-

-

61,019

Additional paid-in capital US$'000

-6-

(86,628)

-

-

-

(86,628)

-

-

-

(86,628)

Treasury stock US$'000

-

-

-

-

-

-

4,158

4,158

(4,158)

Share of changes in associates' equity US$'000

757

-

2,622

2,622

(1,865)

-

(4,005)

(4,005)

2,140

Net unrealized gain (loss) on available-for-sale investments US$'000

414

-

16

16

398

-

489

489

(91)

Translation adjustment US$'000

235,671

(35,920) -

37,137

37,137

234,454

(58,733) -

84,616

84,616

208,571

Revaluation reserve US$'000

5,898

-

-

-

5,898

551

-

-

5,347

306,710

35,920 (2,082)

(117,004)

(117,004) -

389,876

58,733 (22,876) (551)

24,892

24,892 -

329,678

Retained earnings Appropriated Unappropriated US$'000 US$'000

648,759

58,746 (2,082)

(77,229)

(117,004) 39,775

669,324

6,824 (22,876) -

110,150

24,892 85,258

575,226

Total equity US$'000

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIODS ENDED DECEMBER 31, 2009 AND 2008 December 31, 2009 2008 US$'000 US$'000 CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest paid Profit sharing paid Income tax paid Receipts from insurance claim Net Cash Generated by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Withdrawal of temporary investments Net proceeds from sale of property, vessels and equipment Placement of temporary investments Acquisitions of property, vessels and equipment Security deposit on vessels leased back Return of capital from investment in associate Interest received Decrease (Increase) in advances for the purchase of property, vessels and equipment Acquisition of associates Acquisition of subsidiary

582,216 (356,907) (120,646) (2,307) (932) 215

711,176 (417,466) (129,919) (3,616) (2,737) 809

101,639

158,247

139,124 50,075 (48,176) (137,297) 1,068

351,549 228,839 (402,148) (407,877) (22,195) 8,400 5,871

(46,905) (66,231) -

840 138

Net Cash Used in Investing Activities

(108,342)

(236,583)

CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from bank loans Payments of bank loans Payments of bonds payable Payment of obligations under finance lease Dividends paid Proceeds from exercise of warrants Net proceeds from issuance of bonds payable Payment of other long-term payable Proceeds from issuance of new shares through rights issue

290,868 (323,756) (11,709) (2,103) 48,520 (591) 58,746

285,337 (288,519) (42,644) (34,313) (22,941) 6,824 -

Net Cash Generated by (Used in) Financing Activities

59,975

(96,256)

NET INCREASE (DECREASE) IN CASH

53,272

(174,592)

EFFECT OF EXCHANGE RATE CHANGES ON CASH RECLASSIFICATION OF RESTRICTED CASH CASH AT BEGINNING OF YEAR CASH AT END OF YEAR


-7-

210

327

-

29,200

65,250

210,315

118,732

65,250

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED 1. GENERAL a. Establishment and General Information P.T. Berlian Laju Tanker Tbk (the Company) is a limited liability company incorporated in Indonesia. Its activities comprise mainly of local and overseas shipping services. In 2009, the articles of association have been amended as stated in notarial deed No. 31 dated July 28, 2009 of Amrul Partomuan Pohan S.H., LLM, notary in Jakarta, concerning the increase in the Company’s paid up capital stock. The Company is domiciled in Jakarta and has two branches in Merak and Dumai, and representative offices in China, India, Brazil, United Arab Emirates and Taiwan. Its head office is located at Wisma BSG, 10th Floor, Jl. Abdul Muis No. 40, Jakarta. b. Public Offering of Shares and Bonds The Company's offering of 2,100,000 shares to the public through the stock exchanges in Indonesia, at a price of Rp 8,500 per share, was approved by the Minister of Finance of the Republic of Indonesia in his Decision Letter No. S1-076/SHM/MK.01/1990 dated January 22, 1990. These shares were listed on the stock exchanges in Indonesia on March 26, 1990. On January 27, 1993, the Company obtained the notice of effectivity from the Chairman of the Capital Market Supervisory Agency (Bapepam) (currently Bapepam-LK) in his letter No. S-109A/PM/1993 for its Rights Issue I to the stockholders totaling 29,400,000 shares at a price of Rp 1,600 per share. These shares were listed on the Jakarta and Surabaya stock exchanges (currently the Indonesian Stock Exchange) on May 24, 1993. On December 26, 1997, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-2966/PM/1997 for its Rights Issue II with Pre-emptive Rights to stockholders totaling to 305,760,000 shares with 61,152,000 warrants at an exercise price of Rp 1,200 per warrant. The holders of warrants can exercise the right to purchase from July 16, 1998 to January 20, 2003. Based on notarial deed No. 32 dated October 17, 2002 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, the Company decided to extend the period of warrants for five (5) years until January 18, 2008. If the warrants are not exercised during this period, the warrants will expire and will have no value. The shares were listed on the Jakarta and Surabaya stock exchanges on January 16, 1998. The Company conducted a stock split of 4:1 in 2002 and 2:1 in 2004 thus, the warrants’ exercise price since 2005 became Rp 150 per share. On December 18, 2000, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-3690/PM/2000 for its Rights Issue III with Pre-emptive Rights to stockholders totaling 61,152,000 shares. The Company issued 53,958,150 new common shares with a nominal value of Rp 500 per share at a price of Rp 1,100 per share. On September 22, 2006, the Company obtained the eligibility to list all of the Company’s shares on the SGX-mainboard based on letter No. RMR/IR/YCH/260407 from the SGX-ST. In connection with the Company’s listing of shares, the Company also amended certain provisions of its Articles of Association as approved by the shareholders in their Extraordinary Shareholders Meeting held on September 11, 2006. On May 4, 2007, and May 17, 2007, BLT Finance B.V., a subsidiary, issued US$ 400 million 7.5% Guaranteed Senior Notes due 2014 and US$ 125 million Zero Coupon Guaranteed Convertible Bonds due 2012, respectively, which were both registered on the SGX-ST. On June 25, 2007, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3117/BL/2007 for its public offering of Sukuk Ijarah Bonds year 2007 amounting to Rp 200 billion and Berlian Laju Tanker III Bonds year 2007 amounting to Rp 700 billion.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) On May 15, 2009, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3908/BL/2009 for its public offering of Sukuk Ijarah II Bonds year 2009 amounting to Rp 100 billion and Berlian Laju Tanker IV Bonds year 2009 amounting to Rp 400 billion. On June 29, 2009, the Company obtained the notice of effectivity from the Chairman of Bapepam&LK in his letter No. S-5658/BL/2009 for its Rights Issue IV with Pre-emptive Rights to stockholders. In connection with such rights issue, the Company issued 1,392,310,059 new common shares at Rp 425 per share. As of December 31, 2009, 5,981,591,235 issued shares have been listed on the stock exchanges in Indonesia and Singapore. 2.

ADOPTION OF NEW AND REVISED STANDARDS In the current year, the following new and revised Standards and Interpretations have become effective: •

Amendments to IFRS 1 First-time Adoption of IFRSs and IAS 27 Consolidated and Separate Financial Statements – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate

•

Amendments to IFRS 2 Share-based Payment – Vesting Conditions and Cancellations

•

Amendments to IFRS 7 Financial Instruments: Disclosures

•

IFRS 8 Operating Segments

•

IAS 1 (Revised) Presentation of Financial Statements

•

IAS 23 (Revised) Borrowing Costs

•

Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements – Puttable Financial Instruments and Obligations Arising on Liquidation

•

Amendments to IFRIC 9 Reassessment of Embedded Derivatives and IAS 39 Financial Instruments: Recognition and Measurement

•

IFRIC 13 Customer Loyalty Programmes

•

IFRIC 15 Agreements for the Construction of Real Estate

•

IFRIC 16 Hedges of a New Investment in a Foreign Operation

•

IFRIC 18 Transfers of Assets from Customers

•

Improvements to IFRSs issued in 2008, except for the amendment to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

The adoption of IAS 1 (Revised) has introduced terminology changes (including revised titles for the financial statements) and changes in the format and content of the financial statements.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) The adoption of IAS 23 (Revised) on the capitalization of borrowing cost did not have an impact on the Company and its subsidiaries because the vessels are carried at their fair values. The amendments to IFRS 7 expand the disclosures required in respect of fair value measurements and liquidity risk. The Company and its subsidiaries have elected not to provide comparative information for these expanded disclosures in the current year in accordance with the transitional reliefs offered in these amendments. The Company and its subsidiaries have determined that the reportable operating segments under IFRS 8 are the same as the business segments previously identified under IAS 14. The adoption of IFRS 8 has resulted to additional disclosures (see Note 39). The adoption of the other amendments and interpretations did not have any significant impact on the Company and its subsidiaries. As of the date of authorization of these consolidated financial statements, the following IFRSs, IFRICs and amendments to IFRS that are relevant to the Company and its subsidiaries were issued but not yet effective: Effective for accounting periods beginning on or after:

Description •

IAS 39 Financial Instruments: Recognition and Measurement – Amendments for Eligible Hedged Items

1 July 2009

•

IFRS 3 (Revised) Business Combinations and related consequential amendments

1 July 2009

•

IAS 27 (Revised) Consolidated Separate Financial Statements

and

1 July 2009

•

IFRIC 17 Distribution of Non-Cash Assets to Owners

1 July 2009

•

IFRS 5 – Amendments resulting from May 2008 Annnual Improvements to IFRS

1 July 2009

•

Amendments to IFRS 2 Share-based Payment – Group cash-settled share-based payment transactions

1 January 2010

•

Improvements to IFRSs issued in 2009

1 January 2010

•

IAS 32 Financial Instruments: Presentation – Classification of Rights Issues

1 February 2010

•

IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments

1 July 2010

•

IAS 24 (Revised) Related Party Disclosures

1 January 2011

•

Amendment to IFRIC 14 Prepayments of a Minimum Funding Requirement

1 January 2011

•

IFRS 9 Financial Instruments Classification and Measurement

1 January 2013

- 10 -

–

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) IFRS 9 Financial Instruments introduces new requirements for the classification and measurement of financial assets and will be effective from 1 January 2013, with earlier application permitted. The Standard requires all recognized financial assets that are within the scope of IAS 39 Financial Instruments: Recognition and Measurement to be measured at either amortized cost or fair value. Specifically, debt investments that (i) are held within a business model whose objective is to collect the contractual cash flows and (ii) have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortized cost. All other debt investments and equity investments are measured at fair value through profit or loss. The application of IFRS 9 might affect the classification and measurement of the Company and its subsidiaries’ financial assets. The adoption of IFRS 3 (Revised) may affect the accounting for business combination for which acquisition date is on or after July 1, 2009. IAS 27 (Revised) may affect the accounting treatment for future changes in the Company’s ownership interest in a subsidiary. The management anticipates that the adoption of the other new IFRSs, IFRICs and amendments to IFRS in future periods will not have a material impact on the consolidated financial statements of the Company and its subsidiaries in the period of their initial adoption. 3.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Statements of Compliance and Basis of Preparation The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) in relation to the Company’s listing of equity securities on the SGX-ST. Such IFRS consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of vessels and certain financial instruments. Further, such IFRS consolidated financial statements are presented in US Dollars, which is the currency of the primary economic environment in which the Company and the majority of its subsidiaries operate (their functional currency). b. Principles of Consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The results of operations of subsidiaries acquired or disposed of during the years presented are included in the consolidated statement of comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in-line with those used by the Company. All intra-company transactions, balances, income and expenses are eliminated on consolidation. c. Business Combinations Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured as the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Company and its subsidiaries in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree's identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognized at their fair values at the acquisition date, except for non-current assets (or disposal groups), if any, that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which are recognized and measured at fair value less costs to sell.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Goodwill arising on acquisition is recognized as an asset and initially measured at cost, being the excess of the cost of the business combination over the Company and its subsidiaries' interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized. If, after reassessment, the Company and its subsidiaries' interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognized immediately in profit or loss. d. Investments in Associates An associate is an entity over which the Company has significant influence, and is neither a subsidiary nor an interest in a joint venture. Significant influence, is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. The results of operations and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting except when classified as held for sale, in which case it is accounted for in accordance with IFRS 5 “Noncurrent Assets Held for Sale and Discontinued Operations”. Under the equity method, investments in associates are carried in the consolidated statement of financial position at cost as adjusted for postacquisition changes in the Company’s share in the net assets of the associate, less any impairment in the value of individual investments. Losses of the associates in excess of the Company’s interest in those associates are not recognized, unless the Company has incurred legal or constructive obligations or made payments on behalf of the associate. Any excess of the cost of acquisition over the Company’s share in the fair values of the identifiable net assets of the associates at the date of acquisition is recognized as goodwill. Goodwill is included within the carrying amount of investment and is assessed for impairment as part of the investment. Any excess of the Company’s share in the fair values of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized in profit and loss in the year of acquisition. Where the Company or its subsidiaries transact with an associate of the Company, profits and losses are eliminated to the extent of the Company’s interest in the relevant associate. e. Foreign Currency Transactions and Translation Functional and presentation currency The individual financial statements of each of the consolidated entities are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each group entity are expressed in US Dollar, which is the Company’s functional currency and presentation currency for the consolidated financial statements. Transactions and Balances In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency are recorded at the exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Group Companies The results and financial position of all the entities (none of which has the currency of a hyper inflationary economy) that have a functional currency different from the group presentation currency are translated into the presentation currency as follows: (i) assets and liabilities are translated at the closing rate at the end of the reporting period; (ii) income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); (iii) all resulting exchange differences are recognized as a separate component of equity. On consolidation, exchange differences arising from the translation of the net investment in foreign operations are taken to shareholders’ equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. f.

Property, Vessels and Equipment Vessels Vessels are stated at their revalued amount, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the end of the reporting period. Depreciation of vessels is calculated on a straight line basis over the estimated useful life of the vessels between 5 – 25 years. Any revaluation increase arising on the revaluation of such vessels is credited to vessels revaluation reserve, except to the extent that it reverses a revaluation decrease, for the same asset which was previously recognized in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously charged. A decrease in carrying amount arising on the revaluation of such vessels is charged to profit or loss to the extent that it exceeds the balance, if any, held in the vessels revaluation reserve relating to a previous revaluation of such vessels. Depreciation on revalued vessels is charged to profit or loss. As the vessels are used, a transfer is made from revaluation reserve to retained earnings equivalent to the difference between depreciation based on revalued carrying amount of the vessels and depreciation based on the vessels’ original cost. On subsequent sale or retirement of a revalued vessel, the attributable revaluation surplus remaining in the vessels revaluation reserve is transferred directly to retained earnings. Vessels in the course of construction are carried at cost less any impairment loss. Costs, including professional fees, incurred while under construction are capitalized in accordance with the Company’s accounting policy. Depreciation of these vessels commences when the vessels are ready for their intended use. Borrowing costs are not capitalized because the vessels are measured at fair values. The vessels’ residual values, estimated useful lives and depreciation method are reviewed at each financial year end, with the effect of any changes in estimate accounted for on a prospective basis. The gain or loss arising on sale or retirement of vessels is determined as the difference between the sales proceeds and carrying amount of the vessel and is recognized in profit or loss.

- 13 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Dry docking cost Included in the balance of property, vessels and equipment is dry docking cost which is capitalized when incurred and is amortized on a straight line basis over the period to the next dry docking. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows: Years Buildings and premises Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment

20 10 5 5 5

Landrights is accounted for as operating leases and amortized over the lease term. Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, the term of the relevant lease. The cost of maintenance and repairs is charged to operations as incurred. Other subsequent expenditures which meet the asset recognition criteria are capitalized. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation and any impairment loss are removed from the accounts and any resulting gain or loss is reflected in the current operations. Construction in progress (CIP) is stated at cost, which includes the progress billing paid in accordance with the construction contracts. Construction in progress is transferred to the respective property and equipment account when completed and ready for use. Depreciation begins when the property and equipment become available for use. The carrying amounts of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts may not be recoverable. An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is recognized in profit or loss in the year the item is derecognized. The asset’s residual values, estimated useful lives and depreciation method are reviewed at each financial year end with the effect of any changes in accounting estimate accounted for on a prospective basis. g. Goodwill Goodwill represents the excess of the cost of acquisition over the Company's interest in the fair value of the identifiable assets, liabilities and contingent liabilities at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.

- 14 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) For the purpose of impairment testing, goodwill is allocated to each of the Company and its subsidiaries' cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. h. Inventories Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined using the first-in, first-out method. i.

Prepaid Expenses Prepaid expenses are amortized over their beneficial periods using the straight-line method.

j.

Post-Employment Benefits The Company provides defined post-employment benefits to its employees in accordance with Indonesian Labor Law No. 13/2003. No funding has been made to this defined benefit plan. The cost of providing post-employment benefits is determined using the Projected Unit Credit Method. The accumulated unrecognized actuarial gains and losses that exceed 10% of the present value of the Company’s defined benefit obligations is recognized on straight-line basis over the expected average remaining working lives of the participating employees. Past service cost is recognized immediately to the extent that the benefits are already vested, or otherwise amortized on a straight-line basis over the average years until the benefits become vested. The post-employment benefits obligation recognized in the consolidated statement of financial position represent the present value of the defined benefit obligation, as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost.

k. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. The Company and the subsidiaries’ liability for current tax is calculated using tax rates that have been enacted or substantively enacted at by the end of the reporting period. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are recognized for deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

- 15 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Deferred tax liabilities are recognized for taxable temporary differences arising on investment in subsidiaries and associates except when the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. The carrying amount of deferred tax asset is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the liability is settled or the asset realized. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company and subsidiaries expect, at the reporting date, to recover or settle the carrying amount of their assets and liabilities. Deferred tax assets and liabilities are offset in the consolidated statement of financial position when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and management intends to settle the current tax assets and current tax liabilities on a net basis. Tax expense on revenues from vessels subject to final tax is recognized proportionately based on the revenue recognized in the current year. The difference between the final tax paid and current tax expense in the consolidated statement of income is recognized as prepaid tax or tax payable. Prepaid final tax is presented separately from final tax payable. l.

Financial Instruments Financial assets and financial liabilities are recognized on the consolidated statement of financial position when the Company or its subsidiaries become parties to the contractual provision of the instrument. Financial assets Available-for-Sale Investments (AFS) Short-term investments categorized as available-for-sale are recognized and derecognized on a trade date basis where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within a time frame established by the market concerned, and are initially measured at fair value, plus directly attributable transaction costs. At subsequent reporting dates, available-for-sale investments are stated at fair value. Gains and losses arising from changes in fair value are recognized in other comprehensive income, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognized in other comprehensive income is included in the profit or loss for the year. With the exception of AFS equity instruments, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. In respect of AFS equity securities, impairment losses previously recognized in profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is recognized in other comprehensive income. The fair value of AFS monetary assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. The foreign exchange gains and losses that are recognized in profit or loss are determined based on the amortized cost of the monetary asset. Other foreign exchange gains and losses are recognized in other comprehensive income.

- 16 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Trade and Other Accounts Receivables Trade and other accounts receivables are measured at initial recognition at fair value, and are subsequently measured at amortized cost using the effective interest method, less any impairment. Interest income is recognized by applying the effective interest rate except for short-term receivable when the recognition of interest would be immaterial. Cash Cash comprises of cash on hand and in banks and all unrestricted time deposits with maturity of three months or less and are subject to an insignificant risk of change in value. Impairment of Financial Assets Financial assets, other than those carried at fair value through profit and loss, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. For listed and unlisted equity investments classified as AFS, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment. For all other financial assets, including fund under investment management classified as AFS, objective evidence of impairment could include: • significant financial difficulty of the issuer or counterparty; or • default or delinquency in interest or principal payments; or • it becoming probable that the borrower will enter bankruptcy or financial re-organization. For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Company and its subsidiaries’ past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period, as well as observable changes in national or local economic conditions that correlate with default on receivables. For financial assets carried at amortized cost, the amount of the impairment loss recognized is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables where the carrying amount is reduced through the use of an allowance account. When a trade receivable is uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in profit or loss. Financial Liabilities and Equity Instruments Financial liabilities and equity instruments of the Company and its subsidiaries are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and equity instrument. The accounting policies adopted for specific financial liabilities are set out below. Equity Instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.

- 17 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Financial Liabilities Financial liabilities are classified as either financial liabilities at fair value through profit and loss (FVTPL) or other financial liabilities. Financial liabilities at fair value through profit and loss Financial liabilities at FVTPL have two subcategories: financial liabilities held for trading and those designated as at FVTPL on initial recognition. A financial liability is classified as held for trading if: • • •

It has been incurred principally for the purpose of repurchasing in the near future: or It is a part of an identified portfolio of financial instruments that the Company and its subsidiaries manages together and has a recent actual pattern of short-term profit-taking: or It is a derivative that is not designated and effective as a hedging instrument.

A financial liability, other than a financial liability held for trading, may be designated as at FVTPL upon initial recognition if: • •

•

Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise: or The financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Company and its subsidiaries’ documented risk management or investment strategy, and information about the grouping is provided internally on that basis: or It forms part of a contract containing one or more embedded derivatives, and IAS 39 Financial Instruments: Recognition and Measurement, permits the entire combined contract (asset or liability) to be designated as at FVTPL.

At each reporting date subsequent to initial recognition, financial liabilities at FVTPL are measured at fair value, with changes in fair value recognized directly in profit or loss in the period in which they arise. Convertible Bonds The convertible bonds due 2012 are considered a hybrid instrument containing a debt host contract and embedded derivatives. At the time of issue, the convertible bonds were designated as fair value through profit and loss with any resultant gain or loss recognized in profit or loss. Fair values are determined with reference to quoted market prices. Notes Payable At the time of issue, the Notes Payable were designated at fair value through profit and loss with any resultant gain or loss recognized in profit or loss. Fair values are determined with reference to quoted market prices. Derivative Financial Instruments Derivative financial instruments are initially measured at fair value on the contract date, and are remeasured to fair value at subsequent reporting dates. Changes in the fair value of derivative financial instruments are recognized in profit or loss as they are not designated and do not qualify for hedge accounting. Derivatives embedded in other financial instruments or other non-financial host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contract and the host contract is not carried at fair value with changes in fair value recognized in profit or loss. A derivative is presented as a non current asset or non current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.

- 18 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) The use of financial derivatives is governed by the Company’s policies approved by the Board of Directors consistent with the Company’s risk management strategy. The Company does not use derivative financial instruments for speculative purposes. Other Financial Liabilities Other financial liabilities (including bank and other borrowings, trade payables and other payables) are initially measured at fair value, and are subsequently measured at amortized cost, using the effective interest method. Derecognition of Financial Instruments A financial asset is derecognized only when the contractual rights or obligations to the cash flows from the asset expires or extinguishes or is discharged and when substantially all risks and rewards of ownership of the asset are transferred to another entity. A financial liability is derecognized when, and only when, the obligation is discharged, cancelled or expired. A substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. m. Revenue and Expense Recognition Revenue from freight operations is recognized as income by reference to the percentage of completion of the voyage as at the end of the reporting period. Unearned revenue received is recognized as liability. Time charter revenue is recognized on accrual basis evenly over the terms of the time charter agreements. Voyage freight is recognized evenly over the duration of each voyage. Revenues from agency services and storage services are recognized when the services are rendered to customers. Interest income on interest-bearing instruments is recognized on a time basis by reference to the principal amount outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition. Expenses are recognized when incurred. n. Leasing Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Company or its Subsidiaries as Lessor Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term. The Company or its Subsidiaries as Lessee Assets held under finance leases are initially recognized as assets of the Company or subsidiaries at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the consolidated statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges, which are recognized directly in profit or loss, and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Contingent rentals are recognized as expenses in the periods in which they are incurred. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred.

- 19 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Sale and Leaseback Assets sold under a sale and leaseback transaction are accounted for as follows: If the sale and leaseback transaction results in a finance lease, any excess of sales proceeds over the carrying amount of the asset is deferred and amortized over the lease term. If the sale and leaseback transaction results in an operating lease, and it is clear that the transaction is established at fair value, any profit or loss is recognized immediately. If the sale price is below fair value, any profit or loss is recognized immediately except that, if the loss is compensated for by future lease payments at below market price, it shall be deferred and amortized in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is deferred and amortized over the period for which the asset is expected to be used. For operating leases, if the fair value at the time of a sale and leaseback transaction is less than the carrying amount of the asset, a loss equal to the amount of the difference between the carrying amount and fair value is recognized immediately. For finance leases, no such adjustment is necessary unless there has been an impairment in value, in which case the carrying amount is reduced to recoverable amount. o. Finance cost Interest expense and similar charges are expensed in the year when they are incurred. p. Earnings per Share Basic earnings (loss) per share is computed by dividing profit (loss) for the year by the weighted average number of shares outstanding during the year. Diluted earnings (loss) per share is computed by dividing profit (loss) for the year by the weighted average number of shares outstanding as adjusted for the effect of all dilutive potential ordinary shares. q. Impairment of Tangible Assets At the end of each reporting period, the Company and its subsidiaries review the carrying amounts of their tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Company and its subsidiaries estimate the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of the asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

- 20 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Where an impairment loss subsequently reverses, the carrying amount of the asset (cashgenerating unit) is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. r.

Provisions Provisions are recognized when the Company and its subsidiaries have a present obligation (legal or constructive) as a result of a past event, it is probable that the Company and its subsidiaries will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

4.

CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Critical judgments in applying the Company and its subsidiaries’ accounting policies In the process of applying the Company and its subsidiaries’ accounting policies, which are described in Note 3, management has made the following critical judgments that have a significant effect on the amounts recognized in the consolidated financial statements, apart from those involving estimations, which are dealt with below. Note 6 to the consolidated financial statements describes the sale and leaseback transactions of certain vessels entered into by the Company and its subsidiaries in 2009 and 2008. Management was required to consider whether to account for the sale and leaseback transactions as finance lease or operating lease and whether it was appropriate to immediately recognize a net gain on sale of vessels of US$ 2,482 thousand and US$ 47,419 thousand in 2009 and 2008, respectively. In making its judgment, management considered the criteria set out in IAS 17 Leases, and in particular the transfer of risks and rewards incidental to ownership of the vessels. Following a detailed analysis of the transactions, the Directors are satisfied that substantially all the significant risks and rewards incidental to ownership of the vessels have been transferred to and rest with the lessors and that recognition of the lease transactions as operating leases is appropriate. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.

- 21 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Vessels lives and impairment The carrying value of each of the vessels of the Company and its subsidiaries represent the revalued amount, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent impairment losses. The carrying value of revalued vessels at December 31, 2009 and 2008 amounted to US$ 1,812 million and US$ 1,886 million, respectively. Management depreciates vessels on a straight-line basis over a vessel’s estimated useful life of 25 years, from the date the vessel was originally delivered from the shipyard, or a shorter period if regulations prevent management from operating the vessels to 25 years. In the shipping industry, the use of the 25-year vessel life has become the prevailing standard. However, the actual life of a vessel may be different, with a shorter life potentially resulting in an impairment loss. Management reviews vessels and equipment for impairment whenever there is an indication that the carrying amount of the vessel may not be recoverable. Management measures the recoverability of an asset by comparing its carrying amount against its recoverable amount. Recoverable amount is the higher of the fair value less cost to sell and value in use, which is the future cash flows that the vessel is expected to generate over its remaining useful life, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the vessel. If a vessel is considered to be impaired, impairment loss is recognized to an amount equal to the excess of the carrying value of the asset over its recoverable amount. Fair value of vessels in a volatile marketplace Vessels are stated at fair value based on the valuation reviewed by management and supported by an independent professional valuer. In determining the fair value, a method of valuation is used which involves certain estimates, including comparisons with recent sale transactions of similar vessels. However, the current financial turmoil has made the assessment of vessel values uncertain. Information on comparable transactions and market demand has, where available, been very limited. This has increased uncertainty around reported vessel fair values compared to normal market conditions. Impairment of Goodwill Goodwill is not amortized, but reviewed for impairment annually, and whenever impairment indicators arise. The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment at many points during the analysis. The fair values of the cash-generating units to which goodwill is identified is estimated based on discounted expected future cash flows. The estimates and assumptions regarding expected cash flows and the discount rate require considerable judgment and are based upon existing contracts, historical experience, financial forecasts, and industry trends and conditions. The carrying value of goodwill at December 31, 2009 and 2008 amounted to US$ 75,739 thousand, respectively (Note 7). Fair value of financial instruments The recent illiquidity in some financial markets has led to an increase in the use of key estimates in measuring fair values of financial instruments. In markets that are no longer active, management makes use of valuation techniques to measure fair value. Management selects the valuation techniques that maximize the use of observable parameters and minimize the use of unobservable parameters to estimate the fair values. Where applicable, management also uses multiple valuation techniques to corroborate the results of each model, and places more weight on approaches that use observable parameters. When estimating fair values in this way, management has taken into account current market conditions and includes appropriate risk adjustments that market participants would make e.g. for credit and liquidity risks.

- 22 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 5.

CONSOLIDATED SUBSIDIARIES Details of the Company’s subsidiaries, whether owned directly or indirectly, are as follows: Percentage of Ownership and Voting Power Held Subsidiary

Domicile

1. 1.1.

Indigo Pacific Corporation Indigo Pacific Corporation

Labuan, Malaysia British Virgin Islands Panama

1.1.1.

Melani Maritime Inc.

1.1.2. 1.1.3.

Zona Overseas International Shipping S.A. Kunti Maritime Pte. Ltd.

Singapore

1.1.4.

Jembawati Maritime Pte. Ltd.

Singapore

1.1.5.

Tirtasari Maritime Pte. Ltd.

Singapore

1.1.6.

Pergiwo Navigation Pte. Ltd.

Singapore

1.1.7.

Fatmarini Maritime Pte. Ltd.

Singapore

1.1.8.

Harsanadi Maritime Pte. Ltd.

Singapore

1.1.9.

Hartati Maritime Pte. Ltd.

Singapore

1.1.10.

BLT Finance Corporation

1.1.11.

Pujawati Maritime Pte. Ltd.

British Virgin Islands Singapore

1.1.12.

Pertiwi Maritime Pte. Ltd.

Singapore

1.1.13.

Anggraini Maritime Pte. Ltd.

Singapore

1.1.14.

Emerald Maritime Pte. Ltd.

Singapore

1.1.15. 1.1.16.

BLT Finance B.V. Tridonawati Maritime Corporation

1.1.17.

Purbasari Maritime Pte. Ltd.

Singapore

1.1.18.

Tridonawati Maritime Pte. Ltd.

Singapore

1.1.19.

Trirasa Maritime Pte. Ltd.

Singapore

1.1.20.

Pramoni Maritime Pte. Ltd.

Singapore

1.1.21.

Fatmarini Shipping Pte. Ltd.

Singapore

1.1.22.

Frabandari Shipping Pte. Ltd.

Singapore

1.1.23.

Harsanadi Shipping Pte. Ltd.

Singapore

1.1.24.

Hartati Shipping Pte. Ltd

Singapore

1.1.25.

Nogogini Shipping Pte. Ltd.

Singapore

1.1.26.

Nolowati Shipping Pte. Ltd.

Singapore

1.1.27.

Ratih Shipping Pte. Ltd.

Singapore

2.


Panama

The Netherlands Liberia

Labuan, Malaysia

- 23 -

Type of Business

2009

2008

Investment holding Investment holding

100% 100%

100% 100%

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Financing

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100% 100%

100% 100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Financing Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Investment holding

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Percentage of Ownership and Voting Power Held Subsidiary

Domicile

2.1.


2.1.1.

Lenani Maritime Inc.

2.1.1.1.

Ontari Maritime Pte. Ltd.

Singapore

2.1.2. 2.1.3. 2.1.4.

Averina Maritime S.A. Gandari Navigation Pte. Ltd. GBLT Shipmanagement Pte. Ltd.

Panama Singapore Singapore

2.1.4.1.

GBLT Shipmanagement Ltd.

2.1.4.1.1.

Harsanadi Shipping Ltd.

2.1.4.1.2. 2.1.4.1.3.

Type of Business

2009

2008


Investment holding

100%

100%

Panama

Owner and operator of vessel Owner and operator of vessel Shipping agency Operator of vessel Ship management

100%

100%

100%

100%

100% 100% 100%

100% 100% 100%

United Kingdom

Ship management

100%

100%

United Kingdom

Operator of Vessel

100%

100%

Hartati Shipping Ltd.

United Kingdom

Operator of Vessel

100%

100%

Frabandari Shipping Ltd.

United Kingdom

Operator of Vessel

100%

100%

2.1.4.1.4.

Fatmarini Shipping Ltd.

United Kingdom

Operator of Vessel

100%

100%

2.1.4.1.5.

Nolowati Shipping Ltd.

United Kingdom

Operator of Vessel

100%

100%

2.1.4.1.6.

Nogogini Shipping Ltd.

United Kingdom

Operator of Vessel

100%

100%

2.1.4.1.7.

Ratih Shipping Ltd.

United Kingdom

Operator of Vessel

100%

100%

2.1.5.

Cendanawati Navigation Pte. Ltd.

Singapore

100%

100%

2.1.6.

Frabandari Maritime Pte. Ltd.

Singapore

100%

100%

2.1.7.

Brotojoyo Maritime Pte. Ltd.

Singapore

100%

100%

2.1.8.

Berlian Laju Tanker Pte. Ltd.

Singapore

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Operator of Vessel

100%

100%

2.1.9.

Anjasmoro Maritime Pte. Ltd.

Singapore

100%

100%

2.1.10.

Gas Lombok Maritime Pte. Ltd.

Singapore

100%

100%

2.1.11.

Gas Sumbawa Maritime Pte. Ltd.

Singapore

100%

100%

2.2.

BLT LNG Tangguh Corporation

3.

Asean Maritime Corporation

3.1.

Gold Bridge Shipping Corporation

3.1.1.

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Investment holding

100%

100%

100%

100%


Investment holding

100%

100%

Bauhinia Navigation S.A.

Panama

100%

100%

3.1.2.

Cempaka Navigation S.A.

Panama

100%

100%

3.1.3.

Gold Bridge Shipping Ltd.

Hong Kong

Owner and operator of vessel Owner and operator of vessel Shipping agency

100%

100%

3.1.3.1

BLT Shipping Shanghai Co. Ltd.

Shipping agency

100%

100%

3.1.4.

Great Tirta Shipping S.A.

100%

100%

3.1.4.1.

Dewayani Maritime Pte. Ltd.

100%

100%

3.1.5.

Hopeway Marine Inc.

Panama

100%

100%

3.1.6.

Lestari International Shipping S.A.

Panama

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel

100%

100%

3.1.6.1.

Gandini Maritime Pte. Ltd.

100%

100%

3.1.7.

Quimera Maritime S.A.

Panama

100%

100%

3.1.8.

South Eastern Overseas Navigation S.A.

Panama

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel

100%

100%

3.1.9.

Zenith Overseas Maritime S.A.

Panama

100%

100%

3.1.9.1.

Gandari Maritime Pte. Ltd.

100%

100%

3.1.10.

Zona Shipping S.A.

100%

100%

3.1.10.1.

Dewi Sri Maritime Pte. Ltd.

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel

100%

100%

Marshall Islands Labuan, Malaysia

China Panama Singapore

Singapore

Singapore Panama Singapore

- 24 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Percentage of Ownership and Voting Power Held Subsidiary 3.1.11. Dahlia Navigation S.A.

Domicile

2009

2008

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Investment holding

100%

100%

China

Storage service

100%

100%

Panama

Shipping agency

100%

100%

Owner and operator

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Panama

Type of Business Owner and operator of vessel

3.1.12. Eglantine Navigation S.A.

Panama

Owner and operator of vessel

3.1.13. W ulansari Maritime Pte. Ltd.

Singapore


3.1.14. Yanaseni Maritime Pte. Ltd.

Singapore


3.1.15. Indradi Maritime Pte. Ltd.

Singapore


3.1.16. Gold Bridge Logistic Ltd. 3.1.16.1 Beihai New Resources Logistic

Hong Kong

Corporation 3.1.17. Gold Bridge Shipping Agencies S.A. 3.1.18. Elite Bauhinia Navigation Pte. Ltd.

Singapore

of vessel 3.1.19. Cempaka Navigation Pte. Ltd.

Singapore


3.1.20. Dahlia Navigation Pte. Ltd.

Singapore


3.1.21. Freesia Navigation S.A.

Panama


3.1.22. Gerbera Navigation S.A.

Panama


3.1.23. Mustokoweni Maritime Pte. Ltd.

Singapore


3.1.24. Ulupi Maritime Pte. Ltd.

Singapore


3.1.25. Erowati Maritime Pte. Ltd.

Singapore


3.1.26. Gas Papua Maritime Pte. Ltd.

Singapore


3.1.27. Rasawulan Maritime Pte. Ltd.

Singapore


3.1.28. Gas Sulawesi Maritime Pte. Ltd.

Singapore


3.1.29. Tribuana Maritime Pte. Ltd.

Singapore


3.1.30. Gagarmayang Maritime Pte. Ltd.

Singapore


3.1.31. Prita Dewi Maritime Pte. Ltd.

Singapore


3.1.32. Purwati Martime Pte. Ltd.

Singapore


3.1.33. Trijata Maritime Pte. Ltd.

Singapore


3.1.34. Pradapa Maritime Pte. Ltd.

Singapore


3.1.35. Pergiwati Maritime Pte. Ltd.

Singapore


3.1.36. Badraini Maritime Pte. Ltd.

Singapore


3.1.37. Barunawati Maritime Pte. Ltd.

Singapore


3.1.38. Gas Maluku Maritime Pte. Ltd.

Singapore


3.1.39. Barawati Maritime Pte. Ltd.

Singapore


- 25 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Percentage of Ownership and Voting Power Held Subsidiary 3.1.40.

Gas Bali Maritime Pte. Ltd.

Domicile Singapore

Type of Business Owner and operator

2009

2008

100%

100%

100%

100%

100%

100%

of vessel 3.1.41.

Eustoma Navigation S.A.

Panama


3.1.42.

Puspawati Maritime Pte. Ltd.

Singapore


3.1.43.

Diamond Flow Ltd.

Hong Kong

Investment holding

100%

100%

3.1.44.

Likabula International Limited

Hongkong

Investment holding

100%

100%

3.1.45.

Richesse International Corp.

British Virgin

Investment holding

100%

100%

Investment holding

100%

100%

Storage and sale of

100%

100%

100%

100%

100%

100%

Investment holding

100%

100%

Islands 3.1.45.1

Richesse Logistics (International)

Hong Kong

Ltd. 3.1.45.1.1

Richesse Logistics (Fangcheng

China

Port) Co. Ltd. 3.1.46

Hyacinth Navigation S.A.

chemical products Panama


3.1.47

Irish Maritime International S.A

Panama


3.2.

BLT Chembulk Corp. BVI


3.2.1

Chembulk Tankers LLC

Marshall Islands

Investment holding

100%

100%

3.2.1.1

Chembulk Trading II LLC

Marshall Islands

Owner and operator of

100%

100%

Ship management

100%

100%

The Netherlands

Ship management

100%

100%

Singapore

Ship management

100%

100%

Brazil

Ship management

100%

100%

Owner and operator

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

vessel 3.2.1.2

Chembulk Management LLC

United States of America

3.2.1.3

Chembulk Management B.V.

3.2.1.4

Chembulk Management Pte. Ltd.

3.2.1.5

CBL Tankers Do Brazil Ltd.

3.2.2

Chembulk Barcelona Pte. Ltd.

Singapore

of vessel 3.2.3

Chembulk Gibraltar Pte. Ltd.

Singapore


3.2.4

Chembulk Hong Kong Pte. Ltd.

Singapore


3.2.5

Chembulk Houston Pte. Ltd.

Singapore


3.2.6

Chembulk Kobe Pte. Ltd.

Singapore


3.2.7

Chembulk New York Pte. Ltd.

Singapore


3.2.8

Chembulk Savannah Pte. Ltd.

Singapore


3.2.9

Chembulk Shanghai Pte. Ltd.

Singapore


3.2.10

Chembulk Ulsan Pte. Ltd.

Singapore


3.2.11

Chembulk Virgin Gorda Pte. Ltd.

Singapore


3.2.12

Chembulk Yokohama Pte. Ltd.

Singapore


3.2.13

Chembulk New Orleans Pte. Ltd.

Singapore


3.3.

BLT International Corporation

3.4.

Nevaeh Limited

Hongkong

Investment Holding

100%

-

British Virgin

Investment Holding

100%

-

Owner and operator

100%

100%

100%

100%

Island 4.

PT Banyu Laju Shipping

Indonesia

of vessel 4.1.

Banyu Laju Corporation

Labuan, Malaysia

- 26 -

Investment holding

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Percentage of Ownership and Voting Power Held Subsidiary 5.

Domicile

PT Brotojoyo Maritime

Type of Business

Indonesia

Owner and operator

2009

2008

100%

100%

of vessel 5.1.

PT Gemilang Bina Lintas Tirta

Indonesia

Operator of vessel

100%

100%

5.1.1.

PT Karya Bakti Adil

Indonesia

Crew Agency

100%

100%

6.

PT Buana Listya Tama

Indonesia

Owner and operator

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

-

100%

-

100%

-

of vessel 6.1.

PT Anjasmoro Maritime

Indonesia


6.2.

PT Pearl Maritime

Indonesia


6.3.

PT Ruby Maritime

Indonesia


6.4.

PT Sapphire Maritime

Indonesia


6.5.

PT Citrine Maritime

Indonesia


6.6.

PT Diamond Maritime

Indonesia


6.7.

PT Emerald Maritime

Indonesia


6.8.

PT Jade Maritime

Indonesia


6.9.

PT Onyx Maritime

Indonesia


6.10.

PT Topaz Maritime

Indonesia


6.

7.

PT Bayu Lestari Tanaya

Indonesia

Shipping agency

100%

100%

7.1

PT Berlian Dumai Logistics

Indonesia

General Trading

100%

100%

8

PT BLT International Group

Indonesia

Investment holding

100%

-

PROPERTY, VESSELS AND EQUIPMENT

Cost/ Valuation : Owned vessels Leased vessels Vessels under construction Others : Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Building in progress Advance for purchase of vessels Total Accumulated depreciation: Owned vessels Leased vessels Others : Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Net Carrying Amount

January 1, 2009 US$'000

Exchange Difference US$'000

1,915,733 360,604 78,485

-

Additions US$'000

Deductions US$'000

Reclassifications US$'000

30,855 35,895 96,719

51,433 2,090 -

92,641 (24,611) (68,030)

222 48 912

52 1

-

Revaluations US$'000 (35,555) 11,504 -

December 31, 2009 Cost Valuation US$'000 US$'000

Total US$'000 1,952,241 381,302 107,174

107,174

1,952,241 381,302 -

-

1,625 1,919 4,056

1,625 1,919 4,056

-

-

885 2,846 20,767 46,905

885 2,846 20,767 46,905

-

2,519,720

186,177

2,333,543

1,405 1,923 3,149

(2) (4)

863 2,846 12,248 -

-

22 8,519 46,905

-

(6)

220,097

53,576

-

119,279 14,310

2,133 -

-

-

490,241 31,302

(3) (7)

25 226 589

39 1

-

-

1,224 1,150 2,581

-

107 396

-

-

-

574 673

134,932

2,173

-

-

527,745

2,377,256

373,095 16,992 1,202 963 2,000 467 277 394,996

(10)

1,982,260

-

(24,051)

1,991,975

- 27 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued)

Cost/ Valuation : Owned vessels Leased vessels Vessels under construction Others : Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Building in progress Total Accumulated depreciation: Owned vessels Leased vessels Others : Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Net Carrying Amount

January 1, 2008 US$'000

Exchange Difference US$'000

1,773,919 329,039 59,014

52

216,528 91,952 190,621

1,325 1,921 2,625

80 (1)

26 542

75 -

99 17

-

803 2,244 1,847

2 -

58 102 -

10,401

-

500 -

2,172,737

133

499,829

10,476

191,015

-

271,919 5,039

-

112,948 15,654

-

15,473 -

Additions US$'000

Additions from Acquisition US$'000 -

Deductions US$'000 190,899 -

Reclassifications Revaluations US$'000 US$'000 238,777 (68,075) (171,202)

3,701 (3,701)

(122,592) 7,688 -

December 31, 2008 Cost Valuation US$'000 US$'000

Total US$'000 1,915,733 360,604 78,485

78,485

1,915,733 360,604 -

-

1,405 1,923 3,149

1,405 1,923 3,149

-

-

863 2,846 12,248

863 2,846 12,248

-

2,377,256

100,919

2,276,337

(114,904)

-

373,095 16,992

1,116 812 1,680

68 (2)

18 245 333

5 -

99 11

-

-

1,202 963 2,000

407 138

1 -

59 139

-

-

-

-

467 277

281,111

67

129,396

5

15,583

-

-

1,891,626

394,996 1,982,260

The vessels are stated at their revalued amount being the fair value as of December 31, 2009 and 2008, reviewed by management, and supported by an independent professional valuation carried out on January 15, 2010 and December 31, 2008, respectively. Had the vessels been carried at historical cost less accumulated depreciation and impairment, their carrying values would have been approximately US$ 1,787,573 thousand and US$ 1,913,642 thousand as of December 31, 2009 and 2008, respectively. The Company and its subsidiaries completed the sale of two vessels in 2009 and five vessels in 2008. In conjunction with the sale, the Company and its subsidiaries entered into lease agreements with the purchasers to lease back one vessel in 2009 and four vessels in 2008 for a period of 12 years. After an evaluation of the terms and substance of the leaseback, the Company’s Directors are satisfied that substantially all the risks and rewards incidental to ownership of the vessels have been transferred to and rest with the purchaser-lessor and accordingly recognized the gain on the sale and leaseback transactions. Details of the sale of vessels, which were made with third parties, are as follows:

2009 US$'000

2008 US$'000

Selling price of vessels Less deferred income

50,118 -

230,500 (2,500)

Fair value Net carrying amount

50,118 49,300

228,000 (175,426)

Subtotal Commission

818 (71)

52,574 (1,685)

Gain on sale of vessels - net

747

50,889

Gain (Loss) on ordinary sales Gain on sale and leaseback

(1,735) 2,482

Gain on sale of vessels - net

747

- 28 -

3,470 47,419 50,889

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) The excess of the selling price over the fair value of the vessels sold and leased back of US$ 2,500 thousand in 2008 is accounted for as deferred income and amortized over the lease term. Details of the deferred income are as follows:

2009 US$'000

2008 US$'000


2,500 234

2,500 26


2,266 208

2,474 208

Non-current portion

2,058

2,266

Amortization of deferred income of US$ 208 thousand in 2009 and US$ 26 thousand in 2008, are accounted for as reduction of charter expenses. Also, in connection with the lease agreements, the Company and its subsidiaries paid non-interest bearing security deposits of US$ 22,195 thousand in 2008. The difference of US$ 7,164 thousand in 2008 between the nominal value of the non-interest bearing deposit and its fair value is considered as deferred rent and amortized on a straight-line basis over the lease term. Details of the deferred rent are as follows:

2009 US$'000

2008 US$'000


7,164 687

7,164 90


6,477 597

7,074 597

Non-current portion

5,880

6,477

Amortization of deferred rent of US$ 597 thousand and US$ 90 thousand in 2009 and 2008, respectively, are included under charter expenses. Vessel depreciation expense charged to operations is US$ 133,589 thousand and US$ 128,602 thousand in 2009 and 2008, respectively. Vessels and equipment with carrying amount of US$ 1,724 million and US$ 1,735 million as of December 31, 2009 and 2008, respectively, were used as collateral to guarantee obligations under finance lease, long-term loans from financial institutions, short-term bank loans and standby letter of credit facility (Notes 17, 20, 25 and 43d). Vessels under construction as of December 31, 2009 and 2008 consist of thirteen vessels and fifteen vessels, respectively, which are estimated to be completed between 2010 to 2011 (Note 43c). Advances for purchase of vessels represent advance payments on the purchase of three second hand vessels. Building in progress represents construction of chemical storage tanks and related facilities. For the year ended December 31, 2008, the Company and its subsidiaries changed their estimate of residual values of vessels based on an independent professional valuation. This change resulted to a net increase in depreciation expense by US$ 3,080 thousand in 2008.

- 29 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) For the year ended December 31, 2009, management has determined that there is no change necessary in its estimate of residual values. 7.

GOODWILL

2009 US$'000

2008 US$'000

Goodwill at beginning of year Less impairment during the year

75,739 -

84,286 (8,547)

Goodwill at end of year

75,739

75,739

Goodwill represents the excess of the cost of acquisition over the Company’s interest in the fair value of the assets and liabilities of the acquired subsidiaries. The Company and its subsidiaries test goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. For impairment testing purposes, goodwill has been allocated principally to the lowest level of cash generating units determined by the Company that is expected to benefit from the business combination. The recoverable amounts of the cash-generating units are determined from value in use calculations. The key assumptions for the value in use calculations are those regarding the discount rate, growth rates and expected changes to selling prices and direct costs during the year. Management estimates the discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the cash-generating unit. The growth rates are based on industry growth forecasts. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market. The Company and its subsidiaries prepare cash flow forecasts derived from the most recent financial budgets approved by management. The rate used to discount the forecast cash flows from the cash generating units is the average borrowing rate at the end of the reporting period as adjusted to estimate the rate that the market would expect from the investment. This rate does not exceed the average long-term growth rate for the relevant markets. In 2008, the Company and its subsidiaries recognized impairment of goodwill amounting to US$ 8,547 thousand (Note 35). 8.

INVESTMENTS IN ASSOCIATES

2009 US$'000

2008 US$'000

Cost Long-term receivables Total interest in associates Less: Share of post-acquisition loss Return of capital

91,037 2,323 93,360

24,806 2,323 27,129

(8,835) (8,400)

(18,456) (8,400)

Total

76,125

- 30 -

273

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Details of the associates are as follows: Name of Associate

Place of Incorporation

PT Berlian Limatama Indonesia Briliant Hero Industrial Hongkong Limited Teekay BLT Corporation Marshall Islands Thai Petra Transport Co. Ltd. Thailand Jiangsu Xinrong Shipyard Company Limited China

Percentage of Ownership and Voting Power Held 2009 2008 % %

Place of Operation

Nature of Business

Indonesia Hongkong

Cargo shipping services Investment holding

50 45

50 -

Indonesia Thailand

Cargo shipping services Port services (agency) Ship repair, conversion and steel structure

30 30

30 30

21.80

-

China

In 2009, Asean Maritime Corporation acquired 45% ownership in Brilliant Hero Industrial Limited and an effective ownership of 21.80% in Jiangsu Xinrong Shipyard Company Limited through the acquisition of 100% ownership in Nevaeh Limited, an investment holding company, at an acquisition cost of US$ 66,231 thousand. In a Joint Unanimous Written Consent executed on June 23, 2008, the Board of Directors and Shareholders of Teekay BLT Corporation have determined that the existing stated capital of Teekay BLT Corporation is in excess of its capital requirements, and determined further that the amount of the stated capital be reduced proportionately among the shareholders by US$ 28 million. As a result, the subsidiary received a total amount of US$ 8,400 thousand from Teekay BLT Corporation as a return of capital. The percentage of ownership of the subsidiary in Teekay BLT Corporation did not change. The share of changes in Teekay BLT Corporation’s equity of US$ 4,158 thousand as of December 31, 2007 was charged to profit and loss in 2008. In 2008, the Company and its subsidiaries discontinued recognizing their share of net losses in excess of the total interest in Teekay BLT Corporation. Unrecognized losses as at December 31, 2008 amounted to US$ 2,544 thousand. In 2009, the Company and its subsidiaries resumed recognizing their share in the net profit of Teekay BLT Corporation amounting to US$ 9,553 thousand. Summarized financial information in respect of the Company and its subsidiaries’ associates is set out below: 2009 2008 US$'000 US$'000

Total assets Total liabilities

532,936 449,680

400,144 415,644

Net assets (liabilities)

83,256

(15,500)

Company and subsidiaries' share of associates' net assets (liabilities)

40,010

(4,607)

Revenue

37,700

Profit (Loss) for the year

36,315

(56,218)

9,621

(18,524)

Company and subsidiaries' share of associates' profit (loss) for the year

- 31 -

651

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 9.

INVENTORIES Inventories mainly consist of bunker fuel.

10. TRADE ACCOUNTS RECEIVABLE

2009 US$'000

2008 US$'000

Related parties Third parties

129,976

982 95,692

Total

129,976

96,674

Before accepting any new customer, the Company and its subsidiaries assess the potential customer’s credit quality. Of the trade accounts receivable balance at the end of 2009 and 2008, US$ 6,241 thousand and US$ 13,142 thousand, respectively, is due from PT Pertamina (Persero) (Pertamina), the Company’s largest customer (see Notes 41D and 43). The table below shows the aging of past due but unimpaired trade receivables:

2009 US$'000 1 - 60 days 60 - 120 days 120 - 180 days More than 180 days Total

2008 US$'000

47,305 26,227 13,864 18,694

42,235 17,889 8,326 2,652

106,090

71,102

The Company and subsidiaries do not hold any collateral over these balances. Based on a review of the status of the individual receivable accounts at the end of the year, the Company’s management determined that there has not been a significant change in the credit quality and that all trade accounts receivable are collectible. Accordingly, no allowance for doubtful accounts was provided. 11. AVAILABLE-FOR-SALE INVESTMENTS Available-for-sale investments consist of funds under investment management and investments in mutual funds, and are carried at fair value as follows: 2009 US$'000

2008 US$'000

Funds under investment management Mutual funds

44,639 259

129,217 169

Total

44,898

129,386

The Company entered into an Investment Management Contract Service Agreement with PT Danatama Makmur, to manage funds which will be partly or wholly invested in cash, time deposits, bonds, notes payable, shares of stock, foreign currency, convertible bonds, warrants, options, derivative contracts and other securities including collective investment scheme. As of December 31, 2009 and 2008, the fair value of the investment portfolio amounted to US$ 11,708 thousand and US$ 13,003 thousand, respectively.

- 32 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) The Company and its subsidiaries also entered into an Investment Management Agreement with First Strategic Advisors Inc. to manage an investment portfolio of the Company and its subsidiaries, which may be placed in cash, securities and other investments. As of December 31, 2009 and 2008, the fair value of the investment portfolio amounted to US$ 9,070 thousand and US$ 67,943 thousand, respectively. The Company’s subsidiaries entered into an Investment Management Agreement with UBS AG to manage an investment portfolio. As of December 31, 2009 and 2008, the fair value of the investment portfolio amounted to US$ 61 thousand and US$ 48,271 thousand, respectively. The Company entered into an Investment Management Agreement with PT Andalan Artha Advisindo Sekuritas in 2009 to manage funds which will be invested in government securities, corporate bonds, mutual funds and money market securities. As of December 31, 2009, the fair value of the investment portfolio amounted to US$ 23,800 thousand. 12. CASH

2009 US$'000

2008 US$'000

Cash on hand Cash in banks and time deposits

992 117,740

860 64,390

Total

118,732

65,250

0.03% - 3.00% 5.75% - 6.90% 0.825% -

0.08% - 5.00% 6.75% - 9.25% 0.825% 3.33%

Interest rates per annum on time deposits U.S. Dollar Rupiah Singapore Dollar Renminbi 13. SHARE CAPITAL

The Company has authorized capital stock of 14,676,480,000 ordinary shares with par value of Rp 62.50 per share. Movements in share capital are as follows:

2009 US$'000

2008 US$'000

Balance at beginning of the year Issuance of shares through rights issue Exercise of warrants

62,191 8,745 -

59,348 2,843

Balance at end of the year

70,936

62,191

Details of the Company’s number of shares outstanding (in full amounts) are as follows:

2009

2008

Balance at beginning of the year Issuance of new shares through rights issue Exercise of warrants

4,176,930,176 1,392,310,059 -

3,746,659,436 430,270,740

Balance at end of the year

5,569,240,235

4,176,930,176

- 33 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 44 dated June 30, 2009 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved the issuance of new shares through a Rights Issue with Pre-emptive Rights. The Company issued 1,392,310,059 new common shares at an exercise price of Rp 425 per share. 14. ADDITIONAL PAID-IN CAPITAL This account represents additional paid-in capital in connection with the following : US$'000 Balance of additional paid-in capital as of January 1, 2008 Issuance of shares through exercise of warrants

61,019 3,981

Balance of additional paid-in capital as of December 31, 2008 Issuance of shares through rights issue

65,000 50,001

Balance of additional paid-in capital as of December 31, 2009

115,001

15. TREASURY STOCKS At the Extraordinary General Meeting of Stockholders in May 2006, the stockholders approved to repurchase a maximum of 10% of the issued and paid-up shares, at a purchase price of Rp 2,750 per share. As of December 31, 2009 and 2008, the details of treasury stocks are as follows:

Number of shares Treasury stocks

412,351,000

Number of shares Treasury stocks

412,351,000

2009 Percentage to issued shares % 6.89 2008 Percentage to issued shares % 8.99

Cost US$'000 86,628

Cost US$'000 86,628

16. REVALUATION RESERVE

2009 US$'000

2008 US$'000

Balance at beginning of year Revaluation increase Revaluation decrease Transfer to retained earnings

234,454 67,303 (30,166) (35,920)

208,571 84,616 (58,733)

Balance at end of year

235,671

234,454

The revaluation reserve arises on the revaluation of vessels. Where revalued vessels are sold, the portion of the revaluation reserve that relates to that vessel, and is effectively realized, is transferred directly to retained earnings.

- 34 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 17. LONG-TERM LOANS FROM FINANCIAL INSTITUTIONS 2009 US$'000 At amortized cost: DnB NOR Bank, ASA, Singapore / Fortis Bank S.A./N.V. ING Bank N.V. / NIBC Bank Ltd. DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapore Bank Mandiri DVB Group Merchant Bank (Asia) Ltd., Singapore Indonesia Eximbank (formerly Bank Ekspor Indonesia) Bank Central Asia Mitsubishi UFJ Lease & Finance Co. Ltd. Bank Syariah Mandiri / Bank Syariah BRI / Bank Muamalat Indonesia / BPD Jatim Divisi Usaha Syariah DnB NOR Bank, ASA, Singapore / NIBC Bank Ltd. ING Bank N.V., Singapore Mount Gede LLC Bank UOB Indonesia Dialease Maritime S.A., Japan The Royal Bank of Scotland Plc

2008 US$'000

572,765

652,097

80,029 47,351 41,864 36,407 33,803 28,168

82,251 22,259 26,666 -

18,735 18,960 11,883 7,800 7,680 6,423 -

13,853 9,093 7,706 1,011

Total Current maturities

911,868 140,414

814,936 97,943

Long-term portion - Net

771,454

716,993

The ranges of average interest rates per annum are as follows:

U.S. Dollar Fixed Variable

Rupiah Fixed Japanese Yen Variable

2009

2008

7.75% 0.7% - 4% above LIBOR/ SIBOR

0.7% - 2.5% above LIBOR/ SIBOR

9.64% - 14.5%

10.25% - 13.0%

2% above JPY LIBOR

-

The details of the loans are as follows: A. In June 2008, a subsidiary obtained a secured term loan facility from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. with a maximum credit of US$ 165 million for general working capital purposes. The loan is payable in 20 quarterly installments until 2013 and bears interest rate at LIBOR plus certain percentage, which is paid between 1 - 6 months. The loan is secured by the vessels of certain subsidiaries. In December 2007, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank ASA acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing in relation to the acquisition of the vessels and for general working capital purposes. The facilities consist of: •

Facility A, which is a term loan facility in US Dollars in the aggregate amount equal to the facility commitment of US$ 400 million. This facility shall be repaid in 40 consecutive quarterly installments of US$ 8 million for the 1st to 39th installments, and US$ 88 million for the 40th installment. Interest rate is at LIBOR plus certain percentage depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.

- 35 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) •

Facility B, which is a reducing revolving loan facility in US Dollars in the aggregate amount equal to the facility commitment of US$ 100 million. This facility is payable in 20 quarterly installments of US$ 5 million until 2012. Interest rate is at LIBOR plus certain percentage depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.

Those facilities are collateralized by the subsidiaries’ vessels. The loans are also secured with corporate guarantee from the Company and Gold Bridge Shipping Corporation. In March 2007, certain subsidiaries obtained a loan with maximum credit of US$ 65 million. This loan is payable in thirty-two (32) quarterly installments until 2015 and is collateralized by corporate guarantees from the Company and Gold Bridge Shipping Corporation, a subsidiary, and the subsidiaries’ vessels. Interest rate is at LIBOR plus certain percentage, which is paid between 1 - 3 months. B. In November 2008, certain subsidiaries obtained a senior secured revolving credit facility from DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore Branch with a maximum credit of US$ 114 million. The credit facility shall be reduced quarterly by one-fortieth th (1/40 ) of such amount. The balance of all outstanding drawings is due to be paid in 2015. Interest rate is at LIBOR plus certain percentage, which is paid between 1 – 6 months. This loan is secured by the following: (a) subsidiaries’ vessels, (b) assignment of insurances, earnings and requisition compensation of the subsidiaries’ vessels, (c) a guarantee and indemnity from the Company, (d) bank accounts, money market accounts, dealer deposit accounts and other accounts of the subsidiaries established with Nordea Bank Finland Plc, and (e) a pledge on the shares of the subsidiaries. C. In May 2009, the Company obtained a financing facility from Bank Mandiri with a maximum credit amount of Rp 500 billion payable in 18 quarterly installments until 2013. This loan is collateralized by the Company and certain subsidiaries’ vessels. Interest rate is at certain fixed percentage, which is paid monthly. D. In March 2009, a subsidiary obtained a loan from DVB Group Merchant Bank (Asia) Ltd. with a maximum credit of US$ 27 million. This loan is payable in 20 quarterly installments until 2014 and collateralized by a corporate guarantee from the Company and a subsidiary’s vessel. Interest rate is at LIBOR plus certain percentage, which is paid quarterly. In September 2005, subsidiaries obtained a loan from DVB Group Merchant Bank (Asia) Ltd., Singapore with maximum credit of US$ 43 million. This loan is payable in 32 quarterly installments until 2013 and collateralized by the corporate guarantee from the Company and the subsidiaries’ vessels. Interest rate is at LIBOR plus certain percentage depending on the loan to value percentage, which is paid between 1 - 3 months. E. In March 2009, the working capital facility loan with a maximum credit of Rp 400 billion from Indonesia Eximbank (formerly Bank Ekspor Indonesia) was changed to an export facility loan and the maturity date was extended to March 2014 (see Note 25F). This loan is payable in 20 quarterly installments and secured by the subsidiaries’ vessels. Interest rate is at certain fixed percentage, which is paid monthly. F. In March 2009, the short-term working capital facilities with a total maximum credit of Rp 170 billion from Bank Central Asia that are due to be paid on April 2009 were changed to become an installment loan facility. This loan is payable in monthly installments until 2012 and bears interest at a certain fixed percentage, which is payable monthly (see Note 25H).

- 36 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) In November 2006, the Company obtained an investment credit facility with a maximum credit of US$ 34 million from Bank Central Asia. This loan is payable in 84 monthly installments until 2013 and collateralized by a subsidiary’s vessel. Interest rate is at SIBOR plus certain percentage, which is paid monthly. In January 2005, the Company obtained an investment credit facility with maximum credit of Rp 125 billion, due in 5 years. Interest rate for this loan is set at 10.25% - 13% per annum, which is paid monthly. The loans are collateralized by certain vessels and pledge of the Company’s shares owned by PT Tunggaladhi Baskara. In April 2008, all of the pledged shares were no longer used as collateral. This loan was paid in January 2010. G. In September 2009, a subsidiary obtained a mortage loan from Mitsubishi UFJ Lease & Finance Co. Ltd. in the amount of JPY 2,537 million (equivalent to US$ 28,431 thousand). This loan is payable in 84 monthly installments with a balloon payment of JPY 1,551 million on the last repayment date. Such loan is secured by the subsidiary’s vessel and corporate guarantees by the Company and Gold Bridge Shipping Corporation. Interest rate is at Yen LIBOR plus a certain percentage. H. In December 2009, certain subsidiaries obtained long-term investment loan facilities under Syariah (Qardh dan Murabahah) scheme from Bank Syariah Mandiri (as lead manager), Bank Syariah BRI, Bank Muamalat Indonesia, and BPD Jatim Divisi Usaha Syariah with a total maximum credit of Rp 180 billion. These loan facilities are payable in 20 quarterly installments with balloon payments in the total amount of Rp 20 billion on the last repayment date. Such loans are collateralized, among others, by the subsidiaries’ vessels and a corporate guarantee from the Company. Indicative return is at certain fixed percentage, which is payable quarterly. I.

In April 2009, certain subsidiaries obtained a loan from Dnb NOR Bank ASA, Singapore and NIBC Bank Ltd. with a maximum credit of US$ 31.5 million. The loan is payable in 16 quarterly installments until 2013 and secured by the subsidiaries’ vessels. Interest rate is at LIBOR plus certain percentage, which is paid quarterly.

J.

In November 2005, subsidiaries obtained loan facilities from ING Bank N.V., Singapore with a maximum credit of US$ 19,900 thousand. These loan facilities are payable in semi-annual installments until November 2015 and collateralized by the subsidiaries’ vessels. Interest rate is at LIBOR plus certain percentage, which is paid monthly.

K. Loan obtained from Mount Gede LLC is a Secured Junior Term Loan Facility with maximum credit of US$ 7,800 thousand. The loan is secured by a registered mortgage over the subsidiaries’ vessels and a guarantee by the Company. Such loan shall be repaid in full on December 31, 2011. Interest rate is at certain fixed percentage. L. In October 2006, the Company obtained an investment credit facility from Bank UOB Indonesia with a maximum credit of US$ 12 million, payable in 20 quarterly installments until 2011. The loan is secured by a subsidiary’s vessel and an assignment of earnings from Pertamina in respect of the vessel used as collateral. Interest rate is at SIBOR plus certain percentage, which is paid every three months. In February 2009, the above investment credit facility was reviewed and the Company obtained a Term Loan Facility amounting to US$ 8,760 thousand, payable in 10 quarterly installments of US$ 360 thousand each and a final installment payment of US$5,160 thousand upon maturity in October 2011. Such facility is secured by a registered mortgage on a subsidiary's vessel and the assignment of accounts receivable from Pertamina in respect of the vessel used as collateral. M. In December 2004, a subsidiary obtained loan from Dialease Maritime S.A., Japan with maximum credit of JPY 1,347,250 thousand (equivalent to US$ 12,859 thousand). This loan is payable in 28 quarterly installments until 2011 and collateralized by corporate guarantee from the Company and the subsidiary’s vessel. Interest rate is at LIBOR plus certain percentage, which is paid quarterly.

- 37 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) N. In October 2007, the subsidiary (GBLT Shipmanagement UK Ltd.) obtained an investment credit facility with maximum credit of US$ 1,110 thousand from The Royal Bank of Scotland PLC. This loan is payable in 39 quarterly installments until 2016 and is collateralized by the subsidiary’s land and building and bears interest rate of the bank’s currency lending rate for United States Dollars plus certain percentage, which is paid quarterly. This loan was paid in full in August 2009. In relation to the above loan facilities, the Company and its subsidiaries are required to fulfill certain covenants, including among others, the maintenance of certain financial ratios. 18. BONDS PAYABLE

2009 US$'000

2008 US$'000

At amortized costs: Berlian Laju Tanker III Bond Berlian Laju Tanker IV Bond Sukuk Ijarah Sukuk Ijarah II Total Current maturities

74,016 42,181 21,147 10,523 147,867 6,355

63,411 18,117 81,528 -

Long-Term Portion - Net

141,512

81,528

Berlian Laju Tanker III Bond On July 5, 2007, the Company issued Rupiah Bonds amounting to Rp 700 billion with fixed interest rate at 10.35% per annum, payable every three months. The bonds are unsecured and have a term of 5 years, due on July 5, 2012. The bondholders’ right is pari-passu without preferential rights with other creditors of the Company. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with PT Bank Mandiri (Persero) Tbk as Trustee. On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk as Trustee and the appointment of PT CIMB Niaga Tbk as the new Trustee. On March 17, 2008, PT CIMB Niaga Tbk as the Trustee issued a notice for the Company’s failure to comply with one of the covenants under the Trustee Agreement, which is to maintain a ratio of Net Debt to Equity of not more than 2.5:1. On June 16, 2008, the Bondholders approved to amend the debt covenant on the Net Debt to Equity Ratio on the Trustee Agreement from 2.5:1 to 4.5:1 for the year ending December 31, 2008 and 3.5:1 after December 31, 2008 based on the Company’s statutory accounts prepared under generally accepted accounting principles in Indonesia. Berlian Laju Tanker IV Bond On May 29, 2009, the Company issued Rupiah Bonds amounting to Rp 400 billion, consisting of three series of bonds: (i) the Series A Bonds with a nominal value of Rp 60 billion bearing fixed interest rate of 14.25% per annum and are due on May 28, 2010, (ii) the Series B Bonds with a nominal value of Rp 150 billion, bear interest rate of 15.50% per annum and are due on May 28, 2012, and (iii) the Series C Bonds with a nominal value of Rp 190 billion, bearing fixed interest rate of 16.25% per annum and are due on May 28, 2014. Interest is paid every three months.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) These bonds are unsecured and the bondholders' right is pari-passu without preferential rights with other creditors of the Company. At any time after the first anniversary of the Bonds, the Company may redeem the Bonds at prevailing market price. The Company is also required to comply with several covenants, which include among others, a Net Debt to Equity ratio of 3.5:1. All of the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange with PT Bank CIMB Niaga Tbk as trustee. Sukuk Ijarah On July 5, 2007, the Company issued Sukuk Ijarah amounting to Rp 200 billion. The Sukuk Ijarah are unsecured and have a term of 5 years, due on July 5, 2012. The Sukuk Ijarah were offered under the condition that the Company shall pay to Sukuk Ijarah holders a sum of Ijarah Benefit Installment amounting to Rp 20,600 million per annum. The Sukuk Ijarah holders’ right is paripassu without preferential rights with other creditors of the Company. At anytime after the first anniversary of the Sukuk Ijarah, the Company may redeem the Sukuk Ijarah at prevailing market price. All of the Sukuk Ijarah were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with PT Bank Mandiri (Persero) Tbk as trustee. On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk Trustee and the appointment of PT Bank CIMB Niaga Tbk as the new Trustee. On March 17, 2008, PT Bank CIMB Niaga Tbk as the Trustee issued a notice for the Company’s failure to comply with one of the covenants under the Trustee Agreement, which is to maintain a ratio between Net Debt to Equity of not more than 2.5:1. On July 4, 2008, the Holders approved to amend the debt covenant on the Net Debt to Equity Ratio on the Trustee Agreement from 2.5:1 to 4.5:1 for the year ending December 31, 2008 and 3.5:1 after December 31, 2008 based on the Company’s statutory financial statements prepared under generally accepted accounting principles in Indonesia. Sukuk Ijarah II On May 29, 2009, the Company issued Sukuk Ijarah II amounting to Rp 100 billion, consisting of two series of bonds: (i) the Series A which has a total nominal value of Rp 45 billion, due on May 28, 2012 and entitle the holders a sum of Ijarah Benefit Installment of Rp 155,000 thousand per annum for every Rp 1 billion nominal amount, and (ii) the Series B which has a total nominal value of Rp 55 billion, due on May 28, 2014, and entitle the holders a sum of Ijarah Benefit Installment of Rp 162,500 thousand per annum for every Rp 1 billion nominal amount. These Sukuk Ijarah are unsecured and the holders' right is pari-passu with other creditors of the Company. At any time after the first anniversary of the Sukuk Ijarah II, the Company may redeem the Sukuk Ijarah at prevailing market price. The Company is also required to comply with several covenants, which include among others, a Net Debt to Equity ratio of 3.5:1 based on the Company’s statutory financial statements prepared under generally accepted accounting principles in Indonesia. All of the Sukuk Ijarah were sold at nominal value and are listed on the Indonesia Stock Exchange with PT Bank CIMB Niaga Tbk as trustee. 19. NOTES PAYABLE On May 4, 2007, BLT Finance B.V. (BLTF BV), a subsidiary, issued Guaranteed Senior Notes (the Notes) amounting to US$ 400 million with fixed interest of 7.5% per annum payable every six months in arrears commencing November 15, 2007. The Notes have a term of seven years and mature on May 15, 2014. The Notes were offered at 100% of the nominal value and are listed on the Singapore Stock Exchange Securities Trading Limited. The Notes are unconditionally and irrevocably guaranteed on a senior basis by the Company and certain subsidiaries.

- 39 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) The Notes may be redeemed at the option of BLTF BV as follows: i.

At anytime prior to May 15, 2011 up to 35% of the Notes with the net proceeds of one or more public equity offerings at a redemption price of 107.5% of their principal amount plus accrued and unpaid interest provided certain conditions are met; ii. On or after May 15, 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) as of, and accrued and unpaid interest if any, to the date of redemption; iii. On May 15, 2012 until May 14, 2013 all or part of the Notes at a redemption price equal to 103.75% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption; iv. On May 15, 2013 until May 14, 2014 all or part of the Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest if any, to the date of redemption, or v. At anytime in the event of certain changes affecting taxation in Indonesia or Netherlands, in whole at their principal amount plus all additional amounts due as of, and accrued and unpaid interest if any, to the date of redemption. In the occurrence of change in control, the holders of the Notes have the right to require BLTF BV to redeem all or some of the Notes at 101% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption. The Notes are designated as fair value through profit or loss on initial recognition because of the embedded call and put options. The fair value as of the reporting date is determined based on quoted market price and may not be reflective of the repurchase price that BLTF BV will have to pay on maturity or early redemption. The changes in carrying amount of the Notes are as follows:

2009 US$'000

2008 US$'000

Fair value at beginning of the year Changes in fair values (Note 35)

132,000 122,000

345,667 (213,667)

Less repurchase of Notes

254,000 (4,191)

132,000 -

Fair value at end of year

249,809

132,000

In 2009, certain subsidiaries of the Company invested in the Notes through an investment manager. 20. OBLIGATIONS UNDER FINANCE LEASE

2009 Present value Minimum lease of minimum payments lease payments US$'000 US$'000

2008 Present value Minimum lease of minimum payments lease payments US$'000 US$'000

Less than 1 year 1 - 2 years More than 2 years

34,090 193,191 76,457

32,572 167,319 61,606

95,699 133,882 43,686

88,152 118,502 36,874

Total Less future finance charges

303,738 42,241

261,497 -

273,267 29,739

243,528 -

Present value of minimum lease payments

261,497

261,497

243,528

243,528

The finance lease relates to lease of vessels with lease terms of 3 years to 10 years and where the subsidiaries have options to purchase the vessel for an amount below the expected fair values at the conclusion of the lease agreements. The subsidiaries’ obligations under finance lease are secured by the lessors’ title to the leased vessels and bear effective interest rates of 4% - 10%.

- 40 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) In 2009, the Company and its subsidiaries also reassessed and revised the estimated exercise dates of the purchase options on the leased vessels. This resulted to a decrease of US$ 2,090 thousand in the obligations under finance lease and a corresponding decrease in the carrying amount of the leased vessels. 21. OTHER LONG-TERM PAYABLE This account represents a loan of US$ 13 million owed to Teekay Corporation (formerly Teekay Shipping Corporation). The loan is payable in 22 semi-annual installments, unsecured, and bears annual interest of 8%, which is payable on a quarterly basis. 22. POST-EMPLOYMENT BENEFITS The Company provides post-employment benefits to its qualifying employees in accordance with Indonesian Labor Law No. 13/2003. The number of employees entitled to the benefits is 245 and 236 in December 31, 2009 and 2008, respectively. Amounts recognized in profit or loss in respect of these post-employment benefits are as follows:

2009 US$'000

2008 US$'000

Current service cost Interest costs Net actuarial losses Amortization of past service cost (non-vested) Past service cost

257 331 65 -

298 321 331 3 195

Total

653

1,148

The amounts included in the statements of financial position arising from the Company’s obligation in respect of these post-employment benefits are as follows: 2009 2008 US$'000 US$'000

Present value of unfunded obligations Unrecognized actuarial losses Net liability

5,326 (1,200)

3,624 (702)

4,126

2,922

Movements in the present value of unfunded obligations are as follows:

2009 US$'000

2008 US$'000

Beginning of the year Current service cost Interest cost Translation adjustment Actuarial (gain) loss Past service cost

3,624 257 331 788 326 -

3,967 298 321 (583) (574) 195

End of the year

5,326

3,624

<

- 41 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Movements in the net liability recognized in the consolidated statements of financial position are as follows:

2009 US$'000

2008 US$'000

Beginning of the year Employee benefits cost for the year (Note 32) Payments during the year Translation adjustment

2,922 653 (40) 591

2,276 1,148 (56) (446)

End of the year

4,126

2,922

The cost of providing post-employment benefits is computed using the following key assumptions: Discount rate Salary increment rate Mortality rate Resignation rate

: : : :

2009 and 2008: 10% and 12% per annum, respectively 2009 and 2008: 15% per annum 2009 and 2008: Mortality Table 2 of Indonesia 2009 and 2008: 10% per annum until age 36 then decreasing linearly to 0% until age 55

The history of experience adjustments is as follows:

2009 US$'000 Present value of unfunded obligations Experience adjustments

2008 US$'000

5,326 326

3,624 (574)

2007 US$'000 3,967 594

2006 US$'000 3,047 1,637

2005 US$'000 1,373 560

23. CONVERTIBLE BONDS On May 17, 2007, BLT Finance B.V. (BLTF BV), a subsidiary, issued Zero Coupon Guaranteed Convertible Bonds in denomination of US$ 100 thousand each and integral multiples of US$ 1,000, with aggregate principal amount of US$ 125 million. The bonds were issued at 100% of 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 Rp 62.50 each, from June 27, 2007 to April 17, 2012. The number of shares to be delivered on conversion will be determined, in respect of SGX-ST Listed Shares, by dividing the principal amount of the bond to be converted (translated at a fixed rate of SGD 1.5143 per US$ 1 or Rp 8,894 per US$ 1) by the conversion price in effect at the time of conversion date. The initial conversion price is SGD 0.4965 per share. In the event the shares to be delivered are Indonesian Listed Shares, the number of shares to be delivered 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 US Dollar and all the conversion price shall be translated from Rupiah to US Dollar. 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 August 2009, the Company issued a notice to bondholders that the conversion price be adjusted to SGD 0.4447 per share pursuant to the issuance of new shares through rights issue by the Company. The bonds may also be redeemed at the option of BLTF BV at their Early Redemption Amount (ERA), together with accrued and unpaid interest, in whole but not in part: i.

On or at anytime after May 17, 2009 but not less than 20 days prior to 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 at least 125% of ERA divided by the conversion ratio.

- 42 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) ii.

If the aggregate principal amount of the bonds is ten percent or less of the aggregate principal amount originally issued.

iii. At anytime in the event of certain changes relating 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 May 17, 2010, accordingly the convertible bonds were classified under current liabilities. The bondholders also have the right at their option to require BLTF BV to redeem the bonds at their ERA on occurrence of change in control or delisting of Company’s shares. ERA of the bonds, for each US$ 100 thousand principal amount, pertains to settlement before the maturity date at price ranging from US$ 102,625.00 to US$ 129,578.13, 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 bond at 129.58% of the principal amount on May 17, 2012. These bonds are designated as at fair value through profit and loss at issuance date. The fair value at the end of the reporting period 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:

2009 US$'000 Fair value at beginning of the year Changes in fair values (Note 35)

2008 US$'000

36,250 74,420

128,541 (92,291)

Less repurchase of Notes

110,670 (11,110)

36,250 -

Fair value at end of year

99,560

36,250

In 2009, certain subsidiaries of the Company invested in the Bonds through an investment manager. 24. DERIVATIVE FINANCIAL INSTRUMENTS The Company utilizes cross currency and interest rate swap contracts to manage exposure to foreign currency and interest rate movement and crude oil target redemption swaps to manage exposures in crude oil price volatility. Details of the derivative contracts are shown below: Notional amounts as at December 31, 2009 '000

Notional amounts as at December 31, 2008 '000

US$ 258,949 US$ 500,000

US$ 265,615 US$ 575,000

1,597 16,944

17,407 -

-

82,082 11,340

1,813 barrels

2,640 barrels

662

10,877

-

82,561

Total Less current portion

19,203 2,259

28,284 10,877

-

175,983 30,784

Non-current portion

16,944

17,407

-

145,199

Cross currency swaps Interest rate swaps Crude oil target redemption swaps

Fair value as at December 31, 2009 Asset Liability US$'000 US$'000

Fair value as at December 31, 2008 Asset Liability US$'000 US$'000

Cross currency swaps The cross currency swaps require periodic exchange of payments based on the Rupiah and US Dollar notional amounts and final exchange or net settlement of the notional (principal) amounts on the maturity of the contracts. The cross currency swaps outstanding as of December 31, 2009 mature between June 2010 and July 2012.

- 43 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Interest rate swaps The interest rate swaps require periodic exchange of floating and fixed interest payments on the US Dollar notional amounts and mature on January 2015. Crude oil target redemption swaps The crude oil target redemption swaps require periodic exchanges of payments on a notional quantity of crude oil barrels at each settlement date and mature between March 2010 and October 2010. The above 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. For accounting purposes, these contracts are not designated and documented as hedging instruments, and therefore hedge accounting is not applied. Gains and losses on these contracts recognized in earnings consist of the changes in fair value of the contract and the periodic net settlements of the related interest on the notional amount, details of which are as follows:

2009 US$'000

2008 US$'000

Net change in fair value Net settlements

166,902 (18,004)

(155,362) (7,817)

Net gain (loss) (Note 35)

148,898

(163,179)

25. SHORT-TERM BANK LOANS

2009 US$'000 At amortized cost: DVB Group Merchant Bank (Asia) Ltd. Bank Sumitomo Mitsui Indonesia Bank UOB Indonesia Bank Mizuho Indonesia DnB NOR Bank, ASA, Singapore/NIBC Bank Ltd./ Fortis Bank S.A/ING Bank N.V. Indonesia Eximbank (formerly Bank Ekspor Indonesia) Bank Mandiri Bank Central Asia Total Interest rates per annum during the year U.S. Dollar Fixed Variable

Rupiah Fixed Variable

- 44 -

2008 US$'000

18,437 17,000 15,958 13,830

17,000 13,699 11,872

-

50,000 36,530 31,963 15,525

65,225

176,589

15% 1.75% - 3.5% above LIBOR

1% - 1.75% above LIBOR/ SIBOR

15% 1.5% - 1.75% above cost of funds

8.9% - 14% -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) A. Loan obtained from DVB Group Merchant Bank (Asia) Ltd. is a secured term loan facility with a maximum credit of US$ 25 million. The loan is secured by a registered mortgage over certain subsidiaries’ vessels and a corporate guarantee by the Company. The loan is due on January 20, 2010 and interest rate is at LIBOR plus certain percentage which is payable monthly (Note 44c). B. Loan obtained from Bank Sumitomo Mitsui Indonesia is a revolving credit facility with maximum credit of Rp 150 billion or equivalent to US$ 17 million and is due on June 2010. This loan is collateralized by subsidiaries’ vessels. Annual interest rate is at cost of funds or LIBOR plus certain percentage, which is paid on a monthly basis. C. Loan obtained from Bank UOB Indonesia is a working capital credit facility with maximum credit of Rp 150 billion due on May 2010. This loan is secured by a subsidiary’s vessel and trade accounts receivable of M.T. Anjani with interest rate per annum at certain fixed percentage, which is paid monthly. D. Loan obtained from Bank Mizuho Indonesia is a time revolving loan with a total combined maximum credit of Rp 130 billion or its US Dollar equivalent, due on April 2010. Interest rate per annum is at the bank’s cost of funds or SIBOR plus certain percentage, which is paid between 7 - 30 days. E. The subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank, ASA, Singapore, Fortis Bank S.A/N.V, ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank, ASA acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing in relation to the acquisition of the vessels and for general working capital purposes. This loan is due on December 19, 2008 and is secured by the subsidiaries’ vessels, if the loan remains unpaid up to six months from utilization date. Interest rate is at LIBOR plus certain percentage, which is paid between 1 – 3 months. In 2008, the subsidiaries paid a total amount of US$ 200 million of the credit facility. As stated in the agreement dated December 18, 2008 (as amended on January 2, 2009), DnB NOR Bank, ASA, Singapore and NIBC Bank Ltd. as the remaining lenders agreed to partially extend the payment of the remaining loan amount of US$ 50 million to March 18, 2009. This loan was collateralized with certain subsidiaries vessels. In January 2009, the remaining US$ 50 million credit facility from DnB NOR Bank, ASA, Singapore and NIBC Bank Ltd. was further increased to US$ 75 million with Fortis Bank (Netherland) N.V. as additional lender. The loan was paid in full in March 2009. F. Loan obtained from Indonesia Eximbank (formerly Bank Ekspor Indonesia) is a working capital facility with maximum credit of Rp 400 billion and is due on March 28, 2009. The loan is secured by all of the Company’s tangible and intangible assets, which are already acquired or will be acquired in the future. Annual interest rate is at certain fixed percentage, which is paid monthly. In March 2009, the working capital facility loan was changed to an export facility loan and the maturity date was extended to March 2014 (see Note 17E). G. Loan obtained from Bank Mandiri is a short term loan facility with maximum credit of Rp 350 billion and is due on January 31, 2009. Annual interest rate is at certain fixed percentage, which is paid monthly. This loan was paid in full in January 2009.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) H. Loan obtained from Bank Central Asia is a vessel refinancing and working capital credit facilities with a total maximum credit of Rp 170 billion. Interest rate per annum is at certain percentage, which is paid on a monthly basis and is secured by the same collateral as the long-term loans. Bank Central Asia agreed to rollover these loan facilities to extend the maturity date to January 2009. In December 2008, Bank Central Asia approved another extension of the loan maturity to April 2009. In March 2009, such facilities were changed to become an installment loan facility that is due to be paid until 2012 (see Note 17F). 26. TRADE ACCOUNTS PAYABLE

2009 US$'000

2008 US$'000

Related parties Third parties

929 34,250

84 17,262

Total

35,179

17,346

The accounts payable to third parties represent liabilities to other shipping companies as agents, sub-agents and to suppliers for purchases of oil, fuel and spare parts, vessel equipment, and other disbursements. 27. TAXATION a. Details of taxes payable included in the consolidated statements of financial position are as follows:

2009 US$'000

2008 US$'000

Corporate income tax of the Company and its subsidiaries Income taxes Article 21 Article 23 Article 25 Article 26 Value added tax Final tax payable

4

6

516 14 4 4 343 72

767 69 3 11 690 60

Total

957

1,606

b. Details of tax expense included in the consolidated statements of comprehensive income are as follows:

2009 US$'000

2008 US$'000

Income tax of foreign and local subsidiaries Final tax on vessel revenue - Company Income tax on agency operations - Company Final tax on storage revenue and agency

664 161 44 92

735 192 49 40

Total

961

1,016

- 46 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) c. A reconciliation of tax expense included in the consolidated statements of comprehensive income and the amount computed by applying the applicable tax rates is as follows:

2009 US$'000 Operating revenues Final tax at 1.2% of gross revenues Tax effect of: Revenue of foreign subsidiaries not subject to tax Revenue of foreign subsidiaries subject to different final tax Revenue subject to different tax rate: Storage revenue Agency revenue (see below) Others

2008 US$'000

618,346

723,682

7,420

8,684

(6,606) 11

(7,811) 30

92 44 -

33 49 31

Total tax expense per consolidated statements of income

961

1,016

Tax on agency operating income is computed as follows: Agency revenue Non-taxable income

676 (517)

750 (576)

159

174

Taxable income

As of December 31, 2009 and 2008, no deferred tax liability has been recognized in respect of the temporary differences associated with undistributed earnings of subsidiaries because the Company is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. 28. ACCRUED EXPENSES

2009 US$'000

2008 US$'000

Vessel operating and docking Interest Others

35,276 9,037 1,034

28,994 4,486 1,156

Total

45,347

34,636

29. OPERATING REVENUES

2009 US$'000

2008 US$'000

Owned vessels Chartered vessels Agency fees Storage fees

502,834 113,518 1,201 793

524,622 197,782 677 601

Total

618,346

723,682

0.01% of the above operating revenues was made with related parties in 2008 (Note 38a).

- 47 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 30. VOYAGE EXPENSES

2009 US$'000

2008 US$'000

Fuel Port charges

112,640 63,447

164,901 67,764

Total

176,087

232,665

2009 US$'000

2008 US$'000

31. SHIP OPERATING EXPENSES

Salaries Spare parts Repairs and maintenance Insurance Lubricants Transportation Supplies Employees' meal allowances Processing of documents Others Total

56,140 12,765 13,175 8,669 7,528 5,897 3,474 2,816 2,791 7,605

47,191 15,264 5,475 7,438 8,082 6,473 3,814 3,127 3,596 7,349

120,860

107,809

32. GENERAL AND ADMINISTRATIVE

2009 US$'000

2008 US$'000

Salaries Professional fees Office expenses Transportation Depreciation Telecommunication Bank charges Pension benefits (Note 22) Representation Marketing Training and education Others

14,616 4,705 3,645 1,998 1,343 821 698 653 545 403 312 1,414

16,887 5,255 4,435 2,302 794 774 386 1,148 767 471 314 1,952

Total

31,153

35,485

- 48 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 33. FINANCE COSTS

2009 US$'000 Interest expense on: Bonds and notes Loans from banks and financial institution and other long-term payable Obligations under finance leases

2008 US$'000

41,434

39,897

45,450 21,637

58,445 17,484

Total borrowing cost for financial liabilities not classified as at fair value through profit or loss Profit sharing allocation and fees

108,521 2,993

115,826 3,044

Total

111,514

118,870

Interest expense includes interest on notes payable at fair value through profit and loss of US$ 30,417 thousand and US$ 30,083 thousand in 2009 and 2008, respectively. 34. INVESTMENT INCOME

2009 US$'000 Interest income from: Current accounts and others Time deposits

2008 US$'000

1,151 265

3,074 2,799

Total interest income Realized gain on available-for-sale investments

1,416 17,010

5,873 10,494

Total

18,426

16,367

The following is an analysis of investment income earned on financial assets, by category of asset. 2009 2008 US$'000 US$'000

Available-for-sale financial assets Loans and receivables (including cash and bank balances)

17,010 1,416

10,494 5,873

35. OTHER GAINS AND LOSSES

2009 US$'000

2008 US$'000

Change in fair value of convertible bonds and notes payable designated as at fair value through profit and loss (Notes 19 and 23) Net gain (loss) on derivative transactions (Note 24) Net revaluation decrease Foreign exchange loss - net Net gain on disposal of property, vessels and equipment (Note 6) Gain on insurance claim Impairment of goodwill (Note 7) Others - net

(196,420) 148,898 (61,188) (26,662) 762 215 735

305,958 (163,179) (199,520) (17,286) 50,907 809 (8,547) (4,374)

Total

(133,660)

(35,232)

- 49 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 36. EARNINGS PER SHARE Profit (Loss) for the year

2009 US$'000 Profit (Loss) for the year for the computation of basic earnings per share Unrealized fair value change of convertible bonds designated as FVTPL

2008 US$'000

(117,004) -

Loss for the year for the computation of diluted earnings per share

(117,004)

24,892 (92,291)

(67,399)

Earnings (Loss) Per Share

2009 US$'000

2008 US$'000

Net Residual Income (Loss) - Basic

(117,004)

24,892

Net Residual Loss - Diluted

(117,004)

(67,399)

2008

Weighted average of outstanding shares for the purposes of basic earnings (loss) per share (in full amount) Potential effect of dilutive common shares (in full amount): Convertible bonds Weighted average of outstanding shares for the purposes of diluted earnings (loss) per share (in full amount) Theoretical ex-rights value per share Fair value of common share before the exercise of rights Earnings (Loss) per share (in full amount) - Basic - Diluted

2009

As restated

As originally reported

5,109,770,193

4,781,577,306

4,176,930,176

-

436,432,063

381,243,706

5,109,770,193

5,218,009,369

4,558,173,882

Rp 751.25

-

-

Rp 860

-

-

(0.0229) (0.0229)

0.0052 (0.0129)

0.0060 (0.0148)

In 2009, the potential shares on convertible bonds are anti-dilutive and are therefore excluded from the weighted average number of shares for the purposes of diluted earnings per share. In relation with the Rights Issue carried out in 2009, the basic and diluted earnings per share in 2008 were restated to give effect to the bonus element of the Rights Issue.

- 50 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) In February 2010 and March 2010, BLT International Corporation, a subsidiary, issued US$ 100 million and US$ 25 million, respectively, 12% Guaranteed Convertible Bonds due 2015 (Note 44d). Such bonds are convertible into shares of the Company and would have changed the number of potential shares outstanding at the end of the reporting period had such bonds been issued before December 31, 2009. 37. DIVIDENDS AND APPROPRIATION FOR GENERAL RESERVES At the Annual General Meeting of Stockholders held on April 2009, the stockholders approved the declaration of dividends for 2008 amounting to Rp 5 per share (totaling US$ 2,082 thousand). At the General Meeting of Stockholders held on April 2008, the stockholders approved the declaration of dividends for 2007 amounting to Rp 50 per share (totaling US$ 22,876 thousand) and appropriate Rp 5,090,834 thousand (US$ 551 thousand) from retained earnings for general reserve. 38. NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES Nature of Relationship a. The ultimate controlling party of the Company and its subsidiaries is PT Bagusnusa Samudera Gemilang (Bagusnusa). b. PT Tunggaladhi Baskara is a major stockholder of the Company. c. Bagusnusa is the parent company of PT Tunggaladhi Baskara. The majority stockholder of Bagusnusa is Mr. Hadi Surya, one of the Company’s commissioners. d. Bagusnusa is the majority shareholder of PT Garuda Mahakam Pratama. e. Pan Union Agencies Pte. Ltd., Poseidon Elite Navigation Pte. Ltd. and Pan Union Shipping Pte. Ltd. are wholly-owned, directly or indirectly, by Ms. Siana Anggraeni Surya, one of the Company’s directors. f. PT Arpeni Pratama Ocean Line Tbk is owned by a close member of the family of Mr. Hadi Surya. Transactions with Related Parties In the normal course of business, the Company and its subsidiaries entered into certain transactions with related parties. These transactions included the following: a. Details of revenues from related parties are as follows:

2008 US$'000 Thai Petra Transport Co. Ltd. Pan Union Agencies Pte. Ltd.

57 3

Total

60

- 51 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) b. Expenses paid to related parties accounted for 0.62% and 1.10% of total operating expenses in 2009 and 2008, respectively. The details of expenses from related parties are as follows:

2009 US$'000

c.

2008 US$'000


1,528 571 63 11

2,314 1,510 311 8

Total

2,173

4,143

The remuneration of the Company’s key management (commissioners and directors) during the year are as follows: 2009 2008 US$'000 US$'000

Short-term benefits Post-employment benefits

1,495 287

1,650 531

Total

1,782

2,181

39. SEGMENT INFORMATION IFRS 8 requires operating segments to be identified on the basis of internal reports on components of the Company and its subsidiaries that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess their performance. The adoption of IFRS 8 in 2009 did not affect the identification of the Company and its subsidiaries’ reportable segments. For management reporting purposes, the Company and its subsidiaries are principally organized based on type of vessels chartered - chemical, gas, oil, and floating production, storage and offloading (FPSO). The following summary describes the operations in each of the reportable segments: a. Chemical tankers

: provides maritime transportation of liquid chemical (organic and nonorganic) and vegetable oil and animal fats.

b. Gas tankers

: provides maritime transportation of liquified gas, which include among others, LPG, propylene, propane and LNG.

c. Oil tankers

: provides maritime transportation of lubricating oil (base oil and additives), crude oil and petroleum products.

d. FPSO

: provides processing and storage of oil in the Salawati oil exploration field, Papua.

The accounting policies of the operating segments are the same as the accounting policies described in Note 3. Assets and liabilities that relate jointly to two or more operating segments are allocated to their respective segments, if and only if, their related revenues and expense are also allocated to those segments.

- 52 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 2009 Chemical US$'000

Gas US$'000

Oil US$'000

FPSO US$'000

Others * US$'000

Total US$'000


475,987

44,137

85,861

10,367

1,994

618,346


475,987

44,137

85,861

10,367

1,994

618,346

56,800 95,701

1,398 2,389

5,219 14,550

30 -

-

63,447 112,640

152,501

3,787

19,769

30

-

176,087

52,288

-

3,285

-

-

55,573

Ship operating expenses: Salaries Repairs and maintenance Spare parts Insurance Supplies Transportation Employees' meal allowances Processing of documents Lubricants Others

39,266 10,630 8,556 5,150 2,173 3,471 1,614 1,747 4,590 3,672

6,489 292 1,430 620 415 789 354 365 881 1,187

9,090 2,038 2,618 2,158 850 1,420 648 582 2,034 2,533

1,295 215 161 741 36 217 200 97 23 213

-

56,140 13,175 12,765 8,669 3,474 5,897 2,816 2,791 7,528 7,605


80,869 90,794

12,822 11,213

23,971 25,115

3,198 6,467

-

120,860 133,589

376,452

27,822

72,140

9,695

-

486,109

99,535

16,315

13,721

672

1,994

132,237

Segment expenses Voyage Expenses Port Charges Fuel Total Voyage Expenses Charter Expenses Vessel Depreciation and Ship Operating Expenses

Total segment expenses Segment result

Unallocated income and expenses Change in fair value of convertible bonds and notes payable Other gains and losses - net Finance costs Net revaluation decrease General and administrative expenses Investment income Share in profits of associates Loss before tax Tax expense

(196,420) 123,948 (111,514) (61,188) (31,153) 18,426 9,621 (116,043) (961)

Loss for the year

(117,004)

Other Information Capital additions Depreciation Assets Segment assets Unallocated Consolidated total assets

141,808 90,794

36,613 11,213

14,048 25,115

17,905 6,467

222 -

210,596 133,589

1,578,283

249,911

257,084

47,189

71

2,132,538 389,477 2,522,015

54,105

9,193

16,141

1,086

67

80,592 1,792,664

Liabilities Segment liabilities Unallocated Consolidated total liabilities

1,873,256

* Represents agency and storage services

- 53 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 2008 Chemical US$'000

Gas US$'000

Oil US$'000

FPSO US$'000

Others * US$'000

Total US$'000


534,417

37,378

139,629

10,980

1,278

723,682


534,417

37,378

139,629

10,980

1,278

723,682


60,798 137,806

1,383 4,118

5,555 22,977

28 -

-

67,764 164,901


198,604

5,501

28,532

28

-

232,665

33,660

-

3,294

-

-

36,954

Ship operating expenses: Salaries Repairs and maintenance Spare parts Insurance Supplies Transportation Employees' meal allowances Processing of documents Lubricants Others

33,405 3,837 9,435 4,024 2,576 3,986 2,016 2,348 5,470 3,963

4,442 289 1,506 475 389 764 361 345 845 1,000

8,385 1,297 4,063 2,147 782 1,444 601 880 1,742 2,020

959 52 260 792 67 279 149 23 25 366

-

47,191 5,475 15,264 7,438 3,814 6,473 3,127 3,596 8,082 7,349


71,060 79,537

10,416 6,959

23,361 36,440

2,972 5,666

-

107,809 128,602


382,861

22,876

91,627

8,666

-

506,030

Segment result

151,556

14,502

48,002

2,314

1,278

217,652

Charter Expenses Vessel Depreciation and Ship Operating Expenses

Unallocated income and expenses Change in fair value of convertible bonds and notes payable General and administrative expenses Finance costs Investment income Share in losses of associates Net revaluation decrease Impairment of goodwill Other gains and losses - net Profit before tax Tax expense

305,958 (35,485) (118,870) 16,367 (18,524) (199,520) (8,547) (133,123) 25,908 (1,016)

Profit for the year Other Information Capital additions Depreciation Assets Segment assets Unallocated

24,892

415,323 79,537

85,498 6,959

8,681 36,440

5,666

-

509,502 128,602

1,759,875

175,277

325,551

32,531

2,653

2,295,887 109,837

Consolidated total assets Liabilities Segment liabilities Unallocated Consolidated total liabilities

2,405,724

30,856

* Represents agency and storage services

- 54 -

3,452

15,171

831

253

50,563 1,685,837 1,736,400

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Geographical Information The Company is domiciled in Indonesia and its principal holding companies are domiciled in Malaysia. Management did not present an analysis of revenue from external customers attributed to the Company’s country of domicile and those attributed to all foreign countries in total from which the revenues are derived, because the necessary information is not available and the cost to develop it would be excessive. Information about non-current assets by geographical locations based on the domicile of the Company and its principal holding companies. 2009

Non-current assets Property, vessels and equipment - net Deferred charges and security deposits Goodwill Investment in associates Derivative financial instruments Total

2008 Non-current assets Property, vessels and equipment - net Deferred charges and security deposits Goodwill Investment in associates Total

Malaysia US$'000

Indonesia US$'000

Elimination US$'000

Consolidated US$'000

6,189

1,991,975

1,723,975

261,811

15,073 63,075 75,976 19,124

59 864,040 -

7,949 12,664 (863,891) (2,180)

23,081 75,739 76,125 16,944

1,897,223

1,125,910

(839,269)

2,183,864

Malaysia US$'000

Indonesia US$'000

Elimination US$'000

Consolidated US$'000

1,982,260

1,824,975

132,053

25,232

16,334 61,494 140

70 857,474

6,303 14,245 (857,341)

22,707 75,739 273

1,902,943

989,597

(811,561)

2,080,979

Revenues from major services The Company and its subsidiaries operating revenues by type of services are as follows:

2009 US$'000

2008 US$'000

Time charters Spot contracts Agency fee and storage

92,578 523,773 1,995

106,126 616,278 1,278

Total

618,346

723,682

- 55 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 40. RECONCILIATION OF IFRS AND INDONESIAN GAAP For statutory reporting purposes in Indonesia, the Company continues to prepare consolidated financial statements in accordance with Indonesian GAAP. IFRS varies in certain significant respect from Indonesian GAAP. The application of IFRS that affected the preparation and presentation of the consolidated financial statements is discussed below. a. Goodwill Under Indonesian GAAP, goodwill arising from business acquisition is recognized as an asset and amortized as an expense over its useful life using straight-line method. The amortization period should not exceed five years, unless a longer period not exceeding 20 years can be justified. The Company is amortizing goodwill over 20 years. At each reporting date, management assessed whether there was any indication of impairment of the cash-generating unit to which the goodwill is attached to. Under IFRS, goodwill arising from business acquisition is initially recognized at cost, and is subsequently measured at cost less any accumulated impairment losses. In applying IFRS, the Company ceases amortizing goodwill starting January 1, 2003, the transition period when the Company first prepared its IFRS financial statements. The accumulated amortization of US$ 3,747 thousand recognized under Indonesian GAAP as of December 31, 2002 has been eliminated with a corresponding decrease in the cost of goodwill. The goodwill amortization of US$ 2,872 thousand and US$ 4,412 thousand for the years ended December 31, 2009 and 2008, respectively, recognized under Indonesian GAAP has also been reversed under IFRS. In 2008, under Indonesian GAAP, the Company and its subsidiaries recognized goodwill impairment amounting to US$ 29,136 thousand. Under IFRS, goodwill impairment in 2008 amounted to US$ 8,547 thousand. b. Property, Vessels and Equipment Prior to January 1, 2008, Indonesian GAAP does not generally allow companies to recognize increases in value of property, vessels and equipment that occur subsequent to acquisition, an exception is provided for revaluations made in accordance with government regulations. Effective January 1, 2008, Indonesian GAAP permits the use of revaluation model or cost model in measuring property, vessels and equipment after initial recognition. In 2008, for Indonesian reporting purposes, the Company and its subsidiaries did not recognize any revaluation increases on the vessels and continued to measure property, vessels and equipment at cost less accumulated depreciation and any accumulated impairment losses (cost model) because the Company’s management was, at that time, still evaluating the tax implications of using the revaluation model. Effective January 1, 2009, the Company and its subsidiaries adopted the revaluation model in measuring the vessels subsequent to initial recognition.

- 56 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) For IFRS reporting purposes, the Company and its subsidiaries adopted the Revaluation Model in measuring the vessels subsequent to initial recognition, from the time their first IFRS consolidated financial statements were prepared. Also, under Indonesian GAAP, the cost of acquired landrights is capitalized as land, which is not depreciated. Under IFRS, land use rights are considered as leases and such rights are amortized over the period the holder is expected to retain the landrights. c. Financial Instruments Under Indonesian GAAP, short-term and long-term bank loans are stated at nominal value, being the principal amount of the loan. Transaction costs on bank borrowings were classified as deferred charges and amortized on a straight-line basis over the period of the borrowings. For bonds payable, bonds issuance costs are deducted directly from the proceeds of the bonds. The difference between the net proceeds and principal amount of the bonds is amortized on a straight-line basis over the term of the bonds. All the proceeds obtained from the issuance of convertible bonds are recognized as liabilities. Under IFRS, financial liabilities are measured at amortized cost. Under Indonesian GAAP, non-interest bearing security deposits on operating leases are recorded at undiscounted amounts. Under IFRS, non-interest bearing security deposits on operating leases are recorded at fair value. The difference between the fair value and nominal amount is recorded as deferred rent and is amortized on a straight line basis over the lease term. Interest income is accreted on the security deposits using the effective interest rate. The change had an impact on amounts of reported net profits and retained earnings as follows:

2009 US$'000 Net profits Retained earnings

304 1,106

2008 US$'000 768 802

d. Measurement and Reporting Currency Under Indonesian GAAP, the reporting currency used by enterprises in Indonesia is Rupiah. An enterprise may use another currency, only if the other currency meets the definition of functional currency. For statutory reporting purposes in Indonesia, the Company’s subsidiaries domiciled in Indonesia whose functional currency is the U.S. Dollar, maintain their books of accounts in Rupiah and presents their financial statements also in Rupiah. For financial statement consolidation purposes, the Indonesian Rupiah financial statements of those subsidiaries were translated to U.S. Dollar in 2009, because of the change in reporting currency of the Company for Indonesian GAAP reporting purposes, from Indonesian Rupiah to U.S. Dollar, the Company’s equity under Indonesian GAAP reflected a change from US$ 571,205 thousand to US$ 553,827 thousand. Under IFRS, enterprises should measure the transactions in terms of the functional currency. IFRS allows the use of a presentation currency other than the functional currency. Management has determined that the Company’s functional currency is the US. Dollar. For IFRS reporting purposes, the transactions of the Company’s subsidiaries whose functional currency is the U.S. Dollar were measured in terms of their functional currency.

- 57 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) A summary of the significant adjustments to consolidated profits (loss) for the years ended December 31, 2009 and 2008 and to consolidated stockholders’ equity as of December 31, 2009 and 2008 from Indonesian GAAP to IFRS are set forth below:

Note Profit (loss) for the year according to the consolidated statements of income prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Impairment of goodwill Depreciation of revalued vessels Gain on sale of property adjustment based on revalued amounts of vessels Net revaluation decrease Amortization of landrights Amortization of deferred rent Interest on security deposits Measurement of financial liabilities at amortized cost

(285,876)

(a) (a) (b)

(44,082) (161,679) (45) (90) 73

(c)

(304)

(768)

168,872

(193,472)

(117,004)

24,892

618,292

553,827

(a) (a) (b) (b)

11,373 20,589 (2,006) (24,833)

8,501 20,589 234,454 (24,833)

(b)

(57,773)

(57,773)

(b) (b) (b) (c) (c) (c) (c)

95,020 (122) (10,433) (687) 421 (190) 177

95,121 (88) (177,020) (90) 73 (190) 177

(c) (d)

(1,106) 37

(802) 17,378

Equity according to the consolidated balance sheets prepared under Indonesian GAAP

Equity in accordance with IFRS

- 58 -

4,412 20,589 (11,882)

166,587 (34) (597) 348

Profit (loss) for the year in accordance with IFRS

Total adjustments

2,872 -

218,364

(b) (b) (b) (c) (c)

Total adjustments

IFRS adjustments - increase (decrease) due to: Amortization of goodwill Impairment of goodwill Revaluation reserve Depreciation of revalued vessels Gain on sale of property adjustment based on revalued amounts of vessels Difference between depreciation expense based on revalued amounts and historical cost Amortization of landrights Revaluation decrease Amortization of deferred rent Interest on security deposits Foreign exchange loss Option premium on convertible bonds Measurement of financial liabilities at amortized cost Translation adjustment and effect of remeasurement

December 31, 2009 2008 US$'000 US$'000

30,467

115,497

648,759

669,324

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) a. Reconciliation of consolidated statements of financial position between IFRS and Indonesian GAAP at December 31, 2009. INDONESIAN GAAP

Reconciling Items

IFRS

US$ ('000)

US$ ('000)

US$ ('000)

Property, vessels and equipment - net Advance for purchase of property, vessels and equipment Investments in associates Other non-current assets

1,946,389

45,586

1,991,975

46,905 76,125 90,993

(46,905) 24,771

76,125 115,764

Total Non-Current Assets

2,160,412

23,452

2,183,864

Trade accounts receivable Available-for-sale investments Cash Other current assets

129,976 44,898 118,732 43,904

641

129,976 44,898 118,732 44,545


337,510

641

338,151

2,497,922

24,093

2,522,015

Total Assets Share capital Additional paid-in capital Treasury stocks Translation adjustment Unrealized gain on available-for-sale investments Revaluation reserve Retained earnings

70,936 114,824 (86,628) (16,828) 757 237,677 297,554

177 17,242 (2,006) 15,054

70,936 115,001 (86,628) 414 757 235,671 312,608

Total Equity

618,292

30,467

648,759

Long-term liabilities - net of current maturities Loan from financial institutions Bonds payable Obligations under finance lease Notes payable Other non-current liabilities

779,538 141,575 228,925 249,809 34,819

(8,084) (63) -

771,454 141,512 228,925 249,809 34,819

1,434,666

(8,147)

1,426,519

CURRENT LIABILITIES Short-term bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities

65,225 35,179 278,309 66,251

1,773

65,225 35,179 280,082 66,251


444,964

1,773

446,737

2,497,922

24,093

2,522,015



- 59 -

-

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) b. Reconciliation of consolidated statements of financial position between IFRS and Indonesian GAAP at December 31, 2008. INDONESIAN GAAP

Reconciling Items

IFRS

US$ ('000)

US$ ('000)

US$ ('000)

Property, vessels and equipment - net Investments in associates Other non-current assets

1,896,264 273 75,285

85,996 23,161

1,982,260 273 98,446

Total Non-Current Assets

1,971,822

109,157

2,080,979

Trade accounts receivable Available-for-sale investments Cash Other current assets

96,674 129,386 65,250 32,794

641

96,674 129,386 65,250 33,435


324,104

641

324,745

2,295,926

109,798

2,405,724

Total Assets Share capital Additional paid-in capital Treasury stocks Translation adjustment Unrealized loss on available-for-sale investments Revaluation reserve Retained earnings

62,191 64,823 (86,628) (15,615) (1,865) 530,921

177 16,013 234,454 (135,147)

62,191 65,000 (86,628) 398 (1,865) 234,454 395,774

Total Equity

553,827

115,497

669,324

Long-term liabilities - net of current maturities Loan from financial institutions Bonds payable Obligations under finance lease Convertible bonds Notes payable Other non-current liabilities

721,496 81,450 155,376 36,250 132,000 162,796

(4,503) 78 -

716,993 81,528 155,376 36,250 132,000 162,796

1,289,368

(4,425)

1,284,943

CURRENT LIABILITIES Short-term bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities

176,589 17,346 187,960 70,836

(1,274) -

176,589 17,346 186,686 70,836


452,731

(1,274)

451,457

2,295,926

109,798

2,405,724



- 60 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) c.

Reconciliation of consolidated statement of comprehensive income between IFRS and Indonesian GAAP for the year ended December 31, 2009. INDONESIAN GAAP US$ ('000)

Reconciling Items US$ ('000)

IFRS US$ ('000)

Operating revenues

618,346

-

618,346

Voyage expenses

(176,087) *

-

(176,087)

Operating revenues after voyage expenses

442,259

-

442,259

Charter expenses

(54,976) *

Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation

(597)

(55,573)

(120,860) *

-

(120,860)

(133,589) *

-

(133,589)

(254,449)

-

(254,449)

Gross profit

132,834

(597)

132,237


(32,927)

1,774

(31,153)


99,907

1,177

101,084

(109,500)

(2,014)

(111,514)

Net financial and other items Finance cost Investment income Share in profits of associates Other gains and losses

Loss before tax Tax expense Loss for the year

*

18,078

348

18,426

9,621

-

9,621

(303,021)

169,361

(133,660)

(384,822)

167,695

(217,127)

(284,915)

168,872

(116,043)

(961)

-

(961)

(285,876)

168,872

(117,004)

Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.

- 61 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) d. Reconciliation of consolidated statement of comprehensive income between IFRS and Indonesian GAAP for the year ended at December 31, 2008. INDONESIAN GAAP US$ ('000)

Reconciling Items US$ ('000)

IFRS US$ ('000)

Operating revenues

723,682

-

Voyage expenses

(232,575) *

(90)

(232,665)

Operating revenues after voyage expenses

491,107

(90)

491,017

Charter expenses

(36,954) *

-

(36,954)

(107,809) *

-

(107,809)

(116,720) *

(11,882)

(128,602)

(224,529)

(11,882)

(236,411)

Gross profit

229,624

(11,972)

217,652


(36,311)

826

(35,485)


193,313

(11,146)

182,167

(117,231)

(1,639)

(118,870)

Investment income

16,294

73

16,367

Share in losses of associates

(18,524)

Other gains and losses

145,528

(180,760)

(35,232)

26,067

(182,326)

(156,259)

219,380

(193,472)

25,908

Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation

723,682

Net financial and other items Finance costs

Income before tax Tax expense

(1,016)

Profit for the year

*

218,364

-

(193,472)

(18,524)

(1,016) 24,892

Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.

41. FINANCIAL INSTRUMENTS A. Capital risk management The Company and its subsidiaries manage their capital to ensure that they will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings disclosed in Notes 17, 18, 19, 20, 23 and 25, cash, available-for-sale investments and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in Notes 11, 12, 13, 14, 15 and 16.

- 62 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) The Company’s Board of Directors periodically reviews the Company’s capital structure. As part of this review, the Board of Directors considers the cost of capital and the related risks. The gearing ratio as of December 31, 2009 and 2008 is as follows:

Indonesian GAAP 2009 2008 US$'000 US$'000

2009 US$'000

2008 US$'000

Debt Cash and available-for-sale investments

1,742,200

1,490,530

1,735,826

1,484,831

163,630

194,636

163,630

194,636

Net debt Equity

1,578,570 618,292

1,295,894 553,827

1,572,196 648,759

1,290,195 669,324

Net debt to equity ratio

255%

234%

IFRS

242%

193%

The other long-term payable to Teekay Corp., amounting to US$ 12,409 thousand and US$ 13,000 thousand, as of December 31, 2009 and 2008, respectively, was not considered by the Company’s management in the calculation of the consolidated net debt to equity ratio (CNDER). As of December 31, 2009 and 2008, had the other long-term payable to Teekay Corp. been considered, the CNDER would have been as follows:

Indonesian GAAP 2009 2008 US$'000 US$'000 Net debt to equity ratio

257%

236%

IFRS 2009 US$'000

2008 US$'000

244%

195%

B. Significant Accounting Policies Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 3 to the consolidated financial statements. C. Categories of Financial Instruments Financial Assets Financial assets at FVTPL US$'000 As of December 31, 2009 Derivative financial instruments Security deposits Trade accounts receivable Other accounts receivable Available-for-sale investments Cash

As of December 31, 2008 Security deposits Trade accounts receivable Other accounts receivable Available-for-sale investments Cash

- 63 -

Availablefor-sale investments US$'000

Loans and receivables US$'000

Held-tomaturity investments US$'000

19,203 -

44,898 -

15,601 129,976 7,350 118,732

-

19,203

44,898

271,659

-

-

129,386 -

15,104 96,674 4,667 65,250

-

-

129,386

181,695

-

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Financial Liabilities As of December 31, 2009 Financial Other liabilities at financial FVTPL liabilities US$'000 US$'000 Long-term loans from financial institutions Bonds payable Notes payable Other long-term payable Convertible bonds Obligations under finance lease Derivative financial instruments Short-term bank loans Trade accounts payable Other current liabilities and accrued expense

As of December 31, 2008 Financial Other liabilities at financial FVTPL liabilities US$'000 US$'000

249,809 99,560 28,284 -

911,868 147,867 12,409 261,497 65,225 35,179

132,000 36,250 175,983 -

814,936 81,528 13,000 243,528 176,589 17,346

-

53,241

-

37,313

377,653

1,487,286

344,233

1,384,240

The convertible bonds with a nominal value of US$ 125 million and notes payable with a nominal value of US$ 400 million were designated at fair value through profit or loss (FVTPL) upon initial recognition in 2007. The fair value and the change in that fair value attributable to changes in credit risk are presented as follows:

2009 Convertible Notes bonds payable US$'000 US$'000 Contractual amount to be paid at maturity Fair values Changes in fair value attributable to changes in credit risk Difference between carrying amount and amount contractually required to be paid at maturity

2008 Convertible Notes bonds payable US$'000 US$'000

161,975

400,000

161,975

400,000

99,560

249,809

36,250

132,000

(34,099)

(140,924)

(114,142)

(108,966)

(62,415)

(150,191)

(125,725)

(268,000)

The change in fair value attributable to change in credit risk is determined as the residual of the change in fair value attributable to the change in market risk from the total change in fair value of the financial liabilities. The change in fair value attributable to its change in market risk was computed using the benchmark interest rates as at the end of operating period. The change in fair value was impacted by the downgrade of the notes payable’s and convertible bonds’ credit rating. D. Financial Risk Management Objective The Company and its subsidiaries’ also have established financial risk management and policy which seeks to ensure that adequate financial resources are available for the development of the Company and its subsidiaries’ business while managing their foreign exchange, interest rate, credit and liquidity risks. The Company and its subsidiaries operate within defined guidelines that are approved by the Board of Directors, and policies in respect of the major areas of treasury activity.

- 64 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Foreign Exchange Risk Management The Company and its subsidiaries conduct business in currencies other than their respective functional currency primarily in Indonesian Rupiah, Japanese Yen, Singapore Dollar and British Pound Sterling. Foreign currency exposures and fluctuations have not had a material impact on the Company and its subsidiaries in recent years. It is the Company and its subsidiaries’ policy to manage foreign exchange risks within prudent levels so as to maximize profits. The Company and its subsidiaries have practices that include the periodic review of the impact of movements in foreign exchange rates on profitability so that appropriate action is taken to mitigate these risks. Foreign exchange risk exposures are measured using a sensitivity analysis as shown below. The carrying amounts of the Company and its subsidiaries monetary assets and monetary liabilities denominated in currencies other than their respective functional currency at the reporting dates are as follows:

Assets 2009 2008 US$'000 US$'000 Indonesian Rupiah Japanese Yen British Pound Sterling Euro Chinese Renminbi Hong Kong Dollar Singapore Dollar

46,861 2,000 418 3,926 3 25 6,109 59,342

4,819 236 3,056 3,227 2,458 2,049 436 16,281

Liabilities 2009 2008 US$'000 US$'000 117,740 96 166 10 1 4,497 122,510

211,907 52 168 71 329 212,527

The following table details the Company and its subsidiaries’ sensitivity to changes in US Dollar against the above currencies. The sensitivity rate below are used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at period end for the change in foreign currency exchange rates. A positive number below indicates an increase in profit and equity where the above currencies strengthen at certain percentage against the U.S. Dollar. For the same percentage of weakening of the above currencies against the U.S. Dollar, there would be an equal and opposite impact on profit and equity.

2009 Sensitivity rate

Indonesian Rupiah Japanese Yen British Pound Sterling Euro Chinese Renminbi Hong Kong Dollar Singapore Dollar

7% 7% 12% 10% 6% 1% 5%

2008

Effect on profit or loss and equity US$'000 (4,962) 133 50 376 (1) - * 81

Sensitivity rate

6% 12% 10% 6% 5% 1% 5%

Effect on profit or loss and equity US$'000 (12,425) 11 367 306 119 17 22

* Less than US$ 500. In management’s opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk as the year-end exposure does not reflect the exposure during the year.

- 65 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) It is also the policy of the Company and its subsidiaries to enter into cross currency and interest rate swap derivative contracts to cover exposures on specific foreign currency principal and interest payments. These contracts are entered into as economic hedge of the risk exposure although hedge accounting has not been applied. The following table details the cross currency and interest rate swap derivative contracts outstanding as at reporting date: Fair value Notional Amounts Asset (Liability) 2009 2008 2009 2008 US$'000 US$'000 US$'000 US$'000

Less than 1 year 1 to 2 years 2 to 5 years More than 5 years

156,676 102,273 500,000

156,667 6,676 102,272 575,000

1,597 (17,407) 16,944

(30,784) (1,405) (49,893) (11,340)

758,949

840,615

1,134

(93,422)

Interest Rate Risk Management The Company and its subsidiaries are also exposed to interest rate risk as they also borrow funds in Rupiah and U.S. Dollar at both fixed and floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings and minimizing the exposure through cross currency swap contracts (combined interest rate swap contracts and forward foreign exchange contracts). The Company’s exposure to interest rate on financial assets and financial liabilities are detailed in the liquidity risk management section on this note. The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the reporting date. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the reporting date was outstanding for the whole year. A 150 basis points (2008:120 basis points) increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates. If interest rates had been 150 basis points (2008: 120 basis points) higher or lower and all other variables were held constant, the Company and its subsidiaries’ profit (loss) for the year ended December 31, 2009 and December 31, 2008 would decrease/increase by US$ 12,788 thousand and US$ 11,799 thousand, respectively. This is mainly attributable to the exposure to interest rates on its variable rate borrowings. Credit Risk Management The Company and its subsidiaries’ exposure to credit risk is primarily attributable to trade and other accounts receivable, investments and bank balances. In determining the credit terms for customers, they consider the following factors: the financial strength of the customer, the customer’s historical payment record, the length of the relationship with the customer and the distance or duration of a specific voyage. Based on these factors, the Company and its subsidiaries’ credit terms may vary. The credit terms may also be modified based on negotiations with each customer. It is the Company and its subsidiaries’ policy to monitor the financial standing of these receivables on an on-going basis to ensure that the Company and its subsidiaries are exposed to minimal credit risk. Bank balances and investments are placed with credit worthy financial institutions. Although the Company and its subsidiaries generate more than 5% of their revenue from Pertamina (National Oil Company of Indonesia), there has been no history of credit default with Pertamina. The carrying amount of financial assets recorded in the consolidated financial statements (Note 41C) represents the Company and its subsidiaries maximum exposure to credit risk without taking account of the value of any collateral obtained.

- 66 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Fuel Risk Management The Company and its subsidiaries’ earnings are affected by changes in the price of bunker fuel. Their strategy for managing the risk on fuel price, aims to provide their protection against sudden and significant increase in bunker fuel prices. In meeting these objectives, the fuel management program allows for the prudent use of approved instruments such as bunker swaps with approved counterparties and within approved credit limits. Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate liquidity risk management framework for the management of the Company and its subsidiaries’ short, medium and long-term funding and liquidity management requirements. The Company and its subsidiaries manage liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Liquidity and interest rate risk tables The following tables detail the Company and its subsidiaries remaining contractual maturity for its non-derivative financial assets and liabilities. The tables have been drawn up based on the undiscounted cash flows of financial assets based on the contract and obligations of the counterparty and financial liabilities based on the earliest date on which the Company and its subsidiaries can be required to pay. The table includes both interest and principal cash flows. Interest on financial instruments classified as floating rate is repriced at intervals of less than one year. Interest on financial instruments classified as fixed rate is fixed until the maturity of the instrument. The other financial instruments of the Company and its subsidiaries that are not included in the tables are non-interest bearing and are therefore not subject to interest rate risk. The Company and its subsidiaries’ policy is to borrow principally on the floating rate basis but to retain a proportion of fixed rate debt. The objectives for the mix between fix and floating rate borrowings are set to reduce the impact of an upward change in interest rate while enabling benefits to be enjoyed if interest rates fall. Financial Liabilities Weighted average effective interest rate 2009 Non interest bearing Obligations under finance lease Floating interest rate instruments Fixed interest rate instruments

2008 Non interest bearing Obligations under finance lease Floating interest rate instruments Fixed interest rate instruments

Less than 1 month US$'000

1-3 months US$'000

3 months to 1 year US$'000

1 - 5 years US$'000

After 5 years US$'000

26,145

18,245

163,444

-

-

207,834

8.26%

2,887

5,535

25,667

237,207

-

271,296

2.39%

27,594

37,810

117,029

396,188

311,577

890,198

9.62%

7,285

8,499

82,895

812,812

7,209

918,700

63,911

70,089

389,035

1,446,207

318,786

2,288,028

9,264

9,580

1,459

161,975

-

182,278

7.97%

2,509

4,802

88,388

177,568

-

273,267

5.89%

90,336

33,055

112,993

428,530

335,778

1,000,692

9.46%

18,146

37,472

37,733

233,502

424,679

751,532

120,255

84,909

240,573

1,001,575

760,457

2,207,769

- 67 -

Total US$ 000

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) The following table details the Company and its subsidiaries’ expected maturity for its nonderivative financial assets. The tables below have been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets except where the Company and its subsidiaries anticipates that the cash flow will occur in a different period. Financial Assets Weighted average effective interest rate % 2009 Non interest bearing Floating interest rate

Less than 1 month US$'000 57,098 57,098

2008 Non interest bearing Floating interest rate

75,193 2.54%

75,193

1 - 3 months US$'000

3 months to 1 year US$'000

76,474 44,898

3,755 42,858

-

15,601 -

152,928 87,756

121,372

46,613

-

15,601

240,684

48,289 36,688

135,807 -

-

15,104 -

274,393 36,688

84,977

135,807

-

-

311,081

1- 5 years US$'000

After 5 years US$'000

Total US$'000

The Company and its subsidiaries expect to meet their other obligations by utilizing operating cash flows, proceeds of maturing financial assets, bank and equity financing. Other price risks In addition to market price risk on available-for-sale investments, the Company is exposed to market price risks because of the convertible bonds and notes payable issued by BLTF BV and which were classified as financial liability at fair value through profit or loss (see Notes 19 and 23). To manage its price risk arising on convertible bonds, the Company’s management supervises and monitors the Company and its subsidiaries’ performance. As of December 31, 2009 and 2008, if the market price of the financial liabilities had increased/decreased by the following sensitivity rates with all other variables held constant, posttax profit for the year would have been lower/higher as follows, mainly as a result of the change in the fair value of the convertible bonds and notes payable recognized in profit or loss.

2009 Effect on profit Sensitivity or loss and equity Rate US$'000 Convertible bonds Notes payable

25% 15%

24,890 37,471

2008 Effect on profit Sensitivity or loss and equity Rate US$'000 25% 20%

9,062 26,400

If prices for available-for-sale investments increase or decrease by 1% with all other variables being constant, the effect on equity is as follows:

2009 US$'000 Increase/Decrease in equity

449

- 68 -

2008 US$'000 1,294

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Fair value of financial instruments Except as detailed in the following table, the management considers that the carrying amounts of financial assets and financial liabilities recorded at amortized cost in the consolidated financial statements (Note 41C) approximate their fair values:

2009 Carrying amount US$'000 Borrowings: Bonds payable Other long-term payable at fixed rate

2008 Fair value US$'000

Carrying amount US$'000

Fair value US$'000

147,867

149,970

81,528

96,323

12,409

14,771

13,000

14,528

The fair values of financial assets and financial liabilities are determined as follows: • the fair values of financial assets and financial liabilities with standard terms and conditions and traded on active markets are determined with reference to quoted market prices; • the fair values of other financial assets and financial liabilities (excluding derivative instruments) are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and dealer quotes for similar instruments; • the fair value of derivative instruments are calculated using quoted prices. Where such prices are not available, discounted cash flow analysis is performed using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves from quoted interest rates. Fair value measurements recognized in the statement of financial position The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. • Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

- 69 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued)

2009 Level 1 US$'000

Level 2 US$'000

Level 3 US$'000

Total US$'000

Financial assets at FVTPL Derivative financial assets Available-for-sale investments

44,898

19,203

-

19,203 44,898

Total

44,898

19,203

-

64,101

Financial liabillities at FVTPL Derivative financial liabllities Convertible Bonds Notes payable

(99,560) (249,809)

(28,284) -

-

(28,284) (99,560) (249,809)

Total

(349,369)

(28,284)

-

(377,653)

There are no transfers between Levels 1 and 2 in 2009. 42. NON CASH TRANSACTIONS In 2009 and 2008, a subsidiary entered into non-cash investing and financing activities through the acquisition of vessels under finance leases amounting to US$ 35,895 thousand and US$ 91,952 thousand, respectively. 43. COMMITMENTS a. The Company and its subsidiaries have some charter contracts with Pertamina amounting to US$ 13 million - US$ 37 million per year, which will end between 2010 - 2016. At the reporting date, the Company and its subsidiaries have contracts with Pertamina with the following future minimum lease receipts:

2009 US$'000 Within one year In the second to fifth years inclusive Total

2008 US$'000

21,057 80,914

63,697 51,064

101,971

114,761

Revenues earned by the Company on those contracts, which were included in operating revenues, amounted to US$ 49,684 thousand and US$ 55,950 thousand in 2009 and 2008, respectively. b. The Company and its subsidiaries have outstanding charter contracts under operating leases with third parties amounting to US$ 1 million to US$ 57 million per year, which will end between 2010 - 2021.

- 70 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) At the reporting date, the Company and its subsidiaries have outstanding commitments under non-cancellable charter contracts, with scheduled maturities as follows:

2009 US$'000

2008 US$'000

Within one year In the second to fifth years inclusive After five years

56,754 197,027 129,471

50,533 193,469 115,769

Total

383,252

359,771

The minimum lease payments under charter contracts recognized as an expense amounted to US$ 55,573 thousand and US$ 36,954 thousand in 2009 and 2008, respectively. c.

The Company and its subsidiaries have several contracts with shipyards in Japan for the construction of new vessels with total contract price of approximately JPY 46,387 million in 2009 and JPY 53,079 million in 2008.

d. In April 2008, Chembulk Tankers LLC, obtained an irrevocable Standby Letter of Credit (SBLC) facility from ING Bank N.V, Singapore Branch amounting to US$ 29,200 thousand. Such SBLC is secured by a subsidiary’s vessel and is reduced periodically by US$ 3,600 thousand and matures on January 19, 2019. e. On January 17, 2008 Richesse Logistics (Fangcheng Port) Co., Ltd. entered into an agreement with Fangcheng Port Group Co. Ltd. for the reclamation and use of land with a total area of 360 million square meters. A total of 83 million square meters represent capital contribution of Fangcheng Port Group Co. Ltd. and the remaining 277 million square meters will be purchased for RMB 83 million. The agreement also mentioned that Richesse Logistics (Fangcheng Port) Co., Ltd. will be responsible for, among others, applying the license to use the property. As of December 31, 2009, Richesse Logistics (Fangcheng Port) Co., Ltd, has paid US$ 17.5 million, which is included under the construction in progress account. 44. SUBSEQUENT EVENTS a. In January 2010, MT Pramoni, one of chartered vessels of the Company was taken over by pirates during a controlled transit in the Gulf of Aden on the passage to Kandla, India. In February 2010, the vessel was recovered. b. In January 2010, a subsidiary obtained a long-term charter contract with Pertamina for the Provision of a Very Large Gas Carrier (VLGC) for period of 5 years with additional 2-year option. c.

In January 2010, the repayment of the term loan facility from DVB Group Merchant Bank (Asia) Ltd., was extended until January 2012 (Note 25A).

d. In February 2010, BLT International Corporation, a subsidiary, issued US$ 100 million 12% Guaranteed Convertible Bonds due 2015 through an offshore private placement with J.P. Morgan Securities Ltd and RS Platou Markets AS as joint placement agents. The Convertible Bonds are issued at 100 percent of the principal amount and are exercisable at the option of the holders at any time from 41 days after the Closing Date until 10 days before maturity, and shall be convertible into ordinary shares of the Company listed on the Indonesia Stock Exchange. The Convertible Bonds also have a maturity of five years and the holders have the right to put on a date that falls three years after February 10, 2010 (“Closing Date”). The yield to put/maturity is 12 percent. In March 2010, an additional US$ 25 million was issued by BLT International Corporation.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) e. In February 2010, certain subsidiary has withdrawn the funds being managed by First Strategic Advisors Inc, amounting to US$ 9,226 thousand. f.

In March 2010, the Company obtained an investment credit facility from Bank Negara Indonesia with a maximum credit of Rp 337 billion.

g. In April 2010, the long-term receivables amounting to US$ 2,323 thousand were subsequently paid by Teekay BLT Corporation. 45. IMPACT OF GLOBAL FINANCIAL CRISIS In 2008, the global financial and capital markets have experienced severe credit crunch and volatility. These were generally characterized by weak consumer demand, liquidity problems and decreased freight rates, which had an adverse effect on the Company and its subsidiaries' operations. Accordingly, in 2009, the operating revenues of the Company and its subsidiaries decreased compared with 2008. The Company and its subsidiaries incurred a loss in 2009 of US$ 117,004 thousand which was principally due to non-operating losses arising from changes in the fair value of the convertible bonds and notes payable, decrease in the fair value of the vessels and decrease in income from operations. While global trade and industrial production shows signs of recovery, there are still certain challenges faced by the shipping industry. The ability of the Company and its subsidiaries to maintain operations and profitability, pay their debts as they mature and meet their financial covenants with lenders may be dependent to a large extent on the measures being instituted by management, which include, among others, the following: • • • • •

Generate new long-term contracts across diversified geographic areas and industries; Take advantage of the Indonesia cabotage opportunities; Improve the capital structure and liquidity; Secure access to financing of new vessel deliveries; and Implement cost efficiency measures.

Note 41 to the consolidated financial statements also describes the Company and its subsidiaries' financial risk management and also their liquidity risk profile. Despite the current uncertain economic outlook, management has a reasonable expectation that the Company and its subsidiaries will be able to execute its strategies and manage its business and financial risks successfully. The Company and its subsidiaries' management also believes that they have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements. 46. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements were approved by the Board of Directors and authorized for issue on April 12, 2010. *******

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Group Addresses Head Office

Subsidiaries

Representative

PT Berlian Laju Tanker Tbk Head Office Wisma BSG, 10th floor Jalan Abdul Muis No.40 Jakarta 10160 – Indonesia Phone: +62 21 30060300 Fax: +62 21 30060389 Email: [email protected], [email protected]

PT Banyu Laju Shipping Wisma BSG, 10th floor Jalan Abdul Muis No.40 Jakarta 10160 – Indonesia Phone: +62 21 30060300 Email: [email protected]

BLT Beijing Room 701, BLK 3, Huaqiao Building No.24 Jian Guo Men Wai Road Chao Yang District, Beijing 100022, China Phone: +86 10 65150116 Fax: +86 10 65159590 Email: [email protected]

Branch Office PT Berlian Laju Tanker Tbk Dumai Branch Graha Berlian Dumai, 3rd floor Jalan Yos Sudarso No.159 Dumai 28814 – Indonesia Phone: +62 765 38466, 439143 Fax: +62 765 31884 Email: [email protected], [email protected] PT Berlian Laju Tanker Tbk Merak Branch Jalan Pulorida No.18, Desa Tamansari, Merak, Banten 42438 – Indonesia Phone: +62 254 570560, 570561 Fax: +62 350 5406 Email: [email protected]

PT Karya Bakti Adil Wisma BSG, 10th floor Jalan Abdul Muis No.40 Jakarta 10160 – Indonesia Phone: +62 21 30060300 Fax: +62 21 30060461 Email: [email protected] Gold Bridge Shipping Ltd China Insurance Group Building, 20th floor, Room 2007-10 141 Des Voeux Road, Central Hongkong Phone: +852 28542318, +852 28542592 Telex: 682112 OVIEW HX Fax: +852 28544704, +852 28544341 Email: [email protected] GBLT Shipmanagement Pte Ltd 120, Lower Delta Road #08-02, Cendex Centre Singapore 169208 Phone: +65 6508 8380 Fax: +65 6508 8381 , +65 6508 8382 Email: [email protected], [email protected] GBLT Shipmanagement (UK) Limited 301 Springhill Parkway Glasgow, G69 6GA Scotland, United Kingdom Phone: + 44 141 773 2110 Fax: +44 141 771 9530 Email: [email protected] Chembulk Tankers LLC 11 Wilton Road Westport, CT 06880 Phone: 203 682 1700 Fax: 203 227 0141 Email: [email protected], [email protected] Chembulk Management Private Ltd. Singapore 120, Lower Delta Road #08-02, Cendex Centre Singapore 169208 Phone: +65 6508 8377 Fax: +65 6508 8376 Email : [email protected], [email protected]

BLT Shanghai Room 3007-08, 30th floor Hongkong Plaza, South Building No.283 Huai Hai Zhong Road Shanghai 200021, China Phone: +86 21 63906060 Fax: +86 2163906060 Email: [email protected], [email protected] BLT Taiwan 5th floor, Tai Hong Building No.71 Nanking East Road, Sec.2 Taipei, Taiwan, R.O.C Phone: +886 2 25428611, 2563140-42 Fax: +886 2 25718119, 25517990 Email: [email protected] BLT Dubai 3rd floor, Mashreg Bank Building (Barwil Dubai Office area) Khor Baranch, Bur Dubai, Dubai, UEA Phone: +971 4 3533737 Fax: +971 4 3533828 Email : [email protected] BLT Mumbai Liaison Room 243, DBS Business Center 2nd Floor Raheja Chamber Free Press Journal Road 213 Nariman Point Mumbai 400 021, India Phone: +91 22 40509243 Fax: +91 22 22872640 Email: [email protected] BLT Xiamen Room 3202, 32/F, The Bank Centre, No. 189, Xiahe Road, Xiamen City Fujian Province, China Phone + 86 592 2218172 Email: [email protected] CBL Tankers do Brasil ltda. Al. Campinas 728, cj, 33 São Paulo, S.P. , Brazil CEP: 01404-001 Tel.: +55 11 2592 4984 Fax: +55 11 2592 4985 Email: [email protected]

PT Berlian Laju Tanker Tbk Wisma BSG, 10th Floor Jl. Abdul Muis No. 40 Jakarta 10160 - INDONESIA Ph + 62 21 3006 0300 Fx + 62 21 3006 0389, 3006 0391 Email: [email protected] [email protected]

GBLT Shipmanagement Pte Ltd 120, Lower Delta Road #08-02, Cendex Centre Singapore 169208 Phone: +65 6508 8380 Fax: +65 6508 8381

PT BERLIAN LAJU TANKER Tbk. Stay Vigilant, Stay Resilient

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