Growing Indonesian Cabotage - BLTblt.co.id/data/FinanceData/Annual_Report/BLTA AR 2010.pdf · VISI DAN MISI | Vision and Mission 01 R WAYAT SINGKAT PERUSAHAAN | Company at Glance

A N N U A L R E P O R T 2 0 1 0

PT BERLIAN LAJU TANKER Tbk

G r o w i n g I n d o n e s i a n C a b o t a g e

DAFTAR ISI | CONTENTSVISI DAN MISI | Vision and Mission 01

R WAYAT SINGKAT PERUSAHAAN | Company at Glance 02

KHTISAR DATA KEUANGAN PENTING | Finan ial Highlights 04

STRUKTUR ORGANISASI | Organization Structure 06

IN ORMASI PERSEROAN | Company I formation 07

TONGGAK PENTING PERJALANAN PERSEROAN | Corporate Milestones 08

SAMBUTAN DEWAN KOMISARIS | Remarks from Boa d of Comm ssioners 10

LAPORAN TUGAS PENGAWASAN DEWAN KOMISARIS | Supervisory Report of the Boa d of Comm ssioners 14

SAMBUTAN DIREKSI | Remarks from Board of Directors 20

PEMBAHASAN OPERASIONAL | Operations Review 28

RINGKASAN AKTIVITAS USAHA | Business Activities 28

KAPASITAS DAN KOMPOSISI ARMADA PERUSAHAAN | Capacity and Composition of the Company’s Fleet 30

PENJUALAN DAN PEMASARAN | Sales and Marketing 38

KEKU TAN DAYA SAING | Competitive Strengths 43

STRATEGI | Strategy 49

PROSPEK USAHA AN KOND SI PASAR | Business Prospects and Market Conditions 52

ANAK PERUSAHAAN UTAMA | Major Subsidiaries 58

KINERJA SAHAM | Share Performance 61

PENGHARGAAN DAN ERTIFIKASI | Awards and Certifi cations 64

TATA KELOLA PERUSAHAAN YANG BAIK | Good Corporate Governance 66

KEBIJAKAN IVIDEN | Dividend Policy 85

PENERBITAN OBLIGASI KORPORASI | Corporate Bond Issuance 87

WESEL BAYAR | Notes Payable 88

PENERBITAN OBL GASI KONVERSI | ssuance of Convertible Bonds 88

PEMERINGKATAN EFEK | Financial Ratings 91

SUSUNAN KEPEMILIKAN SAHAM PER EROAN | Statistics of Shareholdings 92

PENGEMBANGAN SUMBER DAYA MANUSIA | Human Resources Development 94

MANAJEMEN SERTA PELATIHAN AWAK KAPAL | Crew Management and C ew Training 96

TANGGUB JAWAB SOSIAL PERUSAHAAN | Corporate S cial Responsibility 98

ANALISA DAN PEMBAHASAN MANAJEMEN | Management’s Discussion and Analysis 102

DEWAN KOMISARIS | Boa d of Comm ssioners 108

DIREKSI | Board of Directors 110

SURAT PERNYATAAN | Statement Letter 113

LAPORAN AUDITOR INDEPENDEN | I dependent Auditor’s Report 115

Group Addres es (on nside back cover)

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

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

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

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

PT BERLIAN LAJU TANKER TBK Annual Report 2010

2 RIWAYAT SINGKAT PERUSAHAAN

RIWAYAT SINGKAT PERUSAHAANPT 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 mati sebesar 12.050 KT. 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.

Usaha Perseroan dalam menyediakan jasa angkutan muatan cair ternyata berkembang dengan sangat pesat. Perkembangan dalam industri petrokimia dan minyak nabati pada era 80-an 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 cair, bahan bakar petrokimia gas cair (LPG), dan minyak nabati.

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.

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 global yang

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 KT. 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 offi cially changed its name to become PT Berlian Laju Tanker.

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. By recognizing the pretty promising business potential in the gas and liquid chemical sectors, in 1986 the Company decided to expand the coverage of liquid cargoes it carried, among others to cover the liquid bulk chemical substance, Liquifi ed Petroleum/Petrochemical Gas substance and vegetable oil.

In 1990, the Company became the fi rst shipping company in Indonesia which listed its shares on the Indonesia Stock Exchange. With an international shipping business coverage then on October 30, 2006 the Company listed its shares on the Singapore Exchange Securities Trading Limited (SGX) and became the fi rst Indonesian company which listed its shares in both stock exchanges in Indonesia and Singapore (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.

The Company has a wide international network for the purpose of its operation, sale 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


3Company at a Glance

COMPANY AT A GLANCEterkontrol 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 dan Glasgow untuk melayani pelanggan di Eropa dan Southport - 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 kelas dunia, Perseroan 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. Spesifi kasi modern dari kapal – kapal yang dimiliki oleh Perseroan juga didukung dengan perwira dan awak yang terlatih, berpengalaman, dan bersertifi kat internasional. Sampai dengan akhir tahun 2010, Perseroan telah mengoperasikan 95 kapal tanker dengan total bobot mati sekitar 2,3 juta KT.

Melalui semboyan “Mengangkut dengan Selamat, Bersaing, dan Tepat Waktu”, Perseroan senantiasa berkomitmen untuk memberikan pelayanan bermutu, terbaik, dan konsisten 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 sertifi kat 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.

fully controlled and integrated with the whole business operation network of the Company. In addition to the operational offi ces in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai and Beijing, the Company also has marketing offi ces in Dubai for attending customers in the Middle East and Glasgow for attending customers in Europe, and Southport, 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 understands very much that the condition of its fl eets 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 hull vessels and all chemical tankers of the Company have fulfi lled the IMO II/III standards. The modern specifi cations of the vessels – the vessels owned by the Company, is also supported with trained and experienced offi cers and crews with international certifi cations. Up to the end of 2010, the Company operates 95 tankers with a total capacity of approximately 2.3 million KT.

With a motto “Delivers with Safety, Competitiveness and Timeliness” the Company always commits itself to provide excellent, the best, and consistent services to all its customers. This commitment is materialized by fulfi lling 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 certifi cations from the abovementioned international institutions. The commitment of the Company to provide its best services and fulfi ll the highest standards is believed to secure the business sustainability.


4 Financial HighlightsIKHTISAR DATA KEUANGAN PENTING

in USD or Rupiah based on INDO GAAP

2010 (USD ‘000)

2009 (USD ‘000)

2008 (USD ‘000)

2007 (Rp Million)

2006(Rp Million)

Laporan Laba Rugi | Income Statement

Pendapatan UsahaRevenues 656,854 618,346 723,682 3,641,773 3,073,788

Laba kotorGross Profi t 94,548 132,834 229,624 1,137,092 1,122,293

Laba UsahaOperating Profi t 61,180 99,907 193,313 898,071 946,392

Laba / (Rugi) BersihNet Profi t / Loss (154,401) (285,876) 218,364 758,982 1,205,280

Neraca | Balance Sheet

Aktiva Tetap BersihProperty, vessels and equipment net 2,327,320 1,946,389 1,896,264 15,810,719 5,903,932

Jumlah AktivaTotal Assets 2,835,511 2,497,922 2,295,926 20,668,625 8,205,956

Jumlah KewajibanLiabilities 2,151,340 1,879,630 1,742,099 17,353,043 5,074,796

EkuitasEquity 684,171 618,292 553,827 3,315,582 3,131,160

Jumlah Saham yang beredar (‘000 unit)Share Issued (‘000 units) 11,550,831 5,981,591 4,589,281 4,159,010 4,157,572

Jumlah rata-rata tertimbang Saham beredar (‘000 unit)Weighted average number of shares (‘000 units)

8,910,784 5,109,770 4,781,577 3,810,883 3,973,970

Data Per Saham | Per Share Data

Laba/ (Rugi) Bersih Per Saham Net Earning/ (Loss) per Share (0,0173) (0.0559) 0.0457 199 303

Rasio | Ratios

Laba Bersih / Jumlah Aktiva (%)Net Profi t / Total Assets (%) -5.4 -11.4 9.5 3.7 14.7

Laba Bersih / Ekuitas (%)Net Profi t / Equity (%) -22.6 -46.2 39.4 22.9 38.5

Rasio Lancar (x)Current Ratio (x) 1.0 0.8 0.7 0.7 1.5

Jumlah Kewajiban / Ekuitas (%)Total Liabilities / Equity (%) 314.4 304 314.6 523.4 162.1

Jumlah Kewajiban / Jumlah Aktiva (%)Total Liabilities / Total Assets (%) 75.9 75.2 75.9 84.0 61.8


5Financial HighlightsIKHTISAR DATA KEUANGAN PENTING

in USD based on IFRS

2010(USD ‘000)

2009 As restated

(USD ‘000)

2008 (USD ‘000)

2007 (USD ‘000)

2006(USD ‘000)

Laporan Laba Rugi | Income Statement

Pendapatan Usaha Revenues 656,854 618,346 723,682 398,643 335,217

Laba kotor Gross Profi t 94,453 132,237 217,652 118,794 113,442

Laba Usaha Operating Profi t 61,277 101,084 182,167 96,824 94,921

Laba / (Rugi) Bersih Net Profi t / Loss (150,127) (117,004) 24,892 76,778 107,490

Neraca (USD) | Balance Sheet (USD)

Aktiva Tetap BersihProperty, vessels and equipment net 2,346,239 1,991,975 1,982,260 1,891,626 817,556

Jumlah Aktiva Total Assets 2,870,685 2,522,015 2,405,724 2,413,086 1,077,989

Jumlah Kewajiban Liabilities 2,152,476 1,873,256 1,736,400 1,837,860 560,780

Ekuitas Equity 718,209 648,759 669,324 575,226 517,210

Jumlah Saham yang beredar (‘000 unit)Share Issued (‘000 units) 11,550,831 5,981,591 4,589,281 4,159,010 4,157,572

Jumlah rata-rata tertimbang Saham beredar (‘000 unit)Weighted average number of shares (‘000 units)

8,910,784 6,131,724 4,176,930 3,810,883 3,973,970

Data Per Saham | Per Share Data

Laba/(Rugi) Bersih Per Saham Net Earning/(Loss) per Share (0.0168) (0.0191) 0.0060 0.020 0.027

Rasio | Ratios

Laba/ Bersih / Jumlah Aktiva (%) Net Profi t / Total Assets (%) -5.2 -4.6 1.0 3.2 10.0

Laba Bersih / Ekuitas (%) Net Profi t / Equity (%) -20.9 -18 3.7 13.3 20.8

Rasio Lancar (x)Current Ratio (x) 1.03 0.76 0.71 0.7 1.5

Jumlah Kewajiban / Ekuitas (%)Total Liabilities / Equity (%) 300 288.7 259.4 319.5 108.4

Jumlah Kewajiban / Jumlah Aktiva (%)Total Liabilities / Total Assets (%) 75.0 74.3 72.2 76.2 52.0

ORGANIZATION STRUCTURE

STRUKTUR ORGANISASI

Organization StructureSTRUKTUR ORGANISASI

BusinessDevelopment

Director

CommercialDirector

FinanceDirector

AdministrationDirector

ShipManagement

Controller

Accounting

InformationTechnology

FinanceChemical

PeopleManagement

Offshore

Oil & Gas

Marketing &Operation

Cash Management

Marketing &Operation

Chartering

Chartering, Branch & Agency Services

Agency & Branch

Treasury

InvestorRelations

Corporate

Legal &Insurance

BusinessDev & Asset

Management

OrganizationDevelopment

Adm & Offi ce Management

Board of Commissioners

PresidentDirector

NominationCommittee

ManagementRepresentative

RemunerationCommittee

Corporate Secretary

AuditCommittee

Internal Audit

Quality MR HSE MR


6

Company InformatinINFORMASI PERSEROAN

REGISTERED OFFICE & BUSINESS ADDRESSESPT Berlian Laju Tanker TbkWisma BSG, 10th fl oorJalan Abdul Muis No.40Jakarta 10160 – IndonesiaPhone : +62 21 30060300Fax : +62 21 30060389; +62 21 30060391Email : [email protected]; [email protected]

SHARE REGISTRARSPT Sinartama Gunita as Share Registrar for Shares registered in Bursa Efek Indonesia

PT Sinartama GunitaPlaza BII, Tower 3, 12th fl oorJl. 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 Limited50 Raffl es PlaceSingapore Land Tower #32-01Singapore 048623

AUDITOROsman Bing Satrio & RekanMember of Deloitte Touche TohmatsuWisma Antara 12th Floor,Jl. Medan Merdeka Selatan No. 17Jakarta 10110 - Indonesia

BOARD OF COMMISSIONERS Mr Hadi Surya President CommissionerMr Safzen Noerdin CommissionerMr Alan Jonathan Tangkas Darmawan Independent CommissionerMr Jaka Prasetya Independent Commissioner

BOARD OF DIRECTORSMr Widihardja Tanudjaja - President DirectorMr Henrianto Kuswendi - Commercial DirectorMr Michael Murni Gunawan - Administration DirectorMs Siana Anggraeni Surya - Business Development DirectorMr Wong Kevin - Finance Director

AUDIT COMMITTEEMr Alan Jonathan Tangkas Darmawan - ChairmanMr Jaka PrasetyaMr Max Sumakno Budiarto

REMUNERATION COMMITTEEMr Alan Jonathan Tangkas Darmawan - ChairmanMr Hadi SuryaMr Jaka Prasetya

NOMINATION COMMITTEEMr Alan Jonathan Tangkas Darmawan - ChairmanMr Hadi SuryaMr Jaka Prasetya

CORPORATE SECRETARYMr Wong Kevin

7

Didirikan dengan memiliki dua (2) kapal tanker sebagai aset yang disewakan ke Pertamina

Established with owned two (2) tankers as assets chartered to Pertamina

1981

Memulai transportasi bahan kimia cair dari dan untuk beberapa kilang petrokimia besar

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

1986

Memulai transportasi gas cair

Commenced transportation of liquefi ed petroleum gas

1989

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

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

1990

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

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

1998

Meresmikan beroperasinya kantor perwakilan di Glasgow guna melayani pasar Eropa

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

2004

Membuka kantor perwakilan di Dubai

Opened a representative offi ce in Dubai

2005

8

TONGGAK SEJARAH PERSEROAN

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

Opened a marketing offi ce in Sao Paolo, Brazil for more penetrating the South American and North American markets

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

Conducted Rights Issues in two different stock exchanges simultaneously, namely Bursa Efek Indonesia (Indonesia Stock Exchange) and Singapore Exchange Securities Trading Limited

Melakukan Rights Issue pada dua bursa sekaligus, yaitu Bursa Efek Indonesia dan Bursa Efek Singapura senilai USD 135 juta

Menerbitkan Obligasi Konversi dalam mata uang Amerika Serikat senilai USD 125 juta dan melakukan penjualan kembali Obligasi Koversi Bergaransi Tanpa Kupon senilai USD 48,8 juta

Mendapatkan kontrak untuk VLGC (Very Large Gas Carrier) dengan nilai total sebesar USD 90 juta dan kontrak untuk FPSO dengan nilai total USD 81 juta.

Membentuk satu divisi khusus untuk menangani segmen bisnis kapal tanker kimia Perseroan, yaitu BLT Chembulk Group.

Pada akhir 2010, Perseroan beroperasi di semua wilayah pasar utama dunia, dengan armada yang terdiri dari 95 kapal (64 tanker kimia, 13 tanker minyak, 16 tanker gas, 1 FPSO, dan 1 FSO) dengan total kapasitas sebesar 2,3 juta DWT

Conducted Rights Issues in two different stock exchanges simultaneously, namely Bursa Efek Indonesia (Indonesia Stock Exchange) and Singapore Exchange Securities Trading Limited with a total value of USD 135 million.

Issued another Convertible Bond with a total value of USD 125 million and re-sale of USD 48.8 million of Existing Convertible Bonds.

Awarded VLGC contract with a total value of USD 90 million and FPSO contract with a total value of USD 81 million.

Established a dedicated division, BLT Chembulk Group, to handle chemical business segment in the Company.

At the end of 2010, the Company had operations in all global major markets with 95 vessels (64 chemical tankers, 13 oil tankers, 16 gas tankers, 1 FPSO, and 1 FSO) and with a total transportation capacity of 2.3 million DWT.

Membuka kantor pemasaran di Mumbai, India

Mengakusisi Chembulk Tankers LLC – USA, yang mengoperasikan 19 kapal tanker kimia baja anti karat berukuran besar. Langkah akuisisi ini menempatkan Perseroan menjadi salah satu perusahaan jasa transportasi terbesar di dunia untuk segmen bahan kimia cair

Opened a marketing offi ce in Mumbai, India

Acquired Chembulk Tankers LLC – USA which operated 19 large sized chemical tankers. With this acquisition, the Company becomes one of the largest transportation service providers in the world for the liquid chemical bulk segment.

Penawaran Saham Perdana pada Bursa Singapura dan menjadi perusahaan pertama yang terdaftar di 2 (dua) bursa sekaligus, yaitu Indonesia dan Singapura

BLT menjadi perusahaan penyedia jasa transportasi terbesar untuk segmen transportasi bahan kimia cair antar negara Asia, dengan memiliki armada tanker kimia terbesar ketiga di dunia di kelas berbobot mati di bawah 20.000 DWT

Memulai usaha di bidang offshore lepas pantai dengan memiliki kapal Floating, Production, Storage, dan Offl oading (FPSO)

Conducted the Initial Public Offering at the Singapore Exchange Securities Trading Limited (SGX-ST) and became the fi rst company listed in both stock exchanges in Indonesia and Singapore BLT became the largest transportation service provider in the intra-Asia chemical transportation market, with the third largest sub-20,000 DWT chemical tanker fl eet globally

Commenced offshore business by owning and operating FPSO (Floating, Production, Storage and Offl oading) vessel

2006

2007

2008

2009

2010

CORPORATE MILESTONES9

SAMBUTAN DEWAN KOMISARIS


10

Valued Shareholders and Business Partners of the Company

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 2010, as a result of which the Company has achieved its present progress and growth.

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 diffi cult time of 2010 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 2010.

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 2010 sehingga membawa perseroan tetap bertahan dan berkembang baik.

Dewan Komisaris patut memberikan apresiasi terhadap kerja keras Dewan Direksi dan seluruh Jajaran Manajemen perseroan atas berbagai upaya untuk mempertahankan perseroan sepanjang tahun 2010 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 2010.


Remarks from Board of Commissioners

REMARKS FROMBOARD OF COMMISSIONERS


11

Dewan Komisaris menilai bahwa Dewan Direksi dan 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.

Keadaan ekonomi makro yang masih belum stabil hingga tahun 2010 akibat krisis keuangan global memang menjadi tantangan, namun pertumbuhan ekonomi bangsa kita masih cukup baik dan tidak terlalu mengkawatirkan walaupun tetap ada risiko. Suku bunga relatif membaik dan laju infl asi dalam kisaran 6-7 persen.

Pada tahun 2010 Dewan Komisaris mencatat beberapa hal penting yang berhasil dicapai oleh perseroan, antara lain:

a. Perkembangan Armada – secara keseluruhan, Perseroan telah meningkatkan kapasitas armadanya sehingga pada akhir 2010 total armada Perseroan mencapai 95 unit dengan total bobot mati sekitar 2,3 juta KT dan usia rata-rata armada 10,4 tahun. Suatu peningkatan dibandingkan dengan akhir tahun 2009 dimana perseroan mengoperasikan 91 unit dengan total bobot mati 2,2 juta KT. Sebagai antisipasi terhadap meningkatnya pertumbuhan permintaan jasa transportasi laut di dalam negeri terutama sehubungan dengan penerapan azas cabotage di Indonesia, Perseroan dalam tahun 2010 telah berhasil mengkonversikan sebanyak 3 kapal lagi menjadi kapal berbendera Indonesia setelah tahun 2009 Perseroan berhasil mengkonversikan 7 kapal. Menyusul krisis ekonomi global di mana tingkat angkutan kargo cair internasional belum kondusif, implementasi asas cabotage merupakan kesempatan emas bagi Perusahaan yang mengarahkan Perseroan untuk mengalihkan beberapa kapal yang awalnya beroperasi di perairan internasional ke perairan dalam negeri yang memberikan kesempatan dan tarif tambang yang relatif lebih baik.

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 adapt with the ongoing changes and development of global economy.

The instability of the macro economy condition in 2010 which was caused by a global fi nancial 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 was relatively better and the rate of infl ation was in the range of 6-7%.

In 2010, the Board of Commissioners was gratifi ed to note a number of important achievements by the Company, including the following:

a. Fleet development - Overall the Company has increased the capacity of its fl eet so that at the end of 2010, the fl eet consisted of 95 vessels with a total capacity of 2.3 million KT and average age is 10.4 years. This is an increase over the size and capacity of the fl eet compared with the end of 2009, when the fl eet consisted of 91 vessels with a total capacity of 2.2 million KT. 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 3 of its vessels into Indonesian fl ag vessels during 2010 after converted 7 vessels in 2009. 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.



12

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

c. Mempertahankan Likuiditas, Arus Kas, 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.

d. Pengintegrasian armada anak perusahaan, Chembulk Tankers LLC, ke dalam usaha Perseroan telah secara langsung berdampak pada penambahan kapasitas angkutan armada dan juga memberikan kontribusi yang besar dalam memperluas wilayah operasi dan pasar Perseroan, di samping akses terhadap pelanggan baru sehingga lebih melengkapi dan memperkuat posisi perseroan sebagai pemain global pada tahun 2010.

Walaupun iklim usaha sepanjang tahun 2010 masih berat akibat dampak krisis yang berkepanjangan, namun secara umum jalannya usaha Perseroan terkendali dan Perseroan telah membuktikan kemampuan dalam memenuhi kewajiban-kewajiban keuangannya . Keadaan ini memberikan 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 menuntut kerja yang lebih keras, semangat tim, semangat belajar dan komitmen penuh serta rasa percaya diri, baik Jajaran Manajemen dan seluruh Karyawan maupun dukungan penuh dari para Pemegang Saham dan Mitra Usaha.

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

b. Diversification – along with the increase of fl eet capacity, the Company has diversifi ed its business, through establishment of new businesses such as offshore, strengthening of liquid gas cargo transportation, and also geographical operational expansion through intensifi cation of transportation to several regions outside Asia such as the Mediterranean, Africa, Europe and Latin America to improve the Company’s fl exibility and its ability to operate its fl eet in areas that offer profi table margins.

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

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 fl eet, 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 in 2010.

Although the business climate in 2010 was quite challenging due to the impact of prolonged crisis, in general the Company’s business was well under control and the Company has shown its ability to fulfi ll its fi nancial 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 throughout the globe. In order to achieve this, extensive hard work and total commitment as well as confi dence from all levels of Management and staff, together with the support of Shareholders and business partners, will be required.

In 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.

Remarks from Board of Commissioners


13

Melihat kondisi perkembangan Perseroan sejauh ini dan perkiraan akan peningkatan pertumbuhan ekonomi yang stabil di kawasan Asia Pasifi k, 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 peseroan lebih berani melakukan inovasi untuk perkembangan Perseroan dan menyesuaikan cara pandang baru dalam menjalankan aktivitas bisnis dalam lingkungan usaha yang terus berubah.

Setelah mempelajari laporan keuangan Perseroan untuk tahun buku yang berakhir tanggal 31 Desember 2010 yang telah diaudit oleh Kantor Akuntan Publik Osman Bing Satrio & Rekan (member of Deloitte Touche Tohmatsu) dengan pendapat wajar tanpa pengecualian, Dewan Komisaris berpendapat bahwa secara umum usaha Perseroan selama tahun 2010 berjalan cukup baik dan dapat dipertanggungjawabkan. Direksi Perseroan bersama Jajaran Manajemennya telah mengambil kebijakan-kebijakan yang efektif dalam mengembangkan armada dan mencoba mengatasi 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 2010 ini.

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.

Sekian dan terima kasih.Dewan Komisaris

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 confi dent 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.

After examining the Company’s fi nancial reports for the book year ending 31 December 2010, which have been audited and affi rmed 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 fl eet 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 fi nancial performance in 2010.

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.

Best regards and thank you,The Board of Commissioners


14 LAPORAN TUGAS PENGAWASAN DEWAN KOMISARIS

LAPORAN TUGASPENGAWASAN DEWAN KOMISARISYang 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 2010 sehingga membawa perseroan tetap maju dan berkembang. 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.

Kinerja KeuanganPada tahun 2010, kinerja keuangan Perseroan lebih baik dibandingkan tahun 2009. Pendapatan Perseroan naik sebesar 6,2% dan kerugian Perseroan juga berkurang dibandingkan tahun 2009 berdasarkan IndoGAAP.

Total aktiva Perseroan pada posisi 31 Desember 2010 mencapai USD 2,84 milyar atau tumbuh 13,5% dibanding periode yang sama tahun 2009 dan merupakan bentuk komitmen Perseroan untuk terus mengembangkan usahanya di masa depan.

Pada tahun 2010, 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 staf lainnya untuk menghindari perdagangan efek orang dalam (insider trading).

Pada tahun 2010, 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.

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 2010 which has kept the Company progressing in the right direction as we all look forward to. 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.

Financial PerformanceIn 2010, the Company’s fi nancial performance was better than 2009. The Company’s revenue was increased 6.2% and losses were decreased compared with year 2009 based on IndoGAAP.

Total Company assets by 31 December 2010 has expanded by 13.5% to a total value of USD 2.84billion compared to the same period of 2009, which is a materialization of the Company’s commitment to continuously expand its business in the future.

The Board of Commissioners has also concluded that in 2010 there were no cases of confl ict 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.

During the year of 2010, 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.

15Supervisory Report of the Board of Commissioners

SUPERVISORY REPORT OFTHE BOARD OF COMMISSIONERSKinerja Operasional

Ekspansi armada yang telah dilakukan Perseroan sepanjang tahun 2010 telah meningkatkan kapasitas angkut Perseroan menjadi semakin besar sehingga meningkatkan skala operasi dimana jumlah kapal dalam armada perseroan telah meningkat menjadi 95 kapal pada tahun 2010 dibandingkan dengan 91 kapal pada tahun 2009. Dari segi kapasitas, perusahaan juga menunjukkan peningkatan dimana pada tahun 2009 total kapasitas angkut armada Perseroan adalah sekitar 2,2 juta DWT dan pada tahun 2010 jumlah tersebut telah naik menjadi sekitar 2,3 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.

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.

Operational Performance

The fleet expansion by the Company throughout 2010 has expanded the tonnage capacity of the Company’s vessel and in terms of operational scale, in 2010 our fleet consists of 95 vessels, compared to 91 vessels in 2009. The fleet’s total tonnage capacity itself has increased from 2.2 million DWT in 2009 to 2.3 million DWT in 2010. 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.

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.


16

Laporan Komite Nominasi

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.

Tugas dan tanggung jawab dari Komite Nominasi adalah sebagai berikut:

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

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

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

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

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

Menjelang Rapat Umum Pemegang Saham Tahun 2010, Komite Nominasi melakukan penilaian terhadap kinerja setiap Direktur Perseroan. Penilaian ini didasarkan pada kinerja dan pencapaian yang telah ditunjukkan Direksi selama tahun 2009 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 2009 dinilai dan digunakan sebagai acuan dalam penentuan komposisi Dewan Komisaris pada periode selanjutnya.

Dewan Komisaris menilai bahwa kinerja Direksi selama tahun 2010 adalah baik adanya.

Report of the Nomination Committee

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.

Nomination Committee has the duties of, among other things:

1. reviewing and assessing candidates for directorships and commissionership.

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

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

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

Prior to 2010 Shareholders’ Annual General Meeting, the Nomination Committee has carried out assessment on the performance of each of the Directors, based on individual performance during 2009 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 2009 has been used as reference, also to determine what kind of composition of the Board of Commissioners shall be recommended for the following period.

The Board of Commissioners is in the view that the performance of the Board of Directors in 2010 wassatisfactory.

LAPORAN TUGAS PENGAWASAN DEWAN KOMISARIS


Laporan Komite Remunerasi

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, 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.

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

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

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

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

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.

Report of the Remuneration Committee

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 Directors. To do this task, the Nomination Committee works independently, apart from any infl uences 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 fi nancial situation.

Remuneration Committee has the duties of, among other things:

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

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

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

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.

P Annual Report 2010

18

Kegiatan yang dilakukan oleh Komite Remunerasi pada tahun 2010 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.

Laporan Komite Audit

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.

Tugas dan tanggung jawab Komite Audit adalah sebagai berikut:

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

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.

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

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

5. Melakukan pengujian terhadap transaksi – transaksi benturan kepentingan

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

Sepanjang tahun 2010, 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 2010 adalah sebagai berikut:

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

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

3. Memantau transaksi – transaksi dengan pihak tertentu dan pihak terafi liasi

Accomplishment by the Remuneration Committee in 2010 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 fi ve hundred million Rupiah) annually.

Report of the Audit Committee

To ensure the fulfi llment 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.

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

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

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 fi nancial position.

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

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

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

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

Throughout 2010, 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 2010 were as follows:

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

3. Discussing and monitoring related-party transactions

LAPORAN TUGAS PENGAWASAN DEWAN KOMISARIS

19

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

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

Hal-Hal Yang Perlu Mendapat Perhatian Manajemen

Berdasarkan pengawasan atas realisasi kinerja dan pelaksanaan program kerja Perseroan tahun 2010, maka Dewan Komisaris menyampaikan beberapa hal yang perlu mendapat perhatian manajemen dalam menghadapi tahun 2011 antara lain sebagai berikut:

1. Pada tahun 2011, kondisi makro ekonomi global telah mulai stabil dan beberapa indikator ekonomi telah menunjukkan tanda - tanda perbaikan dibandingkan dengan tahun 2010. Oleh karena itu, Perseroan perlu menyiapkan strategi yang tepat untuk memanfaatkan momentum kenaikan industri pengangkutan laut kargo cair.

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

3. Melakukan upaya – upaya efi siensi dan menanamkan budaya efi siensi 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 efi siensi operasional yang dilaksanakan secara berkelanjutan dengan memperbaiki struktur biaya melalui program efi siensi operasional yang berkesinambungan dan harus dilaksanakan secara sistematik.

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

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.

Demikian laporan Dewan Komisaris atas pelaksanaan pengawasan terhadap Perseoran selama tahun 2010.

Sekian dan terima kasih.Dewan Komisaris

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

5. Updating the Company’s Audit Committee Charter.

Matters of Importance to Consider by the Company Management

Based on supervision on the performance and realization of the Company’s 2010 work program, the Board of Commissioners has come to conclusion on some key aspects to be considered by the Management in the year 2011, as follows:

1. In 2011, the global macro economy has started to stabilize and several economic indicators have shown signs or recovery compared with 2010. Therefore, the Company should prepare the exact strategy to tap the rebound momentum of the marine liquid cargo transportation industry.

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

3. Effi ciency 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 effi ciency in a sustainable and systematic way, by creating a better cost structure and more effi cient operational activities.

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

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 fulfi ll 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.

The Report of the Board of Commissioners on supervision of the Company in 2010 is duly made.

Thank you.Board of Commissioners

Supervisory Report of the Board of Commissioners


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SAMBUTAN DIREKSI

Tahun 2010 ditandai dengan kondisi perekonomian global yang masih dalam ketidakpastian walaupun gejolak krisis keuangan dunia sudah mereda dibandingkan dengan apa yang terjadi pada tahun 2009 dan 2008 yang merupakan krisis ekonomi dunia terburuk sejak depresi besar yang terjadi pada tahun 1933. Pelemahan kondisi keuangan Yunani yang terjadi mulai periode Februari tahun ini dan diikuti dengan hilangnya kepercayaan pasar pada ekonomi negara tersebut telah memperlambat pemulihan ekonomi.

Krisis Yunani dilatarbelakangi oleh ketidaksanggupan pemerintah Yunani dalam menangani hutang negara (sovereign debt) yang sangat besar yang mencapai 290 milyar Euro dan defi sit anggaran pada tingkat yang mengkhawatirkan sebesar 12,7% dari total produk domestik bruto. Krisis yang awalnya hanya spesifi k pada negara Yunani akhirnya berdampak luas karena menyeret negara-negara tetangga Yunani yang memiliki hutang negara yang besar pula terutama setelah S&P menurunkan peringkat (rating) untuk negara tetangga seperti Spanyol, Portugis, Italia dan Irlandia. Beberapa negara di kawasan Eropa ini memiliki karakteristik yang hampir sama yakni tingkat hutang yang tinggi dan masalah defi sit anggaran yang besar. Krisis ini bahkan akhirnya telah menyeret semua negara di kawasan Eropa dan berdampak negatif pada mata

The year 2010 was marked by uncertain global economic condition despite the eased turnmoil of world fi nancial crisis compared to the situation in 2009 and 2008 presenting the world worst economic crisis since the great depression in 1933. The weakening Greek fi nancial condition commencing in February 2010 and followed by the loss of market confi dence on the country’s economy has slowed down the economic recovery.

The background of Greek crisis was the incapability of Greek government in handling a very huge sovereign debt reaching 290 billion Euros and budget defi cit at disturbing level of 12.7% from the total gross domestic products. The crisis which was initially involved only Greece has fi nally spread wider impact to Greek neighbouring countries especially when S & P downgraded the rating of Spain, Portugal, Italy and Ireland. Some of those European countries have almost the same characteristics namely fi nancial problems due to high level debt and large budget defi cit. This crisis has even dragged all countries in Europe and given negative impact to Euro currency. The chain effect of Greek crisis has reduced investor’s and market’s trust to global economic recovery.

SAMBUTAN DIREKSI

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REMARKS FROM BOARD OF DIRECTORSuang Euro. Efek berantai dari Krisis Yunani ini telah mengurangi kepercayaan investor dan pasar atas pemulihan ekonomi secara global.

Selain itu, pada akhir tahun 2010 dan awal tahun 2011, telah terjadi pergolakan politik yang besar yang terjadi pada negara-negara di Timur Tengah dan Afrika Utara dengan karakteriskik yang sama yakni gelombang protes masyarakat yang luas. Hal ini disebabkan oleh kombinasi krisis keuangan global, rezim yang represif, frustrasi yang telah berlangsung lama pada rezim otoriter, dan berbagai kebocoran dokumen penting negara-negara di dunia yang menyebabkan gelombang kemarahan publik. Krisis di kawasan Timur Tengah ini akhirnya telah berubah menjadi revolusi dengan tergulingnya pemerintah berkuasa di beberapa negara termasuk Tunisia, Lebanon dan Mesir. Ketidakpastian kondisi Timur Tengah ini juga telah menyebabkan naiknya harga minyak dunia mencapai hampir bahkan lebih dari USD100 per barrel terutama setelah terjadi kerusuhan dan perang di Libya. Libya merupakan negara anggota OPEC dengan produksi minyak terbesar di Afrika Utara yaitu sebesar 1,2 juta barrel per hari dan merupakan pengekspor minyak ke-15 terbesar di dunia. Kondisi ini menyebabkan hampir semua perusahaan minyak dan gas termasuk Eni dan Repsol - YPF menghentikan sementara produksi minyaknya di negara Afrika Utara ini. Krisis ini telah juga mempengaruhi gerak laju pertumbuhan ekonomi global.

Krisis Yunani tersebut di atas yang diikuti dengan ketidakpastian atas ekonomi negara-negara Eropa, yang diperparah dengan adanya krisis Timur Tengah yang terjadi dan naiknya harga minyak dunia menyebabkan keraguan pasar akan kemungkinan terjadinya pemulihan ekonomi global yang memang masih dalam kondisi belum

On the other hand, at the end of 2010 and the beginning of 2011, a huge political turbulence occured in the Middle East and North African countries bearing the same characteristics presenting a large wave of anti-government protest. This was due to a combination of global financial crisis, repressive regime, long frustration to the authoritarian regime and several leaks related to important documents provoking a wave of public anger. These Middle East crisis led to revolutions with the overthrow of ruling government in several countries such as Tunisia, Lebanon and Egypt. Such disadvantageous condition in the Middle East has raised world oil price to almost even more than US$ 100 per barrel especially after chaos and war occured in Libya. Libya is a member of OPEC with the largest oil production in North Africa amounting to 1.2 million barrel per day and the 15th largest world oil exporter. This condition had caused almost all oil and gas majors including Eni and Repsol – YPF to stop their oil production temporarily in this North African country. This crisis has also given adverse impact to the flow of global economic growth.

The above mentioned Greek crisis followed by uncertainty on the economy of European countries, deteriorated by the Middle East crisis and the hike of world oil prices has led to market incertitude on the possibility of any global economic recovery. Greek and Middle East crisis has significantly decreased the demand of various types of goods and services

Remarks from Board of Directors


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stabil. Krisis Yunani dan Timur Tengah tersebut juga telah menyebabkan penurunan permintaan yang besar pada berbagai jenis barang dan jasa terutama karena krisis ini bermula dari kawasan Eropa yang merupakan kawasan pengimpor barang dan jasa yang besar. Industri angkutan laut yang berperan penting dalam perdagangan internasional telah mengalami dampak yang besar pula yang sejak tahun 2008 dan 2009 belum mengalami pemulihan ekonomi dunia yang berarti akibat kemelut krisis di beberapa tempat yang terjadi pada tahun ini. Industri pelayaran pada tahun 2010 juga terimbas oleh dampak krisis tersebut sehingga permintaan tidak menunjukkan perubahaan yang material dibanding dengan tahun 2009.

Pada tahun 2010 ini, segmen angkutan kimia cair telah menunjukkan pemulihan dibandingkan dengan periode yang sama tahun lalu namun tidak terlalu material. Permintaan kapal tanker kimia yang setiap tahunnya mencapai sekitar 36 juta DWT dari tahun 2005 – 2008 mengalami penurunan yang besar pada tahun 2009 menjadi hanya sebesar 31,9 juta DWT. Pada tahun ini, berdasarkan Drewry Report Q4 2010 terjadi penambahan menjadi 33,1 juta DWT. Namun karena tingkat penyediaan kapal tanker kimia yang masuk ke pasaran pada tahun 2010 cukup besar dan hal ini terjadi karena adanya penundaan penyerahan kapal dari tahun-tahun sebelumnya, maka tarif tambang kimia tidak mengalami kenaikan yang besar. Menurut Drewry Report Q4 2010, tingkat armada yang masuk pada tahun 2010 adalah sebanyak 57 kapal dengan bobot mati sekitar 804.000 KT.

Naiknya tingkat pembesituaan kapal tanker kimia yang mencapai sebesar 540,000 DWT dengan tambahan sekitar 92,000 DWT untuk kapal tanker yang dijual untuk dimusnahkan (sold for demolition) pada tahun 2010 menjadi berimbang dengan jumlah kapal tanker kimia yang beredar di pasar. Selain karena adanya overcapacity atas tonase tanker kimia di pasar, naiknya harga bunker pada tahun 2010 juga ikut melemahkan segmen ini sehingga kenaikan tarif tambang menjadi tidak begitu memberikan efek yang berarti. Walau demikian, Perseroan melihat tingkat pembatalan pemesanan kapal yang tinggi (sekitar 60-70%) dan tingkat pembesituaan semakin besar memasuki tahun 2011 ditambah dengan penurunan yang signifikan atas tingkat pemesanan kapal baru serta naiknya harga minyak nabati pada tahun 2011 dimana crude palm oil dan soya bean oil telah naik masing-masing sekitar 30% dan 24% maka hal-hal tersebut akan memberikan tren yang semakin baik bagi perkembangan segmen ini pada tahun-tahun mendatang.

especially due to the fact that the crisis began from Europe which is known as the major importer of goods and services. Marine transportation plays important role in international trade has suffered adverse impact since 2008 and 2009 but has not experienced any significant world economic recovery due to the current crisis. Shipping industries in 2010 has also affected by the impact of this crisis presenting no material demand compared to 2009.

In 2010, liquid chemical tanker segment has shown recovery compared to the same period in the preceding year even if not materially. From 2005-2008 the demand on chemical tanker reached 36 million DWT every year and has registered an important decrease in 2009 to 31.9 million DWT. Based on Drewry report Q4/2010 an increase has been registered to 33.1 million DWT in 2010. Due to the large supply of chemical tanker in the market in 2010 due to the delay in vessels submission in the preceding years, the hike in freight rate of chemical tanker was not significant. According to Drewry Report Q4 2010, there was additional 33.1 million DWT in this year. But, due to the supply of chemical tankers in the market in 2010 was quite big and occurred because of the delay in vessels delivery, then the freight rate for chemical tankers was not increased significantly. According to Drewry Report Q4 2010, the level of vessels delivery in 2010 was 57 vessels with total tonnage capacity amounting to 804,000 KT.

The increased scrapping rate of chemical tanker amounting to 540,000 DWT with an additional of 92,000 DWT for tankers sold for demolition in 2010 has a balancing effect to the number of chemical tankers available in the market. In addition to the tonnage overcapacity of chemical tanker, the hike of bunker price in 2010 has also weakened this segment thus the rise in freight rate did not give a significant effect. However, the Company foresees that the high cancellation rate of vessel book order (around 60-70%), the higher scrapping rate in entering the year of 2011 as well as the significant decrease of the order of new vessels and the rise of edible oil price in 2011 with crude palm oil and soya bean oil by 30% and 24% respectively will give indication for a better trend to the development of this segment in the coming years.

SAMBUTAN DIREKSI

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Di sektor angkutan minyak, permintaan minyak dunia menunjukkan pertumbuhan yang positif sebesar 0,3% menjadi sekitar 88,9 mbpd yang sebagian besar didorong oleh permintaan dari negara-negara Non-OECD sesuai dengan adanya kecenderungan pertumbuhan ekonomi dunia di mana negara-negara berkembang menunjukkan pertumbuhan ekonomi yang lebih mengesankan. Namun pertumbuhan ini telah dipengaruhi oleh adanya kenaikan minyak dunia sebesar 12% pada kuartal keempat tahun 2010 dengan benchmark harga WTI index ditutup mencapai lebih dari USD 91/bbl pada akhir tahun setelah terjadi ketidakstabilan politik yang hampir menyeluruh di negara-negara Timur Tengah dan Afrika Utara. Penurunan kuota produksi minyak juga telah mempengaruhi pemulihan ekonomi global.

Pertumbuhan armada dunia yang besar untuk tanker minyak pada tahun ini sebesar 5,5% atau sebesar 353,8 juta DWT dibandingkan tahun lalu juga telah menyebabkan tarif tambang tanker minyak tidak dapat membentuk tren yang menggembirakan. Walaupun kapasitas kapal lambung tunggal (single hull vessels) terus menurun secara drastis hingga hanya mencapai 5% dari total armada dunia yang ada, namun tarif tambang segmen ini masih akan memasuki periode yang sulit karena jumlah pemesanan kapal yang besar sekitar 8.5% yang akan menyebabkan jumlah kapal tanker naik secara signifikan pada tahun 2011. Hal ini diperparah dengan aktifikas pemesanan kapal baru yang masih tinggi pada tahun-tahun belakangan ini. Oleh karena kondisi ini dan menimbang harga tarif tambang internasional masih akan sulit sementara di Indonesia telah ditetapkan asas cabotage yang memberikan tarif tambang yang relatif lebih tinggi daripada tarif tambang pasar internasional, maka hampir semua kapal tanker minyak Perseroan akan dipergunakan untuk perdagangan dalam negeri mulai tahun 2011.

Untuk segmen gas cair, hampir semua kapal-kapal tanker gas Perseroan sudah terikat kontrak sewa jangka menengah dan panjang dan sebagian besar beroperasi di Indonesia sehingga tidak terlalu terpengaruh oleh naik turunnya permintaan atas jasa angkutan segmen ini. Namun secara umum, ketersediaan dan permintaan kapal tanker gas selama tahun 2010 menunjukkan selisih yang semakin mengecil dikarenakan banyaknya kapal tanker gas tua yang dibesituakan / demolished. Sejalan dengan pertumbuhan ekonomi global dan terutama di Indonesia, apalagi sehubungan dengan adanya program konversi minyak tanah ke LPG di Indonesia, maka permintaan transportasi gas cair diperkirakan juga akan semakin meningkat pada tahun 2011 dan tahun-tahun seterusnya. Selain itu, dengan adanya Cetak Biru Pengelolaan Konsumsi Energi oleh pemerintah yang menitikberatkan pada penggunaan gas, maka diperkirakan pertumbuhan sektor gas di Indonesia akan semakin membaik.

In oil tanker segment the increasing world demand by 0.3% to 88.9 mbpd was mostly boosted by the demand of non-OECD countries in line with the trend of world economic growth indicating that developing countries showed a more impressive growth. This growth, however, was influenced by the hike in world oil price by 12% in Q4/2010 with a benchmark WTI price index closed at more than USD 91/bbl at the end of the year. This was due to the political instability in almost all Middle East and North African countries. The decrease of oil production quota has also affected global economic recovery.

The substantial growth of 5.5% of world vessel deployed as oil tankers or amounting to 353.8 million DWT compared to the previous year has created a negative trend to the freight rate of oil tanker. Despite the capacity of single hull vessels continued to drop drastically to only 5% of the world existing fleet, the freight rate of this segment will still be faced with difficult period due to the significantly increase in the number of oil tankers in 2011 resulting from 8.5% order book of big vessels. The high order book of new vessels during the recent years has even deteriorated the situation. In view of this situation and considering the unfavorable international freight rate and in conjunction with the application of cabotage principle in Indonesia that provides relatively higher freight rates, commencing the year 2011 almost all of our oil tankers will be deployed for domestic trade activities.

With reference to liquefied gas segment, the majority of our gas tankers have been deployed for long term contracts and therefore they will not be really affected by the fluctuating demand in this segment since most of them are operating in Indonesia. In general, the supply and demand of gas tanker in 2010 indicated a smaller margin due to the large number of scrapped and demolished old tankers. In line with global economic growth and mainly with the support of kerosene to LPG conversion program launched by Indonesian government, the demand of liquefied gas transportation will certainly increase in 2011 and onwards. In addition to this, the publication of Blueprint of Energy Consumption Management by the government focusing on the use of gas, is expected to improve the growth of gas sector.



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Akibat krisis yang melanda pada tahun 2010 dan berbagai faktor penyebab yang disebutkan di atas, Perseroan mencatat pertumbuhan pendapatan yang kecil pada tahun 2010. Dalam hubungannya dengan pencatan 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 2010 dibandingkan dengan tahun 2009 sesuai dengan kedua standar pelaporan keuangan tersebut dapat dilihat pada tabel sebagai berikut:

Indonesian GAAPin USD ‘000

Increase/DecreaseIFRS

in USD ‘000Increase/Decrease

2009 2010 2009 2010Revenue 618,346 656,854 6% 618,346 656,854 6%Gross Profit 132,834 94,548 (29%) 132,237 94,453 (29%)Net Profit/ (Loss) (285,876) (154,401) 46% (117,004) (150,127) 28%

Pertumbuhan yang kecil pada pendapatan dalam tahun buku 2010 berdasarkan laporan keuangan IndoGAAP sebesar 6,2% dibandingkan dengan periode yang sama tahun 2009 terutama disebabkan oleh tarif tambang tanker kimia yang belum pulih untuk hampir semua segmen angkutan yang digeluti oleh Perseroan. Hal ini disebabkan oleh kondisi perekonomian global yang mengalami krisis seperti yang disebutkan di atas.

Pertumbuhan pendapatan yang kecil belum cukup mengimbangi naiknya biaya operasional sehingga Perseroan mencatat adanya penurunan pada Laba Kotor untuk tahun 2010 dibandingkan dengan periode yang sama tahun lalu. Hal ini sebagian besar disebabkan oleh naiknya beban langsung, terutama dipicu naiknya biaya bahan bakar yang cukup signifikan mengikuti naiknya harga minyak dunia. Laba Usaha untuk laporan keuangan INDOGAAP mengalami penurunan sebesar 38,8% dibandingkan tahun 2009 yang terutama disebabkan oleh belum pulihnya pendapatan dan faktor naiknya harga bahan bakar seperti yang disebutkan di atas.

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 ketidakpastian pertumbuhan ekonomi ini, Manajemen Perseroan tetap melakukan program pengetatan dan penghematan yang merupakan kelanjutan dari program yang dicanangkan sejak tahun 2008. Selain itu, Manajemen Perseroan juga telah melakukan beberapa upaya termasuk melakukan konsolidasi sumber daya dan restrukturisasi internal Perseroan.

Due to the global economic crisis and its other contributing factors, the Company registered a slight increase of revenue in 2010. Referring to its shares in Singapore Stock Exchange, in addition to the financial report which is in accordance with Generally Accepted Accounting Principles (GAAP) applicable in Indonesia the Company has prepared as well financial report in respect to IFRS. The comparison of Company’s performances in 2010 and 2009 financial reports using both GAAP and IFRS standards may be seen in the following table:

The slight increase in the revenue of 2010 fiscal year based on IndoGAAP amounting to 6.2% compared to the same period in 2009 was mainly due to the declining freight rate of chemical tanker for almost all transportation segments covered by the Company. Global economic crisis made a major contribution to this condition.

Slight increase in Company’s total revenue was not enough to offset the increase in operational costs so that the Company recorded a decrease in gross profit for 2010 compared to the same period in the preceding year. This was mainly caused by the increase in direct costs, which mainly triggered by the significant increase in bunker costs following the increase of global oil prices. Operating Profit for the financial statements based on INDOGAAP suffered a 38.8% decrease compared with 2009 was caused among others by the income that have not been fully recovered and the increase in bunker costs factor as described above.

With reference to the above mentioned financial reports, the Company continues to anticipate existing market development and be prepared for any possibility. In facing the uncertainty of economic growth, the Company’s Management maintains cost-effective and budget tightening policies as the follow up of the program launched in 2008. On the other hand, the Company’s Management has also made several efforts including internal resources consolidation and restructuring.

SAMBUTAN DIREKSI

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Pada tahun 2010 ini, Perseroan tetap menitikberatkan pada upaya memperkuat likuiditas dengan menjalin kerjasama untuk mendapatkan sumber pendanaan yang berbeda. Selain itu, Perseroan juga tetap mempertahankan pendapatan dari kontrak untuk mengamankan pendapatan dari fluktuasi tarif tambang serta penitikberatan dan fokus pada pengembangan usaha di dalam negeri. Pada saat krisis, tidak mudah bagi suatu perusahaan untuk dapat mengembangkan armadanya karena pengembangan armada membutuhkan dana yang cukup besar. Namun, pada tahun 2010, Perseroan telah berhasil mengembangkan armadanya dengan bergabungnya beberapa kapal yang telah dipesan sebanyak 4 kapal baru dan bekas sehingga pada akhir tahun 2010 armada Perseroan bertambah menjadi 95 kapal tanker dengan total bobot mati sekitar 2,3 juta KT.

Perseroan telah membuktikan fleksibilitas maupun kredibilitas dalam bidang pendanaan eksternal yang terdiri dari bebagai tipe pendanaan. Pada tahun ini dari sisi pendanaan, walaupun krisis global yang hebat melanda pada tahun 2009 dan 2010, Perseroan tetap berhasil mencari sumber pendanaan yang diperlukan untuk pengembangan usaha melalui penerbitan obligasi konversi sebesar USD 125 juta, penerbitan Rights Issue sebesar USD135 juta yang dilakukan pada dua bursa sekaligus yakni Bursa Efek Indonesia dan Bursa Efek Singapura (SGX-ST), dan juga penjualan kembali (re-sale) Convertible Bonds sebesar USD48,8 juta melalui private placement.

Hal lain yang telah dilakukan oleh Perseroan selama tahun 2010 adalah melakukan pembatalan pembangunan 5 kapal tanker kimia dimana 2 dari kapal tanker kimia tersebut pembangunannya diganti menjadi kapal tanker LPG ukuran kecil. Dengan pembatalan dan perubahan jenis kapal ini, maka Perseroan telah menghemat belanja modalnya untuk tahun 2011 dan 2012 secara signifikan dan dengan demikian meningkatkan likuiditas untuk jangka pendek maupun panjang. Dengan adanya pembatalan dan konversi pembangunan jenis kapal tersebut pula maka pada akhir 2010, Perseroan melanjutkan kontrak pesanan kapal baru yang masih berjumlah 7 kapal yang diperkirakan akan bergabung dengan armada Perseroan pada awal tahun 2011 dan 2012.

Sebagai bagian dari konsolidasi internal usaha, Perseroan juga secara strategis telah membagi Grup usaha BLT menjadi dua grup yang berbeda dimana grup yang satu fokus pada segmen angkutan kimia cair dan berbasis area perdagangan dan operasi usaha internasional di luar Indonesia sedangkan grup usaha lain fokus pada energy shipping dengan segmen-segmen usaha termasuk segmen angkutan minyak, gas, dan offshore (FPSO-FSO termasuk

In 2010, the Company remained focused on the effort of reinforcing liquidity by setting up collaborations with the objective of gaining different financial resources. The Company also maintained its contract revenues to save it from volatile freight rates and to focus on domestic business development.

It was not easy for a company to develop its fleet especially during economic crisis because it requires an important source of fund. However, in 2010, the Company succeeded in developing its fleet by receiving 4 new and second vessels. By the end of 2010 the Company’s fleet rose to 95 tankers with total tonnage of 2.3 million KT.

The Company has proven its flexibility and credibility in terms of external financing by participating in different types of financing. Despite the great global crisis in 2009 and 2010, the Company still succeeded in finding financial resources required for its business development through the issuance of Convertible Bonds amounting to USD 125 million, conducted Rights Issue amounting to USD 135 million in both Indonesia Stock Exchange and Singapore Stock Exchange (SGX-ST), as well as the re-sale of Convertible Bonds amounting to USD 48.8 million through private placement.

Other action performed by the Company in 2010 was to cancelled the construction of 5 chemical tankers and to modified the construction of 2 chemical tankers to smaller LPG tankers. This cancellation and modification has generated a significant cost-effective result in Company’s capital expenditures for 2011 and 2012 thus consequently strengthened both its short term and long term liquidity. Following this decision the Company has entered into contract agreement for the book order of 7 new vessels that will join its current fleet in 2011 and 2012.

As part of business internal consolidation, the Company has strategically divided BLT Group into two different groups, one focusing on chemical tanker segment based on international trade area and business operation overseas while the other group will concentrate on energy shipping with business segments including oil, gas and offshore (FPSO-FSO including floating structures) with domestic operational area. Following this internal



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floating structures) dengan wilayah operasi hanya di Indonesia. Sehubungan dengan konsolidasi internal tersebut, pada akhir 2010 Perseroan telah membentuk Global BLT-Chembulk, suatu organisasi yang didirikan untuk mengembangkan operasi usaha armada tanker kimia Perseroan dengan jangkuan global. Perseroan juga telah mengaktifkan unit usaha PT Buana Listya Tama sebagai basis pengembangan usaha pelayaran domestik.

Guna dapat beroperasi lebih optimal, kedua divisi yakni BLT-Chembulk dan PT Buana Listya Tama, telah menandatangani Services Agreement dan Executive Management Services Agreement serta Tonnage Allocation Model untuk menghindari kompetisi internal dan untuk mendapatkan campuran jenis, ukuran dan spesifikasi kapal yang sesuai untuk keperluan wilayah operasi yang bersangkutan. Dengan pembagian usaha ini, Perseroan mengharapkan potensi dan kegiatan operasi bisnis Grup BLT secara keseluruhan akan dapat menjadi lebih maksimal.

Berdasarkan data Biro Pusat Statistik, ekonomi Indonesia pada tahun 2010 ini telah menunjukkan kinerja pertumbuhan yang cukup baik dengan tumbuh sebesar 6,2%. Pertumbuhan ini relatif lebih baik daripada pertumbuhan negara-negara tetangga lain seperti Thailand, Filipina, Malaysia dan Brunei. Pada tahun 2011 yang akan datang, pertumbuhan GDP Indonesia diperkirakan akan berkisar antara 6,5% - 7%.

Dengan adanya pertumbuhan ekonomi Indonesia yang semakin baik dan ditunjang dengan adanya implementasi asas cabotage di dalam negeri, akan memberi peluang yang besar bagi usaha Perseroan karena asas ini mewajibkan semua kapal (termasuk tanker minyak dan gas, FPSO/FSO dan kapal lainnya) yang mengangkut barang/penumpang antar pelabuhan di Indonesia wajib menggunakan kapal berbendera Indonesia. Kesempatan ini cukup besar mengingat masih banyaknya kapal-kapal berbendera asing yang dioperasikan di dalam negeri. Perseroan dalam hal ini melalui unit usaha PT Buana Listya Tama memiliki prospek dan posisi yang unik untuk dapat menangkap peluang-peluang yang besar dengan penerapan asas cabotage ini maupun berkembangnya pasar domestik secara keseluruhan. Pada tahun 2010 ini, Perseroan telah memenangkan beberapa kontrak besar dari asas cabotage termasuk kontrak sewa FPSO Brotojoyo dengan total nilai kontrak sebesar USD 81 juta untuk periode 4 tahun dan VLGC Gas Komodo dengan total nilai kontrak sebesar USD 90 juta untuk periode 7 tahun.

Penerapan perjanjian perdagangan bebas (Free Trade Agreement) antara negara-negara yang termasuk di dalam kawasan Asia Tenggara (ASEAN) dengan China dan adanya penurunan

consolidation, the Company set up Global BLT-Chembulk at the end of 2010, an organization established to develop business operation of chemical tankers within a more global scope. The Company has also activated its business unit, PT Buana Listya Tama, as the base of domestic shipping business development.

With the objective of performing optimal operation, both divisions, BLT-Chembulk and PT Buana Listya Tama, have entered into Services Agreement and Executive Management Services Agreement as well as Tonnage Allocation Model in order to avoid any internal competition and to have the benefit of using vessels with different types, sizes and specifications which are suitable for each operation area. This diversification is expected to maximize the potential and business operation of overall activities of BLT Group.

Based on the data published by the Central Bureau of Statistics, Indonesian economy has registered a good performance in 2010 with a growth rate of 6.2%. This rate is relatively better than the growth rates achieved by our neighbouring countries such as, Thailand, Phillipines, Malaysia and Brunei. The growth of Indonesian GDP is estimated at approximately 6.5% - 7% in 2011.

The improved Indonesian economic growth and the implementation of cabotage principle that requires all vessels (including oil and gas tankers, FPSO/FSO and other vessels) mooring within Indonesian seaports to be Indonesian-flagged provide wide opportunities for the Company considering that there are still many vessels with foreign ownership operating in Indonesia. The Company through its business unit PT Buana Listya Tama have unique prospects and position in catching big opportunities with the implementation of Cabotage principle in 2010 including FPSO Brotojoyo charter contract by taking advantage of the implementation of Cabotage principle in 2010 including FPSO Brotojoyo charter contract amounting to US$ 81 million for a period of 4 years and VLGC Gas Komodo amounting to US$ 90 million for a period of 7 years.

Free Trade Agreement applied between ASEAN countries and China and the decrease of trade tariff among ASEAN countries applicable this year have actually positive impact to the development

SAMBUTAN DIREKSI

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tarif perdagangan antara sesama anggota negara-negara Asean yang sudah mulai berlaku pada tahun ini pada dasarnya akan berdampak positif bagi perkembangan industri pelayaran. Kedua peristiwa tersebut diharapkan dapat mengakibatkan kenaikan perdagangan dan investasi yang signifikan di kawasan ini. Oleh karena itu, peluang-peluang yang ada, Perseroan berencana untuk mencatatkan saham unit usaha PT Buana Listya Tama ini pada Bursa Efek Indonesia dan pada saat ini Buana telah berhasil mencatatkan sahamnya.

Berdasarkan penjelasan di atas dan harapan perkembangan pasar yang Lebih baik bagi Perseroan, di tahun-tahun mendatang Manajemen yakin dan optimis bahwa tahun-tahun mendatang merupakan peluang yang baik bagi perkembangan usaha Perseroan dan Perseroan memiliki kemampuan yang lebih baik untuk mendapatkan peluang yang lebih besar. Peluang dalam negeri yang besar yang disertai dengan pemulihan segmen tanker kimia yang sudah ditunggu-tunggu akan memberikan dampak positif yang besar bagi Perseroan.

Akhir kata, Direksi mengucapkan terima kasih atas kepercayaan yang telah diberikan selama ini oleh para pemegang saham, mitra usaha Perseroan, dan para karyawan baik karyawan laut maupun karyawan darat yang telah memberikan dedikasi yang tinggi, bekerja keras dan turut berperan serta membesarkan dan mengembangkan usaha Perseroan selama ini. Ucapan terima kasih 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.

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

Sekian dan terima kasihDireksi

of shipping industry. These two initiatives are expected to be able to develop significant trade and investment in the concerned area. By taking advantage of the existing opportunities, the Company plans to register the share of PT Buana Listya Tama in Indonesia Stock Exchange and now Buana’s shares have been listed successfully.

Pursuant to the above explanation and expectation of the favorable market development for the Company, in further years the Management is confident and optimistic that the coming years will open good opportunities for Company’s business development and the Company will have improved capability in obtaining bigger opportunities. Large domestic opportunities accompanied by expected recovery of chemical tanker segment will provide significant positive impact to the Company.

Finally, the Board of Directors would like to thank you for the trust that has been placed in us by shareholders, business partners, employees both on land and at sea for their high dedication, hardwork and contribution in Company’s business development. We would also express our gratitude to the Board of Commissioners and its supporting committees as well as professional institutions and other supporting stock market that have provided valuable inputs to the the Board of Directors in carrying out Company’s business.

Any constructive suggestion and opinion from all related parties for the future development of the Company will always be appreciated.

Thank you for your attention.The Board of Directors



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RINGKASAN AKTIVITAS USAHA

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

minyak, dan jenis lainnya)

LNG, dan gas-gas lainnya)

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

Penyewaan KapalPerseroan menyewakan kapal-kapal kepada pihak ketiga melalui perjanjian Short Term Time Charter, Medium Term Time Charter, dan Long Term Time Charter.

Pengoperasian KapalPerseroan 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.

PEMBAHASAN OPERASIONAL


BUSINES ACTIVITIES

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

ethylene, LNG and others);

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

Vessel CharteringThe 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.

Vessel OperationsThe 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 specifi ed period of time.


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Jasa Keagenan KapalSesuai 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.

Penyewaan Tanki Timbun Di DaratProses 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.

Operations Review

Vessel Agency ServicesPursuant 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 profi ts, the agency business facilitates the expansion of the Company’s network with foreign shipping companies.

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.

OPERATIONSREVIEW



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KAPASITAS DAN KOMPOSISI ARMADA PERUSAHAANDalam 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.

Tabel berikut menunjukkan komposisi armada Perseroan, berdasarkan segmen usaha per 31 Desember 2010:

TankerNumber of Vessels

(Jumlah Kapal)DWT (‘000)

Average Age(Rata-rata Usia)

Tanker

Chemical 64 1050,16 8.9 KimiaOil 13 893,36 17.4 MinyakGas(1) 16 281,28 9.2 GasFPSO / FSO 2 97,24 23.8 FPSO / FSOTotal 95 2322,03 10.4 Jumlah

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

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 dan tanker FPSO, serta dua buah kapal LNG carrier 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.

Selama ini, Perseroan berusaha menjaga portofolio kapal-kapal 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.

CAPACITY AND COMPOSITION OF THE COMPANY ’S FLEETIn 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 fl eet has increased, the tonnage capacity owned by the Company also increases and at the same time increases the revenue of the Company.

The following table shows the composition of the Company’s fl eet categorized based on business segments as of 31 December 2010:

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

In addition to the size and shipping capacity, another important consideration for the Company is the composition and diversifi cation of its fl eet. The Company’s fl eet 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.

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 specifi c demands from different customers. This allows the Company to better service a wide range of geographical and markets and product types, and to maintain profi table margins across different segments.

Operations Review


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Kapal Tanker KimiaSegmen kapal tanker kimia merupakan segmen usaha Perseroan dengan jumlah kapal terbesar dibandingkan dengan segmen – segmen usaha lainnya. Per 31 Desember 2010, Perseroan mengoperasikan 64 kapal tanker kimia dengan total tonase sebesar 978.336 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 8,9 tahun, dibandingkan armada pada industri yang rata-rata berusia sekitar 10,1 tahun. Untuk memperkuat armada kapal tanker kimia yang sudah ada sekaligus untuk peremajaan armada dan memperkuat posisi Perseroan di pasar maka per 31 Desember 2010, Perseroan telah memesan 3 buah kapal tanker kimia baru yang kini dalam proses pembangunan, dengan kapasitas total 58.600 DWT yang akan diserahterimakan dari galangan kapal kepada Perseroan pada tahun 2011.

Tabel berikut memberikan gambaran singkat mengenai kapal tanker pengangkut bahan kimia yang dioperasikan oleh Perseroan per 31 Desember 2010.

No. Owned Vessels Built DWT Type (1) Flag Hull (1)

1 CB Barcelona 2004 32.300 IMO II/III SUS Singapore DH

2 CB Gibraltar 2001 19.500 IMO II/III SUS Singapore DH

3 CB Hong Kong 2003 32.000 IMO II/III SUS Singapore DH

4 CB Houston 2003 16.400 IMO II/III SUS Singapore DH

5 CB Kobe 2002 19.500 IMO II/III SUS Singapore DH

6 CB New Orleans 2003 32.000 IMO II/III SUS Singapore DH

7 CB New York 2002 27.000 IMO II/III SUS Singapore DH

8 CB Savannah 2002 25.000 IMO II/III SUS Singapore DH

9 CB Shanghai 2000 19.500 IMO II/III SUS Singapore DH

10 CB Ulsan 2004 19.500 IMO II/III SUS Singapore DH

11 CB Virgin Gorda 2004 32.000 IMO II/III SUS Singapore DH

12 CB Yokohama 2003 19.500 IMO II/III SUS Singapore DH

13 MT Anggraini 1995 31.225 IMO III Singapore DH

14 MT Anjasmoro 1996 32.696 IMO III Singapore DH

15 MT Bauhinia 1997 5.851 IMO II/III SUS Singapore DH

16 MT Celosia 1997 7.477 IMO II/III SUS Hong Kong DH

17 MT Cendanawati 1997 3.159 IMO II/III SUS Singapore DH

18 MT Dragonaria 1998 6.555 IMO II/III Singapore DH

19 MT Erowati 1999 6.688 IMO II/III Singapore DH

20 MT Eustoma 1994 4.990 IMO II/III SUS Hong Kong DH

21 MT Fatmarini 2004 8.578 IMO II/III SUS Singapore DH

22 MT Fatmawati 1996 7.527 IMO II/III SUS Singapore DH

23 MT Frabandari 2004 8.575 IMO II/III SUS Singapore DH

24 MT Freesia 2003 8.521 IMO II/III SUS Hong Kong DH

25 MT Gerbera 2004 8.738 IMO II/III SUS Hong Kong DH

Chemical TankersThe 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 2010, the Company operates 64 chemical tankers and 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 978.336 DWT. On average, the age of the Company’s vessels used for transportation of the liquid chemical is 8.9 years old, a lot younger compared to the industry’s average age of 10.1 years. To strengthen and rejuvenate its current chemical tankers fl eet and also to strengthen its position in the market, by 31 December 2010, the Company had placed orders to acquire 3 more new chemical tankers with total capacity of 58,600 DWT. The new vessels will be delivered in 2011.

The following table gives a brief explanation on the chemical tankers operated by the Company as of 31 December 2010.



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26 MT Harsanadi 2005 14.271 IMO II/III SUS Singapore DH

27 MT Hartati 2004 14.312 IMO II/III SUS Singapore DH

28 MT Hyacinth 2009 12.500 IMO II/III SUS Hong Kong DH

29 MT Indradi 1993 13.944 IMO II/III SUS Singapore DB

30 MT Jembawati 1999 6.685 IMO III Singapore DH

31 MT Kunti 1992 3.984 IMO III Indonesia DB

32 MT Larasati 1991 3.665 IMO II/III SUS Hong Kong DH

33 MT Mustokoweni 1991 3.199 IMO II/III SUS Singapore DB

34 MT Nogogini 1996 11.639 IMO II/III SUS Singapore DH

35 MT Nolowati 1998 11.636 IMO II/III SUS Singapore DH

36 MT Rasawulan 1996 10.332 IMO II/III SUS Singapore DH

37 MT Ratih 1996 10.329 IMO II/III SUS Singapore DH

38 MT Rengganis 1993 3.667 IMO II/III SUS Singapore DH

39 MT Setyawati 1994 3.189 IMO II/III SUS Hong Kong DH

40 MT Tirtasari 1997 5.878 IMO II/III SUS Indonesia DH

41 MT Ulupi 1999 6.690 IMO II/III Singapore DH

42 MT Wulansari 1992 11.055 IMO II/III SUS Singapore DB

43 MT Yanaseni 1992 9.202 IMO II/III Singapore DH

No. Bareboat Charter Built DWT Type (1) Flag Hull (1)

44 MT Gagarmayang(2) 2004 40.354 IMO II/III Singapore DH

45 MT Pertiwi(3) 2006 19.970 IMO II/III SUS Singapore DH

46 MT Pitaloka(5) 2010 19.900 IMO II/III SUS Hongkong DH

47 MT Pramesti(6) 2009 19.900 IMO II/III SUS Singapore DH

48 MT Pramoni(2) 2008 19.990 IMO II/III SUS Singapore DH

49 MT Prita Dewi(3) 2006 19.998 IMO II/III SUS Singapore DH

50 MT Pujawati(3) 2006 19.900 IMO II/III SUS Singapore DH

51 MT Purbasari(4) 2008 19.900 IMO II/III SUS Singapore DH

52 MT Purwati(2) 2007 19.900 IMO II/III SUS Singapore DH

53 MT Puspawati(2) 2008 19.900 IMO II/III SUS Singapore DH

54 MT Wilutama(5) 2010 26.198 IMO II/III SUS Hong Kong DH

No. Time Charter Built DWT Type (1) Flag Hull (1)

55 MT Bestari(8) 2003 6.689 IMO II/III SUS Panama DH

56 MT CB Jakarta(7) 2009 19.500 IMO II/III SUS Panama DH

57 MT CB Kings Point(7) 2008 19.500 IMO II/III SUS Panama DH

58 MT CB Lindy Alice(7) 2008 32.000 IMO II/III SUS Panama DH

59 MT CB Minneapolis(7) 2007 32.000 IMO II/III SUS Singapore DH

60 MT CB Singapore(7) 2007 19.500 IMO II/III SUS Singapore DH

61 MT CB Tortola(7) 2007 19.500 IMO II/III SUS Singapore DH

62 MT CB Westport(7) 2006 32.000 IMO II/III SUS Singapore DH

63 MT Golden Ambrosia(9) 2008 13.400 IMO II/III Singapore DH

64 MT Royal Flos(9) 2008 19.600 IMO II/III Panama DH

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

Catatan:1) “SUS” merujuk pada kapal tanker dengan tangki kargo berbahan (stainless steel), “DH” berarti Double Hull, dan “DB” berarti Double Bottom.

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

Note:1) “SUS” refers to tankers with cargo tank made of stainless steel, “DH” means “Double Hull”, “DB” means “Double Bottom”.

Operations Review


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2) Bareboat charter berjangka waktu 12 tahun, jatuh tempo bulan September, November, dan Desember 2020.3) Bareboat charter berjangka waktu 12 tahun, jatuh tempo bulan Juni, Juli, dan September 2018.4) Bareboat charter berjangka waktu 12 tahun, jatuh tempo bulan Maret 2021.5) Bareboat charter berjangka waktu 5 tahun, jatuh tempo bulan November dan September 2015.6) Bareboat charter berjangka waktu 4 tahun, jatuh tempo bulan Juni 2014.7) Time charter berjangka waktu 10 tahun, jatuh tempo bulan Januari 2017.8) Time charter berjangka waktu 7 tahun dan diperpanjang 1 tahun, jatuh tempo bulan Oktober 2011. 9) Time charter berjangka waktu 5 tahun, akan jatuh tempo bulan Januari dan September 2013.

Setiap kapal tanker kimia Perseroan telah didaftarkan pada salah satu asosiasi klasifi kasi berikut, yaitu: Lloyds Register, Nippon Kaiji Kyokai, Bureau Veritas, Det Norske Veritas, dan Biro Klasifi kasi Indonesia.

Kapal Tanker MinyakUntuk armada kapal tanker minyak, Perseroan mengoperasikan 13 kapal tanker minyak dengan jumlah kapasitas 893.361 DWT per 31 Desember 2010. Perseroan juga melakukan diversifi kasi dalam kapasitas tonase dan jenis kapal tanker minyak yang dimiliki agar dapat menyesuaikan 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 2 unit small-range tanker serta apabila dilihat dari jenis kargo yang diangkut maka armada kapal tanker

2) Bareboat charter for a period of 12 years, will expire in September, November, and December 2020.3) Bareboat charter for a period of 12 years, will expire in June, July, and September 2018.4) Bareboat charter for a period of 12 years, will expire in March 2021.5) Bareboat charter for a period of 5 years, will expire in November and September 2015.6) Bareboat charter for a period of 4 years, will expire in June 2014.7) Time charter for 10 years, will expire in January 2017.8) Time charter for 7 years and is extended 1 year, will expire in October 2011.9) Time charter for 5 years, will expire in January and September 2013.

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

Oil TankersFor oil tankers, the Company operated 13 oil tankers with a total capacity of 893.361 DWT as of 31 December 2010. The Company also diversifi es its oil tanker vessels based on tonnage capacity and type of oil tankers it owns in order to fulfi ll 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 2 units of small-range tankers, and from segregation on the type of cargoes transported, the fl eet consists of 6 Oil Product Tankers and 7 Crude Oil Tankers. The average age of the oil tankers of the Company


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minyak Perseroan terdiri dari 6 Oil Product Tanker dan 7 Crude Oil Tanker. Armada tanker minyak Perseroan rata-rata berusia sekitar 17,4 tahun, dibandingkan dengan kapal dalam industri yang berusia rata-rata 8,7 tahun. Sebagian besar kapal tanker minyak Perseroan sudah berbendera Indonesia. Hal ini dilatarbelakangi oleh komitmen Perseroan untuk berpartisipasi dalam penerapan asas cabotage dimana berdasarkan keputusan Pemerintah Indonesia, pengangkutan laut domestik maupun impor bagi kargo-kargo yang berhubungan dengan pemerintah harus dilakukan oleh kapal berbendera Indonesia.

Tabel di bawah memberikan penjelasan singkat mengenai kapal tanker minyak yang dioperasikan Perseroan per 31 Desember 2010. Perseroan memiliki seluruh kapal tanker minyak sesuai dengan tabel di bawah ini, kecuali MT Gandari yang disewa secara bareboat charter.

No Operated VesselsYear of

ConstructionDWT Type (1) Flag Hull (2)

1 MT Anjani 1985 36.882 Oil Product Tanker Indonesia DS

2 MT Badraini 1991 111.777 Crude Oil Tanker Indonesia DB

3 MT Barawati 1990 101.134 Crude Oil Tanker Indonesia SH

4 MT Barunawati 1992 111.689 Crude Oil Tanker Singapura DB

5 MT Bramani 1990 96.672 Crude Oil Tanker Indonesia SH

6 MT Dewayani 1999 3.561 Oil Product Tanker Indonesia DH

7 MT Dewi Sri 1999 3.557 Oil Product Tanker Indonesia DH

8 MT Gandari(1) 1999 30.500 Oil Product Tanker Singapura DH

9 MT Gandini 1998 32.042 Oil Product Tanker Indonesia DH

10 MT Ontari 1993 18.520 Oil Product Tanker Indonesia SH

11 MT Pergiwo 1993 37.087 Crude Oil Tanker Indonesia SH

12 MT Tridonawati 1991 154.970 Crude Oil Tanker Liberia SH

13 MT Trirasa 1991 154.970 Crude Oil Tanker Singapura SH

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.

Setiap kapal tanker minyak Perseroan telah didaftarkan pada salah satu asosiasi klasifi kasi kapal, yaitu sebagai berikut: Nippon Kaiji Kyokai, Bureau Veritas, Det Norske Veritas dan Biro Klasifi kasi Indonesia.


is approximately 17.4 years old, compared to the industry’s average age of 8.7 years. Most of oil tankers owned by the Company are Indonesian fl agged vessel. This is motivated by the commitment of the Company to participate in the implementation of cabotage which according to the Government of Indonesia, all goods transported between Indonesian seaports and all goods imported by water, where the operations of such imports are funded by state-owned companies, to be shipped by Indonesian-fl agged vessels which are owned by domestic companies and crewed exclusively by Indonesian nationals.

The following table provides a brief overview of the oil tankers operated by the Company as at 31 December 2010. Except for MT Gandari which falls under bareboat charter, all vessels are fully owned by the Company.

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.

Each of the Company’s oil tankers is registered to one of several classifi cations organizations, namely Nippon Kaiji Kyokai, Bureau Veritas, Det Norske Veritas and Biro Klasifi kasi Indonesia (Indonesian Classifi cation Bureau).


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Kapal Tanker GasPer 31 Desember 2010, Perseroan mengoperasikan 16 kapal tanker pengangkut gas, yang sebagian besar adalah tanker gas LPG dan 2 LNG Carrier dimana total kapasitas dari semua kapal tersebut adalah 451.169 CBM (284.278 DWT). Armada tanker Perseroan memiliki umur rata – rata sekitar 9,2 tahun, dibandingkan dengan umur rata-rata untuk industri yaitu 14,6 tahun. Pada tahun 2010, Perseroan juga menjadi perusahaan tanker pertama di Indonesia yang memiliki dan mengoperasikan kapal jenis Very Large Gas Carrier, yaitu MT Gas Komodo. Perseroan juga melakukan konversi pada 2 kapal tanker gas yaitu MT Gas Maluku dan MT Gas Bangka yang semula berbendera Singapura menjadi berbendera Indonesia. Hal ini juga dilatarbelakangi oleh komitmen Perseroan untuk berpartisipasi dalam penerapan asas cabotage di Indonesia.

Tabel berikut memberikan gambaran singkat mengenai kapal tanker gas yang dimiliki dan dioperasikan oleh Perseroan per 31 Desember 2010.

No Owned Vessels Built Type Flag Hull CBM

1 MT Gas Bali 2007 Pressurized Gas Tanker Singapore DH 5.000

2 MT Gas Bangka 2010 Pressurized Gas Tanker Singapore DH 3.500

3 MT Gas Indonesia 1990 Pressurized Gas Tanker Indonesia DH 3.518

4 MT Gas Jawa 1989 Pressurized Gas Tanker Indonesia DH 3.596

5 MT Gas Kalimantan 1996 Pressurized Gas Tanker Indonesia DH 3.500

6 MT Gas Komodo 1991 Very Large Gas Carrier Indonesia DH 78.543

7 MT Gas Lombok 2008 Ethylene Gas Tanker Singapore DH 9.000

8 MT Gas Madura 2010 Pressurized Gas Tanker Singapore DH 3.500

9 MT Gas Maluku 1996 Pressurized Gas Tanker Indonesia DH 5.000

10 MT Gas Natuna 2008 Pressurized Gas Tanker Indonesia DH 3.500

11 MT Gas Papua 2007 Pressurized Gas Tanker Singapore DH 5.000

12 MT Gas Sulawesi 2006 Pressurized Gas Tanker Singapore DH 5.000

13 MT Gas Sumatera 1989 Pressurized Gas Tanker Indonesia DH 3.512

14 MT Gas Sumbawa 2008 Ethylene Gas Tanker Singapore DH 9.000

15 MT Tangguh Hiri 2008 LNG Carrier Bahamas DH 135.000

16 MT Tangguh Sago 2009 LNG Carrier Bahamas DH 135.000

Setiap kapal tanker minyak Perseroan telah didaftarkan pada salah satu asosiasi klasifi kasi kapal, yaitu sebagai berikut: Nippon Kaiji Kyokai, Bureau Veritas dan Biro Klasifi kasi Indonesia.

Operations Review

Gas TankersAs of 31 December 2010, the Company operated 16 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 451,169 CBM (284,278 DWT). The gas fl eet of the Company has an average age of approximately 9.2 years, a lot younger compared to the industry average of 14.6 years. In 2010, the Company also owns and operates a Very Large Gas Carrier (VLGC), MT Gas Komodo, and also became the fi rst domestic shipping company that operates such vessel in Indonesia. The Company also converted 2 gas tankers, MT Gas Maluku and MT Gas Bangka, from Singapore fl ag to Indonesian fl ag. This is also motivated by the Company commitment to participate in cabotage implementation in Indonesia.

The following table provides a brief overview of the gas tankers operated by the Company as at 31 December 2010. All vessels are fully owned by the Company.

Each gas tanker of the Company is registered to one of several different classifi cation organizations, namely Nippon Kaiji Kyokai, and Bureau Veritas, and Biro Klasifi kasi Indonesia (Indonesian Classifi cation Bureau).

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Kapal Tanker FPSO/FSOKapal tanker FPSO (Floating, Production, Storage, and Offl oading) adalah kapal tanker yang digunakan sebagai fasilitas terapung untuk produksi, penyimpanan dan bongkar muat minyak bumi. Untuk FPSO, Perseroan membeli kapal tanker minyak pada bulan Desember 2005 dan kemudian mengkonversinya menjadi kapal FPSO yang diselesaikan pada bulan Agustus 2006. Tanker FPSO ini memiliki total kapasitas 60.874 DWT. Kapal FPSO Brotojoyo tersebut kemudian dimodifi kasi kembali pada tahun 2010 untuk melayani pelanggan baru. Selain itu, pada akhir tahun 2010, Perseroan juga telah merubah satu kapal tanker minyak lain yang dimilikinya menjadi FSO.

Perseroan juga tengah mengikuti beberapa tender FPSO/FSO yang kini sedang berjalan. Dari seluruh kapal FPSO/FSO yang kini beroperasi di perairan Indonesia, 70% diantaranya merupakan kapal berbendera asing dan hanya 30% 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.

Tabel dibawah ini memberikan penjelasan singkat mengenai FPSO/FSO yang dioperasikan Perseroan per 31 Desember 2010. FPSO/FSO Perseroan didaftarkan pada Biro Klasifi kasi Indonesia dan Det Norske Veritas.


FPSO TankerAn FPSO tanker is a tanker used as a fl oating production, storage and offl oading facility. 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. This FPSO tanker, FPSO Brotojoyo, is then modifi ed in 2010 to serve new customer. At the end of 2010, the Company also converted one of its owned oil tankers to FSO.

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 70% of them are still foreign fl ag vessels and therefore only 30% of them are Indonesian fl ag vessels. In accordance with the implementation of the cabotage principle, the foreign fl ag FPSO/FSO vessels must be replaced by Indonesian fl ag 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.

The following table provides a brief overview of the FPSO/FSO operated as of 31 December 2010. The FPSO/FSO is registered in Biro Klasifi kasi Indonesia (Indonesian Classifi cation Bureau) and Det Norske Veritas.


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Owned VesselsYear of

ConstructionDWT Type Flag Hull

FPSO Brotojoyo 1980 60.874 FPSO Indonesia DB

FSO Pradapa 1993 36,362 FSO Indonesia DS

Kapal Baru Dalam Tahap PembangunanSesuai 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 berkualifi kasi tinggi guna memastikan kualitas kapal yang dibangun. Beberapa galangan kapal yang rutin Perseroan gunakan untuk pembangunan kapal tanker baru antara lain: Shin Kurushima Dockyard Co. Ltd., Shitanoe Shipbuilding Co. Ltd., Asakawa Shipbuilding Co. Ltd., dan Yamanishi Corporation.

Tabel di bawah memberikan penjelasan singkat mengenai kapal Perseroan yang masih dalam pembangunan, beserta rencana tonase dan rencana tanggal penyerahan per 31 Desember 2010. Seluruh kapal ini sepenuhnya dimiliki oleh Perseroan. Untuk tanker kimia ukuran kapal dinilai dalam satuan DWT, dan untuk tanker gas dan tanker LNG diukur dalam satuan CBM.

No. Name Expected Delivery

DWT/ CBM

Type Flag Hull

1 MT Gas Batam 2011 5.000 Pressurized Gas Tanker Singapore DH

2 MT Gas Karimun 2012 3.500 Pressurized Gas Tanker Singapore DH

3 MT Gas Halmahera 2012 3.500 Pressurized Gas Tanker Singapore DH

4 MT Gas Ternate 2012 3.500 Pressurized Gas Tanker Singapore DH

5 MT Iris 2011 12.500 Chemical Tanker IMO II/III SUS Hongkong DH

6 MT Partawati 2011 21.000 Chemical Tanker IMO II/III SUS Singapore DH

7 MT Widawati 2011 25.100 Chemical Tanker IMO II/III SUS Singapore DH

Operations Review

New Vessels Under ConstructionFollowing the Company’s strategy to continuously increase the size of its fl eet, the Company has ordered several new vessels that the Company considered as in line with the market needs and fulfi lls the prevailing international standards within the global shipping industry. In constructing these tankers, the Company always engages experienced and highly qualifi ed 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: Shin Kurushima Dockyard Co. Ltd., Shitanoe Shipbuilding Co. Ltd., Asakawa Shipbuilding Co. Ltd., and Yamanishi Corporation.

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 2010. 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.


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Pertumbuhan ArmadaGrafi k berikut menunjukkan pertumbuhan armada Perseroan menurut tonase dan jumlah kapal yang dimiliki Perseroan selama satu decade terakhir terakhir:

PENJUALAN DAN PEMASARANSebagai 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 di tempat dimana pelanggan Perseroan beraktivitas. Perseroan memilih untuk melakukan sendiri seluruh kegiatan pemasaran, karena Perseroan beranggapan bidang ini sangat strategis bagi kelangsungan usaha Perseroan.

Tim pemasaran dan operasional terdiri lebih dari 150 orang, yang tersebar di berbagai kantor Perseroan, yaitu: di Jakarta, Singapura, Hong Kong, Bangkok, Taiwan, Shanghai, Beijing, Xiamen, Dubai, Glasgow, Southport – Connecticut, dan Sao Paulo Brazil. Kantor Perseroan di Jakarta, Hong Kong, Singapura, dan Southport - 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


Fleet GrowthThe following bar chart demonstrates the growth in the Company’s fl eet in terms of deadweight tonnage and number of vessels over the past decade.

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

The marketing and operations team consists of more than 150 people working in the Company’s offi ces in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai, Beijing, Xiamen, Dubai, Glasgow, Southport - Connecticut, and Sao Paulo Brazil. The Company’s offi ces in Jakarta, Singapore, Hong Kong, and Southport - 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 offi ces are

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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 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.

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 geografi s dimana kapal – kapal Perseroan beroperasi melalui proses tender normal.

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.

PersainganPerseroan terutama melayani segmen pengangkutan muatan bahan cair melalui armada tanker yang dimiliki oleh Perseroan 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 dapat 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.

Operations Review

primarily dealing with local ship management and marketing activities only. To support the operation of the Company’s fl eet in the western hemisphere, the Company opened a marketing offi ce in Glasgow in 2004, Dubai offi ce in 2005. In order to support its operations in Far East Asia, the Company has opened a marketing offi ce in Shanghai in 2007, and another in Brazil for operational in South America in 2008.

In the midst of a highly competitive environment, the Company fi rmly 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.

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.

Market CompetitionThe 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 diffi cult for the new players to enter this industry.

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Secara umum persaingan terjadi berdasarkan tingkat ketersediaan kapal yang sesuai dengan spesifi kasi dari kargo 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.

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.

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.

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

PelangganPerusahaan 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 kargo cair mereka.


In general, competition occurs based on the level of ships availability that match with the specifi cation 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.

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.

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.

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

Our CustomersThe 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 qualifi ed enough to carry their liquid cargoes.


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Perseroan juga memiliki hubungan bisnis jangka panjang dengan Pertamina, perusahaan minyak 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.

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 2010. Dengan demikian, Perseroan tidak memiliki resiko ketergantungan pada masing-masing pelanggannya.

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 kru kapal yang dimiliki, dan harga yang bersaing serta ketersediaan kapal dari berbagai tipe dan ukuran. Selain itu, sekitar 91% dari total armada kapal tanker kimia yang dimiliki Perseroan merupakan kapal tanker kimia dengan lambung ganda yang terbuat dari stainless steel sehingga kapal – kapal tanker kimia Perseroan mampu untuk mengangkut semua jenis kargo kimia cair dan memastikan kondisi kargo tetap terjaga baik selama pelayaran.

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 fl eksibilitas 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.

Operations Review

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 refi nery products within Indonesian waters. All long-term contracts are with Pertamina.

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 2010. Therefore, the Company holds no dependency risk towards any of its customers.

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, 91% of the total chemical tankers within the Company’s fl eet 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 fi ne condition during the voyage.

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, specifi c needs of the customer in terms of shipping capacity and geographical destination, allowing the Company to deploy its fl eet effectively to meet these needs. In order to fulfi ll 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.


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Wilayah Operasional ArmadaPerseroan membagi operasi armadanya menjadi empat wilayah geografi s untuk kapal tanker kimia, dan masing-masing satu wilayah geografi s 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, 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 Pasifi k.


Areas of OperationThe Company divides the operation of its chemical tanker fl eet into four geographical zones, one zone for oil tanker fl eet, 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, 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 Pacifi c Ocean.


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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 diversifi kasi penempatan kapal-kapal pada wilayah geografi s yang berbeda.

KEKUATAN DAYA SAINGIndustri perkapalan pada dasarnya diwarnai persaingan yang cukup ketat dan paling menuntut kekuatan daya saing yang tinggi dibandingkan kebanyakan industri pada umumnya. Walaupun demikian, Perseroan memiliki 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:

Armada OperasionalKapal-kapal berbagai tipe dan ukuran, dengan fl eksibilitas dan kualitas tinggi, diawaki, dikendalikan, dan dikelola oleh para awak kapal serta staf darat yang berpengalaman.

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 spesifi kasi yang berbeda, keseluruhannya 95 kapal, Perseroan saat ini berada dalam posisi yang sangat

Operations Review

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 diversifi ed position by spreading its vessels across a range of different geographic areas.

COMPETITIVE STRENGTHSShipping 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:

Operating FleetLarge, fl exible, modern, high quality ships manned, operated and managed by experienced crew and staff.

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 fl eet, comprised of 95 vessels, the Company is well positioned to service the widely varying transportation needs of even the largest multinational companies and regional


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siap untuk menyediakan layanan transportasi yang dibutuhkan tersebut, bahkan bagi perusahaan-perusahaan perdagangan multinasional dan regional yang memiliki berbagai macam produk dan kelompok muatan.

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 efi sien dari segi biaya. Armada yang dimiliki Perseroan sudah terbukti jauh lebih moderen dibandingkan kebanyakan pesaingnya: per tanggal 31 Desember 2010, umur rata-rata tanker bahan kimia, minyak serta gas yang dioperasikan Perseroan adalah masing-masing 8,9, 17,4, dan 9,2 tahun dimana rata-rata umur tanker dalam industri ini berkisar masing-masing antara 10,1, 8,7, dan 14,6 tahun.

Kualitas prima para awak kapal Perseroan telah dibuktikan dengan diperolehnya Sertifi kasi ISO 9001:2000 dari Nippon Kaiji Kyokai untuk crew management & manning division; demikian juga untuk bisnis perkapalan dan agensinya telah mendapatkan Sertifi kasi ISO 9001:2000

Perseroan bangga menggunakan armada kapal yang moderen dan berklasifi kasi tinggi, dimana hampir semua kapal yang dimiliki telah berlambung ganda dan hampir semua tanker kimia memiliki notasi IMO kelas II / III. Notasi IMO tersebut menyatakan bahwa kapal tersebut dapat membawa bahan kimia cair mulai dari grade biasa hingga grade khusus dengan spesifi kasi tinggi, sehingga memberikan fl eksibilitas kemampuan mengangkut hingga fl eksibilitas dalam menentukan pilihan produk minyak dan bahan kimia yang mampu ditransportasikan. Selain itu, hampir semua tangki kargo untuk kapal-kapal pengangkut bahan kimia terbuat dari baja anti karat (stainless steel) berkualitas tinggi, yang menambah kemampuan serta fl eksibilitas untuk mengangkut kargo-kargo 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 tinggi. Kemampuan armada Perseroan untuk mengangkut produk – produk minyak dan kimia grade khusus telah mampu memberikan Perseroan posisi yang baik di pasar menjadi keunggulan kompetitif pengangkutan produk-produk spesialis seperti itu telah memberikan margin tersendiri.


trading companies and for a wide range of different products and product groups.

The Company’s fl eet of modern chemical, oil and gas tankers is well maintained and operated by highly qualifi ed crews, facilitating its ability to develop and maintain long-term relationships with its clients by providing consistently high-quality and cost effi cient services. The Company’s fl eet is demonstrably more recently constructed than that of the majority of its competitors: as of 31 December 2010, the average age of the Company’s chemical, oil and gas tankers was approximately 8.9, 17.4 and 9.2 years respectively, compared to industry averages of approximately 10.1, 8.7 and 14.6 respectively.

The quality of the Company’s crews has been demonstrated by the fact that it has been granted ISO 9001:2000 certifi cation from Nippon Kaiji Kyokai for the crew management and manning division; and it should be noted that shipping and agency business also has obtained ISO 9001:2000 certifi cation.

The Company enjoys the use of modern and high classifi cation fl eet 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 fl exibility 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 fl exibility 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.

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Kinerja FinansialLaba usaha yang berkesinambungan, serta peningkatan pendapatan bersih yang berkelanjutan

Sejak terdaftar dalam perdagangan saham di Bursa Efek Jakarta di tahun 1990, Perseroan menunjukkan peningkatan kinerja keuangan setiap tahunnya. Peningkatan ini seiring dengan komitmen Perseroan untuk terus mengembangkan armadanya dan memperluas cakupan operasional Perseroan. Pada tahun 2010, sebagai bukti dari komitmen Perseroan untuk terus mengembangkan bisnisnya, total aktiva Perseroan telah tumbuh sekitar 13,8% dari tahun sebelumnya menjadi USD 2,87 milyar pada tahun 2010, meskipun Perseroan masih menghadapi masa sulit akibat tarif tambang yang belum sepenuhnya pulih.

Kinerja fi nansial 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.

Relasi dengan PelangganDibangun diatas kemampuan yang sudah terbukti dalam memberikan layanan transportasi laut yang handal, aman, terjamin serta efi sien.

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 efi sien.

Operations Review

Financial PerformanceConsistent profi tability and steady, ongoing increases in net revenues

Since its listing on the Jakarta Stock Exchange in 1990, the Company has shown improvement in its fi nancial performance annually. This improvement is in line with the Company’s commitment to continuously develop its fl eet and expand its operational coverage. In 2010, as a form of its commitment to grow its business, the Company’s total assets has grown 13.8% compared with the previous year where in 2010 the amount of the Company’s total assets is USD 2.87 billion, despite the fact that the Company was facing diffi cult times due to the freight rates that have not been recovered.

The Company has achieved this excellent fi nancial 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 profi tability through business cycles.

Customer RelationshipsBuilding on proven ability to provide dependable, secure and effi cient marine transportation services

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 effi cient transportation services.


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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 untuk memperkokoh kehadiran bisnis Perseroan di pasar-pasar penting global.

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.

Jaringan Pemasaran dan OperasionalMendapatkan manfaat dari jaringan global yang sudah terbangun

Perseroan telah mengembangkan jaringan pemasaran serta penjualan internasional, baik untuk melayani klien yang sudah ada maupun mengidentifi kasi 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, 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; dan untuk Amerika Utara serta Selatan di Southport, Connecticut dan Sao Paolo, Brasil.


With the ongoing expansion of the Company’s fl eet, 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.

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.

Marketing and Operating NetworkLeveraging from our global networks

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 offi ces in Jakarta, Singapore, Hong Kong, Bangkok, Shanghai and Beijing. In addition, the Company has established a presence in the Middle East through marketing offi ces in Dubai; in Europe through offi ce in Glasgow; and in North America and South America through offi ces in Southport – Connecticut and Sao Paolo - Brasil.


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

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 bidang sumber daya manusia untuk meningkatkan kompetensi, profesionalitas, dan performa kerja. Investasi ini akan terus dilanjutkan oleh Perseroan di masa yang akan datang sebagai bagian dari strategi Perseroan untuk memenangkan persaingan dan memberikan kualitas pelayanan terbaik bagi para pelanggannya.

Perseroan melaksanakan program pelatihan dengan cakupan yang luas bagi semua karyawan di setiap tingkatan baik untuk lokasi kerja di darat maupun di laut. Program-program pelatihan tersebut beragam, seperti pembentukan motivasi untuk pengetahuan industri secara khusus, yang 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 penting bagi pertumbuhan bisnis Perseroan di masa mendatang, yang akan menentukan kesuksesan organisasi ini di kemudian hari.

Operations Review

Commitment to Extensive Training Culture

Systematic and Rigorous Training Programs for Onshore and Offshore Staff

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.

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 specifi c industry knowledge are designed systematically such that they meet the level of rigor and thoroughness to ensure all employees continue to be 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.


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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 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 yang mirip dengan sesungguhnya yang akan dialami oleh kru dalam mengoperasikan kapal. Dengan demikian, Perseroan dapat memastikan bahwa bekal pendidikan dan kompetensi yang dimiliki oleh 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, namun juga telah membuktikan komitmen mereka yang kuat bagi pertumbuhan bisnis Perseroan.

Pengelolaan KapalLayanan berkualitas tinggi serta efektif dari segi biaya, melalui anak-anak perusahaanPerseroan menyediakan semua layanan manajemen kapal yang dibutuhkan untuk pengoperasian


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.

Specifi cally 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 which has fulfi lled 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 can ensure that the education level and capability of the crews before boarding to a vessel are suffi cient to ensure a smooth and safe operation of the vessel as well as 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.

Vessel ManagementHigh-quality and cost effective services through wholly owned subsidiariesThe Company provides all of the vessel management services required to operate the fl eet, including

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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.

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

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 ketrampilan 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.

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

Operations Review

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 effi ciency.

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

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.

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


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Portfolio yang SeimbangMengurangi volatilitas dengan cara menjaga keseimbangan lintas sektor kimia, minyak dan gas

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, diversifi kasi 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.

Pengaturan KontraktualMemanfaatkan pengaturan kontrak guna menumbuhkan dan mempertahankan arus kas operasi.

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 fl eksibilitas 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.

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

Sejak Januari 2005, pertumbuhan bersih armada yang dioperasikan Perseroan (net fl eet growth) yang dihitung berdasarkan jumlah kapal yang dibeli/disewa dikurangi dengan jumlah kapal yang dijual adalah sebanyak 46 kapal, sehingga total kapasitas angkut yang semula sebesar 1.002.001 DWT sekarang menjadi 2.322.031 DWT. Perseroan bermaksud terus menambah jumlah armada kapalnya dengan 7 kapal baru lainnya, sehingga nantinya total kapasitas akan bertambah sebanyak 74.100 DWT, yang keseluruhannya akan selesai diserah-terimakan dalam waktu 2 tahun mendatang.


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

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.

Contractual ArrangementsUtilize contractual arrangements to grow and maintain stable operating cash fl ow

The Company seeks to ensure greater cash fl ow stability through the use of contracts and time charters for a signifi cant portion of our fl eet, while maintaining the fl exibility to benefi t 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.

Fleet ExpansionConsistently growing the fl eet while prudently managing the capital structure.

Since January 2005, the Company’s net fl eet growth, which is calculated based on the number of vessels purchased deducted with the number of vessels sold, is 46 new and refurbished vessels which made the Company’s total capacity increase from 1.002.001 DWT to 2.322.031 DWT. The Company intends to continue to expand its fl eet, with 7 new builds, representing a total capacity of 74.100 DWT, scheduled to be accomplished and delivered over the next 2 years.


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Membuka Pasar BaruMemperluas cakupan layanan geografi s ke dalam pasar-pasar utama lainnya

Sejak tahun 1998, Perseroan mulai mengejar 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. 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, efi sien serta hemat biaya di wilayah-wilayah tersebut masih tinggi.

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 efi siensi biaya yang telah tercapai lewat pangsa pasar yang telah dimilikinya di Asia, dan menawarkannya sebagai harga yang bersaing bagi para pelanggan di Eropa, Amerika Utara serta Amerika Latin.

Perseroan juga tengah bersiap diri untuk menyambut implementasi asas cabotage di Indonesia dimana untuk segmen minyak dan gas asas ini telah dimulai pada tahun 2010 dan untuk segemen offshore akan diimplementasikan secara penuh pada tahun 2011. Asas cabotage merupakan peraturan baru untuk pelayaran Indonesia yang menetapkan pengangkutan antar pelabuhan di Indonesia harus dilakukan oleh pemilik kapal domestik dengan menggunakan kapal berbendera Indonesia dan juga diawaki oleh Warga Negara Indonesia. Asas cabotage ini tentunya akan membuka peluang baru bagi Perseroan untuk mengembangkan kegiatan operasi di wilayah domestik.

Operations Review

Penetrating New MarketsExpand the geographic presence in customers’ key markets

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 offi ce 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 fulfi lling customer needs in both European and American market. 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 effi cient and capable shipping services in those regions remain high.

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 effi ciencies 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.

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 has started in 2010 and for offshore it will be fully implemented in 2011. 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-fl agged vessels and manned by Indonesians as well. This cabotage principle certainly offers a unique opportunity to expand the Company’s domestic operation.


Pasar FSO dan FPSOPerluasan operasi di wilayah yang berpotensi tinggi

Perseroan percaya bahwa pasar FSO dan FPSO untuk melayani kebutuhan operasi lepas pantai masih memiliki potensi tumbuh yang sangat menjanjikan. Berdasarkan data-data yang ada sekarang ini, dari keseluruhan 21 (dua puluh satu) FPSO-FSO yang ada di Indonesia, terdapat 2 unit FPSO-FSO yang usianya sudah hampir setengah abad (40 dan 43 tahun) dan sebanyak 10 (sepuluh) unit lainnya berusia di antara 30 - 39 tahun. Adapun kapal FPSO-FSO yang berusia antara 20 – 30 tahun sebanyak 6 (enam) unit dan sisanya berusia dibawah 20 tahun. Dengan rata-rata usia 31 tahun untuk FPSO dan FSO di Indonesia, diperlukan peremajaan FPSO-FSO yang baru untuk meningkatkan kualitas eksplorasi. 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 pergudangan, offl oading dan layanan lepas pantai lainnya. Hal ini didukung oleh tindakan Perseroan yang telah mengubah satu dari kapal tanker minyak yang dimilikinya agar dapat melayani FPSO pada tahun 2006 yang menandai awal masuknya Perseroan ke pasar ini. Kapal FPSO yang bernama FPSO Brotojoyo tersebut kemudian dimodifi kasi kembali pada tahun 2010 untuk melayani pelanggan baru. Selain itu, pada akhir tahun 2010, Perseroan juga telah merubah satu kapal tanker minyak lain yang dimilikinya menjadi FSO.

PROSPEK USAHA DAN KONDISI PASARIndustri pelayaran angkutan muatan cair sangat dipengaruhi oleh kondisi dari pasar yang sering kali berada diluar kendali perusahaan pelayaran. Hasil operasi Perseroan bisa jadi berfl uktuasi secara signifi kan 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.

52 PEMBAHASAN OPERASIONAL

FSO and FPSO MarketsExpanding operations into areas with high growth potential

The Company believes that the FSO and FPSO markets for offshore services possess a high growth potential. Based on current data, there are 21 (twenty one) FPSOs - FSOs in Indonesia, and there are 2 units FPSOs - FSOs which have age almost half of century (40 and 43 years) and 10 (ten) units have age between 30 - 39 years. There are also 6 (six) units that have age between 20 - 30 years and the remain were under 20 years. With an average age is 31 years for FPSOs - FSOs in Indonesia, the rejuvenation for FPSOs - FSOs is needed to increase the exploration quality. 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. This FPSO tanker, FPSO Brotojoyo, is then modifi ed in 2010 to serve new customer. At the end of 2010, the Company also converted one of its owned oil tankers to FSO.

BUSINES PROSPECTS AND MARKET CONDITIONSThe 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 fi nancial performance may fl uctuate signifi cantly 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.


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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 berfl uktuasi. 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 fl uktuasi pada perdagangan dan produksi global dan 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.

Setelah krisis yang terjadi di tahun 2009, permintaan akan kapal tanker kimia, minyak, dan gas masih belum sepenuhnya pulih. Walaupun pengangkutan bahan kimia mengalami peningkatan sekitar 11 persen sejak tahun 2005, yaitu dari 193,5 juta ton menjadi 214,2 juta ton di tahun 2010, tingkat permintaan kapal tanker kimia mengalami penurunan, yaitu dari 33,6 juta DWT di tahun 2005 menjadi 33,1 juta DWT di tahun 2010. Namun demikian, Drewry Shipping Consultants Ltd. memproyeksikan permintaan untuk kapal tanker kimia akan mencapai 36 juta DWT pada akhir 2011 dan kemudian secara bertahap meningkat menjadi 39,3 juta DWT pada akhir 2014. Untuk tingkat permintaan kapal tanker minyak, terjadi peningkatan sekitar 11 persen dari sekitar 258,5 juta DWT di tahun 2006 menjadi sekitar 286,5 juta DWT di tahun 2010. Untuk sektor gas terjadi peningkatan tingkat permintaan dari 74,4 juta ton untuk pengangkutan LPG, amonia, dan gas petrokimia pada tahun 2004 menjadi 78,8 juta ton di tahun 2010.

Sejalan dengan tingkat permintaan, tingkat penawaran untuk kapal tanker kimia, minyak, dan gas juga masih belum pulih. Sejak tahun 2005 armada tanker pengangkut bahan kimia dunia mengalami penurunan dari sekitar 48,8 juta DWT menjadi 36,1 juta DWT pada akhir tahun 2010. Seperti yang diasumsikan Drewry Shipping Consultants Ltd., dalam kuartal terakhir, tidak semua kapal yang dijadwalkan untuk pengiriman pada tahun 2010 dikirimkan tepat waktu karena ada beberapa kapal yang telah ditangguhkan dan banyak juga yang tidak jelas statusnya. Sebaliknya, jumlah armada kapal tanker pengangkut minyak yang tersedia telah berkembang dari sekitar 289,7 juta DWT pada tahun 2006 menjadi sekitar 377,3 juta DWT pada

Operations Review

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 fl uctuates 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 infl uenced 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 refi nery products; fl uctuations 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.

After 2009 crisis, the demand for chemical, oil, and gas tankers are still not fully recover. Although the transport of chemicals has increased about 11 percent since 2005, from 193.5 million tons to 214.2 million tons in 2010, while the demand for chemical tankers has decreased, from 33.6 million DWT in 2005 to 33.1 million DWT in 2010. However, Drewry Shipping Consultants Ltd., projected that the demand for chemical tankers will reach 36 million DWT by the end of 2011 and then increase gradually to 39.3 million DWT at the end of 2014. For the demand for oil tankers, it has increased about 11 percent from approximately 258.5 million DWT in 2006 to approximately 286.5 million DWT in 2010. For gas sector, the demand for the transportation of LPG, ammonia, gas and petrochemicals has increased from 74.4 million tons in 2004 to 78.8 million tons in 2010.

In line with the demand, supply for chemical, oil, and gas tankers are still not recover. Since 2005 the world’s chemical tankers has decreased from approximately 48.8 million DWT to 36.1 million DWT by the end of 2010. According to Drewry Shipping Consultants Ltd.., in the last quarter, not all ships that are scheduled for delivery in 2010, are delivered on time because there are some ships that have been deferred and many of them are unknown. Instead, the number of available oil tankers has increased from approximately 289.7 million DWT in 2006 to approximately 377.3 million dwt at the end of 2010. And for the world’s gas tankers, it has increased from 15.45 million cubic meters in 2006 to approximately 19.43 million cubic meters by the end of 2010.


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akhir tahun 2010. Dan untuk armada kapal tanker gas dunia berkembang dari 15,45 juta meter kubik pada tahun 2006 menjadi sekitar 19,43 juta meter kubik pada akhir tahun 2010.

Segmen Kapal Tanker KimiaVolume 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 kimia petrokimia. Dalam periode antara tahun 2005 sampai dengan 2010 rata-rata pertumbuhan angkutan laut untuk bahan kimia adalah sebesar 1,8%. Bahan kimia organik masih mendominasi dengan rata – rata kontribusi per tahun dalam periode 2005 – 2010 sebesar 47,6% dari total angkutan laut untuk bahan kimia. Secara umum total angkutan laut bahan kimia telah tumbuh sebesar 10,7% pada tahun 2010 atau naik 20,7 juta ton menjadi 214,2 juta ton dibandingkan posisi tahun 2005 sebesar 193,5 juta ton. 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 252,8 juta ton pada tahun 2014. Seiring dengan pertumbuhan tersebut, maka diharapkan tingkat permintaan untuk pengangkutan kapal tanker kimia juga akan turut berkembang.

Segmen Kapal Tanker MinyakPertumbuhan ekonomi global diperkirakan akan terus berlanjut (meskipun lambat) dan akan berkembang lebih lanjut di tahun depan, dan begitu juga dengan permintaan akan minyak. IMF memprediksi bahwa ekonomi dunia akan tumbuh sebesar 4,4% pada tahun 2011, sedikit lebih rendah dari tingkat pertumbuhan pada tahun lalu sebesar 5,0%.

Tingkat permintaan minyak secara umum telah mengalami pertumbuhan yang berkesinambungan untuk beberapa tahun terakhir walaupun sempat mengalami perlambatan pada tahun 2007 dan 2008. Permintaan minyak global meningkat sedikit sebesar 0,3% di 4Q10 menjadi 88,9 MBPD. Permintaan dari negara-negara non-OECD tumbuh lebih cepat daripada negara-negara OECD. Dalam OECD, terjadi peningkatan permintaan sebesar 5,5% di wilayah Pasifi k, sedangkan di daerah Amerika Utara dan Eropa terjadi penurunan. Asia memberikan kontribusi besar terhadap pertumbuhan permintaan minyak di antara negara-negara non-OECD dan daerah-daerah lainnya yang mengalami penurunan permintaan. Hal ini berarti bahwa pertumbuhan positif permintaan minyak global tersebut adalah murni karena permintaan dari Asia dan Pasifi k. Permintaan minyak global diperkirakan akan meningkat pada tahun 2011, tetapi hal ini tidak berlaku untuk negara-negara OECD. Negara non-OECD akan mendorong pertumbuhan pasar minyak dimana permintaan diharapkan akan melampaui 93 juta barrel per hari.


Chemical Tanker SegmentThe 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 2005 until 2010, the sea transportation growth for chemical substances is averagely 1.8%. The organic chemical cargo still dominates the annual average contribution for the period of 2005 – 2010, around 47.6% of the total sea transportation of chemical cargoes. In general, the total chemical sea transportation has increased by 10.7% in 2010 or increased from 20.7 million tons to become 214.2 million tons compared to 193.5 million tons in 2005. 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 252.8 million tons in 2014. In line with such growth, the demand rate for tankers capacities has also increased.

Oil Tanker SegmentThe global economy is expected to continue on its growth path (albeit slowly) and expand further next year, and so is oil demand. The IMF predicts that the world economy will expand by 4.4% in 2011, slightly lower than last year’s 5.0% growth rate.

On general, the oil demand rate in general has increased sustainably for the last decade although there was a decrease in 2007 and 2008. Global oil demand improved marginally by 0.3% in 4Q10 to 88.9 MBPD. Demand from the non-OECD countries grew faster than the OECD countries. Within the OECD, demand increased by a more considerable 5.5% from the Pacifi c region whereas demand declined in North America and Europe. Asia made a major contribution to the growth of oil demand among non-OECD countries. All other regions witnessed declines in demand, which means that all the positive growth in global oil demand it is purely due to the demand from the Asia and the Pacifi c. Global oil demand is expected to increase in 2011, but not in the OECD countries. Non-OECD countries will drive the oil market as demand is expected to cross 93 million barrels per day.


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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 diklasifi kasikan 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 GasTingkat 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, bahan-bahan 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

Grafi k Permintaan Kimia Cair Dunia / Global Liquid Chemical Demand Graphic

The seasonal trend always infl uences the global oil consumption rate and subsequently infl uences 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 refi neries and oil suppliers have anticipated the consumer demands. The peak of the seasonal oil demand in general may be classifi ed 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 SegmentThe demand rate for LPG carrier tankers is mainly driven by the LPG, ammonia and petrochemical demand rates in countries which do not have suffi cient domestic supply to fulfi ll 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

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Operations Review

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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.


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.

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

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Siklus Bisnis yang Berbeda antar SegmenSiklus 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 negative yang terjadi apabila salah satu segmen usaha mengalami penurunan yang signifi kan.

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 geografi s yang diperkirakan memiliki tingkat permintaan yang tinggi dan relatif stabil.

Operations Review

Different Business Cycles from Different SegmentsThe 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 signifi cant downfall.

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 fl eets of the Company to geographical areas which are expected to have high and pretty stable demand rate.

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ANAK PERUSAHAAN UTAMA

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.

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.

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.

Untuk membuktikan usahanya dalam menerapkan standar internasional yang sistematik untuk aspek keamanan dan lingkungan kegiatan operasi Perseroan, GBLT telah mendapatkan Sertifi kasi ISM (oleh Class NK), ISO 14001, dan OHSAS 18001 (oleh Llyod’s Register).

MAJOR SUBSIDIARIES

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.

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.

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.

To demonstrate its effort to follow a systematic world-standard approach towards safety and environmental aspect of Company’s operation, GBLT has obtained certification of ISM (by Class NK), ISO 14001, and OHSAS 18001 (by Lloyd’s Register).

GBLT Ship Management Pte. Ltd. (Singapore)



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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.

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

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 sertifi kasi 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.

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 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.

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.

GBLT Shipmanagement (UK) Ltd

Operations Review


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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 bahan-bahan 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.

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 spesifi kasi 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 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.

Asia petrochemical industry has transformed itself as a major refi ning centre and transshipment hub to feed the ever increasing demand for petrochemicals and petroleum products in the region. Major refi ning 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) 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 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.

Gold Bridge Shipping Ltd (Hong Kong)

Chembulk Tankers LLC (“Chembulk”)



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KINERJA SAHAMSejak 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 5 kali Penawaran Umum Terbatas disertai dengan Pre-emptive Rights yaitu di tahun 1993, 1998, 2001, 2009, dan 2010. 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.

Perseroan akan selalu mempertimbangkan berbagai alternative 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 (Singapore Exchange Securities Trading Limited) sebagai basis untuk memperluas akses ke pasar modal luar negeri. Di awal tahun 2007 Perseroan juga telah berhasil menerbitkan Guaranteed Notes serta Obligasi Konversi kedua, yang juga didaftarkan di Singapore Exchange, dan menerbitkan Obligasi Rupiah Ketiga serta Sukuk Ijarah yang tercatat di Bursa Efek Indonesia. Sebagaimana yang telah disebutkan di atas, pada tahun 2010, 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 USD 132 juta dengan harga penawaran sebesar Rp 220 per saham.

Operations Review

SHARE PERFORMANCESince 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 5 Limited Public Offering With the Pre-emptive Rights in the year of 1993, 1998, 2001, 2009, and 2010. 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.

The Company shall always consider various alternatives of fi nancing which can be conducted for investment and operational activity of the Company. One fi nancing 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 fi nancing 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 2010 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 132 million with execution price of Rp 220 per share.


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Rangkuman Aktivitas Perseroan di Pasar Modal:

Aksi Korporasi

Tanggal Pencatatan

Saham Baru Jumlah SahamNilai

NominalCorporate Action

Recording Date New Share Total ShareNominal

ValueSebelum Penawaran Umum Perdana 11,900,000 Rp. 1,000 Before IPOPenawaran Umum Perdana (@ Rp 8.500) 26-Mar-90 2,100,000 14,000,000 Rp. 1,000

Initial Public Offering (@ Rp 8,500)

Saham Bonus I (2:1) 20-Jul-91 7,000,000 21,000,000 Rp. 1,000 Stock Bonus I (2:1)Saham Bonus II (5:2) 24-Sep-92 8,400,000 29,400,000 Rp. 1,000 Stock Bonus II (5:2)Penawaran Umum Terbatas I (1:1 @ Rp 1.600) 24-May-93 29,400,000 58,800,000 Rp. 1,000

Rights Issue I (1:1 @ Rp 1,600)

Pemecahan Nilai Saham (1:2) 27-Jan-97 58,800,000 117,600,000 Rp. 500 Stock Split (1:2)

Saham Bonus III (500:150) 4-Mar-97 35,280,000 152,880,000 Rp. 500Stock Bonus III

(500:150)Penawaran Umum Terbatas II (1:2 @ Rp 1.200, 10 HMETD + 2 Waran) 16-Jan-98 305,760,000 458,640,000 Rp. 500

Rights Issue II (1:2 @ Rp 1,200, 10 Rights + 2 Warrant)

Konversi Waran Up to 31-Dec-00 6.38 458,646,380 Rp. 500 Warrant Conversion Penawaran Umum Terbatas III (17:2 @ Rp 1.100) 19-Jan-01 53,958,150 512,604,530 Rp. 500

Rights Issue III (17:2 @ Rp 1,100)

Pembelian Kembali Saham * Start from Oct-01 51,260,000 512,604,530 Rp. 500 Stock Buy Back(*)

Konversi Waran Up to 6-Feb-02 839.262 513,443,792 Rp. 500 Warrant ConversionPemecahan Nilai Saham (1:4) 6-Feb-02 1,540,331,376 2,053,775,168 Rp. 125 Stock Split (1:4) Konversi Waran Up to 31-Dec-03 14,482,420 2,068,257,588 Rp. 125 Warrant ConversionKonversi Waran Up to 12-Nov-04 3,923,900 2,072,181,488 Rp. 125 Warrant ConversionPemecahan Nilai Saham (1:2) 12-Nov-04 2,072,181,488 4,144,362,976 Rp. 62.50 Stock Split (1:2) Konversi Waran Up to 31-Dec-04 22.5 4,144,385,476 Rp. 62.50 Warrant ConversionPembelian Kembali Saham * Start from May-05 412,433,000 4,144,385,476 Rp. 62.50 Stock Buy Back(*)

Konversi Waran Up to 31-Dec-05 12,828,960 4,157,214,436 Rp. 62.50 Warrant ConversionPembelian Kembali Saham * Start from Jul-06 113,938,000 4,157,214,436 Rp. 62.50 Stock Buy Back(*)

Konversi Waran Up to 31-Dec-06 358 4,157,572,436 Rp. 62.50 Warrant ConversionKonversi Waran Up to 31-Dec-07 1,438,000 4,159,010,436 Rp. 62.50 Warrant ConversionPenawaran Umum Terbatas IV (3:1 @ Rp 425) 10-Aug-09 1,392,310,059 5,981,591,235 Rp. 62.50

Rights Issue IV (3:1 @ Rp 425)

Penawaran Umum Terbatas V (1:1 @ Rp 220) 9-Jul-10 5,569,240,235 11,550,831,470 Rp. 62.50

Rights Issue V (1:1 @ Rp 220)

* Tidak mempengaruhi Jumlah Saham yang telah diterbitkan

Total saham tercatat di BEI dan SGX sampai 31 Desember 2010 adalah 11.550.831.470 lembar


Summary of Company’s activities in Capital Market :

* Will not have an effect on Total Share issued

Total Listed Share in IDX and SGX on 31 December 2010 is 11.550.831.470 shares


63Operations Review

Kinerja Saham di tahun 2009 dan 2010 disajikan dalam bentuk grafi k sebagai berikut :

�

�

Performance of Share at the Early Quarter in 2009 and 2010 is presented in the following graphics:


64 PEMBAHASAN OPERASIONAL

INSA Awards 2010 : Tanker Ship Owner / Operator of The Year

Pertamina : MT Gas Natuna, Kapal Charter Terbaik 2010 (Kategori: Small LPG)

Pertamina : MT Gandini, Kapal Charter Terbaik 2010 (Kategori: Medium Range)

Pertamina : MT Dewi Sri, Kapal Charter Terbaik 2010 (Kategori: Small – 1)

PENGHARGAAN DAN SERTIFIKASI

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 fi nansial, yang berkaitan dengan prinsip perusahaan yang dikelola dengan baik (good corporate governance), dan peningkatan nilai untuk para pemegang saham. Perseroan sangat berterimakasih karena upaya-upaya dalam menciptakan keunggulan di semua bidang tersebut telah mendapatkan pengakuan melalui penghargaan-penghargaan dan sertifi kasi dari sejumlah lembaga, badan-badan sertifi kasi, dan pihak ketiga lainnya. Pada tahun 2010, Perseroan telah menerima penghargaan-penghargaan antara lain sebagai berikut:

AWARDS AND CERTIFICATIONS

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, fi nancial performance, adherence to the principles of good corporate governance, and creating value for shareholders. The Company is extremely gratifi ed that its endeavors to achieve excellence in all these areas has been recognized and acknowledged through awards and certifi cates granted by a number of prestigious agencies, certifying bodies, and other third parties. In 2010, the Company received the following awards:


66

TATA KELOLA PERUSAHAAN YANG BAIK

GOOD CORPORATE GOVERNANCE

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.

The corporate governance practices of the Company in 2010 are described herein under the following sections:

The Board’s Conduct of its AffairsPrinciple 1:Every company should be chaired by an effective Board to lead and control the company.

Board Composition and BalancePrinciple 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.


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 prinsip-prinsip tersebut juga sejalan dengan aturan Tata Kelola Perusahaan yang Baik Tahun 2001 di Indonesia serta beberapa standar lain yang berlaku dan digunakan di Indonesia.

Pelaksanaan prinsip tata kelola korporasi di Perseroan pada tahun 2010 dijelaskan sebagai berikut:

Ketentuan tentang Dewan Komisaris dan DireksiPrinsip No.1: Setiap perusahaan harus dipimpin oleh satu Dewan yang efektif untuk dapat memimpin serta mengontrol jalannya perusahaan.

Komposisi dan Keseimbangan Dewan Komisaris dan DireksiPrinsip 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.



67

GOODCORPORATE GOVERNANCE

Komposisi Dewan Komisaris dan Direksi Serta Komite-Komite

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

Dewan KomisarisBoard of

Commissioners

DireksiBoard of Directors

Komite AuditAudit

Committee

Komite Nominasi

Nomination Committee

Komite Remunerasi

Remuneration Committee

Hadi Surya C - - M MSafzen Noerdin M - - - -Alan Jonathan T. Darmawan* M - C C CJaka Prasetya* M - M M MMax Sumakno Budiarto - - 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

Composition Of The Board And Its Committees

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

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

Good Corporate Governance


68

Dewan KomisarisSesuai 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.

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.

DireksiDireksi bertugas mengelola jalannya Perseroan sehari-hari. 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.

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.

Board of CommissionersUnder 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.

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.

Board of DirectorsThe Board of Directors manages the Company on a day to 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.

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.



69

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.

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.

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.

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

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.

Tanggung Jawab ManajemenPrinsip 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.

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.

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 specifi cally appointed by the meeting of the Board of Directors.

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 affi rmative vote of more than 50 per cent. of the members of the Board of Directors present and/or represented at the meeting.

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

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 benefi ts, including pension benefi ts, 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 benefi ts of each member of the Board of Directors may be delegated to the Board of Commissioners.

Management ResponsibilitiesPrinciple 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.



70

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.

Peran Direktur Utama dalam Rapat Direksi di antaranya sebagai berikut:a) Mengatur waktu rapat Direksi sedemikian

hingga Direksi dapat menjalankan kewajibannya tanpa menghambat jalannya aktivitas bisnis rutin perusahaan;

b) Mempersiapkan agenda pertemuan yang dikonsultasikan dengan Direksi;

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

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

Keanggotaan DireksiPrinsip 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.

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

Komite Nominasi memiliki beberapa tugas, antara lain adalah:�� Meneliti dan menilai calon Direksi dan Komisaris

sebelum mengajukan nama-nama mereka ke pemegang saham Perseroan untuk disetujui sebagai Direktur dan Komisaris Perseroan;

�� 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;

�� 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;

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

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.

The President Director’s role in the Board of Directors includes among others, the following:a) schedule meetings that enable the Board

to perform its duties responsibly while not interfering with the fl ow of the company’s operations;

b) prepare meeting agenda in consultation with the Board;

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

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

Board MembershipPrinciple 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.

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

Nomination Committee has the duties of, among other things:�� reviewing and assessing candidates for

directorships and commissionership before making recommendations to Shareholders for appointment of Directors and Commissioners;

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

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;

the Company’s Independent Commissioners, in accordance with applicable codes and guidelines; and



71

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

Kinerja Dewan Komisaris dan DireksiPrinsip 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.

Pengambilan Keputusan Berdasarkan Informasi Yang TepatKeputusan yang dibuat oleh Dewan Komisaris dan/atau Direksi dibuat berdasarkan:�� Diskusi mengenai topik utama yaitu suatu

masalah/proyek harus dilakukan dalam suatu kerangka kerja yang benar, dengan cara mendefi nisikan cakupan dari masalah/proyek tersebut, asumsinya serta hasil akhirnya.

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

�� 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.

�� 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.

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

Pengelolaan ResikoPerseroan 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:�� Mengenali jenis-jenis resiko yang berbeda, yang

mungkin ditemui Perseroan dalam menjalankan operasi sehari-hari dan/atau membuat keputusan

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

Commissioners can continue to contribute effectively and demonstrate commitment to their roles.

Board PerformancePrinciple 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.

Proper Information for Decision MakingThe decision made by the Board of Commissioners and/or Board of Directors based on:�� Discussion of the main topic of an issue/project

should be carried out in a correct framework by defi ning scope of issue/project, assumption, and its fi nal results.

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

�� 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

�� 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.

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

Risk ManagementCompany manages risk through a framework and processes, whereby a culture of risk awareness and risk management is encouraged in the organization, which involves:�� Recognizing different types of risk the company

may encounter in running daily operation and/or making decision

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



72

Pengelolaan KrisisPerseroan 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 diidentifi kasi dalam rangka membentuk suatu proses bisnis yang teruji dan handal.

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.

Sekretaris PerseroanPada saat ini Sekretaris Perseroan dijabat oleh Wong Kevin yang juga adalah Direktur Keuangan Perseroan. Resume dari Wong Kevin dapat dilihat pada profi l direksi Perseroan.

Sedangkan tugas dan fungsi Sekretaris Perusahaan adalah, antara lain, sebagai berikut:�� Mengikuti perkembangan pasar modal,

khususnya peraturan – peraturan baru yang berlaku di bidang pasar modal;

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

�� Memberikan masukan bagi Direksi Perseroan dalam upaya mematuhi ketentuan peraturan perundang-undangan yang berlaku;

�� Sebagai penghubung antara Perseroan dan otoritas perdagangan saham serta masyarakat

Rapat Dewan dan Akses Mendapatkan InformasiPrinsip 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.

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 fi nansial bulanan, laporan pengelolaan risiko, anggaran

Crisis ManagementThe 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 identifi ed in order to establish a proven and reliable business process.

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.

Corporate SecretaryCurrently 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’ profi le.

The tasks and function of the Corporate Secretary are as follow:�� keep informed with respect to capital market

developments, especially capital market regulations;

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

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

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

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

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



73

dan prediksi. Untuk anggaran, setiap perbedaan penting antara proyeksi dan hasil nyata juga harus disampaikan dan dijelaskan.

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.

Selama tahun buku 2010 yang berakhir tanggal 31 Desember 2010, 5 (lima) Rapat Dewan Komisaris dan Direksi dan 12 (dua belas) Rapat Evaluasi Manajemen telah diselenggarakan, dimana kehadiran para Komisaris dan Direksi dalam rapat-rapat Komite terebut dapat dilihat pada tabel berikut ini:

Rapat DewanBoard

Meeting

Rapat Evaluasi

ManajemenManagement

Review Meeting

Komite AuditAudit

Committee

Komite Nominasi

Nomination Committee

Komite Remunerasi

Remuneration Committee

Hadi Surya 3/5 - - 2/2 1/1

Safzen Noerdin 5/5 - - - -

Alan Jonathan T. Darmawan 3/5 - 10/12 2/2 1/1

Jaka Prasetya 3/5 - 10/12 2/2 1/1

Max Sumakno Budiarto - - 12/12 - -

Widihardja Tanudjaja 5/5 12/12 - - -

Siana Anggraeni Surya 1/5 3/12 - - -

Kevin Wong 1/5 10/12 1/12 - -

Michael Murni Gunawan 5/5 10/12 8/12 - -

Henrianto Kuswendi 4/5 5/12 - - -

Remunerasi

Prosedur untuk Mengembangkan Kebijakan RemunerasiPrinsip 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.

Komite RemunerasiKomite 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.

projections and actual results should also be disclosed and explained.

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.

During the fi nancial year ended 31st December 2010, fi ve (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:

Remuneration Matters

Procedures for Developing Remuneration PoliciesPrinciple 7:

There should be a formal and transparent procedure for fi xing the remuneration packages of individual directors. No director should be involved in deciding his own remuneration.

Remuneration CommitteeThe 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.



74

Komite Remunerasi memiliki tugas-tugas, antara lain:

�� 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;

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

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

Tingkat dan Gabungan RemunerasiPrinsip 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.

Keputusan mengenai RemunerasiPrinsip 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.

Berdasarkan Rapat Umum Pemegang Saham Tahunan Perseroan yang diadakan pada tanggal 7 Mei 2010 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 S$250.000 (Kecuali untuk Presiden Komisaris yang berkisar antara S$250,000-S$500,000) dan diberikan sebagai penghargaan Perseroan atas pengabdian yang mereka telah berikan selama tahun yang berakhir pada tanggal 31 Desember 2010, termasuk di dalamnya segala benefi t atau kompensasi pada tahun fi skal tersebut yang dibayarkan secara akumulasi dan pada waktu yang telah ditentukan, adalah sebagai berikut:

Di bawah / BelowSGD 250,000

Antara / BetweenSGD 250,000 - SGD

500,000

Di atas / AboveSGD 500,000

Hadi Surya - �� -Safzen Noerdin � - -Alan Jonathan T. Darmawan � - -Jaka Prasetya � - -

Remuneration Committee has the duties of, among other things:

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

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

�� Recommending specifi c remuneration packages for each Director for endorsement by our Board of Commissioners.

Level and Mix of RemunerationPrinciple 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.

Disclosure on RemunerationPrinciple 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.

On the Annual General Meeting of the Company which was held on 7 Mei 2010, 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 2010, including any benefitin-kind and any deferred compensation accrued for the financial year in question and payable at a later date, are as follows:



75

Berdasarkan Rapat Umum Pemegang Saham Tahunan Perseroan yang diadakan pada tanggal 7 Mei 2010 ditetapkan bahwa besarnya gaji dan /atau tunjangan lainnya bagi seluruh anggota Direksi Perseroan setelah dipotong pajak penghasilan tidak melebihi Rp 16.500.000.000.- (enam belas miliar lima ratus juta Rupiah) setahun. Gaji dan/atau tunjangan yang diberikan pada masing-masing anggota Direksi, yaitu antara S$250.000 - S$500.000 sebagai balas jasa atas pengabdian yang diberikan kepada Perseroan selama tahun yang berakhir pada tanggal 31 Desember 2010, termasuk didalamnya segala benefi t atau kompensasi pada tahun tersebut yang dibayarkan secara akumulatif dan dibayarkan pada waktu yang telah ditentukan, adalah sebagai berikut:

Di bawah / BelowSGD 250,000

Antara / BetweenSGD 250,000 - SGD

500,000

Di atas / AboveSGD 500,000

Widihardja Tanudjaja - � -Kevin Wong - � -Siana Anggraeni Surya - � -Henrianto Kuswendi - � -Michael Murni Gunawan - � -

Akuntabilitas dan Audit

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

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).

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

Akuntabilitas bagi Pemegang SahamDewan 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.

On the Annual General Meeting of the Company which was held on 7 Mei 2010, 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 fi ve hundred million Rupiah). The compensation 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 2010, including any benefi t-in-kind and any deferred compensation accrued for the fi nancial year in question and payable at a later date, are as follows:

Accountability and Audit

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

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).

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.

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



76

Kebijakan tersebut menggaris bawahi bagaimana Perseroan mengidentifi kasi 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.

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.

Laporan FinansialDireksi bertanggung jawab untuk menyediakan pandangan yang wajar dan berimbang mengenai kinerja dan peluang fi nansial Perseroan dalam semua laporannya kepada Pemegang Saham dan pihak otoritas yang berwenang. Pertanggungjawaban tersebut dibuktikan melalui laporan fi nansial yang telah diaudit, pengumuman – pengumuman setiap kuartal tentang hasil fi nansial 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.

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

Pernyataan Tanggung Jawab Direksi dalam hal penyelenggaraan pemeriksaan laporan keuangan tahunan yang telah diaudit untuk evaluasi tahun buku ini dapat dilihat pada halaman 117 pada buku Laporan Tahunan ini.

Komite AuditPrinsip No.11: Dewan harus membentuk suatu Komite Audit dengan disertai ketentuan yang menggariskan dengan jelas wewenang dan kewajiban Komite tersebut.

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.

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.

Financial ReportingThe Board of Directors is committed to providing a balanced and fair view of its fi nancial performance and prospects in all its reports to stakeholders and regulatory authorities. This is channeled through the audited fi nancial statements, quarterly announcements of the Company’s unaudited fi nancial 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.

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

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 117 of this Annual Report.

Audit CommitteePrinciple 11:The Board should establish an Audit Committee with written terms of reference which clearly set out its authority and duties.



77

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:�� 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;

�� 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, masalah-masalah 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;

�� 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;

�� Mengkaji ulang kerjasama yang diberikan manajemen kepada auditor Perseroan;

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

�� Mempertimbangkan penunjukan dan penunjukan kembali auditor eksternal dan meneliti ketidakberpihakan serta objektifi tas auditor eksternal setiap tahun;

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:

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;

and auditor’s report on the fi nancial 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;

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 fi nancial position and management’s responds on the above issues;

management to the Company’s auditor;

Company which involve fi nancial derivative instruments;

appointment of external auditor and examining the independence and objectivity of external auditor annually;



78

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

�� Mengkaji ulang dan menyetujui biaya auditor Perseroan;

�� 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

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

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

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

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

Selain dari tugas-tugas yang disebutkan di atas, Komite Audit juga membangun suatu mekanisme agar pegawai Perseroan dapat menyampaikan (secara rahasia) hal-hal 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 konfl ik kepentingan tidak boleh memberikan suara dalam hal pengambilan keputusan-keputusan Komite.

Sepanjang tahun 2010, Komite Audit mengadakan pertemuan dengan Perseroan, dengan frekuensi sebulan sekali, sedangkan pertemuan Komite Audit dengan Auditor eksternal Perseroan dilakukan dua kali dalam setahun.

Kegiatan-kegiatan Komite Audit selama tahun 2010 sebagai berikut:�� Meminta penjelasan kepada Manajemen

mengenai kinerja keuangan Perseroan pada setiap kuartal sehubungan dengan penyampaian laporan keuangan kepada pihak otoritas;

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

based on applicable rules and regulations;

Auditors of the Company;

assigned by Board of Commissioners from time to time on issues which require Commissioners’ attention;

and the implementation of risk management by the Company to Board of Commissioners;

the Company to Board of Commissioners;

applicable rules and regulation in capital market and the law where the Company is operating; and

tasks which are required by applicable law from time to time.

Other than the above mentioned tasks, the Audit Committee shall provide a mechanism so that the Company’s employees can confi dentially communicate the possible breach with regard to fi nancial reports or other matters. The Audit Committee shall examine the fi ndings 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 fi nancial 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 confl ict of interests.

During the year 2010, the Audit Committee has conducted meetings with the Company’s management once in a month. The meetings with external auditor were conducted twice a year.

In the year 2010, the Audit Committee conducted activities as follows:�� Requesting explanation from the management

regarding the fi nancial performance of the Company on every quarters with regard to the submission of the fi nancial statements to the authorities;

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



79

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

�� Mengikuti perkembangan kapal – kapal yang masih dalam proses pembangunan

�� Mendiskusikan dan memantau transaksi dengan pihak-pihak tertentu;

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

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

�� Mengikuti perkembangan pembangunan kapal-kapal baru Perseroan;

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

Komite Audit dan Perseroan telah mengevaluasi dan mengkonfi rmasikan 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.

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

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.

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.

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

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.

building vessels;

transactions;

management regarding the latest development of the Company and regulations related the Company’s business;

and the Company’s management in discussing scope of audit, result of audit and Management Letter;

Committee and the plan to update the Audit Committee Charter.

The Audit Committee and the Company has reviewed and confi rmed 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.

Internal ControlsPrinciple 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.

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.

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 fl ow 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.

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



80

Peraturan yang berlaku.

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

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 InternalAuditor 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.

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

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 roadshow.

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 Indonesia and Bursa Efek Singapura.

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

�� Financial Controls;�� Operational Controls; and�� Compliance Controls

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

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 AuditorInternal auditor conducts tests on the suffi ciency and compliance on policies, procedures, law and regulations, and verify the reliability of information and fi nancial 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 identifi ed during the investigative process and to ensure the completeness of internal control implementation.

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

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 fi rst disseminated via SGXNET and IDXNET followed by a news release, where appropriate. The Company currently holds media and analyst briefi ng upon the release of its quarterly fi nancial results. In addition to the media and analyst briefi ngs, the Company has taken part in various road shows.

Price-sensitive information is fi rst 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.

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



81

During 2010 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 2010.

Investor Relations Activities in 2010

Interested Person Transactions (”IPTS”) policy

Material Contracts Involving Shareholder’s Interest

No material contract has been entered into between the Company and its subsidiaries which involve the interests of each commissioners, directors or

Selama tahun 2010, 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 2010.

Kegiatan Relasi dengan Investor di tahun 2010

Investor Relations Activities in 2010 Number of Activities Timing

Public Expose and Investor Day 2 May and July 2010

General Meeting of Shareholders (AGM and EGM) 2 May and June 2010

Press Releases and Correspondeces – IDX 76Sesuai saat diumumkanAs per publication date

Press Releases and Correspondences – SGX 61 Sesuai saat diumumkanAs per publication date

Investor Conferences 3 April, May, June 2010

Roadshows 2 May and June 2010

Correspondences with Bapepam and other fi nancial authorities 95

Sesuai saat diterbitkan dibutuhkan

As per Issuance Date

Analysts/Investor Meetings or Conference Calls 106 Sebagaimana dibutuhkan As and When Required

Kebijakan Transaksi Dengan Benturan Kepentingan

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

Tidak ada perjanjian atau kontrak apapun yang ditandatangani antara Perseroan dan anak-anak perusahaannya yang melibatkan kepentingan diri komisaris, direktur atau pemegang saham


Commissioner’s, Director’s, and Major

controlling shareholder of the Company, either still


82

pengendali Perseroan, baik yang masih berlaku sampai dengan akhir tahun fi skal dalam laporan ini, ataupun jika tidak, yang ditandatangani pada akhir tahun fi skal sebelumnya.

Kontrak-kontrak Terkait Transaksi Pihak Terafi liasi

Selain daripada kontrak yang dimasukkan dan diumumkan sebagai Transaksi Dengan Pihak Terafi liasi 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 fi skal ini, atau, jika tidak, berlaku atau ditandatangani sejak akhir dari tahun fi skal sebelumnya.

Pengumuman Transaksi Berulang dengan Pihak Terafi liasi

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

Pengumuman Transaksi Dengan Pihak Terafi liasi

Dalam kaitan dengan pendapatan usaha yang didapat dari Transaksi Pihak Terafi liasi 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.

Transaksi signifi kan dengan Pihak Terafi liasi dijelaskan dalam Catatan No. 38 dari Laporan Keuangan.

Perseroan telah menyetujui kebijakan internal mengenai setiap transaksi dengan pihak-pihak yang terafi liasi 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.

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

subsisting at the end of the fi nancial year or it not then subsisting, entered into since the end of the previous fi nancial year.

Other Contracts in Relation to Related Party Transactions

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 Commissioner’s, Director’s and major shareholder’s interests, either still subsisting at the end of the fi nancial year or, if not then subsisting, entered into since the end of the previous fi nancial year.

Disclosure of Recurrent Related Party Transaction

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.

Disclosure Of Related Party Transactions of Trading Nature

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

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

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.

The Audit Committee reviews the Shareholders’ Mandate at regular intervals, and is satisfi ed that the review procedures for IPTs and the reviews to be made periodically by the Audit Committee in



83

agar Transaksi Dengan Pihak Yang Berkepentingan dapat dilakukan dengan ketentuan–ketentuan biasa dan tidak mengesampingkan kepentingan Perseroan dan pemegang saham minoritasnya.

Transaksi Efek

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 Perseroan dalam kaitan dengan transaksi efek.

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.

Pada tahun 2010, 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.

Informasi Lain-lain

Konfl ik Kepentingan Komisaris & Direksi

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

Sanksi dan/atau Penalti

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

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.

Dealing In Securities

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 offi cers in relation to dealings in its securities.

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 offi cers and relevant offi cers who have access to unpublished material price sensitive information to remind them of the aforementioned prohibition and to remind them of the requirement to report their dealings in shares of the Company.

In 2010, 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 fi nancial results of the Company for each quarters of its fi nancial year or 6 (six) weeks before the yearly fi nancial 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.

Other Information

Commissioners & Directors Confl ict of Interest

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

Sanctions and/or Penalties

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



84

Perbedaan Hasil AuditTidak terdapat perbedaan mencolok antara hasil-hasil audit atas tahun fi skal ini, dan hasil yang belum diaudit yang telah diumumkan sebelumnya, jika ada.

Pembayaran Diluar Biaya AuditPerseroan tidak membayar apapun diluar biaya audit yang ditetapkan, kepada para auditor selama tahun fi skal yang dilaporkan yang berakhir pada tanggal 31 Desember 2010.

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

Pedoman Tata Kelola PerseroanPerseroan 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.

Properti Untuk Tujuan Pengembangan, Penjualan dan InvestasiKeseluruhan 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.

Pihak Yang Dapat Dihubungi Untuk Informasi Mengenai Perseroan

PT Berlian Laju Tanker TbkWisma BSG, 10th FloorJalan Abdul Muis No. 40Jakarta 10160 - IndonesiaTelepon: +62 21 3006 0300 Faksimili: + 62 21 3006 0389Email: [email protected]

Variation in Results There were no signifi cant variations between the audited results for the fi nancial year and the unaudited results previously announced, if any.

Non Audit FeesThere is no Non Audit Fees paid to the auditor during the fi nancial year under review ended 31 December 2010.

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

Code of Corporate GovernanceThe 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.

Properties for Development, Sale and InvestmentPurposesThe 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 profi t of the Company.

Contact Information For Inquiries Regarding The Company

PT Berlian Laju Tanker TbkWisma BSG, 10th FloorJalan Abdul Muis No. 40 Jakarta 10160 IndonesiaPhone: +62 21 3006 0300Facsimile: + 62 21 3006 0389 Email: [email protected]



85

KEBIJAKAN DIVIDEN

Sebagaimana disetujui bersama dalam Rapat Umum Tahunan Pemegang Saham pada tanggal 7 Mei 2010, Perseroan menetapkan bahwa dari hasil kinerja tahun 2009, Perseroan tidak memberikan dividen bagi para pemegang saham.

Dividen Tunai/

Tahun Fiskal/ Cash Dividend Laba Bersih/ Rasio Pembayaran/

Fiscal Year Rp per Saham/ Jumlah Dividen/ Net Profi t (Rp) Pay Out Ratio

Rp per Share Total Dividend (Rp)

1990 (Interim) 50.0 595,000,000 5,252,487,257 11.33%

1990 (Final) 70.0 980,000,000 5,252,487,357 18.66%

1991 120.0 2,520,000,000 8,165,320,975 30.86%

1992 50.0 2,940,000,000 9,435,826,023 31.16%

1993 50.0 2,940,000,000 12,004,519,839 24.49%

1994 100.0 5,880,000,000 10,186,663,218 57.72%

1995 100.0 5,880,000,000 9,645,533,121 60.96%

1996 30.0 4,586,400,000 13,232,719,380 34.66%

1997 15.0 6,879,600,000 20,673,859,675 33.28%

1998 - - 74,539,573,249 0.00%

1999 10.0 4,586,463,800 132,641,573,249 3.46%

2000 15.0 7,689,067,950 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 50.0 208,846,508,000 758,981,783,247 27.52%

2008 5.0 20,884,650,880 1,567,926,000,000 1.33%

2009 - - (2,687,234,400,000) -

* Perhitungan Dividen di luar saham yang dibeli kembali

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 fi skal tertentu atau periode tertentu akan dipengaruhi beberapa faktor pertimbangan sebagaimana dijelaskan di bawah ini, termasuk juga faktor lain yang dinilai relevan oleh Direksi.

DIVIDEND POLICY

As approved by The Annual General Meeting of Shareholders held on 7 Mei 2010, the Company did not pay dividend for the shareholders due to the performance result in 2009.

* Dividend Calculation excluding the shares bought back

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 fi nancial year or period will be subject to the factors outlined below as well as such other factors deemed relevant by the Board of Directors.



86

Kebijakan dividen yang berlaku saat ini adalah sebagai berikut:

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

�� Untuk dividen yang dibayarkan dalam tahun fi skal tertentu, maka dividen tersebut diumumkan pada kwartal kedua, dan dibayarkan pada kwartal ketiga pada tahun fi skal berikutnya.

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

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

�� Perkiraan kinerja fi nansial Perseroan;�� Perkiraan tingkat pengeluaran modal Perseroan

untuk tahun tersebut, termasuk rencana-rencana investasi lainnya;

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

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

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

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 current dividend policy is as follows:

�� In determining the Company’s dividend payout ratio in respect of any particular fi nancial 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

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

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

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

�� The Company’s expected fi nancial performance;�� The Company’s projected levels of capital

expenditure and other investment plans;�� The level of dividends, if any, that the Company

receives from its subsidiaries;�� The dividend yield of similar companies and

comparable shipping companies globally; and�� Restrictions on payment of dividends that may

be imposed on the Company by fi nancing arrangements.

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 profi ts 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.



87

PENERBITAN OBLIGASI KORPORASI

Pada tahun 2010, Perseroan tidak menerbitkan Obligasi Korporasi.

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 (Pefi ndo). Seluruh obligasi dijual dengan harga sebesar nilai nominal dan tercatat di Bursa Efek Indonesia dengan PT Bank CIMB Niaga Tbk bertindak sebagai wali amanat.

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 Syariah 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.

CORPORATE BOND ISSUANCE

In 2010, the Company did not issue any Corporate Bond.

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 fi ve-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 (Pefi ndo). 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.

Aside of issuing conventional bonds, the Company was also aware of the rise of Syariah 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 fi ve-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.



88

WESEL BAYAR

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.

PENERBITAN OBLIGASI KONVERSI

Obligasi Konversi Bergaransi Tanpa Kupon – 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 US$ 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 idBB- 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.

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.

NOTES PAYABLE

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.

ISSUANCE OF CONVERTIBLE BONDS

Zero Coupon Guaranteed Convertible Bonds – 2007

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.

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 fi xed exchange rate of SGD 1,5143 per USD 1 or Rp 8.894,- per USD 1) by the conversion rate.



89

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 syarat-syarat 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.

Obligasi Konversi Bergaransi dengan Kupon 12%

Pada tanggal 10 Februari dan 29 Maret 2010, BLT International Corporation (BLT IC), salah satu anak perusahaan mengeluarkan Obligasi Konversi Bergaransi dengan kupon 12% dengan jumlah agregat sebesar US$100juta dan dengan opsi peningkatan (Upsize Option) sampai dengan jumlah agregat sebesar US$25juta. Bunga atas obligasi ini dibayarkan setiap tengah tahunan dan pemegang obligasi mempunyai hak untuk mengkonversikan obligasinya menjadi saham biasa Perseroan dengan nilai masing-masing sebesar Rp.62.50, setiap saat dari tanggal 23 Maret 2010 sampai tanggal 31 January 2015. Mulai tanggal 10 February 2013, pemegang obligasi atau BLT IC memiliki hak untuk menjual atau membeli kembali obligasi ini dalam jumlah 100% dari jumlah prinsipal.

Harga konversi dari obligasi ini awalnya adalah Rp.737 per saham namun pada tanggal 11 Agustus 2010 dilakukan penyesuaian sehingga harga konversi menjadi Rp.409 per saham dan dapat dikonversikan dengan saham Perseroan yang tercatat pada Bursa Efek Indonesia dengan kurs Rp.9.362 per US$1. Meskipun pemegang obligasi memiliki hak konversi, BLT IC mempunyai beberapa opsi untuk membayar pemegang obligasi yaitu melalui kas dengan ekuivalen US Dollar, melalui saham treasury Perseroan atau melalui penerbitan saham melalui Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu (PMTHMETD).

Pada tanggal 12 Maret 2010, opsi peningkatan (Upsize Option) dari obligasi ini telah dilaksanakan dengan jumlah agregat sebesar US$25juta dan sebagian dari jumlah itu yakni sebesar US$16juta telah diterbitkan kepada Meadowstream Limited (MSL), anak perusahaan yang sepenuhnya dimiliki oleh PT Tunggaladhi Baskara, pemegang saham utama Perseroan melalui mekanisme Private Placement. Sebagai bagian dari Private Placement tersebut, Perseroan telah secara terpisah memberikan pernyataan sebagai berikut:

a. MSL tidak akan melaksanakan hak konversinya untuk mengkonversikan obligasi ini menjadi saham pada Perseroan dan bahwa MSL hanya akan mempunyai opsi untuk menerima

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.

12% Guaranteed Convertible Bonds

On 10 February and 29 March 2010, BLT International Corporation (BLT IC), a subsidiary, issued 12% Guaranteed Convertible Bonds with an aggregate principal amount of US$100million and Upsize Option of up to an aggregate amount of US$25million. The interest is payable semi-annually and the bondholders have the right to convert the bonds into ordinary shares of the Company with par value of Rp.62.50 each, at anytime on or after 23 March 2010 until 31 January 2015, subject to customary closed periods. On or after 10 February 2013, at the option of the bondholders or BLT IC, the bonds may be redeemed at 100% of its principal amount.

The conversion price, as adjusted from time to time, is initially at Rp.737 per share but on 11 August 2010, had been adjusted to Rp. 409 per share and the number of shares to be delivered on conversion will be determined, in respect of Indonesian Stock Exchange listed shares translated into Rupiah at a fi xed rate of Rp.9,362 per US$1. Notwithstanding the conversion right of the bondholders, BLT IC has several options to settle the conversion i.e. via cash settlement, treasury shares or issuance of shares without pre-emptive rights.

On 12 March 2010, the upsize option of the bonds were exercised in the aggregate amount of US$25 million and part of it amounting to US$16 million were issued to and subscribed by Meadowstream Limited (MSL), a wholly owned subsidiary of PT Tunggaladhi Baskara, a controlling shareholder of the Company through a Private Placement. As part of the Private Placement, MSL and the Company has separately undertaken the following:

a. MSL will not exercise its rights of conversion to convert any convertible bonds issued to it into shares of the Company and that it shall only have the option to accept cash settlement of



90

penyelesaian dalam bentuk kas atas semua obligasi yang diterbitkan padanya; dan

b. Apabila MSL melaksanakan haknya untuk melakukan konversi, Perseroan mempunyai hak untuk menyelesaikannya dengan opsi kas sebagai salah satu bentuk opsi yang telah dijelaskan di atas.

Penjualan Kembali US$48.8juta Obligasi Konversi

Pada tanggal 17 Mei 2010, BLT Finance Corporation (“BLT Finance”), anak perusahaan yang dimiliki sepenuhnya oleh Perseroan telah menjual Obligasi Konversi Bergaransi Tanpa Kupon (Zero Coupon Guaranteed Convertible Bonds) yang jatuh tempo pada tahun 2012 yang diterbitkan oleh BLT Finance B.V, anak perusahaan yang dimiliki sepenuhnya oleh BLT dan dijamin oleh BLT. Jumlah agregat obligasi ini yang dijual oleh BLT Finance adalah sebesar USD 48.8juta.

Sejalan dengan penjualan tersebut, pada tanggal 14 Desember 2010 BLT juga merubah beberapa ketentuan obligasi tersebut termasuk memperpanjang tanggal jatuh tempo dari 2012 menjadi 2015 dan meningkatkan suku bunga yang dibebankan menjadi 12 persen per tahun. Selain itu, harga konversi obligasi tersebut juga telah dilakukan penyesuaian menjadi sebesar Rp.409 per saham dan juga ketentuan bahwa obligasi tersebut dapat dikonversikan dengan saham yang hanya tercatat pada Bursa Efek Indonesia.

Penawaran Umum Terbatas V tahun 2010

Pada tahun 2010, Perseroan melakukan Penawaran Umum Terbatas dengan nilai sebesar USD 135juta, dan menjadi perusahaan Indonesia pertama yang melakukan Penawaran Umum Terbatas di dua pasar modal yang berbeda (Bursa Efek Indonesia dan Bursa Efek Singapura). Dengan fl eksibilitas 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 fl eksibel di pasar. Sebagai pemain di industri yang memiliki karakteristik padat modal, kemampuan untuk mencari dana yang murah dan fl eksibel adalah faktor yang sangat penting dalam memenangkan kompetisi.

Dalam Penawaran Umum Terbatas V tahun 2010, rencana penggunaan dana bersih hasil penawaran umum terbatas tersebut (dikurangi oleh biaya-biaya terkait penawaran umum) adalah untuk pembiayaan kapal-kapal yang masih dalam proses pembangunan dan untuk modal kerja Perseroan.

any convertible bonds issued to it; and

b. In the event that MSL exercises any rights of conversion in respect on any convertible bonds issued to it, the Company will exercise its right to mandatorily cash settle such conversion

Re-Sale of US$ 48.8 million of Existing Convertible Bonds

On May 17, 2010, BLT Finance Corporation (“BLT Finance”), a wholly owned subsidiary of the Company has sold Zero Coupon Guaranteed Convertible Bonds due in 2012 that were issued by BLT Finance BV, a wholly owned and guaranteed subsidiary by BLT. Aggregate amount of bonds sold by BLT Finance amounted to USD 48.8 million.

In conjunction with the sale, on December 14, 2010, BLT has amended certain of the terms of the Bonds, including extending their maturity date from 2012 to 2015 and increasing the interest rate borne by the Bonds to 12.0 percent per annum. In addition, the Conversion Price for the Bonds was set at Rp. 409 per Share (subject to adjustment in the manner provided for by the terms and conditions governing the Bonds) and the Bonds are convertible only into shares of BLT listed on the Indonesia Stock Exchange.

Limited Public Offering year 2010

In 2010, BLT has executed Limited Public Offering in the amount of USD 135 million, and became the fi rst Indonesian company that conducted Limited Offering in two different stock exchanges (Indonesia Stock Exchange and Singapore Stock Exchange). With the fl exibility to raise funds from different sources, the Company has more fi nancing options to get a competitive source of funds and has more fi nancing fl exibilities in the market. As a player in the industry that has capital-intensive characteristics, the ability to search for a competitive and fl exible funding is a very important factor in winning the competition.

In the Limited Public Offering year 2010, the utilization plan for the use of net proceeds from this particular Public Offering (after deducted with expenses related with the Public Offering) was for working capital and new ships fi nancing.



91

Dari rencana penggunaan dana tersebut, realisasi yang telah dilaporkan kepada Bapepam adalah sbb:

�� Untuk periode pelaporan 30 September 2010, Perseroan telah melaporkan bahwa sebesar Rp 392,71 miliar telah habis digunakan untuk pembiayaan kapal dan Rp 503,76 miliar telah habis digunakan untuk modal kerja Perseroan. Sisa dana hasil penawaran umum yang tersisa adalah sebesar Rp 297,27 miliar.

�� Untuk periode pelaporan 31 Desember 2010, Perseroan telah melaporkan bahwa sebesar Rp 585,02 miliar telah digunakan untuk pembiayaan kapal dan Rp 503,76 miliar telah digunakan untuk modal kerja.

�� Oleh karena itu, dana hasil penawaran umum yang tersisa adalah sebesar Rp 104,96 miliar.

PEMERINGKATAN EFEKHasil pemeringkatan diperoleh Perseroan sejak tahun 2000 yang dilakukan oleh PT Pemeringkat Efek Indonesia atau Pefi ndo. Selain itu, Perseroan juga memperoleh hasil pemeringkatan dari Fitch Ratings dan Standard & Poor’s.

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 id A / Stable Outlook

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 id A / Stable Outlook

October 2009 id A / Stable Outlook

March 2010 id A / Stable Outlook

June 2010 id A - / Stable Outlook

By Pefi ndo

By Fitch Ratings

June 2007

January 2008

July 2008

October 2008

October 2009

March 2010

September 2010

Long term - Foreign Currency

BB - / Stable Outlook

B+ / Stable Outlook

B+ / Stable Outlook

B+ / Stable Outlook

B / Rating Watch

Negative

B / Negative Outlook

B - / Negative Outlook

Long term - Local

Currency


B+ / Stable Outlook

B+ / Stable Outlook

B+ / Stable Outlook

B / Rating Watch

Negative

B / Negative Outlook

B - / Negative Outlook

Senior Unsecured

Loans


B+ / Stable Outlook

B / Stable Outlook

B / Stable Outlook

CCC / Rating Watch

Negative

CCC / Negative Outlook

CC / Negative Outlook

By Fitch Ratings

The Company has reported the utilization of the realized net proceeds to Bapepam & LK as follows:

�� For the reporting period of 30 September 2010, the Company has reported that a total amount of Rp 392.71 billion was utilized for ships fi nancing and Rp 503.76 was utilized for the Company’s working capital. The unutilized net proceeds total amount was Rp 297.27 billion.

�� For the reporting period of 31 December 2010, the Company has reported that a total amount of Rp 585.02 billion was utilized for ships fi nancing and Rp 503.76 was utilized for the Company’s working capital.

�� The unutilized net proceeds total amount was Rp 104.96 billion.

FINANCIAL RATINGSSince 2000, the Company has received fi nancial ratings from PT Pemeringkat Efek Indonesia or Pefi ndo. Other than that, the Company also has received fi nancial ratings from Fitch Ratings and Standard & Poor’s.



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May 2007 BB - / Stable OutlookJanuary 2008 B + / Stable OutlookMarch 2008 B / Negative WatchNovember 2008 B / Negative OutlookDecember 2009 B / Negative OutlookAgustus 2010 B - / Watch Negative OutlookDecember 2010 B - / Watch Negative Outlook

By Standard & Poors

Terjadinya penurunan peringkat yang diberikan oleh perusahaan pemeringkat pada Perseroan pada tahun 2009 - 2010 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 sehingga menyebabkan penurunan tingkat penyewaan dan tarif tambang kapal. Sejalan dengan membaiknya perekonomian global memasuki tahun 2011, maka Perseroan berharap dapat memperoleh hasil pemeringkatan yang lebih baik ditahun 2011.

SUSUNAN KEPEMILIKAN SAHAM PERSEROAN

Per tanggal 31 December 2010, Perseroan telah menerbitkan 11.550.831.470 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 2010. “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.

Susunan Kepemilikan Saham Perseroan sampai dengan tanggal 31 Desember 2010

Name of Shareholders Number of Shares Held Percentage of Total Outstanding SharesDirectorsWidihardja Tanudjaja 2,620,800 0.02%Siana Anggareni Surya 62,400 0.00% Other ShareholdersPT Tunggaladhi Baskara 4,383,489,018 37.95%Meadowstream Limited 184,000,000 1.59%Public Shareholders 6,568,308,252 56.86%Treasury Stock 412,351,000 3.57%Total 11,550,831,470 100.00%

The downgrade in rating published by rating agencies toward the Company in 2009 - 2010 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 2011 and supported with the increase of freight rate, the Company expects improvement in the rating for 2011.

STATISTICS OF SHAREHOLDINGS

As of 31 December 2010, the Company has 11,550,831,470 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 2010. A “Substantial Shareholder” is one who, directly or indirectly, benefi cially owns fi ve per cent. or more of the Company’s shares. Benefi cial ownership generally includes any shares over which a person exercises sole or shared voting or investment power.

Share Ownership as of 31 December 2010



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Catatan :1. Meadowstream Limited merupakan anak

perusahaan atau cabang usaha dari PT. Tunggaladhi Baskara.

2. Sampai dengan tanggal 31 Desember 2010, Widihardja Tanudjaja (Direktur Utama) 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.

Nilai Kapitalisasi Pasar Saham Perseroan Berdasarkan harga IDX dan SGX sampai dengan tanggal 31 Desember 2010

Number of Shares 11,550,831,470 CapitalisationIDX Price (Rp) 330 3,811,774,385,100.00SGX Price (Sing $) 0.050 577,541,573.50

Sampai dengan tanggal 31 Mei 2011, 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 11.550.831.470 lembar saham biasa. Semua saham yang telah diterbitkan memiliki klasifi kasi yang sama, yaitu saham biasa, dengan hak suara yang sama pula.

Tabel di bawah adalah statistik kepemilikan saham yang dikeluarkan oleh Perseroan sampai dengan tanggal 31 Mei 2011.

Daftar Distribusi SahamSize of Shareholdings No. of Shareholders % Number of Shares %1,000,001 and above 378 5.46% 10,985,200,390 95.10%10,001 - 1,000,000 4,206 60.80% 554,814,724 4.80%1,000 - 10,000 1,981 28.64% 10,679,042 0.09%1 - 999 353 5.10% 137,314 0.00%Total 6,918 100.00% 11,550,831,470 100.00%

Daftar Pemegang Saham Utama Langsung dan Tidak LangsungSubstantial Shareholders Direct Interest % Deemed Interest %PT Tunggaladhi Baskara 4,383,489,018 37.95%

4,567,489,018 39.54% Meadowstream Limited 184,000,000 1.59%

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:1. Meadowstream Limited is wholly owned

subsidiary of PT Tunggaladhi Baskara

2. As of 31 December 2010, 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.

Total Capitalisation by IDX price and SGX price as of 31 December 2010

As at 31 May 2011, 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 11,550,831,470 ordinary shares. All of the issued shares have similar class which is ordinary shares with equal voting rights.

The tables set forth below are the statistic of shareholding of the issued shares of the Company as at 31 March 2011.

Distribution Schedule of the Shares

List of Substantial Shareholders and its Deemed Interest

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.



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Dua Puluh Pemegang Saham Terbesar

No Name No of Shares %

1 Tunggaladhi Baskara - 2 PT 4,326,871,211 37.46%

2 CITIBANK SINGAPORE S/A CBSG-CDP-INDONESI 1,756,510,393 15.21%

3 Reksa Dana Panin Dana Maksima 91033.40.0 286,273,500 2.48%

4 The Northern Trust Company S/A Northern 278,527,500 2.41%

5 MORGAN STANLEY & CO INTL PLC - IPB CLIEN 257,941,693 2.23%

6 CREDIT SUISSE SECURITIES (EUROPE) LTD PR 225,318,794 1.95%

7 Meadowstream Limited 184,000,000 1.59%

8 Yeung Sheung Ngor (F) 179,391,000 1.55%

9 SSB D26J ACF THE EMM UMBRELLA FUNDS-2144 160,836,000 1.39%

10 HAIYANTO 140,258,000 1.21%

11 PRATAMA SAHAM - 99424-4000 135,219,666 1.17%

12 CITIBANK NEW YORK S/A DIMENSIONAL EMERGI 128,161,466 1.11%

13 DEUTSCHE BANK AG LONDON PRIME BROKERAGE 112,822,500 0.98%

14 JIANG PING PING 111,662,000 0.97%

15 HAIYANTO 109,389,000 0.95%

16 The Northern Trust Company S/A Northern 108,980,700 0.94%

17 Hj Tati Sukati 95,514,666 0.83%

18 SSB AD26 SSLUX C/O SSB, BOSTON ALLIANZ G 94,409,500 0.82%

19 REKSA DANA PANIN DANA PRIMA 82,750,000 0.72%

20 PT PRUDENTIAL LIFE ASSURANCE-REF 67,972,000 0.59%

Total 8,842,809,589 76.56%

Berdasarkan informasi yang dimiliki Perseroan sampai dengan tanggal 31 Mei 2011, kurang lebih 56,86% saham yang dikeluarkan oleh Perseroan dimiliki oleh publik. Dengan demikian, Peraturan 723 sebagaimana tercantum di Peraturan Pencatatan Singapore Exchange Securities Trading Limited telah dipenuhi.

PENGEMBANGAN SUMBER DAYA MANUSIA

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 asset strategis yang dapat memberikan keunggulan bersaing dalam menghasilkan kinerja maksimal.

Menghadapi perubahan di lingkungan bisnis dan ketatnya persaingan pasar global, Perseroan mempersiapkan sumber daya manusia melalui peningkatan kapabilitas dan komitmen karyawan.

Twenty Largest Shareholders

Based on information available to the Company as at 31 May 2011, approximately 56.86% 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.

HUMAN RESOURCES DEVELOPMENT

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.

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.



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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, Certifi cation & Watchkeeping for Seafarer 1978 as Amended 1995 (STCW 95) yang ditentukan oleh International Maritime Organization (IMO).

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.

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.

Per 31 Desember 2010, Perseroan memiliki jumlah pegawai tetap sebanyak 426 orang dan pegawai kontrak sebanyak 1837 orang. Tabel berikut ini menunjukan komposisi dari pegawai Perseroan berdasarkan aktivitas dan lokasi:

Jumlah Karyawan Berdasarkan

Aktivitas

Employees by Activity

Pemasaran / Operasi

167Marketing / Operation

Manajemen Kapal 77 Ship Management

Administrasi / IT 99 Administration / IT

Keuangan 24 Finance

Sumber Daya Manusia

50 Human Resource

Hukum / Pengembangan

Bisnis9

Legal / Business Development

Jumlah 426 Total

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, Certifi cation & Watchkeeping for Seafarer 1978 as Amended 1995 (STCW 95).

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 qualifi ed employees.

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.

As of 31 December 2010, the Company had 426 permanent employees and 1837 contract workers. The following table shows the composition of the Company’s employee:

Jumlah Karyawan Berdasarkan

Daerah Geografi s

Employees by Geographic Region

Indonesia 282 Indonesia

Hong Kong 27 Hong Kong

Cina 19 China

Thailand 9 Thailand

Inggris 9 United Kingdom

Amerika 28 America

Singapura 48 Singapore

Korea 1 Korea

Dubai 3 Dubai



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MANAJEMEN SERTA PELATIHAN AWAK KAPAL

Para awak kapal yang bekerja di laut mengendalikan kapal-kapal Perseroan adalah satu dari sumber daya terpenting yang dimiliki perusahaan. Tanpa pelaut-pelaut handal tersebut, maka manajemen teknis yang efi sien 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.

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.

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 negara-negara asia lain, yaitu yang berkewarganegaraan China, Myanmar/Burma serta dari wilayah lainnya, dan kesemuanya dapat terpadu membentuk suatu unit manajemen pengendalian kapal yang efi sien 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 kualifi kasi 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.

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.

CREW MANAGEMENT & CREW TRAINING

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, effi cient technical management is diffi cult 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 offi cers and crews with hands on experience on all tanker segments that we are involved in i.e. chemical, oil and gas sectors.

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 fl eet. They also at times supply seafarers to third parties as a licensed manning agent.

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 effi cient shipboard management unit. We have scouting networks across Asian maritime educational institutions including academies and universities ensuring smooth fl ow of qualifi ed people coming into the system. In addition, we have also established cadetship program for grooming future pool of offshore staff.

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.



97

Program manajemen awak kapal Perseroan cukup beragam dan menerapkan standar tertinggi dalam praktek-praktek sumber daya manusia. Beberapa dari layanan pengembangan sumber daya manusia yang disediakan dalam program tersebut adalah:

�� Rekrutmen awak kapal serta prosedur bagi awak kapal yang baru akan bergabung, serta pengembalian awak kapal ke negara asal

�� Implementasi, pengawasan, dan kelanjutan dari kebijakan anti narkoba/minuman keras

�� Asuransi P&I bagi awak kapal termasuk menangani klaim – klaim yang berhubungan dengannya

�� Kualifi kasi dan sertifi kasi yang tepat bagi para awak kapal

�� 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

�� Program kesejahteraan pelaut serta keluarga pelaut

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 rajin 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:

1. Kursus kepemimpinan serta manajemen bagi semua perwira senior

2. Konferensi periodik bagi perwira senior3. 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 komputer6. 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

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:

ship and repatriating crew

alcohol policies

respective claims

The Company operates a number of crew training schemes, thereby securing loyal dedicated young offi cers 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 refl ected in the quality training and development programs that methodically and intensively reinforced towards the company’s commitment to excellence:

1. Leadership and management course for all senior offi cers

2. Periodic Senior offi cer conference3. Classroom lessons for offi cers and command

assessment training for chief offi cers to be promoted to masters

4. In house training for cargo pump mock up

5. Computer-based training programs6. In house computer-based Full Bridge and

Engine Room simulators focusing on safety and environmental – protection practices

7. English language laboratory for seamen



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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.

TANGGUNG JAWAB SOSIAL PERUSAHAAN

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.

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.

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.

Salah satu bentuk kepedulian terhadap masyarakat dan lingkungannya adalah melalui kegiatan sosial berupa donor darah yang rutin dilakukan setiap tahunnya. Tahun 2010, Perseroan telah melakukan kegiatan donor darah pada bulan Maret dan Oktober. 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.

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 fl eet.

CORPORATE SOCIAL RESPONSIBILITY

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.

As a good corporate citizen, The Company regards continued social contribution activities as a high priority. The Company believes a mutually benefi cial 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.

In order to facilitate such relationships, the Company is committed to engaging in a number of activities intended to benefi t 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.

As one manifestation of its concern for the community and the environment around it, the Company takes part in routine blood donation programs. In March and October 2010, 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.


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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.

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/i 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 12 siswa berprestasi terbaik.

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 2010, program tersebut menyediakan beasiswa bagi pemuda-pemuda tersebut yang berstatus siswa di tiga lembaga akademi maritim terkemuka di Indonesia, yakni:

1. Sekolah Tinggi Ilmu Pelayaran (STIP), Jakarta2. Politeknik Ilmu Pelayaran (PIP), Semarang3. Politeknik Ilmu Pelayaran (PIP), Makassar

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 benefi t 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.

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 12 high-achieving students.

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 2010, the programs funded students from three Maritime Training Institutes in Indonesia. The three Colleges are:

1. Merchant Marine College – Jakarta2. Merchant Marine Polytechnic – Semarang3. Merchant Marine Polytechnic - Makassar



100

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 offi cers atau marine engineers di tanker-tanker minyak, kimia dan gas berbendera asing. Di dalam program ini, peserta diajari mengenai pengetahuan teknis tentang perkapalan dan kelautan, sejarah dan latar belakang grup 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.

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

The selected 3rd year students will be spending their third year at sea in BLT’s vessels and continuing their fi nal year back at college to attend BLT Class Program. BLT Class Program is an advance educational program which is designated to create experienced deck offi cers 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 fi nally the standard of facilities and technicalities needed to be seafarers. BLT will provide 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.

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 profi ciency, especially to progress and develop their own material as part of the teaching process whilst also moving towards



101

mutu materi pengajaran mereka, khususnya dalam nantinya mengembangkan sendiri materi dan kurikulum pengajaran sebagai bagian dari proses belajar – mengajar di lembaga masing-masing. 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 spesifi k yaitu memperkenalkan metode pengajaran yang modern, sekaligus membantu para pengajar mengembangkan mutu belajar – mengajar di kelas mereka masing-masing.

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 pelajar 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.

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 kargo 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 Asas Cabotage di Indonesia dalam hal penyediaan kru – kru kapal yang terlatih dan kompeten.

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 lewat laut sebagai dampak dari peningkatan kegiatan ekonomi.

modern teaching methodology. Hence, the training has the specifi c goal of introducing modern teaching methodologies, supporting lecturers to develop their own teaching.

By signing the join cooperation with those maritime academies, BLT has become the fi rst 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.

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 fl agged 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.

The social programs and activities conducted by the Company are designed to develop mutually benefi cial relationships with members of the community. With improvements to the welfare of members of the broader community, it is hoped that the Company will benefi t indirectly from the increased demand for maritime transportation services created by improvements to the economy.



102

ANALISA DAN PEMBAHASAN MANAJEMEN

ANALISA DAN PEMBAHASAN MANAJEMEN

Segment USD ‘000 % SegmentChemical 528,597 80.5% Kimia

Oil 51,253 10.0% MinyakGas 65,373 7.8% Gas

FPSO 9,801 1.5% FPSOOthers* 1,830 0.3% Lainnya*

Total 656,854 100% Jumlah

Tinjauan Atas Pendapatan dan Beban Biaya

PENDAPATAN

Perseroan mendapatkan pendapatan dari empat kegiatan usahanya yaitu penyewaan kapal, pengoperasian kapal dan jasa keagenan kapal. 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 oleh Perseroan sejak tahun 2006 yaitu segmen FPSO dan FSO pada tahun 2010. Tabel berikut ini menunjukkan pendapatan operasi Perseroan untuk tahun 2010 menurut segmen usaha.

Overview of Revenue and Expenses

REVENUE

The Company derives its revenues from four main areas of activity, namely chartering out of its own vessels; operating own vessels; and agency fees, with a large proportion of revenue coming from the first two activities. The Company’s transshipment operations are further divided into four main segments: transportation of bulk liquid chemicals; oil; gas; and a new segment that started in 2006, the FPSO services and FSO services in 2010. The following table shows the operating revenues for 2010 according to business segment:

*Revenue from agency and storage fee*Pendapatan dari jasa keagenan dan penyimpanan


103

MANAGEMENT’S DISCUSSION AND ANALYSIS

Management’s Discussion and Analysis

Pendapatan Perseroan tahun 2010 adalah sebesar USD 656,9 juta, naik sebesar 6% apabila dibandingkan dengan tahun 2009, dimana Perseroan membukukan total pendapatan sebesar USD 618,3 juta. Pertumbuhan yang kecil pada pendapatan ini terutama disebabkan oleh belum pulihnya tarif tambang kapal tanker untuk hampir semua angkutan yang digeluti Perseroan. Hal 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 2010, armada Perseroan bertambah sebanyak 5 kapal yang berasal dari 2 kapal tanker gas yang dibangun, 1 kapal tanker gas yang dibeli dan 2 kapal tanker kimia yang disewa. Di tahun yang sama, Perseroan tidak memperpanjang sewa 1 kapal tanker kimia, melakukan tambahan konversi atas FPSO Brotojoyo, serta mengkonversi 1 kapal tanker minyak yang dimiliki yaitu MT Pradapa menjadi kapal FSO. Penambahan armada yang dilakukan oleh Perseroan menambah daya angkut Perseroan menjadi sebesar 46.720 DWT, sehingga total kapasitas angkut Perseroan pada akhir tahun 2010 adalah sebanyak 95 buah kapal dengan total kapasitas angkut sebesar 2,3 juta DWT. Jumlah rata-rata kapal untuk tahun 2009 adalah sebanyak 90,2 kapal sedangkan pada tahun 2010 jumlah tersebut telah naik menjadi 93,3 kapal.

The Company’s total revenue for 2010 was USD 656,9 million, an increase of around 6% compared with 2009, where in that period the Company was booked a total revenue of USD 618,3 million. A slight increase in revenue was primarily due to the freight rates that have not been recovered for all Company’s business segments. This is not separated from the negative impact of 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 2010, there was addition of 5 vessels coming into the Company’s fl eet, consist of 2 new built gas tankers, a purchased gas tanker, and 2 chartered chemical tankers. In the same year, the Company also did not renew one chartered chemical tanker, upgraded FPSO Brotojoyo, and converted one owned oil tanker, MT Pradapa, to FSO. The additional vessels in the Company’s fl eet was done in order to increase the Company’s transportation capacity for another 46,720 DWT which resulted in the Company’s total fl eet capacity by the end of 2010 at 2.3 million DWT consisted of 95 vessels. The average number of vessel in 2009 was 90.2 vessels while in 2010 the number has increased into 93.3 vessels.


104 ANALISA DAN PEMBAHASAN MANAJEMEN

BIAYA

Biaya utama Perseroan dapat dibagi menjadi seperti berikut:

Biaya Pelayaran

Biaya pelayaran Perseroan terdiri dari biaya bahan bakar dan biaya sandar/jasa pelabuhan (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 kapal (main engines) 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.

Biaya sandar terdiri dari biaya jasa pelabuhan saat kapal bersandar dan biaya 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 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.

Biaya Sewa

Biaya Sewa adalah biaya yang harus dikeluarkan oleh Perseroan untuk menyewa kapal dari pihak ketiga.

Biaya Operasi Kapal

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. 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, tanker gas, dan FPSO/FSO.

EXPENSES

The Company’s main expenses can be described as follows:

Voyage Expenses

The Company’s voyage expenses consist primarily of fuel expenses and port charges.

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.

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.

Charter Expenses

Charter expenses consist of expenses and other costs incurred by the Company for chartering vessels belonging to third parties.

Ship Operating Expenses

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. 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/FSO vessel.


105Management’s Discussion and Analysis

Penyusutan

Beban penyusutan merupakan komponen biaya yang paling besar bagi Perseroan 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.

Biaya Umum dan Administrasi

Beban umum dan administrasi Perseroan terdiri dari gaji karyawan darat, biaya operasional kantor untuk kantor-kantor Perseroan yang berlokasi di 13 kota yang tersebar di kawasan Asia, Eropa, Amerika dan Timur Tengah, biaya jasa profesional untuk penasihat keuangan, penasihat hukum dan konsultan, biaya pemasaran, biaya telekomunikasi, biaya bank, biaya transportasi, biaya penyusutan peralatan kantor, imbalan pasca kerja/pensiun, pendidikan dan pelatihan karyawan. Gaji merupakan komponen terbesar dari biaya umum dan administrasi. Biaya tersebut terdiri dari imbalan kerja, pembayaran jaminan sosial dan pencadangan biaya pensiun karyawan darat.

Beban Keuangan Bersih dan Beban Lain Lain

Beban keuangan bersih dan beban lain-lain Perseroan termasuk beban dari perubahan nilai tukar mata uang asing dan transaksi swap, keuntungan dari kepemilikan saham pada anak perusahaan asosiasi, pendapatan investasi, beban keuangan dan beban lainnya.

Komponen terbesar dari beban keuangan bersih dan beban lain-lain ini adalah beban keuangan yang terdiri dari beban bunga hutang bank, hutang lain-lain jangka panjang dan obligasi, bagi hasil pinjaman dan imbalan obligasi syariah serta hutang sewa pembiayaan.

Depreciation

Depreciation makes up the largest proportion of the Company’s costs in the operation of vessels owned by the Company itself. The Company applies 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.

General and Administrative Cost

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 13 different cities throughout Asia, Europe, the Americas, and the Middle East; 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 and pension payments for onshore personnel, are the biggest proportion of these general and administrative costs.

Net Financial and Other Costs

The Company’s net financial and other costs include costs from foreign exchange transactions and swap transactions; gains resulting from net earnings of associated companies; investment income; financial costs; and other miscellaneous costs.

The largest proportion of net financial and other costs is finance costs, consist of interest expense on bank loans and long-terms payable bonds, profit sharing allocation and benefit on Syariah, and finance lease obligation.


106 ANALISA DAN PEMBAHASAN MANAJEMEN

HASIL OPERASI

Pendapatan Operasi

Total Pendapatan Operasi Perseroan tahun 2010 meningkat sebesar USD 38,5 juta. Walaupun tarif tambang kapal tanker belum pulih sepenuhnya, pendapatan Perseroan tetap mengalami peningkatan yang didukung oleh bertambahnya armada kapal Perseroan sehingga total armada Perseroan per 31 Desember 2010 mencapai 95 kapal tanker dengan total kapasitas sebesar 2,3 juta DWT.

Biaya Pelayaran

Total biaya pelayaran Perseroan meningkat sebesar 25,6% dari USD 176,1 juta pada tahun 2009 menjadi USD 221,2 juta pada tahun 2010. Hal ini terutama terjadi karena meningkatnya biaya bahan bakar yang diakibatkan oleh meningkatnya harga minyak dunia selama tahun 2010 dan kenaikan biaya sandar karena bertambahnya armada Perseroan.

Biaya Pengoperasian Kapal

Total Biaya pengoperasian kapal pada tahun 2010 meningkat dibandingkan dengan tahun 2009 dimana pada tahun 2010 biaya pengoperasian kapal adalah sebesar USD 139,9 juta sedangkan pada tahun 2009 adalah sebesar USD 120,9 juta. Biaya gaji, yang merepresentasikan 44,3% dari total biaya operasi kapal, naik seiring dengan bertambahnya jumlah kapal yang dioperasikan oleh Perseroan. Biaya perbaikan dan perawatan kapal pada tahun 2010 juga mengalami kenaikan seiring dengan bertambahnya usia kapal.

Biaya Penyusutan Kapal

Biaya Penyusutan Kapal Perseroan meningkat sebesar 9% pada tahun 2010 bila dibandingkan dengan tahun 2009. Peningkatan ini dikarenakan adanya penambahan jumlah armada Perseroan dari 91 kapal pada tahun 2009 menjadi 95 kapal pada tahun 2010, serta dipengaruhi nilai revaluasi kapal.

RESULTS OF OPERATION

Operating Revenue

The Company’s total revenue in 2010 has increased by USD 38.5 million. Although freight rates have not fully recovered, the Company’s revenue has increased supported by the increase in Company’s fleet list which on 31 December 2010, the number of vessels in the Company’s fleet reached 95 tankers with total capacity of 2.3 million DWT.

Voyage Expense

The Company’s total voyage expense increased by 25.6% from previously USD 176.1 million in 2009 into USD 221.2 million in 2010. This was mainly due to the increase in bunker costs caused by the increase of world oil prices during 2010 and port charges due to the increase of Company’s fleet list.

Ship Operating Expense

Total ship operating expense in 2010 increased compared with 2009 where in 2010 the ship operating expense was USD 139.9 million compared with 2009 where the total ship operating expense was USD 120.9 million. Salaries, which represented 44.3% of the total ship operating expenses, were due to the increase on number of vessels operated by the Company. The repairs and maintenance expense also increased along with increasing age of vessels.

Cost of Vessel Depreciation

The Company’s depreciation expense in 2010 increased by 9% compared with 2009. This increase was due to the increase of the Company’s number of vessels where in 2009 the number of vessels was 91 vessels and in 2010 it increased into 95 vessels.


107Management’s Discussion and Analysis

BELANJA MODAL

Belanja modal Perseroan terutama terkait dengan pembelian kapal, baik bekas maupun yang sedang dibangun dan konversi kapal. Perseroan melakukan investasi dengan nilai keseluruhan sebesar USD 328,1 juta untuk belanja modal tersebut yang berasal dari kas hasil operasi Perseroan dan dari pinjaman bank.

DIVESTASI

Pada tahun 2010 Perseroan melakukan transaksi jual-dan-sewa-kembali atas 3 kapal yang dimiliki anak perusahaan, serta pelepasan sebagian kepemilikan anak perusahaan di Nevaeh Limited kepada pihak ketiga.

*Angka yang digunakan dalam Analisis dan Pembahasan Manajemen didasarkan pada Laporan Keuangan Konsolidasi Perseroan untuk tahun-tahun yang berakhir pada 31 Desember 2010 dan 2009 berdasarkan IFRS.

CAPITAL EXPENDITURES

The Company’s capital expenditures are related with the purchase of new vessels, either newly built vessels or second hand vessel and vessel’s conversion. The Company has conducted an investment with a total value of USD 328.1 million for capital expenditures which was funded by cash from the Company’s operation and bank loans.

DIVESTMENT

In 2010 the Company engaged in a sale and lease back agreement for 3 vessels owned by its subsidiaries, and released some parts of ownership in a subsidiary, Nevaeh Limited, to third parties.

* Figures used in the Management’s Discussion and Analysis based on Company’s Consolidated Financial Statements for the years ended December 31, 2010 and 2009 under IFRS.


108

Umur 74 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 (1970- 1994) 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 “Life Time Achievement” dari Ernst & Young.

Aged 74, 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 ‘‘Life Time Achievement’ by Ernst & Young.

HADI SURYA Komisaris Utama/President Commissioner

Umur 57 tahun, diangkat sebagai Komisaris Perseroan pada 7 Mei 2010. Sebelumnya menduduki jabatan sebagai Asistensi Bidang Pengawasan Internal Kementerian Pertahanan RI, Komisaris Utama PT ASABRI (Persero) (2009), Inspektur Jenderal Departemen Pertahanan (2008), Inspektur Jenderal TNI AL (2007), Komandan Korps Marinir (2005). Lulusan dari Akademi Angkatan Bersenjata Republik Indonesia - Laut tahun 1975.

Aged 57, was appointed as a Commissioner of the Company on 7 May 2010. He was previously an Assistance of Internal Monitoring Division of the Minister of Defense, President Commissioner of PT ASABRI (Persero) (2009), Inspector General of the Department of Defense (2008), Inspector General of the Navy (2007), Marine Corps Commander (2005). Graduated from Academy of the Armed Forces of the Republic of Indonesia – Sea in 1975.

SAFZEN NOERDIN Komisaris/Commissioner

DEWAN KOMISARIS

DEWAN KOMISARIS


109

Umur 43, diangkat sebagai Komisaris Perseroan pada 11 September 2006. Saat ini menjabat sebagai Chief Marketing Offi cer di 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 (2000-2001), dan Vice President pada PT. Puri Dana Bersama (1997-2000). Lulusan dari Indiana University pada tahun 1991.

Aged 43, was appointed as a Commissioner of the Company on 11 September 2006. He is currently the Chief Marketing Offi cer of PT Asuransi Allianz Life Indonesia. He was previously a fi nancial 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.

ALAN JONATHAN TANGKAS DHARMAWAN Komisaris Independen/Independent Commissioner

Umur 39 tahun, diangkat sebagai Komisaris Perseroan pada tanggal 11 September 2006. Pada saat ini menduduki jabatan sebagai Managing Partner Leafgreen Capital di Singapore.Pada tahun 2006 hingga 2009, menjabat sebagai CEO pada United Fiber System Ltd (2006- 2009), dan sebelumnya menjabat sebagai Direktur Deutsche Bank (2004-2006), Wakil Presiden Zurich Financial Services (2002-2004), sebagai Associate di Merrill Lynch (2000-2002) dan Associate Direktur UBS (1998-2000). Lulusan dari Institut Technology Bandung pada 1994 dan memperoleh gelar MBA dari Massachusetts Institute of Technology Sloan School of Management pada tahun 1998.

Aged 39, was appointed as a Commissioner of the Company on 11 September 2006. He is currently the Managing Partner of Leafgreen Capital in Singapore. In 2006 to 2009, he was the CEO of United Fiber System Ltd 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.

JAKA PRASETYAKomisaris Independen/Independent Commissioner

Board of Commissioners

BOARD OF COMMISSIONERS


110

Umur 60, 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 (2005-2008).

Aged 60, 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.

WIDIHARDJA TANUDJAJADirektur Utama/President Director

Umur 49, 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 49, 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.

HENRIANTO KUSWENDI Direktur Komersial/Commercial Director

DIREKSI

DIREKSI | BOARD OF DIRECTORS

Umur 42, Diangkat sebagai DirekturPerseroan 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 42, 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.

WONG KEVINDirektur Keuangan/Finance Director


111

Umur 48, diangkat sebagai Direktur Perseroanpada 22 Juni 1999. 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 48, 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.

MICHAEL MURNI GUNAWANDirektur Administrasi/Administration Director

Umur 43 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 (1993-1994). 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 43, 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.

SIANA ANGGRAENI SURYADirektur Korporat dan Pengembangan Usaha/ Corporate and Business Development Director

Board of Directors


112

113

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 2010 DAN 2009/ FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

DAN LAPORAN AUDITOR INDEPENDEN/ AND INDEPENDENT AUDITORS’ REPORT

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN DAFTAR ISI

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES

TABLE OF CONTENTS

Halaman/ Page

SURAT PERNYATAAN DIREKSI DIRECTORS’ STATEMENT LETTER

LAPORAN AUDITOR INDEPENDEN 1 INDEPENDENT AUDITORS’ REPORT

LAPORAN KEUANGAN KONSOLIDASI - Pada tanggal 31 Desember 2010 dan 2009 serta untuk tahun-tahun yang berakhir pada tanggal tersebut

CONSOLIDATED FINANCIAL STATEMENTS - As of December 31, 2010 and 2009 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 P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIESNERACA KONSOLIDASI CONSOLIDATED BALANCE SHEETS31 DESEMBER 2010 DAN 2009 DECEMBER 31, 2010 AND 2009

Catatan/2010 Notes 2009

US$'000 US$'000

ASET ASSETS

ASET LANCAR CURRENT ASSETSKas dan setara kas 84.284 2i,3 118.732 Cash and cash equivalentsInvestasi jangka pendek 79.964 2e,4 44.898 Short-term investmentsPiutang usaha 2e,5 Trade accounts receivable

Pihak hubungan istimewa 236 33 - Related partiesPihak ketiga 159.930 129.976 Third parties

Piutang lain-lain 11.820 7.350 Other accounts receivablePersediaan 16.281 2k,6 15.604 InventoriesUang muka 13.801 8.546 AdvancesPajak d bayar dimuka 35 29 Prepaid taxesBiaya dibayar dimuka 16.913 2l 10.116 Prepaid expensesInstrumen keuangan derivatif - 2g,32 2.259 Derivative financial instruments

Jumlah Aset Lancar 383.264 337.510 Total Current Assets

ASET TIDAK LANCAR NONCURRENT ASSETSInvestasi tersedia untuk dijual 33.778 2e,4,7 - Available-for-sale investmentInvestasi pada perusahaan asosiasi 7.955 2j,7 76.125 Investments in associatesAset tetap - setelah dikurangi Property, vessels and equipment - net

akumulasi penyusutan dan penurunan of accumulated depreciation and nilai aset sebesar USD 635.238 r bu tahun 2010 impairment of USD 635,238 thousand dan USD 497.412 ribu tahun 2009 2.327.320 2m,2n,2o,8 1.946.389 in 2010 and USD 497,412 thousand in 2009

Uang muka pembelian kapal 20.250 8,37d 46.905 Advance for purchase of vesselsUang jaminan dan beban tangguhan 22.041 2e 30.273 Security deposits and deferred chargesGoodwill - bersih 40.903 2c,2n,9 43.776 Goodwill - netInstrumen keuangan derivatif - 2g,32 16.944 Derivative financial instruments

Jumlah Aset Tidak Lancar 2.452.247 2.160.412 Total Noncurrent Assets

JUMLAH ASET 2.835.511 2.497.922 TOTAL ASSETS

Lihat catatan atas laporan keuangan konsolidasi yang merupakan bagian See accompanying notes to consolidated financial statementsyang tidak terpisahkan dari laporan keuangan konsolidasi. which are an integral part of the consolidated financial statements.

- 3 -

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIESNERACA KONSOLIDASI CONSOLIDATED BALANCE SHEETS31 DESEMBER 2010 DAN 2009 (Lanjutan) DECEMBER 31, 2010 AND 2009 (Continued)


US$'000 US$'000

KEWAJIBAN DAN EKUITAS LIABILITIES AND EQUITY

KEWAJIBAN LANCAR CURRENT LIABILITIESInstrumen keuangan derivatif - 2g,32 10.877 Derivative financial instrumentsHutang bank 14.459 2f,10 65.225 Bank loansHutang usaha 2f,11 Trade accounts payable

Pihak hubungan istimewa 3.173 33 929 Related partiesPihak ketiga 60.770 34.250 Third parties

Hutang pajak 1.665 2s,12 957 Taxes payableBiaya masih harus d bayar 44.452 2f,13 45.347 Accrued expensesHutang jangka panjang yang jatuh

tempo dalam waktu satu tahun Current maturities of long-term liabilitiesLembaga keuangan 178.468 2f,14 138.674 Financial institutionObligasi - 2f,15 6.322 Bonds payable Kewajiban sewa pembiayaan 49.383 2q,17 32.572 Obligations under finance leaseHutang lain-lain non-lembaga keuangan 3.003 2f,18 1.181 Other loans from non-financial institutions

Hutang lain-lain non-lembaga keuangan 10.200 2f,18 - Other loans from non-financial institutionsObligasi konversi - 2f,20 99.560 Convertible bondsKeuntungan atas transaksi jual dan sewa-bal k Deferred gain on sales and leaseback

yang ditangguhkan 208 2o,8 208 transactionKewajiban lancar lainnya 5.471 2f 8.862 Other current liabilities

Jumlah Kewaj ban Lancar 371.252 444.964 Total Current Liabilities

KEWAJIBAN TIDAK LANCAR NONCURRENT LIABILITIESHutang jangka panjang - setelah dikurangi bagian

yang jatuh tempo dalam waktu satu tahun Long-term liabilities - net of current maturitiesLembaga keuangan 707.562 2f,14 779.538 Financial institutionObligasi 148.261 2f,15 141.575 Bonds payable Wesel bayar 316.000 2f,16 249.809 Notes payableKewaj ban sewa pembiayaan 342.769 2q,17 228.925 Obligations under finance leaseHutang lain-lain non-lembaga keuangan 17.634 2f,18 11.228 Other loans from non-financial institutions

Kewajiban imbalan pasca kerja 5.180 2r,19 4.126 Post-employment benefits obligationInstrumen keuangan derivatif 75.775 2g,32 17.407 Derivative financial instrumentsObligasi konversi 165.057 2f,20 - Convertible bondsKeuntungan atas transaksi jual dan sewa-bal k

yang ditangguhkan 1.850 2o,8 2.058 Deferred gain on sale and leaseback transaction

Jumlah Kewaj ban Tidak Lancar 1.780.088 1.434.666 Total Noncurrent Liabilities

EKUITAS EQUITYModal saham - nilai nominal Rp 62,50 per saham Capital stock - Rp 62.50 par value per share

Modal dasar - 14.676.480.000 saham Authorized - 14,676,480,000 sharesModal ditempatkan dan disetor - 11.550.831.470 Subscribed and paid-up - 11,550,831,470

saham tahun 2010 dan 5.981.591.235 saham shares in 2010 and 5,981,591,235tahun 2009 109.575 2f,21 70.936 shares in 2009

Agio saham 208.826 22 114.824 Additional paid-in capitalSelisih kurs karena penjabaran laporan keuangan (16.292) 2d (16.828) Translation adjustment Keuntungan yang belum direalisasi dari Unrealized gain on available-for-sale

pemilikan efek - 2e 757 investmentsSurplus revaluasi 304.534 2m,24 237.677 Revaluation reserveSaldo laba Retained earnings

Ditentukan penggunaannya 5.898 5.898 AppropriatedTidak ditentukan penggunaannya 158.258 291.656 Unappropriated

Jumlah 770.799 704.920 TotalDikurangi harga perolehan saham diperoleh Less cost of treasury stocks - 412,351,000

kembali 412.351.000 saham (86.628) 2p,23 (86.628) shares

Jumlah Ekuitas 684.171 618.292 Total Equity

JUMLAH KEWAJIBAN DAN EKUITAS 2.835.511 2.497.922 TOTAL LIABILITIES AND EQUITY


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P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIESLAPORAN LABA RUGI KONSOLIDASI CONSOLIDATED STATEMENTS OF INCOMEUNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2010 DAN 2009 FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009


US$'000 US$'000

PENDAPATAN USAHA 656.854 2q,25 618.346 OPERATING REVENUES

BEBAN LANGSUNG 562.306 2q,26,33 485.512 DIRECT COST

LABA KOTOR 94.548 132.834 GROSS PROFIT

BEBAN UMUM DAN ADMINISTRASI 33.368 2q,27 32.927 GENERAL AND ADMINISTRATIVE EXPENSES

LABA USAHA 61.180 99.907 INCOME FROM OPERATIONS

PENGHASILAN (BEBAN) LAIN-LAIN OTHER INCOME (CHARGES)Peningkatan (penurunan) revaluasi 93.485 2m,2n,8 (227.778) Revaluation increase (decrease)Pendapatan investasi 8.303 2e,29 18.078 Investment incomeBagian laba bersih perusahaan asosiasi 384 2j,7 9.621 Equity in net income of associates

Gain (loss) on sale of property, vessels and Keuntungan (kerugian) penjualan aset tetap (2.901) 2m,2o,8 762 equipmentKerugian kurs mata uang asing - bersih (38.414) 2d (26.698) Foreign exchange loss - netKeuntungan (kerugian) transaksi derivatif -

bersih (46.698) 2g,32 148.898 Net gain (loss) on derivative transactionsPerubahan nilai wajar obligasi Change in fair value of convertible bonds

konversi dan wesel bayar (84.393) 2f,16,20 (196.420) and notes payable Beban keuangan (138.322) 2f,28 (109.500) Finance costLain-lain - bersih (5.840) (1.785) Others - net

Beban Lain-lain - Bersih (214.396) (384.822) Other Charges - Net

RUGI SEBELUM PAJAK (153.216) (284.915) LOSS BEFORE TAX

BEBAN PAJAK (1.185) 2s,12 (961) TAX EXPENSE

RUGI BERSIH (154.401) (285.876) NET LOSS

2010 2009US$ US$

RUGI PER SAHAM (dalam nilai penuh) 2t,30 LOSS PER SHARE (in full amount)Dasar (0,0173) (0,0559) Basic


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- 6 -

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIESLAPORAN ARUS KAS KONSOLIDASI CONSOLIDATED STATEMENTS OF CASH FLOWSUNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED31 DESEMBER 2010 DAN 2009 DECEMBER 31, 2010 AND 2009

2010 2009US$'000 US$'000

ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIESPenerimaan dari pelanggan 626.664 582.216 Cash receipts from customers Pembayaran kepada pemasok dan karyawan (503.645) (356.907) Cash paid to suppliers and employees

Kas dihasilkan dari operasi 123.019 225.309 Cash generated from operationsPembayaran bunga (102.581) (120.646) Interest paidPembayaran bagi hasil (7.488) (2.307) Profit sharing paid Pembayaran pajak penghasilan (1.206) (932) Income tax paid Penerimaan klaim asuransi 631 215 Receipts from insurance claim

Kas Bersih Diperoleh dari Aktivitas Operasi 12.375 101.639 Net Cash Provided by Operating Activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIESPencairan investasi sementara 91.643 139.124 Withdrawal of temporary investmentsPenempatan investasi sementara (110.455) (48.176) Placement of temporary investmentsPenerimaan bunga 7.071 1.068 Interest received

Net proceeds from sale of property, vesselsHasil penjualan aset tetap - bersih 1.070 50.075 and equipmentPengurangan (penambahan) uang muka pembelian Decrease (increase) in advances for the purchase

aset tetap 16.028 (46.905) of property, vessels and equipmentPerolehan aset tetap (328.104) (137.297) Acquisitions of property, vessels and equipment Hasil penjualan (akuisisi) perusahaan asosiasi Proceeds from sale (acquisition) associate company

dan anak perusahaan 34.270 (66.231) and subsidiary

Kas Bersih Digunakan untuk Aktivitas Investasi (288.477) (108.342) Net Cash Used in Investing Activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIESProceeds from bank loans and loans from other

Penerimaan dari hutang bank dan lembaga keuangan 127.743 290.868 financial institutionsPenerimaan dari hutang lain-lain non-lembaga keuangan 19.610 - Proceeds from loans from non-financial institutionPengeluaran saham baru melalui penawaran Proceeds from issuance of new shares through

umum terbatas 132.641 58.746 rights issuePenerimaan bersih dari penerbitan hutang obligasi dan Proceeds from issuance of bonds payable and

obligasi konversi 120.329 48.520 convertible bondsPenerimaan dari penerbitan kembali wesel bayar Proceed from reissuance of notes payable and

dan obligasi konversi 18.082 - convertible bondsPayments of loans from banks and other

Pembayaran hutang bank dan lembaga keuangan (182.805) (323.756) financial institutionsPembayaran hutang lain-lain jangka panjang (1.182) (591) Payment of loans from non-financial institutionsPembayaran dividen - (2.103) Dividends paid Pembayaran hutang dividen (3) - Payment of dividends payablePembayaran hutang obligasi dan obligasi konversi (95.331) - Payment of bonds payable and convertible bondsPenerimaan bersih dari transaksi jual sewa bal k 130.000 - Proceeds from sales and leaseback transactionsPembayaran kewajiban sewa pembiayaan (25.849) (11.709) Payments of obligations under finance lease

Kas Bersih Diperoleh dari Aktivitas Pendanaan 243.235 59.975 Net Cash Provided by Financing Activities

KENAIKAN (PENURUNAN) BERSIH KAS NET INCREASE (DECREASE) IN CASH AND DAN SETARA KAS (32.867) 53.272 CASH EQUIVALENTS

Pengaruh perubahan kurs mata uang asing (1.581) 210 Effect of exchange rate changes on cashCASH AND CASH EQUIVALENTS AT

KAS DAN SETARA KAS AWAL TAHUN 118.732 65.250 BEGINNING OF YEARCASH AND CASH EQUIVALENTS AT END

KAS DAN SETARA KAS AKHIR TAHUN 84.284 118.732 OF YEAR

PENGUNGKAPAN TAMBAHAN SUPPLEMENTAL DISCLOSURESAktivitas investasi dan pendanaan yang tidak mempengaruhi

kas: Noncash investing and financing activities:Penambahan aset tetap melalui: Addition to property, vessels and equipment through:

Advances for purchases of property, vessels Uang muka pembelian aset tetap 10.000 - and equipmentKewaj ban sewa pembiayaan 180.409 35.895 Lease payable

Penambahan (pengurangan) karena penjabaran laporan keuangan: Increase (decrease) due to translation adjustments in:

Aset tetap 2.555 425 Property, vessels and equipment Akumulasi penyusutan 7.344 709 Accumulated depreciation

Lihat catatan atas laporan keuangan konsolidasi yang merupakan See accompanying notes to consolidated financial statementsbagian yang tidak terpisahkan dari laporan keuangan konsolidasi. which are an integral part of the consolidated financial statements.

- 7 -

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2010 DAN 2009 SERTA UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED

- 8 -

1. UMUM 1. GENERAL

a. Pendirian dan Informasi Umum

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. 26 tanggal 29 Juli 2010 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-42135.AH.01.02.Tahun 2010 tanggal 26 Agustus 2010.

a. Establishment and General Information

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. 26 dated July 29, 2010 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, concerning the increase in paid up capital. Such amendments were approved by the Minister of Law and Human Rights of the Republic of Indonesia in his Decision Letter No. AHU-42135.AH.01.02.Tahun 2010 dated August 26, 2010.

Perusahaan berkedudukan di Jakarta, mempunyai dua kantor cabang di Merak dan Dumai serta kantor perwakilan di China, 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 and Dumai and representative offices in China, India, Brazil, United Arab Emirates and Taiwan. Its head office is located at Wisma Bina Surya Group (BSG) 10th 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 402 karyawan untuk tahun 2010 dan 403 karyawan untuk tahun 2009.

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 402 in 2010 and 403 in 2009.

Keputusan Menteri Keuangan Republik Indonesia No. KEP-1514/WPJ.07/BD.04/2008 tanggal 28 Nopember 2008, menyetujui Perusahaan untuk menyelenggarakan pembukuan dalam bahasa Inggris dan menggunakan mata uang Dollar Amerika Serikat yang dimulai sejak 1 Januari 2009.

The Minister of Finance of the Republic of Indonesia, through Decision Letter No. KEP-1514/WPJ.07/BD.04/2008 dated November 28, 2008, approved the Company’s application to maintain its accounting records in the English language and United States (U.S.) Dollar starting January 1, 2009.

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2010 DAN 2009 SERTA UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)


DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued)

- 9 -

Susunan pengurus Perusahaan pada tanggal 31 Desember 2010 adalah sebagai berikut:

The Company’s management as of December 31, 2010 consisted of the following:

Dewan Komisaris Board of CommissionersKomisaris Utama Hadi Surya President CommissionerKomisaris Safzen Noerdin CommissionerKomisaris Independen Alan Jonathan Tangkas Darmawan Independent Commissioners

Jaka PrasetyaDewan Direksi Board of DirectorsDirektur Utama Widihardja Tanudjaja President DirectorDirektur Michael Murni Gunawan Directors

Wong KevinSiana Anggraeni SuryaHenrianto Kuswendi

Komite AuditKetua Anggota

Alan Jonathan Tangkas Darmawan Jaka Prasetya Max Budiarto Sumakno

Audit CommitteeChairman Members

b. Anak Perusahaan

Perusahaan memiliki 100% saham Indigo Pacific Corporation, Diamond Pacific International Corporation dan Asean Maritime Corporation (ketiganya berkedudukan di luar negeri), semuanya bergerak dalam bidang investasi. Perusahaan juga memiliki P.T. Banyu Laju Shipping, P.T. Brotojoyo Maritime dan P.T. Buana Listya Tama Tbk yang bergerak dalam bidang pengoperasian dan pemilikan kapal, ketiga anak perusahaan ini berdomisili di Indonesia.

b. Subsidiaries

The Company has 100% share ownership in Indigo Pacific Corporation, Diamond Pacific International Corporation and Asean Maritime Corporation (all domiciled in foreign country), 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 Tbk, owners and operators of vessels, 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 Jumlah AsetKomersial/ 31 Desember 2010/

Bidang usaha/ Domisili/ Start of Commercial Total Assets as ofType of business Domicile Operations December 31, 2010

US$'000

1 Indigo Pacific Corporation Perusahaan Investasi/ Labuan, 24 Desember 1997/ 141.653Investment holding company Malaysia December 24, 1997

1.1 Indigo Pacific Corporation Perusahaan Investasi/ British Virgin 8 Pebruari 1993/ 190.914Investment holding company Islands February 8, 1993

1.1.1 Melani Maritime Inc. Pengoperasian dan pemilikan kapal/ Panama 24 Pebruari 1993/ 107.175Owner and operator of vessel February 24, 1993

1.1 2 Zona Overseas International Pengoperasian dan pemilikan kapal/ Panama 24 Juni 1997/ 115.299Shipping S.A. Owner and operator of vessel June 24, 1997

1.1 3 Kunti Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 11 Oktober 2000/ 3.894Owner and operator of vessel October 11, 2000

1.1.4 Jembawati Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 15 Nopember 2000/ 19.615Owner and operator of vessel November 15, 2000

1.1 5 Tirtasari Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 24 Nopember 2001/ 3.559Owner and operator of vessel November 24, 2001

Anak Perusahaan/Subsidiaries




- 10 -



US$'000

1.1.6 Pergiwo Navigation Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 26 April 2002/ 9 631Owner and operator of vessel April 26, 2002

1.1.7 Fatmarini Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 14 Agustus 2002/ 31 540Owner and operator of vessel August 14, 2002

1.1.8 Harsanadi Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 26 Agustus 2002/ 32 067Owner and operator of vessel August 26, 2002

1.1.9 Hartati Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 26 Agustus 2002/ 2.720Owner and operator of vessel August 26, 2002

1.1.10 BLT Finance Corporation Pembiayaan/Financing British Virgin Islands 20 Juni 2005/ 275 561June 20, 2005

1.1.11 Pujawati Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 10 Maret 2006/ 8.106Owner and operator of vessel March 10, 2006

1.1.12 Pertiwi Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 12 Maret 2006/ 11 582Owner and operator of vessel March 12, 2006

1.1.13 Anggraini Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 5 Juni 2006/ 44 034Owner and operator of vessel June 5, 2006

1.1.14 Emerald Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 12 April 2006/ 15.735Owner and operator of vessel April 12, 2006

1.1.15 BLT Finance B.V Pembiayaan/Financing The Netherlands 27 April 2007/ 368.014 April 27, 2007

1.1.16 Tridonawati Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 6 Juni 2007/ 20.090 Owner and operator of vessel June 6, 2007

1.1.17 Purbasari Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 23 Juni 2007/ 22.391 Owner and operator of vessel June 23, 2007

1.1.18 Tridonawati Maritime Corporation Pengoperasian dan pemilikan kapal/ Liberia 21 Juni 2007/ 75.330 Owner and operator of vessel June 21, 2007

1.1.19 Trirasa Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 6 Juni 2007/ 25 Owner and operator of vessel June 6, 2007

1.1.20 Pramoni Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 16 April 2008/ 31.060 Owner and operator of vessel April 16, 2008

1.1.21 Fatmarini Shipping Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 12 Oktober 2008/ 26.344 Owner and operator of vessel October 12, 2008

1.1.22 Frabandari Shipping Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 12 Oktober 2008/ 26.424 Owner and operator of vessel October 12, 2008

1.1.23 Harsanadi Shipping Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 12 Oktober 2008/ 35.836 Owner and operator of vessel October 12, 2008

1.1.24 Hartati Shipping Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 12 Oktober 2008/ 33.563 Owner and operator of vessel October 12, 2008

1.1.25 Nogogini Shipping Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 12 Oktober 2008/ 21.412 Owner and operator of vessel October 12, 2008

1.1.26 Nolowati Shipping Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 12 Oktober 2008/ 20.892 Owner and operator of vessel October 12, 2008

1.1.27 Ratih Shipping Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 12 Oktober 2008/ 19.017 Owner and operator of vessel October 12, 2008

1.1.28 Universal Grace Ltd. *** Pengoperasian dan pemilikan kapal/ Hong Kong 24 September 2010/ 63 360Owner and operator of vessel September 24, 2010





- 11 -



US$'000

2 Diamond Pacific International Perusahaan Investasi/ Labuan, 24 Desember 1997/ 165 304 Corporation Investment holding company Malaysia December 24, 1997

2.1 Diamond Pacific International Perusahaan Investasi/ British Virgin 9 Pebruari 1993/ 192 348 Corporation Investment holding company Islands February 9, 1993

2.1.1 Lenani Maritime Inc. Pengoperasian dan pemilikan kapal/ Panama 24 Pebruari 1993/ 131 336 Owner and operator of vessel February 24, 1993

2.1.1.1 Ontari Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 25 Juli 2002 26.447 Owner and operator of vessel July 25, 2002

2.1.2 Averina Maritime S.A. Agen perkapalan/ Panama 27 Mei 1998/ 297.121 Shipping agency May 27, 1998

2.1.3 Gandari Navigation Pte. Ltd. Pengoperasian kapal/ Singapore 26 April 2002/ 1 804 Operator of vessel April 26, 2002

2.1.4 GBLT Shipmanagement Pte. Ltd. Manajemen perkapalan/ Singapore 10 Maret 2002/ 6.471 Ship management March 10, 2002

2.1.4.1 GBLT Shipmanagement Ltd. Manajemen perkapalan/ United Kingdom 2 Pebruari 2004/ 3 010 Ship management February 2, 2004

2.1.4.1.1 Harsanadi Shipping Ltd. **** Pengoperasian kapal/ United Kingdom 2 Pebruari 2004/ -Operator of vessel February 2, 2004

2.1.4.1.2 Hartati Shipping Ltd. **** Pengoperasian kapal/ United Kingdom 2 Pebruari 2004/ -Operator of vessel February 2, 2004

2.1.4.1.3 Frabandari Shipping Ltd. **** Pengoperasian kapal/ United Kingdom 2 Pebruari 2004/ -Operator of vessel February 2, 2004

2.1.4.1.4 Fatmarini Shipping Ltd. Pengoperasian kapal/ United Kingdom 2 Pebruari 2004/ 615 Operator of vessel February 2, 2004

2.1.4.1.5 Nolowati Shipping Ltd. **** Pengoperasian kapal/ United Kingdom 2 Pebruari 2004/ -Operator of vessel February 2, 2004

2.1.4.1.6 Nogogini Shipping Ltd. Pengoperasian kapal/ United Kingdom 2 Pebruari 2004/ 175 Operator of vessel February 2, 2004

2.1.4.1.7 Ratih Shipping Ltd. Pengoperasian kapal/ United Kingdom 2 Pebruari 2004/ 468 Operator of vessel February 2, 2004

2.1.5 Cendanawati Navigation Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 25 Juli 2002/ 10 927 Owner and operator of vessel July 25, 2002

2.1.6 Frabandari Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 14 Agustus 2002/ 25 650 Owner and operator of vessel August 14, 2002

2.1.7 Brotojoyo Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 3 Juli 2003/ 31 924 Owner and operator of vessel July 3, 2003

2.1.8 Berlian Laju Tanker Pte. Ltd. Pengoperasian kapal/ Singapore 3 Juli 2003/ 5 590 Operator of vessel July 3, 2003

2.1.9 Anjasmoro Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 17 Maret 2004/ 48.490 Owner and operator of vessel March 17, 2004

2.1.10 Gas Lombok Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 20 Maret 2008/ 46 341 Owner and operator of vessel March 20, 2008

2.1.11 Gas Sumbawa Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 12 Juni 2008/ 46 346 Owner and operator of vessel June 12, 2008





- 12 -



US$'000

2.2 BLT LNG Tangguh Corporation Pengoperasian dan pemilikan kapal/ Marshall Island 8 Juli 2005/ 25.915 Owner and operator of vessel July 8, 2005

3 Asean Maritime Corporation Perusahaan Investasi/ Labuan, 16 September 1997/ 492.992 Investment holding company Malaysia September 16, 1997

3.1 Gold Bridge Shipping Corporation Perusahaan Investasi/ British Virgin 20 Nopember 1996/ 36.251 Investment holding company Islands November 20, 1996

3.1.1 Bauhinia Navigation S.A. Pengoperasian dan pemilikan kapal/ Panama 30 Mei 1996/ 5.320 Owner and operator of vessel May 30, 1996

3.1.2 Cempaka Navigation S.A. Pengoperasian dan pemilikan kapal/ Panama 23 Juni 1997/ 11.632 Owner and operator of vessel June 23, 1997

3.1.3 Gold Bridge Shipping Ltd. Agen perkapalan/ Hong Kong 27 April 1990/ 79.704 Shipping agency April 27, 1990

3.1.3.1 BLT Shipping Shanghai Co. Ltd. Agen perkapalan/ China 27 Juli 2006/ 774 Shipping agency July 27, 2006

3.1.4 Great Tirta Shipping S.A. Pengoperasian dan pemilikan kapal/ Panama 23 Juni 1997/ 4.802 Owner and operator of vessel June 23, 1997

3.1.4.1 Dewayani Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 1 Nopember 2002/ 3.036 Owner and operator of vessel November 1, 2002

3.1.5 Hopeway Marine Inc. Pengoperasian dan pemilikan kapal/ Panama 22 Nopember 1984/ 34.758 Owner and operator of vessel November 22, 1984

3.1.6 Lestari International Shipping S A. Pengoperasian dan pemilikan kapal/ Panama 23 Juni 1997/ 5.045 Owner and operator of vessel June 23, 1997

3.1.6.1 Gandini Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 2 Januari 2002/ 2.864 Owner and operator of vessel January 2, 2002

3.1.7 Quimera Maritime S A. Pengoperasian dan pemilikan kapal/ Panama 3 Desember 1993/ 109.836 Owner and operator of vessel December 3, 1993

3.1.8 South Eastern Overseas Pengoperasian dan pemilikan kapal/ Panama 26 Mei 1994/ 15.746 Navigation S A. Owner and operator of vessel May 26, 1994

3.1.9 Zenith Overseas Maritime S.A. Pengoperasian dan pemilikan kapal/ Panama 23 Juni 1997/ 239 Owner and operator of vessel June 23, 1997

3.1.9.1 Gandari Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 20 Januari 2002/ 101.928 Owner and operator of vessel January 20, 2002

3.1.10 Zona Shipping S.A. Pengoperasian dan pemilikan kapal/ Panama 23 Juni 1997/ 4.300 Owner and operator of vessel June 23, 1997

3.1.10.1 Dewi Sri Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 1 Nopember 2002/ 2.730 Owner and operator of vessel November 1, 2002

3.1.11 Dahlia Navigation S.A. Pengoperasian dan pemilikan kapal/ Panama 29 Januari 1997/ 1.480 Owner and operator of vessel January 29, 1997

3.1.12 Eglantine Navigation S A. Pengoperasian dan pemilikan kapal/ Panama 24 Nopember 1997/ 18.639 Owner and operator of vessel November 24, 1997

3.1.13 Wulansari Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 6 April 2001/ 17.127 Owner and operator of vessel April 6, 2001

3.1.14 Yanaseni Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 18 April 2001/ 13.524 Owner and operator of vessel April 18, 2001





- 13 -



US$'000

3.1.15 Indradi Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 13 September 2001/ 21.489 Owner and operator of vessel September 13, 2001

3.1.16 Gold Bridge Shipping Agen perkapalan/ Panama 26 September 2001/ 1.135 Agencies S.A. Shipping agency September 26, 2001

3.1.17 Elite Bauhinia Navigation Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 24 Nopember 2001/ 12 517 Owner and operator of vessel November 24, 2001

3.1.18 Cempaka Navigation Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 25 Juli 2002/ 1.741 Owner and operator of vessel July 25, 2002

3.1.19 Dahlia Navigation Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 25 Juli 2002/ 18.119 Owner and operator of vessel July 25, 2002

3.1 20 Freesia Navigation S.A. Pengoperasian dan pemilikan kapal/ Panama 15 Nopember 2002/ 28 632 Owner and operator of vessel November 15, 2002

3.1 21 Gerbera Navigation S.A. Pengoperasian dan pemilikan kapal/ Panama 29 Nopember 2002/ 29 627 Owner and operator of vessel November 29, 2002

3.1 22 Mustokoweni Maritime Pte Ltd. Pengoperasian dan pemilikan kapal/ Singapore 12 Agustus 2004/ 6 214 Owner and operator of vessel August 12, 2004

3.1 23 Ulupi Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 12 Agustus 2004/ 18 364 Owner and operator of vessel August 12, 2004

3.1 24 Erowati Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 12 Agustus 2004/ 19.143 Owner and operator of vessel August 12, 2004

3.1 25 Gas Papua Maritime Pte Ltd. Pengoperasian dan pemilikan kapal/ Singapore 10 Nopember 2004/ 23 990 Owner and operator of vessel November 10, 2004

3.1 26 Rasawulan Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 8 Nopember 2004/ 17 000 Owner and operator of vessel November 8, 2004

3.1 27 Gas Sulawesi Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 10 Nopember 2004/ 22 321 Owner and operator of vessel November 10, 2004

3.1 28 Tribuana Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 11 Nopember 2004/ 19 622 Owner and operator of vessel November 11, 2004

3.1 29 Gagarmayang Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 12 Nopember 2004/ 51.742 Owner and operator of vessel November 12, 2004

3.1 30 Prita Dewi Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 13 Nopember 2004/ 25.712 Owner and operator of vessel November 13 2004

3.1 31 Purwati Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 14 Nopember 2004/ 44 298 Owner and operator of vessel November 14, 2004

3.1 32 Trijata Maritime Pte Ltd. Pengoperasian dan pemilikan kapal/ Singapore 8 Oktober 2004/ 20 627 Owner and operator of vessel October 8, 2004

3.1 33 Pradapa Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 8 Januari 2005/ 20.250 Owner and operator of vessel January 8, 2005

3.1 34 Pergiwati Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 8 Januari 2005/ 66.455 Owner and operator of vessel January 8, 2005

3.1 35 Badraini Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 19 Januari 2005/ 16 944 Owner and operator of vessel January 19, 2005





- 14 -



US$'000

3.1.36 Barunawati Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 19 Januari 2005/ 42 268 Owner and operator of vessel January 19, 2005

3.1.37 Gas Maluku Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 8 April 2005/ 50 Owner and operator of vessel April 8, 2005

3.1.38 Barawati Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 22 April 2005/ 10.398 Owner and operator of vessel April 22, 2005

3.1.39 Gas Bali Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 6 Juli 2005/ 3 831 Owner and operator of vessel July 6, 2005

3.1.40 Eustoma Navigation S.A. Pengoperasian dan pemilikan kapal/ Panama 12 Agustus 2005/ 25 897 Owner and operator of vessel August 12, 2005

3.1.41 Puspawati Maritime Pte. Ltd. Pengoperasian dan pemilikan kapal/ Singapore 26 September 2005/ 36 033 Owner and operator of vessel September 26, 2005

3.1.42 Diamond Flow Ltd. Perusahaan investasi/ Hong Kong 18 Januari 2007/ 88.821 Investment holding company January 18, 2007

3.1.43 Likabula International Ltd. Perusahaan investasi/ Hong Kong 14 Juni 2007/ 1 550 Investment holding company June 14, 2007

3.1.44 Richesse International Corp Perusahaan investasi/ British Virgin 18 Agustus 2006/ 9 964 Investment holding company Islands August 18, 2006

3.1.44.1 Richesse Logistic Perusahaan investasi/ Hong Kong 25 Agustus 2006/ 14 272 (International) Ltd. Investment holding company August 25, 2006

3.1.44.1.1 Richesse Logistic (Fangcheng Penyimpanan dan penjualan produk China 12 Juli 2007 26 210 Port) Co. Ltd. kimia/Storage and sale of chemical July 12, 2007

product

3.1.45 Hyacinth Navigation S A. Pengoperasian & pemilikan kapal/ Panama 12 Maret 2008/ 45 985 Owner and operator of vessel March 12, 2008

3.1.46 Irish Maritime International S.A. Pengoperasian & pemilikan kapal/ Panama 12 Maret 2008/ 19.489 Owner and operator of vessel March 12, 2008

3.2 BLT Chembulk Corp BVI Perusahaan investasi/ British Virgin 5 Oktober 2007/ 374 963 Investment holding company Islands October 5, 2007

3.2.1 Chembulk Tankers LLC Perusahaan investasi/ Marshall Islands 25 Januari 2007/ 36.494 Investment holding company January 25, 2007

3.2.1.1 Chembulk Trading II LLC Pengoperasian & pemilikan kapal/ Marshall Islands 25 Januari 2007/ 260.978Owner and operator of vessel January 25, 2007

3.2.1.2 Chembulk Management LLC Manajemen perkapalan/ United States of 25 Januari 2007/ 1.859Ship management America January 25, 2007

3.2.1.3 Chembulk Management B.V. Manajemen perkapalan/ The Netherlands 22 Mei 2007/ 43Ship management May 22, 2007

3.2.1.4 Chembulk Management Pte. Ltd. Manajemen perkapalan/ Singapore 29 Maret 2007/ 1 058 Ship management March 29, 2007

3.2.1.5 CBL Tankers Do Brazil Ltda Manajemen perkapalan/ Brazil 17 Juli 2008/ 38Ship management July 17, 2008

3.2.1.6 BLT Chembulk Group Corporation *** Pengoperasian kapal/ British Virgin 2 Desember 2010/ 50Operator of vessel Islands December 2, 2010

3.2.2 Chembulk Barcelona Pte. Ltd. Pengoperasian & pemilikan kapal/ Singapore 2 Nopember 2007/ 36.747 Owner and operator of vessel November 2, 2007

3.2.3 Chembulk Gibraltar Pte. Ltd. Pengoperasian & pemilikan kapal/ Singapore 2 Nopember 2007/ 22.956Owner and operator of vessel November 2, 2007





- 15 -



US$'000

3.2.4 Chembulk Hong Kong Pte. Ltd. Pengoperasian & pemilikan kapal/ Singapore 2 Nopember 2007/ 35.775Owner and operator of vessel November 2, 2007

3.2.5 Chembulk Houston Pte. Ltd. Pengoperasian & pemilikan kapal/ Singapore 2 Nopember 2007/ 20 890Owner and operator of vessel November 2, 2007

3.2.6 Chembulk Kobe Pte. Ltd. Pengoperasian & pemilikan kapal/ Singapore 2 Nopember 2007/ 23.109Owner and operator of vessel November 2, 2007

3.2.7 Chembulk New York Pte. Ltd. Pengoperasian & pemilikan kapal/ Singapore 2 Nopember 2007/ 27.778Owner and operator of vessel November 2, 2007

3.2.8 Chembulk Savannah Pte. Ltd. Pengoperasian & pemilikan kapal/ Singapore 2 Nopember 2007/ 27 091Owner and operator of vessel November 2, 2007

3.2.9 Chembulk Shanghai Pte. Ltd. Pengoperasian & pemilikan kapal/ Singapore 2 Nopember 2007/ 21 554Owner and operator of vessel November 2, 2007

3.2.10 Chembulk Ulsan Pte. Ltd. Pengoperasian & pemilikan kapal/ Singapore 2 Nopember 2007/ 23.119 Owner and operator of vessel November 2, 2007

3.2.11 Chembulk Virgin Gorda Pte. Ltd. Pengoperasian & pemilikan kapal/ Singapore 2 Nopember 2007/ 37.990 Owner and operator of vessel November 2, 2007

3.2.12 Chembulk Yokohama Pte. Ltd. Pengoperasian & pemilikan kapal/ Singapore 2 Nopember 2007/ 25.241 Owner and operator of vessel November 2, 2007

3.2.13 Chembulk New Orleans Pte. Ltd. Pengoperasian & pemilikan kapal/ Singapore 22 Juni 2008/ 33.177 Owner and operator of vessel June 22, 2008

3.3 BLT International Corp. * Perusahaan investasi/ Hong Kong 22 Oktober 2009/ 113 289Investment holding company October 22, 2009

3.4 Nevaeh Limited ** Perusahaan investasi/ British Virgin 1 Agustus 2007/ 33.778 Investment holding company Island August 1, 2007

4 PT Banyu Laju Shipping Pengoperasian & pemilikan kapal/ Indonesia 25 Juli 1991/ 66.522 Owner and operator of vessel July 25, 1991

4.1 Banyu Laju Corporation **** Perusahaan investasi/ Labuan, 18 Desember 2003/ - Investment holding company Malaysia December 18, 2003

5 PT Brotojoyo Maritime Pengoperasian & pemilikan kapal/ Indonesia 20 Januari 2003/ 30.146 Owner and operator of vessel January 20, 2003

6 PT Buana Listya Tama Tbk Pengoperasian & pemilikan kapal/ Indonesia 12 Mei 2005/ 185.478 Owner and operator of vessel May 12, 2005

6.1 PT Anjasmoro Maritime Pengoperasian & pemilikan kapal/ Indonesia 24 Maret 2006/ 9 Owner and operator of vessel March 24, 2006

6.2 PT Pearl Maritime Pengoperasian & pemilikan kapal/ Indonesia 9 Nopember 2006/ 25.285 Owner and operator of vessel November 9, 2006

6.3 PT Ruby Maritime Pengoperasian & pemilikan kapal/ Indonesia 9 Nopember 2006/ 43.579 Owner and operator of vessel November 9, 2006

6.4 PT Sapphire Maritime Pengoperasian & pemilikan kapal/ Indonesia 9 Nopember 2006/ 61.071 Owner and operator of vessel November 9, 2006





- 16 -



US$'000

6.5 PT Citrine Maritime Pengoperasian & pemilikan kapal/ Indonesia 29 Mei 2006/ 25.347 Owner and operator of vessel May 29, 2006

6.6 PT Diamond Maritime Pengoperasian & pemilikan kapal/ Indonesia 29 Mei 2006/ 30.450 Owner and operator of vessel May 29, 2006

6.7 PT Emerald Maritime Pengoperasian & pemilikan kapal/ Indonesia 29 Mei 2006/ 74.892 Owner and operator of vessel May 29, 2006

6.8 PT Jade Maritime * Pengoperasian & pemilikan kapal/ Indonesia 19 Mei 2009/ 14Owner and operator of vessel May 19, 2009

6.9 PT Onyx Maritime * Pengoperasian & pemilikan kapal/ Indonesia 19 Mei 2009/ 14Owner and operator of vessel May 19, 2009

6.10. PT Topaz Maritime * Pengoperasian & pemilikan kapal/ Indonesia 19 Mei 2009/ 14Owner and operator of vessel May 19, 2009

6.11 PT Bayu Lestari Tanaya Agen Perkapalan/Shipping agency Indonesia 22 Maret 2005/ 37 March 22, 2005

6.11.1 PT Berlian Dumai Logistics Perdagangan umum/General trading Indonesia 16 Nopember 2007/ 22November 16, 2007

6.12 PT Gemilang Bina Lintas Tirta Pengoperasian kapal/ Indonesia 10 Nopember 2003/ 1 621Operator of vessel November 10, 2003

6.13 PT Karya Bakti Adil Agen kru/Crew agency Indonesia 20 Nopember 2003/ 754November 20, 2003

6.14 PT BLT International Group * Perusahaan investasi/ Indonesia 23 Desember 2009/ 15 Investment holding company December 23, 2009

6.15 PT BLT Meo *** Pengoperasian & pemilikan kapal/ Indonesia 20 Juli 2010/Owner and operator of vessel July 20, 2010 1


* Merupakan pendirian perusahaan baru di tahun 2009/Newly established company in 2009. ** Merupakan akuisisi perusahaan di tahun 2009/Newly acquired company in 2009. *** Merupakan pendirian perusahaan baru di tahun 2010/Newly established company in 2010. **** Jumlah aset dibawah USD 1.000/Total assets is less than USD 1.000.

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.




- 17 -

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 para 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. Saham-saham 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.




- 18 -

Pada tanggal 30 Juni 2010, Perusahaan memperoleh Surat Pernyataan Efektif dari Ketua Bapepam & LK dengan suratnya No. S-5872/BL/2010 untuk melakukan Penawaran Umum Terbatas V dengan Hak Memesan Efek Terlebih Dahulu kepada para pemegang saham. Sehubungan dengan penawaran tersebut, Perusahaan telah mengeluarkan sebanyak 5.569.240.235 saham baru dengan harga penawaran Rp 220 per saham.

On June 30, 2010, the Company obtained the notice of effectivity from the Chairman of Bapepam & LK in his letter No. S-5872/BL/2010 for its Rights Issue V with Pre-emptive Rights to stockholders. In connection with such rights issue, the Company issued 5,569,240,235 new common shares at Rp 220 per share.

Pada tanggal 31 Desember 2010, seluruh saham Perusahaan sejumlah 11.550.831.470 saham telah tercatat di Bursa Efek Indonesia dan Singapura.

As of December 31, 2010, issued shares of 11,550,831,470 have been listed on the Stock Exchanges in Indonesia and Singapore.

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 Notessenilai USD 400 juta jatuh tempo tahun 2014 dan USD 125 juta Zero Coupon GuaranteedConvertible 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.

Pada tanggal 10 Pebruari 2010 dan 29 Maret 2010, BLT International Corporation, anak perusahaan, menerbitkan Obligasi konversi dijamin masing-masing USD 100 juta dan USD 25 juta, yang jatuh tempo tahun 2015.

On February 10, 2010 and March 29, 2010, BLT International Corporation, a subsidiary, issued USD 100 million and USD 25 million, respectively, 12% Guaranteed Convertible Bonds due 2015.

2. KEBIJAKAN AKUNTANSI

a. Penyajian Laporan Keuangan Konsolidasi

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a. Consolidated Financial Statement Presentation

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.




- 19 -

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 masing-masing 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.

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 35 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 35 to the consolidated financial statements.

b. 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 2c) 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 2c) 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.




- 20 -

c. Penggabungan usaha

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.

c. 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. Transaksi dan Penjabaran Laporan Keuangan dalam Mata Uang Asing

d. Foreign Currency Transactions and Translation

Pembukuan Perusahaan dan anak perusahaan yang berlokasi di luar negeri diselenggarakan dalam Dollar Amerika Serikat. Transaksi-transaksi 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 foreign exchange differences are shown as part of equity under the account “Translation Adjustments” until the disposal of the related net investment.




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e. Aset Keuangan e. Financial Assets

Seluruh aset keuangan diakui dan dihentikan pengakuannya pada tanggal diperdagangkan dimana pembelian dan penjualan aset keuangan berdasarkan kontrak yang mensyaratkan penyerahan aset keuangan dalam kurun waktu yang ditetapkan oleh kebiasaan pasar yang berlaku, dan awalnya diukur sebesar nilai wajar ditambah biaya transaksi, kecuali untuk aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi, yang awalnya diukur sebesar nilai wajar.

All financial assets are recognised and derecognised on trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the time frame established by the market concerned, and are initially measured at fair value plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value.

Aset keuangan diklasifikasikan dalam kategori: aset keuangan pada ‘nilai wajar melalui laporan laba rugi’, ‘investasi dimiliki hingga jatuh tempo’, ‘aset keuangan tersedia untuk dijual’, dan ‘pinjaman yang diberikan atau piutang’. Pengklasifikasian tergantung pada sifat dan tujuan dari aset keuangan dan ditentukan pada saat pengukuran awal.

Financial assets are classified into the following categories: financial assets at ‘fair value through profit or loss’, ‘held-to maturity’, ‘available-for-sale' (AFS) financial assets’ and ‘loans and receivables'. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition.

Metode suku bunga efektif Effective Interest Method

Metode suku bunga efektif adalah metode yang digunakan untuk menghitung biaya perolehan diamortisasi dari aset keuangan dan metode untuk mengalokasikan pendapatan bunga selama periode yang relevan. Suku bunga efektif adalah suku bunga yang secara tepat mendiskontokan estimasi penerimaan kas di masa datang (mencakup seluruh komisi dan bentuk lain yang dibayarkan dan diterima oleh para pihak dalam kontrak yang merupakan bagian yang tak terpisahkan dari suku bunga efektif, biaya transaksi dan premium dan diskonto lainnya) selama perkiraan umur instrumen keuangan, atau, jika lebih tepat, digunakan periode yang lebih singkat untuk memperoleh nilai tercatat bersih dari aset keuangan pada saat pengakuan awal.

The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Pendapatan diakui berdasarkan suku bunga efektif untuk instrumen keuangan.

Income is recognised on an effective interest basis for debt instruments.

Nilai wajar melalui laporan laba rugi (FVTPL)

Aset keuangan diklasifikasi dalam FVTPL, jika aset keuangan sebagai kelompok dimiliki untuk diperdagangkan atau ditetapkan sebagai FVTPL.

Fair Value Through Profit Or Loss (FVTPL)

Financial assets are classified as at FVTPL where the financial asset is either held for trading or it is designated as at FVTPL.

Aset keuangan diklasifikasi sebagai kelompok dimiliki untuk diperdagangkan, jika:

A financial asset is classified as held for trading if:

• diperoleh atau dimiliki terutama untuk tujuan dijual kembali dalam waktu dekat; atau

• it has been acquired principally for the purpose of selling in the near future; or

• merupakan bagian dari portofolio instrumen keuangan tertentu yang dikelola bersama dan terdapat bukti mengenai pola ambil untung dalam jangka pendek yang terkini; atau

• it is a part of an identified portfolio of financial instruments that the entity manages together and has a recent actual pattern of short-term profit-taking; or

• merupakan derivatif yang tidak ditetapkan dan tidak efektif sebagai instrumen lindung nilai.

• it is a derivative that is not designated and effective as a hedging instrument.




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Aset keuangan selain aset keuangan dimiliki untuk diperdagangkan, dapat ditetapkan sebagai FVTPL pada saat pengakuan awal, jika:

A financial asset other than a financial asset held for trading may be designated as at FVTPL upon initial recognition if:

• penetapan tersebut mengeliminasi atau mengurangi secara signifikan ketidak-konsistenan pengukuran dan pengakuan yang dapat timbul; atau

• such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or

• aset keuangan merupakan bagian dari kelompok aset keuangan atau kewajiban keuangan atau keduanya, yang dikelola dan yang kinerjanya dievaluasi berdasarkan nilai wajar, sesuai dengan dokumentasi manajemen risiko atau strategi investasi Perusahaan, dan informasi tentang kelompok tersebut disediakan secara internal kepada manajemen kunci; atau

• the financial asset 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’s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or

• merupakan bagian dari kontrak yang mengandung satu atau lebih derivatif melekat, dan PSAK 55 (revisi 2006) memperbolehkan kontrak gabungan (aset atau kewajiban) ditetapkan sebagai FVTPL.

• it forms part of a contract containing one or more embedded derivatives, and PSAK 55 (revised 2006) permits the entire combined contract (asset or liability) to be designated as at FVTPL.

Aset keuangan FVTPL disajikan sebesar nilai wajar, keuntungan atau kerugian yang timbul diakui dalam laporan laba rugi. Keuntungan atau kerugian bersih yang diakui pada laporan laba rugi mencakup dividen atau bunga yang diperoleh dari aset keuangan. Nilai wajar ditentukan dengan cara seperti dijelaskan pada Catatan 39d.

Financial assets at FVTPL are stated at fair value, with any resultant gain or loss recognised in statements of income. The net gain or loss recognised in statements of income incorporates any dividend or interest earned on the financial asset. Fair value is determined in the manner described in Note 39d.

Dimiliki hingga jatuh tempo Held to Maturity

Investasi dalam kelompok dimiliki hingga jatuh tempo adalah aset keuangan non-derivatif dengan pembayaran tetap atau telah ditentukan dan jatuh temponya telah ditetapkan, serta Perusahaan dan anak perusahaan mempunyai intensi positif dan kemampuan untuk memiliki aset keuangan tersebut hingga jatuh tempo. Pada periode berikutnya setelah pengakuan awal, investasi dalam kelompok dimiliki hingga jatuh tempo diukur pada biaya perolehan diamortisasi menggunakan suku bunga efektif dikurangi penurunan nilai.

Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturity dates that the Company and its subsidiaries have the positive intent and ability to hold to maturity. Subsequent to initial recognition, held-to-maturity investments are measured at amortised cost using the effective interest method less any impairment.

Aset keuangan tersedia untuk dijual (AFS) Available-for-sale financial assets (AFS)

Aset keuangan AFS merupakan aset keuangan non-derivatif yang telah ditetapkan pada kategori ini dan tidak diklasifikasikan dalam kategori lain serta pada saat awal diakui pada nilai wajar, ditambah biaya transaksi yang dapat didistribusikan secara langsung.

AFS financial assets are non-derivative financial assets that are either designated in this category or not classified in other categories and are initially measured at fair value plus directly attributable transaction cost.

Pada periode berikutnya, investasi tersedia untuk dijual dinyatakan pada nilai wajar. Pengukuran nilai wajar dilakukan dengan cara seperti diungkapkan pada Catatan 39d. Keuntungan dan kerugian yang ditimbulkan dari perubahan nilai wajar diakui pada pendapatan komprehensif lain, sampai sekuritas tersebut dihapus atau ditentukan untuk diturunkan nilainya, pada saat akumulasi laba atau rugi diakui sebelumnya pada pendapatan komprehensif lainnya diakui pula pada laba rugi tahun berjalan.

At subsequent reporting dates, available-for-sale investments are stated at fair value. Fair value is determined in the manner described in Note 39d. 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.




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Nilai wajar aset moneter tersedia untuk di jual dalam mata uang asing ditentukan pada mata uang asing tersebut dan ditranslasikan menggunakan kurs spot pada akhir periode pelaporan. Keuntungan dan kerugian nilai tukar ditentukan menggunakan biaya perolehan diamortisasi dari aktiva moneter. Keuntungan dan kerugian nilai tukar lainnya di akui pada pendapatan komprehensif lainnya.

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.

Investasi ekuitas tersedia untuk dijual yang tidak memiliki kuotasi harga pasar pada pasar aktif yang nilai wajar tidak dapat diukur secara andal dan melekat derivatif dan harus diselesaikan dengan investasi ekuitas yang tidak memiliki kuotasi yang diukur sebesar harga perolehan dikurangi penurunan nilai yang dapat diidentifikasi pada setiap periode pelaporan.

AFS equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured and derivatives that are linked to and must be settled by delivery of such unquoted equity investments are measured at cost less any identified impairment losses at the end of each reporting period.

Pinjaman yang diberikan dan piutang Loans and receivables

Pinjaman yang diberikan dan piutang adalah aset keuangan non-derivatif dengan pembayaran tetap dan telah ditentukan dan tidak mempunyai kuotasi di pasar aktif. Pinjaman yang diberikan dan piutang (termasuk piutang usaha dan piutang lain-lain, saldo bank dan kas, dan uang muka) diukur pada biaya perolehan diamortisasi menggunakan suku bunga efektif, dikurangi penurunan nilai.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables (including trade and other accounts receivables, bank balances and cash, and advances) are measured at amortised cost using the effective interest method, less any impairment.

Pendapatan bunga diakui dengan menggunakan metode suku bunga efektif, kecuali piutang jangka pendek dimana pengakuan bunga tidak material.

Interest income is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.

Penurunan nilai aset keuangan Impairment of Financial Assets

Aset keuangan, selain aset keuangan FVTPL, dievaluasi terhadap indikator penurunan nilai pada setiap tanggal neraca. Aset keuangan diturunkan nilainya bila terdapat bukti objektif, sebagai akibat dari satu atau lebih peristiwa yang terjadi setelah pengakuan awal aset keuangan, dan peristiwa yang merugikan tersebut berdampak pada estimasi arus kas masa depan atas aset keuangan yang dapat diestimasi secara handal.

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.

Untuk investasi ekuitas AFS yang tercatat dan tidak tercatat di bursa, penurunan yang signifikan atau jangka panjang pada nilai wajar dari investasi ekuitas di bawah biaya perolehannya dianggap sebagai bukti obyektif penurunan nilai.

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.

Untuk aset keuangan lainnya, termasuk investasi pada manajer investasi yang diklasifikasikan sebagai AFS, bukti obyektif penurunan nilai termasuk sebagai berikut:

For all other financial assets, including fund under investment management classified as AFS, objective evidence of impairment could include:

• kesulitan keuangan signifikan yang dialami penerbit atau pihak peminjam; atau

• pelanggaran kontrak, seperti terjadinya wanprestasi atau tunggakan pembayaran pokok atau bunga; atau

• significant financial difficulty of the issuer or counterparty; or

• default or delinquency in interest or principal payments; or




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• terdapat kemungkinan bahwa pihak peminjam akan dinyatakan pailit atau melakukan reorganisasi keuangan.

• it becoming probable that the borrower will enter bankruptcy or financial re-organization.

Untuk kelompok aset keuangan tertentu, seperti piutang, aset yang dinilai secara individual tidak diturunkan selanjutnya dinilai penurunannya dengan basis kolektif. Bukti objektif dari penurunan nilai portofolio piutang dapat termasuk pengalaman Perusahaan atas tertagihnya piutang di masa lalu, peningkatan keterlambatan penerimaan pembayaran piutang dari rata-rata periode kredit, dan juga pengamatan atas perubahan kondisi ekonomi nasional atau lokal yang berkorelasi dengan default atas piutang.

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.

Untuk aset keuangan yang diukur pada biaya perolehan yang diamortisasi, jumlah kerugian penurunan nilai merupakan selisih antara nilai tercatat aset keuangan dengan nilai kini dari estimasi arus kas masa datang yang didiskontokan menggunakan tingkat suku bunga efektif awal dari aset keuangan.

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.

Untuk aset keuangan yang diukur pada biaya perolehan, jumlah kerugian penurunan nilai merupakan selisih antara nilai tercatat aset keuangan dengan nilai kini dari estimasi arus kas yang didiskontokan menggunakan tingkat suku bunga pasar untuk aset keuangan serupa. Penurunan nilai tidak dapat dipulihkan pada periode berikutnya.

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

Nilai tercatat aset keuangan tersebut dikurangi dengan kerugian penurunan nilai secara langsung atas aset keuangan, kecuali piutang yang nilai tercatatnya dikurangi melalui penggunaan akun penyisihan piutang. Jika piutang tidak tertagih, piutang tersebut dihapuskan melalui akun penyisihan piutang. Pemulihan kemudian dari jumlah yang sebelumnya telah dihapuskan dikreditkan terhadap akun penyisihan. Perubahan nilai tercatat akun penyisihan piutang diakui dalam laporan laba rugi.

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.

Pengecualian dari instrumen ekuitas AFS, jika, pada periode berikutnya, jumlah penurunan nilai berkurang dan penurunan dapat dikaitkan secara obyektif dengan sebuah peristiwa yang terjadi setelah penurunan nilai tersebut diakui, kerugian penurunan nilai yang sebelumnya diakui dipulihkan melalui laporan laba rugi hingga nilai tercatat investasi pada tanggal pemulihan penurunan nilai tidak melebihi biaya perolehan diamortisasi sebelum pengakuan kerugian penurunan nilai dilakukan.

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.

Dalam hal efek ekuitas AFS, kerugian penurunan nilai yang sebelumnya diakui dalam laporan laba rugi tidak boleh dipulihkan melalui laporan laba rugi. Setiap kenaikan nilai wajar setelah penurunan nilai diakui secara langsung ke pendapatan komprehensif lainnya.

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.




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Penghentian Pengakuan Aset Keuangan Derecognition of Financial Assets

Perusahaan dan anak perusahaan menghentikan pengakuan aset keuangan jika dan hanya jika hak kontraktual atas arus kas yang berasal dari aset berakhir, atau Perusahaan dan anak perusahaan mentransfer aset keuangan dan secara substansial mentransfer seluruh risiko dan manfaat atas kepemilikan aset kepada entitas lain. Jika Perusahaan dan anak perusahaan tidak mentransfer serta tidak memiliki secara substansial atas seluruh risiko dan manfaat kepemilikan serta masih mengendalikan aset yang ditransfer, maka Perusahaan dan anak perusahaan mengakui keterlibatan berkelanjutan atas aset yang ditransfer dan kewajiban terkait sebesar jumlah yang mungkin harus dibayar. Jika Perusahaan dan anak perusahaan memiliki secara substansial seluruh risiko dan manfaat kepemilikan aset keuangan yang ditransfer, Perusahaan dan anak perusahaan masih mengakui aset keuangan dan juga mengakui pinjaman yang dijamin sebesar pinjaman yang diterima.

The Company and its subsidiaries derecognise a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company and its subsidiaries neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company and its subsidiaries recognise its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company and its subsidiaries retain substantially all the risks and rewards of ownership of a transferred financial asset, the Company and its subsidiaries continue to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

Pada saat penghentian pengakuan aset keuangan secara keseluruhan, perbedaan antara nilai tercatat aset dan jumlah yang diterima serta piutang dan akumulasi keuntungan atau kerugian yang diakui pada pendapatan komprehensif lainnya dan akumulasi di ekuitas diakui pada laba atau tahun berjalan.

On derecognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit or loss.

Pada saat penghentian pengakuan aset keuangan sebagian (sebagai contoh ketika Perusahaan dan anak perusahaan memegang opsi untuk membeli kembali bagian dari aset yang ditransfer atau memegang bunga yang bukan merupakan hasil dari retensi substasial seluruh resiko dan manfaat dari kepemilikan dan Perusahaan dan anak perusahaan yang mempertahankan control), Perusahaan dan anak perusahaan mengalokasikan nilai tercatat sebelumnya dari aset keuangan antara bagian yang masih diakui dan bagian yang tidak lagi diakui dengan menggunakan nilai wajar relatif dari bagian tersebut pada tanggal transfer. Perbedaan antara nilai tercatat yang dialokasikan dengan bagian yang tidak lagi diakui dan jumlah dari penerimaan dari bagian yang tidak lagi diakui dan akumulasi dari keuntungan dan kerugaian yang dialokasikan diakui pada pendapatan komprehensif lainnya yang dialokasikan antara bagian yang diakui dan bagian yang tidak lagi diakui dengan dasar nilai wajar relatif pada bagian tersebut.

On derecognition of a financial asset other than in its entirety (e.g. when the Company and its subsidiaries retain an option to repurchase part of a transferred asset or retains a residual interest that does not result in the retention of substantially all the risks and rewards of ownership and the Company and its subsidiaries retain control), the Company and its subsidiaries allocate the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration received for the part no longer recognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income is recognised in profit or loss. A cumulative gain or loss that had been recognised in other comprehensive income is allocated between the part that continues to be recognised and the part that is no longer recognised on the basis of the relative fair values of those parts.




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f. Kewajiban Keuangan dan Instrumen Ekuitas f. Financial Liabilities and Equity Instruments

Kewajiban keuangan dan instrumen ekuitas yang diterbitkan oleh Perusahaan dan anak perusahaan diklasifikasikan sesuai dengan perjanjian kontraktual dan definisi kewajiban keuangan dan instrumen ekuitas.

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.

Instrumen Ekuitas Equity Instruments

Instrumen ekuitas adalah setiap kontrak yang memberikan hak residual atas aset Perusahaan dan anak perusahaan setelah dikurangi dengan seluruh kewajibannya. Instrumen ekuitas dicatat sebesar hasil penerimaan bersih setelah dikurangi biaya penerbitan langsung.

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.

Perolehan kembali instrumen ekuitas Perusahaan diakui dan dikurangkan dari ekuitas. Keuntungan atau kerugian yang timbul dari pembelian, penjualan, penerbitan, atau pembatalan instrumen ekuitas Perusahaan tersebut tidak dapat diakui dalam laporan laba rugi.

Repurchase of the Company's own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company's own equity instruments.

Kewajiban Keuangan Financial Liabilities

Kewajiban keuangan Perusahaan dan anak perusahaan diklasifikasikan baik sebagai kewajiban keuangan yang diukur pada nilai wajar melalui laporan laba rugi (FVTPL) atau kewajiban keuangan lainnya.

The financial liabilities of the Company and its subsidiaries are classified as either financial liabilities at fair value through profit and loss (FVTPL) or other financial liabilities.

Kewajiban keuangan yang diukur pada nilai wajar melalui laporan laba rugi (FVTPL)

Financial liabilities at fair value through profit and loss

Kewajiban keuangan pada FVTPL memiliki dua subkategori: kewajiban keuangan dalam kelompok yang diperdagangkan dan yang ditetapkan sebagai FVTPL pada saat pengakuan awal.

Financial liabilities at FVTPL have two subcategories: financial liabilities held for trading and those designated as at FVTPL on initial recognition.

Kewajiban keuangan diklasifikasi sebagai kelompok yang diperdagangkan, jika:

A financial liability is classified as held for trading if:

• diperoleh atau dimiliki terutama untuk tujuan dijual kembali dalam waktu dekat; atau

• merupakan bagian dari portofolio instrumen keuangan tertentu yang dikelola bersama dan terdapat bukti mengenai pola ambil untung dalam jangka pendek yang terkini; atau

• merupakan derivatif yang tidak ditetapkan dan tidak efektif sebagai instrumen lindung nilai.

• 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.

Kewajiban keuangan selain kewajiban keuangan yang diperdagangkan, dapat ditetapkan sebagai FVTPL pada saat pengakuan awal, jika:

A financial liability, other than a financial liability held for trading, may be designated as at FVTPL upon initial recognition if:

• penetapan tersebut mengeliminasi atau mengurangi secara signifikan ketidak-konsistenan pengukuran dan pengakuan yang dapat timbul; atau

• Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise: or




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• kewajiban keuangan yang merupakan bagian dari kelompok aset keuangan atau kewajiban keuangan atau keduanya, yang dikelola dan yang kinerjanya dievaluasi berdasarkan nilai wajar, sesuai dengan dokumentasi manajemen risiko atau strategi investasi Perusahaan dan anak perusahaan, dan informasi tentang kelompok tersebut disediakan secara internal kepada manajemen kunci; atau

• 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

• merupakan bagian dari kontrak yang mengandung satu atau lebih derivatif melekat, dan PSAK 39 (revisi 2006) memperbolehkan kontrak gabungan (aset atau kewajiban) ditetapkan sebagai FVTPL.

• 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.

Pada masing-masing tanggal pelaporan pada periode berikut setelah pengakuan awal, kewajiban keuangan pada FVTPL diukur pada nilai wajar dengan perubahan nilai wajar diakui langsung pada laba rugi. Nilai wajar ditentukan dengan cara yang diuraikan dalam catatan 39d.

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. Fair value is determined in the manner described in Note 39d.

Kewajiban Keuangan Lainnya Other Financial Liabilities

Kewajiban keuangan lainnya (termasuk pinjaman bank dan pinjaman lainnya, hutang usaha dan hutang lain-lain) pada awalnya diukur pada nilai wajar dan berikutnya diukur pada biaya perolehan diamortisasi menggunakan metode suku bunga efektif.

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.

Metode suku bunga efektif Effective Interest Method

Metode suku bunga efektif adalah metode yang digunakan untuk menghitung biaya perolehan diamortisasi dari instrumen keuangan dan metode untuk mengalokasikan beban bunga selama periode yang relevan. Suku bunga efektif adalah suku bunga yang secara tepat mendiskontokan estimasi pembayaran kas di masa datang (mencakup seluruh komisi dan bentuk lain yang dibayarkan dan diterima oleh para pihak dalam kontrak yang merupakan bagian yang tak terpisahkan dari suku bunga efektif, biaya transaksi dan premium dan diskonto lainnya) selama perkiraan umur kewajiban keuangan, atau, jika lebih tepat, digunakan periode yang lebih singkat untuk memperoleh nilai tercatat bersih dari kewajiban keuangan pada saat pengakuan awal.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.

Penghentian pengakuan kewajiban keuangan Derecognition of Financial Liabilities

Perusahaan dan anak perusahaan menghentikan pengakuan kewajiban keuangan, jika dan hanya jika, kewajiban Perusahaan dan anak perusahaan telah dilepaskan, dibatalkan atau kadaluarsa. Perbedaan antara nilai tercatat dari kewajiban keuangan yang dihentikan pengakuannya dan pembayaran dan jumlah terutang diakui pada laba atau rugi.

The Company and its subsidiaries derecognisefinancial liabilities when, and only when, the Company and its subsidiaries obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.




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g. Instrumen Keuangan Derivatif g. Derivative Financial Instruments

Instrumen keuangan derivatif dikategorikan sebagai FVTPL dan 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 categorized as FVTPL and 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.

Derivatif yang melekat pada instrumen keuangan lainnya atau kontrak utama non-finansial 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 dan anak 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.

h. Penggunaan Estimasi h. 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.

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.

i. Kas dan Setara Kas

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.

i. Cash and Cash Equivalents

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.




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j. Investasi pada Perusahaan Asosiasi j. Investment 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.

Selisih lebih antara biaya perolehan dengan bagian Perusahaan atas nilai wajar aset bersih perusahaan asosiasi yang dapat diidentifikasi pada saat akuisisi diakui sebagai goodwill.

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.

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.

k. Persediaan k. Inventories

Persediaan dinyatakan berdasarkan biaya perolehan atau nilai realisasi bersih, mana yang lebih rendah. Biaya perolehan ditentukan dengan metode “first-in, first-out” (FIFO).

Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined using the first-in, first-out method.

l. Biaya Dibayar Dimuka l. Prepaid Expenses

Biaya dibayar dimuka diamortisasi selama manfaat masing-masing biaya dengan menggunakan metode garis lurus.

Prepaid expenses are amortized over their beneficial periods using the straight-line method.




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m. Aset Tetap m. Property, Vessels and Equipment

Kapal Vessels

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.

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.

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.

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.

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.




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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 20 Buildings and premissesTangki minyak 10 Oil tanks Kendaraan 5 Transportation equipmentPerabot kantor 5 Office furniture and fixturesPeralatan kantor dan mess 5 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 di-review 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.




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Suatu aset tetap dihentikan pengakuannya melalui pembuangan atau ketika tidak terdapat manfaat ekonomis dimasa mendatang yang diharapkan dari pengunaan ataupun pembuangan. Keuntungan atau kerugian yang berasal dari penghentian pengakuan aset (dihitung sebagai perbedaan antara penerimaan dari hasil pembuatan dan nilai tercatat dari suatu item) diakui pada laba rugi pada saat aset tersebut dihentikan pengakuannya.

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.

Nilai sisa aset diestimasi umur ekonomisnya dan metode depresiasi direview setiap akhir periode keuangan dan pengaruh dari perubahan estimasi dibukukan menggunakan dasar prospektif.

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.

n. Penurunan nilai aset n. Impairment of Assets

Pada setiap tanggal neraca, Perusahaan dan anak perusahaan me-review nilai tercatat aset non-financial 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 non-financial 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.

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 2m).

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 revaluation model, in which case the impairment loss is treated as a revaluation decrease (Note 2m).

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 2m).

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 2m).




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Kebijakan akuntansi terkait penurunan nilai aset keuangan dijelaskan dalam Catatan 2e.

Accounting policy for impairment of financial assets is described in Note 2e.

o. Sewa o. 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

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.

The Company and its Subsidiaries as Lessee

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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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.

p. Saham Diperoleh Kembali p. Treasury Stocks

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.

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.

q. Pengakuan Pendapatan dan Beban q. Revenue and Expense Recognition

Pendapatan dari operasi freight diakui berdasarkan persentase penyelesaian rute perjalanan pada tanggal neraca. Pendapatan diterima dimuka diakui sebagai kewajiban.

Revenues from 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.




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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.

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.

r. Imbalan Pasca Kerja r. Post-Employment Benefits

Perusahaan dan anak 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 and its subsidiaries provides defined benefit post-employment 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.

s. Pajak Penghasilan s. Income Tax

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 thetaxable 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.

t. Rugi Per Saham t. Loss Per Share

Rugi per saham dasar dihitung dengan membagi rugi bersih residual dengan jumlah rata-rata tertimbang saham beredar pada tahun yang bersangkutan.

Basic loss per share is computed by dividing net loss by the weighted average number of shares outstanding during the year.

Rugi per saham dilusian dihitung dengan membagi rugi bersih residual dengan jumlah rata-rata tertimbang saham biasa yang telah disesuaikan dengan dampak dari semua efek berpotensi saham biasa yang dilutif.

Diluted loss per share is computed by dividing net loss by the weighted average number of shares outstanding as adjusted for the effect of all dilutive potential ordinary shares.

u. Informasi Segmen u. 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.




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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 segmen-segmen 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.

3. KAS DAN SETARA KAS 3. CASH AND CASH EQUIVALENTS

2010 2009US$'000 US$'000

Kas 1.059 992 Cash on hand

Bank Cash in banksRupiah Rupiah

Bank Negara Indonesia 3.182 46 Bank Negara IndonesiaBank Syariah Mandiri 1.774 355 Bank Syariah MandiriBank INA Perdana 133 3.490 Bank INA PerdanaBank Mega 24 5.375 Bank MegaBank Capital 6 9.579 Bank CapitalLain-lain (masing-masing dibawah Others (below USD 1,300 thousand

USD 1.300 ribu) 961 1.690 each)Dollar Amerika Serikat U.S. Dollars

ING Bank 13.595 954 ING BankBank Mayapada 10.002 - Bank MayapadaCitibank 8.631 10.323 Citibank Deutsche Bank 1.047 11.422 Deutsche Bank Nordea Bank Finland PLC 998 4.383 Nordea Bank Finland PLCDnB NoR Bank ASA, Singapura 134 21.540 DnB NoR Bank ASA, SingaporeLain-lain (masing-masing

dibawah USD 3 juta) 10.233 14.371 Others (below USD 3 million each) Mata uang lainnya (masing-masing Other currencies (below

dibawah USD 3 juta) 2.299 5.957 USD 3 million each)

Jumlah Bank 53.019 89.485 Total Bank




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2010 2009US$'000 US$'000

Deposito berjangka Time DepositsRupiah Rupiah

Bank Capital 18.352 - Bank CapitalBank Negara Indonesia 55 53 Bank Negara Indonesia

Dollar Amerika Serikat U.S. DollarsUBS AG Bank 11.733 - UBS AG BankFortis Bank S.A./ N.V. - 11.521 Fortis Bank S.A./ N.V.Bank Mega - 11.313 Bank MegaUnited Overseas Bank Limited - 3.025 United Overseas Bank LimitedLainnya (masing-masing dibawah

USD 3 juta) 45 2.323 Other (below USD 3 million each) Dollar Singapura Singapore Dollar

United Overseas Bank Limited 21 20 United Overseas Bank Limited

Jumlah deposito berjangka 30.206 28.255 Total time deposits

Jumlah 84.284 118.732 Total

Tingkat bunga deposito berjangka per tahun Interest rates per annum on time depositsDollar Amerika Serikat 0,15% 0,03% - 3% U.S. DollarRupiah 6% - 6,6% 5,75% - 6,9% RupiahDollar Singapura 0,7% 0,825% Singapore Dollar

4. INVESTASI 4. INVESTMENTS

Investasi Jangka Pendek Short-term Investments

2010 2009US$'000 US$'000

Dimiliki untuk diperdagangkan Held for tradingP.T. Panin Sekuritas 483 - P.T. Panin Sekuritas

Tersedia untuk dijual Available for saleInvestasi melalui manajer investasi: Investment through investment management:

Danatama Capital Management Limited 69.981 - Danatama Capital Management LimitedP.T. Danatama Makmur 9.500 11.708 P.T. Danatama MakmurP.T. Andalan Artha Advisindo Sekuritas - 23.800 P.T. Andalan Artha Advisindo SekuritasFirst Strategic Advisors Inc. - 9.070 First Strategic Advisors Inc.UBS AG, Singapura - 61 UBS AG, Singapore

Reksadana Nusadana Kombinasi Maxima - 259 Nusadana Kombinasi Maxima Mutual Fund

Jumlah tersedia untuk dijual 79.481 44.898 Total available for sale

Nilai wajar 79.964 44.898 Fair value

Danatama Capital Management Limited Danatama Capital Management Limited

Anak perusahaan mengadakan perjanjian manajer investasi dengan Danatama Capital Management Limited pada tahun 2010 untuk mengelola dana yang akan diinvestasikan dalam bentuk surat utang negara, obligasi korporasi, sertifikat deposito, dan instrumen pasar uang. Pada tanggal 31 Desember 2010, nilai wajar investasi portofolio sebesar USD 69.981 ribu.

The Company’s subsidiary entered into an Investment Service Agreement with Danatama Capital Management Limited in 2010 to manage funds which will be invested in government bonds, corporate bonds, certificate of deposit and money market instruments. As of December 31, 2010, the fair value of the investment portfolio amounted to USD 69,981 thousand.




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P.T. Danatama Makmur P.T. Danatama Makmur

Perusahaan mengadakan perjanjian kontrak jasa manajer investasi tanggal 15 Juni 2009, dengan P.T. 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 2010 dan 2009, nilai wajar investasi portofolio masing-masing sebesar USD 9.500 ribu dan USD 11.708 ribu.

The Company entered into an Investment Management Contract Service Agreement dated June 15, 2009, with P.T. 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, 2010 and 2009, the fair value of the investment portfolio amounted USD 9,500 thousand and USD 11,708 thousand, respectively.

P.T. Andalan Artha Advisindo Sekuritas P.T. Andalan Artha Advisindo Sekuritas

Pada tahun 2009, Perusahaan mengadakan perjanjian manajemen investasi dengan P.T. 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 P.T. 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.

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, nilai wajar investasi portofolio sebesar USD 9.070 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 the fair value of the investment portfolio amounted to USD 9,070 thousand.

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 sebesar USD 61 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, the fair value of investment portfolio amounted to USD 61 thousand.

Investasi Jangka Panjang Long-term Investments

Investasi tersedia untuk dijual Available-for-sale

Merupakan 11,12% kepemilikan pada Jiangsu Xinrong Shipyard Company Limited yang dicatat pada harga perolehan sebesar USD 33.778 ribu.

This represents 11.12% ownership interest is Jiangsu Xinrong Shipyard Company Limited, carried at USD 33,778 thousand.




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5. PIUTANG USAHA 5. TRADE ACCOUNTS RECEIVABLE

2010 2009US$'000 US$'000

a. Berdasarkan pelanggan a. By DebtorPihak yang mempunyai

hubungan istimewa Related partiesPan Union Shipping Pte. Ltd. 205 - Pan Union Shipping Pte. Ltd.PT Arpeni Pratama Ocean Line Tbk 31 - PT Arpeni Pratama Ocean Line Tbk

Jumlah 236 - Total

Pihak ketiga Third parties Kapal yang dimiliki dan disewa 140.055 113.144 Owned and chartered vessels Jasa perantara perkapalan 19.875 16.832 Agency

Jumlah 159.930 129.976 Total

Jumlah Piutang Usaha 160.166 129.976 Total Trade Accounts Receivable

b. Berdasarkan umur (hari) b. By Age CategoryBelum jatuh tempo 30.409 23.886 Not yet dueLewat jatuh tempo Past due1 - 60 hari 42.692 47.305 1 - 60 days 61 - 120 hari 26.185 26.227 61 - 120 days121 - 180 hari 16.015 13.864 121 - 180 days > 180 hari 44.865 18.694 > 180 days

Jumlah 160.166 129.976 Total

c. Berdasarkan mata uang c. JBy CurrencyDollar Amerika Serikat 152.100 125.162 U.S. DollarsRupiah 3.584 1.915 Rupiah Euro 3.241 2.641 EuroMata uang lainnya 1.241 258 Other currencies

Jumlah 160.166 129.976 Total

Sebelum menerima suatu pelanggan, Perusahaan dan anak perusahaan menilai kualitas kredit pelanggan. Pada tanggal 31 Desember 2010 dan 2009, saldo piutang usaha milik PT Pertamina (Persero) masing-masing sebesar USD 4.625 ribu dan USD 6.241 ribu.

Before accepting any new customer, the Company and its subsidiaries assess the potential customer’s credit quality. As of December 31, 2010 and 2009, the total balance of trade accounts receivables from PT Pertamina (Persero) amounted to USD 4,625 thousand and USD 6,241 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.

6. PERSEDIAAN 6. INVENTORIES

Terutama merupakan persediaan bahan bakar. Inventories mainly consist of bunker fuel.




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7. INVESTASI PADA PERUSAHAAN ASOSIASI 7. INVESTMENTS IN ASSOCIATES

TempatKedudukan/

Domicile2010 2009

% %Metode Ekuitas/Equity MethodBrilliant Hero Industrial Limited Hong Kong 22,69 45,00Teekay BLT Corporation Marshall Islands 30,00 30,00Thai Petra Transport Co. Ltd. Thailand 30,00 30,00PT Berlian Limatama Indonesia 50,00 50,00Jiangsu Xinrong Shipyard Company Limited *) China - 21,80

PersentaseKepemilikan/Percentage

of Ownership

*) Pada tahun 2010 investasi pada Jiangsu Xinrong Shipyard Company Limited direklasifikasi sebagai investasi tersedia untuk dijual (Catatan 4).

*) In 2010, investment in Jiangsu Xinrong Shipyard Company Limited was transferred to available-for-sale investment (Note 4).

Mutasi investasi dengan metode ekuitas: Changes in investments under the equity method:

2010 2009US$'000 US$'000

Biaya 91.037 91.037 CostPiutang jangka panjang 2.323 2.323 Long-term receivables

Jumlah 93.360 93.360 Sub-totalDikurangi penerimaan piutang jangka panjang Less receipt of long-term receivables

selama tahun berjalan (2.323) - during the year

Jumlah kepemilikan pada perusahaan asosiasi 91.037 93.360 Total interest in associatesDikurangi: Less:

Bagian rugi setelah akuisisi (8.451) (8.835) Share of post-acquisition lossPengembalian modal (8.400) (8.400) Return of capitalPenjualan investasi (32.453) - Sale of investmentReklasifikasi sebagai tersedia untuk dijual (33.778) - Reclassified as available-for-sale


Pada bulan April 2010, piutang lain-lain jangka panjang sebesar USD 2.323 ribu telah dibayarkan oleh Teekay BLT Corporation.

In April 2010, the long-term receivable amounting to USD 2,323 thousand were paid by Teekay BLT Corporation.

Brilliant Hero Industrial Limited Brilliant Hero Industrial Limited

Pada tahun 2009, Asean Maritime Corporationmemperoleh 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, an investment holding company, 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.

Pada tanggal 1 Nopember 2010, Asean Maritime Corporation menjual 49% kepemilikan atas Nevaeh Limited kepada Mitsui & Co. Ltd., pihak ketiga, seharga USD 32.957 ribu, dimana USD 32.886 ribu telah dibayar dengan kas dan sisanya sebesar USD 71 ribu terhutang sampai pada tanggal penebusan 3% saham preferen Briliant Hero Industrial Limited. Perusahaan dan anak perusahaan mempertahankan 11,12% kepemilikan di Jiangsu Xinrong Shipyard Company Limited sebagai investasi tersedia untuk dijual.

On November 1, 2010, Asean Maritime Corporation sold 49% of its ownership in Nevaeh Limited to Mitsui & Co. Ltd., a third party, for USD 32,957 thousand, wherein the USD 32,886 thousand was paid in cash and the remaining amount of USD 71 thousand will be payable on the Redemption Date of Brilliant Hero Industrial Limited 3% Preference Shares. The Company and its subsidiaries have retained the 11.12% interest in Jiangsu Xinrong Shipyard Company Limited as an available-for-sale investment.




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Keuntungan penjualan dibawah dicatat sebagai lain-lain bersih di laporan laba rugi.

The gain on disposal below is included in others net in the statements of income.

2010US$'000

Penerimaan dari penjualan 32.957 Proceeds from disposalDikurangi: nilai tercatat investasi 32.453 Less: cost of investment

Keuntungan penjualan 504 Gain on disposal

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.

Pada tahun 2010 dan 2009, Perusahaan dan anak perusahaan mengakui bagian keuntungan bersih Teekay BLT Corporation masing-masing sebesar USD 329 ribu dan USD 9.553 ribu dalam laporan laba rugi konsolidasi.

In 2010 and 2009, the Company and its subsidiaries recognized their share in the net profit of Teekay BLT Corporation amounting to USD 329 thousand and USD 9,553 thousand, respectively, 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 bidang ekspedisi muatan kapal laut.

PT Berlian Limatama is engaged in providing cargo shipping services.

8. ASET TETAP 8. PROPERTY, VESSELS AND EQUIPMENT

Selisih Kurs Penjabaran /

1 Januari 2010/ Translation Penambahan/ Pengurangan/ Reklasifikasi/ Revaluasi/ Jumlah/January 1, 2010 Adjustment Additions Deductions Reclassifications Revaluations Total Cost Valuation

US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000Biaya perolehan/revaluasi: Cost/ Valuation :

Tanah 1.330 - - - - - 1.330 1.330 - LandKapal dan peralatan 1.916.201 (7.469) 175.517 (24.780) 143.809 2.203.278 - 2.203.278 Owned vessels and equipmentKapal sewa pembiayaan 387.035 - 647 1.508 133.824 37.536 557.534 - 557.534 Leased vesselsKapal dalam penyelesaian 111.945 9 156.910 - (109.044) - 159.820 159.832 - Vessels under construction Lain-lain Others

Tangki minyak 1.625 (1) - 1.624 - - - - - Storage tanksKendaraan 1.592 - 137 8 - - 1.721 1.721 - Transportation equipmentPerabot kantor 4.568 56 96 48 - - 4.672 4.672 - Office furniture and fixturesPeralatan kantor dan Office and dormitory mess 662 2 183 49 - - 798 798 - equipmentBangunan 2.846 (42) 481 10 - - 3.275 3.275 - Buildings and premises

Aset dalam penyelesaian 15.997 - 14.133 - - - 30.130 30.130 - Construction in progress

Jumlah 2.443.801 (7.445) 348.104 3.247 - 181.345 2.962.558 201.758 2.760.812 Total

Akumulasi penyusutan dan Accumulated depreciation andpenurunan nilai: impairment loss:Kapal dan peralatan 456.201 (7.374) 130.213 - (1.824) - 577.216 Owned vessels and equipmentKapal sewa pembiayaan 35.035 - 15.275 - 1.824 - 52.134 Leased vesselsLain-lain Others

Tangki minyak 1.224 - - 1.224 - - - Storage tanksKendaraan 1.125 (2) 226 8 - - 1.341 Transportation equipmentPerabot kantor 2.614 41 552 36 - - 3.171 Office furniture and fixturesPeralatan kantor dan mess 533 (44) 106 47 - - 548 Office and dormitory equipmentBangunan 680 35 113 - - - 828 Buildings and premises

Jumlah 497.412 (7.344) 146.485 1.315 - - 635.238 Total

Jumlah Tercatat 1.946.389 2.327.320 Net Carrying Amount

December 31, 201031 Desember 2010/




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Selisih Kurs Penjabaran /

1 Januari 2009 1)/ Translation Penambahan/ Pengurangan/ Reklasifikasi/ Revaluasi/ Jumlah/January 1, 2009 1) Adjustment Additions Deductions Reclassifications Revaluations Total Cost Valuation

US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000Biaya perolehan/revaluasi: Cost/ Valuation :

Tanah 1.330 - - - - - 1.330 1.330 - LandKapal dan peralatan 1.902.432 369 30.855 51.433 68.030 (34.052) 1.916.201 - 1.916.201 Owned vessels and equipmentKapal sewa pembiayaan 341.726 - 35.895 2.090 - 11.504 387.035 - 387.035 Leased vesselsKapal dalam penyelesaian 83.256 - 96.719 - (68.030) - 111.945 111.945 - Vessels under construction Lain-lain Others

Tangki minyak 1.405 (2) 222 - - - 1.625 1.625 - Storage tanksKendaraan 1.590 6 48 52 - - 1.592 1.592 - Transportation equipmentPerabot kantor 3.606 51 912 1 - - 4.568 4.568 - Office furniture and fixturesPeralatan kantor dan Office and dormitory mess 639 1 22 - - - 662 662 - equipmentBangunan 2.846 - - - - - 2.846 2.846 - Buildings and premises

Aset dalam penyelesaian 7.478 - 8.519 - - - 15.997 15.997 - Construction in progress

Jumlah 2.346.308 425 173.192 53.576 - (22.548) 2.443.801 140.565 2.303.236 Total

Akumulasi penyusutan dan Accumulated depreciation andpenurunan nilai: impairment loss:Kapal dan peralatan 337.531 705 120.098 2.133 - - 456.201 Owned vessels and equipmentKapal sewa pembiayaan 20.605 - 14.430 - - - 35.035 Leased vesselsLain-lain Others

Tangki minyak 1.202 (3) 25 - - - 1.224 Storage tanksKendaraan 936 1 227 39 - - 1.125 Transportation equipmentPerabot kantor 2.022 5 588 1 - - 2.614 Office furniture and fixturesPeralatan kantor dan mess 426 1 106 - - - 533 Office and dormitory equipmentBangunan 284 - 396 - - - 680 Buildings and premises

Jumlah 363.006 709 135.870 2.173 - - 497.412 Total

Jumlah Tercatat 1.983.302 1.946.389 Net Carrying Amount

December 31, 200931 Desember 2009/

Pada tanggal 31 Desember 2010 dan 2009, kapal yang dicatat berdasarkan nilai revaluasi telah direview oleh manajemen dan didukung oleh laporan penilai independen profesional dengan laporan tanggal 31 Januari 2011 dan 15 Januari 2010.

As of December 31, 2010 and 2009, the vessels are stated at their revalued amount, being the fair value reviewed by management and supported by an independent professional valuation with reports dated January 31, 2011 and January 15, 2010.

Apabila kapal diukur berdasarkan biaya perolehan dikurangi akumulasi penyusutan dan penurunan nilai maka nilai tercatat kapal pada tanggal 31 Desember 2010 dan 2009 kurang lebih masing-masing sebesar USD 1.731 juta dan USD 1.788 juta.

Had the vessels been measured on historical cost less accumulated depreciation and impairment, their carrying amounts as of December 31, 2010 and 2009 would have been approximately USD 1,731 million and USD 1,788 million.

Penambahan kapal pada tahun 2010 terdiri dari pembangunan kapal anak perusahaan yang sudah selesai (M.T. Pitaloka, M.T. Wilutama, M.T. Gas Bangka dan M.T. Gas Madura).

The additions in vessels in 2010 consist of the subsidiaries vessels whose construction had been completed (M.T. Pitaloka, M.T. Wilutama, M.T. Gas Bangka and M.T. Gas Madura).

Penambahan kapal pada tahun 2009 terdiri dari pembangunan kapal anak perusahaan yang sudah selesai (M.T. Pramesti dan M.T. Hyacinth) dan kapal sewa pembiayaan 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).

Pengurangan kapal pada tahun 2010 merupakan penjualan kapal anak perusahaan (M.T. Pramesti, M.T. Wilutama dan M.T. Pitaloka).

The reduction in vessels in 2010 included sale of vessels of the subsidiary (M.T. Pramesti, M.T. Wilutama dan M.T. Pitaloka).

Sehubungan dengan penjualan M.T. Pramesti, M.T. Wilutama dan M.T. Pitaloka pada tahun 2010 dan penjualan M.T. Purbasari pada tahun 2009 Perusahaan dan anak perusahaan melakukan perjanjian sewa balik dengan pembeli kapal tersebut masing-masing selama 4-5 tahun pada tahun 2010 dan periode 12 tahun pada tahun 2009.

In conjunction with the sale of M.T. Pramesti, M.T. Wilutama and M.T. Pitaloka in 2010 and the sale of M.T. Purbasari in 2009, the Company and its subsidiaries entered into leaseback agreements with the purchasers for a period of 4-5 years in 2010 and 12 years in 2009.




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Setelah mengevaluasi syarat dan substansi dari perjanjian sewa balik pada tahun 2010, manajemen Perusahaan berkeyakinan bahwa secara substansial semua risiko dan manfaat dari kepemilikan kapal berada pada penjual - lessee dan mengklasifikasikan transaksi ini sebagai sewa pembiayaan, sementara transaksi pada tahun 2009 secara substansial seluruh risiko dan manfaat dari kepemilikan kapal berada pada pembeli - lessor sehingga mengklasifikasikan transaksi ini sebagai sewa operasi

After an evaluation of the terms and substance of the leaseback, the Company’s management are satisfied that for the 2010 leaseback, all the risks and rewards incidental to ownership of the vessels still rest with the seller-lessee and classified the transactions as finance lease, while in 2009 substantially all the risks and rewards incidental to ownership of the vessels have been transferred to and rest with the purchaser- lessor and accordingly classified the transactions as operating leases.

Pada tahun 2008, Perusahaan dan anak perusahaan mengadakan transaksi jual dan sewa balik kapal kepada pihak ketiga dimana harga jual melebihi nilai wajar sebesar USD 2.500 ribu, dan kelebihan ini dicatat sebagai pendapatan ditangguhkan dan diamortisasi selama periode sewa.

In 2008, the Company and its subsidiaries entered into sale and leaseback of vessels to third parties where the selling price is higher than the fair values by USD 2,500 thousand, and the excess was accounted for as deferred income and amortized over the lease term.

Rincian keuntungan atas transaksi jual dan sewa balikyang ditangguhan adalah sebagai berikut:

Details of the deferred gain on sale and leaseback transaction are as follows:

2010 2009US$'000 US$'000

Saldo awal 2.500 2.500 Beginning balanceAkumulasi amortisasi 442 234 Accumulated amortization

Saldo akhir 2.058 2.266 Ending balanceDikurangi bagian lancar 208 208 Less current portion

Bagian tidak lancar - bersih 1.850 2.058 Non-current portion

Amortisasi keuntungan atas jual dan sewa balik yang ditangguhkan masing-masing sebesar USD 208 ribu pada tahun 2010 dan 2009 yang dicatat sebagai pengurang beban sewa.

Amortization of deferred income of USD 208 thousand each in 2010 and 2009, are accounted for as reduction of charter expenses.

Selain itu, sehubungan dengan perjanjian sewa tahun 2008, Perusahaan dan anak perusahaan telah membayar uang jaminan tanpa bunga sebesar USD 22.195 ribu. Perbedaan sebesar USD 7.164 ribu antara nilai nominal deposit tanpa bunga dan nilai wajarnya diakui sebagai sewa ditangguhkan dan diamortisasi menggunakan metode garis lurus selama masa sewa.

Also, in connection with the 2008 lease agreements, the Company and its subsidiaries paid non-interest bearing security deposits of USD 22,195 thousand. The difference of USD 7,164 thousand 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.

Seluruh penjualan dilakukan kepada pihak ketiga. Keuntungan (kerugian) penjualan seluruh aset tetap - bersih selama tahun 2010 dan 2009 sebagai berikut:

All sales are made with third parties. The net gain (loss) on sale of property, vessels and equipment in 2010 and 2009 are shown below:

2010 2009US$'000 US$'000

Harga jual kapal dan peralatan 130.000 50.118 Proceeds from sale of vessels and equipmentNilai tercatat 132.000 49.300 Net carrying amount

Bersih (2.000) 818 NetKomisi (900) (71) CommissionKeuntungan (kerugian) penjualan

kapal dan peralatan - bersih (2.900) 747 Gain (loss) on sale of vessels - netKeuntungan (kerugian) penjualan aset Gain (loss) on sale of property and equipment

tetap selain kapal - bersih (1) 15 other than vessels - net

(2.901) 762




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Beban penyusutan dialokasi sebagai berikut: Depreciation expense was allocated to the following:

2010 2009US$'000 US$'000

Beban usaha Operating expenses Kapal dan tangki yang dimiliki

(Catatan 26) 145.488 133.589 Owned vessels and tanks (Note 26)Umum dan administrasi (Catatan 27) 997 1.343 General and administrative (Note 27)Selisih kurs penjabaran - 938 Translation adjustment

Jumlah 146.485 135.870 Total

Pada tahun 2010, Perusahaan dan anak perusahaan melakukan perubahan estimasi nilai residu kapal berdasarkan penilai independen. Perubahan ini menyebabkan beban penyusutan menurun sebesar USD 11.950 ribu pada tahun 2010.

For the year ended December 31, 2010, 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 in depreciation expense by USD 11,950 thousand in 2010.

Untuk tahun yang berakhir 31 Desember 2009, manajemen menetapkan tidak terdapat perubahan terhadap estimasi nilai residu.

For the year ended December 31, 2009 management has determined that there is no change necessary in its estimate of residual values.

Kapal dan peralatan digunakan sebagai jaminan atas hutang bank, hutang lembaga keuangan, kewajiban sewa pembiayaan dan fasilitas stand byletter of credit (Catatan 14, 17 dan 37e).

Vessels and equipment are used as collateral for the bank loans, loans from financial institution, obligations under finance lease and stand by letter of credit facility (Notes 14, 17 and 37e).

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 pada tanggal 31 Desember 2010 dan 2009 merupakan pembayaran uang muka atas pembelian tiga kapal bekas masing-masing sebesar USD 20,250 ribu (Catatan 37d) dan USD 46.905 ribu. Pada tahun 2010, atas uang muka pembelian kapal pada tanggal 31 Desember 2009, sebuah kapal telah dibayar seluruhnya sementara uang muka untuk dua kapal yang lain dikembalikan.

Advances for purchase of vessels as of December 31, 2010 and 2009 represent advance payments on the purchase of three second-hand vessels amounting to USD 20,250 thousand (Note 37d) and USD 46,905 thousand, respectively. In 2010 for outstanding advances as of December 31, 2009, one vessel was paid in full while the advances made for the two vessels were refunded.

Kapal dalam penyelesaian pada tanggal 31 Desember 2010 dan 2009 terutama merupakan 9 kapal dan 13 kapal yang sedang dibangun yang diperkirakan akan selesai pada tahun 2011 – 2012 (Catatan 37c).

Vessel under contruction as of December 31, 2010 and 2009 mainly consists 9 vessels and 13 vessels under construction which are estimated to be completed in 2011 – 2012 (Note 37c).

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 dan anak perusahaan diasuransikan terhadap kerusakan lambung dan kerusakan kapal (Hull and Machinery) dan risiko perang, Increased Value and Additional Owners Interest (I.V & A.O.I.) dengan jumlah pertanggungan seluruhnya sebesar USD 1.927.000 ribu dan USD 2.359.050 ribu masing-masing pada tahun 2010 dan 2009 melalui LCH Insurance (s) Pte. Ltd. dan Sompo Japan Insurance Inc.

The Company and its subsidiaries’ 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 1,927,000 thousand in 2010 and USD 2,359,050 thousand in 2009, with LCH Insurance (s) Pte. Ltd. and Sompo Japan Insurance Inc.




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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).

The 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.

9. GOODWILL – BERSIH 9. GOODWILL - NET

Akun ini merupakan selisih antara biaya akuisisi anak perusahaan dengan nilai wajar aset bersih yang diperoleh dengan rincian sebagai berikut:

This account represents the difference between acquisition cost of subsidiaries and fair value of net assets acquired as follows:

2010 2009US$'000 US$'000

Harga perolehan 87.410 87.410 CostAkumulasi amortisasi (17.371) (14.498) Accumulated amortization Akumulasi penurunan goodwill (29.136) (29.136) Accumulated impairment of goodwill

Goodwill - Bersih 40.903 43.776 Goodwill - Net

Perusahaan dan anak perusahaan melakukan tesatas penurunan goodwill setiap tanggal pelaporan untuk menentukan apakah terdapat indikasi penurunan nilai goodwill. Untuk pengukuran penurunan nilai, goodwill sebesar USD 72.354 ribu dan USD 15.056 ribu dialokasikan masing-masing pada Chembulk Tankers LLC dan Gold Bridge Shipping Corporation, yang merupakan unit-unit penghasil kas yang ditentukan oleh Perusahaan serta diharapkan memperoleh manfaat dari penggabungan usaha.

The Company and its subsidiaries test goodwill at each reporting date to determine if there are indications that goodwill might be impaired. For impairment testing purposes, goodwill amounting to USD 72,354 thousand and USD 15,056 thousand has been allocated to Chembulk Tankers LLC and Gold Bridge Shipping Corporation, respectively, the 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 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.

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.




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10. HUTANG BANK 10. BANK LOANS

2010 2009US$'000 US$'000

Bank Mizuho Indonesia, Jakarta 14.459 13.830 Bank Mizuho Indonesia, JakartaDVB Group Merchant Bank (Asia) Ltd - 18.437 DVB Group Merchant Bank (Asia) LtdBank Sumitomo Mitsui Indonesia, Bank Sumitomo Mitsui Indonesia,

Jakarta - 17.000 Jakarta Bank UOB Indonesia, Jakarta - 15.958 Bank UOB Indonesia, Jakarta


Tingkat bunga per tahun selama tahun berjalan Interest rates per annum during the yearDollar Amerika Serikat U.S. Dollar

Tetap - 15% Fixed Variabel - 1,75% - 3,5% Variable

diatas/above LIBOR

Rupiah RupiahTetap - 15% Fixed Variabel 1,75% 1,5% - 1,75% Variable

diatas/above diatas/above cost of funds cost of funds

A. 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 18 Oktober 2011. Tingkat bunga per tahun sebesar cost of fund bank atau SIBOR ditambah persentase tertentu, dimana pembayarannya antara 7 - 30 hari.

A. 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 October 18, 2011. Interest rate per annum is at the bank’s cost of funds or SIBOR plus certain percentage, which is paid between 7 - 30 days.

B. 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 persentase tertentu, dimana pembayarannya setiap bulan. Pada tanggal 19 Januari 2010, jatuh tempo pembayaran hutang ini diperpanjang sampai bulan Januari 2012 dan disajikan sebagai hutang lembaga keuangan jangka panjang (Catatan 14).

B. The 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. On January 19, 2010, the maturity date of the term loan facility was extended until January 2012 and has been reclassified to long-term loans from financial institution (Note 14).

C. Pinjaman Perusahaan dari Bank Sumitomo Mitsui Indonesia merupakan fasilitas kredit berulang dengan jumlah maksimum Rp 150.000 juta atau ekuivalen dalam USD 17 juta. Pinjaman ini dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas cost of fund atau LIBOR, dimana pembayarannya setiap bulan. Pinjaman ini telah dilunasi seluruhnya pada bulan Desember 2010.

C. 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. This loan is collateralized by subsidiaries’ vessels. Annual interest rate is at cost of fund or LIBOR plus certain percentage, which is paid on a monthly basis. These loan has been fully paid in December 2010.




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D. 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 dan piutang usaha pendapatan charter ke Pertamina atas kapal tersebut. Tingkat bunga sebesar persentase tetap tertentu, dimana pembayarannya setiap bulan. Pada tanggal 25 Mei 2010, jatuh tempo pembayaran hutang ini diperpanjang sampai bulan Mei 2013 dan disajikan sebagai hutang lembaga keuangan jangka panjang (Catatan 14).

D. 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’s vessel and Company’s trade accounts receivable from Pertamina in respect of that vessel. Interest rate per annum is at certain fixed percentage, which is paid monthly. On May 25, 2010, the maturity date of the term loan facility was extended until May 2013 and has been reclassified to long-term loans from financial institution (Note 14).

11. HUTANG USAHA 11. TRADE ACCOUNTS PAYABLE

2010 2009US$'000 US$'000

a. Berdasarkan pemasok: a. By creditorPihak hubungan istimewa Related parties

Pan Union Agencies Pte. Ltd. 3.173 833 Pan Union Agencies Pte Ltd.Thai Petra Transport Co. Ltd. - 96 Thai Petra Transport Co. Ltd.

Jumlah 3.173 929 Total

Pihak ketiga Third partiesPemasok 53.308 34.250 SuppliersJasa perantara perkapalan 7.462 - Shipping agents


Jumlah Hutang Usaha 63.943 35.179 Total Trade Accounts Payable

b. Berdasarkan mata uang: b. By currencyDollar Amerika Serikat 48.164 31.896 U.S. DollarsDollar Singapura 10.605 2.060 Singapore DollarsYen Jepang 2.600 101 Japanese YenRupiah 1.253 637 Rupiah Mata uang lainnya 1.321 485 Other currencies


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).

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.




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12. PAJAK PENGHASILAN 12. INCOME TAXES

Hutang pajak terdiri dari: Details of taxes payable are as follows:

2010 2009US$'000 US$'000

Hutang pajak penghasilan badan Corporate income tax Perusahaan 1 1 The CompanyAnak perusahaan 37 3 Subsidiaries

Pajak penghasilan Income taxesPasal 21 974 516 Article 21Pasal 23 23 14 Article 23Pasal 25 4 4 Article 25Pasal 26 11 4 Article 26

Pajak Pertambahan Nilai - Bersih 568 343 Value Added Tax - NetHutang pajak final Final tax payable

Pasal 4(2) 3 - Article 4(2)Pasal 15 44 72 Article 15


Beban pajak terdiri dari: Details of tax expense are as follows:2010 2009

US$'000 US$'000Kapal dan operasional (Perusahaan Vessel and charter operation (Company

dan anak perusahaan) 1.001 825 and its subsidiaries)Jasa penyimpanan dan perantara Storage services and agency of

perkapalan anak perusahaan 137 92 subsidiariesJasa perantara perkapalan (Perusahaan) 47 44 Agency services (Company)


Perhitungan atas pajak final sehubungan dengan pendapatan atas sewa kapal dan pengoperasian kapal Perusahaan untuk tahun-tahun yang berakhir 31 Desember 2010 dan 2009 adalah sebagai berikut:

The computation of final tax on revenues related to charter and operation of vessels of the Company for the years ended December 31, 2010 and 2009, was as follows:

2010 2009US$'000 US$'000

Jumlah pendapatan yang berhubungan dengan sewa kapal dan pengoperasian Revenue from charter and operation kapal (Perusahaan) 10.221 13.413 of vessels (the Company)

Pajak atas pendapatan sewa kapal Tax on charter vessel revenues 1,2% x USD 10.221 ribu tahun 2010 1.2% x USD 10,221 thousand in 2010dan USD 13.413 ribu tahun 2009 123 161 and USD 13,413 thousand in 2009

Pajak penghasilan anak perusahaan 878 664 Income tax of subsidiaries

Jumlah beban 1.001 825 Tax expense Pembayaran selama tahun berjalan 957 753 Payments during the year

Hutang Pajak Penghasilan Final 44 72 Final tax payable




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Perhitungan pajak atas pendapatan yang pajaknya tidak bersifat final adalah sebagai berikut:

The computation of tax on revenues not subject to final tax is as follows:

2010 2009US$'000 US$'000

Pajak penghasilan anak perusahaan yang berhubungan dengan jasa Income tax of the subsidiariespenyimpanan dan perantara perkapalan 137 92 on storage and agency services

Pendapatan dari jasa perantara perkapalan 760 676 Revenue from agency Beban yang berhubungan dengan jasa

perantara perkapalan (631) (541) Agency expenses Pendapatan lain-lain 59 24 Other income

Pendapatan yang pajaknya tidak bersifat final 188 159 Income not subject to final tax

Perhitungan pajak penghasilan dan hutang pajak penghasilan:

Tax expense and income tax payable are computed as follows:

2010 2009US$'000 US$'000

Pajak Penghasilan - Perusahaan 47 44 Tax expense - The Company Dikurangi pembayaran pajak dimuka Prepayment of tax

Pajak penghasilan pasal 25 (46) (43) Income tax - Article 25

Hutang Pajak Penghasilan 1 1 Income Tax Payable

Laba kena pajak dan hutang pajak penghasilan Perusahaan tahun 2009 sudah sesuai dengan Surat Pemberitahuan Pajak (SPT) yang disampaikan ke Kantor Pelayanan Pajak.

Taxable Income and Tax Payable of the Company for 2009 are in accordance with the annual tax returns (SPT) submitted to the Tax Service Office.

13. BIAYA MASIH HARUS DIBAYAR 13. ACCRUED EXPENSES

2010 2009US$'000 US$'000

Operasi kapal dan docking 25.238 35.276 Vessels operation and dockingBunga 17.006 9.037 InterestLain-lain 2.208 1.034 Others





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14. HUTANG LEMBAGA KEUANGAN JANGKA PANJANG

14. LONG-TERM LOANS FROM FINANCIAL INSTITUTION

2010 2009US$'000 US$'000

DnB NOR Bank, ASA, Singapura/ DnB NOR Bank, ASA, Singapore/ Fortis Bank S.A./N.V. Fortis Bank S.A./N.V.ING Bank N.V. / NIBC Bank Ltd. 496.772 576.302 ING Bank N.V. / NIBC Bank Ltd.

DVB Group Merchant Bank DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapura 72.000 81.000 Finland Plc, Singapore

Bank Mandiri, Jakarta 38.928 47.872 Bank Mandiri, JakartaBank Syariah Mandiri/ Bank Pembangunan Bank Syariah Mandiri/ Bank Pembangunan

Daerah Jawa Timur/ Bank Muamalat Daerah Jawa Timur/ Bank Muamalat Indonesia/ Bank Jabar Banten Syariah 36.646 - Indonesia/ Bank Jabar Banten Syariah

Bank Negara Indonesia 32.126 - Bank Negara IndonesiaIndonesia Eximbank 29.891 36.569 Indonesia Eximbank Deutsche Investions Und Deutsche Investions Und

Enteicklungsgesllschaft MBH 29.750 - Enteicklungsgesllschaft MBHMitsubishi UFJ Lease & Finance Co. Ltd. 29.175 28.168 Mitsubishi UFJ Lease & Finance Co. Ltd.DVB Group Merchant Bank (Asia) DVB Group Merchant Bank (Asia)

Ltd., Singapura 25.531 42.375 Ltd., SingaporeBank UOB Indonesia, Jakarta 21.255 7.680 Bank UOB Indonesia, JakartaBank Syariah Mandiri/Bank Syariah BRI/ Bank Syariah Mandiri/Bank Syariah BRI/

Bank Muamalat Indonesia/ Bank Muamalat Indonesia/BPD Jatim Divisi Usaha Syariah 17.217 19.149 BPD Jatim Divisi Usaha Syariah

Bank Mega 13.301 - Bank MegaDnB NOR Bank, ASA, Singapura 11.945 - DnB NOR Bank, ASA, SingaporeBank Central Asia, Jakarta 10.242 33.968 Bank Central Asia, JakartaING Bank N. V., Singapura 9.950 11.940 ING Bank N. V., SingaporeMount Gede LLC 7.800 7.800 Mount Gede LLCDnB NOR Bank, ASA, Singapura/ DnB NOR Bank, ASA, Singapore/

NIBC Bank Ltd. 5.894 18.960 NIBC Bank Ltd.Dialease Maritime S.A., Jepang 5.144 6.429 Dialease Maritime S.A., Japan

Jumlah 893.567 918.212 TotalBiaya perolehan pinjaman yang belum

diamortisasi (7.537) - Unamortized loan transaction costBagian yang jatuh tempo dalam

waktu satu tahun 178.468 138.674 Current maturities

Hutang Bank Jangka Panjang - Bersih 707.562 779.538 Long-Term Portion - Net

Tingkat bunga per tahun selama tahun berjalan Interest rates per annum during the yearDollar Amerika Serikat U.S. Dollar

Tetap 7,5% - 17% 7,75% - 15% Fixed Variabel 0,7% - 4,75% 0,7% - 4% Variable

diatas/ above diatas/ above LIBOR/SIBOR LIBOR/SIBOR

Rupiah RupiahTetap 12,5% - 17% 9,64% - 14,5% Fixed

Yen Jepang Japanese YenVariabel 1,5% - 2% 2% diatas/ Variable

diatas/above above JPY LIBOR JPY LIBOR




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Jadwal pembayaran kembali hutang bank jangka panjang adalah sebagai berikut:

The long-term bank loans are repayable as follows:

2010 2009US$'000 US$'000

Dalam satu tahun 181.233 138.674 Within one yearDalam tahun kedua 149.661 152.435 In the second yearDalam tahun ketiga 181.084 141.390 In the third yearDalam tahun keempat 77.148 147.342 In the fourth yearDalam tahun kelima 120.738 72.744 In the fifth yearSetelah lima tahun 183.703 265.627 After five years

Jumlah 893.567 918.212 Total

Rincian hutang bank adalah sebagai berikut: Details of the loans are as follows:

A. Pinjaman dari DnB NOR Bank ASA, Singapura, Fortis Bank S.A/N.V., ING Bank N.V., dan NIBC Bank Ltd., terdiri dari pinjaman kredit sebagai berikut :

A. The loans from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd., consist of the following credit facilities:

− Pinjaman kredit modal kerja sebesar USD 165 juta dibayar secara angsuran dalam 20 kali cicilan setiap 3 bulan sampai 2013 dengan tingkat bunga sebesar persentase tertentu di atas LIBOR, dimana pembayarannya antara 1 – 6 bulan dan di jamin dengan kapal anak perusahaan.

− USD 165 million secured term loan facility which is payable in 20 quarterly installments until 2013 and bears interest at LIBOR plus certain percentage, which is paid between 1-6 months. This facility is secured by vessels.

− “Term loan facility” dengan jumlah maksimum USD 400 juta 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. Fasilitas ini juga dijamin oleh Perusahaan dan Gold Bridge Shipping Corporation.

− USD 400 million term loan facility which is repayable in 40 consecutive quarterly installments of USD 8 million for the 1st to 39th installments, and USD 88 million for the 40th installments and bears interest at LIBOR plus certain percentage depending on the value maintenance ratio of the vessels used as collaterals, which is paid between 1 - 3 months. This facility is also secured by a corporate guarantee from the Company and Gold Bridge Shipping Corporation.

− “Reducing revolving loan facility” sebesar USD 100 juta dibayar secara triwulan dalam 20 kali cicilan sebesar USD 5 juta sampai dengan tahun 2012. Tingkat bunga sebesar persentase tertentu diatas LIBOR tergantung pada rasio nilai yang harus di pertahankan dari kapal-kapal yang dijaminkan, dimana pembayaran antara 1 – 3 bulan. Fasilitas ini juga dijamin oleh Perusahaan dan Gold Bridge Shipping Corporation.

− USD 100 million reducing revolving loan facility which is payable in 20 quarterly installments of USD 5 million until 2012, and bears interest at LIBOR plus certain percentage depending on the value maintenance ratio of the vessels used as collateral, which is paid between 1 - 3 months. This facility is also secured by a corporate guarantee from the Company and Gold Bridge Shipping Corporation.

− Pinjaman dengan maksimum berjumlah USD 65 juta dibayar secara angsuran dalam 32 kali cicilan setiap 3 bulan sampai tahun 2015. Tingkat bunga sebesar persentase tertentu di atas LIBOR, dimana pembayarannya antara 1 – 3 bulan. Pinjaman ini dijamin oleh Perusahaan dan Gold Bridge Shipping Corporation serta beberapa kapal anak perusahaan.

− USD 65 million credit Facility which is payable in 32 quarterly installments until 2015 and collateralized by corporate guarantees from the Company and Gold Bridge Shipping Corporation, a subsidiary and the subsidiaries’ vessel. Interest rate is at LIBOR plus certain percentage which is paid between 1 - 3 months.

Seluruh pinjaman ini telah dilunasi pada bulan Maret 2011 (Catatan 40a).

All of these loans were paid in March 2011 (Note 40a).




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B. Pinjaman dari DVB Group Merchant Bank (Asia) Ltd. dan Nordea Bank Finland Plc, Singapura diperoleh melalui senior secured revolving credit facility sebesar USD 114 juta. Jumlah maksimum fasilitas tersebut akan menurun secara tetap sebesar seperempat puluh dari jumlah maksimum tersebut setiap tiga bulan sampai tahun 2015. Tingkat bunga sebesar persentase tertentu di atas LIBOR dimana pembayaran antara 1 – 6 bulan.

B. The loans from DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore Branch were obtained through a USD 114 million senior secured revolving credit facility. The credit facility shall be reduced quarterly by one-fortieth (1/40th) 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, (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, (b) assignment of insurances and earnings 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.

Pinjaman ini telah dilunasi pada bulan Maret 2011 (Catatan 40a dan 40b).

This loan was fully paid in March 2011 (Notes 40a and 40b).

C. Pada bulan Mei 2009, Perusahaan memperoleh pinjaman dari Bank Mandiri dengan maksimum kredit sebesar Rp 500 milyar. Pinjaman ini di bayar secara angsuran dalam 18 kali cicilan setiap 3 bulan sampai dengan tahun 2013. Perjanjian ini dijamin dengan kapal Perusahaan dan anak perusahaan. Tingkat bunga sebesar persentase tertentu, dimana pembayarannya setiap bulan.

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 percentage, which is paid monthly.

D. Pada bulan Nopember 2010, Perusahaan memperoleh pinjaman dari Bank Syariah Mandiri (sebagai penanggung jawab utama), Bank Pembangunan Daerah Jawa Timur, Bank Muamalat Indonesia, dan Bank Jabar Banten Syariah melalui fasilitas pinjaman investasi jangka panjang berdasarkan skema syariah dengan maksimum kredit sebesar Rp 344.785 juta. Fasilitas ini dibayarkan setiap tiga bulan. Pinjaman ini dijamin antara lain dengan kapal anak perusahaan dan jaminan anak perusahaan (corporate guarantee) serta piutang sebesar USD 72,5 juta yang dijaminkan secara fidusia. Nisbah sebesar persentase tertentu, dimana pembayarannya setiap 3 bulan.

D. In November 2010, the Company obtained aloan from Bank Syariah Mandiri (as lead manager), Bank Pembangunan Daerah Jawa Timur, Bank Muamalat Indonesia, and Bank Jabar Banten Syariah through a long-term investment loan facility under Syariah scheme with a total maximum credit of Rp 344,785 million. These loan facilities are payable quarterly. Such loans are collateralized by a subsidiary’s vessel and a corporate guarantee from the subsidiary. The subsidiary’s receivable amounting to USD 72.5 million was used as fiduciary collateral. Indicative return is at certain percentage, which is payable quarterly.

E. Pada bulan Maret 2010, pinjaman dari Bank Negara Indonesia, Jakarta diperoleh melalui Investment Refinancing Credit Loan sebesar Rp 337 milyar. Pinjaman ini di bayar secara angsuran dalam 60 kali cicilan setiap bulan sampai Maret 2015 dan dijamin dengan 2 kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu, dimana pembayarannya tiap bulan.

E. In March 2010, the loan from Bank Negara Indonesia, Jakarta was obtained through an Investment Refinancing Credit Loan amounting to Rp 337 billion. This loan is payable in 60 monthly installments until March 2015 and secured by two subsidiary’s vessels. Interest rate is at certain percentage which is paid monthly.

F. Pinjaman dari Indonesia Eximbank diperoleh melalui fasilitas pinjaman ekspor sebesar Rp 400 milyar dan jatuh tempo pada bulan Maret 2014. Pinjaman ini di bayar secara angsuran dalam 20 kali cicilan setiap 3 bulan dan dijamin oleh kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu, dimana pembayarannya setiap bulan.

F. The loan from Indonesia Eximbank was obtained through a Rp 400 billion export facility loan with a maturity date of March 2014. This loan is payable in 20 quarterly installments and secured by the subsidiaries’ vessels. Interest rate is at certain percentage, which is paid monthly.




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G. Pada bulan April 2010, anak perusahaan memperoleh pinjaman dari Deutsche Investitions Und Entwicklungsgesellschaft MBH melalui fasilitas pinjaman jangka panjang sebesar USD 29,75 juta. Pinjaman ini dibayar secara angsuran 13 kali cicilan tiap 6 bulan dengan pembayaran pokok sekaligus sebesar USD 8.925 ribu pada akhir periode pinjaman dan jatuh tempo pada 15 Maret 2018. Pinjaman ini dijamin dengan jaminan dari Perusahaan (corporate guarantee)dan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 6 bulan.

G. In April 2010, a subsidiary obtained A loan from Deutsche Investitions Und Entwicklungsgesellschaft MBH through a long-term investment facility amounting to USD 29.75 million. This loan is payable in 13 semi-annual installments with balloon payment of USD 8,925 thousand on the last repayment date and due on March 15, 2018. The loan is secured by a corporate guarantee from the Company and a subsidiary’s vessel. Interest is at LIBOR plus certain percentage, which is paid semi-annually.

H. Pinjaman dari Mitsubishi UFJ Lease & Finance Co. Ltd diperoleh melalui pinjaman hipotik 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 dan corporate guaranteedari Perusahaan dan Gold Bridge Shipping Corporation. Tingkat bunga sebesar persentase tertentu diatas Yen LIBOR.

H. The loan from Mitsubishi UFJ Lease & Finance Co. Ltd. is obtained through a JPY 2,537 million (equivalent to USD 28,431 thousand) mortgage facility. 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.

I. Pinjaman dari DVB Group Merchant Bank (Asia) Ltd. diperoleh melalui fasilitas kredit sebesar USD 27 juta. Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap 3 bulan sampai dengan tahun 2014 dan dijamin oleh Perusahaan dan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas LIBOR dimana pembayarannya setiap 3 bulan. Pinjaman ini telah dilunasi pada bulan Juni 2010.

I. The loan from DVB Group Merchant Bank (Asia) Ltd. is obtained through a USD 27 million credit facility. 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. This loan was paid in June 2010.

Pada bulan September 2005, anak perusahaan memperoleh pinjaman dari DVB Group Merchant Bank (Asia) Ltd., Singapura dengan maksimum pinjaman 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. 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 a loan from DVB Group Merchant Bank (Asia) Ltd., Singapore with maximum credit of USD 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.

Pada bulan Januari 2010, anak perusahaan dan DVB Group Merchant Bank (Asia) Ltd menyetujui untuk memperpanjang jatuh tempo hutang bank jangka pendek dari 2010 ke 2012 (Catatan 10). Pada tanggal persetujuan, jumlah pinjaman tercatat sebesar USD 18.437 ribu. Pinjaman ini dibayarkan dalam 7 kali pembayaran setiap 3 bulan masing-masing sebesar USD 972 ribu dan pembayaran cicilan terakhir sebesar USD 11.634 ribu. Tingkat bunga sebesar persentase tertentu.

In January 2010, a subsdiary and DVB Group Merchant Bank (Asia) Ltd agreed to extend the maturity date of its short-term bank loans from 2010 to 2012 (Note 10). As of the date of the amendment, this loan has an outstanding balance of USD 18,437 thousand. This loan is payable in 7 quarterly installments of USD 972 thousand each and a ballon payment of USD 11,634 thousand. Interest rate is at certain percentage.

Seluruh pinjaman diatas ini telah dilunasi pada bulan Maret 2011 (Catatan 40a).

The above loans were paid in March 2011 (Note 40a).




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J. Pinjaman dari Bank UOB Indonesia diperoleh melalui fasilitas kredit investasi sebesar USD 8.760 ribu yang akan di bayarkan dalam 10 kali cicilan triwulanan sebesar USD 360 ribu dan pembayaran cicilan terakhir sebesar USD 5.160 ribu pada saat jatuh tempo yaitu bulan Oktober 2011. Fasilitas pinjaman ini dijamin dengan kapal anak perusahaan dan piutang usaha atas pendapatan charter dari kapal anak perusahaan tersebut. Tingkat bunga sebesar persentase tertentu diatas SIBOR.

J. The loan from Bank UOB Indonesia is obtained through a Term Loan Facility amounting to USD 8,760 thousand, payable in 10 quarterly installments of USD 360 thousand each and a final installment payment of USD 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 in respect of the vessel used as collateral. Interest is at SIBOR plus certain percentage.

Pada bulan Mei 2010, Perusahaan dan Bank UOB menyetujui untuk memperpanjang jatuh tempo hutang bank jangka pendek dari 2010 ke 2013 (Catatan 10). Pada tanggal persetujuan jumlah pinjaman tercatat sebesar Rp 150 milyar. Pinjaman ini dibayarkan dalam 11 kali pembayaran setiap 3 bulan masing-masing sebesar Rp 7.500 juta dan pembayaran cicilan terakhir sebesar Rp 67.500 juta. Tingkat bunga sebesar persentase tertentu.

Also, in May 2010, the Company and Bank UOB agreed to extend the maturity date of its short-term bank loans from 2010 to 2013 (Note 10). As of the date of the amendment, this loan has an outstanding balance of Rp 150 billion. This loan is payable in 11 quarterly installments of Rp 7,500 million each and a ballon payment of Rp 67,500 million on the last payment date. Interest rate is at certain percentage.

K. Pinjaman 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 milyar diperoleh melalui fasilitas pinjaman investasi jangka panjang berdasarkan skema syariah. Fasilitas pinjaman ini dibayar secara cicilan setiap 3 bulan sebanyak 20 kali, dengan nilai pembayaran pokok sekaligus sebesar Rp 20 milyar pada akhir periode pinjaman. Pinjaman ini dijamin antara lain oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan. Indicative return sebesar persentase tertentu, dimana pembayarannya setiap 3 bulan.

K. The loan 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 is a long-term investment loan facilities under Syariah scheme. 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 percentage, which is payable quarterly.

L. Pada bulan Agustus 2010, Perusahaan memperoleh pinjaman dari Bank Mega dengan jumlah maksimum USD 15 juta atau 60% dari nilai kapal anak perusahaan. Pinjaman ini dibayar secara angsuran dalam 84 kali setiap bulan sampai Agustus 2017 dan dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu, dimana pembayarannya setiap bulan.

L. In August 2010, the Company obtained a loan from Bank Mega with a maximum credit of USD 15 million or 60% value of a subsidiary’s vessel. This loan is payable in 84 monthly installments until August 2017 and secured by a subsidiary’s vessel. Interest is at certain percentage which is paid monthly.

M. Pada bulan Mei 2010, anak perusahaan memperoleh pinjaman dari DnB NOR Bank ASA, Singapura dengan jumlah maksimum USD 12,5 juta. Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap 3 bulan sampai dengan tahun 2015 dan dijamin oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan.

M. In May 2010, a subsidiary obtained a loan from DnB NOR Bank ASA, Singapore with maximum credit of USD 12.5 million. This loan is payable in 20 quarterly installments until 2015 and secured by corporate guarantee from the Company and a subsidiary’s vessel. Interest rate is at LIBOR plus certain percentage which is paid quarterly.

Pinjaman ini telah dilunasi pada bulan Maret 2011 (Catatan 40a).

This loan was paid in March 2011 (Note 40a).




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N. Pinjaman dari Bank Central Asia diperoleh melalui fasilitas kredit modal kerja maksimum sebesar Rp 170 milyar. Pinjaman ini dibayar secara angsuran sampai dengan tahun 2012 dan tingkat bunga sebesar persentase tertentu yang dibayar setiap bulan.

N. The loan from Bank Central Asia was obtained through an installment loan facility with a total maximum credit of Rp 170 billion. This loan is payable in monthly installments until 2012 and bears interest at a certain percentage, which is payable monthly.

Pada bulan Nopember 2006, Perusahaan memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 34 juta dari Bank Central Asia. Pinjaman ini dibayar secara angsuran dalam 84 kali setiap bulan sampai tahun 2013 dan dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas SIBOR, dimana pembayarannya setiap bulan. Pinjaman ini telah dilunasi pada bulan Desember 2010.

In November 2006, the Company obtained an investment credit facility with a maximum credit of USD 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. This loan was paid in December 2010.

Pada bulan Januari 2005, Perusahaan memperoleh kredit investasi dengan jumlah maksimum sebesar Rp 125 milyar berlaku selama 5 tahun dengan tingkat bunga mengambang dimana pembayarannya setiap bulan. Pinjaman ini dijamin dengan kapal Perusahaan. Pinjaman ini telah dibayar pada bulan Januari 2010.

In January 2005, the Company obtained an investment credit facility with maximum credit of Rp 125 billion, due in 5 years and bears floating interest rate which is paid monthly. The loans are collateralized by certain Company’s vessels. This loan was paid in January 2010.

O. Pada bulan Nopember 2005, anak perusahaan memperoleh pinjaman dari ING Bank N.V., Singapura dengan jumlah maksimum USD 19.900 ribu. Pinjaman ini dibayar secara angsuran setiap enam bulan sampai bulan Nopember 2015 dan dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap bulan.

O. In November 2005, subsidiaries obtained loan facilities from ING Bank N.V., Singapore with a maximum credit of USD 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.

P. Pinjaman dari Mount Gede LLC merupakan secured junior term loan facility dengan jumlah maksimum sebesar USD 7.800 ribu. Pinjaman ini dijamin dengan kapal anak perusahaan dan jaminan dari Perusahaan (Corporate guarantee). Pinjaman ini jatuh tempo pada tanggal 31 Desember 2011. Tingkat bunga sebesar persentase tertentu. Pinjaman ini telah dilunasi pada bulan Maret 2011 (Catatan 40a).

P. Loan obtained from Mount Gede LLC is a Secured Junior Term Loan Facility with maximum credit of USD 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 percentage. This loan was fully paid in March 2011 (Note 40a).

Q. 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. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan. Pinjaman ini telah dilunasi pada bulan Maret 2011 (Catatam 40b).

Q. In April 2009, certain subsidiaries obtained a 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. Interest rate is at LIBOR plus certain percentage, which is paid quarterly. This loan was paid in March 2011 (Note 40b).

R. Pada bulan Desember 2004, anak perusahaan memperoleh pinjaman dari Dialease Maritime S.A., Jepang dengan maksimum sebesar JPY 1.347.250 ribu (ekuivalen USD 12.859 ribu). 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. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan.

R. In December 2004, a subsidiary obtained loan from Dialease Maritime S.A., Japan with maximum credit of JPY 1,347,250 thousand (equivalent to USD 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.




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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.

15. HUTANG OBLIGASI 15. BONDS PAYABLE

2010 2009US$'000 US$'000

Nilai nominal Nominal value Obligasi Berlian Laju Tanker III 77.820 74.468 Berlian Laju Tanker III BondObligasi Berlian Laju Tanker IV 37.813 42.553 Berlian Laju Tanker IV BondSukuk Ijarah I 22.234 21.277 Sukuk Ijarah ISukuk Ijarah II 11.122 10.638 Sukuk Ijarah II

Diskonto yang belum diamortisasi (728) (1.039) Unamortized discount

Jumlah 148.261 147.897 TotalBagian yang jatuh tempo dalam waktu

satu tahun - 6.322 Current maturities

Hutang obligasi - bersih 148.261 141.575 Bond payable - net

Jumlah amortisasi diskonto sebesar USD 311 ribu dan USD 297 ribu masing-masing untuk tahun 2010 dan 2009.

Total amortization of discount amounted to USD 311 thousand and USD 297 thousand in 2010 and 2009, 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.




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Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pefindo tanggal 2 Juni 2010 peringkat obligasi adalah idA-.

Based on P.T. Pefindo’s rating dated June 2, 2010, the bonds are rated as idA-.

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.

Obligasi 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.

Pada tanggal 28 Mei 2010, Perusahaan melakukan pelunasan Obligasi Seri A pada nilai nominal sebesar Rp 60.000 juta.

On May 28, 2010, the Company redeemed and retired the Series A Bonds at principal amount of Rp 60,000 million.

Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pefindo tanggal 2 Juni 2010 peringkat obligasi adalah idA-.

Based on P.T. Pefindo’s rating dated June 2, 2010,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 Ijarahamounting 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.




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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 2 Juni 2010 peringkat obligasi adalah idA_.

Based on P.T. Pefindo’s rating dated June 2, 2010, the bonds are rated as idA_.

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 2 Juni 2010 peringkat obligasi adalah idA_.

Based on P.T. Pefindo’s rating dated June 2, 2010, the bonds are rated as idA_.




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16. WESEL BAYAR 16. 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. 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.

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.




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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.

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:

2010 2009US$'000 US$'000

Saldo awal 249.809 132.000 Beginning balancePerubahan nilai wajar 62.000 122.000 Changes in fair value

Saldo akhir 311.809 254.000 Ending balancePenerbitan (pembelian) kembali 4.191 (4.191) Reissue (repurchase) of Notes

Bersih 316.000 249.809 Net

Pada tahun 2009, beberapa anak perusahaan melakukan investasi dalam bentuk wesel bayar melalui manajer investasi.

In 2009, certain subsidiaries of the Company invested in the Notes through an investment manager.

Berdasarkan pemeringkatan yang diterbitkan oleh Fitch Ratings Ltd. dan Standard and Poor’s Ratings Service, peringkat wesel bayar pada tahun 2010 adalah CCC.

Based on the rating issued by Fitch Ratings Ltd.and Standard and Poor’s Ratings Service, in 2010 the Notes are rated CCC.

17. KEWAJIBAN SEWA PEMBIAYAAN 17. OBLIGATIONS UNDER FINANCE LEASE

Nilai kini Nilai kini pembayaran pembayaran

Pembayaran sewa minimal/ Pembayaran sewa minimal/sewa minimal/ Present value sewa minimal/ Present value Minimum lease of minimum lease Minimum lease of minimum lease

payments payments payments paymentsUS$'000 US$'000 US$'000 US$'000

Kurang dari 1 tahun 51.932 49.383 34.090 32.572 Less than 1 year1 - 2 tahun 220.110 204.089 193.191 167.319 1 - 2 yearsLebih dari 2 tahun 208.155 138.680 76.457 61.606 More than 2 years

Jumlah 480.197 392.152 303.738 261.497 TotalDikurangi beban Less future finance keuangan masa depan 88.045 - 42.241 - charges

Nilai kini pembayaran Present value of minimum sewa minimal 392.152 392.152 261.497 261.497 lease payment

2010 2009

Pada tahun 2010, terdapat penambahan transaksi jual dan sewa balik milik anak perusahaan atas tiga kapal yang diklasifikasikan sebagai sewa pembiayaan (Catatan 8).

In 2010, additional sale and leaseback transactionswere carried out by the Company’s subsidiaries for three vessels which were classified as finance lease (Note 8).




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Pada tahun 2009, Kewajiban sewa pembiayaan ini terkait dengan penyewaan kapal dengan jangka waktu 3 sampai dengan 6 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.

In 2009, the finance lease relates to lease of vessels with lease terms of 3 years to 6 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.

Pada tahun 2010 dan 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 861 ribu pada tahun 2010 dan USD 2.090 ribu dan penurunan jumlah tercatat dari kapal sewa pembiayaan.

In 2010 and 2009, the Company and its subsidiaries reassessed and revised the estimated exercise dates of the purchase options on the leased vessels. This resulted to a decrease of USD 861 thousand and USD 2,090 thousand in the obligations under finance lease and a corresponding decrease in the carrying amount of the leased vessels.

18. HUTANG LAIN-LAIN NON-LEMBAGA KEUANGAN 18. OTHER LOANS FROM NON-FINANCIAL INSTITUTIONS

2010 2009US$'000 US$'000

Jangka pendek Short-termTeekay BLT Corporation 10.200 - Teekay BLT Corporation

Jangka panjang Long-termTeekay Corporation 11.227 12.409 Teekay CorporationPRC Limited 9.410 - PRC Limited

Jumlah 20.637 12.409 TotalBagian yang jatuh tempo dalam satu

tahun (3.003) (1.181) Current maturities

Hutang jangka panjang - bersih 17.634 11.228 Long-term portion net

Jangka pendek Short-term

Pinjaman anak perusahaan dari Teekay BLT Corporation tidak dikenakan bunga, tanpa jaminan dan tidak memiliki jangka waktu pembayaran yang pasti.

The subsidiary’s loan from Teekay BLT Corporation is non-interest bearing, unsecured and have no fixed repayment terms.

Jangka panjang Long-term

Pinjaman kepada Teekay Corporation dibayar dalam 22 kali setiap 6 bulan dengan tingkat bunga 8% per tahun yang dibayar setiap 3 bulan dan tanpa jaminan.

The Company’s loan from Teekay Corporation is payable in 22 semi annual installments, unsecured, and bears annual interest of 8% which is payable on a quarterly basis.

Pinjaman anak perusahaan dari PRC Limited dikenakan tingkat bunga mengambang berdasarkan tingkat suku bunga 5 tahun pinjaman Bank Rakyat China. Pinjaman sebesar USD 1.822 ribu jatuh tempo pada 9 Pebruari 2011, USD 3.794 ribu jatuh tempo pada 29 Juni 2014 dan USD 3.794 ribu jatuh tempo pada 22 April 2015.

The subsidiary’s loan from PRC Limited bears floating interest rate based on People’s Bank of China’s interest rate over 5 years’ loan. USD 1,822 thousand is repayable on February 9, 2011, USD 3,794 thousand is repayable on June 29, 2014 and USD 3,794 thousand is repayable on April 22, 2015.

19. KEWAJIBAN IMBALAN PASCA KERJA 19. POST-EMPLOYMENT BENEFITS OBLIGATION

Perusahaan dan anak 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 228 dan 245 karyawan di tahun 2010 dan 2009.

The Company and its subsidiaries provide post-employment benefits for its qualifying employees in accordance with Labor Law No. 13/2003. The number of employees entitled to the benefits is 228 in 2010 and 245 in 2009, respectively.




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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:

2010 2009US$'000 US$'000

Biaya jasa kini 421 257 Current service costBiaya bunga 455 331 Interest costsKerugian aktuarial bersih 66 65 Net actuarial losses

Jumlah 942 653 Total

Kewajiban imbalan pasca kerja di neraca adalah sebagai berikut:

The amounts of post-employment benefits obligation are as follows:

2010 2009US$'000 US$'000

Nilai kini kewajiban yang tidak didanai 5.657 5.326 Present value of unfunded obligationsKerugian aktuarial yang belum diakui (477) (1.200) Unrecognized actuarial losses

Kewajiban bersih 5.180 4.126 Net liability

Mutasi kewajiban bersih di neraca adalah sebagai berikut:

Movements in the net liability recognized in the balance sheets are as follows:

2010 2009US$'000 US$'000

Saldo awal 4.126 2.922 Beginning of the yearBeban tahun berjalan (Catatan 27) 942 653 Employee benefits cost for the year (Note 27)Pembayaran tahun berjalan (83) (40) Benefit paymentSelisih kurs penjabaran 195 591 Translation adjustment

Saldo akhir 5.180 4.126 End of the year

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:

2010 2009

Tingkat diskonto per tahun 8% 10% Discount rate per annumTingkat kenaikan gaji per tahun 12% 15% Salary increment rate per annumTingkat kematian 100%/TMI2 100%/TMI2 Mortality rateTingkat pengunduran diri 10% sampai usia 10% sampai usia Resignation rate

36 tahun kemudian 36 tahun kemudianmenurun secara linier menurun secara linier

sampai 0% di usia sampai 0% di usia55 tahun/ 55 tahun/

10% per annum 10% per annumuntil age 36 then until age 36 then decreasing linearly decreasing linearlyto 0% until age 55 to 0% until age 55




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20. OBLIGASI KONVERSI 20. CONVERTIBLE BONDS 2010 2009

US$'000 US$'000Pada nilai wajar melalui laporan

laba rugi At fair value through profit or loss Obligasi Konversi Tanpa Bunga USD 125 million Zero Coupon

Dijamin USD 125 juta - jatuh Guaranteed Convertible Bonds -tempo 2012 - 99.560 due 2012

Pada biaya perolehan diamortisasi: At amortized costs:Obligasi Konversi Dijamin USD 125 million Guaranteed

USD 125 juta (perubahan Convertible Bonds (Amended pada tahun 2010) 46.607 - in 2010)

Obligasi Konversi Dijamin USD 125 juta dengan bunga USD 125 million 12% Guaranteed kupon 12% - jatuh tempo 2015 118.450 - Convertible Bonds - due 2015

Jumlah 165.057 99.560 TotalBagian yang jatuh tempo dalam satu

tahun - (99.560) Current maturities

Bagian Jangka Panjang - Bersih 165.057 - Long-Term Portion - Net

Perubahan nilai tercatat obligasi konversi yang jatuh tempo tahun 2012 pada nilai wajar melalui laporan laba rugi adalah sebagai berikut:

The changes in the carrying amount of the Convertible Bonds due 2012 carried at fair value through profit or loss are as follows:

2010 2009US$'000 US$'000

Saldo nilai wajar awal tahun 99.560 36.250 Fair value at beginning of the yearPerubahan nilai wajar 22.393 74.420 Changes in fair values

121.953 110.670Penerbitan (pembelian) kembali

wesel melalui investasi melalui Reissue (repurchase) of notes manager investasi 13.891 (11.110) through an investment manager

Penebusan (88.900) - RedemptionDibeli dan diterbitkan kembali melalui

BLTF BV (46.944) - Repurchased and reissued by BLTF BV

Saldo nilai wajar akhir tahun - 99.560 Fair value at end of year

Obligasi Konversi Tanpa Bunga Dijamin USD 125 juta-jatuh tempo 2012 (Diubah pada tahun 2010 menjadi Obligasi Konversi Dijamin dengan bunga kupon 12% - jatuh tempo 2015).

USD 125 million Zero Coupon Guaranteed Convertible Bonds due 2012 (Amended in 2010 to become USD 125 million 12% Guaranteed Convertible Bonds due 2015).

Obligasi konversi terkandung instrumen yang digabungkan yang terdiri dari debt host contract dan derivatif melekat. Pada saat penerbitan, Obligasi Konversi Dijamin USD 125 juta Tanpa Bunga yang jatuh tempo 2012 dikategorikan sebagai instrumen pada nilai wajar melalui laporan laba rugi dimana selisih nilai wajar diakui pada laporan laba rugi. Nilai wajar pada akhir periode pelaporan diukur pada harga penawaran pasar dan mungkin tidak mencerminkan jumlah yang akan dibayarkan oleh BLTF BV kepada pemegang obligasi untuk memenuhi hak konversi atau penebusan obligasi.

The convertible bonds are considered a hybrid instrument containing a debt host contract and embedded derivatives. At the time of issue, the USD 125 million Zero Coupon Guaranteed Convertible Bonds due 2012 were designated as fair value through profit or loss with any resultant gain or loss recognized in profit or loss. 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.

Pada tanggal 17 Mei 2010, BLTF BV menebus Obligasi Konversi Dijamin Tanpa Bunga sebesar USD 76.100.000 pada harga 116,82%. Pada bulan Desember 2010 obligasi dimiliki oleh anak perusahaan sebesar USD 48.800.000 ditebus oleh BLTF BV dan setelah itu diterbitkan kembali kepada investor pada tanggal 1 Desember 2010 pada harga 96%.

On May 17, 2010, BLTF BV redeemed and retired the USD 76,100,000 of the Zero Coupon Guaranteed Convertible Bonds due 2012 at 116.82%. In December 2010, the bonds held by certain subsidiaries amounting to USD 48,800,000 were redeemed by BLTF BV and subsequently reissued to investors on December 1, 2010 at 96%.




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Pada tanggal 14 Desember 2010, syarat dan kondisi dari Obligasi Konversi USD 125 juta yang jatuh tempo 2012 telah diubah seperti dijelaskan di bawah.

On December 14, 2010, the terms and conditions of the USD 125 million zero coupon guaranteed convertible bonds due 2012 were amended as described below.

Tanggal jatuh tempo diubah menjadi 1 Pebruari 2015 dan tingkat bunga sebesar 12% per tahun. Nilai konversi adalah Rp 409 per saham dengan periode konversi dari 27 Juni 2007 menjadi 31 Januari 2015. Jumlah saham yang digunakan pada saat konversi akan ditentukan dengan membagi nilai pokok obligasi yang akan dikonversikan (ditranslasikan ke nilai Rupiah dengan nilai tukar tetap pada Rp 9.362 per USD 1.00 (“nilai tukar tetap”) dengan harga konversi pada tanggal konversi.

The Maturity Date is changed to February 10, 2015 and bears interest rate of 12% per annum. The Conversion Price is Rp 409 per share with conversion period from June 27, 2007 to January 31, 2015. The number of shares to be delivered upon conversion will be determined by dividing the principal amount of the Bond to be converted (translated into Rupiah at the fixed rate of Rp. 9,362.00 = US$1.00 (the “Fixed Exchange Rate”) by the Conversion Price in effect at the Conversion Date.

Meskipun hak konversi pada pemegang obligasi, BLT dan/atau anak perusahaan BLT memiliki opsi untuk membayar dengan kas dalam US Dollar kepada pemegang obligasi setara harga pasar rata-rata tertimbang dari saham yang dikonversi untuk memenuhi hak konversi

Notwithstanding the Conversion Right of the bondholders, BLT and/or any of BLT’s subsidiaries have 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 atau setiap saat setelah 10 Pebruari 2013 namun tidak kurang dari 20 hari sebelum tanggal jatuh tempo, menebus obligasi secara keseluruhan tetapi tidak sebagian pada nilai nominal ditambah bunga yang belum dibayar pada tanggal penebusan, dengan syarat penebusan kembali tidak dapat dilakukan kecuali harga penutupan saham di Bursa Efek Indonesia untuk masing-masing dari 20 hari tanggal perdagangan berturut-turut dalam waktu 30 hari perdagangan segera sebelum tanggal dimana pemberitahuan penebusan dipublikasikan pada setidaknya 130% dari harga konversi

In addition, at the option of the issuer on or at any time after February 10, 2013 but not less than 20 days prior to the Maturity Date, redeem the Bonds in whole but not in part at their principal amount, plus accrued interest as at the date of redemption, provided that no such redemption may be made unless the closing price of the Shares on the Indonesia Stock Exchange for each of 20 consecutive Trading Days in any 30 consecutive Trading Day period immediately prior to the date upon which notice of such redemption is published is at least 130 per cent of the Conversion Price then in effect.

BLTF BV akan, atas opsi dari pemegang obligasi, menebus seluruh atau beberapa obligasi yang dimiliki pemegang obligasi pada tanggal 10 Pebruari 2012 pada nilai nominal ditambah bunga yang belum dibayarkan pada tanggal penebusan. Kecuali jika sebelumnya ditebus, dikonversikan atau dibeli, BLTF BV akan menebus obligasi pada nilai nominal ditambah bunga yang masih harus dibayar pada tanggal 15 Pebruari 2015.

Manajemen Perusahaan berkeyakinan bahwa untuk tujuan pencatatan, terdapat modifikasi mendasar terhadap syarat dari obligasi konversi yang mengarah pada pelunasan Obligasi Konversi Dijamin USD 125 juta Tanpa Bunga yang jatuh tempo 2012.

BLTF BV will, at the option of the holder, redeem all or some of that holder’s Bonds on February 10, 2012, at principal amount plus any accrued interest as at the date of redemption. Unless previously redeemed, converted or purchased, BLTF BV will redeem the bonds at its principal amount plus accrued interest on February 10, 2015.

The Company’s management believes that, for accounting purposes, there was a substantial modification on the terms of the convertible bonds that led to the extinguishment of the USD 125 million Zero Coupon Guaranteed Convertible Bonds due 2012.

Obligasi konversi di atas terkandung instrumen yang digabungkan yang terdiri dari debt host contract dan derivatif melekat. Manajemen Perusahaan juga menelaah derivatif melekat dan memutuskan derivatif melekat tidak terkait erat dengan debt host contract. Derivatif melekat diukur pada nilai wajar yang perubahannya diakui pada laba rugi sedangkan debt host contract pada awalnya diakui sebesar nilai wajar dan selanjutnya pada biaya perolehan diamortisasi.

The convertible bonds above were considered as a hybrid instrument containing a debt host contract and embedded derivatives. The Company’s management also made an assessment of the embedded derivatives and decided to bifurcate the embedded derivatives which are not closely related to the host contract. The embedded derivatives are measured at fair value with changes in fair value recognized in profit and loss while the debt host contract was initially recognized at fair value and subsequently measured at amortized cost.




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Obligasi Konversi Dijamin USD 125 juta dengan Bunga Kupon 12% yang Jatuh Tempo 2015

USD 125 Million 12% Guaranteed Convertible Bonds Due 2015

Pada tanggal 10 Pebruari 2010 dan 29 Maret 2010, BLT International Corporation (BLT IC), anak perusahaan, menerbitkan Obligasi Konversi Dijamin dengan Bunga Kupon 12% masing-masing sebesar USD 100.000.000 dan USD 25.000.000, obligasi diterbitkan pada 100% nilai nominal dan tanpa syarat dan dijamin tidak dapat ditarik kembali oleh Perusahaan.

On February 10, 2010 and March 29, 2010, BLT International Corporation (BLT IC), a subsidiary, issued 12% Guaranteed Convertible Bonds amounting to USD 100,000,000 and USD 25,000,000, respectively. The bonds were issued at 100% of the face value and were unconditionally and irrevocably guaranteed by the Company.

Pemegang obligasi memiliki hak untuk mengkonversikan obligasi menjadi saham biasa Perusahaan, dengan nilai nominal masing-masing sebesar Rp 62,5, setiap saat pada atau setelah 23 Maret 2010 sampai 15 Januari 2015. Jumlah lembar saham pada saat konversi akan ditentukan dengan membagi nilai nominal obligasi yang akan dikonversikan, yang ditranslasikan ke Rupiah dengan nilai tukar tetap sebesar Rp 9.362 untuk USD 1 dengan harga konversi yang berlaku pada tanggal konversi. Harga konversi awal adalah Rp 737 per saham, yang dikenakan penyesuaian. Pada bulan Agustus 2010, BLT IC menyesuaikan harga konversi ke Rp 409 per saham. Meskipun terdapat hak konversi dari pemegang saham, BLT IC memiliki opsi untuk membayar pemegang obligasi sejumlah kas setara dengan Cash Settlement Amount dari saham yang dikonversikan, setiap saat 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, at any time on or after March 23, 2010 up to January 15, 2015. The number of shares to be delivered upon conversion will be determined by dividing the principal amount of the bonds to be converted, translated into Rupiah at a fixed rate of Rp 9,362 to USD 1, by the conversion price in effect at the time of the conversion date. The initial conversion price is Rp 737 per share, which is subject to adjustments. On August 2010, BLT IC had adjusted the conversion price to Rp 409 per share. Notwithstanding the Conversion Right of the bondholders, BLT IC has the option to pay the relevant bondholders an amount of cash equivalent to the Cash Settlement Amount of the shares converted, at any time to satisfy the Conversion Right.

Sejauh BLT tidak memiliki saham treasury yang cukup atau tidak dapat menerbitkan saham, BLT IC harus membayar sejumlah kas kepada pemegang obligasi setara dengan Mandatory Cash Settlement Amount untuk memenuhi hak konversi.

To the extent that BLT does not hold sufficient treasury shares or is unable to issue shares, BLT IC shall pay an amount of cash to the bondholders equivalent to the Mandatory Cash Settlement Amount, to satisfy the Conversion Rights.

BLTF IC akan, pada opsi kepada pemegang obligasi, membeli kembali obligasi pada 10 Pebruari 2013 pada nilai nominal ditambah bunga yang masih harus dibayar.

BLTF IC will, at the option of the bondholders, redeem the bonds on February 10, 2013 at principal amount plus accrued interest.

Obligasi ini juga dapat dilunasi pada opsi BLT IC pada atau setelah 10 Pebruari 2013 pada 100% nilai nominal ditambah bunga yang masih harus dibayar

The bond may also be redeemed at the option of BLT IC on or after February 10, 2013 at 100% of principal amount plus accrued interest.

Obligasi konversi di atas terkandung instrumen yang digabungkan yang terdiri dari debt host contract dan derivatif melekat. Manajemen Perusahaan juga menelaah derivatif melekat dan memutuskan derivatif melekat tidak terkait erat dengan debt host contract. Derivatif melekat diukur pada nilai wajar yang perubahannya diakui pada laba rugi sedangkan debt host contract pada awalnya diakui sebesar nilai wajar dan selanjutnya pada biaya perolehan diamortisasi.

The convertible bonds above were considered as a hybrid instrument containing a debt host contract and embedded derivatives. The Company’s management also made an assessment of the embedded derivatives and decided to bifurcate the embedded derivatives which are not closely related to the host contract. The embedded derivatives are measured at fair value with changes in fair value recognized in profit and loss while the debt host contract was initially recognized at fair value and subsequently measured at amortized cost.




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21. MODAL SAHAM 21. CAPITAL STOCK

Susunan pemegang saham Perusahaan sesuai dengan Registrasi Biro Administrasi Efek dan P.T. Kustodian Sentral Efek Indonesia tanggal 31 Desember 2010 dan 2009 adalah sebagai berikut:

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, 2010 and 2009 are as follows:

Jumlah Persentase Jumlah ModalSaham/ Pemilikan/ Disetor/

Number of Percentage Total Paid-up Shares of Ownership Capital Name of Stockholders

% US$'000

P.T. Tunggaladhi Baskara 4.383.489.018 37,95 41.583 P.T. Tunggaladhi BaskaraTn. Widihardja Tanudjaja 2.620.800 0,02 25 Mr. Widihardja Tanudjaja Koperasi Karyawan Berlian 2.422.056 0,02 23 Berlian Employees CooperativeSiana Anggraeni Surya 62.400 0,00 1 Siana Anggraeni SuryaMasyarakat lainnya (dibawah 5%) 7.162.237.196 62,01 67.943 Public (below 5 % each)

Jumlah 11.550.831.470 100,00 109.575 Total

Nama Pemegang Saham

2010

Jumlah Persentase Jumlah ModalSaham/ Pemilikan/ Disetor/

Number of Percentage Total Paid-up Shares of Ownership Capital Name of Stockholders

% US$'000

P.T. Tunggaladhi Baskara 3.263.633.018 54,56 38.704 P.T. Tunggaladhi BaskaraTn. Widihardja Tanudjaja 2.620.800 0,04 31 Mr. Widihardja Tanudjaja Koperasi Karyawan Berlian 2.422.056 0,04 29 Berlian Employees CooperativeSiana Anggraeni Surya 62.400 0,00 - Siana Anggraeni SuryaMasyarakat lainnya (dibawah 5%) 2.712.852.961 45,36 32.172 Public (below 5 % each)

Jumlah 5.981.591.235 100,00 70.936 Total

Nama Pemegang Saham

2009

Mutasi modal disetor Perusahaan adalah sebagai berikut:

Movements in share capital are as follows:

2010 2009US$'000 US$'000

Saldo awal 70.936 62.191 Beginning of the yearPenerbitan saham baru melalui

penawaran saham terbatas Issuance of new shares through kepada para pemegang saham 38.639 8.745 rights issue

Saldo akhir 109.575 70.936 End of the year

Mutasi jumlah saham Perusahaan yang beredar adalah sebagai berikut:

Details of the Company’s number of shares outstanding are as follows:

2010 2009Lembar/share Lembar/share

Saldo awal 5.569.240.235 4.176.930.176 Beginning of the yearPenerbitan saham baru melalui

penawaran saham terbatas Issuance of new shares through kepada para pemegang saham 5.569.240.235 1.392.310.059 rights issue

Saldo akhir 11.138.480.470 5.569.240.235 End of the year




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Pada Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) sebagaimana tercantum dalam akta No. 26 tanggal 29 Juli 2010 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 5.569.240.235 lembar saham biasa dengan harga pelaksanaan sebesar Rp 220 per lembar.

At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 26 dated July 29, 2010 of Dr. A Partomuan Pohan, S.H., LL.M, notary in Jakarta, the stockholders approved the issuance of new shares through a Rights Issue with Pre-emptive Rights. The Company issued 5,569,240,235 common shares at an exercise price of Rp 220 per share.

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.

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 Rights Issue with Pre-emptive Rights. The Company issued 1,392,310,059 common shares at an exercise price of Rp 425 per share.

22. AGIO SAHAM 22. ADDITIONAL PAID-IN CAPITAL

US$'000

Saldo per 1 Januari 2009 64.823 Balance at January 1, 2009Penawaran saham terbatas IV sebanyak Issuance of 1,392,310,059 shares through

1.392.310.059 lembar 58.746 right issue IVJumlah yang dicatat sebagai modal disetor (8.745) Amount recorded as paid-in capital

Saldo per 31 Desember 2009 114.824 Balance of December 31, 2009Penawaran saham terbatas V sebanyak Issuance of 5,569,240,235 shares through

5.569.240.235 lembar 132.641 right issue VJumlah yang dicatat sebagai modal disetor (38.639) Amount recorded as paid-in capital

Saldo per 31 Desember 2010 208.826 Balance of December 31, 2010

23. SAHAM DIPEROLEH KEMBALI 23. 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 2010 dan 2009 jumlah saham diperoleh kembali sebanyak masing-masing 412.351.000 saham atau 3,57% dan 412.351.000 saham atau 6,89% dari saham yang dikeluarkan dengan biaya perolehan sebesar USD 86.628 ribu.

As of December 31, 2010 and 2009, the total number of treasury stocks amounted to 412,351,000 shares or 3.57% and 412,351,000 shares or 6.89%, respectively of its issued and paid-up capital with acquisition cost of USD 86,628 thousand.




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24. SURPLUS REVALUASI 24. REVALUATION RESERVE2010 2009

US$'000 US$'000

Saldo awal 237.677 - Beginning balancePengaruh penerapan model Effect of adopting revaluation model

revaluasi pada 1 Januari 2009 - 247.253 on January 1, 2009Peningkatan bersih 87.860 45.015 Revaluation increase - netTransfer ke saldo laba (21.003) (54.591) Transfer to retained earnings

Saldo akhir tahun 304.534 237.677 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.

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.

25. PENDAPATAN USAHA 25. OPERATING REVENUES

2010 2009US$'000 US$'000

Pendapatan usaha yang berasal dari: Operating revenues from:Kapal kimia 528.597 475.987 Chemical vesselsKapal minyak 65.373 85.861 Oil vesselsKapal gas 51.253 44.137 Gas vesselsKapal FPSO 9.801 10.367 FPSO vesselsLainnya 1.830 1.994 Others

Bersih 656.854 618.346 Total

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.

26. BEBAN LANGSUNG 26. DIRECT COST

2010 2009US$'000 US$'000

Bahan bakar 152.059 112.640 Fuel Penyusutan (Catatan 8) 145.488 133.589 Depreciation (Note 8)Biaya sandar 69.142 63.447 Port chargesGaji 62.004 56.140 SalariesSewa 55.763 54.976 RentalPerbaikan dan pemeliharaan 18.529 13.175 Repairs and maintenanceSuku cadang 14.451 12.765 SparepartsAsuransi 10.158 8.669 InsurancePelumas 7.416 7.528 LubricantTransportasi 6.644 5.897 TransportationPengurusan dokumen 4.251 2.791 Processing of documentsBahan lain 3.253 3.474 SuppliesUang makan karyawan 2.979 2.816 Employees' meal allowancesLain-lain 10.169 7.605 Others

Jumlah beban langsung 562.306 485.512 Total direct cost




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0,82% dan 0,45% dari jumlah beban langsung masing-masing pada tahun 2010 dan 2009 dilakukan dengan pihak hubungan istimewa (Catatan 33a).

0.82% and 0.45% of the above direct cost in 2010 and 2009, respectively, were from related parties (Note 33a).

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.

27. BEBAN UMUM DAN ADMINISTRASI 27. GENERAL AND ADMINISTRATIVE EXPENSE

2010 2009US$'000 US$'000

Gaji 14.241 14.616 SalariesTenaga ahli 6.652 6.233 Professional feesBeban kantor 4.087 3.645 Office expensesPerjalanan dinas 1.849 1.998 TransportationPenyusutan (Catatan 8) 997 1.343 Depreciation (Note 8)Imbalan pasca kerja (Catatan 19) 942 653 Post-employment benefits (Note 19) Telekomunikasi 825 821 TelecommunicationRepresentasi 784 545 RepresentationPemasaran 737 403 MarketingBeban bank 428 698 Bank chargesLain-lain 1.826 1.972 Others


28. BEBAN KEUANGAN 28. FINANCE COSTS

2010 2009US$'000 US$'000

Beban bunga: Interest expenses on:Hutang bank dan hutang lain-lain

jangka panjang 44.990 43.608 Bank loans and long-terms payableObligasi 61.020 41.282 Bonds

Jumlah 106.010 84.890 Total Bagi hasil pinjaman dan imbalan obligasi Profit sharing allocation and benefit

Syariah 7.562 2.973 on Syariah Hutang sewa pembiayaan 24.750 21.637 Finance lease obligation

Jumlah 138.322 109.500 Total

29. PENDAPATAN INVESTASI 29. INVESTMENT INCOME

2010 2009US$'000 US$'000

Jasa giro dan lain-lain 1.497 805 Current accounts and othersDeposito berjangka 6.356 265 Time deposits

Jumlah pendapatan bunga 7.853 1.070 Total interest incomeKeuntungan pemilikan efek yang

sudah direalisasi 450 17.008 Realized gain on securities





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30. RUGI PER SAHAM 30. LOSS PER SHARE

2010 2009US$'000 US$'000

Rugi bersih untuk perhitungan Net loss for the computation rugi per saham dasar (154.401) (285.876) of basic loss per share

Pada tahun 2010 and 2009 pengaruh dari nilai wajar obligasi konversi belum direalisasi, yang ditentukan sebagai FVTPL, pada rugi per saham bersifat anti dilutif sehingga rugi per saham dilutif tidak disajikan.

In 2010 and 2009, the effect of unrealized fair value change on convertible bonds designated as FVTPL on the loss per share is anti-dilutive, accordingly, diluted loss per share was no longer presented.

Jumlah rata-rata tertimbang yang digunakan dalam perhitungan rugi per saham:

Weighted average number of shares which is used for the computation of loss per share:

2010 2009Lembar/Share Lembar/Share

Jumlah rata-rata tertimbang Weighted average number of sharessaham biasa untuk rugi used for computation basic per saham dasar 8.910.784.376 5.109.770.193 loss per share

Rugi per saham Loss per share

2010 2009US$ US$

Rugi per saham (nilai penuh) Loss per share (in full amount) - Dasar (0,0173) (0,0559) - Basic

Pada tahun 2010 dan 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 rugi per saham dilusian.

In 2010 and 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 loss per share.

31. DIVIDEN DAN CADANGAN UMUM 31. DIVIDENDS AND APPROPRIATION FOR GENERAL RESERVES

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).




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32. INSTRUMEN KEUANGAN DERIVATIF 32. DERIVATIVE FINANCIAL INSTRUMENTS

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:

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 per31 Desember 2010/

Fair values as ofDecember 31, 2010

2010 2009 Kewajiban/ Aset/ Kewajiban/ '000 '000 Liability Asset Liability

US$'000 US$'000 US$'000

Cross currency swaps USD 102 273 USD 258.949 6.688 1 597 17.407 Cross currency swapsInterest rate swaps USD 800 000 USD 500.000 59.234 16 944 - Interest rate swapsCrude oil target Crude oil target

redemption swaps - 1 813 barrels - 662 10.877 redemption swapsEmbedded options USD 173 900 - 9.853 - - Embedded options

Jumlah 75.775 19 203 28.284 Total Dikurangi bagian jangka

pendek - 2 259 10.877 Less current por ion

Bagian jangka panjang 75.775 16 944 17.407 Non-current Portion

Nilai wajar per 31 Desember 2009/

December 31, 2009Fair values as of

Nilai no ional/Notional amounts

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 2010 jatuh tempo pada 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, 2010 mature on July 2012.

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.

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

Target redemption swaps membutuhkan pertukaran pembayaran secara periodik pada kuantitas nosional dari minyak mentah per barel pada setiap tanggal penyelesaian yang sudah jatuh tempo antara Maret 2010 dan Oktober 2010.

Crude Oil Target redemption swaps

The target redemption swaps require periodic exchanges of payments on a notional quantity of crude oil barrels at each settlement date and matured between March 2010 and October 2010.

Opsi Melekat Embedded Options

Opsi melekat merupakan nilai wajar konversi dan penyelesaian secara kas pada Obligasi Konversi Dijamin dengan Bunga Kupon 12% - jatuh tempo 2015. (Diubah pada tahun 2010) dan Obligasi Konversi Dijamin dengan Bunga Kupon 12% - jatuh tempo 2015.

The embedded options represents the fair value of the conversion and cash settlement in the USD 125 million 12 % Guaranteed Convertible Bonds due 2015 (as amended in 2010) and the USD 125 million 12% Guaranteed Convertible Bonds due 2015.




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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 instrumen-instrumen 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:

2010 2009US$'000 US$'000

Perubahan nilai wajar - bersih (66.694) 166.902 Net change in fair valuePenyelesaian - bersih 19.996 (18.004) Net settlements

Keuntungan (kerugian) (46.698) 148.898 Net gain (loss)

33. SIFAT DAN TRANSAKSI HUBUNGAN ISTIMEWA 33. NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES

Sifat Hubungan Istimewa

• P.T. Bagusnusa Samudera Gemilang (Bagusnusa) merupakan pihak pengendali utama terhadap Perusahaan dan anak perusahaan.

• P.T. Tunggaladhi Baskara merupakan pemegang saham mayoritas Perusahaan.

• Bagusnusa merupakan perusahaan induk dari P.T. Tunggaladhi Baskara. Pemegang saham mayoritas Bagusnusa adalah Bapak Hadi Surya, yang sekaligus menjabat sebagai Komisaris Perusahaan.

• Bagusnusa merupakan pemegang saham mayoritas dari 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.

• P.T. Arpeni Pratama Ocean Line Tbk dimiliki oleh keluarga dekat Bapak Hadi Surya.

Nature of Relationship

• The ultimate controlling party of the Company and its subsidiaries is P.T. Bagusnusa Samudera Gemilang (Bagusnusa).

• P.T. Tunggaladhi Baskara is a major stockholder of the Company.

• 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 is the majority shareholder of P.T. Garuda Mahakam Pratama.

• 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 is owned by a close family member of Mr. Hadi Surya.




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Transaksi Hubungan Istimewa

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:

Transactions with Related Parties

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. 0,82% dan 0,45% dari jumlah beban langsung atas kapal yang dimiliki dan disewa pada tahun 2010 dan 2009 merupakan beban yang dibayarkan kepada pihak-pihak yang mempunyai hubungan istimewa.

a. Expenses paid to related parties accounted for 0.82% in 2010 and 0.45% in 2009 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:

2010 2009US$'000 US$'000

Pan Union Agencies Pte. Ltd. 3.045 1.528 Pan Union Agencies Pte. Ltd.Thai Petra Transport Co. Ltd. 1.170 571 Thai Petra Transport Co. Ltd.PT Arpeni Pratama Ocean Line Tbk 257 63 PT Arpeni Pratama Ocean Line TbkPT Garuda Mahakam Pratama 122 11 PT Garuda Mahakam Pratama


b. Jumlah kompensasi kepada manajemen utama (komisaris dan direktur) selama tahun berjalan adalah sebagai berikut:

b. Total compensation of the Company’s key management (commissioners and directors) during the year are as follows:

2010 2009US$'000 US$'000

Imbalan jangka pendek 1.564 1.495 Short-term benefitsImbalan pasca kerja 585 287 Post-employment benefits


34. INFORMASI SEGMEN USAHA 34. SEGMENT INFORMATION

Segmen Usaha

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.

Business Segment

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.




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Kimia/ Minyak/ Lainnya/ Jumlah/Chemical Gas Oil FPSO Others *) TotalUS$'000 US$'000 US$'000 US$'000 US$'000 US$'000

PENDAPATAN REVENUESPendapatan eksternal 528 597 51.253 65.373 9.801 1.830 656 854 External revenues

Jumlah pendapatan segmen 528 597 51.253 65.373 9.801 1.830 656 854 Total segment revenues

Biaya segmen Segment expensesBiaya pelayaran Voyage Expenses

Biaya sandar 62.773 1.134 5.219 16 - 69.142 Port ChargesBiaya bahan bakar 130 853 1.785 18.655 766 - 152 059 Fuel

Jumlah biaya pelayaran 193 626 2.919 23.874 782 - 221 201 Total Voyage Expenses

Biaya Sewa 52 301 - 3.285 177 - 55.763 Charter ExpensesBeban penyusutan kapal dan Ship Depreciation and Operating

operasi ExpensesBeban operasi: Ship operating expenses:Gaji 43.767 8.269 8.723 1.245 - 62 004 SalariesPerbaikan dan pemeliharaan 15.483 539 2.470 37 - 18 529 Repairs and maintenanceSuku cadang 8.754 2.319 2.857 521 - 14.451 Spare partsAsuransi 5 975 663 2.717 803 - 10.158 InsuranceBiaya pelumas 4 381 1.496 1.493 46 - 7.416 LubricantsTransportasi 3 675 1.146 1.458 365 - 6 644 TransportationPengurusan dokumen 2 287 691 1.114 159 - 4 251 Processing of documentsPerlengkapan 2 015 577 596 65 - 3 253 SuppliesUang makan karyawan 1 579 473 714 213 - 2 979 Employees' meal allowancesLain-lain 7.192 666 2.096 215 - 10.169 Others

Jumlah operasi perkapalan 95.108 16.839 24.238 3.669 - 139 854 Total Ship Operating ExpensesPenyusutan kapal 94 283 20.250 28.522 2.433 - 145.488 Vessel Depreciation

Jumlah biaya segmen 435 318 40.008 79.919 7.061 - 562 306 Total segment expenses

Hasil segmen 93 279 11.245 (14.546) 2.740 1.830 94 548 Segment result

Pendapatan dan biaya yang tidak dialokasikan Unallocated income and expensesPerubahan nilai wajar obligasi Change in fair value of convertible

konversi dari wesel bayar (84 393) bonds and notes payable General and administrative

Beban Umum dan adminitrasi (33 368) expensesBeban keuangan (138 322) Finance costPendapatan investasi 8 303 Investment incomeBagian laba dari Perusahaan Equity in net income

asosiasi 384 of associatesKenaikan revaluasi 93.485 Revaluation increaseKeuntungan (kerugian) lain-lain (93 853) **) Other gains and losses

Rugi sebelum pajak (153 216) Loss before taxBeban pajak (1.185) Tax expense

Rugi bersih tahun berjalan (154.401) Net loss for the year

Informasi lain-lain Other InformationPenambahan aset tetap 145 579 96.145 25.696 65.654 - 333 074 Capital additionsPenyusutan 94 283 20.250 28.522 2.433 - 145.488 Depreciation

Aset AssetsAset segmen 1 677 252 316.181 285.560 74.232 164.885 2.518.110 Segment assetsTidak dialokasikan 317.401 UnallocatedJumlah aset konsolidasi 2.835 511 Consolidated total assets

Kewajiban LiabilitiesKewajiban segmen (48.783) (10.994) (8.835) (6.729) (33.053) (108 394) Segment liabilitiesTidak dialokasikan (2.042 946) UnallocatedJumlah kewajiban konsolidasi (2.151 340) Consolidated total liabilities

2010

*) Merupakan biaya agen dan pergudangan.

**) Merupakan ”Jumlah keuntungan (kerugian) penjualan aset tetap, klaim asuransi, kerugian kurs mata uang asing – bersih, keuntungan (kerugian) transaksi derivatif – bersih dan lain-lain”.

*) Represents agency and storage services.

**) Consists of “Total gain (loss) on sale of vessels and equipment, insurance claim, net loss on foreign exchange, net gain (loss) on derivative transaction and others – net”.




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Kimia/ Minyak/ Lainnya/ Jumlah/Chemical Gas Oil FPSO Others *) TotalUS$'000 US$'000 US$'000 US$'000 US$'000 US$ 000

PENDAPATAN REVENUESPendapatan eksternal 475.987 44.137 85 861 10 367 1.994 618.346 External revenues

Jumlah pendapatan segmen 475.987 44.137 85 861 10 367 1.994 618.346 Total segment revenues

Biaya segmen Segment expensesBiaya pelayaran Voyage Expenses

Biaya sandar 56.800 1.398 5 219 30 - 63.447 Port ChargesBiaya bahan bakar 95.701 2.389 14 550 - - 112.640 Fuel

Jumlah biaya pelayaran 152.501 3.787 19.769 30 - 176.087 Total Voyage Expenses

Biaya Sewa 51.691 - 3 285 - - 54.976 Charter ExpensesBeban penyusutan kapal dan Ship Depreciation and Operating

operasi ExpensesBeban operasi: Ship operating expenses:Gaji 39.266 6.489 9 090 1.295 - 56.140 SalariesPerbaikan dan pemeliharaan 10.630 292 2 038 215 - 13.175 Repairs and maintenanceSuku cadang 8.556 1.430 2 618 161 - 12.765 Spare partsBiaya pelumas 4.590 881 2 034 23 - 7.528 LubricantsAsuransi 5.150 620 2.158 741 - 8.669 InsuranceTransportasi 3.471 789 1.420 217 - 5.897 TransportationPengurusan dokumen 1.747 365 582 97 - 2.791 Processing of documentsPerlengkapan 2.173 415 850 36 - 3.474 SuppliesUang makan karyawan 1.614 354 648 200 - 2.816 Employees' meal allowancesLain-lain 3.672 1.187 2 533 213 - 7.605 Others

Jumlah operasi perkapalan 80.869 12.822 23 971 3.198 - 120.860 Total Ship Operating ExpensesPenyusutan kapal 90.794 11.213 25.115 6.467 - 133.589 Vessel Depreciation

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

Pendapatan dan biaya yang tidak dialokasikan Unallocated income and expensesPerubahan nilai wajar Change in fair value of

obligasi konversi dari wesel convertible bonds and bayar (196.420) notes payable

General and administrative Beban Umum dan adminitrasi (32.927) expensesBeban keuangan (109.500) Finance costPendapatan investasi 18.078 Investment incomeBagian laba dari Perusahaan Equity in net income

asosiasi 9.621 of associatesPenurunan revaluasi (227.778) Revaluation decreaseKeuntungan (kerugian) lain-lain 121.177 **) Other gains and losses

Rugi sebelum pajak (284.915) Loss before taxBeban pajak (961) Tax expense

Rugi bersih tahun berjalan (285.876) Net loss for the year

Informasi lain-lain Other InformationPenambahan aset tetap 141.808 7.613 14 048 - 222 163.691 Capital additionsPenyusutan 90.794 11.213 25.115 6.467 - 133.589 Depreciation

Aset AssetsAset segmen 1.578.283 249.911 257 084 47.189 71 2.132.538 Segment assetsTidak dialokasikan 365.384 UnallocatedJumlah aset konsolidasi 2.497.922 Consolidated total assets

Kewajiban LiabilitiesKewajiban segmen 54.041 9.193 16.141 1.086 64 80.525 Segment liabilitiesTidak dialokasikan 1.799.105 UnallocatedJumlah kewajiban konsolidasi 1.879.630 Consolidated total liabilities

2009

*) Merupakan biaya agen dan pergudangan.

**) Merupakan ”Jumlah keuntungan penjualan aset tetap, klaim asuransi, keuntungan (kerugian) kurs mata uang asing – bersih, keuntungan (kerugian) transaksi derivatif dan lain-lain”.

*) Represents agency and storage services.

**) Consists of “Total gain on sale of vessels and equipment, insurance claim, net gain (loss) on foreign exchange, net gain (loss) on derivative transaction and others – net”.

Segmen Geografis

Perusahaan dan anak perusahaan berdomisili di dua area geografis utama: Malaysia dan Indonesia.

Geographic Segment

The Company and its subsidiaries are domiciled in two main geographical areas: Malaysia and Indonesia.




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Berikut ini adalah informasi segmen berdasarkan segmen geografis:

Segment information based on geographic segment is presented below:

2010Eliminasi/ Konsolidasi/

Malaysia Indonesia Eliminated ConsolidatedUS$'000 US$'000 US$'000 US$'000

PENDAPATAN REVENUESPendapatan ekstern 572.894 83.960 - 656.854 External revenuesPendapatan antar segmen 10.298 - (10.298) - Inter-segment revenues

Jumlah pendapatan 583.192 83.960 (10.298) 656.854 Total revenues

2009Eliminasi/ Konsolidasi/

Malaysia Indonesia Eliminated ConsolidatedUS$'000 US$'000 US$'000 US$'000

PENDAPATAN REVENUESPendapatan ekstern 567.175 51.171 - 618.346 External revenuesPendapatan antar segmen 11.710 - (11.710) - Inter-segment revenues

Jumlah pendapatan 578.885 51.171 (11.710) 618.346 Total revenues

35. REKONSILIASI STANDAR PELAPORAN KEUANGAN INTERNASIONAL (IFRS) DAN PRINSIP STANDAR AKUNTANSI KEUANGAN (PSAK) YANG BERLAKU UMUM DI INDONESIA

35. 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).

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).

The consolidated financial statements are prepared in accordance with accounting principles and reporting practices generally accepted in Indonesia (Indonesian GAAP).

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.

Perbedaan signifikan antara PSAK dan IFRS dijelaskan sebagai berikut:

Significant differences between PSAK and IFRS aredescribed below:

a. Goodwill

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.

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 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.




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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. Amortisasi goodwill untuk tahun-tahun yang berakhir 31 Desember 2003 sampai 2010 termasuk sebesar Rp 2.872 ribu tahun 2010 dan 2009, juga 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. Goodwill amortization for the years ended December 2003 to 2010 which includes Rp 2,872 thousand in 2010 and 2009, were also 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.

b. Aset Tetap b. Property, Vessels and Equipment

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 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 1 Januari 2003 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, since January 1, 2003 the time their first consolidated IFRS financial statements were prepared.

Selain itu, 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 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. Instrumen Keuangan c. Financial Instruments

Berdasarkan PSAK sebelum 1 Januari 2010, 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 prior to January 1, 2010, 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 issuance of convertible bonds are recognized as liabilities.

Efektif 1 Januari 2010, kewajiban keuangan, selain diukur pada FVTPL, juga diukur pada biaya perolehan diamortisasi. Sebagai hasilnya biaya transaksi pinjaman bank jangka pendek dan jangka panjang dan biaya penerbitan obligasi diamortisasi menggunakan tingkat suku bunga efektif, dan dikurangkan dari jumlah pokok. Uang jaminan dicatat pada nilai wajar.

Effective January 1, 2010, financial liabilites, other than those measured at FVTPL, are measured at amortized cost. As a result transaction costs on the short-term and long-term bank loans and the bond issuance costs on the bonds payable were amortized using the effective interest rate, and deducted from the principal amount. Security deposits are recorded at fair value.




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Berdasarkan IFRS, kewajiban keuangan selain diukur pada FVTPL, dinyatakan sebesar biaya perolehan diamortisasi.

Under IFRS, financial liabilities, other than those measured at FVTPL, are measured at amortized cost.

Berdasarkan PSAK sebelum 1 Januari 2010, uang jaminan tanpa bunga atas sewa dicatat pada jumlah yang tidak didiskontokan.

Under Indonesian GAAP prior to January 1, 2010, non-interest bearing security deposits on operating leases are recorded at undiscounted amounts.

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:

2010 2009US$'000 US$'000

Laba bersih 231 304 Net profitsSaldo laba 875 1.106 Retained earnings

d. Investasi pada Perusahaan Asosiasi d. Investment in Associates

Berdasarkan PSAK, ketika pengaruh signifikan atas perusahaan asosiasi hilang, investor mengukur setiap investasi yang tersisa pada harga perolehan perusahaan asosiasi tersebut.

Under Indonesian GAAP, when significant influence over an associate is lost, the investor measures any investment retained on the former associate at cost.

Berdasarkan IFRS, ketika pengaruh signifikan atas perusahaan asosiasi hilang, maka investor mengukur setiap investasi yang tersisa pada perusahaan asosiasi pada nilai wajar dan mengakui dalam laporan laba rugi setiap selisih antara: (i) nilai wajar investasi yang tersisa dan hasil pelepasan investasi yang tersisa pada perusahaan asosiasi dengan (ii) nilai tercatat investasi dalam tanggal ketika hilangnya pengaruh signifikan.

Under IFRS, when significant influence over an associate is lost, the investor measures at fair value any investment the investor retains in the former associate and recognize in profit and loss any difference between: (i) the fair value of any retained investment and any proceeds from disposing of the part of interest in the associate and (ii) the carrying amount of the investment at the date the significant influence is lost.

e. Mata Uang Pengukuran dan Pelaporan e. Measurement and Reporting Currency

Efektif 1 Januari 2009, Perusahaan mengubah mata uang pencatatan dan pelaporan dari Rupiah menjadi Dollar Amerika Serikat sesuai dengan Standard Akuntansi yang berlaku umum di Indonesia. Namun untuk tujuan pelaporan di Indonesia, anak perusahaan yang berkedudukan di Indonesia yang memiliki mata uang fungsional dalam Dollar Amerika Serikat, menyelenggarakan pembukuan dalam Rupiah dan menyajikan laporan keuangan dalam Rupiah. Untuk tujuan laporan keuangan konsolidasi, laporan keuangan anak perusahaan dalam Rupiah ditranslasi ke Dollar Amerika Serikat, karena perubahan mata uang pelaporan Perusahaan untuk tujuan pelaporan menggunakan Standar Akuntansi di Indonesia dari Rupiah ke Dollar Amerika Serikat.

Effective January 1, 2009, the Company changed its recording and reporting currency under Indonesian GAAP from Indonesian Rupiah to recording and U.S. Dollar. However, 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 account in Rupiah and present 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, because of the change in reporting currency of the Company for Indonesian GAAP reporting purposes, from Indonesian Rupiah to U.S. Dollar.




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Berdasarkan IFRS, Perusahaan harus melakukan pengukuran atas transaksi dalam mata uang fungsional. IFRS memperbolehkan penggunaan mata uang pelaporan selain mata uang fungsional.

Under IFRS, the Company’s subsidiaries domiciled in Indonesia but whose functional currency is the U.S. Dollar should measure their transactions in terms of their 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 rugi bersih konsolidasi untuk tahun yang berakhir 31 Desember 2010 dan 2009 serta laporan perubahan ekuitas per 31 Desember 2010 dan 2009 dari PSAK ke IFRS:

A summary of the significant adjustments to consolidated net loss for the years ended December 31, 2010 and 2009 and to consolidated stockholders’ equity as of December 31, 2010 and 2009 from Indonesian GAAP to IFRS are set forth below:

Catatan/Note 2010 2009

US$'000 US$'000Loss for the year according to the

Rugi konsolidasi sesuai dengan consolidated statements of income standar PSAK (154.401) (285.876) prepared under Indonesian GAAP

Penyesuaian IFRS - kenaikan IFRS adjustments - increase (decrease) (penurunan): due to:Amortisasi goodwill (a) 2.872 2.872 Amortization of goodwillPenyusutan kapal dan

peralatan yg dinilai kembali (b) (95) - Depreciation of revalued vesselsPenurunan revaluasi bersih (b) 787 166.587 Net revaluation decreaseAmortisasi hak atas tanah (b) (45) (34) Amortization of landrightsAmortisasi keuntungan atas

transaksi jual dan sewa-balik Amortization of deferred gain on ditangguhkan (c) - (597) sales and leaseback transaction

Bunga atas uang jaminan (c) - 348 Interest on security depositsKewajiban keuangan yang

disajikan dalam biaya Measurement of financial amortisasi (c) 231 (304) liabilities at amortized cost

Keuntungan yang belum direalisasi atas penjualan Unrealized gain on saleperusahaan asosiasi (d) 524 - of an associate

Jumlah penyesuaian 4.274 168.872 Total adjustmentsRugi konsolidasi sesuai Consolidated loss for the year in

dengan IFRS (150.127) (117.004) accordance with IFRS

31 Desember/December 31,




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Catatan/Note 2010 2009

US$'000 US$'000

Equity according to the consolidated Ekuitas sesuai dengan Neraca balance sheets prepared

Konsolidasi dalam PSAK 684.171 618.292 under Indonesian GAAP

Penyesuaian IFRS - kenaikan IFRS adjustments - increase (decrease) (penurunan): due to:Amortisasi of goodwill (a) 14.245 11.373 Amortization of goodwillPenurunan goodwill (a) 20.589 20.589 Impairment goodwillSurplus revaluasi (b) (3.803) (2.006) Revalua ion reservePenyusutan kapal dan

peralatan yg dinilai kembali (b) (24.928) (24.833) Depreciation of revalued vesselsKerugian penjualan aset tetap Loss on sale of property adjustment

kapal berdasarkan kapal yang based on revalued telah direvaluasi (b) (57.773) (57.773) amounts of vessels

Perbedaan antara beban penyusutan berdasarkan Difference between depreciation nilai revaluasi dengan expense based on revalued harga perolehan (b) 95.020 95.020 amounts and historical cost

Amortisasi hak atas tanah (b) (167) (122) Amortization of landrightsPenurunan dalam revaluasi Revalua ion decrease of vessels

kapal dan peralatan (b) (9.646) (10.433) and equipmentKerugian selisih kurs (c) (190) (190) Foreign exchange lossAmortisasi keuntungan atas

transaksi jual dan sewa-balik Amortization of deferred gain on ditangguhkan (c) (687) (687) sales and leaseback transaction

Bunga atas uang jaminan (c) 421 421 Interest on security depositsOpsi premium atas obligasi Option premium on convertible

konversi (c) 177 177 bondsKewajiban keuangan yang

disajikan dalam biaya Measurement of financial liabilities amortisasi (c) (875) (1.106) at amortized cost

Keuntungan yang belum direalisasi atas penjualan Unrealized gain on saleperusahaan asosiasi (d) 524 - of in associate

Penyesuaian transaksi dan pengaruh pengukuran Translation adjustment and effect kembali (e) 1.131 37 of remeasurement

Jumlah Penyesuaian 34.038 30.467 Total adjustments

Ekuitas berdasarkan IFRS 718.209 648.759 Equity in accordance with IFRS

31 Desember/December 31,




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36. REKONSILIASI STANDAR PELAPORAN KEUANGAN INTERNASIONAL (IFRS)

36. RECONCILIATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS

a. Rekonsiliasi neraca antara IFRS dengan PSAK pada tanggal 31 Desember 2010 dan 2009:

a. Reconciliation of balance sheet between IFRS and Indonesian GAAP at December 31, 2010 and 2009:

PSAK/ Rekonsiliasi/INDONESIAN Reconciling

GAAP Items IFRSUS$'000 US$'000 US$'000

Aset tetap - bersih 2.327 320 18.919 2.346 239 Property, vessels and equipment - netAdvance for purchase of property,

Uang muka pembelian aset tetap 20 250 (20.250) - vessel and equipmentInvestasi pada perusahaan asosiasi 7 955 - 7 955 Investments in associatesAset tidak lancar lainnya 96.722 35.881 132 603 Other non-current assets

Jumlah Aset Tidak Lancar 2.452 247 34.550 2.486.797 Total Non-current Assets

Piutang usaha 160.166 - 160.166 Trade accounts receivableInvestasi jangka pendek 79 964 - 79 964 Short-term investmentsKas dan setara kas 84 284 - 84 284 Cash and cash equivalentsAset lancar lainnya 58 850 624 59.474 Other current assets

Jumlah aset Lancar 383 264 624 383 888 Total Current Assets

Jumlah Aset 2.835 511 35.174 2.870 685 Total Assets

Modal saham 109 575 - 109 575 Capital stockAgio saham 208 826 177 209 003 Additional paid-in capitalPembelian saham kembali (86 628) - (86 628) Treasury stocksSelisih kurs karena penjabaran

laporan keuangan (16 292) 17.301 1 009 Translation adjustment Surplus revaluasi 304 534 (3.803) 300.731 Revaluation reserveSaldo laba 164.156 20.363 184 519 Retained earnings

Jumlah Ekuitas 684.171 34.038 718 209 Total Equity

Kewajiban jangka panjang - setelahdikurangi bagian yang jatuh tempo Long-term liabilities - net of current

dalam waktu satu tahun maturitiesLembaga keuangan 707 562 943 708 505 Financial institutionObligasi 148 261 - 148 261 Bonds payable Wesel bayar 316 000 - 316 000 Notes payableKewajiban sewa pembiayaan 342.769 - 342.769 Obligations under finance lease

Kewajiban tidak lancar lainnya 265.496 - 265.496 Other non-current liabilities

Jumlah Kewajiban Tidak Lancar 1.780 088 943 1.781 031 Total Non-current Liabilities

Hutang bank 14.459 - 14.459 Bank loansHutang usaha 63 943 - 63 943 Trade accounts payableHutang jangka panjang yang Current maturities of long-term

jatuh tempo dalam waktu satu tahun 230 854 193 231 047 liabilitiesKewajiban lancar lainnya 61 996 - 61 996 Other current liabilities

Jumlah Kewajiban Lancar 371 252 193 371.445 Total Current Liabilities

Jumlah Ekuitas dan Kewajiban 2.835 511 35.174 2.870 685 Total Equity and Liabilities

2010




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Aset tetap - bersih 1.946 389 45.586 1.991 975 Property, vessels and equipment - netAdvance for purchase of property,

Uang muka pembelian aset tetap 46 905 (46.905) - vessel and equipmentInvestasi pada perusahaan asosiasi 76.125 - 76.125 Investments in associatesAset tidak lancar lainnya 90 993 24.771 115.764 Other non-current assets

Jumlah Aset Tidak Lancar 2.160.412 23.452 2.183 864 Total Non-current Assets

Piutang usaha 129 976 - 129 976 Trade accounts receivableInvestasi jangka pendek 44 898 - 44 898 Short-term investmentsKas dan setara kas 118.732 - 118.732 Cash and cash equivalentsAset lancar lainnya 43 904 641 44 545 Other current assets

Jumlah aset Lancar 337 510 641 338.151 Total Current Assets

Jumlah Aset 2.497 922 24.093 2.522 015 Total Assets

Modal saham 70 936 - 70 936 Capital stockAgio saham 114 824 177 115 001 Additional paid-in capitalPembelian saham kembali (86 628) - (86 628) Treasury stocksSelisih kurs karena penjabaran

laporan keuangan (16 828) 17.242 414 Translation adjustment Keuntungan yang belum direalisasi Unrealized gain on available-for-sale

dari pemilikan efek 757 - 757 investmentsSurplus revaluasi 237 677 (2.006) 235 671 Revaluation reserveSaldo laba 297 554 15.054 312 608 Retained earnings

Jumlah Ekuitas 618 292 30.467 648.759 Total Equity

Kewajiban jangka panjang - setelahdikurangi bagian yang jatuh tempo Long-term liabilities - net of current

dalam waktu satu tahun maturitiesLembaga keuangan 779 538 (8.084) 771.454 Financial institutionObligasi 141 575 (63) 141 512 Bonds payable Wesel bayar 249 809 - 249 809 Notes payableKewajiban sewa pembiayaan 228 925 - 228 925 Obligations under finance lease

Kewajiban tidak lancar lainnya 34 819 - 34 819 Other non-current liabilities

Jumlah Kewajiban Tidak Lancar 1.434 666 (8.147) 1.426 519 Total Non-current Liabilities

Hutang bank 65 225 - 65 225 Bank loansHutang usaha 35.179 - 35.179 Trade accounts payableHutang jangka panjang yang Current maturities of long-term

jatuh tempo dalam waktu satu tahun 278 309 1.773 280 082 liabilitiesKewajiban lancar lainnya 66 251 - 66 251 Other current liabilities

Jumlah Kewajiban Lancar 444 964 1.773 446.737 Total Current Liabilities

Jumlah Ekuitas dan Kewajiban 2.497 922 24.093 2.522 015 Total Equity and Liabilities

2009




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b. Rekonsiliasi laporan laba rugi konsolidasi antara IFRS dan PSAK untuk tahun yang berakhir 31 Desember 2010 dan 2009:

b. Reconciliation of consolidated statements of income between IFRS and Indonesian GAAP for the years ended December 31, 2010 and 2009:



Pendapatan usaha 656.854 - 656.854 Operating revenuesBiaya pelayaran (221.201) * - (221.201) Voyage expensesPendapatan operasi Operating revenues after

setelah biaya pelayaran 435.653 - 435.653 voyage expenses

Biaya charter (55.763) * (55.763) Charter expensesPenyusutan kapal dan Vessel depreciation and ship

biaya operasi pelayaran operating expensesBiaya operasi pelayaran (139.854) * - (139.854) Ship operating expensesPenyusutan kapal (145.488) * (95) (145.583) Vessel depreciation

(285.342) (95) (285.437)

Laba kotor 94.548 (95) 94.453 Gross profitBeban umum dan

administrasi (33.368) 192 (33.176) General and administrative

Laba sebelum biaya Income before financial and keuangan dan lain-lain 61.180 97 61.277 other items

Keuangan dan lain-lain - bersih Net financial and other itemsBeban keuangan (138.322) 723 (137.599) Finance costPendapatan investasi 8.303 - 8.303 Investment incomeBagian laba bersih Equity in net income of

perusahaan asosiasi 384 - 384 associatesKeuntungan dan kerugian

lain-lain (84.761) 3.454 (81.307) Other gains and losses

(214.396) 4.177 (210.219)

Rugi sebelum pajak (153.216) 4.274 (148.942) Loss before tax

Beban pajak (1.185) - (1.185) Tax expense

Rugi tahun berjalan (154.401) 4.274 (150.127) Loss for the year

* Merupakan "Jumlah beban langsung" menurut PSAK * Presented as "Total direct costs" in Indonesian GAAP

2010




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Pendapatan usaha 618.346 - 618.346 Operating revenuesBiaya pelayaran (176.087) * - (176.087) Voyage expensesPendapatan operasi Operating revenues after

setelah biaya pelayaran 442.259 - 442.259 voyage expenses

Biaya charter (54.976) * (597) (55.573) Charter expensesPenyusutan kapal dan Vessel depreciation and ship

biaya operasi pelayaran operating expensesBiaya operasi pelayaran (120.860) * - (120.860) Ship operating expensesPenyusutan kapal (133.589) * - (133.589) Vessel depreciation

(254.449) - (254.449)

Laba kotor 132.834 (597) 132.237 Gross profitBeban umum dan

administrasi (32.927) 1.774 (31.153) General and administrative

Laba sebelum biaya Income before financial and keuangan dan lain-lain 99.907 1.177 101.084 other items

Keuangan dan lain-lain - bersih Net financial and other itemsBeban keuangan (109.500) (2.014) (111.514) Finance costPendapatan investasi 18.078 348 18.426 Investment incomeBagian laba bersih Equity in net income of

perusahaan asosiasi 9.621 - 9.621 associatesKeuntungan dan kerugian

lain-lain (303.021) 169.361 (133.660) Other gains and losses

(384.822) 167.695 (217.127)

Rugi sebelum pajak (284.915) 168.872 (116.043) Loss before tax

Beban pajak (961) - (961) Tax expense

Rugi tahun berjalan (285.876) 168.872 (117.004) Loss for the year

* Merupakan "Jumlah beban langsung" menurut PSAK * Presented as "Total direct costs" in Indonesian GAAP

2009

37. IKATAN 37. COMMITMENTS

a. Perusahaan dan anak perusahaan memiliki beberapa kontrak pengangkutan dengan Pertamina dengan nilai kontrak sebesar USD 13 juta – USD 22 juta per tahun dimana kontrak akan berakhir antara tahun 2011 – 2016.

a. The Company and its subsidiaries have some charter contracts with Pertamina with contract amount of USD 13 million – USD 22 million per year, which will end between 2011 – 2016.

Pada tanggal neraca Perusahaan dan anak perusahaan mengadakan kontrak dengan Pertamina dengan nilai minimum penerimaan sewa masa depan sebagai berikut:

At balance sheet date, the Company and its subsidiaries have contracts with Pertamina for the following future minimum lease receipts:

2010 2009US$'000 US$'000

Dalam satu tahun 21.174 21.057 Within one yearTahun kedua sampai kelima 80.914 80.914 In the second to fifth years inclusive

Jumlah 102.088 101.971 Total




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Perusahaan mencatat pendapatan dari kontrak-kontrak tersebut sebesar USD 38.062 ribu dan USD 49.684 ribu masing-masing untuk tahun 2010 dan 2009.

Revenues earned by the Company on these contracts amounted to USD 38,062 thousand and USD 49,684 thousand in 2010 and 2009, respectively.

b. Perusahaan dan anak perusahaan memiliki beberapa kontrak sewa operasi bareboat charter dengan pihak ketiga senilai USD 1 juta – USD 55 juta per tahun, dimana kontrak akan berakhir antara tahun 2011 - 2021.

Pada tanggal neraca, Perusahaan dan anak perusahaan memiliki perjanjian yang tidak dapat dibatalkan dengan perincian jatuh tempo sebagai berikut:

b. The Company and its subsidiaries have outstanding charter contracts under operating leases with third parties amounting to USD 1 million – USD 55 million per year, which will end between 2011 - 2021.

At balance sheet date, the Company and its subsidiaries have outstanding commitments under non-cancellable charter contracts, with scheduled maturities as follows:

2010 2009US$'000 US$'000

Dalam satu tahun 53.882 56.754 Within one yearDari tahun kedua sampai kelima 143.144 197.027 In the second to fifth years inclusiveSetelah lima tahun 129.471 129.471 After five years

Jumlah 326.497 383.252 Total

Pembayaran sewa minimum berdasarkan perjanjian dicatat sebagai beban sebesar USD 55.763 ribu tahun 2010 dan USD 54.976 ribu tahun 2009.

The minimum lease payments under charter contracts recognized as an expense amounted to USD 55,763 thousand and USD 54,976 thousand in 2010 and 2009, respectively.

c. Anak perusahaan memiliki beberapa kontrak pembangunan kapal baru dengan galangan kapal di Jepang dengan total nilai kontrak sekitar JPY 33.638 juta tahun 2010 dan JPY 46.387 juta tahun 2009.

c. The subsidiaries have several contracts with shipyards in Japan for the construction of new vessels with total contract price of approximately JPY 33,638 million in 2010 and JPY 46,387 million in 2009.

d. Pada tahun 2010, anak perusahaan memiliki kontrak pembelian tiga kapal bekas sebesar USD 20.250 ribu.

d. In 2010, the subsidiary entered into purchases of three second-handed vessels agreement amounting to USD 20,250 thousand.

e. Pada bulan April 2008, Chembulk Tankers LLCmemperoleh 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.

e. 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.

f. Pada tanggal 17 Januari 2008, RichesseLogistics (Fangcheng Port) Co. Ltd, mengadakan kerjasama dengan Fangcheng Port Group Co. Ltd. untuk melakukan reklamasi dan penggunaan tanah dengan total area seluas 360 juta m2. Total seluas 83 juta m2 merupakan kontribusi modal dari Fangcheng Port Group Co. Ltd dan sisanya seluas 276.759.657 m2

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. Sampai dengan 31 Desember 2010, Richesse Logistics (Fangcheng Port) Co. Ltd. belum memperoleh izin penggunaan aset tersebut.

f. 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, 2010, Richesse Logistics (Fangcheng Port) Co. Ltd. has not yet obtained the license to use the property.

Sampai dengan Desember 2010, RichesseLogistics (Fangcheng Port) Co. Ltd. telah membayar USD 20,9 juta yang dicatat dalam akun aset dalam penyelesaian.

As of December 31, 2010, Richesse Logistics (Fangcheng Port) Co. Ltd, has paid USD 20.9 million, which is included under the construction in progress account.




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38. ASET DAN KEWAJIBAN MONETER DALAM MATA UANG ASING

38. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

Pada tanggal 31 Desember 2010 dan 2009, Perusahaan dan anak perusahaan mempunyai aset dan kewajiban moneter dalam mata uang asing sebagai berikut:

At December 31, 2010 and 2009, the Company and its subsidiaries had monetary assets and liabilities in foreign currencies as follows:

Mata Uang Ekuivalen Mata Uang EkuivalenAsing/ USD'000/ Asing/ USD'000/

Foreign Equivalent to Foreign Equivalent toCurrencies USD' 000 Currencies USD' 000

Aset AssetsKas dan setara kas IDR 220.158.007.854 24.486 195.369.239.681 20.784 Cash and cash equivalents

RMB 6.886.713 1.040 - -EURO 327.291 435 215.424 310 SGD 521.366 405 2.858.627 2.037 JPY 10.464.049 128 176.869.390 1.914 Lainnya/Others 313 41

Investasi jangka pendek IDR 4.341.312.500 483 226.156.353.852 24.059 Short-term investments

Piutang usaha IDR 32.220.301.066 3.585 18.001.797.351 1.915 Trade accounts receivableEUR 2.437.240 3.241 1.837.799 2.641 Lainnya/Others 1.242 258

Piutang lain-lain SGD 1.403.254 618 - - Other accounts receivableIDR 8.427.895.103 926 - -HKD 4.757.943 610 5.483.344 1.493 RMB 1.580.355 240 2.633.217 29 Lainnya/Others 60

Jumlah aset 37.812 55.481 Total assets

Kewajiban LiabilitiesHutang bank IDR 130.000.000.000 14.459 280.000.000.000 29.787 Bank loans

Hutang usaha SGD 13.961.228 10.605 2.891.220 2.060 Trade accounts payableJPY 215.037.327 2.600 9.340.375 101 IDR 11.265.244.703 1.253 5.989.095.981 637 Lainnya/Others 1.321 485

Kewajiban lancar lainnya RMB 5.536.814 858 - - Other current liabili iesSGD 923.545 722 1.153.999 822 IDR - - 6.926.599.286 737 Lainnya/Others 6 9

Hutang lembaga keuangan Long-term loans from financial jangka panjang IDR 1.618.969.049.633 180.066 1.110.416.666.667 118.129 institu ion

JPY 2.372.909.800 29.175 - -

Hutang obligasi jangka panjang IDR 1.333.011.554.500 148.261 1.330.799.416.306 141.575 Long-term bonds payable

Hutang lain-lain non lembaga Other long-term loans from keuangan jangka panjang RMB 62.000.000 9.410 - - non financial institution

Jumlah kewajiban 398.736 294.342 Total liabilities

Jumlah Kewajiban Bersih (360.924) (238.861) Net Liability

2010 2009

Pada tanggal 31 Desember 2010 dan 2009, kurs konversi yang digunakan sebagai berikut:

The conversion rates used by the Company and its subsidiaries on December 31, 2010 and 2009 were as follows:

2010 2009USD USD

Mata Uang Foreign Currency 1 Rupiah Indonesia 0,000111 0,000106 RP 11 Dollar Singapura 0,78 0,71 SGD 11 EURO 1,33 1,43 EUR 11 Yen Jepang 0,01 0,01 JPY 11 Hongkong Dollar 0,13 0,27 HKD 11 Renminbi 0,150996 - RMB 1




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39. INSTRUMEN KEUANGAN, MANAJEMEN RISIKO KEUANGAN DAN RISIKO MODAL

39. FINANCIAL INSTRUMENTS, FINANCIAL RISK AND CAPITAL RISK MANAGEMENT

a. Manajemen Risiko Modal a. Capital Risk Management

Perusahaan dan anak perusahaan mengelola modalnya untuk memastikan bahwa Perusahaan dan anak perusahaan akan mampu untuk melanjutkan kelangsungan hidup, selain juga untuk 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 10, 14, 15, 16, 17, 18 dan 20, kas, investasi tersedia untuk dijual dan ekuitas yang dapat diatribusikan kepada pemegang saham Perusahaan yang terdiri dari modal disetor, cadangan dan saldo laba yang dijelaskan pada Catatan 3, 4, 21, 22, 23 dan 24.

The capital structure of the Group consists of debt, which includes the borrowings disclosed in Notes 10, 14, 15, 16, 17, 18 and 20, 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 3, 4, 21, 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.

Rasio hutang bersih terhadap ekuitas pada tanggal 31 Desember 2010 dan 2009 adalah sebagai berikut:

The gearing ratio as of December 31, 2010 and 2009 are as follows:

2010 2009 2010 2009US$'000 US$'000 US$'000 US$'000

Hutang 1.952.794 1.754.609 1.953.932 1.748.235 DebtKas dan investasi tersedia Cash and available-for-sale

untuk dijual 164.248 163.630 164.248 163.630 investments

Hutang - bersih 1.788.546 1.590.979 1.789.684 1.584.605 Net debtEkuitas 684.171 618.292 718.209 648.759 Equity

Rasio hutang bersih terhadap ekuitas 261% 257% 249% 244% Net debt to equity ratio

Indonesia GAAP IFRS




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b. Kategori Instrumen Keuangan b. Categories of Financial Instruments

Aset Keuangan Financial Assets

Aset Investasi Investasikeuangan tersedia Pinjaman dimiliki hingga

pada FVTPL/ untuk dijual/ yang diberikan jatuh tempo/Financial Available- dan piutang/ Held-to-assets at for-sale Loans and maturity

FVTPL investments receivables investmentsUSD'000 USD'000 USD'000 USD'000

Uang jaminan - - 16.161 - Security depositsPiutang usaha - - 160.166 - Trade accounts receivablePiutang lain-lain - - 11.790 - Other accounts receivableInvestasi jangka pendek 483 79.481 - - Short-term investmentsKas dan setara kas - - 84.284 - Cash and cash equivalents

483 79.481 272.401 -

31 Desember/December 31, 2010


Kewajiban Kewajibankeuangan keuangan

pada FVTPL/ lainnya/Financial Other

liabilities at financialFVTPL liabilities

USD'000 USD'000

Hutang jangka panjang dari Long-term loans from financial lembaga keuangan - 886.030 institutions

Hutang obligasi - 148.261 Bonds payable Wesel bayar 316.000 - Notes payableHutang lain-lain non-lembaga Other loans from non-financial

keuangan - 30.837 institutionsObligasi konversi - 165.057 Convertible bondsKewajiban sewa pembiayaan - 392.152 Obligations under finance leaseInstrumen keuangan derivatif 75.775 - Derivative financial instrumentsHutang bank - 14.459 Bank loansHutang usaha - 63.943 Trade accounts payableKewajiban lancar lainnya dan biaya Other current liabilities and accrued

masih harus dibayar - 49.094 expense

391.775 1.749.833

31 Desember/December 31, 2010




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Obligasi konversi dengan nilai nominal USD 125 juta dan wesel bayar dengan nilai nominal USD 400 juta ditetapkan sebagai FVTPL pada pengakuan awal di tahun 2007. Pada bulan Desember 2010, terdapat modifikasi yang substansial pada persyaratan obligasi konversi yang mengarah pada penghapusan obligasi konversi yang lama dan pengakuan obligasi konversi baru. Obligasi konversi baru ini diakui dan dipertimbangkan sebagai instrumen yang digabungkan yang terdiri dari debt host contract dan derivatif melekat. Kewajiban derivatif melekat diukur pada nilai wajar, dimana perubahan pada nilai wajarnya diakui dalam laporan laba rugi dan pengakuan awal debt host contract diakui sebesar nilai wajarnya dan setelahnya diukur pada biaya perolehan yang diamortisasi (Catatan 20). Nilai wajar dan perubahan nilai wajar yang diatribusikan perubahan risiko kredit pada tahun 2010 adalah sebagai berikut:

The convertible bonds with a nominal value of USD 125 million and notes payable with a nominal value of USD 400 million were designated at fair value through profit or loss (FVTPL) upon initial recognition in 2007. In December 2010, there was a substantial modification on the terms of the convertible bonds that led to the extinguishment of the old convertible bonds and recognition new convertible bonds. The new convertible bonds were recognized and considered as hybrid instrument containing a debt host contract and embedded derivatives. The embedded derivative liability is measured at fair value with changes in fair value recognized in profit and loss while the debt host contract was initially recognized at fair value and subsequently measured at amortized cost (Note 20). The fair value and the change in that fair value attributable to changes in credit risk in 2010 are presented as follows:

Weselbayar/Notes

payableUSD'000

Jumlah kontraktual yang dibayar Contractual amount to be pada saat jatuh tempo 400.000 paid at maturity

Nilai wajar 316.000 Fair valuesPerubahan nilai wajar yang diatribusikan Changes in fair value attributable

pada perubahan risiko kredit (130.973) to changes in credit riskPerbedaan antara nilai tercatat dan Difference between carrying

jumlah kontraktual yang dibutuhkan amount and amount contractually untuk dibayar pada saat jatuh tempo (84.000) required to be paid at maturity

Perubahan nilai wajar yang diatribusikan pada perubahan risiko kredit dihitung sebagai selisih antara perubahan nilai wajar yang dapat diatribusikan pada perubahan risiko pasar dengan jumlah perubahan nilai wajar kewajiban keuangan. Perubahan nilai wajar yang dapat diatribusikan pada perubahan risiko pasar dihitung menggunakan patokan suku bunga pada akhir periode operasi. Perubahan nilai wajar disebabkan oleh penurunan peringkat kredit wesel bayar dan obligasi konversi.

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.

c. Tujuan Manajemen Risiko Keuangan c. Financial Risk Management Objective

Perusahaan dan anak perusahaan telah memiliki manajemen risiko keuangan dan kebijakan yang menjamin kecukupan sumber-sumber keuangan yang dapat digunakan untuk pengembangan bisnis Perusahaan dan anak perusahaan, yang juga mengelola risiko selisih kurs, suku bunga, kredit dan likuiditas. Perusahaan dan anak perusahaan beroperasi dengan pedoman yang telah ditentukan dan disetujui oleh Dewan Direksi dan kebijakan yang sesuai dengan bidang utama dari aktivitas treasuri.

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.




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Manajemen Risiko Mata Uang Asing Foreign Exchange Risk Management

Perusahaan dan anak perusahaan melakukan kegiatan usahanya dalam mata uang asing yang berbeda dengan mata uang fungsionalnya terutama dalam Indonesia Rupiah, Yen Jepang, Dollar Singapura dan Pound Sterling Inggris. Eksposur dan fluktuasi mata uang asing tidak memiliki dampak yang material terhadap Perusahaan dan anak perusahaan dalam beberapa tahun terakhir.

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.

Merupakan kebijakan Perusahaan dan anak perusahaan untuk mengelola risiko mata uang asing secara hati-hati untuk memaksimalkan keuntungan. Perusahaan dan anak perusahaan telah melakukan tinjauan secara periodik akibat perubahan mata uang asing terhadap profitabilitas sehingga tindakan yang tepat telah dilakukan untuk mencegah risiko-risiko ini.

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.

Eksposur risiko mata uang asing diukur menggunakan analisa sensitivitas seperti di bawah ini.

Foreign exchange risk exposures are measured using a sensitivity analysis as shown below.

Nilai tercatat aset dan kewajiban moneter Perusahaan dan anak perusahaan yang didenominasi dalam mata uang yang berbeda dengan mata uang fungsionalnya pada tanggal neraca adalah sebagai berikut:

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:

Kewajiban/Assets Liabilities

USD'000 USD'000

Rupiah 29.480 344.038 Indonesian RupiahYen Jepang 289 31.779 Japanese YenPound Sterling Inggris 3 41 British Pound SterlingEuro 3.692 564 EuroRenminbi China 1.280 10.301 Chinese RenminbiDollar Hong Kong 1.619 290 Hong Kong DollarDollar Singapura 1.112 11.327 Singapore DollarLainnya 337 396 Others

37.812 398.736

Aset/2010

Tabel berikut memperlihatkan sensitivitas perubahan dalam Dollar Amerika Serikat terhadap mata uang di atas. Tingkat sensitivitas di bawah ini digunakan ketika melaporkan risiko mata uang asing kepada anggota manajemen kunci secara internal dan mewakili penilaian manajemen terhadap kemungkinan perubahan nilai pertukaran mata uang asing. Analisa sensitivitas hanya dilakukan pada pos moneter yang didenominasi dalam mata uang asing dan menyesuaikan translasinya pada akhir periode atas perubahan nilai pertukaran mata uang asing. Angka positif di bawah ini mengindikasikan peningkatan dalam laba dan ekuitas dimana mata uang asing di atas menguat pada persentase tertentu terhadap Dollar Amerika Serikat. Untuk persentase yang sama atas melemahnya mata uang asing di atas terhadap Dollar Amerika Serikat, akan berdampak yang setara dan berlawanan terhadap laba dan ekuitas.

The following table details the Company and its subsidiaries’ sensitivity to changes in U.S. 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.




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Pengaruh pada laba rugi

Tingkat dan ekuitas/sensitivitas/ Effect onSensitivity profit or loss

rate and equityUS$'000

Rupiah 7% 22.019 Indonesian RupiahYen Jepang 10% 3.149 Japanese YenPound Sterling Inggris 14% 5 British Pound SterlingEuro 9% 282 EuroRenminbi China 6% 541 Chinese RenminbiDollar Hong Kong 1% 13 Hong Kong DollarDollar Singapura 5% 511 Singapore Dollar

2010

Menurut pendapat manajemen, analisa sensitivitas tidak dapat mencerminkan risiko nilai yang melekat pada risiko nilai tukar karena eksposur pada akhir tahun tidak mencerminkan eksposur yang terjadi selama tahun berjalan.

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.

Perusahaan dan anak perusahaan juga memiliki kebijakan untuk melakukan kontrak cross currency dan interest rate swap untuk melindungi ekposur pembayaran pokok dan bunga dalam mata uang asing tertentu. Kontrak tersebut dilakukan sebagai lindung nilai ekonomik dari eksposur risiko meskipun akuntansi lindung nilai tidak diterapkan.

Tabel berikut merupakan rincian kontrak cross currency, interest rate swap, dan kontrak derivatif pada tanggal pelaporan:

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, interest rate swap and derivative contracts outstanding as at reporting date:

NilaiNasional/Notional Fair valueAmounts LiabilityUS$'000 US$'000

< 1 tahun - - Less than 1 year1 - 2 tahun 102.273 (6.688) 1 to 2 years2 - 5 tahun 800.000 (59.234) 2 to 5 years> 5 tahun - - More than 5 years

902.273 (65.922)

2010

Manajemen Risiko Tingkat Suku Bunga Interest Rate Risk Management

Perusahaan dan anak perusahaan juga terekspos pada risiko tingkat suku bunga yang disebabkan pinjaman dalam mata uang Rupiah dan US Dollar baik dengan tingkat bunga tetap maupun mengambang. Risiko ini dikelola dengan menjaga kombinasi yang tepat antara suku bunga pinjaman tetap dan mengambang, dan mengurangi ekposur melalui kontrak cross currency swap (kombinasi kontrak tingkat bunga swap dan kontrak forward foreign exchange).

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).




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Eksposur Perusahaan dan anak perusahaan terhadap tingkat suku bunga pada asset keuangan dan kewajiban keuangan dirinci pada bagian manajemen risiko likuiditas pada catatan ini.

The Company and its subsidiaries exposure to interest rate on financial assets and financial liabilities are detailed in the liquidity risk management section on this note.

Analisis sensitivitas dibawah ini ditentukan berdasarkan eksposur tingkat bunga untuk instrumen derivatif dan non derivatif pada tanggal neraca. Untuk tingkat bunga mengambang, analisis ini disusun dengan asumsi jumlah kewajiban terhutang pada tanggal neraca adalah sama sepanjang tahun. 150 basis poin (2009: 150 basis poin) meningkat atau menurun digunakan ketika melaporkan risiko tingkat suku bunga secara internal kepada anggota manajemen kunci dan mewakili penilaian manajemen terhadap kemungkinan perubahan tingkat suku bunga yang mungkin terjadi.

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 (2009:150 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.

Jika basis poin bunga lebih tinggi atau lebih rendah dari 150 basis poin (2009: 150 basis poin) dan semua variabel lainnya tetap konstan, rugi Perusahaan dan anak perusahaan untuk tahun yang berakhir 31 Desember 2010 dan 2009 akan menurun/ meningkat masing-masing sebesar USD 10.390 ribu dan USD 12.788 ribu. Perubahan ini terutama disebabkan ekposur Perusahaan dan anak perusahaan terhadap variabel suku bunga pinjaman.

If interest rates had been 150 basis points (2009: 150 basis points) higher or lower and all other variables were held constant, the Company and its subsidiaries’ loss for the year ended December 31, 2010 and December 31, 2009 would decrease/increase by US$ 10,390 thousand and US$ 12,788 thousand, respectively. This is mainly attributable to the exposure to interest rates on its variable rate borrowings.

Manajemen Risiko Kredit Credit Risk Management

Risiko kredit Perusahaan dan anak perusahaan terutama melekat pada piutang usaha dan lain-lain, investasi dan saldo bank. Dalam menentukan persyaratan kredit kepada pelanggan, manajemen mempertimbangkan faktor-faktor sebagai berikut: kemampuan keuangan dari pelanggan, sejarah pembayaran dari pelanggan, relasi dengan pelanggan dan jarak atau durasi setiap pelayaran. Berdasarkan faktor-faktor tersebut, persyaratan kredit Perusahaan dan anak perusahaan dapat bervariasi. Persyaratan kredit juga dapat dimodifikasi berdasarkan negosiasi dengan masing-masing pelanggan. Merupakan kebijakan Perusahaan dan anak perusahaan untuk mengawasi posisi keuangan atas piutang tersebut secara berkelanjutan untuk memastikan bahwa Perusahaan dan anak perusahaan terekspos risiko kredit yang minimal. Saldo bank dan investasi ditempatkan dalam lembaga keuangan yang memiliki kredibilitas yang layak. Meskipun lebih dari 5% pendapatan Perusahaan dan anak perusahaan dihasilkan dari Pertamina (Perusahaan minyak nasional Indonesia), tetapi tidak pernah terjadi pelanggaran kredit yang dilakukan Pertamina.

The Company and its subsidiaries’ exposure tocredit risk is primarily attributable to trade and other accounts receivable, investments and bank balances. In determining the credit terms for customers, the management considers 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.

Nilai tercatat aset keuangan pada laporan keuangan konsolidasi (Catatan 39b) mencerminkan maksimum eksposur Perusahaan dan anak perusahaan terhadap risiko kredit tanpa mempertimbangkan nilai jaminan yang diperoleh.

The carrying amount of financial assets recorded in the consolidated financial statements (Note 39b) represents the Company and its subsidiaries maximum exposure to credit risk without taking account of the value of any collateral obtained.




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Manajemen Risiko Bahan Bakar Fuel Risk Management

Penghasilan Perusahaan dan anak perusahaan dipengaruhi oleh perubahan harga bahan bakar. Strategi yang digunakan untuk mengelola risiko harga bahan bakar, bertujuan untuk memberikan perlindungan terhadap adanya peningkatan secara tiba-tiba dan signifikan terhadap harga bahan bakar. Untuk memenuhi tujuan ini, program manajemen bahan bakar mengijinkan penggunaan secara berhati-hati instrumen yang telah disetujui seperti bunker swaps dengan pihak rekanan dan dalam kredit limit yang telah disetujui.

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.

Manajemen Risiko Likuiditas Liquidity Risk Management

Tanggung jawab utama manajemen risiko likuiditas terletak pada dewan direksi, yang telah membangun kerangka manajemen risiko likuiditas yang sesuai untuk persyaratan manajemen likuiditas dan pendanaan jangka pendek, menengah dan jangka panjang Perusahaan dan anak perusahaan. Perusahaan dan anak perusahaan mengelola risiko likuiditas dengan menjaga kecukupan simpanan, fasilitas bank dan fasilitas simpan pinjam dengan terus menerus memonitor perkiraan dan arus kas aktual dan mencocokkan profil jatuh tempo aset dan kewajiban keuangan.

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.

Tabel Risiko Likuiditas dan Tingkat Bunga Liquidity and Interest Rate Risk Tables

Tabel berikut ini memerinci saldo jatuh tempo kontraktual atas aset dan kewajiban keuangan non derivatif Perusahaan dan anak perusahaan. Tabel dibuat berdasarkan arus kas aset keuangan yang tidak di diskontokan berdasarkan kontrak dan kewajiban dari rekanan dan kewajiban keuangan berdasarkan tanggal paling awal Perusahaan dan anak perusahaan dapat diwajibkan untuk membayar. Tabel tersebut termasuk arus kas bunga dan pokok pinjaman.

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.

Bunga instrumen keuangan yang diklasifikasikan sebagai tingkat suku bunga mengambang dinilai kembali dengan jangka waktu kurang dari satu tahun. Bunga instrumen keuangan yang diklasifikasikan sebagai tingkat bunga tetap adalah tetap sampai instrumen tersebut jatuh tempo. Instrumen keuangan Perusahaan dan anak perusahaan lainnya yang tidak termasuk dalam tabel merupakan instrumen tanpa dikenakan bunga sehingga tidak memiliki risiko tingkat bunga.

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.

Kebijakan Perusahaan dan anak perusahaan terutama melakukan pinjaman pada tingkat bunga mengambang namun tetap mempertahankan proporsi pinjaman dengan tingkat bunga tetap. Tujuan dari kombinasi antara tingkat bunga tetap dan mengambang adalah untuk mengurangi dampak peningkatan tingkat bunga selain itu juga menikmati keuntungan jika tingkat bunga menurun.

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.




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Tingkatsuku bunga

efektifrata-rata

tertimbang/Weightedaverage 3 bulan - effective < 1 bulan/ 1 tahun/interest Less than 1 1 - 3 bulan/ 3 months to 1 - 5 tahun/ > 5 tahun/ Jumlah/

rate month 1 - 3 months 1 year 1- 5 years After 5 years TotalUS$'000 US$'000 US$'000 US$'000 US$'000 US$'000

Tanpa dikenakan bunga 22.660 55.843 41.417 - - 119.920 Non interest bearingInstrumen tingkat suku Floating interest rate

bunga mengambang 2,85% 9.754 22.442 110.514 432.054 183.968 758.732 instrumentsInstrumen tingkat suku Fixed interest rate

bunga tetap 8,07% 13.518 31.130 260.267 1.354.752 9.944 1.669.611 instruments45 932 109.415 412.198 1.786.806 193.912 2.548.263

2010

Tabel berikut memperlihatkan perkiraan jatuh tempo aset keuangan non derivatif Perusahaan dan anak perusahaan. Tabel berikut dibuat berdasarkan jatuh tempo aset keuangan secara kontraktual yang tidak di diskontokan termasuk bunga yang diperoleh dari aset tersebut kecuali apabila Perusahaan dan anak perusahaan mengantisipasi kemungkinan arus kas akan terjadi pada periode yang berbeda.

The following table details the Company and its subsidiaries’ expected maturity for its non-derivative 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.

Aset Keuangan Financial Assets

3 bulan - < 1 bulan/ 1 tahun/Less han 1 1 - 3 bulan/ 3 months to 1 - 5 tahun/ > 5 tahun/ Jumlah/

month 1 - 3 months 1 year 1- 5 years After 5 years TotalUS$'000 US$'000 US$'000 US$'000 US$'000 US$'000

Tanpa bunga 31 011 68.877 152.032 - 16.161 268 081 Non interest bearing

31 011 68.877 152.032 - 16.161 268 081

2010

Perusahaan dan anak perusahaan merencanakan untuk dapat memenuhi kewajibannya dengan menggunakan arus kas operasi, penerimaan dari aset keuangan yang jatuh tempo, bank, dan pembiayaan ekuitas.

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.

Risiko Harga L ainnya Other Price Risks

Selain risiko harga pasar pada investasi jangka pendek, pada tahun 2010, Perusahaan juga terekspos risiko harga pasar pada wesel bayar yang diklasifikasikan sebagai FVTPL (Catatan 16 dan 20). Untuk mengelola risiko harga tersebut, manajemen Perusahaan mengawasi dan memonitor kinerja Perusahaan dan anak perusahaan.

In addition to market price risk on short-term investments, the Company is exposed to market price risks on the notes payable in 2010 which were classified as financial liability at fair value through profit or loss (see Notes 16 and 20). To manage its price risk, the Company’s management supervises and monitors the Company and its subsidiaries’ performance.




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Pada tanggal 31 Desember 2010, jika harga pasar kewajiban keuangan meningkat/ menurun akibat tingkat sensitifitas berikut dengan variabel lain konstan, kerugian pada tahun berjalan meningkat atau menurun sebagai berikut, terutama disebabkan perubahan nilai wajar obligasi konversi dan wesel bayar yang diakui dalam laporan laba rugi.

As of December 31, 2010, if the market price of the financial liabilities had increased/ decreased by the following sensitivity rates with all other variables held constant, loss 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.

TingkatSensitifitas/ Effect on profit Sensitivity or loss and

Rate equityUS$'000

Wesel bayar 5% 15.800 Notes payable

2010

Jika harga investasi jangka pendek meningkat atau menurun sebesar 1% dengan variabel lain konstan, dampak meningkat/menurun sebesar USD 799.

If prices for short-term investments increase or decrease by 1% with all other variables being constant, the effect is increase/decrease amounting to USD 799.

d. Nilai Wajar Instrumen Keuangan

Kecuali disebutkan pada tabel berikut ini, manajemen berpendapat bahwa nilai tercatat aset dan kewajiban keuangan yang dicatat sebesar biaya perolehan diamortisasi dalam laporan keuangan konsolidasi mendekati nilai wajarnya karena akan jatuh tempo dalam jangka pendek atau memiliki tingkat suku bunga pasar:

d. Fair Value of Financial Instruments

Except as detailed in the following table, management considers that the carrying amounts of financial assets and financial liabilities recorded at amortized cost in the consolidated financial statements approximate their fair values either because of their short-term maturities or they carry market rates of interest:

Carrying Fairamount valueUS$'000 US$'000

Pinjaman: Borrowings:Obligasi konversi 165.057 176.724 Convertible bondsHutang obligasi 148.261 148.444 Bonds payableHutang lain-lain non-lembaga Other long-term loans from

keuangan 11.227 13.167 non-financial institutions

2010

Nilai wajar aset keuangan dan kewajiban keuangan, ditentukan sebagai berikut :

The fair values of financial assets and financial liabilities are determined as follows:

• Nilai wajar aset keuangan dan kewajiban keuangan dengan standar persyaratan dan ketentuan dan diperdagangkan di pasar aktif ditentukan dengan mengacu pada harga pasar yang berlaku.

• 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;

• Nilai wajar dari aset keuangan dan kewajiban keuangan lainnya (tidak termasuk instrumen derivatif) ditentukan sesuai dengan model harga yang berlaku umum berdasarkan analisa arus kas diskonto menggunakan harga dari transaksi pasar kini yang dapat diamati dan kuotasi dealeruntuk instrumen yang sama.

• 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;




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• Nilai wajar instrumen derivatif dihitung menggunakan harga kuotasi. Pada saat harga tersebut tidak tersedia, dilakukan analisa arus kas diskonto menggunakan kurva yield yang diaplikasikan selama jangka waktu instrumen untuk derivatif tanpa opsi, dan opsi model harga untuk opsi derivatif. Kontrak forward valuta asing diukur dengan menggunakan tingkat kuotasi nilai pertukaran dan kurva hasil yang berasal dari kuotasi suku bunga sesuai dengan jatuh tempo kontrak. Interest rate swaps diukur pada nilai kini dari arus kas masa depan yang diestimasi dan di diskontokan berdasarkan kurva yield yang dapat diaplikasikan dari kuotasi tingkat suku bunga.

• 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.

Pengukuran nilai wajar yang diakui pada laporan neraca

Tabel berikut menyediakan analisa untuk instrumen keuangan yang diukur setelah pengakuan awal pada nilai wajar, yang dikelompokkan menjadi Tingkat 1 sampai 3 berdasarkan tingkatan nilai wajar yang paling dapat diobservasi.

Fair value measurements recognized in the balance sheet

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.

• Tingkat pertama pengukuran nilai wajar berasal dari kuotasi harga (tidak disesuaikan) dalam pasar aktif untuk aset dan kewajiban yang identik.

• Tingkat kedua pengukuran nilai wajar berasal dari masukan lain selain dari kuotasi harga pasar yang sudah termasuk dalam tingkat pertama yang dapat diamati untuk aset maupun kewajiban, baik secara langsung (contohnya harga) atau tidak langsung (contohnya yang berasal dari harga).

• Tingkat ketiga pengukuran nilai wajar yang berasal dari teknik penilaian yang meliputi input untuk aset atau kewajiban jika tidak berdasarkan data pasar yang dapat diamati (masukan yang tidak dapat diamati).

• 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).

Tingkat Tingkat Tingkatpertama/ kedua/ ketiga/ Jumlah/Level 1 Level 2 Level 3 Total

USD'000 USD'000 USD'000 USD'000

Aset keuangan pada AFS dengan FVTPL Financial assets at AFS and FVTPLInvestasi jangka pendek 79.964 - - 79.964 Short-term investments

Kewajiban keuangan pada FVTPL Financial liabillities at FVTPLKewajiban keuangan derivatif - (75.775) - (75.775) Derivative financial liabllitiesWesel bayar (316.000) - - (316.000) Notes payable

Jumlah (316.000) (75.775) - (391.775) Total

2010




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40. PERISTIWA PENTING SETELAH TANGGAL NERACA

40. SUBSEQUENT EVENTS

a. Pada bulan Pebruari 2011, anak perusahaan memperoleh pinjaman dari DnB NOR Bank ASA (sebagai penanggung jawab Utama), BNP Paribas, ING Bank N.V., NIBC Bank Ltd., Nordea Bank Finland Pic, dan Standard Chartered Bank melalui fasilitas Senior Secured Creditmaksimum sebesar USD 685 juta yang terdiri dari :

a. In February 2011, a subsidiary obtained loan from DnB NOR Bank ASA (as lead manager), BNP Paribas, ING Bank N.V., NIBC Bank Ltd., Nordea Bank Finland Pic, and Standard Chartered Bank through Senior Secured Credit facility with maximum credit of USD 685 million, which consist of the following credit facilities:

• Fasilitas A sebesar USD 615 juta digunakan untuk melunasi pinjaman Perusahaan dan anak perusahaan dari Mount Gede LLC, DVB Group Merchant Bank (Asia) Ltd., ING Bank N.V. dan DnB NOR Bank ASA (Catatan 14). Pinjaman ini dibayarkan dalam 18 cicilan triwulanan sebesar USD 15.400 ribu dan pembayaran cicilan terakhir sebesar USD 337.800 ribu pada saat jatuh tempo yaitu bulan Pebruari 2016. Fasilitas pinjaman ini dijamin dengan kapal anak perusahaan.

• Fasilitas B sebesar USD 70 juta digunakan untuk pembiayaan pembuatan kapal baru. Jangka waktu dari masing-masing pinjaman pada fasilitas B adalah kurang dari 5 tahun.

• Facility A amounting to USD 615 million to settle the Company and its subsidiaries loan from Mount Gede LLC, DVB Group Merchant Bank (Asia) Ltd., ING Bank N.V., DnB NOR Bank ASA (Note 14). This loan is payable in 18 quarterly installment of USD 15,400 thousand and a final installment payment of USD 337,800 thousand upon maturity on February 2016. Such facility is secured by a registered mortgage on a subsidiaries' vessels.

• Facility B amounting to USD 70 million to finance the construction of new vessels. The loan has a term of less than 5 years.

Tingkat bunga sebesar persentase tertentu di atas LIBOR.

Interest rate is at LIBOR plus certain percentage.

b. Pada bulan Maret 2011, anak perusahaan melakukan transaksi jual dan sewa-balik 4 (empat) kapal minyak dengan Standard Chartered Bank. Sebagian dari penerimaan transaksi ini digunakan untuk melunasi pinjaman dari DVB Group Merchant Bank (Asia) Ltd. dan Nordea Bank Finland Plc, Singapura (Catatan 14b) serta DnB NOR Bank ASA, Singapura dan NIBC Bank Ltd. (Catatan 14q).

b. In March 2011, the subsidiaries entered into sale and leaseback agreements for 4 chemical tankers with Standard Chartered Bank. Part of the proceeds were used to settle the loans with DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore (Note 14b) and DnB NOR Bank ASA, Singapore and NIBC Bank Ltd. (Note 14q).

c. Pada tanggal 10 Mei 2011, PT Buana Listya Tama, anak perusahaan memperoleh Surat Pemberitahuan Efektif No. S-5214/BL/2011 dari Ketua Badan Pengawas Pasar Modal (Bapepam-LK) untuk Penawaran Umum Saham Perdana kepada para pemegang saham sejumlah 6.650.000.000 saham dengan nilai nominal Rp 100 setiap saham dan penerbitan 3.325.000.000 Waran Seri I dengan total penerimaan sekitar USD 114 juta. Persentase kepemilikan Perusahaan pada anak perusahaan tersebut berubah dari 100% sebelum penawaran umum menjadi 62,3% setelah penawaran umum saham perdana. Bagian Perusahaan dalam nilai aset bersih anak perusahaan tersebut pada tanggal 31 Desember 2010 sebelum penawaran umum saham perdana sebesar USD 176 juta dan proforma setelah penawaran umum saham perdana USD 181 juta. Saham PT Buana Listya Tama tersebut telah tercatat pada Bursa Efek Indonesia pada tanggal 23 Mei 2011.

c. On May 10, 2011, PT Buana Listya Tama, a subsidiary, obtained the notice of effectivity from the chairman of Bapepam-LK in his letter No. S-5214/BL/2011 for its Initial Public Offering to the stockholders of 6,650,000,000 shares with Rp 100 par value per share and issuance of 3,325,000,000 series I Warrants with total proceeds of about USD 114 million. The Company’s percentage of ownership before the Initial Public Offering (IPO) was 100% and became 62.3% after the IPO. The Company’s share in the net assets of the subsidiary as of December 31, 2010, prior to the IPO amounted to USD 176 million and, on a proforma basis, after the IPO amounted to USD 181 million. The shares of PT Buana Listya Tama were listed on the Indonesian Stock Exchange on May 23, 2011.




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41. PENGARUH KRISIS KEUANGAN GLOBAL TERHADAP PERUSAHAAN DAN ANAK PERUSAHAAN

41. THE IMPACT OF CURRENT ECONOMIC CONDITIONS TO THE COMPANY AND ITS SUBSIDIARIES

Sementara perdagangan dunia dan produksi industri menunjukkan tanda-tanda pemulihan pada tahun 2009 dan 2010, beberapa tantangan masih dihadapi industri pelayaran, termasuk antara lain, tarif pengiriman belum kembali ke tarif sebelum krisis. Kondisi tersebut memiliki pengaruh yang merugikan bagi operasi Perusahaan dan anak perusahaan. Hal ini menyebabkan Perusahaan dan anak perusahaan mengalami penurunan laba kotor dibandingkan dengan tahun lalu. Perusahaan dan anak perusahaan juga menderita rugi bersih sebesar USD 154.401 ribu pada tahun 2010 yang terutama disebabkan penurunan laba usaha dan peningkatan beban keuangan dan kerugian non operasi yang berasal dari perubahan nilai wajar obligasi konversi dan wesel bayar.

While global trade and industrial production showed signs of recovery in 2009 and 2010, there were still a number of challenges being faced by the shipping industry, which includes among others, freight rates which have not returned to pre-crisis level. These conditions had an adverse effect on the Company and its subsidiaries' operations. Accordingly, in 2010, the Company and its subsidiaries experienced lower gross profit compared with the prior year. The Company and its subsidiaries also incurred net loss of USD 154,401 thousand in 2010 which was principally due to decrease in income from operations, and increase in finance cost and non-operating losses arising from changes in the fair value of the convertible bonds and notes payable.

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:

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:

• 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

• Generate new long-term contracts across diversified geographic areas and industries;

• 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 39 atas laporan keuangan konsolidasi juga menggambarkan manajemen risiko keuangan 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 39 to the consolidated financial statements also describes the Company and its subsidiaries' financial 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 believe 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.

42. PENERAPAN STANDAR AKUNTANSI KEUANGAN BARU DAN REVISI (PSAK) DAN INTERPRETASI STANDAR AKUNTANSI KEUANGAN (ISAK)

42. ADOPTION OF NEW AND REVISED STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS (“PSAK”) AND INTERPRETATION OF PSAK (“ISAK”)

a. Standar yang berlaku efektif pada tahun berjalan

Pada tahun berjalan, Perusahaan menerapkan PSAK revisi berikut ini yang berlaku efektif untuk laporan keuangan yang dimulai pada atau setelah 1 Januari 2010:

a. Standards effective in the current year

In the current year, the Company adopted the following revised PSAKs which are effective for financial statements beginning on or after January 1, 2010:




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• PSAK 26 (revisi 2008), Biaya Pinjaman

• PSAK 50 (revisi 2006), Instrumen Keuangan: Penyajian dan Pengungkapan

• PSAK 55 (revisi 2006), Instrumen Keuangan: Pengakuan dan Pengukuran

• PSAK 26 (revised 2008), Borrowing Cost

• PSAK 50 (revised 2006), Financial Instruments: Presentation and Disclosures

• PSAK 55 (revised 2006), Financial Instruments: Recognition and Measurements

Menurut PSAK 26 (revisi 2008), biaya pinjaman yang dapat diatribusikan secara langsung dengan perolehan, konstruksi, atau pembuatan aset kualifikasian dikapitalisasi sebagai bagian biaya perolehan aset tersebut. Biaya pinjaman lainnya diakui sebagai beban. Penerapan standar ini tidak berpengaruh terhadap jumlah periode lalu dan sekarang, tetapi mempengaruhi jumlah biaya pinjaman masa mendatang.

PSAK 26 (revised 2008) requires borrowing costs that are directly attributable to the acquisition, construction, or production of qualifying asset to be capitalized as part of the cost of the asset. Other borrowing costs are recognized as expense. The application of this standard has had no impact on the prior and current year amounts, but may affect the accounting for future borrowing costs.

Penerapan PSAK 50 (revisi 2006) menghasilkan pengungkapan instrumen keuangan yang lebih luas termasuk beberapa pengungkapan kualitatif yang berkaitan dengan tujuan manajemen risiko keuangan.

The application of PSAK 50 (revised 2006) resulted in expanded disclosure on financial instruments, including some qualitative disclosures relating to financial risks and management objectives.

PSAK 55 (revisi 2006) memberikan panduan pada pengakuan dan pengukuran instrumen keuangan dan kontrak untuk membeli item non-keuangan. Antara lain, penerapan standar ini memerlukan penggunaan metode suku bunga efektif ketika aset atau kewajiban diukur pada biaya perolehan diamortisasi. Selain itu, PSAK ini juga mengubah cara Perusahaan dan dalam mengukur penurunan nilai aset keuangan tergantung pada klasifikasi instrumen keuangan. Karena PSAK ini diterapkan secara prospektif, penerapan awal tidak memiliki pengaruh atas jumlah yang dilaporkan di tahun 2009.

PSAK 55 (revised 2006) provides guidance on the recognition and measurement of financial instruments and some contracts to buy non-financial items. Among other things, the application of this standard requires the use of effective interest rate method when an asset or liability is measured at amortized cost. Additionally, this PSAK also changes the way the company measure the impairment loss of financial assets depending on the classification of the financial instrument. Because this PSAK is applied prospectively, the initial adoption has had no impact on amounts reported for 2009.

b. Standar dan interpretasi telah diterbitkan tapi belum efektif

b. Standards and Interpretations in issue not yet effective

i. Efektif untuk periode yang dimulai pada atau setelah 1 Januari 2011:

i. Effective for periods beginning on or after January 1, 2011:

• PSAK 1 (revisi 2009), Penyajian Laporan Keuangan

• PSAK 2 (revisi 2009), Laporan Arus Kas

• PSAK 3 (revisi 2010), Laporan Keuangan Interim

• PSAK 4 (revisi 2009), Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri

• PSAK 5 (revisi 2009), Segmen Operasi

• PSAK 7 (revisi 2010), Pengungkapan pihak-pihak berelasi

• PSAK 8 (revisi 2010), Peristiwa Setelah Periode Pelaporan

• PSAK 12 (revisi 2009), Bagian Partisipasi dalam Ventura Bersama

• PSAK 15 (revisi 2009), Investasi pada Entitas Asosiasi

• PSAK 19 (revisi 2010), Aset Tak Berwujud

• PSAK 1 (revised 2009), Presentation of Financial Statements

• PSAK 2 (revised 2009), Statement of Cash Flows

• PSAK 3 (revised 2010), Interim Financial Reporting

• PSAK 4 (revised 2009), Consolidated and Separate Financial Statements

• PSAK 5 (revised 2009), Operating Segments

• PSAK 7 (revised 2010), Related Party Disclosures

• PSAK 8 (revised 2010), Events after the Reporting Period

• PSAK 12 (revised 2009), Interest in Joint Ventures

• PSAK 15 (revised 2009), Investments in Associates

• PSAK 19 (revised 2010), Intangible Assets




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• PSAK 22 (revisi 2010), Kombinasi Bisnis

• PSAK 23 (revisi 2010), Pendapatan • 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

• PSAK 58 (revisi 2009), Aset Tidak Lancar yang Dimiliki untuk Dijual dan Operasi yang Dihentikan

• ISAK 7 (revisi 2009), Konsolidasi Entitas Bertujuan Khusus

• ISAK 9, Perubahan atas Liabilitas Aktivitas Purnaoperasi, 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 • ISAK 14, Aset Tak Berwujud – Biaya Situs

Web • ISAK 17, Laporan Keuangan Interim dan

Penurunan Nilai

• PSAK 22 (revised 2010), Business Combinations

• PSAK 23 (revised 2010), Revenue • 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

• ISAK 7 (revised 2009), Consolidation – Special Purpose Entities

• ISAK 9, Changes in Existing Decommissioning, Restoration and Similar Liabilities

• ISAK 10, Customer Loyalty Programmes • ISAK 11, Distribution of Non-cash Assets

to Owners • ISAK 12, Jointly Controlled Entities -

Non-monetary Contributions by Venturers • ISAK 14, Intangible Assets – Web Site

Cost • ISAK 17, Interim Financial Reporting and

Impairment

ii. Efektif untuk periode yang dimulai pada atau setelah 1 Januari 2012:

ii. Effective for periods beginning on or after January 1, 2012:

• PSAK 10 (revisi 2010), Pengaruh Perubahan Nilai Tukar Valuta Asing

• PSAK 18 (revisi 2010), Akuntansi dan Pelaporan Program Manfaat Purnakarya

• PSAK 24 (revisi 2010), Imbalan Kerja

• PSAK 34 (revisi 2010), Kontrak Konstruksi

• PSAK 46 (revisi 2010), Pajak Penghasilan • PSAK 50 (revisi 2010), Instrumen

Keuangan: Penyajian • PSAK 53 (revisi 2010),Pembayaran

Berbasis Saham • PSAK 60, Instrumen Keuangan:

Pengungkapan • PSAK 61, Akuntansi Hibah Pemerintah

dan Pengungkapan Bantuan Pemerintah

• ISAK 13, Lindung Nilai Investasi Neto dalam Kegiatan Usaha Luar Negeri

• ISAK 15, Batas Aset Manfaat Pasti, Persyaratan Minimum dan Interaksinya

• ISAK 18, Bantuan Pemerintah – Tidak Ada Relasi Spesifik dengan Aktivitas Operasi

• ISAK 20, Pajak Penghasilan – Perubahan dalam status Pajak Entitas atau Para Pemegang Sahamnya.

• PSAK 10 (revised 2010), The Effects of Changes in Foreign Exchange Rates

• PSAK 18 (revised 2010), Accounting and Reporting by Retirement Benefit Plans

• PSAK 24 (revised 2010), Employee Benefits

• PSAK 34 (revised 2010), Construction Contracts

• PSAK 46 (revised 2010), Income Taxes • PSAK 50 (revised 2010), Financial

Instruments: Presentation • PSAK 53 (revised 2010), Share-based

Payments • PSAK 60, Financial Instruments:

Disclosures • PSAK 61, Accounting for Government

Grants and Disclosure of Government Assistance

• ISAK 13, Hedges of Net Investments in Foreign Operations

• ISAK 15, The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction

• ISAK 18, Government Assistance – No Specific Relation to Operating Activities

• ISAK 20, Income Taxes – Change in Tax Status of an Entity or its Shareholders




- 102 -

Standar dan interpretasi baru/revisi ini merupakan hasil konvergensi Standar Pelaporan Keuangan Internasional (International Financial Reporting Standards).

These new/revised standards and interpretations resulted from convergence to International Financial Reporting Standards.

Sampai dengan tanggal penerbitan laporan keuangan konsolidasi, manajemen sedang mengevaluasi dampak dari standar dan interpretasi terhadap laporan keuangan, dan dapat diketahui bahwa di antara PSAK-PSAK yang akan berlaku pada tahun 2011, PSAK 1, Penyajian Laporan Keuangan, akan memberikan beberapa perubahan signifikan dalam penyajian laporan keuangan. PSAK 1 mensyaratkan entitas, antara lain:

As of the issuance date of the consolidated financial statements, management is evaluating the effect of these standards and interpretations on the financial statements, and could foresee that among those PSAKs that will take effect in 2011, PSAK 1, Presentation of Financial Statements, will bring some significant changes in the financial statement presentation. PSAK 1 requires an entity, among other things:

• Untuk menyajikan dalam laporan perubahan ekuitas, seluruh perubahan pemilik dalam ekuitas. Semua perubahan non-pemilik dalam ekuitas (contohnya pendapatan komprehensif) diminta untuk disajikan dalam satu laporan pendapatan komprehensif atau dalam dua laporan terpisah (laporan laba rugi dan laporan pendapatan komprehensif).

• To present, in a statement of changes in equity, all owner changes in equity. All non-owner changes in equity (i.e. comprehensive income) are required to be presented in one statement of comprehensive income or in two statements (a separate income statement and a statement of comprehensive income).

• Untuk menyajikan laporan posisi keuangan pada permulaan dari periode komparatif terawal dalam suatu laporan keuangan lengkap apabila entitas menerapkan kebijakan akuntansi secara retrospektif atau membuat penyajian kembali retrospektif sesuai dengan PSAK 25.

• To present a statement of financial position as at the beginning of the earliest comparative period in a complete set of financial statements when an entity applies an accounting policy retrospectively or makes a retrospective restatement in accordance with PSAK 25.

• Untuk menyajikan kepentingan non pengendali sebagai bagian dari ekuitas (sebelumnya disebut hak minoritas).

• To present as part of equity the non-controlling interest (previously called minority interest).

43. PERSETUJUAN LAPORAN KEUANGAN KONSOLIDASI

43. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS

Laporan keuangan konsolidasi dari halaman 3 sampai dengan 102 telah disetujui Direksi Perusahaan untuk diterbitkan tanggal 8 Juni 2011.

The consolidated financial statements on pages 3 to 102 were approved by the Company’s Directors and authorized for issue on June 8, 2011.

********

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

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, 2010 and 2009

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 SUBSIDIARIESCONSOLIDATED STATEMENTS OF FINANCIAL POSITIONDECEMBER 31, 2010 AND 2009

Notes 2010 2009US$'000 US$'000

ASSETS

NON-CURRENT ASSETSProperty, vessels and equipment - net 6 2,346,239 1,991,975 Deferred charges and security deposits 7 22,562 23,081 Goodwill 8 75,739 75,739 Investments in associates 9 7,955 76,125 Available-for-sale investments 12 34,302 - Derivative financial instruments 26 - 16,944

Total Non-Current Assets 2,486,797 2,183,864

CURRENT ASSETSDerivative financial instruments 26 - 2,259 Inventories 10 16,281 15,604 Trade accounts receivable 11 160,166 129,976 Other accounts receivable and other current assets 11,820 7,350 Prepaid expenses and taxes 17,572 10,786 Advances 13,801 8,546 Short-term investments 12 79,964 44,898 Cash 13 84,284 118,732

Total Current Assets 383,888 338,151

TOTAL ASSETS 2,870,685 2,522,015

See accompanying notes to consolidated financial statementswhich are an integral part of the consolidated financial statements.

December 31,

- 3 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF FINANCIAL POSITIONDECEMBER 31, 2010 AND 2009 (Continued)

Notes 2010 2009US$'000 US$'000

EQUITY AND LIABILITIES

CAPITAL AND RESERVESShare capital 14 109,575 70,936 Additional paid-in capital 15 209,003 115,001 Treasury stocks 16 (86,628) (86,628) Translation adjustment 1,009 414 Net unrealized gain on available-for-sale investments 12 - 757 Revaluation reserve 17 300,731 235,671 Retained earnings 184,519 312,608

Total Equity 718,209 648,759

NON-CURRENT LIABILITIESLong-term liabilities - net of current maturities

Loans from financial institutions 18 708,505 771,454 Bonds payable 19 148,261 141,512 Notes payable 20 316,000 249,809 Obligations under finance lease 21 342,769 228,925 Other loans from non-financial institutions 22 17,634 11,228

Deferred income 23 1,850 2,058 Post-employment benefits 24 5,180 4,126 Convertible bonds 25 165,057 -Derivative financial instruments 26 75,775 17,407

Total Non-Current Liabilities 1,781,031 1,426,519

CURRENT LIABILITIESDerivative financial instruments 26 - 10,877 Short-term bank loans 27 14,459 65,225 Other loans from non-financial institutions 22 10,200 -Trade accounts payable 28 63,943 35,179 Other current liabilities 4,642 7,894 Dividends payable 486 468 Taxes payable 29 1,665 957 Accrued expenses 30 44,452 45,347 Unearned revenue 551 708 Current maturities of long-term liabilities

Loans from financial institutions 18 178,661 140,414 Bonds payable 19 - 6,355 Obligations under finance lease 21 49,383 32,572 Other loans from non-financial institutions 22 3,003 1,181 Convertible bonds 25 - 99,560

Total Current Liabilities 371,445 446,737

TOTAL EQUITY AND LIABILITIES 2,870,685 2,522,015


December 31,

- 4 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEFOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

Notes 2010 2009US$'000 US$'000

Operating Revenues 31 656,854 618,346 Voyage Expenses 32 (221,201) (176,087)

Operating Revenues after Voyage Expenses 435,653 442,259 Charter Expenses (55,763) (55,573) Vessel depreciation and ship operating expenses

Ship operating expenses 33 (139,854) (120,860) Vessel depreciation 6 (145,583) (133,589)

(285,437) (254,449)

Gross Profit 94,453 132,237 General and Administrative 34 (33,176) (31,153)

Income before financial and other items 61,277 101,084

Net financial and other itemsFinance cost 35 (137,599) (111,514) Investment income 36 8,303 18,426 Share in profits of associates 9 384 9,621 Other gains and losses 37 (81,307) (133,660)

(210,219) (217,127)

Loss Before Tax (148,942) (116,043) Tax Expense 29 (1,185) (961)

Loss for the Year (150,127) (117,004)

Other Comprehensive IncomeTranslation adjustment 595 16 Net revaluation during the year 17 87,098 37,137 Net gain (loss) on revaluation of available-for-sale investments (757) 2,622

Other Comprehensive Income for the Year 86,936 39,775

Total Comprehensive Loss for the Year (63,191) (77,229)

Loss Per Share 38Basic (cents per share)

As originally reported (0.0168) (0.0229) As restated for the 2010 rights issue - (0.0191)


Years ended December 31,

- 5 -

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- 6 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIODS ENDED DECEMBER 31, 2010 AND 2009

2010 2009US$'000 US$'000

CASH FLOWS FROM OPERATING ACTIVITIESReceipts from customers 626,664 582,216Payments to suppliers and employees (503,645) (356,907)Interest paid (102,581) (120,646)Profit sharing paid (7,488) (2,307)Income tax paid (1,206) (932)Receipts from insurance claim 631 215

Net Cash Generated from Operating Activities 12,375 101,639

CASH FLOWS FROM INVESTING ACTIVITIESWithdrawal of temporary investments 91,643 139,124Net proceeds from sale of property, vessels and equipment 1,070 50,075Placement of temporary investments (110,455) (48,176)Acquisitions of property, vessels and equipment (328,104) (137,297)Interest received 7,071 1,068Decrease (increase) in advances for the purchase of property, vessels

and equipment 16,028 (46,905)Proceeds from sale (acquisition) of associates and subsidiary 34,270 (66,231)

Net Cash Used in Investing Activities (288,477) (108,342)

CASH FLOWS FROM FINANCING ACTIVITIESProceeds from bank loans and loans from financial institutions 127,743 290,868Proceeds from loans from non-financial institutions 19,610 -Payments of bank loans and loans from financial institutions (182,805) (323,756)Payments of bonds payable and convertible bonds (95,331) -Payment of obligations under finance lease (25,849) (11,709)Dividends paid - (2,103)Payment of dividends payable (3) -Proceeds from issuance of bonds payable and convertible bonds 120,329 48,520Proceeds from reissuance of notes payable and convertible bonds 18,082 -Payment of loans from non-financial institutions (1,182) (591)Proceeds from sale and leaseback transactions 130,000 -Proceeds from issuance of new shares through rights issue 132,641 58,746

Net Cash Generated from Financing Activities 243,235 59,975

NET INCREASE (DECREASE) IN CASH (32,867) 53,272

EFFECT OF EXCHANGE RATE CHANGES ON CASH (1,581) 210

CASH AT BEGINNING OF YEAR 118,732 65,250

CASH AT END OF YEAR 84,284 118,732


December 31,

- 7 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED

- 8 -

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 2010, the Company’s articles of association have been amended as stated in notarial deed No. 26 dated July 29, 2010 of Amrul Partomuan Pohan S.H., LLM, notary in Jakarta, concerning, among others, 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 and Financial Institution Supervisory Agency (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&LK 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&LK 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.

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued)

- 9 -

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. On February 10, 2010 and March 29, 2010, BLT International Corporation, a subsidiary, issued US$ 100 million and US$ 25 million, respectively, 12% Guaranteed Convertible Bonds due 2015.

On June 30, 2010, the Company obtained the notice of effectivity from the Chairman of Bapepam&LK in his letter No. S-5872/BL/2010 for its Rights Issue V with Pre-emptive Rights to stockholders. In connection with such rights issue, the Company issued 5,569,240,235 new common shares at Rp 220 per share.

As of December 31, 2010 and 2009, issued shares of 11,550,831,470 and 5,981,591,235, respectively, 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 IAS 1 Presentation of Financial Statements (as part of Improvements to IFRSs issued in 2009)

• Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards – Additional Exemptions for First-time Adopters

• Amendments to IFRS 2 Share-based Payment – Group Cash-settled Share-based Payment Transactions

• Amendments to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (as part of Improvements to IFRSs issued in 2008)

• Amendments to IAS 7 Statement of Cash Flows (as part of Improvements to IFRSs issued in 2009)

• Amendments to IAS 39 Financial Instruments: Recognition and Measurement – Eligible Hedged Items

• IFRIC 17 Distributions of Non-cash Assets to Owners

• IFRIC 18 Transfers of Assets from Customers

• Improvements to IFRSs issued in 2009

• IFRS 3 (Revised) Business Combinations

• IAS 27 (Revised) Consolidated and Separate Financial Statements

• IAS 28 (Revised) Investments in Associates


- 10 -

The amendments to IAS 1 clarify that the potential settlement of a liability by the issue of equity is not relevant to its classification as current or noncurrent. In line with the revised Standard, the Company and its subsidiaries have classified the liability component of convertible bonds issued in the current year as non-current based on when cash settlement is required to be made.

The adoption of IFRS 3 (Revised), has resulted to terminology changes. In line with the adoption of the revised standard the Company and its subsidiaries have elected to measure non-controlling interests at fair value at the date of acquisition. IFRS 3 (Revised) also requires acquisition-related costs to be accounted for separately from the business combination, generally leading to those costs being recognised as an expense in profit or loss as incurred, whereas previously they were accounted for as part of the cost of the acquisition.

The application of IAS 27 (2008) has resulted to change in the accounting policies with respect to change in ownership interest in associates. Under IAS 27 (2008), when significant influence over an associate is lost, the investor measures any investment retained in the former associate at fair value, with any consequential gain or loss recognised in profit or loss.

This change in policy has affected the accounting for the partial disposal of 49% ownership of Asean Maritime Corporation in Nevaeh Limited and effective interests in Brilliant Hero Industrial Limited and Jiangsu Xinrong Shipyard Company Limited, in the current year. The difference of US$ 524 thousand between the carrying amount of the interest retained in Jiangsu Xinrong Shipyard Company Limited and its fair value has been recognised in profit or loss in the current year. Had the Company and its subsidiaries’ previous accounting policy been followed, the carrying amount of the investment retained would have been regarded as cost for the purpose of subsequent accounting as an available-for-sale investment under IAS 39 Financial Instruments: Recognition and Measurement and the movement in fair value would have been recognised in other comprehensive income. The profit reported for 2010 has therefore been increased by US$ 524 thousand as a result of the change in accounting policy. This increase will be offset by a decrease in profits of an equivalent amount when the investment is disposed of in future accounting periods.

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:

Description Effective for accounting periods beginning on or after:

• Amendments to IAS 32, Classification of Rights Issues

1 February 2010

• Amendments to IFRS 1, Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters

1 July 2010

• IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments

1 July 2010

• Improvements to IFRSs issued in 2010 1 July 2010 and 1 January 2011, as appropriate

• Amendment to IFRIC 14, Prepayments of a Minimum Funding Requirement

1 January 2011

• IAS 24 (2009), Related Party Disclosures 1 January 2011

• Amendments to IFRS 7, Financial Instruments – Disclosures (as part of Improvements to IFRSs issued in 2010)

1 January 2011


- 11 -

Description Effective for accounting periods beginning on or after:

• Amendments to IAS 1, Presentation of Financial Statements (as part of Improvements to IFRSs in 2010)

1 January 2011

• Amendments to IFRS 7, Disclosures – Transfers of Financial Assets

1 July 2011

• IFRS 9 (as amended in 2010), Financial Instruments

1 January 2013

• IFRS 10, Consolidated Financial Statements 1 January 2013

• IFRS 11, Joint Arrangements 1 January 2013

• IFRS 12, Disclosure of Interests in Other Entities

1 January 2013

• IFRS 13, Fair Value Measurement 1 January 2013

• IAS 27, Consolidated and Separate Financial Statements – Reissued as IAS 27, Separate Financial Statements (as amended in 2011)

1 January 2013

• IAS 28, Investments in Associates – Reissued as IAS 28, Investments in Associates and Joint Ventures (as amended in 2011)

1 January 2013

The amendments to IAS 32, Classification of Rights Issues, address the classification of certain rights issues denominated in a foreign currency as either an equity instrument or as a financial liability. If the Company and its subsidiaries do enter into any arrangements that would fall within the scope of the amendments in future accounting periods, the amendments to IAS 32 will have an impact on the classification of those rights issues.

IFRIC 19 provides guidance regarding the accounting for the extinguishment of a financial liability by the issue of equity instruments. In particular, under IFRIC 19, equity instruments issued under such arrangements will be measured at their fair value, and any difference between the carrying amount of the financial liability extinguished and the fair value of equity instruments issued will be recognised in profit or loss.

The amendments to IFRS 7 titled Disclosures – Transfers of Financial Assets increase the disclosure requirements for transactions involving transfers of financial assets. These amendments are intended to provide greater transparency around risk exposures when a financial asset is transferred but the transferor retains some level of continuing exposure in the asset. The amendments also require disclosures where transfers of financial assets are not evenly distributed throughout the period.

IFRS 9, Financial Instruments introduces, new requirements for the classification and measurement of financial assets and financial liabilities 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 but can still be classified as fair value through profit or loss, if certain criteria are met. All other debt investments and equity investments are measured at fair value through profit or loss except that for equity securities, there is an option to classify as fair value through other comprehensive income. The application of IFRS 9 might affect the classification and measurement of the Company and its subsidiaries’ financial assets.


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The most significant effect of IFRS 9 regarding the classification and measurement of financial liabilities relates to the accounting for changes in fair value of a financial liability (designated as at fair value through profit or loss) attributable to changes in the credit risk of that liability. Specifically, under IFRS 9, for financial liabilities that are designated as at fair value through profit or loss, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in other comprehensive income, unless the recognition of the effects of changes in the liability's credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. Changes in fair value attributable to a financial liability's credit risk are not subsequently reclassified to profit or loss. Previously, under IAS 39, the entire amount of the change in the fair value of the financial liability designated as at fair value through profit or loss was recognised in profit or loss.

The management anticipates that IFRS 9 will have a significant impact on amounts reported in respect of the Company and its subsidiaries financial liabilities carried at fair value through profit or loss.

IFRS 12, Disclosure of Interests in Other Entities, requires entities to disclose information that helps users of its consolidated financial statements evaluate the nature of and risks associated with its interests in subsidiaries, associates or joint arrangements, and the effects of those interests on its consolidated financial statements. The disclosures are extensive and significant effort may be required from the Company and its subsidiaries to accumulate the necessary information.

IFRS 13, Fair Value Measurement, establishes a single framework for measuring fair value, where that is required by other standards.

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 vessels and certain financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. 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).

Historical cost is generally based on the fair value of the consideration given in exchange for assets.

The principal accounting policies are set out below.

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.

Income and expenses 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.


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All intra-company transactions, balances, income and expenses are eliminated on consolidation.

Changes in the ownership interests of the Company and its subsidiaries’ in subsidiaries that do not result in the Company and its subsidiaries losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Company and its subsidiaries’ interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company.

When the Company and its subsidiaries lose control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognised in other comprehensive income and accumulated in equity, the amounts previously recognised in other comprehensive income and accumulated in equity are accounted for as if the Company had directly disposed of the relevant assets (i.e. reclassified to profit or loss or transferred directly to retained earnings as specified by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IAS 39 Financial Instruments: Recognition and Measurement or, when applicable, the cost on initial recognition of an investment in an associate or a jointly controlled entity.

c. Business combinations

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred, liabilities incurred or assumed and equity interests issued by the Company and its subsidiaries in exchange for control of the acquiree. Acquisition-related costs are generally recognised in profit or loss as incurred.

The acquiree’s identifiable assets, liabilities assumed and contingent liabilities that meet the condition for recognition are recognised at their fair value at the acquisition date, except that:

• deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12, Income Taxesand IAS 19, Employee Benefits respectively;

• liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Company and its subsidiaries entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2, Share-based Payment at the acquisition date; and

• assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5,Non-current Assets Held for Sale and Discontinued Operations are measured accordance with that Standard.

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.


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Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests' proportionate share of the recognised amounts of the acquiree's identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. Other types of non-controlling interests are measured at fair value or, when applicable, on the basis specified in another IFRS.

When the consideration transferred by the Company and its subsidiaries in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IAS 39, or IAS 37 Provisions, Contingent Liabilities and Contingent Assets, as appropriate, with the corresponding gain or loss being recognised in profit or loss.

When a business combination is achieved in stages, the Company and its subsidiaries’ previously held equity interest in the acquiree is remeasured to fair value at the acquisition date (i.e. the date when the Company and its subsidiaries obtain control) and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company and its subsidiaries reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date.

Business combinations that took place prior to 1 January 2010 were accounted for in accordance with the previous version of IFRS 3.

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 consolidated 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 post-acquisition 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 and its subsidiaries’ interest in those associates are not recognized, unless the Company and its subsidiaries have incurred legal or constructive obligations or made payments on behalf of the associate.


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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.

The requirements of IAS 39 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group’s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36, Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount, Any impairment loss recognised forms part of the carrying amount of the the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases.

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.

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.


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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.

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 20 Oil tanks 10 Transportation equipment 5 Office furniture and fixtures 5 Office and dormitory equipment 5


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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 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.

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 arising on an acquisition of a business is carried at cost as established at the date of acquisition less any accumulated impairment losses.

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 subsequent periods.

On disposal of the relevant cash-generating unit, 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.


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The cost of providing post-employment benefits is determined using the Projected Unit Credit Method with actuarial valuations being carried out at the end of each reporting period. 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.

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.


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l. Financial Assets

All financial assets are recognised and derecognised on trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the time frame established by the market concerned, and are initially measured at fair value plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value.

Financial assets are classified into the following categories: either as financial assets at ‘fair value through profit or loss’, ‘held-to maturity’, ‘available-for-sale' (AFS) financial assets’ and ‘loans and receivables'. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition.

Effective Interest Method

The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Income is recognised on an effective interest basis for debt instruments.

Financial Assets at Fair Value through Profit or Loss (FVTPL)

Financial assets are classified as at FVTPL when the financial asset is either held for trading or it is designated as at FVTPL.

A financial asset is classified as held for trading if:

• it has been acquired principally for the purpose of selling it in the near term; or

• on initial recognition it is part of a portfolio of identified financial instruments that the Group 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 asset other than a financial asset 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 asset 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 Group's 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.


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Financial assets at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any dividend or interest earned on the financial asset and is included in the ‘other gains and losses' line item in the consolidated statement of comprehensive income. Fair value is determined in the manner described in Note 43E.

Held-to-Maturity Investments

Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturity dates that the Company and its subsidiaries have the positive intent and ability to hold to maturity. Subsequent to initial recognition, held-to-maturity investments are measured at amortised cost using the effective interest method less any impairment.

Available-for-Sale Investments (AFS)

AFS financial assets are non-derivative financial assets that are either designated in this category or not classified in other categories and are initially measured at fair value plus directly attributable transaction cost.

At subsequent reporting dates, available-for-sale investments except, unquoted AFS equity investments, are stated at fair value. Fair value is determined in the manner described in Note 43E. 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.

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.

AFS equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured and derivatives that are linked to and must be settled by delivery of such unquoted equity investments are measured at cost less any identified impairment losses at the end of each reporting period.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables (including trade and other accounts receivables, bank balances and cash, and advances) are measured at amortised cost using the effective interest method, less any impairment.

Interest income is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.

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.


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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.

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

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.

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.

Derecognition of Financial Assets

The Company and its subsidiaries derecognise a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company and its subsidiaries neither transfer nor retain substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company and its subsidiaries recognise their retained interest in the asset and an associated liability for amounts it may have to pay. If the Company and its subsidiaries retain substantially all the risks and rewards of ownership of a transferred financial asset, the Company and its subsidiaries continue to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.


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On derecognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit or loss.

On derecognition of a financial asset other than in its entirety (e.g. when the Company and its subsidiaries retain an option to repurchase part of a transferred asset or retains a residual interest that does not result in the retention of substantially all the risks and rewards of ownership and the Company and its subsidiaries retain control), the Company and its subsidiaries allocate the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration received for the part no longer recognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income is recognised in profit or loss. A cumulative gain or loss that had been recognised in other comprehensive income is allocated between the part that continues to be recognised and the part that is no longer recognised on the basis of the relative fair values of those parts.

m. 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.

Repurchase of the Company's own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company's own equity instruments.

Financial Liabilities

The financial liabilities of the Company and its subsidiaries are classified as either financial liabilities at fair value through profit and loss or other financial liabilities.

Financial liabilities at fair value through profit and loss (FVTPL)

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


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• 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. Fair value is determined in the manner described in Note 43E.

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.

Effective Interest Method

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.

Derecognition of Financial Liabilities

The Company and its subsidiaries derecognise financial liabilities when, and only when, the obligations of the Company and its subsidiaries are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

n. Derivative Financial Instruments

Derivative financial instruments are categorized as FVTPL and 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.

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.

o. 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.


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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 when it is probable that the economic benefits will flow to the Company and its subsidiaries. Interest income is accrued 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.

p. 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.

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.


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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.

q. Finance Cost

Interest expense and similar charges are expensed in the year when they are incurred.

r. Loss per Share

Basic loss per share is computed by dividing loss for the year by the weighted average number of shares outstanding during the year.

Diluted loss per share is computed by dividing loss for the year by the weighted average number of shares outstanding as adjusted for the effect of all dilutive potential ordinary shares.

s. Impairment of Tangible Assets Other than Goodwill

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 for which the estimated of future cash flows have not been adjusted.

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.

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 a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.


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t. 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 2010 and 2009.

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 loss on sale of vessels of US$ 2,900 thousand in 2010 and a net gain on sale of vessels of US$ 2,482 thousand in 2009.

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, In 2010, the Directors are satisfied that the Company retained the risks and rewards incidental to ownership of the vessels and that recognition of the lease transaction as finance leases are appropriate. In 2009, 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 are 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.

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, 2010 and 2009 amounted to US$ 2,131 million and US$ 1,812 million, respectively.


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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 market conditions 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, 2010 and 2009 amounted to US$ 75,739 thousand each year (Note 8).

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.


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5. CONSOLIDATED SUBSIDIARIES

Details of the Company’s subsidiaries, whether owned directly or indirectly, are as follows:

Subsidiary Domicile Type of Business 2010 2009

1. Indigo Pacific Corporation Labuan, Malaysia Investment holding 100% 100%1.1 Indigo Pacific Corporation British Virgin Investment holding 100% 100%

Islands 1.1.1 Melani Mari ime Inc. Panama Owner and operator 100% 100%

of vessel1.1.2 Zona Overseas International Panama Owner and operator 100% 100%

Shipping S.A. of vessel1.1.3 Kun i Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.4 Jembawati Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.5 Tirtasari Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.6 Pergiwo Naviga ion Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.7 Fatmarini Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.8 Harsanadi Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.9 Hartati Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.10 BLT Finance Corpora ion British Virgin Financing 100% 100%

Islands1.1.11 Pujawati Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.12 Pertiwi Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.13 Anggraini Mari ime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.14 Emerald Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.15 BLT Finance B.V. The Netherlands Financing 100% 100%1.1.16 Tridonawati Mari ime Corporation Liberia Owner and operator 100% 100%

of vessel1.1.17 Purbasari Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.18 Tridonawati Mari ime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.19 Trirasa Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.20 Pramoni Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.21 Fatmarini Shipping Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.22 Frabandari Shipping Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.23 Harsanadi Shipping Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.24 Hartati Shipping Pte. Ltd Singapore Owner and operator 100% 100%

of vessel1.1.25 Nogogini Shipping Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.26 Nolowati Shipping Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel1.1.27 Ratih Shipping Pte. Ltd. Singapore Owner and operator 100% 100%

1.1.28 Universal Grace Ltd. Hong Kong *** Owner and operator 100% -of vessel

2 Diamond Pacific International Labuan, Malaysia Investment holding 100% 100% Corpora ion

Percentage of Ownership

and Voting Power Held


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2.1 Diamond Pacific International British Virgin Investment holding 100% 100% Corporation Islands

2.1.1 Lenani Mari ime Inc. Panama Owner and operator 100% 100%of vessel

2.1.1.1 Ontari Maritime Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

2.1.2 Averina Maritime S.A. Panama Shipping agency 100% 100%2.1.3 Gandari Navigation Pte. Ltd. Singapore Operator of vessel 100% 100%2.1.4 GBLT Shipmanagement Pte. Ltd. Singapore Ship management 100% 100%

2.1.4.1 GBLT Shipmanagement Ltd. United Kingdom Ship management 100% 100%

2.1.4.1.1 Harsanadi Shipping Ltd. United Kingdom Operator of Vessel 100% 100%

2.1.4.1.2 Harta i Shipping Ltd. United Kingdom Operator of Vessel 100% 100%

2.1.4.1.3 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 Owner and operator 100% 100%of vessel

2.1.6 Frabandari Maritime Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

2.1.7 Brotojoyo Maritime Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

2.1.8 Berlian Laju Tanker Pte. Ltd. Singapore Operator of Vessel 100% 100%

2.1.9 Anjasmoro Mari ime Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

2.1.10 Gas Lombok Mari ime Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

2.1.11 Gas Sumbawa Mari ime Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

2.2 BLT LNG Tangguh Corporation Marshall Islands Owner and operator 100% 100%of vessel

3. Asean Maritime Corporation Labuan, Malaysia Investment holding 100% 100%

3.1 Gold Bridge Shipping British Virgin Investment holding 100% 100% Corpora ion Islands

3.1.1 Bauhinia Navigation S.A. Panama Owner and operator 100% 100%of vessel

3.1.2 Cempaka Navigation S A. Panama Owner and operator 100% 100%of vessel

3.1.3 Gold Bridge Shipping Ltd. Hong Kong Shipping agency 100% 100%

3.1.3.1 BLT Shipping Shanghai Co. Ltd. China Shipping agency 100% 100%

3.1.4 Great Tirta Shipping S.A. Panama Owner and operator 100% 100%of vessel

3.1.4.1 Dewayani Mari ime Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.1.5 Hopeway Marine Inc. Panama Owner and operator 100% 100%of vessel

3.1.6 Lestari International Panama Owner and operator 100% 100% Shipping S.A. of vessel

3.1.6.1 Gandini Maritime Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.1.7 Quimera Mari ime S.A. Panama Owner and operator 100% 100%of vessel

3.1.8 South Eastern Overseas Panama Owner and operator 100% 100% Navigation S.A. of vessel

3.1.9 Zenith Overseas Maritime S A. Panama Owner and operator 100% 100%of vessel

3.1.9.1 Gandari Maritime Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.1.10 Zona Shipping S A. Panama Owner and operator 100% 100%of vessel

Percentage of Ownership

and Vo ing Power Held


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3.1.11 Dahlia Navigation S.A. Panama Owner and operator 100% 100%of vessel

3.1.12 Eglantine Navigation S.A. Panama Owner and operator 100% 100%of vessel

3.1.13 Wulansari Maritime Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.1.14 Yanaseni Mari ime Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.1.15 Indradi Maritime Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.1.16 Gold Bridge Logistic Ltd. Hong Kong **** Investment holding - 100%

3.1.16.1Beihai New Resources Logistic China **** Storage service - 100% Corporation

3.1.17 Gold Bridge Shipping Agencies S.A. Panama Shipping agency 100% 100%3.1.18 Elite Bauhinia Navigation Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.19 Cempaka Navigation Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.20 Dahlia Navigation Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.21 Freesia Navigation S.A. Panama Owner and operator 100% 100%

of vessel3.1.22 Gerbera Navigation S.A. Panama Owner and operator 100% 100%

of vessel3.1.23 Mustokoweni Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.24 Ulupi Mari ime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.25 Erowati Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.26 Gas Papua Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.27 Rasawulan Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.28 Gas Sulawesi Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.29 Tribuana Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.30 Gagarmayang Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.31 Prita Dewi Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.32 Purwati Martime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.33 Trijata Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.34 Pradapa Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.35 Pergiwati Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.36 Badraini Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.37 Barunawati Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.38 Gas Maluku Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel3.1.39 Barawati Maritime Pte. Ltd. Singapore Owner and operator 100% 100%

of vessel

Percentage of Ownershipand Voting Power Held


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3.1.40 Gas Bali Maritime Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.1.41 Eustoma Navigation S.A. Panama Owner and operator 100% 100%of vessel

3.1.42 Puspawati Maritime Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

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 Interna ional Corp. British Virgin Investment holding 100% 100%Islands

3.1.45.1 Richesse Logistics (International) Hong Kong Investment holding 100% 100% Ltd.

3.1.45.1.1 Richesse Logistics (Fangcheng China Storage and sale of 100% 100% Port) Co. Ltd. chemical products

3.1.46 Hyacinth Navigation S.A. Panama Owner and operator 100% 100%of vessel

3.1.47 Irish Maritime Interna ional S.A Panama Owner and operator 100% 100%of vessel

3.2 BLT Chembulk Corp. BVI British Virgin Investment holding 100% 100%Islands

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%vessel

3.2.1.2 Chembulk Management LLC United States of Ship management 100% 100%America

3.2.1.3 Chembulk Management B.V. The Netherlands Ship management 100% 100%

3.2.1.4 Chembulk Management Pte. Ltd. Singapore Ship management 100% 100%

3.2.1.5 CBL Tankers Do Brazil Ltda. Brazil Ship management 100% 100%

3.2.1.6 BLT Chembulk Group Corporation British Virgin *** Operator of vessel 100% -Islands

3.2 2 Chembulk Barcelona Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.2 3 Chembulk Gibraltar Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.2.4 Chembulk Hong Kong Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.2 5 Chembulk Houston Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.2.6 Chembulk Kobe Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.2.7 Chembulk New York Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.2 8 Chembulk Savannah Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.2 9 Chembulk Shanghai Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.2.10 Chembulk Ulsan Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.2.11 Chembulk Virgin Gorda Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.2.12 Chembulk Yokohama Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.2.13 Chembulk New Orleans Pte. Ltd. Singapore Owner and operator 100% 100%of vessel

3.3 BLT International Corporation Hongkong * Investment Holding 100% 100%

3.4 Nevaeh Limited British Virgin ** Investment Holding 51% 100%Island

4. PT Banyu Laju Shipping Indonesia Owner and operator 100% 100%of vessel

4.1 Banyu Laju Corporation Labuan, Malaysia Investment holding 100% 100%

Percentage of Ownershipand Voting Power Held


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5. PT Brotojoyo Maritime Indonesia Owner and operator 100% 100%of vessel

6. PT Buana Listya Tama Tbk Indonesia Owner and operator 100% 100%of vessel

6.1 PT Anjasmoro Maritime Indonesia Owner and operator 100% 100%of vessel

6.2 PT Pearl Maritime Indonesia Owner and operator 100% 100%of vessel

6.3 PT Ruby Maritime Indonesia Owner and operator 100% 100%of vessel

6.4 PT Sapphire Maritime Indonesia Owner and operator 100% 100%of vessel

6.5 PT Citrine Maritime Indonesia Owner and operator 100% 100%of vessel

6.6 PT Diamond Maritime Indonesia Owner and operator 100% 100%of vessel

6.7 PT Emerald Maritime Indonesia Owner and operator 100% 100%of vessel

6.8 PT Jade Maritime Indonesia * Owner and operator 100% 100%of vessel

6.9 PT Onyx Maritime Indonesia * Owner and operator 100% 100%of vessel

6.10 PT Topaz Maritime Indonesia * Owner and operator 100% 100%of vessel

6.11 PT Bayu Lestari Tanaya Indonesia Shipping agency 100% 100%6.11.1 PT Berlian Dumai Logistics Indonesia General Trading 100% 100%6.12 PT Gemilang Bina Lintas Tirta Indonesia Operator of vessel 100% 100%6.13 PT Karya Bakti Adil Indonesia Crew Agency 100% 100%6.14 PT BLT International Group Indonesia * Investment holding 100% 100%6.15 PT BLT Meo Indonesia *** Owner and operator

vessel 50% -

Percentage of Ownershipand Vo ing Power Held

* Newly established companies in 2009. ** Newly acquired company in 2009. *** Newly established companies in 2010. **** Sold in 2010.

6. PROPERTY, VESSELS AND EQUIPMENT Exchange

January 1, 2010 Difference Additions Deductions Reclassifications Revaluations Total Cost ValuationUS$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000

Cost/ Valuation :Owned vessels 1,952,241 - 165,517 - (14,780) 143,809 2,246,787 2,246,787 Leased vessels 381,302 - 647 (1,508) 133,824 37,536 551,801 551,801 Vessels under construction 107,174 - 156,910 - (109,044) - 155,040 155,040 -Others :

Storage tanks 1,625 (1) - (1,624) - - - - -Transportation equipment 1,919 - 137 (8) - - 2,048 2,048 -Office furniture and fixtures 4,056 54 96 (48) - - 4,158 4,158 -Office and dormitory

equipment 885 2 183 (49) - - 1,021 1,021 -Buildings and premises 2,846 (42) 481 (10) - - 3,275 3,275 -Building in progress 20,767 - 14,133 - - - 34,900 34,900 -Advances for purchase of vessels 46,905 - 20,250 (36,905) (10,000) - 20,250 20,250 -

Total 2,519,720 13 358,354 (40,152) - 181,345 3,019,280 220,692 2,798,588

Accumulated depreciation:Owned vessels 490,241 - 130,308 - 176 - 620,725 Leased vessels 31,302 - 15,275 - (176) - 46,401 Others :

Storage tanks 1,224 - - (1,224) - - - Transportation equipment 1,150 (1) 199 (8) - - 1,340 Office furniture and fixtures 2,581 41 623 (36) - - 3,209 Office and dormitory

equipment 574 (44) 20 (47) - - 503 Buildings and premises 673 35 155 - - - 863

Total 527,745 31 146,580 (1,315) - - 673,041

Net Carrying Amount 1,991,975 2,346,239

December 31, 2010


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ExchangeJanuary 1, 2009 Difference Additions Deductions Reclassifications Revaluations Total Cost Valuation

US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000Cost/ Valuation :Owned vessels 1,915,733 - 30,855 (51,433) 92,641 (35,555) 1,952,241 - 1,952,241 Leased vessels 360,604 - 35,895 (2,090) (24,611) 11,504 381,302 - 381,302 Vessels under construction 78,485 - 96,719 - (68,030) - 107,174 107,174 -Others :

Storage tanks 1,405 (2) 222 - - - 1,625 1,625 -Transportation equipment 1,923 - 48 (52) - - 1,919 1,919 -Office furniture and fixtures 3,149 (4) 912 (1) - - 4,056 4,056 -Office and dormitory

equipment 863 - 22 - - - 885 885 -Buildings and premises 2,846 - - - - - 2,846 2,846 -Building in progress 12,248 - 8,519 - - - 20,767 20,767 -Advances for purchase of vessels - - 46,905 - - - 46,905 46,905 -

Total 2,377,256 (6) 220,097 (53,576) - (24,051) 2,519,720 186,177 2,333,543

Accumulated depreciation:Owned vessels 373,095 - 119,279 (2,133) - - 490,241 Leased vessels 16,992 - 14,310 - - - 31,302 Others :

Storage tanks 1,202 (3) 25 - - - 1,224 Transportation equipment 963 - 226 (39) - - 1,150 Office furniture and fixtures 2,000 (7) 589 (1) - - 2,581 Office and dormitory

equipment 467 - 107 - - - 574 Buildings and premises 277 - 396 - - - 673

Total 394,996 (10) 134,932 (2,173) - - 527,745

Net Carrying Amount 1,982,260 1,991,975

December 31, 2009

The vessels are stated at their revalued amounts being the fair value as of December 31, 2010 and 2009, reviewed by management, and supported by an independent professional valuation with reports dated January 31, 2011 and January 15, 2010, respectively.

Had the vessels been carried at historical cost less accumulated depreciation and impairment, their carrying values would have been approximately US$ 1,731,205 thousand and US$ 1,787,573 thousand as of December 31, 2010 and 2009, respectively.

The Company and its subsidiaries completed the sale of three vessels in 2010 and two vessels in 2009. In conjunction with the sale, the Company and its subsidiaries entered into lease agreements with the purchasers to lease back the three vessels for a period of 4 years – 5 years in 2010 and one vessel for a period of 12 years in 2009, respectively.

After an evaluation of the terms and substance of the leaseback, the Company’s Directors are satisfied that for the 2010 leaseback, all the risks and rewards incidental to ownership of the vessels still rest with the Company and its subsidiaries (seller-lessee) and classified the transactions as finance lease, while in 2009, substantially, all the risks and rewards incidental to ownership of the vessels have been transferred to and rest with the purchaser-lessor and accordingly classified the transactions as operating leases.

Details of the sale of vessels, which were made with third parties, are as follows:

2010 2009US$'000 US$'000

Selling price 130,000 50,118 Net carrying amount 132,000 49,300

Gain (loss) on sale of vessels (2,000) 818Commissions (900) (71)

Gain (loss) on sale of vessels - net (2,900) 747

Loss on ordinary sales - (1,735)Gain (loss) on sale and leaseback (2,900) 2,482

Gain (loss) on sale of vessels - net (2,900) 747

Vessel depreciation expense charged to operations is US$ 145,583 thousand and US$ 133,589 thousand in 2010 and 2009, respectively.


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Vessels and equipment with carrying amount of US$ 1,575 million and US$ 1,724 million as of December 31, 2010 and 2009, 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 18, 21, 27 and 45e).

Vessels under construction as of December 31, 2010 and 2009 consist of nine vessels and thirteen vessels, respectively, which are estimated to be completed between 2011 to 2012 (Note 45c).

Advances for purchase of vessels as of December 31, 2010, represent advance payments made during the year for the purchase of three second hand vessels.

Advances for purchase of vessels as of December 31, 2009 represent advance payments on the purchase of three second hand vessels. In 2010, one vessel was paid in full, while the advances made for the two second hand vessels were refunded.

Building in progress represents construction of chemical storage tanks and related facilities.

For the year ended December 31, 2010, 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 in depreciation expense by US$ 11,950 thousand in 2010.

For the year ended December 31, 2009, management has determined that there is no change necessary in its estimate of residual values.

7. DEFERRED CHARGES AND SECURITY DEPOSITS 2010 2009

US$'000 US$'000

Security deposits 16,161 15,581Deferred rent and landrights 7,043 8,131

Total 23,204 23,712Deferred rent and landrights - current portion (642) (631)

Non-current portion - net 22,562 23,081

In connection with the 2008 lease agreements, the Company and its subsidiaries paid non-interest bearing security deposits of US$ 22,195 thousand. The difference of US$ 7,164 thousand 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.

Amortization of deferred rent of US$ 597 thousand each in 2010 and 2009, are included under charter expenses. Interest income recognized on the security deposits amounted to US$ 513 thousand in 2010 and US$ 347 thousand in 2009.

8. GOODWILL 2010 2009

US$'000 US$'000

Goodwill, beginning balance 84,286 84,286 Less accumulated impairment losses (8,547) (8,547)

Goodwill, ending balance 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.


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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 amounting to US$ 72,354 thousand and US$ 11,932 thousand has been allocated to Chembulk Tankers LLC and Goldbridge Shipping Corporation, respectively, the 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.

9. INVESTMENTS IN ASSOCIATES 2010 2009

US$'000 US$'000

Cost 91,037 91,037 Long-term receivables 2,323 2,323

Sub-total 93,360 93,360 Less receipt of long-term receivables during the year (2,323) -

Total interest in associates 91,037 93,360 Less:

Share of post-acquisition loss (8,451) (8,835) Return of capital (8,400) (8,400) Sale of investment (32,453) - Reclassified as available-for-sale (33,778) -

Total 7,955 76,125

In April 2010, the long-term receivables amounting to US$ 2,323 thousand were paid by Teekay BLT Corporation.

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. 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.


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Details of the associates are as follows:

Name of Place of Place ofAssociate Incorporation Operation Nature of Business

2010 2009% %

PT Berlian Limatama *) Indonesia Indonesia Cargo shipping services 50 50Teekay BLT Corporation Marshall Islands Indonesia Cargo shipping services 30 30Thai Petra Transport Co. Ltd. Thailand Thailand Port services (agency) 30 30Briliant Hero Industrial Hongkong Hongkong Investment holding 22.69 45 LimitedJiangsu Xinrong Shipyard Ship repair, conversion Company Limited **) China China and steel structure - 21.80

Percentage of Ownership and Voting Power Held

In 2009, Asean Maritime Corporation acquired 45% ownership in Brilliant Hero Industrial Limited, an investment holding company, 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.

On November 1, 2010, Asean Maritime Corporation sold 49% of its ownership in Nevaeh Limited to Mitsui & Co. Ltd., a third party, for US$ 32,957 thousand, wherein the US$ 32,886 thousand was paid in cash and the remaining amount of US$ 71 thousand will be payable on the Redemption Date of Brilliant Hero 3% Preference Shares. The Company and its subsidiaries have retained the 11.12% interest as an available-for-sale investment whose fair value at the date of disposal was US$ 34,302 thousand (Note 12). This transaction has resulted in the recognition of a gain (included in other gains and losses – others), calculated as follows:

2010US$'000

Selling price 32,957 Plus: Fair value of investment retained 34,302 Less: Carrying amount of investment on the date of loss of significant influence (66,231)

Gain recognized 1,028

The gain recognized in the current year comprises of realized profit of US$ 504 thousand (being the proceeds of US$ 32,957 thousand less US$ 32,453 thousand carrying amount of the interest disposed of) and an unrealized profit US$ 524 thousand (being the fair value of US$ 34,302 thousand less US$ 33,778 thousand carrying amount of the interest retained).

Summarized financial information in respect of the Company and its subsidiaries’ associates is set out below:

2010 2009US$'000 US$'000

Total assets 462,160 532,936 Total liabilities 435,873 449,680

Net assets 26,287 83,256

Company and subsidiaries' share of associates' net assets 7,955 40,010

Revenue 43,722 37,700

Profit for the year 1,161 36,315

Company and subsidiaries' share of associates' profit forthe year 384 9,621


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10. INVENTORIES

Inventories mainly consist of bunker fuel.

11. TRADE ACCOUNTS RECEIVABLE

2010 2009US$'000 US$'000

Related parties 236 - Third parties 159,930 129,976

Total 160,166 129,976

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 2010 and 2009, US$ 4,625 thousand and US$ 6,241 thousand, respectively, is due from PT Pertamina (Persero) (Pertamina), the Company’s largest customer (see Notes 43D and 45a).

The table below shows the aging of past due but unimpaired trade receivables:

2010 2009US$'000 US$'000

1 - 60 days 42,692 47,305 60 - 120 days 26,185 26,227 120 - 180 days 16,015 13,864 More than 180 days 44,865 18,694

Total 129,757 106,090

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.

12. INVESTMENTS

Short-term investments

Short-term investments consist of funds under investment management and investments in mutual funds, and are carried at fair value as follows:

2010 2009US$'000 US$'000

Held-for-trading 483 -

Available-for-saleFunds under investment management 79,481 44,639 Mutual funds - 259

Subtotal 79,481 44,898

Total 79,964 44,898


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The Company’s subsidiary entered into an Investment Service Agreement with Danatama Capital Management Limited in 2010 and Investment Management Contract Service Agreement with P.T. Danatama Makmur in 2010 and 2009 to manage funds which will be invested, in among others, government bonds corporate bonds, certificate of deposit and money market instruments. As of December 31, 2010 and 2009, the investment portfolio amounted to US$ 79,481 thousand and US$ 11,708 thousand, respectively.

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, the fair value of the investment portfolio amounted to US$ 9,070 thousand.

The Company’s subsidiaries entered into an Investment Management Agreement with UBS AG in 2008 to manage an investment portfolio. As of December 31, 2009, the fair value of the investment portfolio amounted to US$ 61 thousand.

The Company entered into an Investment Management Agreement with P.T. 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.

Long-term Investment

Available-for-sale

The long-term investment represents 11.12% ownership interest in Jiangsu Xinrong Shipyard Company Limited, carried of US$ 34,302 thousand (see also Note 9).

13. CASH 2010 2009

US$'000 US$'000

Cash on hand 1,059 992 Cash in banks and time deposits 83,225 117,740

Total 84,284 118,732

Interest rates per annum on time depositsU.S. Dollar 0.15% 0.03% - 3.00%Rupiah 6.00% - 6.60% 5.75% - 6.90%Singapore Dollar 0.7% 0.825%

14. 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: 2010 2009

US$'000 US$'000

Balance at beginning of the year 70,936 62,191 Issuance of shares through rights issue 38,639 8,745

Balance at end of the year 109,575 70,936


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Details of the Company’s number of shares outstanding (in full amounts) are as follows:

2010 2009

Balance at beginning of the year 5,569,240,235 4,176,930,176Issuance of new shares through rights issue 5,569,240,235 1,392,310,059

Balance at end of the year 11,138,480,470 5,569,240,235

At the Extraordinary General Meeting of Stockholders as stated in notarial deed no. 26 dated July 29, 2010 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 5,569,240,235 common shares at an exercise price of Rp 220 per share.

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.

15. 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, 2009 65,000Issuance of shares through rights issue 50,001

Balance of additional paid-in capital as of December 31, 2009 115,001Issuance of shares through rights issue 94,002

Balance of additional paid-in capital as of December 31, 2010 209,003

16. 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, 2010 and 2009, the details of treasury stocks are as follows:

Percentage Number to issued of shares shares Cost

% US$'000

Treasury stocks 412,351,000 3.57 86,628

2010

Percentage Number to issued of shares shares Cost

% US$'000

Treasury stocks 412,351,000 6.89 86,628

2009


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17. REVALUATION RESERVE

2010 2009US$'000 US$'000

Balance at beginning of year 235,671 234,454 Revaluation increase 92,565 67,303 Revaluation decrease (5,467) (30,166) Transfer to retained earnings (22,038) (35,920)

Balance at end of year 300,731 235,671

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.

18. LONG-TERM LOANS FROM FINANCIAL INSTITUTIONS

2010 2009US$'000 US$'000

At amortized cost:DnB NOR Bank, ASA, Singapore / Fortis Bank S.A./N.V.

ING Bank N.V. / NIBC Bank Ltd. 494,386 572,765DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank

Finland Plc, Singapore 71,481 80,029Bank Mandiri, Jakarta 38,597 47,351Bank Syariah Mandiri / Bank Pembangunan Daerah Jawa Timur /

Bank Muamalat Indonesia/ Bank Jabar Banten Syariah 35,924 -Bank Negara Indonesia 31,837 -Indonesia Eximbank 29,783 36,407 Deutsche Investitions und Entwicklungsgesselschaft MBH 29,354 -Mitsubishi UFJ Lease & Finance Co. Ltd. 29,175 28,168DVB Group Merchant Bank (Asia) Ltd., Singapore 25,344 41,864Bank UOB Indonesia 21,087 7,680 Bank Syariah Mandiri / Bank Syariah BRI / Bank Muamalat

Indonesia / BPD Jatim Divisi Usaha Syariah 16,840 18,735 Bank Mega 13,174 -DnB NOR Bank, ASA, Singapore 11,787 -Bank Central Asia 10,194 33,803ING Bank N.V., Singapore 9,911 11,883Mount Gede LLC 7,281 7,800 DnB NOR Bank, ASA, Singapore / NIBC Bank Ltd. 5,870 18,960 Dialease Maritime S.A., Japan 5,141 6,423Total 887,166 911,868Current maturities 178,661 140,414

Long-term portion - Net 708,505 771,454


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The ranges of average interest rates per annum are as follows: 2010 2009

U.S. DollarFixed 7.50% - 17.00% 7.75% - 15%Variable 0.7% - 4.75% 0.7% - 4%

above LIBOR/ above LIBOR/SIBOR SIBOR

RupiahFixed 12.5% - 17% 9.64% - 14.5%

Japanese YenVariable 1.5% - 2% above 2% above

JPY LIBOR JPY LIBOR

The details of the loans are as follows:

A. The loans from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd., consist of the following credit facilities:

1. US$ 165 million secured term loan facility which is payable in 20 quarterly installments until 2013 and bears interest at LIBOR plus certain percentage, which is paid between 1-6 months, this facility is secured by vessels.

2. US$ 400 million term loan facility which is repayable in 40 consecutive quarterly installments of US$ 8 million for the 1st to 39th installments, and US$ 88 million for the 40th installment, and bears interest at LIBOR plus certain percentage depending on the value maintenance ratio of the vessels used as collaterals, which is paid between 1 - 3 months. This facility is also secured by a corporate guarantee from the Company and Gold Bridge Shipping Corporation.

3. US$ 100 million reducing revolving loan facility which is payable in 20 quarterly installments of US$ 5 million until 2012, and bears Interest at LIBOR plus certain percentage depending on the value maintenance ratio of the vessels used as collateral, which is paid between 1 - 3 months. This facility is also secured by a corporate guarantee from the Company and Gold Bridge Shipping Corporation.

4. US$ 65 million credit facilty which is is payable in 32 quarterly installments until 2015 and bears interest at LIBOR plus certain percentage depending on the value maintenance ratio of the vessels used as collateral, which is paid between 1 - 3 months.

All of these loans were paid in March 2011 (Note 46a).

B. The loans from DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore Branch was obtained through a US$ 114 million senior secured revolving credit facility. The credit facility shall be reduced quarterly by one-fortieth (1/40th) 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 and earnings 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.

This loan was paid in March 2011 (Notes 46a and 46b).

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.


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D. In November 2010, the Company obtained a loan from Bank Syariah Mandiri (as lead manager), Bank Pembangunan Daerah Jawa Timur, Bank Muamalat Indonesia, and Bank Jabar Banten Syariah through a long-term investment loan facility under Syariah scheme with a total maximum credit of Rp 345 billion. These loan facilities are payable quarterly. Such loans are collateralized by a subsidiary’s vessel and a corporate guarantee from the subsidiary. The subsidiary’s receivable amounting to US$ 72.5 million was used as fiduciary collateral. Indicative return is at certain fixed percentage, which is payable quarterly.

E. In March 2010, the loan from Bank Negara Indonesia, Jakarta was obtained through an Investment Refinancing Credit Loan amounting to Rp 337 billion. This loan is payable in 60 monthly installments until March 2015 and secured by two subsidiary’s vessels. Interest rate is at certain fixed percentage which is paid monthly.

F. The loan from Indonesia Eximbank was obtained through a Rp 400 billion export facility loan with a maturity date of March 2014. 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.

G. In April 2010, a subsidiary obtained a loan from Deutsche Investitions und Entwicklungsgesellschaft MBH through a long-term investment facility amounting to US$ 29.75 million. This loan is payable in 13 semi-annual installments with balloon payment of US$ 8,925 thousand on the last repayment date and due on March 15, 2018. The loan is secured by a corporate guarantee from the Company and a subsidiary’s vessel. Interest is at LIBOR plus certain percentage, which is paid semi-annually.

H. The loan from Mitsubishi UFJ Lease & Finance Co. Ltd. is obtained through a JPY 2,537 million (equivalent to US$ 28,431 thousand) mortgage facility. 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.

I. The loan from DVB Group Merchant Bank (Asia) Ltd. is obtained through a US$ 27 million credit facility. 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. This loan was paid in June 2010.

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.

In January 2010, a subsidiary and DVB Group Merchant Bank (Asia) Ltd agreed to extend the maturity date of its short-term bank loans from 2010 to 2012 (Note 27). As of the date of the amendment, this loan has an outstanding balance of USD 18,437 thousand. This loan is payable in 7 quarterly installments of USD 972 thousand each and a balloon payment of USD 11,634 thousand. Interest rate is at certain percentage.

The above loans were paid in March 31, 2011.

J. The loan from UOB Indonesia is obtained through 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 in respect of the vessel used as collateral. Interest is at SIBOR plus certain percentage.


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Also, in May 2010, the Company and Bank UOB agreed to extend the maturity date of its short-term bank loans from 2010 to 2013 (Note 27). As of the date of the amendment, this loan has an outstanding balance of Rp 150 billion. This loan is payable in 11 quarterly installments of Rp 7,500 million each and a balloon payment of Rp 67,500 million on the last payment date. Interest rate is at certain fixed percentage.

K. The loan 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 is a long-term investment loan facilities under Syariah scheme. 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.

L. In August 2010, the Company obtained a loan from Bank Mega with a maximum credit of US$ 15.0 million or 60% value of a subsidiary’s vessel. This loan is payable in 84 monthly installments until August 2017 and secured by a subsidiary’s vessel. Interest is at certain fixed percentage which is paid monthly.

M. In May 2010, a subsidiary obtained a loan from DnB NOR Bank ASA, Singapore with maximum credit of US$ 12.5 million. This loan is payable in 20 quarterly installments until 2015 and secured by corporate guarantee from the Company and a subsidiary’s vessel. Interest rate is at LIBOR plus certain percentage which is paid quarterly. This loan was paid in March 31, 2011 (Note 46a).

N. The loan from Bank Central Asia was obtained through an installment loan facility with a total maximum credit of Rp 170 billion. This loan is payable in monthly installments until 2012 and bears interest at a certain fixed percentage, which is payable monthly.

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. This loan was paid in December 2010.

In January 2005, the Company obtained an investment credit facility with maximum credit of Rp 125 billion, due in 5 years and bears floating interest rate which is paid monthly. The loans are collateralized by certain vessels. This loan was paid in January 2010.

O. 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.

P. 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. This loan was paid in March 2011 (Note 46a).

Q. 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. This loan was paid in March 2011 (Note 46b).


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R. 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.

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.

19. BONDS PAYABLE

2010 2009US$'000 US$'000

At amortized costs:Berlian Laju Tanker III Bond 77,556 74,016 Berlian Laju Tanker IV Bond 37,512 42,181 Sukuk Ijarah I 22,159 21,147 Sukuk Ijarah II 11,034 10,523 Total 148,261 147,867 Current maturities - 6,355

Long-Term Portion - Net 148,261 141,512

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, bearing 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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On May 28, 2010, the Company redeemed and retired the Series A Bonds at principal amount of Rp 60 billion.

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 I

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 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 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.

20. 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.


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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: 2010 2009

US$'000 US$'000

Fair value at beginning of the year 249,809 132,000 Changes in fair values (Note 37) 62,000 122,000

311,809 254,000Reissue (repurchase) of Notes 4,191 (4,191)

Fair value at end of year 316,000 249,809

In 2009, certain subsidiaries of the Company invested in the Notes through an investment manager.

21. OBLIGATIONS UNDER FINANCE LEASE

Present value Present valueMinimum lease of minimum Minimum lease of minimum

payments lease payments payments lease paymentsUS$'000 US$'000 US$'000 US$'000

Less than 1 year 51,932 49,383 34,090 32,572 1 - 2 years 220,110 204,089 193,191 167,319 More than 2 years 208,155 138,680 76,457 61,606 Total 480,197 392,152 303,738 261,497Less future finance charges 88,045 - 42,241 -

Present value of minimum lease payments 392,152 392,152 261,497 261,497

20092010

In 2010, additional sale and leaseback transactions were carried out by the Company’s subsidiaries for three vessels which were classified as finance lease (Note 6).


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In 2009, the finance lease relates to lease of vessels with lease terms of 3 years to 6 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.

In 2010 and 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$ 861 thousand and US$ 2,090 thousand in the obligations under finance lease and a corresponding decrease in the carrying amount of the leased vessels.

22. OTHER LOANS FROM NON-FINANCIAL INSTITUTIONS 2010 2009

US$'000 US$'000Long-term

Teekay Corporation 11,227 12,409PRC Limited 9,410 -

Total 20,637 12,409

Current maturities (3,003) (1,181)

Long-term portion - net 17,634 11,228

Short-termTeekay BLT Corporation 10,200 -

The Company’s loan from Teekay Corporation is payable in 22 semi annual installments, unsecured, and bears annual interest of 8% which is payable on a quarterly basis.

The subsidiary’s loan from PRC Limited bears floating interest rate based on People’s Bank of China’s interest rate over 5 years’ loan. US$ 1,822 thousand is repayable on February 9, 2011, US$ 3,794 thousand is repayable on June 29, 2014 and US$ 3,794 thousand is payable in full on April 22, 2015.

The subsidiary’s loan from Teekay BLT Corporation is non-interest bearing, unsecured and have no fixed repayment terms.

23. DEFERRED INCOME

In 2008, the Company and its subsidiaries entered into sale and leaseback of vessels to third parties where the selling price is higher by US$ 2,500 thousand than the fair values of the vessels, and the excess was accounted for as deferred income and amortized over the lease term.

Details of the deferred income are as follows: 2010 2009

US$'000 US$'000

Beginning balance 2,500 2,500 Accumulated amortization 442 234

Ending balance 2,058 2,266 Less current portion 208 208

Non-current portion 1,850 2,058

Amortization of deferred income of US$ 208 thousand each in 2010 and 2009, are accounted for as reduction of charter expenses.


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24. POST-EMPLOYMENT BENEFITS

The Company and its subsidiaries provide 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 228 and 245 in December 31, 2010 and 2009, respectively.

Amounts recognized in profit or loss in respect of these post-employment benefits are as follows:

2010 2009US$'000 US$'000

Current service cost 421 257 Interest costs 455 331 Net actuarial losses 66 65

Total 942 653

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:

2010 2009US$'000 US$'000

Present value of unfunded obligations 5,657 5,326Unrecognized actuarial losses (477) (1,200)

Net liability 5,180 4,126

Movements in the present value of unfunded obligations are as follows:

2010 2009US$'000 US$'000

Beginning of the year 5,326 3,624Current service cost 421 257Interest cost 455 331Translation adjustment (556) 788 Actuarial loss 11 326

End of the year 5,657 5,326

Movements in the net liability recognized in the consolidated statements of financial position are as follows:

2010 2009US$'000 US$'000

Beginning of the year 4,126 2,922 Employee benefits cost for the year (Note 34) 942 653 Payments during the year (83) (40) Translation adjustment 195 591

End of the year 5,180 4,126

The cost of providing post-employment benefits is computed using the following key assumptions:

Discount rate : 2010 and 2009: 8% and 10% per annum, respectively Salary increment rate : 2010 and 2009: 12% and 15% per annum, respectively Mortality rate : 2010 and 2009: Mortality Table 2 of Indonesia Resignation rate : 2010 and 2009: 10% per annum until age 36 then decreasing

linearly to 0% until age 55


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The history of experience adjustments is as follows:

2010 2009 2008 2007 2006US$'000 US$'000 US$'000 US$'000 US$'000

Present value of unfunded obligations 5,657 5,326 3,624 3,967 3,047

Experience adjustments 11 326 (574) 594 1,637

25. CONVERTIBLE BONDS 2010 2009

US$'000 US$'000

At fair value through profit or loss US$ 125 million Zero Coupon Guaranteed

Convertible Bonds due 2012 - 99,560At amortized cost:US$ 125 million 12% Guaranteed Convertible Bonds

due 2015 (As amended in 2010) 46,607 -US$ 125 million 12% Guaranteed Convertible Bonds due 2015 118,450 -

Total 165,057 99,560 Current maturities - (99,560)

Long-Term Portion - Net 165,057 -

The changes in the carrying amount of the Convertible Bonds due 2012 carried at fair value through profit or loss are as follows:

2010 2009US$'000 US$'000

Fair value at beginning of the year 99,560 36,250 Changes in fair values (Note 37) 22,393 74,420

121,953 110,670Reissue (repurchase) of Notes through an investment manager 13,891 (11,110)Redemption (88,900) - Repurchased and reissued by BLTF BV (46,944) -

Fair value at end of year - 99,560

US$ 125 million Zero Coupon Guaranteed Convertible Bonds due 2012 (Amended in 2010 to become US$ 125 million 12% Guaranteed Convertible Bonds due 2015).

At the time of issue, the U$125 million Zero Coupon Guaranteed Convertible Bonds due 2012 were designated as fair value through profit or loss with any resultant gain or loss recognized in profit or loss. 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.

On May 17, 2010, BLTF BV redeemed and retired US$ 76,100,0000 of the Zero Coupon Guaranteed Convertible Bonds due 2012 at 116.82%. In December 2010, the bonds held by certain subsidiaries amounting to US$ 48,900,000 were redeemed by BLTF BV and subsequently reissued to investors on December 1, 2010 at 96%.

On December 14, 2010, the terms and conditions of the US$ 125 million Zero Coupon Guaranteed Convertible Bonds due 2012 were amended as described below.


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The Maturity Date is changed to February 10, 2015 and bears interest rate of 12%. The Conversion Price is Rp 409 per share with conversion period from June 27, 2007 to January 31, 2015. The number of shares to be delivered upon conversion will be determined by dividing the principal amount of the Bond to be converted (translated into Rupiah at the fixed rate of Rp. 9,362.00 = US$1.00 (the “Fixed Exchange Rate”) by the Conversion Price in effect at the Conversion Date.

Notwithstanding the Conversion Right of the bondholders, BLT and/or any of BLT’s subsidiaries have the option to pay to the relevant bondholders an amount of cash in US Dollar equivalent to the weighted average market price of the shares converted, to satisfy the conversion right.

In addition, at the option of the BLTF BV on or at any time after February 10, 2013 but not less than 20 days prior to the Maturity Date, redeem the Bonds in whole but not in part at their principal amount, plus accrued interest as at the date of redemption, provided that no such redemption may be made unless the closing price of the Shares on the Indonesian Stock Exchange for each of 20 consecutive Trading Days in any 30 consecutive Trading Day period immediately prior to the date upon which notice of such redemption is published is at least 130 per cent of the Conversion Price then in effect.

BLTF BV will, at the option of the holder, redeem all or some of that holder’s Bonds on February 10, 2012, at principal amount plus any accrued interest as at the date of redemption. Unless previously redeemed, converted or purchased, BLTF BV will redeem the bonds at its principal amount plus accrued interest on February 10, 2015. The Company’s management believes that, for accounting purposes, there was a substantial modification on the terms of the convertible bonds that led to the extinguishment of the US$ 125 million Zero Coupon Guaranteed Convertible Bonds due 2012.

The convertible bonds above were considered a hybrid instrument containing a debt host contract and embedded derivatives. The Company’s management also made an assessment of the embedded derivatives and decided to bifurcate the embedded derivatives which are not closely related to the host contract. The embedded derivatives are measured at fair value with changes in fair value recognized in profit and loss while the debt host contract was initially recognized at fair value and subsequently measured at amortized cost.

US$ 125 Million 12% Guaranteed Convertible Bonds Due 2015

On February 10, 2010 and March 29, 2010, BLT International Corporation (BLT IC), a subsidiary, issued 12% Guaranteed Convertible Bonds amounting to US$ 100,000,000 and US$ 25,000,000, respectively. The bonds were issued at 100% of the face value and were unconditionally and irrevocably guaranteed by the Company.

The bondholders have the right to convert the bonds into ordinary shares of the Company, with par value of Rp 62.50 each, at any time on or after March 23, 2010 up to January 15, 2015. The number of shares to be delivered upon conversion will be determined by dividing the principal amount of the bonds to be converted, translated into Rupiah at a fixed rate of Rp 9,362 to US$ 1, by the conversion price in effect at the time of the conversion date. The initial conversion price is Rp 737 per share, which is subject to adjustments. In August 2010, BLT IC had adjusted the conversion price to Rp 409 per share. Notwithstanding the Conversion Right of the bondholders, BLT IC has the option to pay the relevant bondholders an amount of cash equivalent to the Cash Settlement Amount of the shares converted, at any time to satisfy the Conversion Right.

To the extent that the Company does not hold sufficient treasury shares or is unable to issue shares, the BLT IC shall pay an amount of cash to the bondholders equivalent to the Mandatory Cash Settlement Amount, to satisfy the Conversion Rights.

BLT IC will, at the option of the bondholders, redeem the bonds on February 10, 2013 at principal amount plus accrued interest.

The bond may also be redeemed at the option of BLT IC on or after February 10, 2013 at 100% of principal amount plus accrued interest.


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The convertible bonds above were also considered a hybrid instrument containing a debt host contract and embedded derivatives. The Company’s management also made an assessment of the embedded derivatives and decided to bifurcate the embedded derivatives which are not closely related to the host contract. The embedded derivatives are measured at fair value with changes in fair value recognized in profit and loss while the debt host contract was initially recognized at fair value and subsequently measured at amortized cost.

26. 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 Notional amountsas at December 31, as at December 31,

2010 2009'000 '000 Asset Liability Asset Liability

US$'000 US$'000 US$'000 US$'000

Cross currency swaps US$ 102,273 US$ 258,949 - 6,688 1,597 17,407Interest rate swaps US$ 800,000 US$ 500,000 - 59,234 16,944 - Crude oil target

redemption swaps - 1,813 barrels - - 662 10,877Embedded options US$ 173,900 - - 9,853 - -

Total - 75,775 19,203 28,284Less current portion - - 2,259 10,877

Non-current portion - 75,775 16,944 17,407

Fair value as atDecember 31,

2010 2009December 31, Fair value as at


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, 2010 will mature on July 2012.

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 in 2009 require periodic exchanges of payments on a notional quantity of crude oil barrels at each settlement date and matured between March 2010 and October 2010.

Embedded options

The embedded options represent the fair value of the conversion option and cash settlement option in the US$ 125 million 12% Guaranteed Convertible Bonds due 2015 (as amended in 2010) and the US$ 125 million 12% Guaranteed Convertible Bonds due 2015.

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.


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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:

2010 2009US$'000 US$'000

Net change in fair value (66,694) 166,902Net settlements 19,996 (18,004)

Net gain (loss) (Note 37) (46,698) 148,898

27. SHORT-TERM BANK LOANS 2010 2009

US$'000 US$'000

Bank Mizuho Indonesia, Jakarta 14,459 13,830DVB Group Merchant Bank (Asia) Ltd - 18,437Bank Sumitomo Mitsui Indonesia,

Jakarta - 17,000Bank UOB Indonesia, Jakarta - 15,958

Total 14,459 65,225

Interest rates per annum during the yearU.S. Dollar

Fixed - 15%Variable - 1.75% - 3.5%

above LIBORRupiah

Fixed - 15%Variable 1.75% 1.5% - 1.75%

above cost of above cost of funds funds

A. 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 October 18, 2011. Interest rate per annum is at the bank’s cost of funds or SIBOR plus certain percentage, which is paid between 7 - 30 days.

B. 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, and bears interest at LIBOR plus certain percentage which is payable monthly. On January 19, 2010, the maturity date of the term loan facility was extended until January 2012 and has been reclassified to long-term loans from financial institution (Note 18).

C. 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. 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. This loan was paid in full in December 2010.


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D. Loan obtained from Bank UOB Indonesia is a working capital credit facility with maximum credit of Rp 150 billion. 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. On May 25, 2010, the maturity date of the term loan facility was extended until May 2013 and has been reclassified to long-term loans from financial institutions (Note 18).

28. TRADE ACCOUNTS PAYABLE 2010 2009

US$'000 US$'000

Related parties 3,173 929 Third parties 60,770 34,250

Total 63,943 35,179

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.

29. TAXATION

a. Details of taxes payable included in the consolidated statements of financial position are as follows:

2010 2009US$'000 US$'000

Corporate income tax of the Company and its subsidiaries 38 4 Income taxes

Article 21 974 516 Article 23 23 14 Article 25 4 4 Article 26 11 4

Value added tax 568 343 Final tax payable 47 72

Total 1,665 957

b. Details of tax expense included in the consolidated statements of comprehensive income are as follows:

2010 2009US$'000 US$'000

Income tax of foreign and local subsidiaries 878 664 Final tax on vessel revenue - Company 123 161 Income tax on agency operations - Company 47 44 Final tax on storage revenue and agency 137 92

Total 1,185 961


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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:

2010 2009US$'000 US$'000

Operating revenues 656,854 618,346

Final tax at 1.2% of gross revenues 7,882 7,420

Tax effect of:Revenue of foreign subsidiaries not subject to tax (6,900) (6,606) Revenue of foreign subsidiaries subject to different final tax 19 11 Revenue subject to different tax rate:

Storage revenue 137 92 Agency revenue 47 44

Total tax expense per consolidated statements of income 1,185 961

Tax on agency operating income is computed as follows:Agency revenue 760 676 Non-taxable income (572) (517)

Taxable income 188 159

As of December 31, 2010 and 2009, 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.

30. ACCRUED EXPENSES 2010 2009

US$'000 US$'000

Vessel operating and docking 25,238 35,276 Interest 17,006 9,037 Others 2,208 1,034

Total 44,452 45,347

31. OPERATING REVENUES 2010 2009

US$'000 US$'000Vessels revenues

Chemical 528,597 475,987 Oil 65,373 85,861 Gas 51,253 44,137 FPSO 9,801 10,367

Others 1,830 1,994

Total 656,854 618,346

There were no operating revenues made with related parties in 2010 and 2009.


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32. VOYAGE EXPENSES 2010 2009

US$'000 US$'000

Fuel 152,059 112,640 Port charges 69,142 63,447

Total 221,201 176,087

33. SHIP OPERATING EXPENSES 2010 2009

US$'000 US$'000

Salaries 62,004 56,140 Repairs and maintenance 18,529 13,175 Spare parts 14,451 12,765 Insurance 10,158 8,669 Lubricants 7,416 7,528 Transportation 6,644 5,897 Processing of documents 4,251 2,791 Supplies 3,253 3,474 Employees' meal allowances 2,979 2,816 Others 10,169 7,605

Total 139,854 120,860

34. GENERAL AND ADMINISTRATIVE

2010 2009US$'000 US$'000

Salaries 14,241 14,616 Professional fees 6,652 4,705 Office expenses 4,087 3,645 Transportation 1,849 1,998 Depreciation 997 1,343 Pension benefits (Note 24) 942 653 Telecommunication 825 821 Representation 784 545 Marketing 737 403 Bank charges 428 698 Others 1,634 1,726

Total 33,176 31,153


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35. FINANCE COSTS 2010 2009

US$'000 US$'000Interest expense on:

Bonds, convertible bonds and notes payables 61,020 41,434 Loans from banks and financial institution and other loans from

non-financial institutions 44,267 45,450 Obligations under finance leases 24,750 21,637 Profit sharing allocation and fees 7,562 2,993

Total 137,599 111,514

Interest expense includes interest on notes payable at fair value through profit and loss of US$ 30,417 thousand each in 2010 and 2009.

36. INVESTMENT INCOME 2010 2009

US$'000 US$'000Interest income from:

Current accounts and others 1,497 1,151 Time deposits 6,356 265

Total interest income 7,853 1,416 Realized gain on available-for-sale investments 450 17,010

Total 8,303 18,426

The following is an analysis of investment income earned on financial assets, by category of asset.

2010 2009US$'000 US$'000

Available-for-sale financial assets 450 17,010 Loans and receivables (including cash and bank balances) 7,853 1,416

Income relating to derivative financial assets classified as at fair value through profit or loss is included in other gains and losses in Note 37.

37. OTHER GAINS AND LOSSES

2010 2009US$'000 US$'000

Net revaluation increase (decrease) 94,247 (61,188) Change in fair value of convertible bonds and notes payable

designated as at fair value through profit and loss (Notes 20 and 25) (84,393) (196,420) Net gain (loss) on derivative transactions (Note 26) (46,698) 148,898 Foreign exchange loss - net (38,541) (26,662) Net gain (loss) on disposal of property, vessels and equipment (Note 6) (2,901) 762 Gain (loss) on insurance claim (631) 215 Others - net (2,390) 735

Total (81,307) (133,660)


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Others - net include gain on disposal of Gold Bridge Logistic Ltd. and its subsidiary, Beihai New Resources Logistic Corporation amounting to US$ 29 thousand, which is calculated as follows:

2010US$'000

Consideration received 1,385Net assets disposed of:

Total assets 2,701Total liabilities (1,345)

Net assets 1,356

Gain on disposal 29

38. LOSS PER SHARE

Loss for the year 2010 2009

US$'000 US$'000

Loss for the year for the computation of basic earnings per share (150,127) (117,004)

The effect of unrealized fair value change of convertible bonds designated as FVTPL on the loss per share is anti-dilutive, accordingly, diluted loss per share was no longer presented.

Loss Per Share 2010 2009

US$'000 US$'000

Net Residual Loss - Basic (150,127) (117,004)

As originally2010 As restated reported

Weighted average of outstanding shares for the purposes of basic loss per share (in full amount) 8,910,784,376 6,131,724,232 5,109,770,193

Theoretical ex-rights value per share Rp 275 - Rp 751.25Fair value of common share before the

exercise of rights Rp 330 - Rp 860Loss per share (in full amount)

- Basic (0.0168) (0.0191) (0.0229)

2009

In relation with the Rights Issue (Note 1) carried out in 2010, the basic earnings per share in 2009 were restated to give effect to the bonus element of the Rights Issue.

In 2010 and 2009, the potential shares on convertible bonds are anti-dilutive, accordingly, therefore diluted earnings per share was no longer presented.


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39. 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).

40. 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. Expenses paid to related parties accounted for 0.82% and 0.45% of total operating expenses in 2010 and 2009, respectively. The details of expenses from related parties are as follows:

2010 2009US$'000 US$'000

Pan Union Agencies Pte. Ltd. 3,045 1,528 Thai Petra Transport Co. Ltd. 1,170 571 PT Arpeni Pratama Ocean Line Tbk 257 63 PT Garuda Mahakam Pratama 122 11

Total 4,594 2,173


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b. The remuneration of the Company’s key management (commissioners and directors) during the year are as follows:

2010 2009US$'000 US$'000

Short-term benefits 1,564 1,495 Post-employment benefits 585 287

Total 2,149 1,782

41. 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.

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 non-organic) 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.

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.


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2010Chemical Gas Oil FPSO Others * TotalUS$'000 US$'000 US$'000 US$'000 US$'000 US$'000

REVENUESExternal revenues 528,597 51,253 65,373 9,801 1,830 656,854

Total segment revenues 528,597 51,253 65,373 9,801 1,830 656,854

Segment expensesVoyage Expenses

Port Charges 62,773 1,134 5,219 16 - 69,142 Fuel 130,853 1,785 18,655 766 - 152,059

Total Voyage Expenses 193,626 2,919 23,874 782 - 221,201

Charter Expenses 52,301 - 3,285 177 - 55,763 Vessel Depreciation and Ship Operating Expenses

Ship operating expenses:Salaries 43,767 8,269 8,723 1,245 - 62,004 Repairs and maintenance 15,483 539 2,470 37 - 18,529 Spare parts 8,754 2,319 2,857 521 - 14,451 Insurance 5,975 663 2,717 803 - 10,158 Lubricants 4,381 1,496 1,493 46 - 7,416 Transportation 3,675 1,146 1,458 365 - 6,644 Processing of documents 2,287 691 1,114 159 - 4,251 Supplies 2,015 577 596 65 - 3,253 Employees' meal allowances 1,579 473 714 213 - 2,979 Others 7,192 666 2,096 215 - 10,169

Total Ship Operating Expenses 95,108 16,839 24,238 3,669 - 139,854 Vessel Depreciation 94,378 20,250 28,522 2,433 - 145,583

Total segment expenses 435,413 40,008 79,919 7,061 - 562,401

Segment result 93,184 11,245 (14,546) 2,740 1,830 94,453

Unallocated income and expensesChange in fair value of convertible

bonds and notes payable (84,393) Other gains and losses - net (91,161) Finance costs (137,599) Net revaluation increase 94,247 General and administrative expenses (33,176) Investment income 8,303 Share in profits of associates 384

Loss before tax (148,942) Tax expense (1,185)

Loss for the year (150,127)

Other InformationCapital additions 165,829 86,145 25,696 65,654 - 343,324 Depreciation 94,378 20,250 28,522 2,433 - 145,583

AssetsSegment assets 1,677,252 316,182 285,560 74,231 164,885 2,518,110 Unallocated 352,575 Consolidated total assets 2,870,685

LiabilitiesSegment liabilities 48,784 10,993 8,835 6,729 33,053 108,394 Unallocated 2,044,082

Consolidated total liabilities 2,152,476

* Represents agency and storage services


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2009 Chemical Gas Oil FPSO Others * TotalUS$'000 US$'000 US$'000 US$'000 US$'000 US$'000

REVENUESExternal revenues 475,987 44,137 85,861 10,367 1,994 618,346

Total segment revenues 475,987 44,137 85,861 10,367 1,994 618,346

Segment expensesVoyage Expenses

Port Charges 56,800 1,398 5,219 30 - 63,447 Fuel 95,701 2,389 14,550 - - 112,640

Total Voyage Expenses 152,501 3,787 19,769 30 - 176,087

Charter Expenses 52,288 - 3,285 - - 55,573 Vessel Depreciation and Ship Operating Expenses

Ship operating expenses:Salaries 39,266 6,489 9,090 1,295 - 56,140 Repairs and maintenance 10,630 292 2,038 215 - 13,175 Spare parts 8,556 1,430 2,618 161 - 12,765 Insurance 5,150 620 2,158 741 - 8,669 Supplies 2,173 415 850 36 - 3,474 Transportation 3,471 789 1,420 217 - 5,897 Employees' meal allowances 1,614 354 648 200 - 2,816 Processing of documents 1,747 365 582 97 - 2,791 Lubricants 4,590 881 2,034 23 - 7,528 O hers 3,672 1,187 2,533 213 - 7,605

Total Ship Operating Expenses 80,869 12,822 23,971 3,198 - 120,860 Vessel Depreciation 90,794 11,213 25,115 6,467 - 133,589

Total segment expenses 376,452 27,822 72,140 9,695 - 486,109

Segment result 99,535 16,315 13,721 672 1,994 132,237

Unallocated income and expensesChange in fair value of convertible

bonds and notes payable (196,420) Other gains and losses - net 123,948 Finance costs (111,514) Net revaluation decrease (61,188) General and administrative expenses (31,153) Investment income 18,426 Share in profits of associates 9,621

Loss before tax (116,043) Tax expense (961)

Loss for the year (117,004)

Other InformationCapital additions 141,808 36,613 14,048 17,905 222 210,596 Depreciation 90,794 11,213 25,115 6,467 - 133,589

AssetsSegment assets 1,578,283 249,911 257,084 47,189 71 2,132,538 Unallocated 389,477 Consolidated total assets 2,522,015

LiabilitiesSegment liabilities 54,105 9,193 16,141 1,086 67 80,592 Unallocated 1,792,664

Consolidated total liabilities 1,873,256

* Represents agency and storage services


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Geographical Information

The Company is domiciled in Indonesia and the principal holding companies of foreign subsidiaries 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 is shown below:

Malaysia Indonesia Elimination ConsolidatedUS$'000 US$'000 US$'000 US$'000

Non-current assetsProperty, vessels and

equipment - net 1,965,718 380,184 337 2,346,239 Deferred charges and security

deposits 21,444 - 1,118 22,562 Goodwill 29,820 - 45,919 75,739 Investment in associates 7,783 879,310 (879,138) 7,955 Available-for-sale investment 34,302.00 - - 34,302

Total 2,059,067 1,259,494 (831,764) 2,486,797

2010

Malaysia Indonesia Elimination ConsolidatedUS$'000 US$'000 US$'000 US$'000

Non-current assetsProperty, vessels and

equipment - net 1,723,975 261,811 6,189 1,991,975 Deferred charges and

security deposits 15,073 59 7,949 23,081 Goodwill 63,075 - 12,664 75,739 Investment in associates 75,976 864,040 (863,891) 76,125 Derivative financial instruments 19,124 - (2,180) 16,944

Total 1,897,223 1,125,910 (839,269) 2,183,864

2009

Revenues from major services

The Company and its subsidiaries’ operating revenues by type of services are as follows:

2010 2009US$'000 US$'000

Time charters 89,781 92,578Spot contracts and contracts of affreightment 565,243 523,774Agency fee and storage 1,830 1,994

Total 656,854 618,346


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42. 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. Goodwill amortization for the years ended December 31, 2003 to 2010, which includes US$ 2,872 thousand each in 2010 and 2009, were also 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

Effective January 1, 2009, for Indonesian GAAP reporting purposes the Company and its subsidiaries adopted the revaluation model in measuring the vessels subsequent to initial recognition.

For IFRS reporting purposes, the Company and its subsidiaries adopted the Revaluation Model in measuring the vessels subsequent to initial recognition, since January 1, 2003, 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, prior to January 1, 2010, short-term and long-term bank loans are stated at nominal values, 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.


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Effective January 1, 2010, financial liabilities other than those measured at FVTPL, are measured at amortized cost. As a result, transaction costs on the short-term and long-term bank loans and the bond issuance costs on the bonds payable were amortized using the effective interest rate, and deducted from the principal amount. Security deposits are recorded at fair value.

Under IFRS, financial liabilities other than those measured at FVTPL, are measured at amortized cost.

Under Indonesian GAAP, prior to January 1, 2010, non-interest bearing security deposits on operating leases are recorded at undiscounted amounts. Effective January 1, 2010, non-interest bearing security deposits are accounted for similar with IFRS.

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:

2010 2009US$'000 US$'000

Net profits 231 304 Retained earnings 875 1,106

d. Investment in Associates

Under Indonesian GAAP, when significant influence over an associate is lost, the investor measures any investment retained on the former associate at cost.

Under IFRS, the investor measures at fair value any investment the investor retains in the former associate and recognize in profit and loss any difference between: (i) the fair value of any retained investment and any proceeds from disposing of the part of interest in the associate and (ii) the carrying amount of the investment at the date the significant influence is lost.

e. Measurement and Reporting Currency

Effective January 1, 2009, the Company changed its recording and reporting currency under Indonesian GAAP from Indonesian Rupiah to U.S. Dollar. However, 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 present 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, because of the change in reporting currency of the Company for Indonesian GAAP reporting purposes, from Indonesian Rupiah to U.S. Dollar.

Under IFRS, the Company’s subsidiaries domiciled in Indonesia but whose functional currency is the U.S. Dollar should measure their transactions in terms of their 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.


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A summary of the significant adjustments to consolidated loss for the years ended December 31, 2010 and 2009 and to consolidated stockholders’ equity as of December 31, 2010 and 2009 from Indonesian GAAP to IFRS are set forth below:

Note 2010 2009US$'000 US$'000

Loss for the year according to the consolidated statements of income prepared under Indonesian GAAP (154,401) (285,876)

IFRS adjustments - increase (decrease) due to:Amortization of goodwill (a) 2,872 2,872 Depreciation of revalued vessels (b) (95) - Net revaluation decrease (b) 787 166,587 Amortization of landrights (b) (45) (34) Amortization of deferred rent (c) - (597) Interest on security deposits (c) - 348 Measurement of financial liabilities

at amortized cost (c) 231 (304) Unrealized gain on sale of an associate (d) 524 -

Total adjustments 4,274 168,872

Loss for the year in accordance with IFRS (150,127) (117,004)

Equity according to the consolidated balance sheets prepared under Indonesian GAAP 684,171 618,292

IFRS adjustments - increase (decrease) due to:Amortization of goodwill (a) 14,245 11,373 Impairment of goodwill (a) 20,589 20,589 Revaluation reserve (b) (3,803) (2,006) Depreciation of revalued vessels (b) (24,928) (24,833) Gain on sale of property adjustment based on

revalued amounts of vessels (b) (57,773) (57,773) Difference between depreciation expense based

on revalued amounts and historical cost (b) 95,020 95,020 Amortization of landrights (b) (167) (122) Revaluation decrease (b) (9,646) (10,433) Amortization of deferred rent (c) (687) (687) Interest on security deposits (c) 421 421 Foreign exchange loss (c) (190) (190) Option premium on convertible bonds (c) 177 177 Measurement of financial liabilities

at amortized cost (c) (875) (1,106) Unrealized gain on sale of an associate (d) 524 -Translation adjustment and effect of remeasurement (e) 1,131 37

Total adjustments 34,038 30,467

Equity in accordance with IFRS 718,209 648,759

December 31,


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a. Reconciliation of consolidated statements of financial position between IFRS and Indonesian GAAP at December 31, 2010.

INDONESIAN ReconcilingGAAP Items IFRSUS$ US$ US$

('000) ('000) ('000)

Property, vessels and equipment - net 2,327,320 18,919 2,346,239 Advance for purchase of property, vessels and

equipment 20,250 (20,250) - Investments in associates 7,955 - 7,955 Other non-current assets 96,722 35,881 132,603

Total Non-Current Assets 2,452,247 34,550 2,486,797

Trade accounts receivable 160,166 - 160,166 Available-for-sale investments 79,964 - 79,964 Cash 84,284 - 84,284 Other current assets 58,850 624 59,474

Total Current Assets 383,264 624 383,888

Total Assets 2,835,511 35,174 2,870,685

Share capital 109,575 - 109,575 Additional paid-in capital 208,826 177 209,003 Treasury stocks (86,628) - (86,628) Translation adjustment (16,292) 17,301 1,009 Revaluation reserve 304,534 (3,803) 300,731 Retained earnings 164,156 20,363 184,519

Total Equity 684,171 34,038 718,209

Long-term liabilities - net of current maturities Loan from financial institutions 707,562 943 708,505 Bonds payable 148,261 - 148,261 Obligations under finance lease 342,769 - 342,769 Notes payable 316,000 - 316,000

Other non-current liabilities 265,496 - 265,496

Total Non-current Liabilities 1,780,088 943 1,781,031

CURRENT LIABILITIESShort-term bank loans 14,459 - 14,459 Trade accounts payable 63,943 - 63,943 Current maturities of long-term liabilities 230,854 193 231,047 Other current liabilities 61,996 - 61,996

Total Current Liabilities 371,252 193 371,445

Total Equity and Liabilities 2,835,511 35,174 2,870,685


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b. Reconciliation of consolidated statements of financial position between IFRS and Indonesian GAAP at December 31, 2009.


('000) ('000) ('000)

Property, vessels and equipment - net 1,946,389 45,586 1,991,975 Advance for purchase of property, vessels and

equipment 46,905 (46,905) - Investments in associates 76,125 - 76,125 Other non-current assets 90,993 24,771 115,764

Total Non-Current Assets 2,160,412 23,452 2,183,864

Trade accounts receivable 129,976 - 129,976 Available-for-sale investments 44,898 - 44,898 Cash 118,732 - 118,732 Other current assets 43,904 641 44,545

Total Current Assets 337,510 641 338,151

Total Assets 2,497,922 24,093 2,522,015

Share capital 70,936 - 70,936 Additional paid-in capital 114,824 177 115,001 Treasury stocks (86,628) - (86,628) Translation adjustment (16,828) 17,242 414 Unrealized gain on available-for-sale investments 757 - 757 Revaluation reserve 237,677 (2,006) 235,671 Retained earnings 297,554 15,054 312,608

Total Equity 618,292 30,467 648,759

Long-term liabilities - net of current maturities Loan from financial institutions 779,538 (8,084) 771,454 Bonds payable 141,575 (63) 141,512 Obligations under finance lease 228,925 - 228,925 Notes payable 249,809 - 249,809

Other non-current liabilities 34,819 - 34,819

Total Non-current Liabilities 1,434,666 (8,147) 1,426,519

CURRENT LIABILITIESShort-term bank loans 65,225 - 65,225 Trade accounts payable 35,179 - 35,179 Current maturities of long-term liabilities 278,309 1,773 280,082 Other current liabilities 66,251 - 66,251

Total Current Liabilities 444,964 1,773 446,737

Total Equity and Liabilities 2,497,922 24,093 2,522,015


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c. Reconciliation of consolidated statement of comprehensive income between IFRS and Indonesian GAAP for the year ended December 31, 2010.


('000) ('000) ('000)

Operating revenues 656,854 - 656,854

Voyage expenses (221,201) * - (221,201)

Operating revenues after voyage expenses 435,653 - 435,653

Charter expenses (55,763) * - (55,763)

Vessel depreciation and ship operating expenses

Ship operating expenses (139,854) * - (139,854)

Vessel depreciation (145,488) * (95) (145,583)

(285,342) (95) (285,437)

Gross profit 94,548 (95) 94,453

General and administrative (33,368) 192 (33,176)

Income before financial and other items 61,180 97 61,277

Net financial and other items

Finance cost (138,322) 723 (137,599)

Investment income 8,303 - 8,303

Share in profits of associates 384 - 384

Other gains and losses (84,761) 3,454 (81,307)

(214,396) 4,177 (210,219)

Loss before tax (153,216) 4,274 (148,942)

Tax expense (1,185) - (1,185)

Loss for the year (154,401) 4,274 (150,127)

* Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.


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d. Reconciliation of consolidated statement of comprehensive income between IFRS and Indonesian GAAP for the year ended at December 31, 2009.


('000) ('000) ('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) * (597) (55,573)

Vessel depreciation and ship operating expenses

Ship operating expenses (120,860) * - (120,860)

Vessel depreciation (133,589) * - (133,589)

(254,449) - (254,449)

Gross profit 132,834 (597) 132,237

General and administrative (32,927) 1,774 (31,153)

Income before financial and other items 99,907 1,177 101,084

Net financial and other items

Finance cost (109,500) (2,014) (111,514)

Investment income 18,078 348 18,426

Share in profits of associates 9,621 - 9,621

Other gains and losses (303,021) 169,361 (133,660)

(384,822) 167,695 (217,127)

Loss before tax (284,915) 168,872 (116,043)

Tax expense (961) - (961)

Loss for the year (285,876) 168,872 (117,004)

* Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.

43. 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 18, 19, 20, 21, 22, 25 and 27, cash, short-term investments and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in Notes 12, 13, 14, 15, 16 and 17.


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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, 2010 and 2009 is as follows:

2010 2009 2010 2009US$'000 US$'000 US$'000 US$'000

Debt 1,952,794 1,754,609 1,953,932 1,748,235Cash and short-term investments 164,248 163,630 164,248 163,630

Net debt 1,788,546 1,590,979 1,789,684 1,584,605Equity 684,171 618,292 718,209 648,759

Net debt to equity ratio 261% 257% 249% 244%

Indonesian GAAP IFRS

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 Available- Held-to-assets at for-sale Loans and maturity

FVTPL investments receivables investmentsUS$'000 US$'000 US$'000 US$'000

As of December 31, 2010Security deposits - - 16,161 -Trade accounts receivable - - 160,166 -Other accounts receivable - - 11,790 -Short-term investments 483 79,481 - -Cash - - 84,284 -

483 79,481 272,401 -

As of December 31, 2009Derivative financial instruments 19,203 - - -Security deposits - - 15,581 -Trade accounts receivable - - 129,976 -Other accounts receivable - - 7,350 -Short-term investments - 44,898 - -Cash - - 118,732 -

19,203 44,898 271,639 -


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Financial Other Financial Otherliabilities at financial liabilities at financial

FVTPL liabilities FVTPL liabilitiesUS$'000 US$'000 US$'000 US$'000

Long-term loans from financial institutions - 887,166 - 911,868

Bonds payable - 148,261 - 147,867 Notes payable 316,000 - 249,809 -Other loans from non-financial

institutions - 30,837 - 12,409 Convertible bonds - 165,057 99,560 -Obligations under finance lease - 392,152 - 261,497 Derivative financial instruments 75,775 - 28,284 -Short-term bank loans - 14,459 - 65,225 Trade accounts payable - 63,943 - 35,179 Other current liabilities and accrued

expense - 49,094 - 53,241 391,775 1,750,969 377,653 1,487,286

As of December 31, 2009As of December 31, 2010

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. In December 2010, there was a substantial modification on the terms of the convertible bonds that led to the extinguishment of the old convertible bonds and recognition of new convertible bonds. The new convertible bonds were recognized and considered as hybrid instrument containing a debt host contract and embedded derivatives. The embedded derivative liability is measured at fair value with changes in fair value recognized in profit and loss while the debt host contract was initially recognized at fair value and subsequently measured at amortized cost (Note 25). The fair value and the change in that fair value attributable to changes in credit risk are presented as follows:

Convertible Notes Convertible Notesbonds payable bonds payable

US$'000 US$'000 US$'000 US$'000Contractual amount to be

paid at maturity - 400,000 161,975 400,000 Fair values - 316,000 99,560 249,809 Changes in fair value attributable

to changes in credit risk - (130,973) (34,099) (140,924) Difference between carrying

amount and amount contractually required to be paid at maturity - (84,000) (62,415) (150,191)

20092010

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.


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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:

2010 2009 2010 2009US$'000 US$'000 US$'000 US$'000

Indonesian Rupiah 29,480 46,861 344,038 117,740 Japanese Yen 289 2,000 31,779 96 British Pound Sterling 3 418 41 -Euro 3,692 3,926 564 166 Chinese Renminbi 1,280 3 10,301 10 Hong Kong Dollar 1,619 25 290 1 Singapore Dollar 1,112 6,109 11,327 4,497 Others 337 - 396 -

37,812 59,342 398,736 122,510

LiabilitiesAssets

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.

Effect on Effect onSensitivity profit or loss Sensitivity profit or loss

rate and equity rate and equityUS$'000 US$'000

Indonesian Rupiah 7% 22,109 7% 4,962 Japanese Yen 10% 3,149 7% 133 British Pound Sterling 14% 5 12% 50 Euro 9% 282 10% 376 Chinese Renminbi 6% 541 6% 1 Hong Kong Dollar 1% 13 1% - *Singapore Dollar 5% 511 5% 81

20092010

* 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.


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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, interest rate swap and derivative contracts outstanding as at reporting date:

2010 2009 2010 2009US$'000 US$'000 US$'000 US$'000

Less than 1 year - 156,676 - 1,597 1 to 2 years 102,273 - (6,688) -2 to 5 years 800,000 102,273 (59,234) (17,407) More than 5 years - 500,000 - 16,944

902,273 758,949 (65,922) 1,134

Asset (Liability)Notional AmountsFair value

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 (2009:150 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 (2009: 150 basis points) higher or lower and all other variables were held constant, the Company and its subsidiaries’ loss for the year ended December 31, 2010 and December 31, 2009 would decrease/increase by US$ 10,390 thousand and US$ 12,788 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, the management considers 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 43C) represents the Company and its subsidiaries maximum exposure to credit risk without taking account of the value of any collateral obtained.


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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.


Weighted average effective interest

rate Less than 1

month 1-3 months 3 months to

1 year 1 - 5 years After 5 years Total US$'000 US$'000 US$'000 US$'000 US$'000 US$ 000

2010Non interest bearing 22,660 55,843 41,417 - - 119,920 Floating interest rate

instruments 2.85% 9,754 22,442 110,514 432,054 183,968 758,732 Fixed interest rate

instruments 8.07% 13,518 31,130 260,267 1,354,752 9,944 1,669,611 45,932 109,415 412,198 1,786,806 193,912 2,548,263

2009Non interest bearing 26,145 18,245 163,444 - - 207,834 Floating interest rate

instruments 2.39% 27,594 37,810 117,029 396,188 311,577 890,198 Fixed interest rate

instruments 8.94% 10,172 14,034 108,562 1,050,019 7,209 1,189,996 63,911 70,089 389,035 1,446,207 318,786 2,288,028


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The following table details the Company and its subsidiaries’ expected maturity for its non-derivative 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 Less than 1 3 months to

month 1 - 3 months 1 year 1- 5 years After 5 years TotalUS$'000 US$'000 US$'000 US$'000 US$'000 US$'000

2010Non interest bearing 31,011 68,877 152,032 - 16,161 268,081

31,011 68,877 152,032 - 16,161 268,081

2009Non interest bearing 57,098 76,474 3,755 - 15,601 152,928Floating interest rate - 44,898 42,858 - - 87,756

57,098 121,372 46,613 - 15,601 240,684

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 short-term investments, the Company is exposed to market price risks on the notes payable in 2010 and convertible bonds and notes payable in 2009 which were classified as financial liability at fair value through profit or loss (see Notes 20 and 25). To manage its price risk, the Company’s management supervises and monitors the Company and its subsidiaries’ performance.

As of December 31, 2010 and 2009, if the market price of the financial liabilities had increased/decreased by the following sensitivity rates with all other variables held constant, loss 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.

Effect on profit Effect on profit Sensitivity or loss and Sensitivity or loss and

Rate equity Rate equityUS$'000 US$'000

Convertible bonds - - 25% 24,890 Notes payable 5% 15,800 15% 37,471

20092010

If prices for short-term investments increase or decrease by 1% with all other variables being constant, the effect on equity is as follows:

2010 2009US$'000 US$'000

Increase/Decrease in equity 799 449


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E. 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 43C) approximate their fair values:

Carrying Fair Carrying Fairamount value amount valueUS$'000 US$'000 US$'000 US$'000

Borrowings:Convertible bonds 165,057 176,724 - - Bonds payable 148,261 148,444 147,867 149,970Other long-term loans from

non-financial institutions at fixed rate 11,227 13,167 12,409 14,771

2010 2009

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).


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Level 1 Level 2 Level 3 TotalUS$'000 US$'000 US$'000 US$'000

Financial assets at AFS and FVTPLShort-term investments 79,964 - - 79,964

Total 79,964 - - 79,964

Financial liabillities at FVTPLDerivative financial liabllities - (75,775) - (75,775)Notes payable (316,000) - - (316,000)

Total (316,000) (75,775) - (391,775)

2010

Level 1 Level 2 Level 3 TotalUS$'000 US$'000 US$'000 US$'000

Financial assets at AFS and FVTPLDerivative financial assets - 19,203 - 19,203Short-term investments 44,898 44,898

Total 44,898 19,203 - 64,101

Financial liabillities at FVTPLDerivative financial liabllities - (28,284) - (28,284)Convertible bonds (99,560) - - (99,560)Notes payable (249,809) - - (249,809)

Total (349,369) (28,284) - (377,653)

2009

There are no transfers between Levels 1 and 2 in 2010 and 2009.

44. NON CASH TRANSACTIONS

In 2010 and 2009, the Company and its subsidiaries entered into non-cash investing and financing activities through the acquisition of vessels under finance leases amounting to US$ 180,408 thousand and US$ 35,895 thousand, respectively.

45. COMMITMENTS

a. The Company and its subsidiaries have some charter contracts with Pertamina amounting to US$ 13 million - US$ 22 million per year, which will end between 2011 - 2016.

At the reporting date, the Company and its subsidiaries have contracts with Pertamina with the following future minimum lease receipts:

2010 2009US$'000 US$'000

Within one year 21,174 21,057 In the second to fifth years inclusive 80,914 80,914

Total 102,088 101,971


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Revenues earned by the Company on those contracts, which were included in operating revenues, amounted to US$ 38,062 thousand and US$ 49,684 thousand thousand in 2010 and 2009, respectively.

b. The Company and its subsidiaries have outstanding charter contracts under operating leases with third parties amounting to US$ 1 million to US$ 55 million per year, which will end between 2011 - 2021.

At the reporting date, the Company and its subsidiaries have outstanding commitments under non-cancellable charter contracts, with scheduled maturities as follows:

2010 2009US$'000 US$'000

Within one year 53,882 56,754 In the second to fifth years inclusive 143,144 197,027 After five years 129,471 129,471

Total 326,497 383,252

The minimum lease payments under charter contracts recognized as an expense amounted to US$ 55,763 thousand and US$ 55,573 thousand in 2010 and 2009, respectively.

c. The subsidiaries have several contracts with shipyards in Japan for the construction of new vessels with total contract price of approximately JPY 33,638 million in 2010 and JPY 46,387 million in 2009.

d. In 2010, the subsidiary entered into purchases of three second-handed vessels agreement amounting to USD 20,250 thousand.

e. 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.

f. 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, 2010, Richesse Logistics (Fangcheng Port) Co., Ltd, has paid US$ 20.9 million, which is included under the construction in progress account.

46. EVENTS AFTER THE REPORTING PERIOD

a. In February 2011, a subsidiary obtained loans from DnB NOR Bank ASA (as lead manager), BNP Paribas, ING Bank N.V., NIBC Bank Ltd., Nordea Bank Finland Pic, and Standard Chartered Bank through Senior Secured Credit facility with maximum credit of US$ 685 million, which consist of the following credit facilities:

• Facility A amounting to USD 615 million to settle the Company and its subsidiaries loan from Mount Gede LLC, DVB Group Merchant Bank (Asia) Ltd., ING Bank N.V., DnB NOR Bank ASA (Note 18).This loan is payable in 18 quarterly installments of US$ 15,400 thousand and a final installment payment of US$ 337,800 thousand upon maturity on February 2016. Such facility is secured by a registered mortgage on a subsidiaries’ vessels.


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• Facility B amounting to US$ 70 million to finance the construction of new vessels. The loan has a term of less than 5 years.

Interest rate is at LIBOR plus certain percentage.

b. In March 2011, the Company and its subsidiaries entered into sale and leaseback agreements for four chemical tankers with Standard Chartered Bank. Part of the proceeds were used to settle the loans with DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore (Note 18b) and DnB NOR Bank ASA, Singapore and NIBC Bank Ltd. (Note 18q).

c. On May 10, 2011, PT Buana Listya Tama, a subsidiary, obtained the notice of effectivity from the Chairman of Bapepam&LK in his letter No. S5214/BL/2011 in connection with the initial public offering of 6,650,000,000 shares with Rp 100 par value per share and issuance of 3,325,000,000 series I warrants with total proceeds of US$ 114 million. The Company’s percentage of ownership before the Initial Public Offering (IPO) was 100% and became 62.3% after the IPO. The Company’s share in the net assets of the subsidiary as of December 31, 2010, prior to the IPO, amounted to US$ 176 million and, on a proforma basis, after the IPO amounted to US$ 181 million. The shares of PT Buana Listya Tama were listed on the Indonesian Stock Exchange on May 23, 2011.

47. CURRENT ECONOMIC CONDITIONS

While global trade and industrial production showed signs of recovery in 2009 and 2010, there were still a number of challenges being faced by the shipping industry, which includes among others, freight rates which have not returned to pre-crisis level. These conditions had an adverse effect on the Company and its subsidiaries' operations. Accordingly, in 2010, the Company and its subsidiaries experienced lower gross profit compared with the prior year. The Company and its subsidiaries also incurred losses of US$ 150,127 thousand in 2010 which was principally due to decrease in income from operations, and increase in finance cost and non-operating losses arising from changes in the fair value of the convertible bonds and notes payable.

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 43 to the consolidated financial statements also describe 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 believe 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.

48. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements were approved by the Board of Directors and authorized for issue on June 8, 2011.

*******

GROUP ADDRESSESHEAD OFFICE

PT Berlian Laju Tanker TbkHead OfficeWisma BSG, 10th floorJalan Abdul Muis No.40Jakarta 10160 – IndonesiaPhone: +62 21 30060300Fax: +62 21 30060389Email: [email protected], [email protected]

BRANCH OFFICE

PT Berlian Laju Tanker TbkDumai BranchGraha Berlian Dumai, 3rd floorJalan Yos Sudarso No.159Dumai 28814 – IndonesiaPhone: +62 765 38466, 439143Fax: +62 765 31884Email: [email protected], [email protected]

PT Berlian Laju Tanker TbkMerak BranchJalan Pulorida No.18, Desa Tamansari, Merak, Banten 42438 – IndonesiaPhone: +62 254 570560, 570561Fax: +62 350 5406Email: [email protected]

SUBSIDIARIES

PT Banyu Laju ShippingWisma BSG, 10th floorJalan Abdul Muis No.40Jakarta 10160 – IndonesiaPhone: +62 21 30060300Email: [email protected]

PT Karya Bakti AdilWisma BSG, 10th floorJalan Abdul Muis No.40Jakarta 10160 – IndonesiaPhone: +62 21 30060300Fax: +62 21 30060461Email: [email protected]

Gold Bridge Shipping LtdChina Insurance Group Building, 20th floor, Room 2007-10141 Des Voeux Road, Central HongkongPhone: +852 28542318, +852 28542592Telex: 682112 OVIEW HXFax: +852 28544704, +852 28544341Email: [email protected]

GBLT Shipmanagement Pte Ltd 120, Lower Delta Road#08-02, Cendex CentreSingapore 169208Phone: +65 6508 8380Fax: +65 6508 8381 , +65 6508 8382Email: [email protected], [email protected]

GBLT Shipmanagement (UK) Limited301 Springhill ParkwayGlasgow, G69 6GAScotland, United KingdomPhone: + 44 141 773 2110Fax: +44 141 771 9530Email: [email protected]

Chembulk Tankers LLCThe Delamar175 Rennell DriveSouthport, CT 06890Phone: 203 682 1700Fax: 203 227 0176Email: [email protected], [email protected]

Chembulk Management Pte Ltd.120, Lower Delta Road#08-02, Cendex CentreSingapore 169208Phone: +65 6508 8377Fax: +65 6508 8376Email : [email protected], [email protected]

REPRESENTATIVES

BLT BeijingRoom 701, BLK 3, Huaqiao BuildingNo.24 Jian Guo Men Wai RoadChao Yang District, Beijing 100022, ChinaPhone: +86 10 65150116Fax: +86 10 65159590Email: [email protected]

BLT ShanghaiRoom 3007-08, 30th floorHongkong Plaza, South BuildingNo.283 Huai Hai Zhong RoadShanghai 200021, ChinaPhone: +86 21 63906060Fax: +86 2163906060Email: [email protected], [email protected]

BLT Taiwan5th floor, Tai Hong Building No.71Nanking East Road, Sec.2 Taipei, Taiwan, R.O.CPhone: +886 2 25428611, 2563140-42Fax: +886 2 25718119, 25517990Email: [email protected]

BLT DubaiOffice408, Gold Crest Executive, Jumeirah Lake Towers,Sheikh Zayed Road, Dubai, UAEPhone: +971 4 3823 881Fax: +971 4 3951 501Email : [email protected]

BLT XiamenRoom 3202, 32/F, The Bank Centre, No. 189, Xiahe Road, Xiamen CityFujian Province, ChinaPhone + 86 592 2218172Email: [email protected]

CBL Tankers do Brasil ltda.Al. Campinas 728, cj, 33São Paulo, S.P. , BrazilCEP: 01404-001Tel.: +55 11 2592 4984Fax: +55 11 2592 4985Email: [email protected]

PT Berlian Laju Tanker TbkWisma BSG, 10th FloorJl. Abdul Muis No. 40Jakarta 10160 - INDONESIAPh + 62 21 3006 0300Fx + 62 21 3006 0389, 3006 0391Email: [email protected] [email protected]

GBLT Shipmanagement Pte Ltd120, Lower Delta Road#08-02, Cendex CentreSingapore 169208Phone: +65 6508 8380Fax: +65 6508 8381

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

Documents

Growing Indonesian Cabotage - BLTblt.co.id/data/FinanceData/Annual_Report/BLTA AR 2010.pdf · VISI DAN MISI | Vision and Mission 01 R WAYAT SINGKAT PERUSAHAAN | Company at Glance