Indonesian shipping firm PT Berlian Laju Tanker (BLT) has announced plans to take over Camillo Eitzen (CECO) by submitting a voluntary exchange offer for all its outstanding shares.

The offer is based on payment of NOK25 a CECO share, payable in securities which will be converted into BLT shares, according to

Total revenues of the combined company for the past 12 months amounted to nearly $2.3bn with an EBITDA of $499m.

The BLT group will own and potentially operate 157 chemical tankers, about 60 bulk carriers, 42 gas tankers, 14 oil tankers and one FPSO, in addition to services offered through Eitzen Maritime Services.

The group is believed to comprise the world’s largest and modern chemical tanker fleet.