Norway’s DNB has exposure to troubled Indonesian firm

DNB, Norway’s biggest lender, said it had exposure to Indonesia’s largest oil-and-gas shipping company PT Berlian Laju Tanker Tbk but declined to specify the extent of its exposure.

Earlier on Friday Berlian Laju said it will stop servicing its debt of around $2 billion, putting it at risk of a default rating from Fitch.

The company blamed the global economic downturn and weak freight rates on the one hand and higher shipping fuel and other operating costs on the other, highlighting concerns that have already driven other shipping firms to the wall.

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