PT Berlian Laju Tanker, Indonesia’s biggest shipping company, withdrew an offer valued at about US$160 million ($223 million) to buy Camillo Eitzen & Co. after failing to agree on terms, says Bloomberg.

The shipping line withdrew the proposal “because there was no conclusive results” from talks, Chief Financial Officer Kevin Wong said by phone today in Jakarta. Discussions will continue and a deal may be reached at “some point in the future”, Berlian Laju said in a statement today.

Berlian Laju bid for Oslo-based CECO in October to double sales and become the world’s largest operator of chemical tankers. The company subsequently reduced its offer after failing to win Indonesian regulatory approval to give CECO shareholders convertible bonds as part of the deal.

The acquisition would have boosted Berlian Laju’s fleet of owned or operated vessels to 157 chemical tankers, 14 oil tankers, 42 gas tankers and as many as 60 bulk carriers, the shipping company said on Oct 5.