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China's Brightoil Petroleum (Holdings) Ltd. is planning to purchase up to eight oil transportation vessels, according to Chairman Sit Kwong Lam.

The company is said to be in the market to buy six to eight tankers between 50,000 deadweight tonnes (dwt) and 300,000 dwt in size, all during the course of 2010.

The plan forms part of Brightoil's strategy to expand its marine transportation business, aiming to take advantage of the current low price of oil tankers during the current economic climate.

"The group reckons the timing to purchase an oil tanker is highly attractive given the current price of a newly-built high quality tanker vessel is down from around US$80million in 2008. In addition, the group also anticipates benefits from the gradual recovery of the shipping industry," Kwong Lam said in a statement earlier this month.

Brightoil is understood to be planning to spend around US$500 million to acquire the new oil tankers.

The company took delivery of its first ocean-going tanker in Singapore earlier this month.

The double-hulled aframax oil tanker, which was purchased in November 2009 for US$52.5million, has a capacity of 107,500 dwt and an overall length of 243.8m.

The vessel will mainly be used for transporting fuel oil or crude oil internationally and will be chartered out to generate additional revenue.