Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Mon 30 Jul 2018, 16:06 GMT

Brightoil in talks to sell Zhoushan terminal and 15 vessels


Says planned sales would bolster the firm's financial strength and support its long-term development.

Brightoil Gem and Wavemaster 3, pictured in the Singapore Strait.
Image credit: Flickr
Brightoil Petroleum (Holdings) Ltd has confirmed that it is in preliminary negotiations with potential investors for the sale of its Zhoushan oil storage and terminal facilites and 15 shipping vessels (comprising VLCCs, Aframaxes and bunker tankers).

"These two intended sales, once realized, shall bolster the financial strength and provide support to the long[-]term strategic developments of the group," the company said in a statement.

Brightoil currently owns five VLCCs (Brightoil Galaxy, Brightoil Gem, Brightoil Glory, Brightoil Grace and Brightoil Gravity), four Aframaxes (Brightoil League, Brightoil Legend, Brightoil Lion and Brightoil Lucky) and six bunker tankers (Brightoil 319, Brightoil 326, Brightoil 329, Brightoil 639, Brightoil 666 and Brightoil 688).

Brightoil said any further announcements would be made "once the details and terms of the two intended sales are ironed out and agreed".

The Hong-Kong listed firm also advised investors to "exercise caution when dealing in the shares and securities of the company".

Trading in shares of Brightoil have been suspended since last October.

Bunkering vessel   China 
Steel-cutting ceremony for bunker vessel. Maritima holds steel-cutting ceremony for Cap Morgiou, first of two Petroineos bunker vessels  

Construction starts on bunker vessel able to carry conventional and low-carbon marine fuels, with delivery expected in early 2028.
MPA and SIBCON 2026 logos. Singapore launches series of measures at SIBCON 2026  

MPA announces LNG storage licences, digital bunkering grants and electric harbour craft incentives at 24th conference.
SIBCON 2026 pre-conference event. VPS outlines marine fuel standards and quality data at SIBCON 2026  

VPS's Rahul Choudhuri addresses Singapore's evolving fuel standards and the quality of conventional fuels and biofuels.
MPA and Enterprise Singapore logos. Singapore launches ammonia bunkering code and new standards for fuel sampling and polymer testing  

MPA and Enterprise Singapore introduce one standard and two technical references at SIBCON.
MPA, CMA CGM and SLNG sign MoU. MPA, CMA CGM and SLNG sign MoU to explore liquefied biomethane as a marine fuel in Singapore  

Three-way agreement will examine certification, supply and bunkering of LBM using Singapore's existing LNG infrastructure.
ROC logo. ROC wins order for PSVs featuring replaceable containerised battery system  

Nantong Rainbow Offshore secures 1+1 contract for 4,000 DWT platform supply vessels.
Alisios vessel. Axpo completes first LNG bunkering in Valencia, with over half bio-LNG  

Ship-to-ship transfer to a container vessel makes Valencia the company's fourth Spanish port for LNG bunkering.
Christening ceremony of Makua vessel. Matson christens Makua, first of three LNG-ready Aloha Class container ships  

Dual-fuel vessel, due for delivery in early 2027, is the first of three ships worth around $1bn.
CMB.Tech logo. CMB.Tech seeks Singapore-based ammonia operations manager for Asia Pacific  

New hire will oversee ammonia chartering and bunkering and liaise with Far East partners.
Lumi Aurora vessel. IINO Lines deploys first Ice Class IB VLGC on long-term charter to Borouge International  

LPG-fuelled Lumi Aurora will carry North American gas to Borouge International's Porvoo plant in Finland.

↑  Back to Top


 Recommended