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: Thomas Timlen Flickr CC BY 2.0

Updated on 30 Jul 2018 16:06 GMT

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.