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.

Bunker Holding logo. Bunker Holding seeks student assistant for IT governance and contract team  

Danish marine fuel supplier recruits part-time student for IT governance role in Middelfart.
Maya Cosulich vessel at the Port of Ceuta during welcome ceremony. Vilma Oil Med deploys methanol-capable bunker tanker at Ceuta  

Maya Cosulich can carry methanol and biofuels, features dual-fuel capability and mass flow meter technology.
Claudene Sharp-Patel, Lloyd's Register. Anemoi Marine Technologies appoints Lloyd’s Register technical director to oversight committee  

Claudene Sharp-Patel brings maritime operational expertise to guide wind-assisted propulsion development.
Yanmar hydrogen engine test facility render. Yanmar to build hydrogen engine test facility in Japan by 2029  

Japanese engine manufacturer acquires land for new factory to develop next-generation marine fuel technologies.
M/T Aristotelis II vessel. Capital Ship Management takes delivery of LNG-ready VLCC from Chinese yard  

The 307,000-dwt Aristotelis II features energy-saving devices and scrubber technology.
Anthi S Tsigkou, Flex Commodities. FLEX Commodities appoints Anthi Tsigkou as general counsel  

Dubai-based trader brings in maritime law specialist with more than 15 years of industry experience.
RINA logo. RINA releases white paper on low-carbon fuels for maritime and aviation decarbonisation  

Classification society examines biofuels, hydrogen and e-fuels as regulatory frameworks accelerate compliance timelines.
Rob Mortimer, CEO of FuelRe4m. Fuelre4m fuel treatment achieves 8.7% consumption cut in Voyage Marine engine trial  

Re4mx Diesel product also delivered 5% bollard pull increase in 12-hour test on twin-engine vessel.
LPC and Gram Marine launch operations in Argentina graphic. Gram Marine delivers first marine lubricants in San Lorenzo  

Operation follows recent strategic partnerships with LPC and Servi Río.
Halten Bulk wind-assisted vessel render. Halten Bulk orders wind-assisted bulk carriers with rotor sails from Chinese yard  

Norwegian operator contracts two vessels with options for two more at SOHO Marine.

↑  Back to Top


 Recommended