Asia/Pacific News
Brightoil Bunker Sales Fall 37 Percent
Bunker sales volume for Brightoil Petroleum Holdings Limted [HKG:0933] (Brightoil) fell 37 percent year-over-year to about 2.8 million metric tonnes (mt) in the second half of 2012, the company reports.
Brightoil's total revenue for the period fell by 34.9 percent to HK$23,589.5 million ($3.04 million), and its bottom line fell to a loss of HK$811.1 million ($104.6) from a profit of $997.6 million ($128.6 million) in the second half of 2011.
Data from Maritime and Port Authority of Singapore (MPA) showed that Brightoil slipped from being the second largest to the third largest bunker supplier by volume in Singapore last year.
"The Group's business in International Trading and Bunkering ("ITB") and Marine Transportation ("MT") were the major drivers of the Group's financial performance, both of which faced an extremely challenging market environment where demand and margin were poor," the company said.
To reduce costs, Brightoil said it has subleased and reduced unproductive tank capacity in Singapore and the U.S. and consolidated its worldwide sales offices.
The company said it expects competitive and volatile trading conditions in the oil market in 2013, and it is working to diversify its range of products and to expand its bunkering operations in to first tier bunker ports worldwide, as well as throughout China.
Brightoil previously said it expects its bunkering business, particularly in China, to "expand significantly" in 2013, while it also diversifies its sales into other petroleum products.
