Asia/Pacific News
Brightoil to Sell Bunker Tanker to Singapore Subsidiary
Brightoil Petroleum (Holdings) Limited (Brightoil) Monday announced that Shenzhen Brightoil Shipping Group Co. Ltd. will sell the Vessel 319 bunker tanker for $8.4 million to its wholly-owned subsidiary, Singapore incorporated Brightoil 319 Oil Tanker Pte Ltd.
Vessel 319 is built by Rizhao Kingda Shipbuilding Heavy Industries Co. Ltd. and is presently at Rizhao, China, where final steps for delivery are being undertaken.
In its May 4 announcement, Brightoil said that because Shenzen Brightoil has established itself as one of the leading suppliers of marine bunkers in Singapore, it believes the acquisition "will enhance the competitive strength in the bunkering business of the Group by expanding the operating fleet, and bring in additional revenue to the Group through increased marine bunker sales volumes."
The company made a similar statement in August of 2014, when it announced it would acquire two bunker tankers under construction at Haidong Shipyard in China that were due for delivery the following month.
As is the case with the current announcement, Brightoil chairman Dr. Sit Kwong Lam was named as the beneficial owner of the companies selling the tankers to Brightoil.
Following construction of the two tankers last year, Vessel 666 required immediate repairs before entering service, and Vessel 639 was detained by Haldong Shipyard pending payment by the vessel's seller.
Brightoil in March said its bunker trading business received a boost in the second half of 2014 as credit terms tightened in Singapore.
