Brightoil Sees 26% Growth in Annual Bunker Volumes

Brightoil has recorded a year-on-year sales volume increase of 26 percent.

Brightoil Petroleum (Holdings) Limited (Brightoil) has announced that for the 12 months ended June 30, 2016 the company recorded a year-on-year increase in bunker sales volume of 26 percent.

"In FY2016, as the global economy experienced moderate recovery, oil prices remained low with greater volatility, which has created tremendous operating pressure to upstream and downstream oil enterprises as well as international transportation companies," Brightoil wrote in its latest financials 

"Despite the adverse market environment, international trading and bunkering business of the Group maintained steady growth. Through consolidation of the existing operations and development of additional sales channels and new customers, sales volume recorded a year-on-year increase of 26%."

As expected, the slide in crude and bunker prices compared to the previous period dragged down revenues, and Brightoil reports that revenue from marine bunkering for the period was HK$4,169 million ($537.59 million), down from HK$5,890 million ($759.51 million) in the same period ending in 2015.

Overall, the company's revenue for the period this year was HK$48,071 million ($6,198 million), down from HK$74,104 ($9,555 million) during the previous period, with a net income for the year attributable to the owners of the company of HK$687 million ($88.59 million), compared to the HK$1,388 ($178.99 million) reported last year.

Other noted developments for the period this year included the launch of its Brightoil Online platform.

"With the rapid development of mobile network and terminal equipment, and the changing lifestyle brought by the Internet, the Group has developed and launched a marine bunkering e-commerce platform to keep up with times," wrote Brightoil.

"The platform enables customers to enjoy instant, convenient, efficient and
transparent bunkering experience, at the same time bringing tremendous value and business opportunities to the Group and its customers with its accumulated big data."

Brightoil says its core fuel oil and marine bunkering business is focusing on Singapore, China, Taiwan, Korea, Japan, and other Asia-Pacific markets, and looking ahead it will continue to expand its international trading and marine bunkering business.

"Leveraging on the advantages of its Zhoushan oil storage facilities, the Group will lower costs, enhance competitiveness and market share through economies of scale and in-storage blending," the company said.

"In addition, with internet technologies, the Group will continue to develop its maritime business e-commerce platform, delivering one-stop solutions to ship owners."