Singapore: Brightoil's Bunker Tanker Fleet Sold Off at Discount Prices

by Ship & Bunker News Team
Thursday October 17, 2019

Local buyers in Singapore have snapped up Brightoil's six-strong fleet of bunker tankers at discounts of up to 45% on their market price valuation, with Global Energy Group, Equatorial Marine Fuel, and Minerva Bunkering among the buyers.

Brightoil 639 (7,000 dwt), Brightoil 688 (7,000 dwt), Brightoil 666 (7,000 dwt), Brightoil 319 (4,100 dwt), Brightoil 326 (4,100 dwt), and Brightoil 329 (4,100 dwt) were all placed under arrest in November last year as part of the fallout from financial difficulties faced by the wider group.

The vessels were put up for action last month, with records from the Supreme Court of Singapore showing sales for three vessels were completed on October 2, and the remaining three on October 9.

Equatorial Marine Fuel, Singapore's fourth largest bunker supplier by volume for 2018, acquired Brightoil 326 and Brightoil 319, the latter it has since renamed Sea Bountiful.

Data from VesselsValue indicate the supplier paid $4.32m for Brightoil 326, valued at $7.91m, and $4.45m for Brightoil 319, valued at $7.34m.

Minerva Bunkering also took two vessels, acquiring Brightoil 666 and Brightoil 639, both valued at $8.24m, at undisclosed prices.

Brightoil 329, valued at $8.10m, was sold to Global Energy Group for $4.48m.

Details for the sale of Brightoil 688, valued at $4.97m, have not yet been disclosed.

Local sources indicate there was strong interest in the vessels thanks to the upcoming IMO2020 rule creating strong demand for bunkering assets.