Brightoil has Settled Sea Trader Debt in Full

Monday November 26, 2018

Sea Trader International says it has already settled its claim of $943,651.38 with troubled Singapore bunker supplier Brightoil Petroleum ( S) Pte Ltd.

The clarification follows reports Friday that the Hong Kong-based bunker trader and Qatar National Bank had joined Vietnam-based trader Petrolimex in taking legal against against the Brightoil unit to recover unpaid debts.

"Brighoil did have some debt with us and we did file a court case against Brighoil at early October and has reached an agreement with Brighoil for full settlement and the case has been closed," Sea Trader said in an emailed note to Ship & Bunker.

"We have no court case with Brighoil Singapore.

"We have recovered the whole principle amount owed ($943,651.38) in full and we have no loss on Brightoil. We have not joined the creditor list as Reuters reported."

Brightoil Singapore is facing a winding up petition from Petrolimex and official records Monday indicate its entire bunker tanker fleet remains under arrest.