Brightoil has announced that its Singapore subsidiary has decided to terminate the acquisition of ten bunker barges.
The companies planned to build the vessels at Rizhao Kingda or other qualified shipyards mutually agreed by the two companies.
Brightoil said the outlook for the marine bunkering business in Singapore is still very positive and company would require additional bunker barges to meet the future demand. However, to optimize the existing fleet of five bunker barges operating in Singapore and consider better utilization of the company’s working capital, the management decided to be more conservative towards of the size of the fleet at this stage.
