Brightoil acquires ten bunker barges

Brightoil acquires ten bunker barges

Hong Kong-listed Brightoil has announced that its Singapore subsidiary has entered into an agreement with Shenzhen Brightoil Shipping, a company controlled by its chairman Sit Kwong Lam, for the acquisition of ten bunker barges for $84m.

The vessels will be built by Rizhao Kingda or other qualified shipyards mutually agreed by the two companies.

Brightoil considers that the purchase of the vessels will enhance its competitive edge in the bunkering business by expanding the operating fleet and locking in the current low price of the bunker barges in order to save costs.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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