Hong Kong: Hong Kong listed Brighoil announced that two subsidiaries of the company has entered into agreements with Zhejiang Brightoil Shipping and Shenzhen Brightoil Shipping to acquire two bunker barges for $18m in total.
Both Zhejiang Brightoil Shipping and Shenzhen Brightoil Shipping are controlled by the company’s chairman Sit Kwong Lam.
Brightoil said the purchase of the two vessels will enhance the competitive strength in the bunkering business of the group by expanding the operating fleet and bring in additional revenue to the group through increased marine bunker sales volumes.
The two vessels will be delivered on September 2. [15/08/14]