Greater ChinaTankers

Brightoil dismisses sale and leaseback rumours

China’s Brightoil Petroleum has denied reports carried by Splash of a major sale and leaseback deal with compatriot Shandong Shipping.

Last week Splash reported that Brightoil had condluced a sale and leasback deal for five VLCCs as well as withdrawing four aframaxes, which had been for sale.

Brightoil has since contacted Splash to deny the reports, initially circulated via broking contacts. Splash apologises for the incorrect reporting and any damage this may have caused to Brightoil’s reputation.

At the end of July, Brightoil announced that it was in preliminary negotiations with a potential investor for the sale of its Zhoushan oil storage and terminal facilities as well as its entire shipping fleet of 15 vessels including five VLCCs, four aframaxes and six bunkering barges.


Photo: Thomas Timlen

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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