Brightoil Petroleum has announced that it has decided to terminate the commercial negotiation of 15 vessels in its fleet due to a change in the shipping market environment.
The decision follows the company’s announcement in July that it was in talks to sell its entire shipping fleet and its Zhoushan oil storage and terminal facilities.
According to the company, since early October this year the VLCC sector is experiencing a strong upturn in the market and the company believes that the strong market trend will continue in 2019.
In the meantime, Brightoil has entered into charter agreements with Shell for nine tankers made up of five VLCCs and four aframax tankers. The agreements will commence by the end of this year.
Additionally, Brightoil said it is now working with a bank in China to formulate a package of financing and debt optimization adjustment plans for the company.
Photo: Thomas Timlen