Brightoil terminates ten vessel acquisition

Brightoil terminates ten vessel acquisition

Brightoil has announced that its Singapore subsidiary has decided to terminate the acquisition of ten bunker barges.

The subsidiary 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 in December 2015.

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.

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.

Related Posts