Greater ChinaTankers

Brightoil VLCC sold at auction

The High Court of Hong Kong has sold the 2013-built VLCC Bright Glory in an auction yesterday.

Shipbroking sources told Splash that the vessel was bought by a special purpose company called Sky Limit, which is rumoured to be linked to Greek owner Diamantis Diamantidis.

The price of the deal has not been revealed.

The vessel was detained by the court in January at the request of German bank Nord/LB, which demanded the ship’s owner, Brightoil Petroleum, pay off its debts under a ship mortgage agreement related to the vessel.

Brightoil has another three vessels detained by courts, Brightoil Grace, Brightoil Lion and Brightoil Gem.

The company founder Sit Kwong Lam has been forced to step down from his various roles at the company after a bankruptcy ruling against him in April.


Photo: Thomas Timlen

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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