The High Court of Hong Kong is going to sell the 2013-built VLCC Brightoil Glory, as the owner, Brightoil Petroleum, has been unable to pay off its debts related to the vessel.
The vessel was detained by the court in January at the request of German bank Nord/LB, which demanded Brightoil pay off its debts under a ship mortgage agreement related to the Brightoil Glory.
Brightoil has another three vessels detained by courts – VLCC Brightoil Grace and aframax tanker Brightoil Lion detained in Singapore and VLCC Brightoil Gem arrested in Haikou.
According to shipbroking sources, the deadline for submission of bids for the Brightoil Glory is March 28, with validity until April 4.
Brightoil is currently dealing with a major debt issue. The company also plans to push forward its earlier announced plan to sell its Zhoushan oil storage and terminal facilities in order to increase liquidity.
Photo: Thomas Timlen