Brightoil VLCC to be sold by court

Brightoil VLCC to be sold by court

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

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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1 Comment

  1. Avatar
    Dim
    March 14, 2019 at 5:28 pm

    Correction: The “Lion” is not a VLCC but an Aframax.
    Best,
    D