Delta Tankers confirmed as buyer of bargain Brightoil VLCC

Greek owner Diamantis Diamantidis’ Delta Tankers has been confirmed as the buyer of 2012-built VLCC Brightoil Glory in a court-led auction in Hong Kong.

Splash reported last week that the vessel was sold to a special purpose company called Sky Limit, which was rumoured to be linked to Diamantidis. The vessel was sold for a price of $58m, much lower than VesselsValue‘s valuation of $65.33m.

Brokers told Splash that Delta was able to get such a good deal as ships on auction that tend to have been laid up normally go for a sizeable discount.

The vessel had been idle in the Persian Gulf for a number of months, before it was repossessed and sailed to Hong Kong. In February, the Hong Kong admiralty court granted an order for the sale of the vessel on the application of the mortgagee bank.

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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