Greater ChinaTankers

Haikou Maritime Court lists Brightoil VLCC for sale

Haikou Maritime Court has listed Brightoil Petroleum’s 2013-built VLCC Brightoil Gem for sale in an online auction scheduled on November 19.

The vessel was arrested by the court at Yangpu Port in January at the request of creditor bank BNP Paribas.

The starting price for the Hyundai Heavy-built crude tanker is RMB390m ($54.8m), while MSI values the vessel at $66.4m.

Financially troubled Brightoil Petroleum was served with a petition filed by a creditor with the High Court of Hong Kong for the winding up of the company on the grounds that the company is insolvent and unable to repay debts. The company’s tanker fleet has also been arrested at the request of creditors.

Since May, four Brightoil vessels VLCCs and aframax tanker Brightoil Lion have been sold by courts.

Brightoil expected to use the proceeds from the sale of the vessels to repay liabilities, and it anticipated that the rest of the tanker fleet will be sold.

Currently, the company’s fleet is left with two VLCCs, three aframax tankers and six bunkering vessels.


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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