Nord/LB files court case against Brightoil

Nord/LB files court case against Brightoil

German bank Nord/LB has filed a legal case against Brightoil Petroleum in the High Court of Hong Kong due to a debt dispute.

According to a court file seen by Splash, Nord/LB has demanded Brightoil pay off debt under a ship mortgage agreement related to Brightoil’s 2012-built VLCC Brightoil Glory.

Brightoil has had several vessel’s arrested by creditors. Last week, the company’s 2013-built VLCC Brightoil Gem was arrested in Haikou, following the arrest of Brightoil Grace and Brightoil Lion in Singapore.

The company cancelled its fleet sale plans in November, entering into vessel charter agreements with Shell for nine tankers from its fleet.

 

Photo: Thomas Timlem

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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