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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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