Bunker supplier Shenzhen Brightoil Shipping has transferred ownership of a bunker barge newbuilding to its Singapore-based subsidiary for $8.4m in cash.
The vessel is currently under construction at China’s Rizhao Kingda Shipbuilding and preparations are underway for its delivery on January 15, 2016.
The price was determined “after arm’s length negotiation” between the parties using third-party valuation report from September that valued the tanker at $8.5m, parent company Brightoil Petroleum said in a filing today. The consideration will be paid using bank loans and internal funds.
“Having established itself as one of the leading suppliers of marine bunkers in Singapore, the group considers that the purchase of the bunker barge will (i) enhance the competitive strength in the bunkering business of the group by expanding the operating fleet; and (ii) bring in additional revenue to the group through increased marine bunker sales volumes,” Brightoil Petroleum said.