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Brightoil issues update on winding-up petition and sale of vessels

Generated sum of approximately US $201.6 million from sale of four vessels to repay the liabilities of the group.
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Hong Kong-listed Brightoil Petroleum (Holdings) Limited (Brightoil) on Wednesday (12 June) issued an update on its winding-up petitions at Hong Kong and Singapore, and the sale of vessels.

Hong Kong

The troubled company will be facing a winding-up petition at the High Court of Hong Kong on 17 July; a petitioner is seeking US $25,684,013.27 together with late payment charges and costs, which arose from a deed of settlement dated 1 June 2018.

At Hong Kong, Brightoil also faces an addendum to the deed of settlement entered into between the company, petitioner and Brightoil Petroleum (S’pore) Pte. Ltd. (Brightoil Singapore).

“As such, the Company wishes to remind its shareholders and potential investors that as the Petition was presented to the High Court of Hong Kong on 17 May 2019, the transfer of the shares of the Company made thereafter would be void without a validation order from the High Court of Hong Kong, unless the Petition has been struck out, dismissed or permanently stayed.”

Singapore

At Singapore, Brightoil Singapore has applied for a moratorium under section 211B of the Singapore Companies Act to restrain legal action or proceedings against Brightoil Singapore and Brightoil; the moratorium has been extended until 2 July 2019.

Sale of vessels

Brightoil, meanwhile, says it has raised a total sum of approximately US $201,584,000 from the sale of four vessels to repay the liabilities of the group.

The Brightoil Glory was sold for USD$58,775,575 on 17 May; the Brightoil Gravity was sold for KRW 72,440,000,000 on 4 June; the Brightoil Lion was sold for SG $36,608,000 on 4 June; the Brightoil Grace was sold for SG $75,106,063 on 4 June.

“The Company anticipates that the rest of the tanker fleet of the Group will continue to be disposed with the proceeds to be applied further for satisfaction of the liabilities of the Group so as to resolve the actions relating to the Petition and the Application.”

A chronologically organised list of articles concerning Brightoil’s potential debt reorganization is below:

Related: Dr Sit Kwong Lam returns to Brightoil as Strategic Adviser
Related: Brightoil Petroleum announces new Chairman and acting CEO
Related: Brightoil former Chairman undertook $1.4 billion in personal guarantees
Related: Official: Dr Sit Kwong Lam leaves Brightoil Petroleum Holdings
Related: Hong Kong High Court issues bankruptcy order against Brightoil Chairman
Related: Brightoil aggregate debt has reached approximately $1.9 billion, it updates
Related: Brightoil creditor claims amount to US $250 million, potential debt reorganisation
Related: Brightoil to defend against winding up petition at Hong Kong court
Related: Singapore: Brightoil to apply for six-month moratorium order at High Court
Related: Brightoil oilfield project secures USD $700 million CNOOC funding
Related: Brightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
Related: Shell to offload crude oil cargo from arrested “Brightoil Lion” tanker
Related: Brightoil VLCC and Aframax tanker arrested at Singapore port
Related: Singapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
Related: Singapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
Related: Singapore: Brightoil bunker creditor list growing with new firms
Related: Singapore: Petrolimex owed over USD $30 million by Brightoil
Related: Brightoil signals return to the shipping sector, starts reorganisation of debt
Related: Singapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Related: Singapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
Related: Qatar National Bank seeks USD $21.59 million debt from Brightoil

Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 12 June, 2019
 

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China: Chimbusco completes first bonded B24 bunkering operation in Shenzhen

Chimbusco Marine Bunker (Shenzhen) completed the operation after supplying 1,300 mt of B24 marine biofuel oil for “Xin Chi Wan” vessel, at Shekou Container Terminal.
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July 8, 2026

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China: Chimbusco completes first bonded B24 bunkering operation in Shenzhen

Zhuhai Chimbusco Petroleum Co Ltd (Chimbusco Zhuhai), a subsidiary of China Marine Bunker (PetroChina) (Chimbusco), on Monday (6 July) said the company completed its first bunkering operation since receiving its local licence in Shenzhen. 

Chimbusco Marine Bunker (Shenzhen) completed the operation after supplying 1,300 metric tonnes (mt) of B24 marine biofuel oil for the Xin Chi Wan vessel, owned by COSCO Shipping Group, at the Shekou Container Terminal in Shenzhen.

The operation adopted the “cross-customs direct supply bunkering” model with the cooperation of Shenzhen and Gongbei Customs and maritime authorities.

Looking ahead, Chimbusco Marine Bunker (Shenzhen) said it will build on its local licensing and policy advantages to expand its bonded marine fuel bunkering business in Shenzhen.

The company plans to optimise its bunkering processes and improve service quality to help strengthen the city’s bonded marine fuel supply capabilities while supporting the shipping industry’s green transition.

 

Photo credit: Zhuhai Chimbusco Petroleum
Published: 8 July, 2026

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Sanctions

US reinstates Iran oil sanctions, orders wind-down by 17 July

US has revoked a licence permitting the purchase of Iranian crude oil, petrochemical products and petroleum products, with the restrictions taking effect immediately.
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18 hours ago

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July 8, 2026

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The US Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday (7 July) revoked a licence that had temporarily authorised transactions involving crude oil, petrochemical products and petroleum products of Iranian origin.

Under the new licence, the purchase of Iranian crude oil, petrochemical products and petroleum products is prohibited with immediate effect.

The latest licence replaces an authorisation issued on 22 June, which had been scheduled to remain in force until 21 August. The previous authorisation permitted the bunkering of vessels engaged in the approved transactions.

Parties that entered into contracts for Iranian oil during the period in which the authorisation was in effect have until 17 July to wind down Iran-related transactions.

 

Photo credit: Zbynek Burival on Unsplash
Published: 8 July, 2026

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Legal

Russian court orders marine fuel supplier Transbunker assets transferred to state

A Moscow court has reportedly ordered the transfer of assets belonging to Russian marine fuel supplier Transbunker to state ownership.
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18 hours ago

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July 8, 2026

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A Moscow court has reportedly ordered the transfer of assets belonging to Russian marine fuel supplier Transbunker to state ownership.

This comes following a lawsuit alleging the company was illegally controlled through offshore corporate structures, according to The Moscow Times. 

The ruling grants the Russian Prosecutor General’s Office’s claims in full and takes immediate effect. Prosecutors argued that Transbunker, one of Russia’s largest marine fuel suppliers, was subject to restrictions on foreign ownership because the companies within the group qualify as strategic enterprises. 

The case targets Transbunker founders Iosif Sandler and Sergei Pugachev, both Cypriot citizens, along with Transbunker Management CEO Yelena Zavyalova. 

Prosecutors alleged the founders concealed control of the group through offshore entities in jurisdictions including Cyprus and the British Virgin Islands, while transferring profits abroad. Authorities claim RUB 19.3 billion (USD 247 million) has been moved out of Russia since 2020.

Founded in 1991, Transbunker has developed a nationwide marine fuel supply network serving Russian ports in the Baltic, Black Sea and Far East. The group owns fuel terminals in Novorossiysk, Vanino, Sakhalin and the Leningrad region, among other assets.

 

Photo credit: Egor Filin on Unsplash
Published: 8 July, 2026

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