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Update: Brightoil plans ‘disposal’ of entire international oil trading and bunkering business

Company edges closer to resumption of trading on Hong Kong Stock Exchange, and plans primarily focus on upstream business for future.

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Brightoil exit

Hong Kong-listed Brightoil Petroleum (Holdings) Limited (Brightoil) on Wednesday (4 February) shared several details of its resumption progress for trading on the Hong Kong Stock Exchange (HKSE).

The company recently released information, including the disclosure of its forensic investigation and the publication of its financial results, to meet HKSE’s resumption conditions.

Resumption plan

The latest update noted Brightoil planning the disposal of its oil trading and bunkering arm as part of its resumption plan; this was a much wider development when compared to an earlier announcement specifically stating disposal of Brightoil Petroleum (S’pore) Pte. Ltd.

“To resume trading in its Shares, the Company submitted the resumption plan to the Stock Exchange on 31 January 2020, including but not limited to, the disposal of the international oil trading and bunkering business (Target Business),” it stated.

“The Company has signed the sale and purchase agreement regarding the disposal of the Target Business and the relevant draft announcement has been submitted to the Stock Exchange for review.”

Loan from Chinese investment firm

Brightoil, meanwhile, noted it has entered into an agreement with the subsidiary of China Huarong Overseas Investment Holding Co., Ltd. for approximately USD 413 million in loan financing, refinancing and working capital support on 1 November 2019.

The loan includes financing of approximately USD 362 million to various Brightoil subsidiaries for a period of five to twelve years for acquiring the company’s debts and restructuring the company’s existing debt.

Additionally, the lender may provide respective additional loans of up to USD 15 million and USD 35.5 million to Brightoil for capital expenditure of its Xinjiang Dina project and general working capital under the premise of the company meeting certain conditions.

Sale of “Brightoil Gem”

The Brightoil Gem has since been sold by the Haikou Maritime Court of PRC for RMB 403.3 million. The first tranche of the net proceeds from sale of the VLCC has been received and applied to settling the debts of the company and its subsidiaries.

Winding-up petitions in Singapore and Hong Kong

Brightoil subsidiary, Brightoil Petroleum (S’pore) Pte. Ltd., has successfully extended its claims moratoria at the Singapore High Court until 3 April 2020 and “made good progress in reaching legally binding settlements with major trade creditors,” it said. The next hearing date has not yet been fixed but is expected to take place in early April of 2020.

Over in Hong Kong, Brightoil noted it has made progress by entering into settlement agreements with other key creditors, while obtaining commitment letters from several creditors showing support for its debt restructuring efforts. The company has made instalment payments pursuant to the settlement agreements that have already been concluded.

Intended sale of Zhoushan oil storage and terminal facilities

On 7 January 2020, Brightoil signed a non-binding “Zhoushan Project Cooperation Framework Agreement” with a potential buyer of its Zhoushan Oil Storage and Terminal Facilities; the company will work towards achieving signing of a binding agreement within three months.

Upstream business

The Caofeidian Oilfield of Brightoil achieved 11.62 million barrels of crude oil production, completing 114% of the annual plan, between January to December 2019.

The construction & installation of the ‘Overall Development Adjustment Plan’ for the Caofeidian project has been finished. Actual construction costs incurred were approximately RMB 2,423 million, which is approximately RMB 500 million below the approved budget of RMB 2,923 million.

As of 31 December 2019, the daily natural gas production of the Dina 1 and Tuzi gas field was 3.03 million cubic meters in aggregate. The preparatory work for the Tuzi gas field booster station and Dina 1-4 new well has begun, and the booster station is expected to be completed in October 2020 to achieve higher production targets.

“The management expects that the upstream business will be the primary focus of the Company’s development in the future,” it states.

Related: Singapore bunker supplier Brightoil Petroleum (S’pore) Pte. Ltd. to be disposed by parent company
RelatedBrightoil publishes unaudited financial results for FY 2017, 2018, 2019

Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here

 

Photo credit: Manifold Times
Published: 5 February, 2019

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Winding up

Singapore: High Court to hear Norvic Shipping Asia winding up application on 31 July

Application for the winding up of Norvic Shipping Asia Pte Ltd was filed by Netherlands-registered Mur Shipping BV on 8 April, according to Government Gazette notice.

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RESIZED singapore high court

An application for the winding up of Norvic Shipping Asia Pte Ltd was filed by Netherlands-registered Mur Shipping BV on 8 April, according to a Tuesday (21 July) notice on the Government Gazette.

It noted the winding up application is directed to be heard before the Judge sitting in the General Division of the High Court at 10am on 31 July.

Any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose.

A copy of the winding up application will be furnished to any creditor or contributory of the company requiring the copy of the winding up application by the solicitors of the applicant’s, Oon & Bazul LLC, on payment of the regulated charge for the same.

The Applicant’s address is Hiridostraat 5, Gebouw Prismatrium, 1101CW Amsterdam, The Netherlands.

The Applicant’s solicitors are Oon & Bazul LLC of 103 Penang Rd, #04-04/05/06 Singapore 238467. 

Queries on the winding up application may be directed to the following email addresses: [email protected] and [email protected].

 

Photo credit: Manifold Times
Published: 22 July, 2026

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Methanol

World Fuel and partners complete first green methanol bunkering of car carrier in Shanghai

Operation involved the delivery of approximately 2,800 MT of green methanol to “Arctic Tern” via a ship-to-ship transfer using SIPG Energy’s dedicated methanol bunkering vessel “M/V Hai Gang Zhi Yuan”.

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World Fuel and partners complete first green methanol bunkering of car carrier in Shanghai

Marine fuel provider World Fuel on Tuesday (21 July) said it successfully completed the first green methanol bunkering of M/V Arctic Tern, with EUKOR Car Carriers and SIPG Energy at the Port of Shanghai. 

Arctic Tern is the first vessel in the new Shaper Class series of car carriers. 

The operation involved the delivery of approximately 2,800 MT of green methanol to Arctic Tern via a ship-to-ship transfer using SIPG Energy’s dedicated methanol bunkering vessel M/V Hai Gang Zhi Yuan, the largest vessel of its kind in operation. 

The bunkering operation was carried out at Haitong Terminal, Waigaoqiao Port Area, Shanghai Port, with cargo handling operations conducted simultaneously during bunkering.

This marks EUKOR Car Carriers’ first green methanol operation and the first time Arctic Tern has bunkered methanol since its delivery on 9 July. The operation marked the first bunkering at Shanghai Port of green methanol produced locally in Shanghai for an international PCTC operator. 

It also demonstrated the city’s integrated green methanol value chain, spanning local production, storage and bunkering, and established a replicable “Shanghai Model” for green methanol supply.

World Fuel arranged the supply and delivery of the fuel on behalf of EUKOR Car Carriers, working with SIPG Energy as the physical supplier at the Port of Shanghai.

The green methanol supplied was produced from municipal solid waste, ISCC-EU certified, and had a carbon intensity value below 25 gCO₂e/MJ.

Arctic Tern is the first of fourteen Shaper Class vessels ordered by Wallenius Wilhelmsen. With a capacity of 9,300 car equivalent units and methanol dual-fuel capability, the vessel will be operated by EUKOR Car Carriers, jointly owned by Wallenius Wilhelmsen and Hyundai Motor Group. Following her first green methanol bunkering, Arctic Tern will continue her maiden voyage from Asia to Europe.

Xavier Leroi, COO Shipping Services at Wallenius Wilhelmsen and CEO of EUKOR Car Carriers, said: “Completing Arctic Tern’s first green methanol bunkering shortly after delivery is a significant milestone towards our decarbonisation ambition for both EUKOR Car Carriers and Wallenius Wilhelmsen. It demonstrates how investments in next-generation vessel technology and fuel flexibility are being translated into real-world operations. 

“This achievement reflects the strong collaboration between all parties involved. Together, we have shown how partnerships across the maritime value chain can help make lower-emission fuels available and operationally viable at scale.”

Mark Tamsitt, SVP Global Marine Sales at World Fuel, said, “The first bunkering event with a new fuel is a significant moment for any shipowner, and our role is to make it as seamless as possible. By connecting EUKOR Car Carriers with SIPG Energy’s proven green methanol capability at the Port of Shanghai, we were able to deliver on reliable supply, fuel quality, and safe processes. As more of our customers bring methanol dual-fuel tonnage into service, we are committed to being the partner that makes these kinds of operations routine.”

Mr. Zhang Da, General Manager of SIPG Energy, said, “Welcoming Arctic Tern to the Port of Shanghai for her first green methanol bunkering demonstrates the strength and maturity of our supply capability. Building on our well-established methanol ship-to-ship bunkering services for container vessels, we have already extended such services to pure car and truck carriers (PCTCs). This bunkering sets a new record for the largest single SIMOPs green methanol bunkering for PCTCs in China, marking another step in building Shanghai’s position as a global green energy hub for international shipping.”

This operation follows Wallenius Wilhelmsen’s announcement on 9 July that Arctic Tern would complete her first methanol bunkering shortly after delivery. The vessel entered service on routes between Asia and Europe immediately following handover from China Merchants Jinling Shipyard in Nanjing.

 

Photo credit: World Fuel
Published: 22 July, 2026

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Ammonia

HPA and MB Energy develop safety concept for STS ammonia bunkering

HPA says the Port of Hamburg will become “bunker ready” for ammonia, laying the groundwork for safe and reliable ammonia bunkering in the future.

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HPA and MB Energy develop safety concept for STS ammonia bunkering

The Hamburg Port Authority (HPA) and integrated energy company MB Energy on Tuesday (21 July) said they have completed a comprehensive risk analysis and developed a dedicated safety concept for ship-to-ship ammonia bunkering.

MB Energy said the analysis lays the groundwork for the safe introduction of ammonia as a future marine fuel.

“With our planned ammonia import terminal in Hamburg-Blumensand, MB Energy intends to provide the reliable land side supply infrastructure needed to support this transition across northern German ports,” it said in a social media post. 

Mabanaft Group was renamed to MB Energy last year and merged over 50 existing brands under one identity. 

Separately, HPA said the Port of Hamburg will become “bunker ready” for ammonia, laying the groundwork for safe and reliable ammonia bunkering in the future.

“The focus is in particular on container ships, cruise ships as well as RoRo and ConRo (Container/RoRo) ships,” it said. 

“We expect ammonia to establish itself as an alternative marine marine fuel in the coming years. With our preparatory work, we are already creating the conditions to welcome the first ammonia-powered ships in Hamburg and to bunker them safely.:

HPA added that the import terminal for ammonia planned by MB Energy from 2029 will make a decisive contribution to ensuring the reliable availability of ammonia as a bunker fuel in northern German ports in the long term. 

“The use of an ammonia bunker barge is considered a possible addition to the landside infrastructure to enable ship bunkering in the port and beyond in the future,” it said.

Related: Mabanaft Group renames as MB Energy, merging over 50 brands under one identity

 

Photo credit: Hamburg Port Authority
Published: 22 July, 2026

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