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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: Liquidators of Nan Ho Maritime, Nan Xin Maritime issue notices of dividend

Nan Ho Maritime’s second interim dividend and Nan Xin Maritime’s second and final dividend are payable from 4 September, according to Government Gazette notices.

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Notices of dividend for Nan Ho Maritime Pte Ltd and Nan Xin Maritime Pte Ltd, which are currently in creditors’ voluntary liquidation, were published on the Government Gazette on Friday (4 September). 

The following are the details of the notice for Nan Ho Maritime:

Name of Company : Nan Ho Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 200814315C
Address of Former Registered Office : 21 Bukit Batok Crescent, #22-70 WCEGA Tower, Singapore 658065
Amount per centum : 2.305 per centum of all admitted ordinary claims
First and Final or otherwise : Second interim dividend
When Payable : 4 September 2026 onwards
Where Payable : c/o AAG Corporate Advisory Pte. Ltd., 11 Collyer Quay, #07-02 The Arcade, Singapore 049317

The following are the details of the notice for Nan Xin Maritime:

Name of Company : Nan Xin Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701966W
Address of Former Registered Office : 21 Bukit Batok Crescent, #22-70 WCEGA Tower, Singapore 658065
Amount per centum : 3.980 per centum of all admitted ordinary claims
First and Final or otherwise : Second and final dividend
When Payable : 4th day of September 2026 onwards
Where Payable : c/o AAG Corporate Advisory Pte. Ltd., 11 Collyer Quay, #07-02 The Arcade, Singapore 049317

 

Photo credit: Benjamin Child
Published: 7 September, 2026

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LNG Bunkering

Singapore-based EPS takes delivery of three LNG dual-fuel bulk carriers

Three vessels are the third, fourth and fifth in the company’s series of 14 Newcastlemaxes being built at the yard, and were delivered five months ahead of their contracted delivery dates.

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Singapore-based Eastern Pacific Shipping (EPS) on Friday (4 September) announced the naming and delivery of three new LNG dual-fuel Newcastlemax bulk carriers from China’s Qingdao Beihai Shipbuilding. 

Cyril Ducau, CEO of EPS, said the vessels were named Mount Victoria, Mount Yulong and Mount Wuyi

The three vessels are the third, fourth and fifth in the company’s series of 14 Newcastlemaxes being built at the yard, and were delivered five months ahead of their contracted delivery dates.

“A big thank you to CSSC Group and Qingdao Beihai Shipbuilding, working alongside our EPS team, for the tremendous collaboration and commitment behind this achievement,” Ducau said in a social media post.  

 

Photo credit: Eastern Pacific Shipping
Published: 7 September, 2026

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Port & Regulatory

ISWG-GHG 22: IMO working group aims to present NZF text at MEPC 85

The Chair expressed his observation of a genuine willingness within the Group to make concrete further progress at the next ISWG-GHG meeting and work towards presenting text to MEPC 85.

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IMO

The Intersessional Working Group on Reduction of Greenhouse Gas (GHG) Emissions from Ships (ISWG-GHG 22) met for its 22nd meeting from 1 to 4 September 2026, chaired by Mr. Sveinung Oftedal (Norway), according to the International Maritime Organization on Friday (4 September). 

According to a meeting summary by IMO, the meeting had a high level of participation, with nearly 1200 registered participants, in person and online.

During the meeting participants considered the following agenda items:

Consideration of proposals, including documents submitted to MEPC 84 and 85, previous sessions of ISWG-GHG, as well as documents submitted to ISWG-GHG 22, on how to address concerns with the draft amendments to MARPOL Annex VI on the Net-Zero Framework, in line with the 2023 IMO GHG Strategy

Following constructive discussions, the Chair expressed his observation of a genuine willingness within the Group to make concrete further progress at the next ISWG-GHG meeting and work towards presenting text to MEPC 85 that adequately addresses the noted progress made in the consideration of proposals on how to address concerns raised regarding the draft amendments to MARPOL Annex VI on the mid-term measure.

The Group invited interested delegations to continue to consult intersessionally to address remaining concerns with the draft amendments to MARPOL Annex VI, in line with the 2023 IMO GHG Strategy, taking into account views expressed at the Group’s session, with a view to submitting concrete proposals reflecting enhanced convergence allowing timely adoption and effective implementation.

Further consideration of the draft guidelines supporting the uniform and effective implementation of IMO’s mid-term measures.

The Group held a preliminary exchange of views on this agenda item, although time became a limiting factor and the Group and agreed to defer the consideration of all documents submitted to this session under this agenda item to ISWG-GHG 23 (23-27 November 2026).

Further consideration of the development of the IMO Life Cycle GHG Assessment (LCA) framework.

Due to time constraints, the Group was not able to consider the agenda item related to the IMO Life Cycle GHG Assessment (LCA) framework. The Group deferred the consideration of those documents to ISWG-GHG 23, in conjunction with the report of the fourth meeting of the GESAMP-LCA Working Group expected to be submitted to MEPC 85.

Next steps

The next meeting of the Intersessional Working Group on Reduction of Greenhouse Gas (GHG) Emissions from Ships (ISWG-GHG 23) is scheduled for 23 to 27 November 2026, ahead of MEPC 85 (30 November to 3 December).

The second extraordinary session of MEPC (adjourned last October) is scheduled to resume on 4 December, subject to discussions at MEPC 85.

 

Photo credit: International Maritime Organization
Published: 7 September, 2026

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