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Brightoil provides update on various business units

Covers Upstream, International Trading and Bunkering, Marine Transportation, and Zhoushan Oil Storage.

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Hong Kong-listed Brightoil Petroleum (Holdings) Limited Wednesday provided an update for its Upstream, International Trading and Bunkering, Marine Transportation, and Zhoushan Oil Storage and Terminal Facilities business units.

The Wednesday update was after an earlier announcement in the same week, where it introduced plans to sell the assets and/or shareholding of Zhoushan Oil Storage and Terminal Facilities, and 15 marine shipping vessels (VLCC, Aframax, Barge) of the Group.

Brightoil’s upstream business noted constructions of onshore projects related to the Dina 1 and Tuzi gas fields nearing completion and coming into commercial production period.

The annual gas production for the 2017 financial year reached a record at approximately 1.0 billion cubic meters, and is expected to reach approximately 1.2 billion cubic meters for the 2018 financial year.

The company’s International Trading and Bunkering (ITB) unit, meanwhile, is being merged with its e-commerce platform for transparent and light-asset operations.

“The trading sector has exited the oil terminal facilities business outside China and is actively researching, developing and promoting the bunkering online platform,” it says.

“Two e-commerce versions are expected to be launched in the financial year of 2019.

“In addition, in response to IMO’s new low-sulphur regulations effective from 2020, ITB team is in active discussion with international oil majors, Chinese national oil companies and regional refineries to seek responding solutions and to prepare for the new low-sulphur era.”

The Marine Transportation division has maintained the vessels’ operation rate at above 95% between January to June 2018.

Interestingly, Brightoil was able to secure its fuel costs at USD300/MT in January and February 2018 and in other period (April to June 2018) at USD415/MT.

“Ships materials procurement has been benefited from working with the shipping e-commerce team to achieve good quality with low costs,” it adds.

The Zhoushan Oil Storage and Terminal Facilities business unit pointed out Phase 1 of its construction, which provides approximately 1.94 million cubic meters of capacity and a 13-berth terminal, to be completed and put into operation by end-2018 or early 2019.

“The construction project encountered delays from its initial schedule due to innate unpredictable factors, including that the construction is on outlying islands, and that the topography and geological factors are relatively complex,” it notes.

“However, the various departments of the company have expedited the construction work; it is expected the project will be completed and commence operation as soon as practicable.”

Moving forward, Brightoil says it is currently awaiting the result of an independent investigation in order to resume work by the Audit Committee to complete the company’s review first, followed by the audit and publication of the 2017 Annual Results and the 2018 Interim Results.

“As this time, as the Review has not been completed, there is not enough information for the Company to set down a time schedule for the completion of relevant audit,” it says.

Trading in Brightoil’s shares on the Hong Kong Stock Exchange was suspended since 3 October, 2017 and is expected to remain suspended until further notice.

Related: Brightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
RelatedBrightoil: ‘Business as usual’ with HKSE’s new delisting rules
RelatedBrightoil Singapore introduces new Acting CEO
RelatedBrightoil: Singapore CEO resigns, trading halt continues
RelatedBrightoil continues suspension of trading activities
RelatedBrightoil: Delay in release of 2018 financial results
RelatedUpdate on suspension of trading
RelatedBrightoil redeems $9.6 million in outstanding bonds

Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 2 August, 2018
 

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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

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