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Brightoil signals return to the shipping sector, starts reorganisation of debt

Suspends intended sale of 15 vessels; to start charter arrangements with Shell Trading; enters preliminary discussions with People’s Bank of China.

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Hong Kong-listed Brightoil Petroleum (Holdings) Limited (Brightoil) on Wednesday announced several developments signalling its return to the shipping sector and reorganisation of debt.

It has decided to terminate the commercial negotiation of the sale of 15 vessels, it said in a note on the Hong Kong Stock Exchange.

“The Company notes that since early October this year and up to current date, the Very Large Crude Carriers (VLCCs) sector is experiencing a strong up-going market,” it notes.

“Baltic Tanker Index (TD3C) from Arabian Gulf to China has reached USD 4.26 mil equivalent to TCE USD 54,000 per day; compared to that of the first quarter of 2018 with an average of TCE USD 18,294 per day and the second quarter of 2018 with an average of TCE USD 14,354 per day, the Group believes that the strong market trend will continue in 2019 and wants to continue pursuing the shipping business and maintains stable cash income for the Group.”

Brightoil Shipping Singapore Pte. Ltd. (BOSS) and Shell International Eastern Trading Company, meanwhile, on Friday (16 November) entered into charter agreements in relation to BOSS’s VLCCs and Aframax tankers, adds Brightoil.

According to the company, BOSS has a total of five modern VLCCs and four Aframax tankers.

“The average VLCC fleet age is less than six years old and is trading worldwide. The average Aframax fleet age is less than nine years old and is trading far east,” it notes.

“These agreements between BOSS and Shell will commence by the end of this year. This indicates the strong commitment from BOSS to form a strategic relationship with Shell.”

Moving forward, Brightoil said it is working with a lead bank under the overall guidance and coordination lead by the People's Bank of China to formulate a package for financing and debt optimisation adjustment plans.

The banking development, currently at the “preliminary stage”, will be focused on optimising the company's debt structure while enhancing liquidity.

Petrolimex Singapore Pte Ltd has submitted a winding up petition against Brightoil Petroleum (S’pore) Pte Ltd at the High Court of Singapore; the hearing of the winding up application is scheduled at 10.00 am (Singapore time) at the Open Court at the Singapore High Court on 23 November, 2018.

Related: Brightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
Related: Petrolimex in winding up application against Brightoil at Singapore High Court

Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 22 November, 2018

 

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Bunker Fuel Quality

Bunker flash: High levels of chemical compounds found in Malaysia, alerts Maritec-Naias

During the period of 15 April to 15 July 2026, Maritec-Naias tested multiple fuel oil bunker samples from vessels that took fuel/bunkered in Malaysia ports.

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Bunker fuel testing and marine surveying business Maritec-Naias on Monday (10 August) issued an alert regarding high levels of chemical compounds found in multiple fuel oil bunker samples from vessels that have taken fuel/bunkered in Malaysia ports:

During the period of 15 April to 15 July 2026, Maritec-Naias tested multiple fuel oil bunker samples from vessels that took fuel/bunkered in Malaysia ports, which indicated the presence of high levels chemical compounds.

Five cases were found to have Phenolic compounds and Alkylresorcinols in the range of 1070 – 9994 PPM and three cases were found to have reactive hydrocarbons in the range of 4500 – 20000 PPM. Operational issues like excessive sludge formation in purifier and wear-and-tear of the fuel pump were reported.

Gas Chromatography-Mass Spectrometry (GC-MS) testing using the Solid Phase Extraction (SPE) method confirmed the presence of Alkylresorcinols in samples tested. In addition, GC-MS ASTM D7845 analysis identified a range of phenolic compounds and reactive hydrocarbons – including styrene and its derivatives, dicyclopentadiene, dihydro-dicyclopentadiene, and indene – providing comprehensive evidence of contamination.

The presence of Alkylresorcinols may originate from non-petroleum cutter stocks, such as Estonian shale oil, while the detected reactive hydrocarbons could stem from ethylene cracker by-products. In addition, the fuels appear to have been blended with low-quality marine fuels, a practice likely driven by sharply rising bunker prices amid the war in the Middle East.

Regulatory Implications:

Due to the high levels of these chemical compounds the fuel does not meet the general requirement and is considered as off-spec fuel as per clause 5 of ISO8217 and MARPOL Annex VI regulation 18, which states:

“The fuels shall be homogeneous blends of hydrocarbons derived from petroleum refining. This shall not preclude the incorporation of small amounts of additives intended to improve some aspects of performance. The fuels shall be free from inorganic acids and from used lubricating oils. The fuel should not include any added substance or chemical waste which,

  1. a) jeopardizes the safety of ships or adversely affects the performance of the machinery; or
  2. b) is harmful to personnel; or
  3. c) contributes overall to additional air pollution.”

MARITEC-NAIAS RECOMMENDATIONS

  • Closely observe the vessel fuel system/s for signs of filter clogging and purifier sludging and additionally, increase vigilance on the centrifuges to monitor overloading.
  • Increase frequency of their de-sludging cycle depending on the accumulated sludge.
  • Possibly reduce the mean time between bowl cleaning of the purifier and fuel system filters.
  • Avoid blending with other fuels, in particular marine diesel and gas oil and also other fuel oil as such mixing may well increase the sediment problem.
  • Opt for Maritec-Naias’s highly cost-effective Marine Fuel Testing Programme (MFTP) PLUS testing for all residual bunker fuel. This package includes routine ISO 8217 Testing, targeted GC-MS screening for 38 high-risk compounds relevant to ship operations & P-value Stability Testing – providing crucial pre-burn protection against fouled purifiers, blocked injectors & engine failure.

 

Photo credit: Hans Reniers on Unsplash
Published: 11 August, 2026

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Winding up

Singapore: Liquidator schedules final meeting for LNG Easy (S)

Meeting will be held on 7 September at 6 Shenton Way, OUE Downtown 2, #33-00, Singapore 068809 to hear any explanation that may be given by the liquidator, according to Government Gazette notice.

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The final meeting for LNG Easy (S) Private Limited has been scheduled to take place on 7 September, according to the company’s liquidator on a notice posted on Friday (7 August) on the Government Gazette.

The meetings will be held at 10am at 6 Shenton Way, OUE Downtown 2, #33-00, Singapore 068809. 

The meeting is being held for the purpose of having an account laid before the meeting showing the manner in which the winding up has been conducted and the property of the company disposed of, and of hearing any explanation that may be given by the liquidators.

It is also held to consent to the release of the liquidators upon the dissolution of the company and thereby discharge them from all liabilities in respect of any act done or default made by them in the administration of the affairs of the company.

The following are the details of the liquidator:

Tan Wei Cheong
Joint and Several Liquidator
c/o 6 Shenton Way, OUE Downtown 2, #33-00
Singapore 068809

Manifold Times previously reported the High Court of Singapore issuing a winding up order to LNG Easy (S).

The winding up application was filed by China-based Shanghai Hengda (Jituan) Youxian Gongsi on 25 June.

Related: High Court of Singapore issues winding up order against LNG Easy (S)
Related: Singapore: High Court to hear LNG Easy (S) winding up application on 18 July

 

Photo credit: Jo_Johnston from Pixabay
Published: 11 August, 2026

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Winding up

Singapore: Portunus Shipping Pte Ltd to be wound up voluntarily

Liquidators have been appointed at an extraordinary general meeting held on 31 July for the purpose of winding up company’s affair, according to Government Gazette notice.

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Several resolutions for Portunus Shipping Pte Ltd were made during an extraordinary meeting held on 31 July, according to a post in the Government Gazette on Friday (7 August).

The duly passed resolutions were:

AS SPECIAL RESOLUTIONS

  1. That the Company be wound up voluntarily pursuant to Section 160(1) of the Insolvency, Restructuring and Dissolution Act 2018 (the “Act”).
  2. That Lau Chin Huat and Yeo Boon Keong, as the Joint and Several Liquidators, be and are hereby authorised to divide among the contributory in cash or in specie the whole or any part of the assets of the company.
  3. That the Joint and Several Liquidators be at the liberty to exercise all or any of the powers conferred on themselves pursuant to the Act.

AS ORDINARY RESOLUTIONS

  1. That Lau Chin Huat and Yeo Boon Keong, of 50 Havelock Road, #02-767, Singapore 160050 be appointed as the Joint and Several Liquidators for the purpose of winding up the company.
  2. That the remuneration and winding up disbursements of the Joint and Several Liquidators be fixed on a time basis at rates as agreed in the engagement letter.
  3. That the Joint and Several Liquidators be authorised to destroy all books and papers of the Company and of the Joint and Several Liquidators 5 years after the date of dissolution of the Company pursuant to Section 195(2) of the Act.

In another notice, the liquidators of Portunus Shipping said creditors for the company are required on or before the 7 September to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the liquidators. 

Liquidators may also require creditors to, “come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved.”

The liquidators can be contacted at the following address:

Yeo Boon Keong
Joint and Several Liquidators
c/o
Technic Inter-Asia Pte Ltd
50 Havelock Road, #02-767, Singapore 160050
Tel: 6561 0398 Fax: 6222 1855
Email: [email protected] 

 

Photo credit: Benjamin child
Published: 11 August, 2026

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