Business

Singapore bunker supplier Brightoil Petroleum (S’pore) Pte. Ltd. to be disposed by parent company

‘It is most appropriate and in the Shareholders’ interest to delineate the Group from BOPS through disposal of the Company’s interest in BOPS,’ says Board of Brightoil.

Published

6 years ago

February 4, 2020

Admin

Singapore bunker supplier Brightoil Petroleum (S’pore) Pte. Ltd. (BOPS), an indirect wholly owned subsidiary of Hong Kong-listed Brightoil Petroleum (Holdings) Limited (Brightoil/Company), will be disposed at a future date, says the Board at Brightoil.

“The business operation of the BOPS was ceased,” it stated on Friday (31 January) in an update on the Hong Kong Stock Exchange.

“In view of the above issues and with a view to resume trading which would bring best return to Shareholders, the Board considers that it is most appropriate and in the Shareholders’ interest to delineate the Group from BOPS through disposal of the Company’s interest in BOPS.

“After the proposed Disposal of BOPS, the Remaining Group would comprise mainly the upstream oil and gas production business, the business model of which is different from the oil/gas trading business of BOPS.”

The update described key findings of a forensic review conducted by RSM Corporate Advisory (Hong Kong) Limited (RSM) regarding certain oil trading transactions of BOPS.

PricewaterhouseCoopers (HK) (PwC), the former auditor of Brightoil, earlier expressed concerns in relation to certain transitions made between BOPS and several specific customers where seven were new customers to BOPS.

PwC had made the following observations:

nine of the Subject Customers might be related owing to common registered and/or correspondence addresses;
the corresponding purchases of the sales transactions with the Subject Customers were made from five Subject Suppliers, including three of the Subject Customers, Shenzhen Brightoil Group Co Ltd. (SZBO), owned and controlled by Dr. Sit, the ultimate controlling shareholder of Brightoil, and another entity;
there were multiple transactions of potentially the same cargos of oil; and
there were substantial amount of accounts receivables due from the Subject Customers outstanding as at 30 June 2017 whereas other substantial sums of accounts receivable were netted off against accounts payables due to SZBO via tri-parties agreements.

In its review, RSM noted SZBO being involved in various back-to-back transactions providing discounts ranging from 3% to 10% in BOPS’s purchase transactions, which directly translated to the profit of BOPS.

While BOPS’s profit retained would be financially beneficial to the Group, the discount given by SZBO did not appear to be at arm’s length.

In addition, other than SZBO, RSM noted certain customers were also involved in back-to-back transactions, including, the “structured deals” which the relevant parties gained nil or relatively insignificant profit from them.

“This leads to the next matter as to whether the trades in the structured deals were dealt or negotiated simultaneously, perhaps pre-arranged or pre-matched,” stated the update.

“If this was not pre-arranged, the counterparties would have the liberty to find the next buyer down the chain, and hence the transactions might not have resulted in circular transactions.

“If the trades were indeed dealt simultaneously as if planned or pre-arranged, RSM found certain indication during the forensic review which might suggest that the Group or the SZBO Group had managed (or at least had knowledge) to get the counterparties to enter into the trades.

“Since the Group have ceased or substantially reduced many of its trading business since 2018 and most management of BOPS have resigned.

“The current management has no knowledge but suggested that this would not be possible and based on the information currently available, RSM is unable to ascertain or form a conclusive opinion at this stage.”

The full disclosure of RSM, remedial actions to be taken by the Board of Brightoil, and more, can be found in the following link here.

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

Photo credit: Brightoil
Published: 4 February, 2019

Bunker Fuel

JLC China Bunker Fuel Market Monthly Report (June 2026)

China’s bonded bunker fuel sales rebounded in June, as bunkering demand grew modestly and bonded bunker fuel prices in domestic ports were still competitive amid sufficient supply, says JLC.

Published

2 days ago

July 10, 2026

Admin

JLC China Bunker Fuel Market Monthly Report (June 2026)

Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for May 2026 with Manifold Times through an exclusive arrangement:

Bunker Fuel Demand

China’s bonded bunker fuel sales rebound in June

China’s bonded bunker fuel sales rebounded in June, as bunkering demand grew modestly and bonded bunker fuel prices in domestic ports were still competitive amid sufficient supply.

The country sold about 1.92 million mt of bonded bunker fuel in the month, with the daily sales at 63,980 mt, up by 5.53% month on month, JLC’s data shows.

Regarding the sales by supplier, the sales by Chimbusco, Sinopec (Zhoushan), SinoBunker, and ChinaChangjiang Bunker (Sinopec) respectively settled at 400,000 mt, 650,000 mt, 80,000 mt, and 10,000 mt inthe month, while those by suppliers with regional bunkering licenses settled at 779,400 mt.

China’s daily LSFO output hits 24-month high in June

China’s daily low-sulfur fuel oil (LSFO) output hit a 24-month high in June, because of the release of new export quotas and good production margins.

Chinese refiners produced about 1.31 million mt of LSFO in the month, with the daily output at 43,567 mt, the highest since June 2024, JLC’s data shows. The daily output rose by 13.68% month on month and 27.89% year on year.

Specifically, PetroChina recorded a surge in its LSFO output. Most refineries, including Liaohe Petrochemical, Dalian WEPEC, Jinzhou Petrochemical, Jinxi Petrochemical, and Dagang Petrochemical, boosted their production. Meanwhile, CNOOC’s LSFO output increased moderately, as its Taizhou Petrochemical resumed production after maintenance. Zhongjie Petrochemical did not produce any LSFO as it was still under maintenance, while Huizhou Refinery maintained stable production. Zhoushan Petrochemical’s LSFO output decreased in the month, but it was still relatively high.

On the other hand, Sinopec’s LSFO output slipped slightly in June, with Shengli Oilfield, Shanghai Petrochemical, and Shanghai Gaoqiao Petrochemical cutting their production. However, Maoming Petrochemical and ZhongKe (Guangdong) Refinery & Petrochemical maintained stable production, while Qingdao Petrochemical raised its output modestly. ZPC and Sinochem did not produce any LSFO in the month, but the latter produced and exported 10,000 mt.

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Domestic-trade bunker fuel demand mixed in June

Domestic-trade heavy bunker fuel demand improved modestly and exceeded supply in June. The demand settled at 310,000 mt in the month, with the daily volume at 10,333 mt, inching up by 0.10%month on month, JLC’s data shows. By contrast, domestic-trade light bunker fuel demand settled at 150,000 mt in the month, with the daily volume at 5,000 mt, down by 3.12% month on month, the data shows. Bearish sentiment lingered in the light bunker fuel market, and buying interest was limited.

Bunker Fuel Supply

China’s bonded bunker fuel imports hit 16-month low in May

China’s bonded bunker fuel imports tumbled further in May, hitting a 16-month low. The country imported 275,900 mt of bonded bunker fuel in the month, plunging by 50.30%the previous month and 54.81% from a year earlier, calculations show, based on data from the General Administration of Customs of PRC (GACC).

The imports were the lowest since January 2025. Bonded bunker suppliers did not import any LSFO in the month as domestic supply remained sufficient. Meanwhile, they reduced purchases of high-sulfur fuel oil (HSFO) when import arbitrage narrowed. Regarding the imports by source, Russia still ranked first by shipping 135,258 mt to China, accounting for 49.02% of the latter’s total imports. Malaysia remained in second place with 120,631 mt, accounting for 43.72%, while South Korea ranked third with 20,025 mt, occupying 7.26%.

China’s bonded bunker fuel imports totaled about 2.87 million mt in January-May 2026, a boost of 7.80%from the same period of time in 2025, calculations also show.

Screenshot 2026 07 10 at 1.29.19 PM

Domestic-trade bunker fuel supply declines further in June

Chinese blenders supplied 290,000 mt of domestic-trade heavy bunker fuel in June, with the daily supply at 9,667 mt, a cut of 9.19% month on month, JLC’s data shows.

Blenders reduced their bunker fuel supply as the flow of low-sulfur residual oil into the bunker fuel field decreased. Meanwhile, cargo loading and unloading at northern ports slowed down amid stricter tax inspections and some other factors, which also depressed blenders’ production enthusiasm.

Domestic-trade MGO supply settled at 180,000 mt in June, with the daily supply at 6,000 mt, down by 2.11%from a month earlier, the data shows. Refineries lowered their MGO output when terminal demand weakened.

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Bunker Prices, Profits

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Editor
Yvette Luo
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Sales (Beijing)
Tony Tang
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Sales (Singapore)
Ginny Teo
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JLC Network Technology Co., Ltd is recognised as the leading information provider in China. We specialise in providing the transparent, high-value, authoritative market intelligence and professional analysis in commodity market. Our expertise covers oil, gas, coal, chemical, plastic, rubber, fertilizer and metal industry, etc.

JLC China Bunker Fuel Market Monthly Report is published by JLC Network Technology Co., Ltd every month on China bunker market, demand, supply, margin, freight index, forecast and so on. The report provides full-scale & concise insight into China bunker oil market.

Note: China-based commodity market information provider JLC Technology has been providing Singapore bunkering publication Manifold Times China bunker volume data since 2020. Data from earlier periods are available here.

Photo credit: JLC Network Technology
Published: 10 July, 2026

Business

Singapore retains world’s leading maritime centre ranking in 2026 ISCD Index

The city state retained its position as the world’s leading maritime centre in the 2026 Xinhua-Baltic International Shipping Centre Development Index for the 13th consecutive year.

Published

2 days ago

July 10, 2026

Admin

The Maritime and Port Authority of Singapore (MPA) on Friday (10 July) said Singapore retained its position as the world’s leading maritime centre in the 2026 Xinhua-Baltic International Shipping Centre Development (ISCD) Index for the 13th consecutive year.

The port authority said the recognition is significant as it marks its 30th anniversary this year.

“It reflects three decades of close partnership between MPA and the maritime community to strengthen Maritime Singapore’s ecosystem, underpinned by strong connectivity, a comprehensive range of maritime services, and Singapore’s role as a trusted platform for the global maritime community to connect and collaborate,” MPA said in a statement.

The Xinhua-Baltic ISCD Index is an internationally recognised benchmark of leading maritime centres. The Index assesses maritime hubs across a range of indicators, including port performance, maritime business services, and the overall business environment.

In 2025, the Port of Singapore handled a record 44.66 million Twenty-Foot Equivalent Units (TEUs) in container throughput and 3.22 billion gross tonnage in vessel arrivals.

The Port of Singapore also remained the world’s largest bunkering port, supplying a record 56.77 million tonnes of marine fuel, including growing volumes of alternative marine fuels. Today, Singapore is connected to more than 600 ports worldwide and is home to over 200 international shipping groups.

Mr Ang Wee Keong, Chief Executive of the Maritime and Port Authority of Singapore, said, “We are honoured that Singapore has once again been recognised as the world’s leading maritime centre. This reflects the strong commitment and collective efforts of our industry partners and the wider maritime community.

“As the industry continues to evolve, we will continue working closely with our partners to strengthen Maritime Singapore’s competitiveness and create value for the global maritime community.”

Photo credit: Peter Nguyen on Unsplash
Published: 10 July, 2026

Digital platform

Norwegian Cruise Line to enhance bunker procurement process with ZeroNorth

By leveraging ZeroNorth’s Bunker Procurement Solution, NCLH will create greater efficiencies across the bunker procurement process while enhancing transparency, supplier collaboration, and decision-making.

Published

2 days ago

July 10, 2026

Admin

Norwegian Cruise Line to enhance bunker procurement process with ZeroNorth

Maritime technology solutions provider ZeroNorth on Thursday (9 July) said it is partnering with Norwegian Cruise Line Holdings to enhance bunker procurement processes through digital innovation.

“By leveraging ZeroNorth’s Bunker Procurement Solution, NCLH will create greater efficiencies across the bunker procurement process while enhancing transparency, supplier collaboration, and decision-making,” the company said in a social media post.

ZeroNorth added that fuel procurement is one of the most complex functions in operating a global cruise fleet.

“Balancing market dynamics, supplier options, operational schedules, and cost considerations require timely insights and the right technology,” it said.

Lory Urdaneta, Senior Director Energy Strategy at Norwegian Cruise Line Holdings, said: “At Norwegian Cruise Line Holdings, we are committed to embracing innovative technologies that strengthen our operations and deliver long-term value.

“Our partnership with ZeroNorth is an important step in enhancing our bunker procurement process through greater transparency, data-driven decision-making, and operational efficiencies. We look forward to working together to drive innovation and support the continued evolution of our procurement capabilities.”

Photo credit: ZeroNorth
Published: 10 July, 2026