VLCC “Brightoil Gem” held under auction by Haikou Maritime Court

The Haikou Maritime Court of the People’s Republic of China (PRC) on Wednesday (4 September) listed the VLCC Brightoil Gem for judicial auction at its official page on Taobao [link].

The 299,999 dwt vessel was put up for auction due to a ship mortgage contract dispute case with BNP Paribas, according to the Chinese court.

Asking price for the VLCC starts from RMB 390 million (USD 54.8 million); the auction closes on 19 November.

Brightoil’s Singapore-flagged bunker tankers Brightoil 329, Brightoil 326, and Brightoil 319, meanwhile, have been put up for sale at Singapore on 30 August.

Brightoil Singapore (S’pore) Pte. Ltd. is currently in debt reorganisation activities at the High Court of Singapore. 

To date, Hong Kong-listed parent company Brightoil Petroleum (Holdings) Limited has raised a total sum of approximately US $201,584,000 from the sale of four vessels to repay the liabilities of the group.

The Brightoil Glory was sold for USD$58,775,575 on 17 May; the Brightoil Gravity was sold for KRW 72,440,000,000 on 4 June; the Brightoil Lion was sold for SG $36,608,000 on 4 June; the Brightoil Grace was sold for SG $75,106,063 on 4 June.

“The Company anticipates that the rest of the tanker fleet of the Group will continue to be disposed with the proceeds to be applied further for satisfaction of the liabilities of the Group so as to resolve the actions relating to the Petition and the Application.”

A chronologically organised list of articles concerning Brightoil’s potential debt reorganization is below:

Related: Singapore: Brightoil bunker tanker trio “329”, “326”, “319” up for sale
Related: Hong Kong: Brightoil reaches settlement with Petco Trading Labuan
Related: Brightoil: Third quarter update on business ops and resumption process
Related: Brightoil provides updates on winding up petitions at SG, HK courts
Related: Brightoil: Independent non-executive Directors leave over audit review
Related: Brightoil issues update on winding-up petition and sale of vessels
Related: Dr Sit Kwong Lam returns to Brightoil as Strategic Adviser
Related: Brightoil Petroleum announces new Chairman and acting CEO
Related: Brightoil former Chairman undertook $1.4 billion in personal guarantees
Related: Official: Dr Sit Kwong Lam leaves Brightoil Petroleum Holdings
Related: Hong Kong High Court issues bankruptcy order against Brightoil Chairman
Related: Brightoil aggregate debt has reached approximately $1.9 billion, it updates
Related: Brightoil creditor claims amount to US $250 million, potential debt reorganisation
Related: Brightoil to defend against winding up petition at Hong Kong court
Related: Singapore: Brightoil to apply for six-month moratorium order at High Court
Related: Brightoil oilfield project secures USD $700 million CNOOC funding
Related: Brightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
Related: Shell to offload crude oil cargo from arrested “Brightoil Lion” tanker
Related: Brightoil VLCC and Aframax tanker arrested at Singapore port
Related: Singapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
Related: Singapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
Related: Singapore: Brightoil bunker creditor list growing with new firms
Related: Singapore: Petrolimex owed over USD $30 million by Brightoil
Related: Brightoil signals return to the shipping sector, starts reorganisation of debt
Related: Singapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Related: Singapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
Related: Qatar National Bank seeks USD $21.59 million debt from Brightoil

Photo credit: Haikou Maritime Court of PRC
Published: 4 September, 2019