Brightoil Petroleum Is Not Selling 15 Ships

TankerIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Brightoil Petroleum has decided not to sell its fleet of fifteen vessels “due to a change in shipping market environment.”

The company said it intends to terminate the commercial negotiation with potential investors for the sale of the ships.

In July this year, Brightoil Petroleum announced plans to dispose of the stake in Zhoushan Oil Storage and Terminal facilities and the entire fleet of 15 vessels including VLCCs, Aframaxes and barges.

However, the company noted that since early October this year and up to the current date, the VLCC sector is experiencing a strong up-going market. Brightoil Petroleum 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.

The ships are operated by Brightoil Shipping Singapore (BOSS), a subsidiary of Brightoil Petroleum.

On November 16, 2018, BOSS and Shell International Eastern Trading Company entered into charter agreements in relation to BOSS’s VLCCs and Aframax tankers. BOSS has a total of five VLCCs and four Aframax tankers.

The agreements are expected to commence by the end of this year, according to the company.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >