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Brightoil faces $161 million claim from China Petroleum Pipeline Engineering

The litigation at a Zhoushan City court was among other developments highlighted in a quarterly update.

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Hong Kong-listed oil, shipping and bunkering firm Brightoil Petroleum (Holdings) Limited on Friday (1 November) issued an update on its resumption progress and business operations for the third quarter (Q3) of 2019 ended 30 September.

Among Q3 2019 developments were a USD 160.57 million litigation at the Intermediate People's Court of Zhoushan City and sharing of the company’s future business direction, on top of the updates.

Litigation of Brightoil Petroleum Storage (Zhoushan) Co., Ltd. and Shenzhen Brightoil Group Co., Ltd.

Brightoil Petroleum Storage (Zhoushan) Co., Ltd., a subsidiary of Brightoil, and Shenzhen Brightoil Group Co., Ltd., a guarantor of the former’s construction contracts, have been named as defendants in a lawsuit at the Intermediate People's Court of Zhoushan City, Zhejiang Province on 16 August 2019.

China Petroleum Pipeline Engineering Co., Ltd. and China Petroleum Pipeline Engineering Co., Ltd., Third Engineering Branch are the plaintiffs of the lawsuit over disputes of construction contracts.

The plaintiffs are claiming for outstanding construction costs, interests, loss and legal costs under the termination of certain constructions contracts related the building and construction of the Zhoushan Waidiao Island Brightoil Storage and Transportation Base for an aggregate sum of approximately RMB1,130 million (USD 160.57 million).

“The Company has entrusted a Chinese law firm to represent the Company on the litigation and has obtained positive legal advice, especially in response to the unreasonable compensation request,” stated Brightoil.

“The Company will take all necessary actions to protect the Company’s rights and interests. At the same time, the Company and the Plaintiffs had already conducted several rounds of discussion in order to strive to reach a settlement of the legal action as soon as possible.”

Upstream business – the primary focus of business in the future

Brightoil, meanwhile, said its Caofeidian oilfield is expected to complete the annual production target 40 days ahead of schedule. From January to September, the crude oil output was 8.24 million barrels, or 81.1% of the annual plan.

At the same time, it notes the construction costs for the Caofeidian oilfield to be approximately RMB 2,423 million, which is approximately RMB 500 million below the approved budget of RMB 2923 million.

In Q3 2019, the daily natural gas production of the Dina 1 and Tuzi gas field was 3.14 million cubic meters. The preparatory work for Tuzi gas field booster station and Dina 1-4 new well has begun, and the booster station is expected to be completed in October 2020.

“The management expects that the upstream business will be the primary focus of the Company’s development in the future,” it states.

Resumption progress on HKSE

Brightoil noted it has switched its independent forensic accountant, replacing KPMG Services Pte. Ltd. with RSM Corporate Advisory (Hong Kong) Limited on 27 August 2019 “primarily due to geographic concerns”.

It has also appointed RSM Consulting (Hong Kong) Limited as its internal control adviser on 21 October 2019 to review the internal control policies and procedures.

The company’s auditor, PricewaterhouseCoopers, has meanwhile commenced audit work on the Group’s outstanding financial results. It is expected that the preliminary results will be available in December 2019.

Yu Ming Investment Management Limited, Brightoil’s appointed financial adviser in Q3 2019, has started on formulating a plan to satisfy the Resumption Conditions and resume trading in the company’s shares on the Hong Kong Stock Exchange.

International Trading and Bunkering

Brightoil noted of “no significant amount of revenue” generated by its International Trading and Bunkering Unit in Q3 2019 due to credited being tightened by banks.

Marine Transportation

Out of the fifteen vessels in the fleet, fourteen of the arrested vessels have been sold by auction to date:

Sales by the High Court of Singapore
 

Ship’s Name Sale Date Price
Brightoil 319 2 October SGD 6,155,000
Brightoil 326 SGD 5,955,000
Brightoil 329 SGD 6,182,000
Brightoil 639 9 October SGD 10,005,000
Brightoil 666 SGD 10,225,800
Brightoil 688 SGD 3,933,000

Sales by the High Court of Hong Kong
 

Ship’s Name Sale Date Price
Brightoil Galaxy 21 October USD 61,501,023.44
Brightoil League USD 22,357,788.20
Brightoil Legend USD 22,229,759.70
Brightoil Lucky USD 22,363,371.30

The Brightoil Gem, the last remaining VLCC that is under arrest in China, is scheduled to be auctioned by the Haikou Maritime Court on 19-20 November 2019.

All proceeds from auction sales are expected to be used to settle the debts of Brightoil Singapore (S’pore) Pte. Ltd. BOPS and Brightoil after repayment of the vessel-related debts and liabilities, stated the company.

Potential debt restructuring and winding-up petitions

The Brightoil Petroleum (S’pore) Pte. Ltd. moratorium has now been extended until 30 January 2020; the next hearing date has not yet been fixed but is expected to take place in mid-January 2020.

On top of a settlement reached with Petco Trading Labuan Company Ltd and Brightoil on 7 August 2019, the company has also entered into settlement agreements with other key creditors and obtained commitment letters from several creditors showing support for its debt restructuring efforts.

Intended sale of Zhoushan Oil Storage and Terminal Facilities

Talks with “potential investors” for the intended sale of Brightoil’s assets at Zhoushan are still on-going in Q3 2019, notes Brightoil.

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

Related: Brightoil bunker tankers “688”, “666”, “639” sold to new owners
RelatedBrightoil bunker tanker trio “329”, “326”, “319” bought by Singapore firms
RelatedBrightoil bunker tankers “688”, “666”, “639” undergo Singapore court auction
RelatedSingapore: Brightoil bunker tanker trio “329”, “326”, “319” up for sale
RelatedVLCC “Brightoil Gem” held under auction by Haikou Maritime Court
RelatedSingapore: Brightoil bunker tanker trio “329”, “326”, “319” up for sale
RelatedHong Kong: Brightoil reaches settlement with Petco Trading Labuan
RelatedBrightoil: Third quarter update on business ops and resumption process
RelatedBrightoil provides updates on winding up petitions at SG, HK courts
RelatedBrightoil: Independent non-executive Directors leave over audit review
RelatedBrightoil issues update on winding-up petition and sale of vessels
RelatedDr Sit Kwong Lam returns to Brightoil as Strategic Adviser
RelatedBrightoil Petroleum announces new Chairman and acting CEO
RelatedBrightoil former Chairman undertook $1.4 billion in personal guarantees
RelatedOfficial: Dr Sit Kwong Lam leaves Brightoil Petroleum Holdings
RelatedHong Kong High Court issues bankruptcy order against Brightoil Chairman
RelatedBrightoil aggregate debt has reached approximately $1.9 billion, it updates
RelatedBrightoil creditor claims amount to US $250 million, potential debt reorganisation
RelatedBrightoil to defend against winding up petition at Hong Kong court
RelatedSingapore: Brightoil to apply for six-month moratorium order at High Court
RelatedBrightoil oilfield project secures USD $700 million CNOOC funding
RelatedBrightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
RelatedShell to offload crude oil cargo from arrested “Brightoil Lion” tanker
RelatedBrightoil VLCC and Aframax tanker arrested at Singapore port
RelatedSingapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
RelatedSingapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
RelatedSingapore: Brightoil bunker creditor list growing with new firms
RelatedSingapore: Petrolimex owed over USD $30 million by Brightoil
RelatedBrightoil signals return to the shipping sector, starts reorganisation of debt
RelatedSingapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
RelatedSingapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
RelatedQatar National Bank seeks USD $21.59 million debt from Brightoil

Photo credit: Brightoil
Published: 4 November, 2019
 

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Winding up

Singapore: High Court to hear Norvic Shipping Asia winding up application on 31 July

Application for the winding up of Norvic Shipping Asia Pte Ltd was filed by Netherlands-registered Mur Shipping BV on 8 April, according to Government Gazette notice.

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An application for the winding up of Norvic Shipping Asia Pte Ltd was filed by Netherlands-registered Mur Shipping BV on 8 April, according to a Tuesday (21 July) notice on the Government Gazette.

It noted the winding up application is directed to be heard before the Judge sitting in the General Division of the High Court at 10am on 31 July.

Any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose.

A copy of the winding up application will be furnished to any creditor or contributory of the company requiring the copy of the winding up application by the solicitors of the applicant’s, Oon & Bazul LLC, on payment of the regulated charge for the same.

The Applicant’s address is Hiridostraat 5, Gebouw Prismatrium, 1101CW Amsterdam, The Netherlands.

The Applicant’s solicitors are Oon & Bazul LLC of 103 Penang Rd, #04-04/05/06 Singapore 238467. 

Queries on the winding up application may be directed to the following email addresses: [email protected] and [email protected].

 

Photo credit: Manifold Times
Published: 22 July, 2026

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Methanol

World Fuel and partners complete first green methanol bunkering of car carrier in Shanghai

Operation involved the delivery of approximately 2,800 MT of green methanol to “Arctic Tern” via a ship-to-ship transfer using SIPG Energy’s dedicated methanol bunkering vessel “M/V Hai Gang Zhi Yuan”.

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World Fuel and partners complete first green methanol bunkering of car carrier in Shanghai

Marine fuel provider World Fuel on Tuesday (21 July) said it successfully completed the first green methanol bunkering of M/V Arctic Tern, with EUKOR Car Carriers and SIPG Energy at the Port of Shanghai. 

Arctic Tern is the first vessel in the new Shaper Class series of car carriers. 

The operation involved the delivery of approximately 2,800 MT of green methanol to Arctic Tern via a ship-to-ship transfer using SIPG Energy’s dedicated methanol bunkering vessel M/V Hai Gang Zhi Yuan, the largest vessel of its kind in operation. 

The bunkering operation was carried out at Haitong Terminal, Waigaoqiao Port Area, Shanghai Port, with cargo handling operations conducted simultaneously during bunkering.

This marks EUKOR Car Carriers’ first green methanol operation and the first time Arctic Tern has bunkered methanol since its delivery on 9 July. The operation marked the first bunkering at Shanghai Port of green methanol produced locally in Shanghai for an international PCTC operator. 

It also demonstrated the city’s integrated green methanol value chain, spanning local production, storage and bunkering, and established a replicable “Shanghai Model” for green methanol supply.

World Fuel arranged the supply and delivery of the fuel on behalf of EUKOR Car Carriers, working with SIPG Energy as the physical supplier at the Port of Shanghai.

The green methanol supplied was produced from municipal solid waste, ISCC-EU certified, and had a carbon intensity value below 25 gCO₂e/MJ.

Arctic Tern is the first of fourteen Shaper Class vessels ordered by Wallenius Wilhelmsen. With a capacity of 9,300 car equivalent units and methanol dual-fuel capability, the vessel will be operated by EUKOR Car Carriers, jointly owned by Wallenius Wilhelmsen and Hyundai Motor Group. Following her first green methanol bunkering, Arctic Tern will continue her maiden voyage from Asia to Europe.

Xavier Leroi, COO Shipping Services at Wallenius Wilhelmsen and CEO of EUKOR Car Carriers, said: “Completing Arctic Tern’s first green methanol bunkering shortly after delivery is a significant milestone towards our decarbonisation ambition for both EUKOR Car Carriers and Wallenius Wilhelmsen. It demonstrates how investments in next-generation vessel technology and fuel flexibility are being translated into real-world operations. 

“This achievement reflects the strong collaboration between all parties involved. Together, we have shown how partnerships across the maritime value chain can help make lower-emission fuels available and operationally viable at scale.”

Mark Tamsitt, SVP Global Marine Sales at World Fuel, said, “The first bunkering event with a new fuel is a significant moment for any shipowner, and our role is to make it as seamless as possible. By connecting EUKOR Car Carriers with SIPG Energy’s proven green methanol capability at the Port of Shanghai, we were able to deliver on reliable supply, fuel quality, and safe processes. As more of our customers bring methanol dual-fuel tonnage into service, we are committed to being the partner that makes these kinds of operations routine.”

Mr. Zhang Da, General Manager of SIPG Energy, said, “Welcoming Arctic Tern to the Port of Shanghai for her first green methanol bunkering demonstrates the strength and maturity of our supply capability. Building on our well-established methanol ship-to-ship bunkering services for container vessels, we have already extended such services to pure car and truck carriers (PCTCs). This bunkering sets a new record for the largest single SIMOPs green methanol bunkering for PCTCs in China, marking another step in building Shanghai’s position as a global green energy hub for international shipping.”

This operation follows Wallenius Wilhelmsen’s announcement on 9 July that Arctic Tern would complete her first methanol bunkering shortly after delivery. The vessel entered service on routes between Asia and Europe immediately following handover from China Merchants Jinling Shipyard in Nanjing.

 

Photo credit: World Fuel
Published: 22 July, 2026

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Ammonia

HPA and MB Energy develop safety concept for STS ammonia bunkering

HPA says the Port of Hamburg will become “bunker ready” for ammonia, laying the groundwork for safe and reliable ammonia bunkering in the future.

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HPA and MB Energy develop safety concept for STS ammonia bunkering

The Hamburg Port Authority (HPA) and integrated energy company MB Energy on Tuesday (21 July) said they have completed a comprehensive risk analysis and developed a dedicated safety concept for ship-to-ship ammonia bunkering.

MB Energy said the analysis lays the groundwork for the safe introduction of ammonia as a future marine fuel.

“With our planned ammonia import terminal in Hamburg-Blumensand, MB Energy intends to provide the reliable land side supply infrastructure needed to support this transition across northern German ports,” it said in a social media post. 

Mabanaft Group was renamed to MB Energy last year and merged over 50 existing brands under one identity. 

Separately, HPA said the Port of Hamburg will become “bunker ready” for ammonia, laying the groundwork for safe and reliable ammonia bunkering in the future.

“The focus is in particular on container ships, cruise ships as well as RoRo and ConRo (Container/RoRo) ships,” it said. 

“We expect ammonia to establish itself as an alternative marine marine fuel in the coming years. With our preparatory work, we are already creating the conditions to welcome the first ammonia-powered ships in Hamburg and to bunker them safely.:

HPA added that the import terminal for ammonia planned by MB Energy from 2029 will make a decisive contribution to ensuring the reliable availability of ammonia as a bunker fuel in northern German ports in the long term. 

“The use of an ammonia bunker barge is considered a possible addition to the landside infrastructure to enable ship bunkering in the port and beyond in the future,” it said.

Related: Mabanaft Group renames as MB Energy, merging over 50 brands under one identity

 

Photo credit: Hamburg Port Authority
Published: 22 July, 2026

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