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Brightoil reaches settlement agreement over its $30 million debt with Petrolimex

Satisfactory resolution of debts with the majority of creditors ‘will help expedite the resolution of Dr. Sit’s bankruptcy proceedings’, says the company.

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Brightoil exit

Brightoil Petroleum (S’pore) Pte. Ltd., a wholly-owned subsidiary of Hong Kong-listed Brightoil Petroleum (Holdings) Limited, on Thursday (14 May) signed a settlement agreement with Petrolimex Singapore Pte Ltd (Petrolimex) to satisfactorily resolve all debts, it said.

The former Chairman and Executive Director of Brightoil Dr. Sit Kwong Lam was adjudged bankrupt by the High Court of Hong Kong on 11 April 2019 due to a debt of over USD 30 million owed by Brightoil Petroleum (S’pore) Pte. Ltd. to Petrolimex under a personal guaranteed by Dr. Sit.

The development, in addition to other negotiations to date, has resulted in Brightoil reaching settlement agreements with several creditors including:

  • Toyota Tsusho Corporation
  • Broad Action Limited
  • Luso International Banking Ltd.
  • Petco Trading Labuan Company Ltd
  • Haitong Global Investment SPC III
  • Qatar National Bank (Q.P.S.C.), Singapore Branch
  • Slaughter and May

In addition, both Brightoil Petroleum (S’pore) Pte. Ltd. and its parent firm have entered into loan restructuring agreements with the Bank of China Limited, Shenzhen Branch and China Huarong Overseas Investment Holding Co., Ltd, it updates.

China Huarong Overseas Investment Holding Co., Ltd. had provided a total amount of approximately USD 362 million in re-financing for periods of five to twelve years for various of Brightoil’s wholly owned subsidiaries at the end of 2019 for acquiring and restructuring purposes.

The investment firm provided a further USD 30 million in loan financing on 19 May 2020 to support Brightoil’s operation and for repayment of some outstanding debts; this provided “strong support” for Brightoil’s debt restructuring and operations during the epidemic, said the company.

“With satisfactory resolution of the debts relating to the majority of the creditors to which Dr. Sit had provided personal guarantee, it is expected that this will help expedite the resolution of Dr. Sit’s bankruptcy proceedings,” it states.

Dr Sit undertook personal guarantees worth a total of approximately US $1.4 billion for Brightoil.

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

 

Photo credit: Manifold Times 
Published: 20 May, 2020

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Business

Hong Kong-based bunker trading firm E-Marine expands ops with new Shanghai branch office

The HONG KONG E-MARINE SHANGHAI BRANCH will assist E-Marine’s head office in handling bunker trading operations and increase overall bonded bunker trading volumes at China.

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E Marine Shanghai office front

Hong Kong-based marine fuel and lubricant trading company Hongkong E-Marine Supply Service Corporation Limited (E-Marine) on April 15 launched a branch office in Shanghai, learned Manifold Times.

The company HONG KONG E-MARINE SHANGHAI BRANCH will assist the head office in handling bunker trading operations and increase overall bonded bunker trading volumes at China, Managing Director Darcy Wang told the bunkering publication.

“The Shanghai office serves as our China business support and coordination centre. It enables us to stay close to our customers, suppliers and business partners, while also providing access to a deep pool of industry talent,” he shared.

This development is in line the target to significantly increase our annual bonded bunkering portfolio in China to 1 million metric tonnes (mt) by 2030.

“As we continue to expand our presence in China, we welcome capable and motivated individuals who share our long-term vision to join our Shanghai office.”

E-Marine’s new Shanghai office address is as follows:

Shanghai Xuhui District
Chang Ning Road No.889
Shanghai Yang Guang Bin Jiang Center
Unit 22-13

Candidates interested in growing together with E-Marine are invited to send their CV or profile to [email protected].

E Marine Shanghai office tea cups

Related: E-Marine raising China bonded bunker trading portfolio to 1 million mt by 2030, seeks talents
RelatedHong Kong-based bunker trading firm E-Marine obtains ISCC EU certification
RelatedHong Kong-based bunker trading firm E-Marine introduces Global Sales & Procurement Manager
RelatedHong Kong-based bunker trading firm E-Marine expands operations with Singapore branch
RelatedBunker and lube trading firm Hongkong E-Marine Supply Service to open Singapore branch by June

 

Photo credit: Manifold Times
Published: 4 June 2026

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Biofuel

BHP and GCMD trial multi-feedstock B100 bio bunker fuel on bulk carrier

Bio-blend in the BHP and GCMD pilot is being used on a BHP-chartered bulk carrier “Berge Lyngor”, which was bunkered in Singapore in early May.

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BHP and GCMD trial multi-feedstock B100 bio bunker fuel on bulk carrier

BHP and the Global Centre for Maritime Decarbonisation (GCMD) on Wednesday (3 June) said they have blended biofuels from two distinct feedstocks—used cooking oil and waste animal fats —and introduced the lower-emissions marine fuel into a BHP-chartered bulk carrier as part of a pilot project.

The bio-blend in the BHP and GCMD pilot is being used on a BHP-chartered bulk carrier Berge Lyngor, owned and operated by Berge Bulk, transporting BHP iron ore from Western Australia to China. When run on bio-blend, the vessel has the potential to reduce well-to-wake greenhouse gas emissions by approximately 79 per cent per voyage compared to sailing on very low sulphur fuel oil (VLSFO).

The vessel bunkered in Singapore in early May with a B100 bio-blend comprising 50 percent tallow-derived biodiesel, sourced and supplied by HAMR Energy, and 50 per cent used cooking oil (UCOME) supplied by Mitsui & Co Energy Trading Singapore (METS).

Mitsui also blended the fuel and Dan-Bunkering coordinated and executed the bunkering operation, which was performed by Global Energy’s barge MT Maple.

The BHP and GCMD pilot will assess how biofuels from multiple feedstocks can be blended, handled, and introduced under real-world operating conditions using existing used cooking oil bunkering infrastructure.

At the same time, insights from this pilot will help identify solutions to challenges related to fuel quality, handling, traceability, and onboard vessel performance.

Biofuels for global shipping today rely heavily on used cooking oil – a feedstock whose availability is approaching its projected limits. Biofuel from waste animal fats presents a promising option to expand the supply of lower-emissions marine fuels.

The outcomes of the pilot are expected to shed light on the practical steps to integrate biofuel blends from different feedstocks into existing supply chains. The diversity of biofuels will provide shipowners and operators with greater flexibility to optimise fuel procurement based on cost, availability, and lifecycle emissions performance.

Biofuels derived from different feedstocks can exhibit varying properties that may impact operations, including potential corrosion from oxidation, fuel system clogging caused by wax formation, which this pilot aims to assess.

The pilot will trace and verify the biofuel blend’s integrity aimed at bolstering confidence in emissions reductions reporting. The pilot will also provide insights into how robust tracing can support future marine fuel supply chains where biofuels from multiple feedstocks with varying lifecycle greenhouse gas emissions footprints are blended together.

This project is co-funded by the Maritime and Port Authority of Singapore under the Maritime Innovation and Technology Fund (MINT).

 

Photo credit: Global Centre for Maritime Decarbonisation
Published: 3 June, 2026

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Biofuel

NYK starts one-year B100 bio bunker fuel trial on car carrier

In this trial, NYK will operate a car carrier continuously on B100 for one year to evaluate the impact on engines, fuel supply systems, and operational practices.

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NYK starts one-year B100 bio bunker fuel trial on car carrier

Japanese shipping firm NYK on Tuesday (2 June) said it has commenced a one-year long-term trial involving the continuous use of 100% biofuel (B100) on an NYK-operated car carrier. 

In this trial, NYK will operate a car carrier continuously on B100 for one year to evaluate the impact on engines, fuel supply systems, and operational practices. High-purity biofuels such as B100 are known to be susceptible to degradation from oxygen, light, and heat, raising concerns about the stability of such fuels during long-term use.

In this trial, the biofuel primarily comprises FAME (Fatty Acid Methyl Ester) derived from used cooking oil and similar feedstocks.

The initiative is designed to evaluate the fuel’s effects on the vessel’s equipment and verify operational safety under real-world conditions. 

Through this effort, NYK seeks to accumulate technical expertise that will support the broader use of high-purity biofuels and further accelerate efforts to reduce greenhouse gas (GHG) emissions.

NYK has been advancing the use of biofuels through various initiatives. In 2024, the company conducted a trial using biofuel blend B24 and subsequently expanded practical usage to B30. However, the company said there remains limited global experience with the long-term continuous use of B100.

“By collecting long-term operational data through this trial, NYK aims to accumulate valuable technical insights to support both the safe operation of vessels and the wider adoption of high-purity biofuels,” it said. 

 

Photo credit: NYK
Published: 3 June, 2026

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