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Brightoil publishes supplementary forensic report on Brightoil Petroleum (S’pore) Pte Ltd

Report shows further findings based on RSM’s earlier primary report regarding certain oil trading transactions of BOPS and SZB that were red flagged by PwC.
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Hong Kong-listed Brightoil Petroleum Holdings on Thursday (17 September) published the key findings of the Forensic Review by RSM Corporate Advisory (Hong Kong) Limited (RSM) regarding certain oil trading transactions of Brightoil Petroleum (S’pore) Pte. Ltd. (BOPS) and Shenzhen Brightoil Group Co Ltd. (SZBO), owned and controlled by Dr. Sit, the ultimate controlling shareholder of Brightoil at the time.

This is a Supplemental Report that builds upon the knowledge and findings of the primary forensic investigation report dated 31 January 2020, it said.

In the report, RSM investigates further into issues in BOPS’ trade analysis with SZBO and its credit limit given to customers and structured/financing deal arrangements that were flagged up by Brightoil’s former auditors PricewaterhouseCoopers to be of concern:

In this review, RSM sought the additional available information with respect to the financial year ended 30 June 2018 from the current management of the Group to arrive at the findings and observations that was discussed in the Supplemental Report. Given the circumstances as described below, RSM believes these additional findings and observations did not lead to any determination and/or comment about the Subject Transactions and other back-to-back transactions more conclusive than that mentioned in the Primary Report.

First, the outstanding receivables due from the Subject Customers of USD1.34 billion were still substantial as at 30 June 2018, which was higher than USD1.309 billion as at 30 June 2017. Even though settlement was recorded for some of the outstanding receivables of the Subject Customers as at 30 June 2017, BOPS continued trading with 6 of the Subject Customers during the second half of 2017 and hence the situation of the doubtful receivables did not improve at all.

Secondly, RSM noted the phrase “financing deals” was used interchangeably with the phrase “structured deals”. In particular, as discussed in the Supplemental Report, RSM noted that: i) financing deals were financing related,

ii) financing deals could be differentiated from normal trading deals,

iii) attempts were made to mimic operational arrangement of normal trading deals in financing deals, and

iv) there could be no intention to take physical possession of cargo in financing deals; but it is unclear whether this meant paperwork-only trade as well as whether there would be any change on beneficial ownership.

Together, from the description of the structured/financing deals, there were various characteristics of trading of financial instruments rather than the intention to take physical delivery in the trading of tangible products. Alternatively, these observations raised further doubts as to the difference as well as objective between these structured/financing deals and the “real” trades of oil products in the normal course of business of an oil trading company.

Thirdly, RSM noted that BOPS entered into various back-to-back transactions with each of the 12 Subject Customers, which were later known to us as structured/financing deals. These structured/financing deals were, majority if not all, loss-making before taking into account the discounts provided by SZBO. RSM found evidences that some of these structured/financing deals were conducted for financial arrangement purposes but, unfortunately, there were no precise indications as to which parties enjoyed direct benefits from such arrangements. In addition, owing to the pre-arranged and back-to-back nature of the transaction flow in structured/financing deals, the management could have presumed that the exposure to credit (and legal) risks in these structured/financing deals would be minimal, and hence allowing unsecured but high open credit to these customers. The credit risks finally turned out to be significant which resulted in substantial receivable amount long outstanding as at 30 June 2018.

RSM raised a further question as to what had gone wrong and caused the deviation(s) from the structured plan and arrangement including but not limited to which parties held onto the monies which were supposed to flow in the structured/financing deals and why a customer would fail to make settlements in structured/financing deals as “structured”.

Finally, RSM considered that there were still significant limitations associated with the investigation, such as the lack of communication with the relevant counterparties and former employees of BOPS, the scope of this review was limited to the available information and documents provided by the current members of the Group. Should additional information become available in the future, considerable amendments to the Primary Report and/or the Supplemental Report may be required.

A full copy of the report published by Brightoil on HKSE is available here. 

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


Photo credit: Manifold Times
Published: 20 September, 2020

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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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July 22, 2026

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RESIZED singapore high court

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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July 22, 2026

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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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July 22, 2026

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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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