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Brightoil forecasts loss of US $57.6 million in 2H 2018

Due to reduced trades, bunker transactions and depressed freight rates; though upstream records profit.

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Hong Kong listed Brightoil Petroleum (Holdings) Limited on Friday (1 February) issued a profit warning forecasting unaudited consolidated loss of HKD 452 million (US $57.6 million) for the six months ended (2H) 31 December 2018.

The losses were mainly due to reduced transactions from its International Trading and Bunkering (ITB) business which is mainly a result of tightening of bank trading facilities for ITB business, and depressed freight rates affecting the margins of its shipping business.

The company’s upstream business segment continued to record profits.

“However, the overall gross margin for the group is unable to cover the fixed costs incurred including depreciation, financing and other operating costs for the group, resulting in a loss,” it said.

Moving forward, Brightoil said it is in the process of preparing or finalising its results for 2H 2018.

Brightoil on Thursday (31 February) said the group has aggregate debts of approximately US$1.9 billion with claims of approximately US$250 million from several creditors.

Trading in the company’s shares on the Hong Kong Stock Exchange has been suspended since 3 October, 2017.

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

Related: Brightoil 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

A chronologically organised list of articles regarding the trading halt of Brightoil on HKSE is below:

RelatedBrightoil: Independent adviser requests for more information
RelatedBrightoil: ‘Business as usual’ with HKSE’s new delisting rules
RelatedUPDATE: Brightoil Singapore introduces new Acting CEO
RelatedBrightoil: Singapore CEO resigns, trading halt continues
RelatedBrightoil continues suspension of trading activities
RelatedBrightoil: Delay in release of 2018 financial results
RelatedBrightoil: Update on suspension of trading

Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 4 February, 2019
 

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Biofuel

Petrochina International blends over 30,000 mt of marine biofuel since March

Company has been developing marine biofuel blending operations at China (Zhejiang) Pilot Free Trade Zone, leveraging storage and logistics facilities at its Aoshan base.

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Zhoushan completes China’s first batch of marine biofuel blending under pilot programme

Petrochina International Co Ltd recently said it has blended more than 30,000 metric tonnes (mt) mt of biofuel since completing the country’s first biofuel marine fuel blending operation on 13 March.

The company said the milestone demonstrates its ability to conduct continuous and large-scale biofuel marine fuel blending operations.

The company has been developing marine biofuel blending operations at China (Zhejiang) Pilot Free Trade Zone, leveraging storage and logistics facilities at its Aoshan base.

Its latest product, B24 marine fuel containing 24% biofuel component, meets relevant International Maritime Organization (IMO) requirements and marine fuel standards, according to the company. It said the product can be supplied for bunkering vessels operating on international routes.

It has used its global trading network to secure feedstock supplies and support cost control and supply security for the blending operations, it added.

The company said the large-scale blending of its marine biofuel products marks a development in China’s marine biofuel blending market.

It plans to work with upstream and downstream businesses within its group to support the development of Zhoushan Port as a major bonded marine fuel bunkering hub and contribute to its parent group’s transition towards lower-carbon energy.

Manifold Times previously reported China (Zhejiang) Pilot Free Trade Zone launching the first pilot programme for marine biofuel blending in China with the completion of the first batch of B24-HSFO. 

The launch was marked with the blending of 2,000 mt of biodiesel and 6,300 mt of high sulphur fuel oil (HSFO) in storage tank F-02 of Sinochem-Xingzhong Oil Staging (Zhoushan), producing 8,300 mt of B24-HSFO. 

Manifold Times also reported the first cross-regional bonded bunkering operation of blended biofuel in East China was successfully completed at the Meishan Port Area of ​​Ningbo-Zhoushan Port. 

The B24-HSFO used in the bunkering operation was supplied by the Aoshan Petroleum Base in Zhoushan from the first pilot programme for marine biofuel blending in China. 

Related: Zhoushan completes China’s first batch of marine biofuel blending under pilot programme
Related: Ningbo wraps up East China’s first cross-regional biofuel blending and bunkering
Related: China debuts first marine biofuel blending pilot programme in Zhoushan
Related: China’s first batch of domestically blended marine biofuel delivered to Qingdao for bunkering

 

Photo credit: Sinochem-Xingzhong Oil Staging (Zhoushan)
Published: 21 September, 2026

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Winding up

Singapore: Final general meetings scheduled for Dromond Shipping, related firms

A member is entitled to attend the meetings and should notify the liquidators’ team office via email no later than 48 hours prior to the meeting.

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steve pb from Pixabay

The final general meetings of Dromond Shipping Pte Ltd  and related companies have been scheduled to take place on 19 October, according to the company’s liquidator on a notice posted on Friday (18 September) on the Government Gazette.

The other companies are Tidewater Emergency Response Services Pte Ltd, Tidewater Production Solutions Pte Ltd and Tidewater Salvage Pte Ltd. 

The final general meetings of the members of the companies will be held via electronic means on 19 October 2026 at 2.00 pm, 2.30 pm, 3.00 pm and 3.30 pm (Singapore time), respectively.

The meetings are being held for the purpose of having accounts laid before the members showing the manner in which the winding up of the respective companies has been conducted and how the property of the respective companies has been disposed of and to hear any explanation that may be given by the liquidators. 

The details of the liquidator is as follows:

Tan Kim Han
Joint and Several Liquidators
137 Amoy Street, #02-03, Far East Square
Singapore 049965

Note: A member is entitled to attend the above meeting and should notify the Liquidators’ team office via email to [email protected] or [email protected] no later than 48 hours prior to the meeting.

 

Photo credit: steve pb from Pixabay
Published: 21 September, 2026

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Ammonia

NYK wraps up first STS ammonia bunkering operation in Japan

Ammonia fuel was transferred from the ammonia carrier “Shoei Maru” via the STS method to an ammonia-fuelled medium gas carrier, scheduled for delivery in November 2026.

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NYK wraps up first STS ammonia bunkering operation in Japan

NYK Line, on Thursday (17 September) with Japan Marine United Corporation, Nihon Shipyard Co Ltd, Mitsubishi Gas Chemical Company, and Kokuka Sangyo Co Ltd, has completed the world’s first ship-to-ship (STS) ammonia bunkering operation to an ammonia-fuelled vessel. 

At a quay within Japan Marine United Corporation’s Ariake Shipyard, ammonia fuel was transferred from the ammonia carrier Shoei Maru via the STS method to an ammonia-fuelled medium gas carrier (AFMGC) scheduled for delivery in November 2026. 

The operation was conducted in preparation for sea trials of the AFMGC using fuel ammonia.

“This achievement represents an important initiative that has put into practice an operation essential for the future practical deployment of ammonia-fuelled vessels,” the company said. 

The bunkering operation was conducted following extensive discussions among the companies involved. Safe operating procedures and work processes were established prior to the operation, enabling the transfer to be completed safely. Through this initiative, we have accumulated practical insights regarding safe fuel supply operations.

This operation serves as a pioneering example of the fuel-supply framework that will be required for the widespread adoption of ammonia-fuelled vessels. 

The AFMGC is currently in the final stage of construction and is scheduled for delivery in November 2026. 

“The successful completion of this operation marks a significant milestone toward the broader commercial use of fuel ammonia and the practical deployment of ammonia-fuelled vessels. It also represents an important step forward in establishing an ammonia supply chain,” the company added. 

 

Photo credit: NYK
Published: 21 September, 2026

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