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Brightoil justifies why it claims to be subject to procedural unfairness by HKSE

Brightoil explains the various steps it has undertaken to comply with trade resumption requirements and the unexpected extenuating circumstances along the way.

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Brightoil exit

Hong Kong-based oil and bunkering firm Brightoil Petroleum Holdings on Friday (31 July) published a quarterly update announcement on its position regarding the Listing Department’s recommendations to delist the company altogether. 

When the trading of Brightoil on HKSE was suspended in 2017, the company said it “started preparation of the resumption without delay” based on the given conditions from HKSE.

Brightoil explained that due to certain unexpected events including:

  1. extensive time required to determine the scope and complete of forensic investigation which was just concluded
  2. postponement of audit work pending for the result of the forensic investigation
  3. The resignation of PricewaterhouseCoopers as auditors of the Company; 
  4. substantial time spent in negotiation with creditors in debt restructuring;
  5. longer than expected lead time in going through the High Court of Singapore auction process for disposal of the Group’s vessels and purchaser seeking approval for acquisition of the Zhoushan Oil Storage and Terminal Facilities
  6. Covid-19 and its various travel restrictions hindering audit procedures

The resumption was expected to take longer than originally contemplated, and it submitted a resumption plan in January 2020, which included an application to seek an extension of the resumption deadline to 29 May 2020. 

On 24 February 2020, the Listing Department informed Brightoil that it had failed to fulfil all the resumption conditions and the department would proceed to recommend the Listing Committee to delist Brightoil on 27 February 2020.

On 25 February 2020, Brightoil said it wrote to the Stock Exchange and requested to read the reasons of the Listing Department’s recommendation, to be present in the Listing Committee and make written or oral submission to the Listing Committee. 

Brightoil also requested the Listing Department not to present the case to the Listing Committee unless its requests are met. 

However on 28 February 2020, the Stock Exchange notified Brightoil that the Listing Committee had decided to:

  1. reject the company’s various requests
  2. cancel the company’s listing 

The committee reasoned that listing rules do not enforce the right of companies to receive written explanations nor grant them any form of oral hearing before the committee for the department’s recommendations. 

If any company is dissatisfied with the committee's decision and would like to be granted the above, an appeal may be made to the Listing Review Committee on a de novo review basis of the company’s merits. 

As to the Listing Committee's decision to delist Brightoil, it explained that it did not consider the ‘unexpected events’ presented by the company to qualify as extenuating circumstances and Brightoil had failed to fulfill the given conditions to resume its trading.

In the published update, Brightoil claims that the Listing Department and the Listing Committee was “grossly unfair” towards the company.

Brightoil added that its applications for judicial review against the delisting decision made by the Listing Committee on the ground of procedural unfairness were dismissed by the High Court of Hong Kong after being heard. 

With regards to being delisted, Brightoil noted that listing rules state that the Listing Committee may extend the remedial period in exceptional circumstances or there are factors outside the company’s control.  

Alongside the circumstances above, Brightoil states that it has taken various remedial actions to comply with the Resumption Conditions including:

  1. Forensic Investigation - RSM Corporate Advisory (Hong Kong) Limited has issued the investigation report, detailing the findings of their investigation on the events which have led to suspension in trading. 
  2. Outstanding Financials Results - Brightoil has published the management account for the financial years ended 30 June 2017, 2018 and 2019, and for the six months ended 31December 2017 and 2018 on 31 January 2020. The Company expects all the outstanding audited annual results and unaudited interim results to be published in due course; and
  3. Debt Restructuring and Discharge of Winding-up Petitions - Upon completion of the debt restructuring, the total debt amount would be substantially reduced with various loans extended from 1 to 12 years and the winding-up petitions are expected to be discharged.

Brightoil said it has since made a formal request to the Stock Exchange for a review of the Listing Committee’s decision by the Listing Review Committee and a hearing date has been set for Monday, 31 August, 2020. 

Trading in the company’s shares will remain suspended until further notice and Brightoil said it will make further announcements as and when appropriate.

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


Photo credit:
Manifold Times
Published: 4 August, 2020

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Newbuilding

Singapore: EPS orders ammonia, LNG dual-fuel vessels from China

EPS signed one contract for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International.

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Singapore-based Eastern Pacific Shipping (EPS) on Wednesday (28 February) said it signed two new contract orders in a signing ceremony in Shanghai, one for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International. 

The contracts signed cover four 210,000 dwt ammonia dual-fuel bulk carriers and two 111,000 dwt LNG dual-fuel LR2 oil tankers, expanding our fleet of green vessels on water. 

“These are pivotal for EPS, testament to our continued commitment towards the decarbonisation of shipping,” EPS said in a social media post.

Manifold Times recently reported EPS signing a contract for its first ever wind-assisted propulsion system, partnering with bound4blue to install three 22-metre eSAILs® onboard the Pacific Sentinel

The turnkey ‘suction sail’ technology, which drags air across an aerodynamic surface to generate exceptional propulsive efficiency, will be fitted later this year, helping the 183-metre, 50,000 DWT oil and chemical tanker reduce overall energy consumption by approximately 10%, depending on vessel routing.

Related: Singapore: EPS orders its first wind-assisted propulsion system for tanker

 

Photo credit: Eastern Pacific Shipping
Published: 1 March 2024

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LNG Bunkering

Malaysia: Port of Tanjung Pelepas completes first LNG bunkering operation

Landmark event involved the CMA CGM Monaco, a 14,024 TEUs containership operated by French shipping giant CMA CGM.

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Port of Tanjung Pelepas Sdn Bhd (PTP), a joint venture between MMC Group and APM Terminals, on Wednesday (28 February) announced a significant milestone with the successful completion of its first Liquefied Natural Gas (LNG) bunkering operation. 

The landmark event involved the CMA CGM Monaco, a 14,024 TEUs (Twenty-foot Equivalent Units) capacity containership operated by French shipping giant, CMA CGM.

Tan Sri Che Khalib Mohamad Noh, Chairman of PTP in a statement remarked this latest milestone demonstrates PTP’s commitment to continuously enhance its competitive advantages in an increasingly competitive global market.

“The successful completion of our first LNG bunkering operation also underscores our unwavering commitment to sustainability and environmental leadership. We are proud to partner with Petronas Trading Corporation Sendirian Berhad (PETCO) and CMA CGM on this initiative and showcase PTP’s capabilities as a leading facilitator of clean and efficient maritime operations.”

“This milestone paves the way for further growth in LNG bunkering at PTP, contributing significantly to the decarbonisation of the maritime industry.”

Commenting on this achievement, Mark Hardiman, Chief Executive Officer of PTP stated this latest milestone further highlights PTP’s position as the largest transshipment hub terminal in Malaysia.

“In preparation for the LNG bunkering operation, PTP worked closely since March 2022 with PETCO and CMA CGM, as well as with various other related government agencies to organise table-top exercises (TTX) and workshops, before carrying out the deployment exercise.”

“The success of the bunkering operation is a result of the seamless collaboration and preparations involving rigorous safety procedures through in-depth operational and risk assessments, modelling, and validation. We thank PETCO, CMA CGM all other involved parties for their joint efforts in operationalising the bunkering capability and we welcome partners to work with us to accelerate maritime decarbonisation,” said Hardiman.

Port of Tanjung Pelepas (PTP) is Malaysia’s largest transshipment hub with the capacity to handle 13 million TEUs annually. The port delivers reliable, efficient, and advanced services to major shipping lines and box operators, providing shippers in Malaysia and abroad with extensive connectivity to the global market. PTP is currently ranked 15th among the world top container ports.

 

Photo credit: Port of Tanjung Pelepas
Published: 1 March 2024

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Alternative Fuels

Wallenius Wilhelmsen to order four additional methanol DF PCTCs

Newbuilds will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

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Wallenius Wilhelmsen PCTC order

Roll-on/roll-off (Ro-Ro) shipping company Wallenius Wilhelmsen on Tuesday (27 February) declared options to build four additional next-generation Shaper Class pure car and truck carrier (PCTC) vessels.

The 9,300 CEU methanol dual fuel vessels can utilise alternative fuel sources, such as methanol, upon delivery. They will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

“Together with our customers we are committed to further shaping our industry and accelerating towards net zero. These new vessels are a vital part of that journey,” says Xavier Leroi, EVP & COO Shipping Services.

This latest commitment brings the total number of Shaper Class vessels currently on order with Jinling Shipyard (Jiangsu) to eight. Wallenius Wilhelmsen also retains further options.

The first of the Shaper Class vessels already ordered are expected to be delivered in the second half of 2026. The four additional vessels under the declared options will be delivered between May and November 2027.

 

Photo credit: Wallenius Wilhelmsen
Published: 1 March 2024

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