Connect with us

Business

Brightoil Petroleum Holdings publishes audited financial results for FY2017

In FY2017, Brightoil reported an 18% increase in gross profit of HKD 365 million attributed to its core business of International Trading and Bunkering.

Admin

Published

on

Brightoil exit

Hong Kong-listed oil and bunkering firm Brightoil Petroleum Holdings on Friday published its audited financial results for the financial year (FY) ended 30 June 2017, together with the comparative figures in previous year, which have been reviewed by the audit committee of the Company.

A summary of the respective financial year which ended 30 June (in HKD billion) is as follows:

FY2017 (HKD billion) FY2016 (HKD billion)
Revenue 63.686 48.071
Cost of sales and services (61.308) (46.058)
Profit for the year  2.378 2.013

“During FY2017, the group recorded an increase in gross profit of HKD 365 million or 18% increase as compared with the previous year. The increased gross profit was mainly attributed to the group’s core business segment which is International Trading and Bunkering,” said Brightoil.

“In the same year, external revenue of approximately HKD 22.703 million was generated from a major customer, which accounted for 10% or more of the group’s external revenue. 

“The revenue is attributable to the international trading and bunkering operation segment. No other customers of the group amounted for more than 10% of the group’s external revenue during these financial years.”

During FY2017, the group reported its international trading and bunkering business sold 15.62 million tonnes of crude oil and 7.19 million tonnes of fuel oil. The total sale volume amounted to 23.14 million tonnes, representing a year-on-year increase of 6%.

“From 1 January 2017 onward, the Port of Singapore had fully implemented the Mass Flow Metering (“MFM”) system for marine fuel oil delivery and the TR48 bunkering procedures, in order to regulate bunkering operations in the Port of Singapore and prevent various illegal practices during the bunkering process,” noted the group.

“The new regulations provided legitimate marine bunkering suppliers such as Brightoil an operating environment for fair competition while giving significant support for an elevated bunker margin in Singapore.

“In FY2017, the group has also purchased six bunker barges to meet the bunkering demand in Singapore, among which three 7,000 DWT barges and two 4,100 DWT barges were awarded certification of MFM system by the Maritime and Port Authority of Singapore. 

“The delivery of high-quality oil under the MFM system was well received and highly recognized by world class ship owners for the enhanced bunkering efficiency, which has significantly reduced complaints and disputes arising from quantitative differences and also increased the group’s revenue from Singapore bunkering business.”

It is also noted that the independent auditors of the group’s financial statements have added a disclaimer in the report that they are unable “to obtain sufficient appropriate audit evidence […] as to whether the consolidated financial statements have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.”

Trading of Brightoil’s shares on the Stock Exchange has been suspended since 3 October 2017.

The complete publication of Brightoil’s audited FY2017 financial results can be obtained here.

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

Related: Brightoil release of outstanding financial results delayed by COVID-19
Related: Brightoil publishes unaudited financial results for FY 2017, 2018, 2019


Photo credit:
Manifold Times
Published: 14 August, 2020

Continue Reading

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.

Admin

Published

on

By

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

Continue Reading

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.

Admin

Published

on

By

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

Continue Reading

Ammonia

AM Green plans to build green ammonia plant at Indian port

Initiative also includes development of green ammonia handling, storage and bunkering infrastructure, pilot bunkering operations, safety procedures and training programmes, says VOC Port Authority.

Admin

Published

on

By

india flag

VO Chidambaranar (VOC) Port Authority on Friday (29 May) said it has signed a Memorandum of Understanding (MoU) with India’s ammonia producer AM Green Ammonia to collaborate in the development of a green ammonia production plant.

The plant will have a capacity of one million tonnes per annum (MTPA) at Tuticorin.

The initiative also includes development of green ammonia handling, storage and bunkering infrastructure, pilot bunkering operations, safety procedures and training programmes. 

The project is expected to support the development of green fuel corridors connecting VOC Port with major ports in Europe and Asia, thereby strengthening India’s position in the global green fuels value chain.

VOC Port also signed a Memorandum of Understanding (MoU) with Bureau Veritas (India) Pvt. Ltd., to collaborate on Green Port certification, emissions accounting, ESG reporting, safety validation, development of green bunkering practices, and establishment of a Centre of Excellence for green fuels and sustainability.

The port also plans for an upcoming 750 m³ green methanol bunkering facility.

 

Photo credit: Naveed Ahmed on Unsplash
Published: 3 June, 2026

Continue Reading

Trending