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Update: Brightoil plans ‘disposal’ of entire international oil trading and bunkering business

Company edges closer to resumption of trading on Hong Kong Stock Exchange, and plans primarily focus on upstream business for future.

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Brightoil exit

Hong Kong-listed Brightoil Petroleum (Holdings) Limited (Brightoil) on Wednesday (4 February) shared several details of its resumption progress for trading on the Hong Kong Stock Exchange (HKSE).

The company recently released information, including the disclosure of its forensic investigation and the publication of its financial results, to meet HKSE’s resumption conditions.

Resumption plan

The latest update noted Brightoil planning the disposal of its oil trading and bunkering arm as part of its resumption plan; this was a much wider development when compared to an earlier announcement specifically stating disposal of Brightoil Petroleum (S’pore) Pte. Ltd.

“To resume trading in its Shares, the Company submitted the resumption plan to the Stock Exchange on 31 January 2020, including but not limited to, the disposal of the international oil trading and bunkering business (Target Business),” it stated.

“The Company has signed the sale and purchase agreement regarding the disposal of the Target Business and the relevant draft announcement has been submitted to the Stock Exchange for review.”

Loan from Chinese investment firm

Brightoil, meanwhile, noted it has entered into an agreement with the subsidiary of China Huarong Overseas Investment Holding Co., Ltd. for approximately USD 413 million in loan financing, refinancing and working capital support on 1 November 2019.

The loan includes financing of approximately USD 362 million to various Brightoil subsidiaries for a period of five to twelve years for acquiring the company’s debts and restructuring the company’s existing debt.

Additionally, the lender may provide respective additional loans of up to USD 15 million and USD 35.5 million to Brightoil for capital expenditure of its Xinjiang Dina project and general working capital under the premise of the company meeting certain conditions.

Sale of “Brightoil Gem”

The Brightoil Gem has since been sold by the Haikou Maritime Court of PRC for RMB 403.3 million. The first tranche of the net proceeds from sale of the VLCC has been received and applied to settling the debts of the company and its subsidiaries.

Winding-up petitions in Singapore and Hong Kong

Brightoil subsidiary, Brightoil Petroleum (S’pore) Pte. Ltd., has successfully extended its claims moratoria at the Singapore High Court until 3 April 2020 and “made good progress in reaching legally binding settlements with major trade creditors,” it said. The next hearing date has not yet been fixed but is expected to take place in early April of 2020.

Over in Hong Kong, Brightoil noted it has made progress by entering into settlement agreements with other key creditors, while obtaining commitment letters from several creditors showing support for its debt restructuring efforts. The company has made instalment payments pursuant to the settlement agreements that have already been concluded.

Intended sale of Zhoushan oil storage and terminal facilities

On 7 January 2020, Brightoil signed a non-binding “Zhoushan Project Cooperation Framework Agreement” with a potential buyer of its Zhoushan Oil Storage and Terminal Facilities; the company will work towards achieving signing of a binding agreement within three months.

Upstream business

The Caofeidian Oilfield of Brightoil achieved 11.62 million barrels of crude oil production, completing 114% of the annual plan, between January to December 2019.

The construction & installation of the ‘Overall Development Adjustment Plan’ for the Caofeidian project has been finished. Actual construction costs incurred were approximately RMB 2,423 million, which is approximately RMB 500 million below the approved budget of RMB 2,923 million.

As of 31 December 2019, the daily natural gas production of the Dina 1 and Tuzi gas field was 3.03 million cubic meters in aggregate. The preparatory work for the Tuzi gas field booster station and Dina 1-4 new well has begun, and the booster station is expected to be completed in October 2020 to achieve higher production targets.

“The management expects that the upstream business will be the primary focus of the Company’s development in the future,” it states.

Related: Singapore bunker supplier Brightoil Petroleum (S’pore) Pte. Ltd. to be disposed by parent company
RelatedBrightoil publishes unaudited financial results for FY 2017, 2018, 2019

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

 

Photo credit: Manifold Times
Published: 5 February, 2019

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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

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