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Brightoil provides update on various business units

Covers Upstream, International Trading and Bunkering, Marine Transportation, and Zhoushan Oil Storage.

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Hong Kong-listed Brightoil Petroleum (Holdings) Limited Wednesday provided an update for its Upstream, International Trading and Bunkering, Marine Transportation, and Zhoushan Oil Storage and Terminal Facilities business units.

The Wednesday update was after an earlier announcement in the same week, where it introduced plans to sell the assets and/or shareholding of Zhoushan Oil Storage and Terminal Facilities, and 15 marine shipping vessels (VLCC, Aframax, Barge) of the Group.

Brightoil’s upstream business noted constructions of onshore projects related to the Dina 1 and Tuzi gas fields nearing completion and coming into commercial production period.

The annual gas production for the 2017 financial year reached a record at approximately 1.0 billion cubic meters, and is expected to reach approximately 1.2 billion cubic meters for the 2018 financial year.

The company’s International Trading and Bunkering (ITB) unit, meanwhile, is being merged with its e-commerce platform for transparent and light-asset operations.

“The trading sector has exited the oil terminal facilities business outside China and is actively researching, developing and promoting the bunkering online platform,” it says.

“Two e-commerce versions are expected to be launched in the financial year of 2019.

“In addition, in response to IMO’s new low-sulphur regulations effective from 2020, ITB team is in active discussion with international oil majors, Chinese national oil companies and regional refineries to seek responding solutions and to prepare for the new low-sulphur era.”

The Marine Transportation division has maintained the vessels’ operation rate at above 95% between January to June 2018.

Interestingly, Brightoil was able to secure its fuel costs at USD300/MT in January and February 2018 and in other period (April to June 2018) at USD415/MT.

“Ships materials procurement has been benefited from working with the shipping e-commerce team to achieve good quality with low costs,” it adds.

The Zhoushan Oil Storage and Terminal Facilities business unit pointed out Phase 1 of its construction, which provides approximately 1.94 million cubic meters of capacity and a 13-berth terminal, to be completed and put into operation by end-2018 or early 2019.

“The construction project encountered delays from its initial schedule due to innate unpredictable factors, including that the construction is on outlying islands, and that the topography and geological factors are relatively complex,” it notes.

“However, the various departments of the company have expedited the construction work; it is expected the project will be completed and commence operation as soon as practicable.”

Moving forward, Brightoil says it is currently awaiting the result of an independent investigation in order to resume work by the Audit Committee to complete the company’s review first, followed by the audit and publication of the 2017 Annual Results and the 2018 Interim Results.

“As this time, as the Review has not been completed, there is not enough information for the Company to set down a time schedule for the completion of relevant audit,” it says.

Trading in Brightoil’s shares on the Hong Kong Stock Exchange was suspended since 3 October, 2017 and is expected to remain suspended until further notice.

Related: Brightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
RelatedBrightoil: ‘Business as usual’ with HKSE’s new delisting rules
RelatedBrightoil 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
RelatedUpdate on suspension of trading
RelatedBrightoil redeems $9.6 million in outstanding bonds

Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 2 August, 2018
 

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Newbuilding

Tsuneishi delivers world’s first methanol dual-fuel Ultramax bulker to NYK

“Green Future” was delivered at Tsuneishi factory on 13 May and will be chartered by NYK Bulk & Projects Carriers, an NYK Group company, from Kambara Kisen.

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Tsuneishi delivers world’s first methanol dual-fuel Ultramax bulker to NYK

Tsuneishi Shipbuilding on Wednesday (14 May) said it has delivered the world’s first methanol dual-fuel Ultramax bulk carrier, Green Future

The 65,700 dwt vessel was delivered at its factory on 13 May and will be chartered by NYK Bulk & Projects Carriers, an NYK Group company, from Kambara Kisen.

Tsuneishi Shipbuilding said the vessel maintains the high cargo capacity and fuel efficiency characteristic of the TESS66 Aeroline design series, while enabling more sustainable operations through the use of methanol as a fuel.

The methanol fuel tank has been positioned to maximise safety and facilitate smooth cargo handling while maintaining loading efficiency. It is also equipped with a fuel-efficient main engine and Tsuneishi’s proprietary Aeroline technology to reduce wind resistance, delivering superior fuel performance.

Mr Okumura Sachio, Representative Director, President & Executive Officer of Tsuneishi Shipbuilding, said: “This delivery marks just the beginning. We will continue constructing methanol dual-fuelled vessels at our overseas facilities and remain steadfast in our pursuit of technological innovation to contribute to a more sustainable maritime industry and global environment.”

NYK said the vessel is the first bulk carrier in the NYK Group to be equipped with a dual-fuel engine that uses methanol and fuel oil.

Vessel Particulars

LOA: 199.99 m
Breadth: 32.25 m
Depth: 19.15 m
Deadweight: approx. 65,700 metric tonnes
Capacity: approx. 81,500 m3
Draft: 13.8 m

 

Photo credit: Tsuneishi Shipbuilding
Published: 15 May, 2025

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Events

Green Shiptech China Congress to explore alternative bunker fuels and ship technologies

LNG, methanol and ammonia as well as fuel cell integration will be among key issues discussed at the annual conference which will be held on 25 to 26 September in Shanghai.

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Ridge China on Wednesday (14 May) announced it will be hosting the 14th Green Shiptech China Congress (GSCC), an annual conference which will be held on 25 to 26 September in Shanghai. 

More than 4,400 experts and decision makers from governments, classification societies, shipowners, shipyards, research institutes, technology/equipment suppliers and consulting companies attended the previous GSCC from 2012 to 2024. 

For 2025, over 400 industry experts, corporate decision makers and government officials will be engaged in comprehensive discussions on current issues of IMO, EU, USCG, China MSA’s policies and regulations, designs and standards for new ship models, innovative and sustainable green ship technologies at this annual conference.

Alternative bunker fuels such as LNG, methanol and ammonia as well as fuel cell integration will be part of the important issues discussed at the event. 

Speakers will be from

  • IMO
  • European Commission
  • U.S. Coast Guard
  • China MSA
  • Financial Institutions
  • Maritime Research Institutes
  • Solution & Technology Providers
  • Shipowners
  • Shipyards
  • Classification Societies

Key topics

  • Policies and Regulations Update and Interpretate by IMO, European Commission, U.S. Coast Guard and China MSA
  • Retrofitting Vessels to Achieve Decarbonization Goals
  • Energy Efficiency Continues to Be Key for Decarbonization
  • Decarbonization Through Digitalization
  • Digital Technologies As a Key Enabler for Emissions Reduction
  • Impact of a Hull Coating Upgrade on Hull Efficiency
  • LNG As Marine Fuel: Pivoting Towards Cleaner Shipping
  • Methanol As a Marine Fuel
  • Ammonia’s Credentials As a Green Fuel
  • Wind Propulsion Technology
  • Fuel Cell Integration: Upcoming Challenges and Opportunity
  • Propelling Carbon-neutral Shipping with Green Engines and Alternative Fuels
  • Next-generation Electric and Hybrid Marine Propulsion Technologies and Components
  • Latest Developments in Energy Storage Systems

Interested parties may contact:

Mr. Quin Xu
Tel: +86 21 6607 8610 -8003
Mob: +86 13564222811
Email: [email protected] 

Note: The English and Chinese version of the event website can be found here and here respectively while the event registration can be found here

 

Photo credit: Ridge China
Published: 15 May, 2025

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Bunker Fuel

TFG Marine to launch bunker fuel supply operations in Jamaica on 1 June

Firm will commence marine fuel supply operations at Port of Kingston and on north coast of Jamaica, with Scott Petroleum, a local supplier with insight into Caribbean bunker market.

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TFG Marine to launch bunker fuel supply operations in Jamaica from 1 June

Global marine fuel supply and procurement firm TFG Marine on Wednesday (14 May) said it will launch its bunkering service in Jamaica with its local partner, Scott Petroleum. 

The marine fuel supply operations will commence at the Port of Kingston as well as on the north coast of Jamaica, from 1 June.

 “The operation is being launched in partnership with Scott Petroleum, a trusted local supplier with over two decades of experience and unmatched insight into the Caribbean bunker market,” it said in a social media post. 

Very Low Sulphur Fuel Oil (VLSFO), High Sulphur Fuel Oil (HSFO) and Low Sulphur Marine Gas Oil (LSMGO) fuels will be sourced locally from the Petrojam Limited-operated Kingston refinery and will be supplied via the bunker barge operated by Scott Petroleum.

“By combining Scott Petroleum’s local insight with TFG Marine’s global expertise and commitment to innovation, this new venture aims to set a new benchmark for marine fuel supply in the region, delivering reliable, efficient and transparent bunkering services to vessels calling at this key Caribbean port,” the company said. 

Kenneth Dam, Head of Bunkering at TFG Marine, said: “We’re very happy to be setting up in Jamaica,” It’s a strategic location with strong demand and teaming up with Scott Petroleum means that we can hit the ground running with an existing reliable, well-run operation.

“We’re looking forward to bringing TFG Marine’s global expertise and fuel supply innovation to the Caribbean, and to raising the standard of service for marine fuel customers across the region.”

 Gary Scott, CEO at Scott Petroleum, said: “We are excited about our partnership with TFG Marine. The new venture will form a strong force to expand the bunker service being offered in Jamaica and will be able to capture other opportunities that exist in the region”

 Note: For inquiries regarding TFG Marine’s new vessel supply services in the region in collaboration with Scott Petroleum, contact [email protected] or [email protected]

 

Photo credit: TFG Marine
Published: 15 May, 2025

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