Business

Brightoil to propose restructuring scheme for Singapore subsidiary in Jan 2021

Legal cases in Singapore court due to the company’s arrested vessels were completed as of end of September 2020. It shares in an operational update.

Published

6 years ago

December 24, 2020

Admin

Hong Kong-based Brightoil Petroleum (Holdings) Limited (Brightoil) is planning to propose a restructuring scheme for subsidiary Brightoil Petroleum (Singapore) Pte Ltd, a former bunker supplier operating at the republic, in January 2021, according to a Wednesday (23 December) operational update.

Singapore proceedings

The restructuring scheme will be proposed during the next hearing at the Singapore Court which has been fixed on either 18 January 2021 or 25 January 2021; it has been planned for implementation by end of January 2021, subject to the comments to be received from the scheme creditors.

Since the last update, the net proceeds from the sale of Brightoil’s six series vessels, namely Brightoil Lion and Brightoil Grace, by the High Court of Singapore were successfully paid out to the respective parties. As of end of September 2020, the legal cases in Singapore court due to arrested vessels were completed.

Hong Kong proceedings

An earlier winding up petition filed by a creditor with the High Court of Hong Kong in relation to an alleged unpaid sum pursuant to a deed of guarantee allegedly signed by Brightoil has reached a settlement on 20 October and the winding up petition was dismissed by an order of the High Court on 9 November.

Loan with Luso International Banking

In addition, Brightoil’s loan restructuring and loan settlements with one of its major creditors, Luso International Banking Ltd, has been fully paid off pursuant to the terms of the respective settlement agreements.

Upstream business

The company continued to make progress with its upstream business. Though Covid-19 has severely damaged global economic activity the production of the Group’s oil fields, oil wells and natural fields was not affected, it says.

As of 30 September 2020, the daily output of Caofeidian Oilfield was 55,000 barrels. From January to September 2020, crude oil output reached 13.425 million barrels, 81.2% of the annual plan.

As of 30 September 2020, the total daily natural gas output of the onshore Dina 1 and Tuzi gas field was 3.147 million cubic meter. From January to September 2020, natural gas output reached 809.0687 million cubic meter, 77.1% of the annual plan.

Brightoil has earlier stated it intends to focus on its upstream business, going forward.

Related: Brightoil debt restructuring progresses, proceeds from vessel sales hindered by COVID-19
Related: Brightoil Petroleum publishes notice regarding winding-up application filed by creditor
Related: Brightoil to focus on upstream business in future development following HKSE delisting

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

Photo credit: Brightoil Holdings Limited
Published: 24 December, 2020

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

9 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

9 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

9 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026