Brightoil adds second oil tanker to fleet to support marine bunkering ops

Source: Brightoil

Brightoil Petroleum took delivery of its second ocean-going oil tanker in Japan purchased in March of this year. The Group's capacity to transport oil products will be substantially increased while operating costs will be further lowered. 

As Brightoil is actively expanding its global marine bunkering operation, the expansion of tanker fleet will create greater synergies. Moreover, it can generate additional revenue by chartering out spare capacity.
Dr. Sit Kwong Lam, Chairman and CEO of Brightoil Petroleum, said, "The Group is determined to create an integrated supply chain for its marine bunkering operation. We are actively developing a global fleet in order to support the rapid growth of our marine bunkering and oil trading businesses. Over the past six months, we have acquired two ocean-going oil tankers with capacity of 107,500 DWT each. It marks an important step towards achieving our goals. Taking advantage of the significant decrease in ship prices, we will establish a fleet comprising ocean-going oil tankers and marine bunker tankers with sizes ranging from 5,000 DWT to 300,000 DWT through acquisition, leasing or hire-purchase arrangements within this and the next financial year. With the expansion of the fleet, we will be able to capture opportunities brought about by the gradual recovery of the global shipping industry." 

The Group now owns two ocean-going oil tankers with capacity of 107,500 DWT and a consideration of US$52.5 million (equivalent to approximately HK$409.5 million) each. They will mainly be used for transporting fuel oil or crude oil internationally. Built to Common Structural Rules (CSR), both vessels have stronger and more durable hull structures. The maximum discharge rate of each vessel is 9,000 m(3) / hr. The newly-acquired oil tanker is also equipped with advanced equipment and is eligible for navigation in the European waters. 

Dr. Sit Kwong Lam added, "China's marine bunkering sector has experienced phenomenal growth in recent years due to thriving external trade and government policies to open up the bunkering market. According to industry forecast, bonded marine fuel demand in China will escalate to 26 million tonnes by 2015,
representing a four-fold increase comparing with the bunker volume in 2008 when the Group has started marine bunkering operation. Brightoil is actively expanding its bunkering business and plans to extend operation to the ports of Rizhao, Tianjin, Dalian, Qingdao and Rotterdam from the existing ports of Hong Kong, Shenzhen, Singapore, Shanghai, Zhoushan and Ningbo. Leveraging on our strong foothold in China, we aim to create a global bunkering network covering all major ports in the world." 

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