Brightoil In for Ten Bunker Tankers

Brightoil Hong Kong-listed Brightoil Shipping has decided to purchase ten bunker tankers from Shenzhen Brightoil Shipping for a total cash consideration of USD 84 million. The vessels will be built by Rizhao Kingda or such other qualified shipyards mutually agreed by the relevant parties, Brightoil said. The vessels are scheduled for delivery by the end of 2016.  The group considers that the purchase of the vessels will enhance the competitive edges in the bunkering business of the group by expanding the operating fleet, lock the current low price of the bunker barges in order to save costs; and bring in additional revenue to the group through additional marine bunker sales volumes, Brightoil said commenting on the move. Shenzhen Brightoil Shipping is controlled by Dr. Sit, who is an Executive Director, the Chairman and the Chief Executive Officer of Brightoil and a controlling shareholder indirectly interested in approximately 72.98% of the issued share capital of the company.