11SEP2019 - NEWS - Haikou Maritime Court lists Brightoil VLCC for sale

Haikou Maritime Court has listed Brightoil Petroleum’s 2013-built VLCC Brightoil Gem for sale in an online auction scheduled on November 19.

The vessel was arrested by the court at Yangpu Port in January at the request of creditor bank BNP Paribas.

The starting price for the Hyundai Heavy-built crude tanker is RMB390m ($54.8m), while MSI values the vessel at $66.4m.

Financially troubled Brightoil Petroleum was served with a petition filed by a creditor with the High Court of Hong Kong for the winding up of the company on the grounds that the company is insolvent and unable to repay debts. The company’s tanker fleet has also been arrested at the request of creditors.

Since May, four Brightoil vessels VLCCs and aframax tanker Brightoil Lion have been sold by courts.