Strained Brightoil bags USD 200 million on ship sales

In its efforts to avoid bankruptcy, bunker shipping company Brightoil has sold three ships for a total of USD 200 million. The sale happened by order of a court.

Photo: Ritzau Scanpix/Reuters/Edgar Su

Hong Kong-based bunker shipping company Brightoil, currently fighting to avoid a looming bankruptcy, has in the past month sold off three vessels at a combined value of USD 200 million, says the company in a statement.

Brightoil is in financial trouble and is trying to restructure its debt of USD 1.9 billion. The bunker shipping company has also had all its ships arrested, namely five VLCC ships and six bunker barges.

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