Brightoil eyes new ships, bunker expansion

Brightoil Petroleum (Holdings) Ltd. said it plans to buy new vessels, including Aframaxes and Very Large Crude Carriers (VLCCs), to boost its fleet and bunker operations. The Shenzhen-based firm is seeking to acquire three to five Aframaxes and two VLCCs between 2009 and 2010 to expand its fleet of ships for transporting oil products and bunker operations. Despite a slowdown in the bunker market, Executive Director William Chia said there is still some room for growth as bunker fuel remains an essential product and the China market is “very much untapped.” (February 19, 2009)