Another Brightoil VLCC detained in China

The very large crude carrier (VLCC) Brightoil GEM had been arrested by China’s Haikou Maritime Court at the request of the vessel owner’s creditor bank.

BNP Paribas filed to Haikou Maritime Court for detention the tanker Brightoil GEM in January as the company was unable to payback its loans of $40m. Haikou Maritime Court approved the bank’s application and seized the ship.

The 300,000 dwt VLCC Brightoil GEM, built in 2013 and registered in Hong Kong, is 319 metres in length and 60 metres in depth. The estimated value of the ship is around $60m. It is the largest and most valued ship that Haikou Maritime Court had detained.

Haikou Maritime Court will open a court session for the case on 26 March.

Read more: Brightoil ditches plan to sell 15 tankers as VLCC market improves

Two of the tankers owned by Hong Kong-based Brightoil, the 107,518 dwt Brightoil Lion, 318,000 dwt Brightoil Glory were detained at the end of 2018.

Posted 04 March 2019

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Katherine Si

China Correspondent

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