Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
HomeMaritime NewsRegionsAsiaBrightoil's US operations hit by $15m in losses

Brightoil's US operations hit by $15m in losses

Brightoil's US operations hit by $15m in losses
Shenzhen: Major South China bunker player Brightoil Petroleum revealed its US operations had accumulated losses of up to $15m while under ex-managing director Vince Matassa.

The former BP trader, who moved to Brightoil after the Macondo spill in 2010, is no longer employed by Brightoil, the company said in a statement, adding that it is doing an audit of its US operations.

Brightoil is sending Asia operations managing director John Foo to cover till a replacement can be found, the company said. It emphasised its commitment to the US business although wire reports cited a source as saying the company has been seen trying to sublet its US Gulf Coast oil storage.

Related
SIPG container yard
Top China ports see 10% container volume growth in Q1
May 16, 2024
An overhead shot of containerships in port
Unmasking the extent of container shipping’s potential overcapacity
May 16, 2024
US President Biden giving State of the Union Address
China accuses US of weaponising trade with new tariffs
May 15, 2024
RCL's Jaru Bhum at sea
RCL profits from increased freight rates, cost control in Q1
May 15, 2024