HK court orders Brightoil to sell three more tankers

The High Court of the Hong Kong Special Administrative Region (SAR) has ordered Brightoil Petroleum to sell three more of its oil tankers that have been arrested by creditors on the ground that the company has become insolvent and unable to pay its debts.

Earlier this month, Brightoil had been forced to sell the very large crude carriers (VLCCs) Brightoil Gravity (pictured) and Brightoil Grace and the Aframax tanker Brightoil Lion to buyers not known to the company.

The total proceeds from the sale of the three vessels is approximately US$201.58 million and will be utilised to repay the liabilities of the company.