Brightoil Petroleum suspends sale of 15 vessels

Hong Kong-based Brightoil Petroleum will not proceed with its intended sale of 15 of its crude oil tankers, the company said in a statement on Wednesday, November 21.

Brightoil has cited a “strong up-going market” in the worldwide very large crude carrier (VLCC) sector as its reason for terminating the commercial negotiation of the sale of the 15 vessels originally announced on July 30, 2018.

The company believes that the strong market trend will continue in 2019 and therefore wants to continue pursuing the shipping business.