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Brightoil pays $52m to Nisos

Brightoil pays $52m to Nisos
Bunker provider Brightoil Petroleum has agreed to buy its second tanker from Norway?s Nisos Shipping.

Brightoil pays $52m for Nisos tanker.

Bunker provider Brightoil Petroleum has agreed to buy its second tanker from Norway"s Nisos Shipping.

Brightoil will acquire the aframax Arsos, which is under construction at Tsuneishi Shipbuilding in Japan, for $52.5m. This was the same price the Hong Kong-listed company paid in November for the 2009-built, 107,500 dwt aframax Nisos.

Chairman and chief executive Sit Kwong-lam said: ?The acquisition of the second oil tanker demonstrates that the group is committed to roll out its marine transportation business line.?

He added the timing the acquisition was ?highly attractive?. The tanker will be delivered at the end of April.

Mr Sit said the acquisition would allow the group to benefit from the gradual recovery in the shipping industry and the increase in vessel traffic.

The acquisition will reduce the number of tankers managed by Polyar Tankers to eight. The company, which is linked to Nisos Shipping and controlled by the Greek shipowner Polys Haji-Ioannou, was still marketing the tanker today as being open to trade from the Tsuneishi yard from April.

Mr Sit said the acquisition would be financed by bank borrowing and internal resources.

Brightoil, which has bunkering operations in China, Hong Kong and Singapore and is developing oil storage facilities in Zhoushan, Zhejiang province and Dalian in northern China, has been planning to build a tanker fleet for more than a year.

The company aims to build an initial fleet of eight vessels using both owned and chartered-in tonnage up to 300,000 dwt very large crude carriers.


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