Brightoil signs letters of intent for five VLCC’s valued at US$537.5 million
Wednesday, Aug 18, 2010
Brightoil Petroleum plans to buy five very large crude carriers (VLCC) for US$537.5 million. The Chinese based oil trader has stated it has already signed letters of intent with third parties to purchase the five new VLCC’s. The contract for the transaction will be finalised no later than August 31 2010.
The purchases will be funded by bank financing and internal resources. The first four vessels are to be delivered by the third quarter of 2012, and the fourth will be delivered within the first quarter of 2013.
Hong Kong bourse had enquired about the unusual price and trading volume in Brightoil’s shares, falling 9.5 percent in the past two trading sessions.
The company has already taken delivery of two aframax tankers, with another two due to be delivered in
Source: Red Mist Media
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