Brightoil Petroleum said it has raised over $200m from a series of vessel auctions in Hong Kong and Singapore with the promise of more to come.

The ships, which have all been disposed of under court-ordered sales, include three VLCCs and a single aframax tanker, it confirmed.

The Hong Kong based shipowner said the sale of the 320,000-dwt Brightoil Gravity (built 2012) on 4 June in South Korea raised some KRW 72.4bn ($61.3m).

On the same day the 107,500-dwt aframax tanker Brightoil Lion (built 2010) and the 319,800-dwt VLCC Brightoil Grace (built 2013) were sold for SGD 36.6m ($26.8m) and SGD 75.1m respectively.

No information on the identity of the buyers of the Brightoil Lion and the Brightoil Grace is available to the company, Brightoil added.

In mid-May the 320,000-dwt crude tanker Brightoil Glory (built 2012) was sold by the High Court of Hong Kong for $58.7m.

TradeWinds reported at the time that the vessel had been acquired by Greek shipowner Delta Tankers for $58m and since renamed Delta Glory.

The 107,500-dwt tanker Brightoil Lion (built 2010) was reportedly sold for SGD 36.6m ($26.8m) Photo: Brightoil Petroleum

“The proceeds from the sale of the above vessels in the total sum of approximately $201.58m will be utilized to repay the liabilities of the group,” Brightoil said.

“The company anticipates that the rest of the tanker fleet will continue to be disposed with the proceeds to be applied further for satisfaction of the group’s liabilities.”

Today the company’s remaining VLCC, the 320,000-dwt Brightoil Gem (built 2013) remains arrested in China, while the last three aframax tankers are under arrest in Hong Kong. The six bunker tankers are all under arrest in Singapore.