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Brightoil Petroleum (Holdings) Limited (Brightoil) has signed a termination agreement, cancelling its order for 10 bunker barges from its Singapore based subsidiary, Shenzhen Brightoil Shipping (Shenzhen Brightoil).

The cancellation of the order comes as the company feels that despite the outlook for marine bunkering business in Singapore still being very positive, a more conservative approach towards fleet size is appropriate and a better option would be to utilise working capital to optimise its current five barges.

Brightoil had previously announced that the vessels would be acquired for $8.4 million each, a total purchase price of $84 million for which they paid an 80 percent deposit. This deposit will now be refunded on or July 29th.

Brightoil Petroleum Ltd will, on 4th July, hold a special general meeting at their headquarters in Hong Kong to vote on two special measures. The first, Brightoil Petroleum Ltd.'s intention to buy fuel oil, diesel oil, crude oil, petrochemical, gas oil, and other unspecified petroleum products from Shenzhen Brightoil Group for the sum of $7.76 billion over the next three years. The second, regarding the change in external auditors from Deloitte Touche Tohmatsu to PricewaterhouseCoopers.

In the Maritime and Port Authority of Singapore's (MPA) ranking of suppliers by volume in 2015, Brightoil was ranked 23rd in a list of 59 suppliers in Singapore, up three places from 26th in 2014.

Brightoil is a physical bunker supplier in the Chinese ports of Qingdao, Shenzhen, Shanghai, Ningbo and Zhoushan. The company also has a strong presence in Tanjung Pelepas and Hong Kong.