Hong Kong-listed Brightoil has announced that its Singapore subsidiary has entered into an agreement with Shenzhen Brightoil Shipping, a company controlled by its chairman Sit Kwong Lam, for the acquisition of ten bunker barges for $84m.

The vessel will be built by Rizhao Kingda or other qualified shipyards mutually agreed by the two companies.

Brightoil considers that the purchase of the vessels will enhance its competitive edge in the bunkering business by expanding the operating fleet and locking in the current low price of the bunker barges in order to save costs.