Brightoil to buy new supertankers for $537.5m

Hong Kong-listed Brightoil Petroleum plans to buy five very large crude carriers for $537.5 million, the company said in a filing to the Hong Kong Stock Exchange. The Chinese oil trader said it had signed a letter of intent on July 23 with third parties to purchase the five vessels. The first four vessels will be constructed and delivered to the company by the second half of 2012, with the remaining one to be delivered by the first quarter of 2013, the statement said. The purchase will be funded by bank financing and internal resources, it said.