Brightoil Petroleum Holdings Ltd. (933) said it’s seeking a new chief executive officer for its trading and bunkering business after the former head quit amid slackening fuel demand from the shipping industry.
The company is looking for a replacement for Quek Chin Thean, the former chief of Brightoil Petroleum (Singapore) Pte. who resigned last week, Ella Mak, a spokeswoman for Brightoil, said in a telephone interview from Hong Kong. The company appointed Stephen Qi Jun as chief operating officer to take charge of daily operations, she said.
Brightoil is making changes to its oil-trading and ship- fueling business amid an “extremely challenging shipping market environment with poor demand and lower margins,” according to an e-mailed statement from the company today.
The daily-operations team includes fuel oil traders Patrick Latham, Jason Song Qi and Tan Chuan Hong, according to the statement. Brightoil named Li Gang head of global marine bunkering and Gary Wu chief risk officer to increase risk management, according to today’s statement.
The group’s crude traders are led by Kevin Du and include Zhang Xincheng, Tsuyoshi Minami, Robert French, Li Shiyong and Manosh Saha, the company said.
Brightoil Petroleum Holdings expected a “significant loss” for the three months through September because of a “depressed” shipping industry and lower demand for marine fuel, according to a Hong Kong stock exchange filing Nov. 4.
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