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Noble Group pushes restructuring effort, disagrees with ACRA

Firm would be ‘forced to enter into a full liquidation process’ if approach does not work, it warns.

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Singapore-listed commodities trading firm Noble Group on Tuesday (11 December) said in intends to carry on its restructuring plan by appointing an officer from the Bermuda court to oversee the process.

“Having consulted with its advisers and key stakeholders, including the Ad Hoc Group, the company intends to apply to the Bermudan court for a hearing on 14 December 2018 for the appointment of a court-appointed officer to the company in order to implement the Restructuring in accordance with the terms of the Schemes as already disclosed,” it states.

“The board wishes to highlight that the court-appointed officer will be appointed to the company only and not to any of the company’s subsidiaries, which will continue to trade in the ordinary course.

“The day-to-day operations of the Group will therefore be unaffected: the Group’s trade finance facilities will continue to be available to it and payments to customers and suppliers will be made as usual.”

It points out the course of action to be the only means available for it to implement the restructuring in the interests of all stakeholders.

“In the event that the company is unable for any reason to complete the restructuring in accordance with this approach, the company would be forced to enter into a full liquidation process.”

Noble, meanwhile, point out its disagreement to the Accounting and Corporate Regulatory Authority (ACRA) queries in relation to financial statements of Noble Resources International Pte. Ltd. (NRIPL) for the years ended 31 December 2012 to 31 December 2016.

Noble’s response to the ACRA Letter, in summary, are as follows:

  • ACRA has challenged the Group derivative treatment for variable marketing contracts.

The Group’s position is that there is both a strong technical basis for fair value accounting and this methodology aligns with the Group’s business model and risk management approach.

  • ACRA has challenged the Group’s derivative treatment of non-spot physical contracts on the basis that they fail the net settlement criteria.

The Group’s offtake agreements clearly qualify as derivatives, not only in respect of net settlement but also in accordance with other elements of the applicable accounting standard.

  • ACRA has challenged the initial recognition, on the basis that only the value of identical contracts can be recognised.

The basis applied by the Group to the recognition of gains and losses is well founded and albeit inherently complex it is fully compliant with International Financial Reporting Standards (IFRS).

  • ACRA has challenged the treatment of overhead costs and an assessment that they should be included in the fair value of derivatives.

All costs required by the accounting standards are included in the Group’s valuation models. It would be completely out of line with industry practice and IFRS to include overheads such as rent and salaries.

  • ACRA has expressed a view that the split between current and non-current assets is incorrect.

The classification is based on aligning the presentation with our risk management approach. Disclosure is augmented with maturity buckets for all fair value assets and liabilities.

“NRIPL disagrees with the positions taken by ACRA and intends to submit to ACRA a comprehensive response to the assessments and questions in the ACRA Letter. The company will make further announcements as necessary,” it states.

Related: Singapore: Noble Group under investigation by SPF, MAS, ACRA
Related: Singapore-listed Noble sells oil trading desk
Related: Noble Group disposing global oil trading desk

Published: 12 December, 2018
 

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Biofuel

BHP and GCMD trial multi-feedstock B100 bio bunker fuel on bulk carrier

Bio-blend in the BHP and GCMD pilot is being used on a BHP-chartered bulk carrier “Berge Lyngor”, which was bunkered in Singapore in early May.

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BHP and GCMD trial multi-feedstock B100 bio bunker fuel on bulk carrier

BHP and the Global Centre for Maritime Decarbonisation (GCMD) on Wednesday (3 June) said they have blended biofuels from two distinct feedstocks—used cooking oil and waste animal fats —and introduced the lower-emissions marine fuel into a BHP-chartered bulk carrier as part of a pilot project.

The bio-blend in the BHP and GCMD pilot is being used on a BHP-chartered bulk carrier Berge Lyngor, owned and operated by Berge Bulk, transporting BHP iron ore from Western Australia to China. When run on bio-blend, the vessel has the potential to reduce well-to-wake greenhouse gas emissions by approximately 79 per cent per voyage compared to sailing on very low sulphur fuel oil (VLSFO).

The vessel bunkered in Singapore in early May with a B100 bio-blend comprising 50 percent tallow-derived biodiesel, sourced and supplied by HAMR Energy, and 50 per cent used cooking oil (UCOME) supplied by Mitsui & Co Energy Trading Singapore (METS).

Mitsui also blended the fuel and Dan-Bunkering coordinated and executed the bunkering operation, which was performed by Global Energy’s barge MT Maple.

The BHP and GCMD pilot will assess how biofuels from multiple feedstocks can be blended, handled, and introduced under real-world operating conditions using existing used cooking oil bunkering infrastructure.

At the same time, insights from this pilot will help identify solutions to challenges related to fuel quality, handling, traceability, and onboard vessel performance.

Biofuels for global shipping today rely heavily on used cooking oil – a feedstock whose availability is approaching its projected limits. Biofuel from waste animal fats presents a promising option to expand the supply of lower-emissions marine fuels.

The outcomes of the pilot are expected to shed light on the practical steps to integrate biofuel blends from different feedstocks into existing supply chains. The diversity of biofuels will provide shipowners and operators with greater flexibility to optimise fuel procurement based on cost, availability, and lifecycle emissions performance.

Biofuels derived from different feedstocks can exhibit varying properties that may impact operations, including potential corrosion from oxidation, fuel system clogging caused by wax formation, which this pilot aims to assess.

The pilot will trace and verify the biofuel blend’s integrity aimed at bolstering confidence in emissions reductions reporting. The pilot will also provide insights into how robust tracing can support future marine fuel supply chains where biofuels from multiple feedstocks with varying lifecycle greenhouse gas emissions footprints are blended together.

This project is co-funded by the Maritime and Port Authority of Singapore under the Maritime Innovation and Technology Fund (MINT).

 

Photo credit: Global Centre for Maritime Decarbonisation
Published: 3 June, 2026

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Biofuel

NYK starts one-year B100 bio bunker fuel trial on car carrier

In this trial, NYK will operate a car carrier continuously on B100 for one year to evaluate the impact on engines, fuel supply systems, and operational practices.

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NYK starts one-year B100 bio bunker fuel trial on car carrier

Japanese shipping firm NYK on Tuesday (2 June) said it has commenced a one-year long-term trial involving the continuous use of 100% biofuel (B100) on an NYK-operated car carrier. 

In this trial, NYK will operate a car carrier continuously on B100 for one year to evaluate the impact on engines, fuel supply systems, and operational practices. High-purity biofuels such as B100 are known to be susceptible to degradation from oxygen, light, and heat, raising concerns about the stability of such fuels during long-term use.

In this trial, the biofuel primarily comprises FAME (Fatty Acid Methyl Ester) derived from used cooking oil and similar feedstocks.

The initiative is designed to evaluate the fuel’s effects on the vessel’s equipment and verify operational safety under real-world conditions. 

Through this effort, NYK seeks to accumulate technical expertise that will support the broader use of high-purity biofuels and further accelerate efforts to reduce greenhouse gas (GHG) emissions.

NYK has been advancing the use of biofuels through various initiatives. In 2024, the company conducted a trial using biofuel blend B24 and subsequently expanded practical usage to B30. However, the company said there remains limited global experience with the long-term continuous use of B100.

“By collecting long-term operational data through this trial, NYK aims to accumulate valuable technical insights to support both the safe operation of vessels and the wider adoption of high-purity biofuels,” it said. 

 

Photo credit: NYK
Published: 3 June, 2026

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Ammonia

AM Green plans to build green ammonia plant at Indian port

Initiative also includes development of green ammonia handling, storage and bunkering infrastructure, pilot bunkering operations, safety procedures and training programmes, says VOC Port Authority.

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VO Chidambaranar (VOC) Port Authority on Friday (29 May) said it has signed a Memorandum of Understanding (MoU) with India’s ammonia producer AM Green Ammonia to collaborate in the development of a green ammonia production plant.

The plant will have a capacity of one million tonnes per annum (MTPA) at Tuticorin.

The initiative also includes development of green ammonia handling, storage and bunkering infrastructure, pilot bunkering operations, safety procedures and training programmes. 

The project is expected to support the development of green fuel corridors connecting VOC Port with major ports in Europe and Asia, thereby strengthening India’s position in the global green fuels value chain.

VOC Port also signed a Memorandum of Understanding (MoU) with Bureau Veritas (India) Pvt. Ltd., to collaborate on Green Port certification, emissions accounting, ESG reporting, safety validation, development of green bunkering practices, and establishment of a Centre of Excellence for green fuels and sustainability.

The port also plans for an upcoming 750 m³ green methanol bunkering facility.

 

Photo credit: Naveed Ahmed on Unsplash
Published: 3 June, 2026

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