Connect with us

Business

Singapore: Earlier court judgement between Hanwa and Harley Marine discharged

Hanwa obtained judgement following an “Emergency Arbitration” application on 18 July 2018 to prevent the risk of dissipation by the former Singapore-based bunkering firms.

Admin

Published

on

5bea4f85e134f 1542082437

A High Court of the Republic of Singapore judgement to prevent the risk of dissipation by former Singapore-based bunkering firm Harley Marine Asia (HMA) and holding company Harley Marine International Holdings (HMIH) has been discharged on 16 March 2020.

Japanese trading company Hanwa Co., Ltd (Hanwa) obtained the judgement through the Singapore International Arbitration Centre (SIAC) following an Emergency Arbitration application on 18 July 2018, showed court documents obtained by Manifold Times.

The judgement ordered HMA and HMIH not to remove company assets from Singapore, including bunker tanker Ocean Pioneer, up to the value of USD 2 million.

Background

In 2017, Hanwa, HMA and HMIH made arrangements to develop a bunkering business at Singapore port; this included interest payments from a loan agreement of USD 2 million from Hanwa to HMA guaranteed by HMIH.

However, HMA was unable to meet the Maritime and Port Authority of Singapore (MPA) requirement for the Bunker Supplier License and Bunker Craft Operator License which included achieving a minimum volume of marine gas oil (MGO) sales and the ownership or charter of a liquefied natural gas (LNG) dual fuelled vessel in 2018 or earlier.

The development led to MPA notifying HMA on 26 January 2018 that both licenses will not be renewed when they expire on 31 January 2018.

A personal appeal by Harley Vincent Franco, the owner of Harley Marine Group, led to MPA not renewing the Bunker Supplier License of HMA; the Bunker Craft Operator License still remains.

This negatively affected the bunkering business of HMA, leading to a note of default to Hanwa on 27 February 2018.

HMA did not pay Hanwa the USD 2 million loan agreement’s first interest payment of USD 30,116 on 13 February 2018 and the second interest payment of USD 39,077 by 30 June 2018.

Hanwa, fearing the risk of dissipation, claimed HMA and HMIH: “Were trying to avoid having to fulfil their payment obligations”.

It noted HMA and HMIH winding down their business in Singapore from late 2017 where the firms vacated their office premises and terminated employment contracts.

Both firms also ended secondments of Hanwa staff due to continue work throughout 2018, while marketing the sale of Ocean Pioneer. The bunker tanker is registered under Sea Samara Pte Ltd, a subsidiary of HMIH.

A HMA representative explained to the SIAC Arbitrator the decision to reduce overheads and cost were “steps taken in the ordinary course of business” to ensure operations continue and obligations are met.

However, the plan to sell the Ocean Pioneer, which the Bunker Craft Operator License of HMA still depends on “might amount to an evidence of a risk of dissipation”, considered the Arbitrator.

He further observed a “Lack of Candour” by HMA and HMIH as advertisement for the sale of Ocean Pioneer sale was only known to Hanwa from third parties, though the HMA representative also said the firm was prepared to place proceeds of the sale in an escrow account.

“However, it appears that any such escrow offer to Claimant must have been made after Claimant became aware of the sale efforts, not directly from Respondents, but through third parties,” stated the Arbitrator.

“This gives the sales attempts a somewhat covert character. Such sale attempts without notice to Claimant, especially the one in February 2018, do amount to solid evidence of conduct that might suggest a real risk of dissipation.”

A check by Manifold Times on Tuesday at the Singapore Accounting and Corporate Regulatory Authority (ACRA) found both HMA and HMIH are currently in liquidation under a creditors’ voluntary winding up operation.

Related: The total number of Singapore bunker suppliers just decreased
Related: Harley Marine Asia to hold creditors meeting at Singapore

 

Photo credit: Manifold Times
Published: 7 April, 2020

Continue Reading

Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

Admin

Published

on

By

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

Continue Reading

Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Admin

Published

on

By

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

Continue Reading

Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

Admin

Published

on

By

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

Continue Reading
Advertisement

OUR INDUSTRY PARTNERS



Trending