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Argus Media: HSBC accuses Singapore’s Zenrock of ‘suspicious’ trades

Court documents give two examples of what HSBC described as “highly dishonest transactions”, both involving cargoes of Djeno crude booked since February, it said.

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Global energy and commodity price reporting agency Argus Media on Friday (8 May) published an update on the recent Zenrock Commodities Trading troubles, exposing some details of HSBC’s accusations: 

UK bank HSBC has accused Singapore oil trading company Zenrock Commodities Trading of dishonestly obtaining multiple sources of financing for crude cargoes, according to court documents seen by Argus.

HSBC filed a court application on 4 May to place Zenrock under judicial management, a form of debt restructuring, to recover funds it said it is owed.

Zenrock has outstanding debts to HSBC of around $49mn and owes a total of around $165mn to lenders, the court filing alleges. HSBC said it believes the company is unable to pay its debts.

Neither Zenrock nor HSBC responded to requests for comment. The case is due to be heard in Singapore’s Supreme Court today.

The collapse in oil prices this year has caused a fall in the value of the oil and related products that Zenrock uses to secure bank facilities to finance its trading activity, HSBC said in the court filing. This has led many banks to require oil trading companies to provide cash to cover their outstanding liabilities, or to stop extending fresh financing altogether.

This “inability to raise fresh financing has exposed certain trade practices by [Zenrock] which appear on their face to be shams, or at the very least, extremely suspicious,” HSBC said.

It accused Zenrock of using the same cargo to obtain double or multiple financing from lenders, by issuing duplicate invoices with different payment instructions.

The court documents give two examples of what HSBC described as “highly dishonest transactions”, both involving cargoes of Djeno crude booked since February. Medium sweet Djeno crude is produced in Congo (Brazzaville). The details of the transactions could not be confirmed.

HSBC filed a police report against Zenrock in Singapore at the end of April, the documents show.

Zenrock traded over 15mn t of products in 2019. It is mainly active in oil product markets, particularly middle distillates, but also has a presence in crude and petrochemicals. The company last month acknowledged it was facing “adverse conditions” because of the impact of slowing demand in China, the Covid-19 pandemic and oversupply of oil, but said it believed it had the ability and experience to work through these issues profitably. It has not made any comment since HSBC filed its court case.

Zenrock’s problems are the latest blow to Singapore’s trading sector following the collapse of domestic oil trading company Hin Leong, which filed for court protection last month with net liabilities of over $3bn.

The Monetary Authority of Singapore said last month it was watching developments related to Hin Leong and “has reminded banks not to de-risk indiscriminately from the bunkering and oil trading sectors”.


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Argus Media
Published: 11 May, 2020

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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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