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Judicial managers of Ocean Tankers to present restructuring proposals to owners

EY has produced a report proposing two restructuring strategies pending a meeting with OTPL’s owners to determine their support for the process, reports Reuters.

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UK-based accounting firm Earnst and Young (EY), court-appointed supervisors for Ocean Tankers Pte Ltd (OTPL) has produced a report proposing two restructuring strategies to the shipping company’s owners pending a meeting with them, reports Reuters.

According to the EY’s report, the purpose of the upcoming meeting is to determine whether OTPL’s owners Lim Oon Kuin, his son Evan Lim Chee Meng and daughter Lim Huey Ching, or the Lim family are “willing to support any future restructuring of OTPL”.

As part of its role as supervisor, EY has leased out tankers and resumed operations at OTPL’s oil storage and lubricant blending businesses. 

The first of EY’s proposed restructuring strategy to safeguard OTPL’s shipping enterprise is that the company maintains itself as Xihe Group’s fleet manager and that Xihe will advance payments for services.

OTPL’s oil storage and lubricant processing enterprise can then be operated independently or sold to any third-party investors who are interested, suggested EY in its report. 

The second proposed strategy would be for EY to consider a proposition from parent company Hin Leong Trading’s court-appointed judicial manager PricewaterhouseCoopers to restructure the oil trading business and other businesses owned by the Lim family into an integrated petroleum trading platform.

The report added that the Lim family had responded to EY’s invitation to meet to discuss the future of OTPL provided certain conditions are met. 

Related: Ocean Tankers: Notice to prove debt or claim published by interim judicial managers
Related: ‘Reasonable prospects’ to keep Ocean Tankers as a going concern, states Director
Related: Singapore: Ocean Tankers, a separate entity of Hin Leong, seeking judicial management
Related: Singapore High Court concedes interim judicial management to Hin Leong Trading
Related: Report: Hin Leong Trading appoints PwC as interim judicial manager
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Sembcorp Cogen aborts gasoil supply and storage contract with Hin Leong Trading
Related: Winson Group and ZenRock Commodities reassure fiscal stability despite Hin Leong fiasco
Related: Report: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks


Photo credit:
Manifold Times
Published: 13 July, 2020

 

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Alternative Fuels

Singapore-based Golden Island, Qingdao Port team up on alternative bunker fuels

Agreement covers green methanol, green ammonia and bio-LNG, with cooperation spanning fuel production and transportation through to storage, sales and bunkering.

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Golden Island, Qingdao Port team up on green methanol, ammonia and bio-LNG

Singapore bunker supplier Golden Island Pte Ltd on Monday (21 September) said it has signed a strategic framework agreement with Qingdao Port International Co Ltd to collaborate on the supply of alternative marine fuels.

The agreement covers green methanol, green ammonia and bio-LNG, with cooperation spanning fuel production and transportation through to storage, sales and bunkering.

“By combining our MPA-licensed bunkering capabilities with Qingdao Port’s incredible logistics and strategic hub position, we are building something truly robust for the global shipping industry’s low-carbon future,” the company said in a statement. 

Qingdao Port International, which operates five major port areas in China, will bring its logistics network, storage facilities and customs clearance capabilities to the partnership.

Golden Island is licensed by the Maritime and Port Authority of Singapore (MPA) to conduct methanol bunkering and is ISCC EU-certified.

The companies are also engaging with container liners, bulk carriers, oil tankers and cruise ships regarding the adoption of alternative marine fuels.

 

Photo credit: Golden Island Pte Ltd
Published: 22 September, 2026

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Ammonia

HD HHI and HD KSOE secure ABS AiP for ammonia bunkering vessel design

ABS awarded approval in principle for the basic design of a 22,000 CBM bunkering vessel capable of supplying ammonia as marine fuel.

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HD HHI and HD KSOE secure ABS AiP for ammonia bunkering vessel

Classification society ABS on Monday (21 September) said it has awarded HD Hyundai Heavy Industries (HD HHI) and HD Korea Shipbuilding & Offshore Engineering (HD KSOE) approval in principle (AIP) for the basic design of a 22,000 CBM bunkering vessel capable of supplying ammonia as marine fuel.

The approval is the result of a joint development project initiated earlier this year. ABS reviewed the design’s general arrangement, machinery arrangement, ammonia cargo handling system and fuel supply system against applicable class and international requirements.

Gareth Burton, ABS Senior Vice President, Global Engineering, said: “Bunkering infrastructure is a critical step for any marine fuel to scale, and it has to be implemented with safety designed in from the start.

“This AIP reflects the industry’s need for fuel flexibility while advancing the safe bunkering of ammonia. ABS is proud to support HD HHI and HD KSOE as they develop technologies that expand fuel flexibility.”

Ryu Hong-Ryeul, Chief Technical Officer (CTO) of HD HHI, said: “As ammonia rapidly emerges as a viable low-carbon alternative fuel, demand for ammonia bunkering vessels is expected to grow in line with the increasing adoption of ammonia-fuelled ships. 

“This AIP marks a significant milestone toward the commercialisation of ammonia bunkering vessels.”

ABS and the HD Hyundai group have worked together across a range of technologies supporting ammonia as a marine fuel. Recent projects have included AIP for HD KSOE’s ammonia cargo handling and bunkering system and initial review for HD HHI’s machinery arrangement in engine room.

 

Photo credit: ABS
Published: 22 September, 2026

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Alternative Fuels

J-ENG completes land-based testing of hydrogen-fuelled marine engine

Engine will be installed on a 17,500 DWT multipurpose vessel to be built by Onomichi Dockyard for MOL and MOL Drybulk, with onboard demonstration testing scheduled to begin in April 2028.

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Japan Engine Corporation (J-ENG) on Friday (18 September) said it has completed land-based testing of the world’s first hydrogen-fuelled engine for large commercial vessels, the 6UEC35LSGH.

During factory testing, the engine achieved a hydrogen co-firing rate of at least 95%, reducing GHG emissions by more than 95% compared with conventional heavy-fuel-oil engines.

By adopting a high-pressure direct injection system, which injects fuel directly into the cylinder at high pressure, J-ENG said the engine achieves stable hydrogen combustion. 

Safety measures were also implemented, including a robust structure to prevent hydrogen leakage and double-walled piping for hydrogen supply lines. 

“Approval testing was conducted in the presence of ClassNK and was completed successfully,” the company said. 

The engine will be installed on a 17,500 DWT multipurpose vessel to be built by Onomichi Dockyard for Mitsui O.S.K. Lines and MOL Drybulk.

Hydrogen fuel will be supplied to the engine through a marine hydrogen fuel system, consisting of marine hydrogen fuel tanks and a fuel supply system, developed and manufactured by Kawasaki Heavy Industries.

In addition, Nippon Kaiji Kyokai (ClassNK) will conduct safety assessments throughout each stage of the engine’s development and the vessel’s design, construction and operation.

The vessel will then undergo sea trials before onboard demonstration testing begins in April 2028. 

Kawasaki will also develop and manufacture bunkering equipment for supplying liquefied hydrogen to vessels. 

“The demonstration will further evaluate the engine’s durability and performance under actual operating conditions,” J-ENG added.

 

Photo credit: J-ENG
Published: 22 September, 2026

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