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Rajah & Tann: “Black ships” of the Industry – US Sanctions and what they all mean

US sanctions have given rise to the Dark Web of Shipping and Covid-19 is likely to force shipowners to take unprecedented risks and supply to ‘black ships’, says Partner.
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Max Lim, a Partner of legal firm Rajah & Tann Singapore LLP, on Monday (7 September) provided marine fuel industry readers of Manifold Times a briefing on US sanctions of vessels, its side-effects in creating a black market, and future implications for the bunkering industry as these sanctions are expected to grow: 

“Black ships” of the Industry – US Sanctions and what they all mean

In recent times, the US has paid very close attention to the shipping industry, making no secret of its intention to intensify sanction measures.

At last check, there are 389 vessels on the American “blacklist”.

This “blacklist” is none other than the notorious SDN List (Specially Designated Nationals and Blocked Persons List) maintained by the US OFAC (Office of Foreign Assets Control).

Iran, the perennial target, tops the list with 202 vessels.

47 vessels have been marked for links to Venezuela (a relatively recent entrant).

102 are connected to North Korea. The remaining are spread amongst Cuba, Libya, Syria and Ukraine.

In terms of vessel-type, besides the obvious oil tankers, they comprise bulkers and containerships.

In my view, the vessel-count on this “blacklist” is expected to grow for 2 reasons.

With strengthened surveillance and intelligence, more vessels with ties to these sanctioned nations will be identified,

But more importantly, US sanctions have given rise to a shadow economy – the Dark Web of Shipping. The adage that with great risk comes great reward rings true. But not just that. The ongoing pandemic crisis is also likely to force shipowners and the like to walk down the road less travelled, to take up opportunities that very few would.

At the same time, these sanctioned nations have huddled together – if anything, out of necessity, having been forcibly excluded from the international mainstream. A good example of that symbiosis perhaps would be Iran and Venezuela. At opposite sides of the Atlantic, but the former desperate to export, and the latter in a desperate need of gasoline.

But what does this all mean?

For bunker players and the maritime sector as a whole here and elsewhere, it means having to tread very carefully.

Companies that supply to these “black ships” or deal with blacklisted entities run the clear risk of themselves being placed on the SDN “blacklist”.

A company that finds itself on the SDN list will undoubtedly face difficulty doing business as banks and other companies are likely to steer clear, for fear of being “blacklisted” themselves. Such is the cascading effect of US sanctions, which is at the heart of its efficacy.

At a practical level, funds tainted by association with a sanctioned entity (or even suspected of this), may end up being blocked or quarantined in the banking system for an extended period of time. Apart from the cumbersome process of having the funds released, it may also have an adverse impact on cash-flow.

The “long-arm” of US sanctions has a far-reaching effect, far beyond US soil.. The US however has seen fit to lay down the rules – its rules. Those who abide by the rules, may stay and continue playing. But for those who don’t, they are confined to the lowest division, with no chance of promotion.


Photo credit: Pixabay
Published: 9 September, 2020

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Winding up

Singapore: Notice of intended dividend issued for Xihe Holdings

Creditors of the company will have to submit proof of debt to the liquidators of Xihe Holdings by 9 July at 5pm, according to Government Gazette notice.
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8 hours ago

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June 15, 2026

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A notice to declare the intended dividend of Xihe Holdings Pte Ltd to its creditors has been posted on the Government Gazette on Thursday (11 June).

Name of Company : Xihe Holdings (Pte) Ltd (In Liquidation)
Unique Entity No. / Registration No.: 199002021M
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Court : High Court of Singapore
Number of Matter : HC/CWU 40/2022
Last Day for Receiving Proofs : 9 July 2026 at 5:00 pm by email to [email protected]
Name of Liquidators : Paresh Tribhovan Jotangia and Ho May Kee
Address : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960

 

Photo credit: steve pb from Pixabay
Published: 15 June, 2026

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Winding up

Singapore: Notice of dividend issued for Hin-Leong linked Ocean Tankers

Second interim dividend for Hin Leong Trading’s shipping arm, Ocean Tankers Pte Ltd, is scheduled to be released from 31 July, according to Government Gazette notice.

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3 days ago

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June 12, 2026

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A notice of dividend for Ocean Tankers Pte Ltd, the shipping arm of collapsed oil trader Hin Leong Trading that is currently in liquidation, was published in the Government Gazette on June 11.

Ocean Tankers is part of a group of companies which include troubled Hin Leong, Universal Terminal, Tuas Terminal, and Ocean Bunkering Services (OBS).

It was reportedly owned by Lim Oon Kuin, the founder of Hin Leong Trading, and his daughter Lim Huey Ching. 

The following are details of the notice of dividend:

Name of Company : Ocean Tankers (Pte.) Ltd (In Liquidation)
Unique Entity No. / Registration No. : 197800020G
Address of Registered Office : One Raffles Quay, North Tower, Level 18, Singapore 048583
Court : General Division of the High Court of the Republic of Singapore
Number of Matter : HC/CWU 117/2021
Amount per centum : Second interim dividend of 2.00% of all admitted claims of unsecured creditors
When payable : 31 July 2026
Where payable : c/o Ernst & Young LLP, One Raffles Quay, North Tower, Level 18, Singapore 048583 

Related: Singapore: Notice of intended dividend issued for Ocean Tankers Pte Ltd
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Ocean Tankers legal team publishes application to be placed under judicial management
Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed
Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
Related: Judicial managers of Ocean Tankers to present restructuring proposals to owners

 

Photo credit: Manifold Times
Published: 12 June, 2026

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Winding up

Singapore: Xin Hui Shipping to be wound up voluntarily, creditors to submit claims

Creditors are required on or before 11 July 2026 to send in their names and addresses and particulars of their debts or claims to appointed liquidators, says notice.
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3 days ago

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June 12, 2026

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Several resolutions for Xin Hui Shipping Pte Ltd, a subsidiary of the Lim family owned Xihe Holdings Pte Ltd, were made during an extraordinary general meeting held on 3 June, according to a notice in the Government Gazette on Friday (4 July).

The meeting was held at 8 Marina View, #40-04/05, Asia Square Tower 1, Singapore 018960 and by electronic means at 10am. 

The following resolutions were duly passed during the meeting:

SPECIAL RESOLUTION – WINDING-UP

That the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018.

ORDINARY RESOLUTION – APPOINTMENT OF LIQUIDATORS

That Mr. Lau Chin Huat and Mr. Yeo Boon Keong of Technic Inter-Asia Pte Ltd, 50 Havelock Road, #02-767, Singapore 160050 be and are hereby appointed as joint and several liquidators to conduct the said winding-up and that their remuneration be fixed on the usual scale of their professional charges for the work involved.

SPECIAL RESOLUTION – DISTRIBUTION OF ASSETS IN SPECIE

That the liquidators of the Company be authorised to exercise any of their powers given by Section 177, 144 (1) and (2) of the Insolvency, Restructuring and Dissolution Act 2018 and to distribute to members, in specie, any part of the assets of the Company.

In another notice, the liquidators said creditors for the company are required on or before the 11 July 2026 to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the liquidators. 

Liquidators may also require creditors to, “come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved.”

The liquidator can be contacted at the following address:

Lau Chin Huat
Yeo Boon Keong
Joint and Several Liquidators
c/o Technic Inter-Asia Pte Ltd
50 Havelock Road #02-767 Singapore 160050
Tel: 6561 0398 Fax: 6222 1855
Email: [email protected]

 

Photo credit: steve pb from Pixabay
Published: 12 June, 2026

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