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Goodwood Associates to commence wind up of Southernpec (Singapore) firms

High Court has set 25 June 2021 as the hearing date for the winding-up application; Wong Joo Wan of Alternative Advisors is appointed liquidator.

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Goodwood Associates, a Singapore-based wholesaler of petrochemical products, has just commenced legal action to wind up marine fuel supplier Southernpec (Singapore) Pte Ltd (SSPL) and its sister firm Southernpec (Singapore) Shipping Pte Ltd (SPSPL), after the Court of Appeal upheld a judgement quashing claims by both entities that a pair of oil trades carried out on their watch in 2015 were sham transactions.

Wong Joo Wan of Alternative Advisors Pte Ltd is the appointed liquidator. The High Court of Singapore has set 25 June 2021 as the hearing date for the winding-up application.

Background

SSPL, which had its operating licences revoked in 2019 after the Maritime and Port Authority of Singapore found it guilty of malpractices, had placed two orders in July 2015 for about 3,200 metric tons of fuel oil.

SPSPL, which is involved in vessel chartering and oil storage, acted as one of two guarantors for SSPL under the two agreements. The other guarantor was Southernpec Corporation, the Guangzhou-incorporated parent company of SSPL.

Both orders were fulfilled by Goodwood, which played the role of an intermediary credit sleever by buying the fuel oil from BMS United Bunkers (Asia) Pte Ltd (BMS), an oil trader, and selling it to SSPL.

After SSPL failed to make payment of US$1.49 million for the fuel oil, Goodwood found out there were other counterparties involved in the two trades, which in reality were part of an extensive web of transactions set up without Goodwood’s knowledge.

The fuel oil trades soured after two counterparties in the trading chain – Universal Alliance and Taigu (Singapore) Energy – defaulted on their respective payments, resulting in SSPL holding back on paying Goodwood.

Everyone in the chain went after their immediate trading counterparty for payment, except SSPL, which alleged that both trades were sham transactions and designed to artificially inflate the revenues of Goodwood and BMS.

Goodwood lodged a police report in October 2015 following SSPL’s allegations, paving the way for a set of lawsuits that lasted until this year.  

Outcome

On 5 November 2020, High Court Judge Hoo Sheau Peng ruled in favour of Goodwood and declared the July 2015 trades were not sham transactions. SSPL and SPSPL were ordered to pay Goodwood US$1.49 million for the two trades, as well as contractual interest and costs.

The two Southernpec entities sought to overturn the decision but their attempt was dismissed by the Court of Appeal on 6 May 2021.

To date, both companies have yet to make full payments to Goodwood. Accordingly, Goodwood has commenced proceedings to wind them up.

Related: USD $1.49 million bunker credit sleeving dispute between Goodwood and Southernpec reaches conclusion

 

Photo credit: Benjamin Child
Published: 7 June, 2021

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Incident

MPA: 25 crew rescued after abandoning “MSC HERMES III” east of Vietnam

MRCC Singapore coordinated the rescue after receiving a distress alert at about 8.45am as the vessel was within Singapore’s Maritime Search and Rescue Region.

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RESIZED bunker tanker singapore

The Maritime and Port Authority of Singapore (MPA) on Tuesday (22 September) said all 25 crew members from the Liberia-registered container vessel MSC HERMES III were rescued on 22 September 2026. 

The Maritime Rescue Coordination Centre (MRCC) Singapore coordinated the rescue after receiving a distress alert at about 8.45am (Singapore Time). 

“The vessel was within Singapore’s Maritime Search and Rescue Region (MSRR), about 300km east of Vietnam,” MPA said in a statement. 

MRCC Singapore immediately issued a broadcast requesting vessels in the vicinity to render assistance. Three vessels responded, and MSC RUBY recovered all 25 crew members after they had abandoned MSC HERMES III in a lifeboat. 

“All 25 crew members are safe, with no injuries reported,” MPA said. 

“MRCC Singapore is coordinating with the Vietnamese MRCC on arrangements for the rescued crew members to return safely to shore.”

 

Photo credit: Manifold Times
Published: 23 September, 2026

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Alternative Fuels

GCMD, Equinor to combine expertise on alternative bunker fuels, decarbonisation solutions

Equinor brings extensive experience to partnership as a vessel charterer and marine fuel supplier, including chartering dual-fuel LNG and methanol tankers, testing biofuels and supplying methanol.

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GCMD, Equinor to combine expertise on alternative bunker fuels, decarbonisation solutions

The Global Centre for Maritime Decarbonisation (GCMD) and Equinor on Tuesday (22 September) announced a five-year Impact partnership.

The partnership brings together GCMD’s capabilities in conducting real-world maritime pilots with Equinor’s experience as a charterer, energy provider and developer of low-carbon solutions.

Together, the organisations will leverage their complementary expertise to help address technical and operational gaps in scaling alternative marine fuels and supporting the development and uptake of other maritime decarbonisation solutions.

GCMD’s work on alternative fuels, including biofuels, ammonia and methanol, focuses on two critical aspects of deployment: operational safety and robust monitoring, reporting and verification (MRV). Its pilots and studies are generating operational data to support safe bunkering and handling of these fuels. 

At the same time, its assurance work seeks to strengthen confidence in quantity, quality and GHG emissions abatement.

“Equinor brings extensive experience as a vessel charterer and marine fuel supplier. This includes chartering dual-fuel LNG, LPG and methanol tankers, testing and using biofuels and supplying methanol to the maritime sector,” GCMD said.

Equinor is also piloting the use and supply of ammonia as a marine fuel, contributing to the development of associated safety, regulatory and bunkering arrangements.

Combining these perspectives can help address practical barriers to alternative fuels deployment while strengthening assurance across emerging marine fuel value chains.

Beyond alternative fuels, GCMD is working to accelerate the adoption of solutions that can reduce emissions from the existing fleet, including energy efficiency technologies (EETs) and onboard carbon capture and storage (OCCS).

GCMD’s work on EETs includes quantifying real-world fuel savings from technologies such as wind-assisted propulsion systems and developing financing mechanisms to scale their adoption. In OCCS, Project CAPTURED demonstrated an end-to-end value chain for onboard captured and liquefied CO₂, generating evidence that contributed to the recognition of captured CO2 under the EU ETS and in-principle support at the IMO for recognising carbon mineralisation as permanent storage.

Equinor brings decades of experience in offshore CO₂ storage, including its role in the development and operation of Northern Lights, the world’s first cross-border CO2 transport and storage facility, where liquefied CO₂ is transported by ship to an onshore receiving terminal before it is sent by pipeline for permanent geological storage beneath the North Sea.

Through the partnership, GCMD and Equinor will explore opportunities to combine their respective capabilities and experience to support the deployment and scaling of maritime decarbonisation solutions.

 

Photo credit: Global Centre for Maritime Decarbonisation
Published: 23 September, 2026

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Decarbonisation

Wah Kwong NatPower, AREL partner on maritime electrification in Hong Kong

Collaboration will examine opportunities to deploy shore power facilities, vessel charging infrastructure and battery energy storage solutions, alongside the development of electric vessels.

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Wah Kwong NatPower, AREL partner on maritime electrification in Hong Kong

Wah Kwong NatPower (WK NatPower) on Tuesday (22 September) said it has signed a Memorandum of Understanding (MoU) with Aberdeen Restaurant Enterprises Limited (AREL) to explore the electrification of piers, vessels and supporting energy infrastructure in the Aberdeen area of Hong Kong.

Against the backdrop of the HKSAR Government’s latest policy direction to advance green shipping, smart port development and shore power infrastructure, WK NatPower and AREL will explore the development of an integrated marine electrification ecosystem in the Aberdeen and Shum Wan areas. 

The collaboration will examine opportunities to deploy shore power facilities, vessel charging infrastructure and battery energy storage solutions, alongside the development of electric vessels for future transport and tourism services.

The initiative supports Hong Kong to become a leading hub for sustainable maritime innovation while contributing to the revitalisation of one of the city’s most iconic waterfront communities. As an initial phase of the collaboration, the two parties will explore the opportunity for the construction of a series of electric vessels and transport vessels. 

The initiative will also examine the potential deployment of the ApliAber® electric vessel fleet as a new benchmark for sustainable waterfront mobility and hospitality experiences in Hong Kong.

Vincent Ni, General Manager of WK NatPower, said: “This MoU marks an important step in supporting Hong Kong’s marine energy transition. Aberdeen has long been an iconic part of Hong Kong’s maritime heritage, and we are delighted to explore opportunities to develop integrated shore power and vessel electrification solutions that can support a cleaner and more sustainable future for the harbour.”

Wong Tai Yu, Director of AREL, said: “Through this collaboration, we look forward to exploring practical ways to introduce cleaner energy, electric vessels and sustainable waterfront experiences, while supporting the revitalization of Jumbo Kingdom® for future generations.”

 

Photo credit: Wah Kwong NatPower
Published: 23 September, 2026

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