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GP Global APAC provides restructuring update; requests further six-month extension of debt moratorium

The Covid-19 pandemic in India, where the group’s assets of between USD 45 to 60 million, accounting, and reporting capabilities are located have affected expected pace of restructuring ops, explains legal team.

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Lawyers representing GP Global APAC Pte. Ltd. (GP APAC) on Tuesday (3 August) submitted an application for a six-month extension of the company’s debt moratorium to the High Court of the Republic of Singapore.

The court earlier on 2 March 2021 granted a six-month debt moratorium to GP APAC which lasted until 4 August 2021.

The latest court submission obtained by Singapore bunkering publication Manifold Times detailed the restructuring progress of GP Global Group and subsidiary GP APAC over the past six-month period.

Update on restructuring progress over the past six months

To date, GP APAC has raised approximately SGD 8.8 million for the Group and/or GP APAC’s creditors from the sale of its office unit at 8 Temasek Boulevard #24-03 Suntec Tower; the sale was completed on 19 March 2021, according to the document.

The Group has also completed the sale of its bitumen processing plant in the United Arab Emirates and is currently focused on completing the sale of its Fujairah Terminal, which is expected to be completed around end of September 2021.

Further, the Group is also concurrently selling its assets located in Africa.

Additional USD 45 to 60 million contribution from India assets

A key component of the Group’s and GP APAC’s restructuring is raising a sum, targeted to be between USD 45 to 60 million, through the sale of its Indian Entities and/or assets which is expected to take between six to 24 months, say company lawyers.

GP Petroleums Ltd (GPPL), a publicly owned and listed company on the National Stock Exchange of India where GP Global Group is a 73% majority shareholder, is expected to be sold; the sale process is expected to take around nine months to complete, subject to finding a suitable buyer.

“It is imperative that the Moratorium be extended to allow the Group to execute the sale of the Indian Entities to a suitable buyer,” stated lawyers representing GP APAC.

“In this regard, the ultimate beneficial owners of the GP Global Group, i.e. the Goel Family, are assisting in seeking out a ‘white knight’ investor to purchase the Indian Entities, with a view to finalising the strategy by end of September 2021.”

Request for further six-month extension of debt moratorium

Moving forward, GP APAC lawyers requested for more time to carry out restructuring operations due to the impact of the Covid-19 pandemic in India, where the group’s assets (worth between USD 45 to 60 million), accounting, and reporting capabilities are located.

“The COVID-19 pandemic in India worsened in or around April 2021 with the uncontrollable spread of the ‘delta’-variant of the virus. This has affected the ability of businesses in India to operate, and representatives of these business from accessing their offices, and the relevant records and resources therein to carry out their work,” explained lawyers.

“The impact of this has been two-fold. First, the progress with the sale of the Indian Entities has not matched the expected pace, as the Group has faced significant difficulty in liaising with its advisers there and giving them the relevant instructions.

“Second, business sentiment in India has been largely depressed – which in turn affects the expected recoveries from assets that are located there. For this reason, more time is required for GP APAC and the Group to locate suitable buyers for its assets, structure and execute the various sales processes thereof, and ensure that the value of these assets is not compromised in the process.”

The legal team added several of GP APAC’s major unsecured creditors, who hold up to USD 214.6 million in total debt owed by GP APAC, have also renewed their support for the restructuring by way of letters of support for an extension of the Moratorium.

“This further indicates the workability of GP APAC’s intended scheme and that it would be acceptable to the general run of creditors. Indeed, the support of crucial and significant creditors for an intended scheme or compromise is a material consideration that militates in favour of extending a Moratorium,” they state.

A list of earlier coverage regarding GP Global can be found below:

Related: Singapore High Court approves GP Global APAC’s debt moratorium application
Related: Singapore: Sale of GP Global APAC’s SGD 8.5 million Suntec office to be discussed
Related: GP Global APAC acts to prevent minority creditors ‘stealing a march’ over others
Related: GP Global APAC files for six-month debt moratorium with Singapore High Court
Related: Argus Media: GP Global asset sale talks drag on valuation gap
Related: ExxonMobil Asia Pacific takes GP Global APAC to court over USD 2.8 million bunker claim
Related: Restructuring advisor flags up ‘accounting irregularities’ in GP Global books
Related: Gulf Petrol Supplies files complaint against GP Global unit for fraudulent behavior
Related: Second arrest warrant issued for GP Global’s ‘GP B3’ over outstanding bills from creditors
Related: GP Global considering sale of assets in an effort to repay creditors
Related: GP Global tanker ‘GP B3’ detained in India due to loan defaults with creditors
Related: Argus Media: GP Global clarifies that it has shut only lesser performing trading desks
Related: Argus Media: GP Global rules out asset sales in restructuring
Related: GP Global engages restructuring specialists following credit pull and internal fraud
Related: GP Global internal investigations reveal Sharjah and Fujairah staff involved with fraud
Related: GP Global repudiates rumours and proceeds with restructuring as strategic move

 

Photo credit: Manifold Times
Published: 5 August, 2021

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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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