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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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Winding up

Singapore: High Court to hear Norvic Shipping Asia winding up application on 31 July

Application for the winding up of Norvic Shipping Asia Pte Ltd was filed by Netherlands-registered Mur Shipping BV on 8 April, according to Government Gazette notice.

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An application for the winding up of Norvic Shipping Asia Pte Ltd was filed by Netherlands-registered Mur Shipping BV on 8 April, according to a Tuesday (21 July) notice on the Government Gazette.

It noted the winding up application is directed to be heard before the Judge sitting in the General Division of the High Court at 10am on 31 July.

Any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose.

A copy of the winding up application will be furnished to any creditor or contributory of the company requiring the copy of the winding up application by the solicitors of the applicant’s, Oon & Bazul LLC, on payment of the regulated charge for the same.

The Applicant’s address is Hiridostraat 5, Gebouw Prismatrium, 1101CW Amsterdam, The Netherlands.

The Applicant’s solicitors are Oon & Bazul LLC of 103 Penang Rd, #04-04/05/06 Singapore 238467. 

Queries on the winding up application may be directed to the following email addresses: [email protected] and [email protected].

 

Photo credit: Manifold Times
Published: 22 July, 2026

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Methanol

World Fuel and partners complete first green methanol bunkering of car carrier in Shanghai

Operation involved the delivery of approximately 2,800 MT of green methanol to “Arctic Tern” via a ship-to-ship transfer using SIPG Energy’s dedicated methanol bunkering vessel “M/V Hai Gang Zhi Yuan”.

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World Fuel and partners complete first green methanol bunkering of car carrier in Shanghai

Marine fuel provider World Fuel on Tuesday (21 July) said it successfully completed the first green methanol bunkering of M/V Arctic Tern, with EUKOR Car Carriers and SIPG Energy at the Port of Shanghai. 

Arctic Tern is the first vessel in the new Shaper Class series of car carriers. 

The operation involved the delivery of approximately 2,800 MT of green methanol to Arctic Tern via a ship-to-ship transfer using SIPG Energy’s dedicated methanol bunkering vessel M/V Hai Gang Zhi Yuan, the largest vessel of its kind in operation. 

The bunkering operation was carried out at Haitong Terminal, Waigaoqiao Port Area, Shanghai Port, with cargo handling operations conducted simultaneously during bunkering.

This marks EUKOR Car Carriers’ first green methanol operation and the first time Arctic Tern has bunkered methanol since its delivery on 9 July. The operation marked the first bunkering at Shanghai Port of green methanol produced locally in Shanghai for an international PCTC operator. 

It also demonstrated the city’s integrated green methanol value chain, spanning local production, storage and bunkering, and established a replicable “Shanghai Model” for green methanol supply.

World Fuel arranged the supply and delivery of the fuel on behalf of EUKOR Car Carriers, working with SIPG Energy as the physical supplier at the Port of Shanghai.

The green methanol supplied was produced from municipal solid waste, ISCC-EU certified, and had a carbon intensity value below 25 gCO₂e/MJ.

Arctic Tern is the first of fourteen Shaper Class vessels ordered by Wallenius Wilhelmsen. With a capacity of 9,300 car equivalent units and methanol dual-fuel capability, the vessel will be operated by EUKOR Car Carriers, jointly owned by Wallenius Wilhelmsen and Hyundai Motor Group. Following her first green methanol bunkering, Arctic Tern will continue her maiden voyage from Asia to Europe.

Xavier Leroi, COO Shipping Services at Wallenius Wilhelmsen and CEO of EUKOR Car Carriers, said: “Completing Arctic Tern’s first green methanol bunkering shortly after delivery is a significant milestone towards our decarbonisation ambition for both EUKOR Car Carriers and Wallenius Wilhelmsen. It demonstrates how investments in next-generation vessel technology and fuel flexibility are being translated into real-world operations. 

“This achievement reflects the strong collaboration between all parties involved. Together, we have shown how partnerships across the maritime value chain can help make lower-emission fuels available and operationally viable at scale.”

Mark Tamsitt, SVP Global Marine Sales at World Fuel, said, “The first bunkering event with a new fuel is a significant moment for any shipowner, and our role is to make it as seamless as possible. By connecting EUKOR Car Carriers with SIPG Energy’s proven green methanol capability at the Port of Shanghai, we were able to deliver on reliable supply, fuel quality, and safe processes. As more of our customers bring methanol dual-fuel tonnage into service, we are committed to being the partner that makes these kinds of operations routine.”

Mr. Zhang Da, General Manager of SIPG Energy, said, “Welcoming Arctic Tern to the Port of Shanghai for her first green methanol bunkering demonstrates the strength and maturity of our supply capability. Building on our well-established methanol ship-to-ship bunkering services for container vessels, we have already extended such services to pure car and truck carriers (PCTCs). This bunkering sets a new record for the largest single SIMOPs green methanol bunkering for PCTCs in China, marking another step in building Shanghai’s position as a global green energy hub for international shipping.”

This operation follows Wallenius Wilhelmsen’s announcement on 9 July that Arctic Tern would complete her first methanol bunkering shortly after delivery. The vessel entered service on routes between Asia and Europe immediately following handover from China Merchants Jinling Shipyard in Nanjing.

 

Photo credit: World Fuel
Published: 22 July, 2026

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Ammonia

HPA and MB Energy develop safety concept for STS ammonia bunkering

HPA says the Port of Hamburg will become “bunker ready” for ammonia, laying the groundwork for safe and reliable ammonia bunkering in the future.

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HPA and MB Energy develop safety concept for STS ammonia bunkering

The Hamburg Port Authority (HPA) and integrated energy company MB Energy on Tuesday (21 July) said they have completed a comprehensive risk analysis and developed a dedicated safety concept for ship-to-ship ammonia bunkering.

MB Energy said the analysis lays the groundwork for the safe introduction of ammonia as a future marine fuel.

“With our planned ammonia import terminal in Hamburg-Blumensand, MB Energy intends to provide the reliable land side supply infrastructure needed to support this transition across northern German ports,” it said in a social media post. 

Mabanaft Group was renamed to MB Energy last year and merged over 50 existing brands under one identity. 

Separately, HPA said the Port of Hamburg will become “bunker ready” for ammonia, laying the groundwork for safe and reliable ammonia bunkering in the future.

“The focus is in particular on container ships, cruise ships as well as RoRo and ConRo (Container/RoRo) ships,” it said. 

“We expect ammonia to establish itself as an alternative marine marine fuel in the coming years. With our preparatory work, we are already creating the conditions to welcome the first ammonia-powered ships in Hamburg and to bunker them safely.:

HPA added that the import terminal for ammonia planned by MB Energy from 2029 will make a decisive contribution to ensuring the reliable availability of ammonia as a bunker fuel in northern German ports in the long term. 

“The use of an ammonia bunker barge is considered a possible addition to the landside infrastructure to enable ship bunkering in the port and beyond in the future,” it said.

Related: Mabanaft Group renames as MB Energy, merging over 50 brands under one identity

 

Photo credit: Hamburg Port Authority
Published: 22 July, 2026

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