Singapore: Energe Asia takes Cockett Marine Oil (Asia) to court over USD 26 mil bunkering services claim

A hearing between Singapore-based bunkering firm Energe Asia Pte Ltd (Energe Asia) and Cockett Marine Oil (Asia) Pte Ltd (CMO) has been scheduled to be held at the High Court of the Republic of Singapore on 1 November 2023.

CMO will be facing a USD 26.248 million (exact: USD 26,248,022.08) claim from Energe Asia (previously known as Marin Selatan Pte Ltd and MS Resources Pte Ltd) due to outstanding barging fees and late payment interest, according to court documents acquired by Manifold Times.

In January 2017, Energe Asia and CMO entered into a 60-month contract for barging services ending January 2022.

The agreement involves Energe Asia providing a monthly carrying capacity of 100,000 metric tonnes (mt) to support CMO’s bunker fuel oil deliveries at Port Tanjung Pelepas and Port Klang in Malaysia.

Barging fees were initially agreed at USD 285,000 per month with payment 14 days in advance; however, these fees were gradually lowered to a discounted rate from September 2018 on the condition CMO could not enjoy the discounted rate in the event of untimely payment.

Following, CMO allegedly failed to make timely payment from October 2018 to January 2022 [the contract expiry date] – eventually leading to the current claim.

Photo credit: Manifold Times
Published: 5 October 2023