A virtual hearing between Victory Shipping Pte Ltd (UEN 201117370M) and Integr8 Fuels Pte Ltd (UEN 202042378N), organised by the High Court of the Republic of Singapore, is scheduled to take place on Tuesday (14 November), learned Manifold Times.

The event is to set aside a statutory demand served on 3 October 2025 by Integr8 Fuels lawyers under Section 125(2)(c) and Section 10 of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) against Victory Shipping, according to court documents obtained by the bunkering publication.

Under Singapore Statutes Online, Section 125(2)(c) provides “a company is deemed unable to pay its debts if it is proved to the satisfaction of the Court that the company is unable to pay its debts; and in determining whether a company is unable to pay its debts the Court must take into account the contingent and prospective liabilities of the company,”

Section 10 of Singapore’s IRDA deals with the procedure to be followed when no specific procedure is provided for a matter. It states that where the IRDA does not specify a procedure, the court may adopt any procedure it considers appropriate. This is a general provision that grants courts the flexibility to manage proceedings that fall outside the specific rules laid out in the Act.

Victory Shipping, with representations in Malaysia, India and the U.A.E., operate dry bulk shipping contracts around the globe with voyages performed mainly in the Middle East and Southeast Asia.

Integr8 Fuels provides bunker trading and brokerage services to shipowners and operators that enables them to optimise fuel procurement.

Photo credit: Manifold Times
Published: 3 November 2025

Bunker fuel sales at Panama increased by about 26.6% in January 2025, according to the latest data from La Autoridad Maritima de Panama, also known as the Panama Maritime Authority (PMA).

Total bunker sales at Panama was 477,900 metric tonnes (mt) in January 2025, compared to sales of 377,542 mt during the similar period in 2024.

In January 2025, the Pacific side of Panama posted bunker sales of 392,137 mt; 246,818 mt of VLSFO, 107,860 mt of RMG 380, 4,244 of marine gas oil (MGO), and 33,215 mt of low sulphur marine gas oil (LSMGO) were delivered.

The similar region saw total marine sales of 298,234 mt a year before in January; with VLSFO sales at 191,025 mt, RMG 380 sales at 78,177 mt, MGO sales at 3,322 mt, and 25,710 mt of LSMGO being sold.

Panama’s Atlantic side, meanwhile, recorded total bunker fuel sales of 85,763 during January 2025; the figure comprised 60,206 mt of VLSFO, 10,003 mt of RMG 380, 6,870 mt of MGO, and 8,684 mt of LSMGO.

It saw total sales of 79,308 mt in January a year before; with VLSFO sales of 56,516 mt, RMG 380 sales of 10,565, 4,835 mt of MGO, and LSMGO sales of 7,392 mt.

Photo credit: jhernandezb05 from Pixabay
Published: 19 February, 2025

By Tim Howse, Member of the IUMI Legal & Liability Committee and Vice President, Head of Industry Liaison, Gard (UK) Limited

The world economy is transitioning, with industries across the board seeking to reduce their carbon footprint and embrace more sustainable practices. As part of this, there is a huge effort within our industry to look to decarbonise, using alternative fuels such as biofuel, LNG, LPG, ammonia, methanol, and hydrogen.

Until now there has been much focus on carbon emissions and operational risks associated with the use of alternative fuels. This includes increased explosivity, flammability, and corrosivity. An ammonia leak causing an explosion in port could result in personal injuries, not to mention property damage, air, and sea pollution. In addition, alternative fuels may not be compatible with existing onboard systems, increasing the risk of breakdowns and fuel loss resulting in pollution. Apart from these safety concerns, which particularly concern crew, air pollution and other environmental impacts need to be addressed.

However, the green transition also presents us with a separate regulatory challenge, which has received less attention so far. So, whilst carbon emissions and safety concerns are rightly on top of the agenda now, the industry also needs to prioritise the potential barriers in the legal and regulatory frameworks which will come sharply into focus if there is an accident.

If anything, historic maritime disasters like the Torrey Canyon spill in 1967, have taught us that we should look at liability and compensation regimes early and with a degree of realism to ensure society is not caught off-guard. With our combined experience, this is perhaps where the insurance industry can really contribute to the transition.

Currently, existing international liability and compensation regimes do not fully cater to the changes that the use of alternative fuels will bring. For example, an ammonia fuel spill would not fall under the International Convention on Civil Liability for Bunker Oil Pollution Damage (Bunkers Convention), potentially resulting in a non-uniform approach to jurisdiction and liability. Similarly, an ammonia cargo incident would not fall under the International Convention on Civil Liability for Oil Pollution Damage (CLC). Uncertainties may also exist in the carriage of CO2 as part of Carbon Capture and Storage (CCS) projects, which may be treated as a pollutant, with corresponding penalties or fines.

A multitude of questions will arise depending on what happens, where it happens, and the values involved, many of which may end up as barriers for would be claimants. How will such claims be regulated, will there be scope for limitation of liability, and would there be a right of direct action against the insurers? In the absence of a uniform international liability, compensation and limitation framework, shipowners, managers, charterers, individual crew, and the insurers may be at the mercy of local actions. Increased concerns about seafarer criminalisation (even where international conventions exist, ‘wrongful’ criminalisation does still occur) may emerge, creating another disincentive to go to sea.

When being carried as a cargo, the International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea (HNS), which is not yet in force, may resolve some of these issues for alternative fuels and CO2. However, until HNS comes into force, there will be no international uniformity to liability and compensation for the carriage of alternative fuels and CO2 as cargoes. This creates uncertainties for potential victims and their insurers, who may face increased risks and costs, due to the potential inability of existing regulations to provide protections.

The situation is even less clear in the case of bunkers. The rules for using alternative fuels as bunkers might require a separate protocol to HNS, a protocol to the Bunkers Convention, or a whole new convention specifically for alternative fuels.  Relevant considerations for the appropriate legislative vehicle include states’ preparedness to reopen the Bunkers Convention, the ability to conclude a protocol to HNS before it comes into force, and whether a multi-tier fund structure is needed for alternative fuels as bunkers (perhaps unnecessary because bunkers are usually carried in smaller quantities compared to cargoes).

Until then, what we are left with are the existing international protective funds, designed to respond at the highest levels to pollution claims resulting from an oil spill, without any similar mechanism in place to respond to a spill of alternative fuels, which are themselves so central to a green transition. Somewhat perversely, victims of accidents involving an oil spill may therefore enjoy better protections than victims of an alternative fuels spill.

In summary, while the use of alternative fuels will no doubt help to reduce the industry’s carbon footprint, there are safety and practical hurdles to overcome. Stakeholders must also come together to find solutions to complex – and urgent, in relative terms – legal and regulatory challenges.

Photo credit: Manifold Times
Source:  International Union of Marine Insurance
Published: 13 June 2024