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Singapore: Director declares Heng Tong Fuels & Shipping’s inability to continue business

Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed a statutory declaration for both companies stating the firms cannot continue their businesses due to liabilities.

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A director of Singapore-based bunker tanker owner Heng Tong Fuels & Shipping Pte Ltd (HTFS) filed a statutory declaration (SD) with the Official Receiver’s office stating that the company cannot continue its business due to its liabilities, according to a 3 September (Wednesday) notice on the Government Gazette. 

In the SD lodged on 26 August, the director, Nicholas James Gronow, said the meeting of the company and of its creditors have been summoned to be held on 18 September 2025, being a date within one month of the date of the SD.

In another notice, it was stated that the meeting will be held at 2.30pm (Singapore time) for the following purposes:

  1. To receive a statement of the Company’s affairs together with a list of creditors and the estimated amounts of their claims along with a list of creditors;
  2. Appointing a Liquidator(s);
  3. To appoint a Committee of Inspection of not more than 5 members, if thought fit; and;
  4. Any other business.

In a third notice, Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) Pte Limited, 137 Amoy Street, #02-03 Far East Square, Singapore 049965, have been appointed as Joint and Several Provisional Liquidators. 

Gronow also filed a SD for Coastal Logistics Pte Ltd on the same day stating that the company cannot continue its business due to its liabilities. The meeting of the company and of its creditors have been summoned to be held on 18 September at 4pm (Singapore time). The same Joint and Several Provisional Liquidators were also appointed for the company. 

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd. 

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore. 

Manifold Times previously reported the legal representatives of HTFS and financial institution DBS Bank Ltd meeting to discuss a loan agreement entered on 12 April 2012.

The loan agreement saw HTFS borrow up to a total of US $10.4 million for the construction of 4,999 dwt bunker tankers Coastal Neptune and Coastal Jupiter at a Guangzhou Hangtong Shipbuilding and Shipping Co Ltd shipyard. 

The bank was seeking payment of US $3.6 million (exact: US $3,592,731.94), not including interest and other administrative charges, from corporate guarantors Coastal Oil Holdings Pte Ltd and Coastal Holdings Limited, and personal guarantors Tan Sing Hwa and Yeung Wing Sing.

The corporate and personal guarantors entered into an arrangement with DBS Bank on 4 June 2018 to pay HTFS’s remaining debt for both bunker tankers.

However, the bank had not received any payment from both corporate and personal guarantors after Coastal Oil Singapore Pte Ltd, a subsidiary of Coastal Oil Holdings Pte Ltd, was later placed under provisional liquidation on 13 December 2018.

Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market

 

Photo credit: Benjamin child
Published: 4 September, 2025

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Alternative Fuels

Singapore-based ONE celebrates maiden voyage of methanol-and-ammonia ready boxship

Following the successful deployment of “ONE Singapore” and its sister vessels, “ONE Solidarity” will be deployed on the Mediterranean Pacific South 2 (MS2) service.
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July 3, 2026

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Singapore-based ONE celebrates maiden voyage of methanol-and-ammonia ready boxship

Singapore-based container shipping company Ocean Network Express (ONE) on Thursday (3 July) said it celebrated the maiden voyage of containership ONE Solidarity as the ship made its first-ever arrival in Shekou, China. 

“As one of our S-series methanol and ammonia ready container vessels, ONE Solidarity is another demonstration of ONE’s commitment to sustainable shipping,” the company said in a social media post. 

Following the successful deployment of ONE Singapore and its sister vessels, ONE Solidarity will be deployed on the Mediterranean Pacific South 2 (MS2) service. 

“Her deployment will boost our service capacity, ensuring faster, more reliable, and highly efficient shipping offerings across key global trade lanes,” the company added.

 

Photo credit: Ocean Network Express
Published: 3 July, 2026

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Alternative Fuels

“Lucia Cosulich” enters final preparation ahead of bunkering operations

Following delivery of the ship in China, it will now enter the final preparation phase ahead of its next operational steps, strengthening Fratelli Cosulich’s ability to provide reliable bunkering solutions.
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“Lucia Cosulich” enters final preparation ahead of bunkering operations

Fratelli Cosulich Marine Energy on Thursday (2 July) celebrated the delivery of Lucia Cosulich at Taizhou Maple Leaf Shipyard in China.

The vessel is the second of four sister methanol-ready IMO II bunker tankers developed within the Group’s fleet expansion programme and follows the launching ceremony held on 2 May 2026.

Designed to support the Group’s bunkering operations and future fuel requirements, Lucia Cosulich is part of the new generation of vessels developed by Fratelli Cosulich Marine Energy to combine operational reliability, safety and fuel flexibility.

Lucia Cosulich will now enter the final preparation phase ahead of its next operational steps, further strengthening the Group’s ability to provide reliable bunkering solutions.

“We wish Lucia Cosulich and her crew fair winds on the next stage of her journey,” the company said. 

Related: Fratelli Cosulich launches second methanol-ready bunker tanker in China

 

Photo credit: Fratelli Cosulich
Published: 3 July, 2026

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Business

Glencore backs FincoEnergies’ biofuel growth with majority stake acquisition

With Glencore’s support, FincoEnergies is well positioned to continue expanding its offerings in biofuels across multiple transport segments and to increase its presence in new geographies.
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July 3, 2026

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Dutch biofuel supplier FincoEnergies on Thursday (2 July) announced the completion of global commodities trader Glencore’s acquisition of a majority stake in the company, forming a partnership with Coloured Finches.

FincoEnergies said its fuel distribution and logistics infrastructure, customer relationships and expertise in downstream fuel transportation will be complemented by Glencore’s global scale, sourcing capabilities and experience across the energy value chain.

With Glencore’s support, FincoEnergies added it is well positioned to continue expanding its offerings in biofuels and decarbonisation solutions across multiple transport segments and to increase its presence in new geographies.

Jan-Willem van der Velden, FincoEnergies CEO and Founder, said: “Today marks an exciting next step for FincoEnergies. Glencore already knows our business well, and this builds on years of collaboration, trust and shared ambition. With Glencore’s support and global reach behind us, we are in a strong position to continue growing our business and supporting our customers as demand for lower-carbon fuel solutions continues to evolve.”

Maxim Kolupaev, Head of Glencore Energy UK, said: “Glencore’s investment in FincoEnergies strengthens the presence of our business in Northwest Europe and creates a strong platform for future growth. We are looking forward to continuing to work closely with the FincoEnergies team and building on the successful relationship we have already developed together.”

Manifold Times previously reported FincoEnergies signing an agreement with Glencore for the acquisition of a majority shareholding in the FincoEnergies Group in a partnership with Coloured Finches.

Related: Glencore acquires majority stake in Dutch biofuel supplier FincoEnergies

 

Photo credit: FincoEnergies
Published: 3 July, 2026

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