Singapore: Director declares Heng Tong Fuels & Shipping’s inability to continue business
- Published
by Admin
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:
- 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;
- Appointing a Liquidator(s);
- To appoint a Committee of Inspection of not more than 5 members, if thought fit; and;
- 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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