New York listed bunkering firm Aegean Marine Petroleum has extended credit initially worth $190 million to six major firms, shows a recent filing to the U.S. Securities and Exchange Commission (SEC).
The approved debtors list showed credit made available to the following firms and their subsidiaries:
$40 million (plus an increment of $30 million subject to conditions) – WFS Group
$35 million – Chemoil Group and Oceanconnect Group (part of Glencore Group)
$25 million – Mitsui Group
$30 million – Qatargas Group
$30 million – Hapag-Lloyd AG
$30 million – Wallenius Wilhelmsen Logistics As / Eukor Car Carriers Inc
Note: The full document filed on 15 December, 2017 is available here; details found specifically on page 208.
Published:
20 December, 2017
8:00 am Singapore time
East Coast distillate inventories slump to record lows; fuel oil flows from US storage surge; limited prompt availability in Latin American ports.
FTI Consulting (Hong Kong) Limited selected as provisional liquidators after firm ended proceedings at the Bermuda Court on 20 December.
Availability gets tighter as many avoid Russian product; prompt HSFO380 limited in several European ports; shorter credit days, some demanding cash in advance.
Initiative is in response to upcoming IMO environmental regulations, the EU Emissions Trading System (ETS), and the paradigm shift in the maritime industry.
Proposes voluntary delisting exercise from the Singapore Exchange Securities Trading Limited due to associated costs and low trading liquidity of its shares.
Backed by several government agencies, banks will be consulting trading companies to strengthen Singapore’s competitiveness as a global commodities trading hub.
Cash of SGD 4.43 million and USD 243,100, and one piece of 100-gram gold-coloured bar recovered in safe belonging to Abdul Latif Bin Ibrahim kept at Extra Space warehouse storage facility, show court documents.
Program introduces periodic assessments, mass flow metering data analysis, and regular training for relevant key personnel to better handle the MFMS to ensure a high level of continuous operational competency.
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.
