Legal

Argus Media: Petrobras ordered to refuel Iranian vessels

Petrobras said it has yet to receive notice of the new court decision, but will analyze the ruling once received.

Published

7 years ago

July 26, 2019

Admin

Global energy and commodity price reporting agency Argus Media on Thursday (25 July) provided a marine fuels industry related update focusing on refuelling issues of the Bavand and Termeh at Paranagua Bay, Brazil:

Brazil's supreme court has ordered state-controlled Petrobras to supply bunker fuel to Iranian grain vessels stranded off the southern coast since early June, the latest in an ongoing rift with broad diplomatic implications.

In a solo ruling last night, supreme court justice Dias Toffoli upheld a local court decision that obligated Petrobras to refuel the two vessels, Brazilian jurists familiar with the matter tell Argus. The decision, still under seal, is aimed at easing tensions between the two countries with a long trade history, particularly in agricultural products.

The Bavand and the Termeh, both owned by Islamic Republic of Iran Shipping Lines and operated by Iranian shipping firm Sapid, have been requesting fuel for a return journey after discharging urea cargoes in Paranagua Bay for Brazilian firm Eleva. Urea is covered by US sanctions on Iran, although the corn the two ships would carry back to Iran is not.

Transpetro, the logistics arm of Petrobras, denied a request to refuel the vessels, citing US sanctions.

Petrobras said it has yet to receive notice of the new court decision, but will analyze the ruling once it is received.

Last week, Eleva secured an injunction from a state court in Parana obligating Petrobras to supply 1,700 tons of fuel to the vessels under threat of fines. Petrobras and the government appealed the decision.

The full court is currently in recess and will only return to its normal schedule next week.

Toffoli's decision, which can still be appealed to the full court, runs counter to the federal government's argument that refueling the ships puts both Petrobras and its controlling shareholder–the federal government–at risk of serious damages.

Pressure was ratcheted up earlier this week when Iran's ambassador in Brasilia, Seyed Ali Saghaeyan, told reporters that denying fuel to the vessels could prompt the country to look elsewhere for the agricultural goods the country currently imports from Brazil.

The 53,546dwt Supramax bulker Bavand already loaded 48,000 t of corn at Imbituba port in Santa Catarina, a Paranagua port operator said. The 75,249dwt Panamax bulker Termeh is waiting for bunker before traveling to the same port for a 65,000 t cargo of corn.

Islamic Republic of Iran Shipping Lines, Sapid and Eleva were not available to comment. Calls and emails to the Iranian embassy in Brasilia went unanswered.

Islamic Republic of Iran Shipping Lines and Sapid are specifically sanctioned by the US as part of its wider campaign against Tehran.

Brazil's far-right president Jair Bolsonaro, an outspoken supporter of US president Donald Trump, says his administration is aligned with Washington on this matter.

The predicament in Brazil coincides with rising tensions in the Strait of Hormuz after Iran seized a UK-flagged oil tanker on 19 July.

Source: Argus Media
Published: 26 July, 2019

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

17 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

17 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

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

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.

Photo credit: Drew Beamer
Published: 21 July, 2026

Winding up

Singapore: Liquidator of Nan Shan Maritime Pte Ltd issues notice of dividend

Third interim dividend to admitted unsecured claims of Nan Shan Maritime is payable from 15 July, according to Government Gazette notice.

Published

6 days ago

July 16, 2026

Admin

A notice of dividend for Nan Shan Maritime Pte Ltd, which is currently in creditors’ voluntary liquidation, was published on the Government Gazette on Wednesday (15 July).

The following are the details of the notice:

Name of Company : Nan Shan Maritime (Pte.) Ltd.(In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701967H
Address of Registered Office : 10 Anson Road, #10-10, International Plaza, Singapore 079903
Amount per centum : 5.00 Per Centum of all admitted unsecured, claims
First and Final or Otherwise : Third Interim
When Payable : 15 July 2026
Where Payable : Entitlements will be made by way of cheque.

Photo credit: Drew Beamer
Published: 16 July, 2026