French international banking group BNP Paribas SA has halted all new commodity trade finance deals while it assesses its involvement in the industry in Europe, Middle East and Africa, reports Bloomberg.
The bank has allegedly informed its clients that no new deals will be made without any contractual obligation.
BNP’s commodity trade finance department has suffered losses following the bank’s exposure to companies like energy firm GP Global Group, and coffee dealer Coex Coffee International.
During this hiatus, the bank is purportedly considering several options for the future of its specialised commodities trade department, including merging it with BNP’s broader transactions divisions or shutting it down altogether.
BNP’s move comes after Societe Generale terminated its Singapore trade commodity finance unit following its decision to cut off new credit for oil trading firms in the APAC region after Hin Leong Trading collapse.
Photo credit: Floriane Vita
Published: 6 August, 2020.
Current low prices for road and aviation fuels in September could mean another increase of flashpoint off-spec cases for MGO when players start introducing the products back into the bunker stream.
Some bunker suppliers at various ports have even achieved their sales target for the year; the trend doesn't seem to be slowing down and suppliers are expecting a boom during end of September.
The company has entered a memorandum of agreement with Millenium Satu Ltd to acquire the 7,550 dwt oil tanker to increase service flexibility; vessel will be paid over an installment period of 36 months.
Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.
An earlier MPA notice outlined precautionary measures for personnel to observe when conducting marine refuelling operations at port in order to minimise the risk of contracting Covid-19.
Mok’s offence affected public confidence in the use of the MFM system onboard Singapore bunker tankers, and caused an embarrassment to the MPA, said Deputy Public Prosecutors.