The following news was published by Singapore bunkering publication Manifold Times at 6:00pm (Singapore time) on Thursday 13 December.
Singapore-based Coastal Oil Singapore Pte Ltd (UEN 200413975N) filed for liquidation as part of a creditors’ voluntary winding up operation on Thursday (13 December), according to Accounting and Corporate Regulatory Authority (ACRA) documents obtained by Manifold Times.
“Coastal Oil Singapore is the first tier subsidiary of Coastal Holdings,” according to information from its website.
“This is a business operations centre responsible for international cargo trading, global oil product supplying and blending, as well as logistic management.”
Manifold Times understands Coastal Oil Singapore is also involved in regional bunker trading and supply operations.
Coastal Oil Singapore has selected AAG Corporate Advisory to be its appointed provisional liquidator, show ACRA documents.
Published: 13 December, 2018
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
Maureen Poh, a Director of Helmsman LLC, offers plain practical tips on the differences between US and EU Sanctions and shares some thoughts on what companies could do if they are potentially exposed to sanctioned entities.
‘We [Consort Bunkers] have the opinion that the bunker business in Singapore is not related to the widely reported earlier cargo commodity trading mishaps,’ company source tells Manifold Times.