Bunkering firm Costank slapped with winding up order by High Court of Singapore

The High Court of Singapore issued a winding up order to bunkering firm Costank (S) Pte Ltd on 20 March, according to a Thursday (26 March) notice on the Government Gazette.

The winding up application was filed by a Chinese national, Zhu Ling, on 25 February. 

The winding up order also included the following names and address of the joint and several liquidators:

LAU CHIN HUAT and YEO BOON KEONG
c/o Technic Inter-Asia Pte Ltd
50 Havelock Road #02-767 Singapore 16005

All creditors of the abovenamed company should file their proof of debt with the liquidator who will be administering all affairs of the company.

Costank was reportedly a joint venture run by Coastal Holdings, the parent of defunct bunkering firm Coastal Oil Singapore, and a Cosco Shipping unit.  

Manifold Times previously reported Costank leaving the Maritime and Port Authority of Singapore (MPA) licensed bunker supplier list in January 2020.

Costank was positioned 16th out of 51 players in MPA’s list of top bunker suppliers by volume in 2018.

In 2021, Manifold Times also reported the former Chief Finance Officer of Coastal Oil Singapore received a nine-year jail sentence at the State Courts of Singapore.

Ong Ah Huat earlier pleaded guilty to 15 charges; the charges include three counts of engaging in a scheme to defraud and nine counts of forgery for conspiring with accomplices to defraud eight banks into approving USD 320 million in loans.

The banks involved were: China Merchants Bank (Singapore), Bank of Communications (Hong Kong), BNP Paribas (Hong Kong), Cooperative Rabobank (Hong Kong), DBS Bank (Hong Kong), HSBC (Hong Kong), OCBC (Hong Kong), and Standard Chartered Bank (Hong Kong).

Related: Costank leaves MPA licensed bunker supplier list, 45 players remain
Related: MPA list reveals top bunker suppliers at Singapore port in 2018
Related: Former CFO of defunct bunkering firm Coastal Oil Singapore receives nine-year jail sentence
Related: Notice of intended dividend issued for defunct bunkering firm Coastal Oil Singapore

Photo credit: Manifold Times
Published: 27 March, 2026