Chinese independent refiner China Wanda Holding Group, the parent company of Singapore-based Hontop Energy, is approaching a settlement with two of its major creditors DBS Bank Ltd. and Societe Generale SA, reports Bloomberg.
China Wanda has reportedly conceded to settle Hontop’s outstanding balances via its other subsidiaries. In a court filing, it was reported that Hontop’s debts included USD 33.2 million to DBS and USD 63.3 million to SocGen.
Hontop was placed under judicial management in early September with RSM Corporate Advisory Pte Ltd appointed as judicial managers of the company. The September application was filed by CIMB Bank Singapore on 15 June, 2020 as the bank looked to recover USD 105 million from Hontop and accused the company of fraudulent conduct.
Related: Hontop Energy placed under judicial management over fraudulent conduct accusations
Related: Hearing date set for Hontop Energy to be placed under judicial management
Related: CIMB requests for Hontop Energy restructuring amid suspicious transactions with BP
Related: Argus Media: Hontop Energy fraud allegations add to Singapore trading woes
Related: BP Singapore oil traders on leave over being named in Hontop Energy fraud allegations
Photo credit: Stevepb
Published: 25 September, 2020
Spanish bunker ports supplied 28% less fuel in June than a year earlier but showed an improvement from May, when the overall fell by 35% year on year, it said.
The MOU was signed with Korea Bio Energy Association, Hyundai Heavy Industries Co, Korea Shipbuilding & Offshore Engineering Co, and the Korean Register of Shipping.
Firm reported earnings before tax of $15.1 million in FY 2020/21 and increased volumes of 26.5% during the same comparative period, says CEO Søren Høll.
‘Alliance will benefit the entire industry and help grow Djibouti,’ says Chairman of Red Sea Bunkering, Djibouti ports and Free Zones Authorities, Aboubaker Omar Hadi.
Completion of SS 660 and TR 80, with SS 648, forms a trinity of bunkering standards covering the local bunker supply chain, says Chairman, TC for Bunkering.
BMT Bunker to distribute Neste MarineTM 0.5 to global shipping companies via partnership agreement.
‘We are here to transfer the extremely valuable knowledge gained over the past six years to the maritime sector, such that our customers are comfortable in the use of such biofuels,’ states CEO Olivier Baiwir.
Newly appointed Anthony Mollet speaks to Manifold Times about his role, vision, value proposition and plans for the Marine Fuels Alliance to become a wide-reaching and engaging bunkering industry association.
SFP will be retrofitting VPT’s existing bunker vessel with its Full Electric Ready (FER) system and seeks to commission the vessel in the second quarter of 2022, CEO of SFP George Lee tells Manifold Times.
Equatorial Marine Fuel Management Services, Oldendorff Carriers, Lloyd’s Register and organisers took part in a Bunker Quality Claims Webinar moderated by Manifold Times on 10 November.
‘Though it did introduce temporary commercial and operational disruptions, we took a constructive view of the situation and chose to use this event as a learning opportunity,’ shares a Consort Bunkers spokesperson.
Gealubes Consulting & Trading, the authorised marine business distributor of PANOLIN EALs at Singapore port, shares a two-part education series on Environmentally Acceptable Lubricants on Manifold Times.
30 Nov 2021
