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
Coping with limited availability of HSFO, with price spreads relative to Singapore rising to record highs.
Part of the contract includes AMSOL acquiring product tanker ISIQALO to transport various blends of bunker fuels to the busy Port of Durban, it said.
Despite the weekly stockbuild, lead times for bunker fuels remain long at Singapore port where demand has picked up at the beginning of this week, increasing lead time.
Significant investments needed to decarbonise shipping can only be expected to happen if there is a long term commercially viable business case.
Techfast subsidiary Fast Energy will supply 6,000,000 litres of MGO per month to Huang Fan, a subcontractor in sand barrier projects for 45 months.
FTI Consulting’s Rod Sutton is Chief Restructuring Officer and will work with restructuring specialist firm Quantuma to navigate the group’s current challenges.
‘We need to keep in mind the saying “penny wise pound foolish”,’ says Captain Rahul Choudhuri, the Managing Director AMEA at VPS, who stresses on the essential role of the Bunker Surveyor.
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.
Maritime sector may find it increasingly challenging to manage bunker prices, Dennis Ho, Managing Director at ElbOil Singapore tells Singapore bunkering publication Manifold Times.
