The High Court of Singapore has approved Malaysian bank CIMB’s application for Hontop Energy, the trading arm of Chinese independent refiner China Wanda Holding Group Co Ltd, to be placed under judicial management, reports Reuters.
According to the filing, CIMB is looking to recover USD 105 million that it has lent to the company and Hontop owes approximately USD 470 million to seven creditors.
RSM Corporate Advisory Pte Ltd has allegedly been nominated to take on the role of interim judicial manager.
The transactions that raised CIMB’s suspicions, as outlined in the filing, included a series of cargoes that Hontop said it would be selling to BP but failed to disclose vital information on these deals to CIMB.
On one account, CIMB was notified that one of these deals were structured on an ‘open account’ basis whereby the cargo would be shipped and delivered before payments are made.
However, when CIMB requested for BP to fulfil their payments, CIMB was informed that the payment terms of the cargo had been structured under a separate agreement between BP and Hontop.
Additionally, BP had not received payments from Hontop and therefore BP claimed it was not liable to pay either Hontop or CIMB for the cargo.
Photo credit: Stevepb
Published: 6 July, 2020
Marine segment generated third quarter gross profit of $43 million, an increase of $13 million on year.
Assistant Boson of Singapore bunker tanker currently known as Fragrance sentenced to five-month imprisonment after being caught by MPA Port Inspector in June.
The pioneering vessel shares many characteristics of Singapore bunker tankers; it features an imported digital massflow meter and can supply multiple ships in a single trip.
Offers VLSFO/HSFO and MGO together with debunkering facility for complete IMO 2020 solution at Falmouth.
This is the highest ever recorded output in a single month and the feat was also in recognition of the Chinese Commmunist Party’s 100th Anniversary, it said.
The vessel had not yet appointed a local shipping agent for obtaining permission, said MMEA spokesman.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.
