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
Port recorded bunker sales of 4.11 million mt in September 2018, compared to 4.34 million mt last year.
‘Excessive liner wear while using the new VLSFO fuels’ analysed 12 cases of abnormal engine cylinder liner wear out of over 20,000 tested VLSFO bunker samples.
"We stopped publication of website after 20 years of service due to more price sources becoming available," Managing Director tells Manifold Times.
SC Connector’s route transits under multiple bridges and powerlines, requiring adaptation of the Rotor Sails to tilt to almost horizontal when required.
‘As the saying goes without people buying things, manufacturing will slow, trade will also slow and shipping movements slows down. It’s a whole chain of reaction,’ says Simon Neo.
‘Let's think of how we can achieve this goal together; “and” not “all”; “multiply” not “divide” and “integrate” not “differentiate”’, states Senior Minister of State for Foreign Affairs and Transport.
OctamarTM HF-10 Plus was subjected to tests conducted at a third party lab by SGS Testing and Intertek in Singapore under the supervision of ClassNK earlier this year, according to spokeswoman.
Former Regional Marine Manager of BP Singapore issued penalty of SGD 6 million; he faces an additional 28-month imprisonment term if penalty is not paid, says Judge.
Sing Fuels claiming over total 1,049.29 metric tonnes of 380 centistokes bunker fuel delivered to bulk carrier Lila Shanghai at Port Elizabeth, South Africa in July 2019, according to court documents.
Reserve Stability Number results are ‘questionable’ as almost all additives targeting asphaltene management show effectiveness in the test, says spokesman.
Singfar International partnering Lianyungang Shenghua Shipbuilding to deliver 7,000 dwt DF bunker tankers from 2023 to support decarbonisation of the Singapore maritime industry.
GSM awarded USD 1.85 million as well as SGD 5,800; Judge finds SFM Director ‘ungrateful and dishonest in his dealings with Bernard and the plaintiff,’ according to Court Judgement seen by Manifold Times.
