• Follow Us On Our Preferred Social Media Platform:

Coastal Oil Singapore: Creditor list surfaces in bunker market

06 Jan 2019

A document believed to be the creditor list of troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd has been distributed among peers within the Singapore bunkering network.

At least more than one source confirmed to Singapore bunker publication Manifold Times the authenticity of the document.

It noted Coastal Oil Singapore owing a total debt of approximately US $357 million (specifically: US $356,901,817.55) to 79 firms.

Out of the total US $357 million, banks were the hardest hit taking up about US $354 million (specifically: US $353,838,602.62), or 99.1%, of total credit owed.
 

OUTSTANDING LOAN –
LC AS OF 12 DECEMBER 2018

 
   
UOB HONG KONG USD 19,530,000.00
OCBC HONG KONG USD 122,744,988.00
SCB HONG KONG USD 15,616,060.86
DBS HONG KONG USD 29,933,575.92
RABO BANK HONG KONG USD 67,588,962.35
HSBC HONG KONG USD 40,093,383.84
BNP BANK HONG KONG USD 25,247,503.68
CMB BANK HONG KONG USD 9,971,751.64
BOCC BANK HONG KONG USD 19,933,548.49
BNP FUTURES USD 3,178,827.84
TOTAL OUTSTANDING LOAN (USD) 353,838,602.62

The remaining sum of US $3 million (specifically: US $3,063,214.93), or 0.9%, was mainly distributed between a variety of bunkering firms, cargo players, and shipping services providers.

Manifold Times first reported Coastal Oil (Singapore) on 13 December filing for liquidation as part of a creditors’ voluntary winding up operation.

The troubled firm last held a creditor’s meeting on December 28, 2018.

Related: Coastal Oil Singapore in US $380 million debt to at least 10 banks
RelatedHeng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market
RelatedCoastal Oil Singapore to hold creditors meeting on 28 Dec
RelatedBreaking news: Coastal Oil Singapore under liquidation

Published: 7 January, 2019
 

Related News

Featured News

Our Industry Partners

  • argus

PR Newswire