Connect with us

Business

Court of Appeal for Bermuda orders winding up of NewOcean Energy Holdings Limited

Several individuals were ordered to continue acting as the Joint Provisional Liquidators of the company, with the full powers of a liquidator in a winding-up exercise, says firm.

Admin

Published

on

pexels sora shimazaki 5668473 1 4

Hong Kong-listed NewOcean Energy Holdings Limited on Monday (1 August) said the Court of Appeal for Bermuda on 26 July ordered the company to wind up.

Several individuals were ordered to continue acting as the Joint Provisional Liquidators (JPLs) of the company, with the full powers of a liquidator in a winding-up pursuant to section 175 of the Companies Act 1981 of Bermuda. 

The details of the JPLs of the company are:

  1. Mr Roderick John Sutton and Mr Kenneth Fung, both of FTI Consulting (Hong Kong) Limited of Level 35, Oxford House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong 
  2. Mr Edward Alexander Niles Whittaker of R&H Services Limited of 3rd Floor, 5 Reid Street Hamilton, HM 11, Bermuda

Creditors of the company were invited to contact the JPLs by email at [email protected].

Trading in the shares of the Company on the Stock Exchange, which was suspended with effect from 9.00 am on 1 April 2022, will continue to be suspended until further notice.

Related: NewOcean: Winding up petition proceedings in court adjourned to 2 September
Related: NewOcean delays release of FY 2021 results, ‘catastrophic credit freeze’ amongst reasons
Related: NewOcean: Winding up petition proceedings in court adjourned to 27 July
Related: Hong Kong Stock Exchange issues trading resumption guidance to NewOcean Energy
Related: NewOcean appoints law firm to oppose petition at 15 June hearing
Related: NewOcean warns of trading halt of company shares on HKSE from 1 April onwards
Related: NewOcean delays release of FY 2021 results, postpones AGM to Sep 2022
Related: NewOcean Energy auditor tender resignation over disagreement of FY 2021 audit fee
Related: NewOcean company secretary and authorised representative resigns on HQ relocation
Related: NewOcean Energy loses second Executive Director on HQ relocation to China
Related: NewOcean Energy HQ relocates to mainland China, Executive Director resigns
Related: NewOcean Energy officially begins ‘soft touch’ debt restructuring process
Related: NewOcean Energy reshuffles lineup of Independent Non-executive Directors
Related: NewOcean Energy defends against HSBC winding up petition, secures time for debt restructuring
Related: NewOcean: Winding up petition proceedings at Bermuda court to continue on 14 December
Related: NewOcean Energy Holdings forecasts 87% decrease net loss on year for 1H2021|
Related: NewOcean posts USD 479 million FY 2020 loss; possible downsize of oil business
Related: NewOcean Energy delays release of 2020 financial results; to be published by end June
Related: NewOcean appoints Crowe as new auditors; replaces Deloitte Touche Tohmatsu
Related: NewOcean creditor scheme meeting dates at courts now ‘unrealistic’; delayed till further notice
Related: NewOcean auditors resign due to significant outstanding documents & information
Related: NewOcean revises creditor scheme meeting dates at Hong Kong, Bermuda Courts due to ‘substantial’ amendments
Related: NewOcean records USD 304.3 million loss, portion of SG bunkering business to remain
Related: NewOcean Energy issues USD 304.8 million net loss warning ahead of FY 2020 results
Related: NewOcean proposal to adjourn court scheme meeting approved by creditors
Related: NewOcean creditors meeting application granted by Supreme Court of Bermuda
Related: NewOcean planning creditors meeting, foundation of debt restructuring plan laid out
Related: NewOcean records USD 174 million 1H 2020 loss; Singapore bunkering business remains
Related: NewOcean Energy publishes profit warning to shareholders ahead of 1H 2020 results
Related: NewOcean Energy records 66% bunker sales jump to 4.5 million mt in FY 2019

 

Photo credit: Sora Shimazaki
Published: 2 August, 2022

Continue Reading

Biofuel

NYK to launch Japan’s first antioxidant for biodiesel bunker fuel in August

When added to biofuel, BioxiGuard slows progression of oxidative degradation and helps deter issues such as metal corrosion, strainer blockage, and cleaning-system fouling often triggered by oxidised fuel.

Admin

Published

on

By

Japan’s first antioxidant by NYK for biodiesel bunker fuel set to release in August

Nippon Yuka Kogyo (Nippon Yuka), an NYK Group company specialising in chemical R&D as well as the manufacture and sale of chemical products, on Wednesday (21 May) announced the upcoming release of BioxiGuard, the Japan’s first antioxidant specially developed for marine biodiesel, from 10 August.

NYK said compared with conventional petroleum-based fuels, biofuel contains a higher proportion of unsaturated fatty acids, making it more susceptible to oxidative degradation. Once oxidised, the biofuel can produce acidic substances and sludge, adversely affecting vessel fuel efficiency by reducing the fuel’s calorific value.

Developed by Nippon Yuka based on property analyses of the biofuel used in NYK-operated vessels, BioxiGuard is specifically formulated to enhance the oxidation stability of biodiesel. When added to biofuel, BioxiGuard slows the progression of oxidative degradation and helps deter issues such as metal corrosion, strainer blockage, and cleaning-system fouling often triggered by oxidised fuel.

According to laboratory tests conducted by Nippon Yuka researchers, the addition of BioxiGuard at a concentration of 1 part per 500 resulted in an approximate 50% reduction in the rate of biofuel degradation compared to untreated biofuel. 

This significant improvement underscores the potential for vessel operators to not only extend the useful life of biofuel on board but also maintain more stable and cost-effective vessel operations.

 

Photo credit: NYK
Published: 22 May, 2025

Continue Reading

Wind-assisted

Dealfeng to equip Singapore-based Hung Ze’s chemical tankers with rotor sails

Project marks Chinese firm Dealfeng’s first overseas commercial contract for its wind-assisted propulsion technology which entails equipping a new series of 14,000 DWT chemical tankers with Dealfeng Rotor Sails.

Admin

Published

on

By

Singapore-based Hung Ze chemical tankers to be equipped with Dealfeng rotor sails

Dealfeng, a Chinese provider of wind-assisted propulsion systems, on Tuesday (20 May) said it has assigned a cooperation agreement with Singapore-based shipowner Hung Ze Shipping.

The partnership will equip a new series of 14,000 DWT chemical tankers with Dealfeng® Rotor Sails. 

Each vessel will feature a 5m x 24m Dealfeng Rotor Sail installed on its forecastle deck. Collaborating with maritime software leader NAPA, the project will utilise route optimisation systems to maximise the efficiency of wind-assisted voyages, further enhancing fuel savings and emissions reduction while improving overall energy performance.

“The first vessel in the series is scheduled for delivery with the rotor sail system in the fourth quarter of 2025. Preliminary calculations indicate that the technology will achieve approximately 8% fuel savings on the vessel’s trading routes,” the company said in a social media post. 

The project marked Dealfeng’s first overseas commercial contract for its wind-assisted propulsion technology.

Dealfeng, a clean energy technology company specialising in the R&D, manufacturing, and EPC services of shipborne energy-saving systems, has long focused on developing Wind Assisted Propulsion Systems (WAPS). Its core product, the Rotor Sail, harnesses wind energy via the Magnus effect to provide auxiliary propulsion for vessels. 

Tailored to different ship types, the system offers fuel and carbon emission reductions of 5%–25%, with even greater efficiency under favorable wind conditions. Dealfeng’s Rotor Sail technology has obtained certifications from multiple classification societies and has been successfully deployed across numerous vessels, accumulating years of operational experience that validate its safety, reliability, and effectiveness.

Hung Ze operates a diverse fleet ranging from 5,000 DWT vessels to MR product tankers. 

 

Photo credit: Dealfeng
Published: 22 May, 2025

Continue Reading

Newbuilding

Höegh Autoliners latest LNG dual-fuel PCTC en route to Shanghai for bunkering

The 9,100 CEU “Höegh Sunrise”, currently sailing the seas, is on its way to Shanghai for bunkering before sailing to Japan and then towards Europe.

Admin

Published

on

By

Höegh Autoliners latest LNG dual-fuel PCTC en route to Shanghai for bunkering

Höegh Autoliners on Tuesday (20 May) said its latest liquefied natural gas (LNG) dual-fuel pure car and truck carrier has departed China Merchants Heavy Industry’s yard, ready to commence its commercial operations.

The 9,100 CEU Höegh Sunrise, currently sailing the seas, is on its way to Shanghai for bunkering before sailing to Japan and then towards Europe. 

The PCTC is the fifth in a series of 12 Aurora Class vessels built by the shipyard in China. The first eight Auroras are or will be equipped with engines primed to run on LNG and low-sulphur oil. 

These vessels can be converted to run on ammonia later. By 2027, Höegh Autoliners said the four last vessels of the series will be able to run net zero on ammonia directly from the yard when delivered.

Manifold Times previously reported the naming ceremony of Höegh Autoliner’s fourth Aurora Class newbuild, Höegh Sunlight, at Taicang Haitong Auto Terminal.

Related: Höegh Autoliners names LNG-powered RoRo ship “Höegh Sunlight” in China|
Related: Gasum completes SIMOPS LNG bunkering operation of PCTC “Höegh Sunlight”

 

Photo credit: Höegh Autoliners
Published: 22 May, 2025

Continue Reading

Trending