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Goodwood Associates to commence wind up of Southernpec (Singapore) firms

High Court has set 25 June 2021 as the hearing date for the winding-up application; Wong Joo Wan of Alternative Advisors is appointed liquidator.

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Goodwood Associates, a Singapore-based wholesaler of petrochemical products, has just commenced legal action to wind up marine fuel supplier Southernpec (Singapore) Pte Ltd (SSPL) and its sister firm Southernpec (Singapore) Shipping Pte Ltd (SPSPL), after the Court of Appeal upheld a judgement quashing claims by both entities that a pair of oil trades carried out on their watch in 2015 were sham transactions.

Wong Joo Wan of Alternative Advisors Pte Ltd is the appointed liquidator. The High Court of Singapore has set 25 June 2021 as the hearing date for the winding-up application.

Background

SSPL, which had its operating licences revoked in 2019 after the Maritime and Port Authority of Singapore found it guilty of malpractices, had placed two orders in July 2015 for about 3,200 metric tons of fuel oil.

SPSPL, which is involved in vessel chartering and oil storage, acted as one of two guarantors for SSPL under the two agreements. The other guarantor was Southernpec Corporation, the Guangzhou-incorporated parent company of SSPL.

Both orders were fulfilled by Goodwood, which played the role of an intermediary credit sleever by buying the fuel oil from BMS United Bunkers (Asia) Pte Ltd (BMS), an oil trader, and selling it to SSPL.

After SSPL failed to make payment of US$1.49 million for the fuel oil, Goodwood found out there were other counterparties involved in the two trades, which in reality were part of an extensive web of transactions set up without Goodwood’s knowledge.

The fuel oil trades soured after two counterparties in the trading chain – Universal Alliance and Taigu (Singapore) Energy – defaulted on their respective payments, resulting in SSPL holding back on paying Goodwood.

Everyone in the chain went after their immediate trading counterparty for payment, except SSPL, which alleged that both trades were sham transactions and designed to artificially inflate the revenues of Goodwood and BMS.

Goodwood lodged a police report in October 2015 following SSPL’s allegations, paving the way for a set of lawsuits that lasted until this year.  

Outcome

On 5 November 2020, High Court Judge Hoo Sheau Peng ruled in favour of Goodwood and declared the July 2015 trades were not sham transactions. SSPL and SPSPL were ordered to pay Goodwood US$1.49 million for the two trades, as well as contractual interest and costs.

The two Southernpec entities sought to overturn the decision but their attempt was dismissed by the Court of Appeal on 6 May 2021.

To date, both companies have yet to make full payments to Goodwood. Accordingly, Goodwood has commenced proceedings to wind them up.

Related: USD $1.49 million bunker credit sleeving dispute between Goodwood and Southernpec reaches conclusion

 

Photo credit: Benjamin Child
Published: 7 June, 2021

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Ammonia

Singapore: EMA, MPA shortlist two consortia for ammonia power generation and bunkering

Chosen consortia are Keppel’s Infrastructure Division and Sembcorp-SLNG, and the bunkering players in these consortia are Itochu Corporation, NYK Line and Sumitomo Corporation.

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The Energy Market Authority (EMA) and the Maritime and Port Authority of Singapore (MPA) on Thursday (25 July) said they have shortlisted two consortia that will proceed to the next round of evaluations of proposals to provide a low- or zero-carbon ammonia solution on Jurong Island for power generation and bunkering. 

The two consortia were selected from a total of six that were earlier shortlisted in 2023 to participate in a restricted Request for Proposal (RFP), following an Expression of Interest (EOI) called in 2022. The bids were assessed based on the technical, safety and commercial aspects of their proposals. 

The two consortium leads are Keppel’s Infrastructure Division and Sembcorp-SLNG, and the bunkering players in these consortia are Itochu Corporation, Nippon Yusen Kabushiki Kaisha (NYK Line) and Sumitomo Corporation. The two consortia will proceed to conduct engineering, safety and emergency response studies for the proposed Project.

At the next phase, we will select one of the two bidders as the lead developer of the project. The lead developer will develop the end-to-end ammonia solution comprising (i) generating 55 to 65 MW of electricity from imported low- or zero-carbon ammonia via direct combustion in a Combined Cycle Gas Turbine; and (ii) facilitating ammonia bunkering at a capacity of at least 0.1 million tons per annum (MTPA), starting with shore-to-ship bunkering followed by ship-to-ship bunkering. 

Given the nascency of the technology and global supply chains, the Government will work closely with the appointed lead developer to implement the Project. We aim to announce the lead developer by Q1 2025.

The project is part of Singapore’s National Hydrogen Strategy launched in 2022, which outlines Singapore’s approach to develop low-carbon hydrogen as a major decarbonisation pathway as part of the nation’s commitment to achieve net zero emissions by 2050.

A key thrust of this strategy is to experiment with the use of advanced hydrogen technologies that are on the cusp of commercial readiness. Ammonia is currently one of the most technologically-ready hydrogen carriers with an established international supply chain for industrial use.

“If successful, the project will position Singapore as one of the first countries in the world to deploy a direct ammonia combustion power plant and support the development of ammonia bunkering for international shipping, EMA and MPA said.

“This will help to unlock the potential of low-carbon ammonia as a low-carbon fuel.”

 

Photo credit: Manifold Times
Published: 25 July 2024

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LNG Bunkering

China: River-sea LNG bunkering vessel named and delivered in Shanghai

The 14,000 cubic metre ship, “Huaihe Nengyuan Qihang”, was independently developed, designed and built by Hudong-Zhonghua Shipbuilding (Group) for Huaihe Energy Holding Group.

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China: River-sea LNG bunkering vessel named and delivered in Shanghai

China’s river-to-sea LNG bunkering vessel, which was built locally, was named and delivered in Shanghai on Monday (19 July), according to the Shanghai Association of Shipbuilding Industry (SASIC). 

The 14,000 cubic metre (cbm) ship, Huaihe Nengyuan Qihang, was independently developed, designed and built by Hudong-Zhonghua Shipbuilding (Group) Co., Ltd for Huaihe Energy Holding Group as part of China’s "Gasification of the Yangtze River” project.

The ship is capable of travelling through the Nanjing Yangtze River Bridge all year round and has been dubbed a “Customised Yangtze River” LNG refuelling and transportation ship.

The ship is equipped with the B-type LNG containment system independently developed by Hudong-Zhonghua and authorised by a national patent.

According to SASIC, this was the first time such a system has been applied to a domestic LNG  refuelling and transportation ship, marking a major breakthrough in the B-type LNG containment system developed by China with independent intellectual property rights.

Related: China’s first river-sea LNG bunkering ship completes inaugural bunkering operation

Disclaimer: The above article published by Manifold Times was sourced from China’s domestic market through a local correspondent. While considerable efforts have been taken to verify its accuracy through a professional translator and processed from sources believed to be reliable, no warranty is made regarding the accuracy, completeness and reliability of any information.

 

Photo credit: Shanghai Shipbuilding Industry Association
Published: 25 July 2024

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Environment

Singapore-flagged tanker “Hafnia Nile” to be moved to safe location for cargo transfer

“Hafnia Nile” and the Sao Tome and Principe-flagged “Ceres I” collided and caught fire about 55km northeast of Pedra Branca on 19 July.

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Singapore-flagged tanker “Hafnia Nile” to be moved to safe location for cargo transfer

Shipowner Hafnia, the operator of Singapore-flagged tanker Hafnia Nile, is in discussion with The Maritime and Port Authority of Singapore (MPA) on a safe location to transfer the ship’s cargo, MPA said on Wednesday (24 July). 

They are also discussing towage plans for repairs to be approved by MPA.

Hafnia Nile and the Sao Tome and Principe-flagged Ceres I collided and caught fire about 55km northeast of Pedra Branca on 19 July.

“An additional tug with deep-sea towing capacity has arrived on site on 23 July 2024, joining four other tugs equipped with oil response and firefighting capabilities,” MPA said. 

In a meeting with MPA on 23 July, Hafnia informed MPA of light oil sheens near Hafnia Nile

“As part of the towage plan, Hafnia will arrange for repairs, containment and clean-up of the assessed localised seepage,” it added.

Reuters reported Hafnia stating that an initial assessment by a team of specialists conducting inspections of damaged areas of the tanker, showed Hafnia Nile's engine room had suffered damage from the fire.

Hafnia also reportedly said a salvage team has boarded the vessel and transferred equipment from one of the attending tugs on site to contain and stop any localised seepage.

Manifold Times previously reported Ceres 1 allegedly leaving the site of the collision as of 20 July and turned off its Automatic Identification System (AIS) but was believed to be in Malaysian waters.

The Malaysian Maritime Enforcement Agency (MMEA) was able to locate Ceres 1 some 28 nautical miles northeast of Pulau Tioman.

Related: “Ceres 1” goes dark after collision with Singapore-flagged tanker, located by MMEA
Related: MPA: Fire breaks out on two ships near Pedra Branca, search and rescue underway

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 25 July 2024

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