UAE-based oil and bunkering firm GP Global on Monday (20 July) said it has undertaken a financial restructuring exercise to combat the challenges that have arisen due to a global economic meltdown amid the ongoing Covid-19 pandemic.
“While there are several rumours about the financial condition of our group floating around, we would like to reiterate to and assure our partner and stakeholders, that as a highly reputed organisation we are being targeted by vested interests who do not wish to see us succeed and grow higher and higher,” said GP Global in an official release.
The group strongly denies all such rumours and claims it is being made a victim of blatant lies, by spreading of totally false and factually inaccurate information by these vested interests.
“We would also like to inform that while we are constantly seeking finance lines to fund our trade, we were unable to get full support from a few financial institutions recently,” the company added.
“And therefore as a prudent decision, we have undertaken this restructuring exercise which is envisaged to be completed in next few months.”
The company noted it is confident of attracting new investment in its high-value assets, a move that will help tide away from the current tight cash position, which puts it in the same position as many other surviving peers in the global trading industry.
GP Global added that it will continue to execute trades and its bunkering business, both east and west of Suez, is performing well despite the current financial headwinds faced by the industry.
“We will further strengthen this flagship vertical of ours as we tie-up new refinancing lines for the same,” it said.
“Finally, we would like to thank all our supporters in this industry who have stood steadfast with us in these difficult times and assure them that we value their support and faith in GP Global Group and will always ensure that the trust remains intact.”
Photo credit: GP Global
Published: 21 July, 2020
Tan Wee Beng, a director and significant shareholder of Wee Tiong (S) Pte Ltd, now wanted by the FBI.
The company employs its articulated barge at fairway anchorages and lightering zones; Gulf Carrier can carry 83,000 bl of fuel and has four pumps.
Production of fuel oil for the export market, especially bunker streams and LSFO, reached an average of 295 kbpd in Q1 2020, an 18.5% increase from 4Q 2019.
To deploy collection vessel and build facility at port after completing feasibility study for financial plans.
Iraq firm poised to deliver MARPOL 2020 compliant fuel to its customers from October 2019 onwards.
Firm decided to maintain current prices the measure to recover from high oil prices, it says.
Caroline Yang, President of SSA, addresses issues earlier raised by players; including PMC No. 04, the seven-day restriction, contactless bunkering, sampling point, hose connection, and more.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
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.
