International bunkering firm GP Global (formerly Gulf Petrochem Group) will be claiming approximately $11.6 million from a November 2014 bunker dispute with Petrotec, according to the final Singapore High Court judgement on Friday (6 April).
“[…] since Gulf does not have title to the Surplus Oil, its claims for a delivery up of the Surplus Oil and/or for damages for conversion or detinue are dismissed,” concluded judge Woo Bih Li J.
“Instead, Petrotec is to pay Gulf US$8,123,896.43 as the purchase price of the Surplus Oil.
“In addition, Petrotec is to pay Gulf US$3,447,582.87 as the aggregate amount due and owing under the nine outstanding debit notes. Also, the Guarantors are jointly and severally liable to pay those two sums to Gulf.”
Gulf’s claim against Petrotec was for delivery of 15,309 metric tonnes (mt) of fuel oil (the Surplus Oil) which Petrotec had allegedly received and held on behalf of Gulf.
Petrotec was a Singapore-incorporated company engaged in the business of dealing in marine petroleum products and providing fuel oil delivery services. It was originally set up by Tan Keng Huat, Dennis (Dennis Tan) in 2007 to provide offshore engineering services, and started to deal in fuel oil in 2011.
Dennis Tan also manages Tankoil, a company involved in the ongoing O.W. Bunker/Dynamic Oil trail taking place at an Aalborg Court in Denmark.
Related: Dynamic Oil trial: Lars Moller provides testimony
Photo credit: GP Global
Published: 10 April, 2018
Vietnamese nationals Nguyen Duc Quang, Doan Xuan Than and Dang Van Hanh still currently under detention.
In mid-April, SIL received documents from ING Bank N.V and O.W. Bunker Far East (Singapore) Pte Ltd, to enforce an English Judgment for USD 937,000.
Dan-Bunkering was fined USD 4.56 million; Bunker Holding received a USD 610,000 penalty while its CEO Keld R Demant faces a conditional prison sentence of four months in prison, according to court judgement.
Initial hearing adjourned as Damodara Ong LLC neglected to publish the notice, a legal requirement for the hearing to proceed; the new hearing date is 7 August.
The winding up application filed on 1 July is directed to be heard at the High Court of the Republic of Singapore at 10.00 am on 24 July.
All creditors of the company should file their proof of debt with the liquidator who will be administering all affairs of the company, according to Government Gazette notice.
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Buyers can nominate deliveries on platform and plan operations together with suppliers following ‘one single truth’ concept with all players aware of what has been agreed when and by whom, says DNV spokesman.
Rotterdam’s intention to mandate the usage of MFMs goes down well with licensed bunker supplier VT Group; MFM providers supportive of move but stressed continuous monitoring is needed for optimum performance.
Cost of alternative bunker fuels, bunker operations and technology advancement are some considerations to be examined by the maritime industry, says Neo, director of SDE International Pte Ltd.
Kim Hyung Joon and Han Donghoon were planning to join the Singapore entities of Hartree Group - either Hartree Partners Singapore Pte Ltd or Hartree Marine Fuels - in October, discovered management.
‘When you think of Helmsman on the next occasion, think of us as lawyers with expertise in various fields. Come to us before a problem develops. It’s the process that matters,’ says Tang Chong Jun, Executive Director.
