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Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market

02 Jan 2019

The following news was published by Singapore bunkering publication Manifold Times at 4:00 pm (Singapore time) on Wednesday 2 January.

Several Singapore-registered bunker tankers owned by Singapore-based Heng Tong Fuels & Shipping Pte Ltd and medium range (MR) tankers Coastal Logistics Pte Ltd have entered the sale & purchase (S&P) market, learns Manifold Times on Wednesday.

A source from Heng Tong Fuels & Shipping confirmed the above development.

The bunker tankers Coastal Saturn (IMO: 9628805), Coastal Jupiter (IMO: 9644940), Coastal Neptune (IMO: 9644952), and Coastal Mercury (IMO: 9628790) are owned by Heng Tong Fuels & Shipping.

The MR tankers Babylon (IMO: 9798296) and Atalanta (IMO: 9709362) are owned by Coastal Logistics.

“The most recent Annual Returns available from the Singapore corporate registry state that both Heng Tong Fuels & Shipping Pte Ltd and Coastal Logistics Pte Ltd are ultimately held by Coastal Corporation Limited,” Simon Millar, Managing Analyst, Platts Ocean Intelligence told Manifold Times.

“Coastal Corporation Limited is a Cayman Islands company with a registered place of business in Hong Kong. Although the Cayman Islands is a limited-disclosure jurisdiction that does not reveal shareholder identities, the Singapore Annual Returns for Heng Tong Fuels & Shipping Pte Ltd and Coastal Logistics Pte Ltd highlight that Tan Sing Hwa and Yeung Wing Sing have a financial interest in Coastal Corporation Limited.

“The most recent Annual Return for Coastal Oil Singapore Pte Ltd states that its ultimate holding company is Coastal Holdings Limited of Hong Kong, which is owned by Tan Sing Hwa and Yeung Wing Sing.

“We also note that Tan Sing Hwa and Yeung Wing Sing serve as Directors of Heng Tong Fuels & Shipping Pte Ltd, Coastal Logistics Pte Ltd, Coastal Oil Singapore Pte Ltd, Coastal Corporation Limited and Coastal Holdings Limited.”

The total valuation of the above bunker tankers (Coastal Saturn, Coastal Jupiter, Coastal Neptune, Coastal Mercury) is approximately US $20.3 million, according to the Claritecs Asset Management solution developed by PIER71 Smart Port Challenge finalist Claritecs Pte Ltd.

Coastal Oil (Singapore) on 13 December filed for liquidation as part of a creditors’ voluntary winding up operation.

It last held a creditor’s meeting on December 28, 2018.

Related: Coastal Oil Singapore to hold creditors meeting on 28 Dec
RelatedBreaking news: Coastal Oil Singapore under liquidation
Other related: Claritecs showcases bunker and shipping IT solutions in debut at SIBCON
Other related: CLARITECS BunkerMAESTRO system in top three of PIER71 Smart Port Challenge

Published: 2 January, 2019

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