A pre-trial conference between lawyers representing Singapore-based bunker tanker owner Heng Tong Fuels & Shipping Pte Ltd (HTFS) and financial institution DBS Bank Ltd took place at the Singapore High Court on Thursday (14 February).
The legal representatives met to discuss a loan agreement entered on 12 April 2012 which saw HTFS borrow up to a total of US $10.4 million for the construction of 4,999 dwt bunker tankers Coastal Neptune and Coastal Jupiter at a Guangzhou Hangtong Shipbuilding and Shipping Co Ltd shipyard, show legal documents obtained by Manifold Times.
The bank was seeking payment of US $3.6 million (exact: US $3,592,731.94), not including interest and other administrative charges, from corporate guarantors Coastal Oil Holdings Pte Ltd and Coastal Holdings Limited, and personal guarantors Tan Sing Hwa and Yeung Wing Sing.
The corporate and personal guarantors entered into an arrangement with DBS Bank on 4 June 2018 to pay HTFS’s remaining debt for both bunker tankers.
However, the bank had not received any payment from both corporate and personal guarantors after Coastal Oil Singapore Pte Ltd, a subsidiary of Coastal Oil Holdings Pte Ltd, was later placed under provisional liquidation on 13 December 2018.
A complete coverage of the events leading to the current development has been arranged by Singapore bunker publication Manifold Times (in descending date order) below:
Related: Coastal Logistics owned MR tanker "Babylon" arrested
Related: Fraud suspected in Coastal Oil Singapore case, says COSCO
Related: Coastal Oil Singapore: Creditor list surfaces in bunker market
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Coastal Oil Singapore creditors meeting scheduled on 10 Jan
Related: Coastal Oil Singapore in US $380 million debt to at least 10 banks
Related: Singapore: Coastal Logistics owned MR tanker "Atalanta" arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market
Related: Coastal Oil Singapore to hold creditors meeting on 28 Dec
Related: Breaking news: Coastal Oil Singapore under liquidation
Published: 15 February, 2019
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