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High Court of Hong Kong orders winding up of NewOcean Energy Holdings Limited

Development follows the winding up petition against NewOcean filed by Kuwait Petroleum Corporation in Hong Kong on 12 April 2022 due to overdue payments for LPG supply.

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Hong Kong-listed NewOcean Energy Holdings Limited on Monday (15 August) said the High Court of Hong Kong on 8 August ordered the company to wind up.

This is following a winding up petition filed by Kuwait Petroleum Corporation (KPC) against the embattled company in Hong Kong on 12 April 2022.

According to an earlier NewOcean stock exchange filing published on May 13 2022, KPC was a liquefied petroleum gas (LPG) supplier for NewOcean’s wholly owned subsidiary Sound Agents Limited since 2011. 

NewOcean entered into sale and purchase agreements with KPC, including sale and purchase agreements dated 5 September 2019 and 2 March 2020. Under these contracts, NewOcean was to pay KPC for LPG supplies through an irrevocable documentary letter of credit.

However, in 2020, “the company’s bankers abruptly terminated credit lines to the company and its various subsidiaries, causing the company to default in paying KPC the penalties for breach of contracts as it was unable to issue letters of credit.”

The petition was scheduled to be heard at the Hong Kong High Court on 15 June 2022. 

NewOcean’s business segments include the sales and distribution of LPG, sales of electronic products, and its oil products business that includes its bunkering business.

In a separate case, the Court of Appeal for Bermuda on 26 July ordered NewOcean to wind up, while several individuals were ordered to continue acting as the Joint Provisional Liquidators of the company. 

This is following its battle against a winding up petition filed by Hongkong Shanghai Banking Corporation (HSBC). It was alleged in the winding up petition that the company had failed to satisfy the petitioner a total indebtedness in the sum of HKD 5,433,659.12 (USD 698,274) and USD 70,802,320 totalling approximately USD 71.5 million. 

Related: NewOcean receives winding up petition from HSBC over alleged USD 71.5 million debt
Related: NewOcean announces change of authorised representatives
Related: Court of Appeal for Bermuda orders winding up of NewOcean Energy Holdings Limited
Related: NewOcean announces change of address of HK Branch Share Registrar and Transfer office
Related: NewOcean: Winding up petition proceedings in court adjourned to 2 September
Related: NewOcean delays release of FY 2021 results, ‘catastrophic credit freeze’ amongst reasons
Related: NewOcean: Winding up petition proceedings in court adjourned to 27 July
Related: Hong Kong Stock Exchange issues trading resumption guidance to NewOcean Energy
Related: NewOcean appoints law firm to oppose petition at 15 June hearing
Related: NewOcean warns of trading halt of company shares on HKSE from 1 April onwards
Related: NewOcean delays release of FY 2021 results, postpones AGM to Sep 2022
Related: NewOcean Energy auditor tender resignation over disagreement of FY 2021 audit fee
Related: NewOcean company secretary and authorised representative resigns on HQ relocation
Related: NewOcean Energy loses second Executive Director on HQ relocation to China
Related: NewOcean Energy HQ relocates to mainland China, Executive Director resigns
Related: NewOcean Energy officially begins ‘soft touch’ debt restructuring process
Related: NewOcean Energy reshuffles lineup of Independent Non-executive Directors
Related: NewOcean Energy defends against HSBC winding up petition, secures time for debt restructuring
Related: NewOcean: Winding up petition proceedings at Bermuda court to continue on 14 December
Related: NewOcean Energy Holdings forecasts 87% decrease net loss on year for 1H2021
Related: NewOcean posts USD 479 million FY 2020 loss; possible downsize of oil business
Related: NewOcean Energy delays release of 2020 financial results; to be published by end June
Related: NewOcean appoints Crowe as new auditors; replaces Deloitte Touche Tohmatsu
Related: NewOcean creditor scheme meeting dates at courts now ‘unrealistic’; delayed till further notice
Related: NewOcean auditors resign due to significant outstanding documents & information
Related: NewOcean revises creditor scheme meeting dates at Hong Kong, Bermuda Courts due to ‘substantial’ amendments
Related: NewOcean records USD 304.3 million loss, portion of SG bunkering business to remain
Related: NewOcean Energy issues USD 304.8 million net loss warning ahead of FY 2020 results
Related: NewOcean proposal to adjourn court scheme meeting approved by creditors
Related: NewOcean creditors meeting application granted by Supreme Court of Bermuda
Related: NewOcean planning creditors meeting, foundation of debt restructuring plan laid out
Related: NewOcean records USD 174 million 1H 2020 loss; Singapore bunkering business remains
Related: NewOcean Energy publishes profit warning to shareholders ahead of 1H 2020 results
Related: NewOcean Energy records 66% bunker sales jump to 4.5 million mt in FY 2019

 

Photo credit: NewOcean Energy Holdings Limited
Published: 16 August, 2022

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Biofuel

Ulsan Port aims to become leading bio bunker fuel supply hub in Northeast Asia

UPA’s Director Byeong-gu Kim unveiled comprehensive plans to promote marine biofuel adoption centered on Ulsan Port at 2nd Forum on the Commercialization of Biofuels for Maritime Vessels in Seoul.

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Ulsan Port aims to become leading bio bunker fuel supply hub in Northeast Asia

Ulsan Port Authority (UPA) on Thursday (24 April) said it is looking to position the port as a leading biofuel supply hub in Northeast Asia. 

UPA, Korea’s port operator for energy and petrochemical logistics, emphasised its strategic role in building a stable marine biofuel supply chain aligned with tightening global regulations.

UPA's Director Byeong-gu Kim unveiled comprehensive plans to promote marine biofuel adoption centered on Ulsan Port at a recent biofuel forum in Seoul, highlighting the port's strategic advantages including its world-class petrochemical infrastructure, extensive storage facilities, and specialised handling expertise.

The presentation showcased UPA's commitment to developing the necessary facilities and operational frameworks to become Northeast Asia's “premier biofuel bunkering destination”.

“As IMO environmental regulations intensify, Ulsan Port Authority is strategically positioned to lead the transition to alternative fuels,” stated UPA President Jae-young Byeon. 

“Marine biofuels represent a practical alternative that can be implemented immediately without requiring new vessel construction or retrofitting. UPA will continue to strengthen port-centered biofuel supply networks and create a competitive eco-friendly marine fuel market through our advanced infrastructure and technical expertise.”

Chief Executive of the Korea Maritime Cooperation Center (KMC), Hong Sun-bae, emphasised that “the strategic partnership between the shipping industry and the logistics sector has become more important than ever in this era of climate-friendly economic transition.”

The 2nd Forum on the Commercialisation of Biofuels for Maritime Vessels, hosted by the Ministry of Oceans and Fisheries and co-organized by UPA and KMC, drew around 300 key stakeholders from across the shipping, energy, terminal, shipbuilding, and finance sectors. 

The event underscored the increasing urgency of eco-friendly fuel adoption, following the International Maritime Organization (IMO)'s approval of mid-term greenhouse gas reduction measures.

Expert sessions featured actionable insights and market intelligence from key players in the maritime and energy sectors: 

  •     Key outcomes from the 83rd Marine Environment Protection Committee (MEPC83) by Team Leader Dae-jung Hwang of KMC
  •     Biofuel utilisation and demonstration cases by Manager Dae-sik Seo of HMM
  •     Current usage status and challenges of B100 biofuel by Manager Min-guk Jang of G-Marine Service
  •     Market outlook for marine biofuels by Chief Surveyor Jae-hoon Lim of DNV
  •     Case studies of biofuel applications for marine engines by Team Leader Jae-yup Seo of HD Korea Shipbuilding & Offshore Engineering
  •     Global marine biofuel market trends and bunkering developments by Senior Manager Yul-kyung Hong of Hyundai Fuels

 

Photo credit: Ulsan Port Authority
Published: 25 April, 2025

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Shipping Corridor

SFOC report proposes green methanol-fuelled Korea-Europe shipping corridor

Corridor will run between Pyeongtaek Port—the largest hub for automobile imports and exports in South Korea—and major European ports of Bremerhaven, Antwerp, Zeebrugge, and Southampton.

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SFOC report proposes green methanol-fuelled Korea-Europe green shipping corridor

Korean non-government organisation Solutions for Our Climate (SFOC) on Wednesday (23 April) released a report proposing the establishment of a green methanol-fuelled South Korea-Europe shipping corridor. 

The proposed corridor will run between Pyeongtaek Port—the largest hub for automobile imports and exports in South Korea—and major European ports of Bremerhaven, Antwerp, Zeebrugge, and Southampton, presenting strategic pathways for the decarbonization of the maritime sector.

South Korea has announced its “Greenship-K Program” to accelerate the adoption of eco-friendly vessels and set a national goal to achieve a 100% reduction in greenhouse gas (GHG) emissions from shipping by 2050.

Focusing on a green methanol-fuelled Pure Car and Truck Carrier (PCTC) operation model, the report quantitatively assessed the potential for greenhouse gas reduction along key routes. Notably, the Bremerhaven–Pyeongtaek route alone is estimated to reduce more than 1.4 million tonnes of CO₂ emissions annually, given its high cargo volume.

The report proposed the adoption of green methanol as the primary fuel for the corridor, with a long-term goal to transition toward e-methanol. This shift is expected to reduce CO₂ emissions by more than 70% compared to conventional fossil fuel use.

Beyond fuel switching, the report emphasised the importance of securing a stable green fuel supply chain, establishing supportive legal and institutional frameworks, and fostering close public-private cooperation among shipping companies, cargo owners, port operators, and fuel suppliers to make the corridor a viable reality.

“With these foundational elements in place, Pyeongtaek Port is well positioned to become the starting point of Korea’s transition toward a decarbonised maritime sector,” SFOC said. 

Note: The full report by SFOC can be viewed here and it is also available in Korean here.  

 

Photo credit: Solutions for Our Climate
Published: 25 April, 2025

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Biofuel

MASH Makes powers first vessel trial with bio bunker fuel from carbon-negative process

NORDEN and MASH Make completed the world’s first commercial vessel trial using B20 blend produced from a carbon-negative process; vessel operated on a roundtrip voyage from Singapore to Brazil.

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MASH Makes powers first vessel trial with bio bunker fuel from carbon-negative process

Global shipping company DS NORDEN and renewable energy company MASH Makes on Thursday (21 April) successfully completed the world’s first commercial vessel trial using biofuel produced from a carbon-negative process. 

The vessel operated on a roundtrip voyage from Singapore to Brazil, successfully using 65 tonnes of fuel blend with 20% MASH Makes biofuel in its auxiliary engine.

“This trial proves that MASH Makes’ biofuel is suitable for marine engines, and it marks an important milestone towards bringing the fuel into our operation,” said Henrik Røjel, Head of Decarbonisation and Climate Solutions, NORDEN.

The trial demonstrated that MASH Makes’ biofuel is technically a drop-in fuel, compatible with existing systems and capable of reducing reliance on fossil fuels in specific marine applications. 

The results point to a practical path for shipowners to cut emissions without waiting for new infrastructure.

If the new agreement by the International Maritime Organization (IMO) to cap and price excess emissions globally is ratified in October 2025, MASH Makes offers a solution that enables shipowners to start significantly reducing their emissions well before the agreement takes effect in 2028.

“Our biofuel meets the technical requirements of the shipping industry and can be used in unmodified engines. It’s a seamless, scalable alternative ready to cut emissions today,” said MASH Makes CEO Jakob Bejbro Andersen.

Unlike emerging fuels like green hydrogen or ammonia, which require new infrastructure, MASH Makes biofuel integrates directly with existing systems.

NORDEN acquired a minority stake in MASH Makes in 2023 to strengthen its future supply of renewable fuels. Since the acquisition, the two companies have worked closely together to validate the biofuel for marine usage. 

 

Photo credit: DS NORDEN
Published: 25 April, 2025

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