The CEO of Singapore-based energy transportation firm Ocean Tankers (Pte) Ltd on Wednesday (15 April) issued a letter to the maritime industry stating its intention to still continue business as usual amidst the debt restructuring of affiliated oil company Hin Leong Trading Pte Ltd.
“We refer to the recent news in the public Domain about Hin Leong Trading Pte Ltd (“Hin Leong”) having appointed advisers in its debt restructuring exercise,” stated Evan Lim in the letter widely circulated within Singapore’s bunkering sector obtained by Manifold Times.
“Please note that the Company is a separate entity from Hin Leong and has not guaranteed the debts of Hin Leong. Kindly be assured that the Company is able to and intends to carry on its business as usual.”
Summary of developments
Hin Leong Trading had a minimum USD 3 billion (SGD 4.25 billion) combined exposure from as much as 10 banks including HSBC Holdings, DBS Group Holdings and OCBC Bank, reported Bloomberg on Wednesday. It noted HSBC having the largest exposure of USD 600 million.
To date, at least two lenders have blocked short term credit facilities to Hin Leong Trading.
Multinational professional services company PricewaterhouseCoopers and legal firm Rajah & Tann have been appointed by Hin Leong Trading as its advisers for negotiations with banks, according to Reuters on Wednesday.
Ocean Tankers affiliated firms
Ocean Tankers is part of a group of companies which include Hin Leong, Universal Terminal, Tuas Terminal, and Ocean Bunkering Services (OBS).
OBS was ranked third in the Maritime and Port Authority of Singapore (MPA) list of top bunker suppliers by volume in 2019.
The local bunkering sector has adapted to IMO 2020 requirements and LSFO is now available at more than two earlier locations, notes bunker supplier Trillion Energy.
Claiming USD 108,887.87 for the supply and delivery of 310.00 mt of low sulphur marine gas oil at the Port of Jeddah on or about 23 February 2020.
A sanitisation expert offers Manifold Times a summary of the processes involved in disinfecting a ship together with the equipment and products used in the operation.
‘As the saying goes without people buying things, manufacturing will slow, trade will also slow and shipping movements slows down. It’s a whole chain of reaction,’ says Simon Neo.
Laboratory looking to collaborate with Singapore bunker surveyors to roll out COVID 19 testing service, which has been successfully adopted by land-based industries, to the maritime sector.
Sinfeng Marine Services filed an application to the Court of Appeal to withhold information from the liquidators on October 2019; the appeal was dismissed a month later.