In its efforts to repay debt of USD 3.5 billion, Hin Leong Trading has reportedly sold off a third of its fleet of 150 vessels, reports Reuters.
Xihe Holdings, another Lim family entity, owns a majority of vessels in their fleet. Xihe Holdings is currently under judicial management and its court-appointed supervisor Grant Thorton, reportedly placed several vessels for sale in September 2020.
Xihe Capital owns the remainder of the fleet and is currently being wound up.
Reportedly, the vessels have been sold for $2 million to $3 million apiece for coastal barges and $30 million each for very large crude carriers (VLCCs) and buyers include Greek ship owners.
The balance of the vessels are expected to be sold by late 2021, although it is noted some vessels are tied up in various lawsuits with counterparties trying to lay claim to the cargoes onboard.
Singapore-based port operator Jurong Port will reportedly be taking over the Lim family’s shares of Universal Terminal and a Lim family owned lubricant plant in Singapore is also being sold
In February, Hin Leong Trading’s judicial managers filed for a winding up order and a hearing has been scheduled for 10.00 am, Monday, 8 March 2021.
Related: Xihe Holdings supervisor to place seven tankers for sale in an attempt to repay creditors
Related: Judicial Managers of Hin Leong Trading Pte Ltd file for winding up order
Related: Petition to place Xihe Capital subsidiaries under judicial management approved
Related: Xihe Holdings files for judicial management and winding up of Xihe Capital subsidiaries
Photo credit: Xihe Group
Published: 2 March, 2021
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