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
Other Xihe Holdings related coverage can be found in the search result here and other Hin Leong Trading related coverage can be found here.
Photo credit: Xihe Group
Published: 2 March, 2021
In addition to eight new orders, the company is completing 25 existing LNG system orders while setting up new procedures and protocol amidst COVID-19.
Through ‘exclusive deal’ with Port of Canakkale enabling new supply option at Turkish Straits.
The 4,600 dwt tanker is built in 2010 and has a mixed fuel oil and gasoil capacity of 4,300 cubic metres.
The aim of implementing the license is to also promote transparency and reduce dispute cases as seen in the ports of Singapore and Gibraltar, said the port authority.
‘Quality and Integrity remain our key pillars and we aim to keep improving and widening our services and reach for our esteemed clients,’ said statement.
St. Croix is strategically located along all major shipping lanes servicing US crude import & export markets as well as the regional markets, said Bunker One.
Significant uptick in the number of quality claims being alleged by ship owners has also been seen since the implementation of contactless bunkering operations, notes Partner at Rajah & Tann.
‘The launch of our company website signifies the readiness of Singfar to engage with relevant stakeholders to achieve our mission of enabling sustainable trade,’ Managing Director tells Manifold Times.
Associate Director at Helmsman highlights the need to stay up-to-date with latest protocols / measures introduced by MPA, with continuous education of Master and crew of the visiting vessel.
BunkerPlanner Lite is an attempt to educate professionals engaged in bunker decisions about the use of advanced technology in the decision process, explains BunkerMetric CEO Christian Plum.
Senior Associate at Clyde & Co offers guidance to protect shipowners and bunker tanker operators in the event opposing counterparty breaches Covid-19 protocols, resulting in Covid-19 transmission.
Having a surveyor’s watchful eye to detect illegal activities also sends a strong signal to barge and vessel crew not to undertake any intended non-compliance, states VPS Senior Sales Manager.
