Business

Hin Leong Trading liquidates a third of its fleet to recover USD 3.5 billion debt

Xihe Holdings supervisor put the vessels on the market in September 2020 and the balance of the fleet is expected to be sold by end 2021, reports Reuters.

Published

5 years ago

March 2, 2021

Admin

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.

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

Newbuilding

CMA CGM names second 24,000 TEU LNG dual-fuel ULCS

Group’s latest ship, “CMA CGM PANTHEON”, the sister ship to “CMA CGM NOTRE DAME”, has joined the company’s fleet under the French flag.

Published

8 minutes ago

July 24, 2026

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CMA CGM names second 24,000 TEU LNG dual-fuel ULCS

French shipping giant CMA CGM on Wednesday (22 July) said it has recently named the second ship in a series of 24,000 TEU liquefied natural gas (LNG) dual-fuel ultra-large container ships (ULCS).

The Group’s latest ship, CMA CGM PANTHEON, the sister ship to CMA CGM NOTRE DAME, has joined the company’s fleet under the French flag.

During the ceremony, the vessel was welcomed by her Master, Captain Benoit LE DREAU, and her godmother, Ms. Xiao Wang, Director of Programming & Screening at the Shanghai International Film Festival, following maritime tradition.

“Soon to operate on the FAL1 service connecting Asia with Europe, CMA CGM PANTHEON embodies our commitment to supporting global trade while accelerating the energy transition in shipping,” the company said in a social media post.

Photo credit: CMA CGM
Published: 24 July, 2026

Methanol

VARD to build methanol-ready maintenance vessels for Trinity House

Future-proofed for the maritime energy transition, the vessels are designed with the capability for conversion to methanol fuel, an optimised hull design and highly efficient propulsion equipment.

Published

11 minutes ago

July 24, 2026

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VARD to build methanol-ready maintenance vessels for Trinity House

VARD, a subsidiary of the Fincantieri Group and shipbuilder of specialised vessels, on Wednesday (22 July) announced that it has been awarded a contract with the British maritime safety and welfare organisation Trinity House for two multi-function Buoy and Lighthouse maintenance vessels.

Future-proofed for the maritime energy transition, the vessels are designed with the capability for conversion to methanol fuel, an optimised hull design and highly efficient propulsion equipment.

The vessels for Trinity House feature a hybrid propulsion system and can operate fully on battery power while alongside, at anchor and for limited duration during dynamic positioning and transit. The battery system also provides peak shaving and spinning reserve support to the main generators, minimising fuel consumption, emissions and environmental impact.

These are the first two vessels VARD has signed of its kind. The value of the contract exceeds EUR 220 million.

The two multi-function Buoy and Lighthouse maintenance vessels are of VARD 9 601 design, designed by Vard Marine Inc in Canada in collaboration with Vard Design in Norway.

VARD was awarded the contract following a public tender. The two new vessels will replace the ageing THV Patricia and THV Galatea and are part of Trinity House’s plans to renew their fleet of three vessels.

Trinity House is a maritime safety and welfare organisation that works for the benefit and safety of all mariners as a General Lighthouse Authority and maritime charity. As the General Lighthouse Authority for England, Wales, the Channel Islands and Gibraltar, it operates marine aids to navigation that are critical to the safety of ships and seafarers.

Photo credit: VARD
Published: 24 July, 2026

Winding up

Singapore: Notice of intended dividend issued for Xihe Holdings’ subsidiaries

Creditors will need to produce proofs of debt to liquidators of Da Xin Tankers and Nan Chiau Maritime by 5 August, according to Government Gazette notice.

Published

22 hours ago

July 23, 2026

Admin

Two notices to declare the intended dividend of Xihe Holdings’ subsidiaries to their creditors have been posted on the Government Gazette on Wednesday (22 July).

The subsidiaries are Da Xin Tankers Pte Ltd and Nan Chiau Maritime Pte Ltd.

The following are the details of the notices of intended dividend:

Name of Company : Da Xin Tankers (Pte) Ltd (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 198400895W
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Last Day for Receiving Proofs : 5 August 2026 at 5:00 pm by email to [email protected]
Name of Liquidators : Paresh Tribhovan Jotangia and Ho May Kee
Address : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960

Name of Company : Nan Chiau Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No.: 200814296Z
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Last Day for Receiving Proofs : 5 August 2026 at 5:00 pm by email to [email protected]
Name of Liquidators : Paresh Tribhovan Jotangia and Ho May Kee
Address : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960

Photo credit: steve pb from Pixabay
Published: 23 July, 2026