Singapore bunker supplier Inter-Pacific Petroleum Pte Ltd (IPP) and its parent company Inter-Pacific Group Pte Ltd on Friday (16 August) filed for judicial management at the High Court of the Republic of Singapore.
Both firms have appointed Deloitte & Touche LLP as their Judicial Managers, according to documents seen by Singapore bunkering publication Manifold Times.
The appointment of Judicial Managers allows for “a more advantageous realisation of the Company’s assets than would be effected by a winding-up.”
A pre-trial conference on 5 September, 2019 has been organised regarding the development.
The bunker craft operator licence of IPP has been temporarily suspended by the Maritime and Port Authority of Singapore (MPA) since 27 June.
Former crew members of a Singapore-flagged bunker tanker (IMO 9199701) chartered by IPP, now renamed as Fragrance, are in the middle of trials at the State Courts of Singapore over tampering of a mass flowmeter.
Dr Goh Jin Hian, Director of IPP, earlier told Manifold Times that, “it was premature for MPA to have suspended” IPP’s bunker craft operator licence.
Related: Magnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
Related: IPP responds to temporary suspension of bunker craft operator licence
Related: MPA temporarily suspends IPP bunker craft operator licence
Related: Singapore: Bunker Cargo officer, crew face charges over alleged MFM tampering
Photo credit: Manifold Times
Published: 26 August, 2019
Singapore-based firm was awarded the certificate for CARBON LENS system that analyses and records flow of emitted CO2 from each stack of a vessel quickly and accurately.
Development includes price discovery for additional bunker ports across Asia, Europe and the Americas.
With the IMO 2020 regulations requiring 0.5% emissions from marine vessels, ENOC said it sees further growth for its high-end lubricants in the Spanish region.
Bonded bunkering enterprises will need to meet six conditions, including operation of bunkering vessels of not less than 1,000 dwt, oil storage facilities, etc.
This represents another step by Vitol to address the supply requirements of strategic marine customers in key Middle Eastern locations, said the firm in a statement.
Write down based on mid and long-term prices, refining margin outlook post COVID-19, related macroeconomic energy market demand and supply fundamentals.
‘MFMs will continue to have a place within the bunkering sector even when the shipping industry continues to adopt new types of marine fuels, such as LNG, biofuel, methanol, ammonia and hydrogen,’ states spokesman.
Current ISO 8217 bunker fuel standard not comprehensive enough for biofuels; National Mirror Committee working with local players to develop more comprehensive biofuels standard for Singapore, says Capt. Rahul.
‘There are some important differences between VLSFO and biofuels, and as a result, parties should consider whether additional changes should be made to biofuel bunker contracts,’ says Paul Collier.
Quek Rong Hong first joined Shell sometime in 2005 and had held the position of Blending Specialist from November 2017. At the time of arrest, his monthly basic salary was about SGD 4,300, showed documents.
Glencore previously commenced Singapore International Arbitration Centre Emergency Applications against Straits Pinnacle but those applications were dismissed, according to documents obtained by Manifold Times.
Captain Segar, MPA Assistant Chief Executive, Operations, to be also joining IBIA for the game where proceeds will be channelled into an IBIA Bursary Fund for supporting students to obtain a maritime studies degree.
