The Maritime and Port Authority of Singapore (MPA) on Monday (9 December) revoked the bunker supplier licence of Inter-Pacific Petroleum Pte Ltd (Inter-Pacific).
With effect from 9 December 2019, Inter-Pacific will cease to operate as a bunker supplier in the Port of Singapore.
“Inter-Pacific had filed for judicial management at the High Court of the Republic of Singapore and a judicial manager has since been appointed,” it stated.
“With the appointment of the judicial manager, Inter-Pacific has failed to meet the terms and conditions of the bunker supplier licence, leading to the revocation of the licence.”
The development follows MPA’s earlier revocation of Inter-Pacific’s bunker craft operator licence on 15 October 2019 due to bunkering malpractices.
Earlier on Monday, Manifold Times reported the Director of Inter-Pacific Petroleum and its parent company Inter-Pacific Group Pte Ltd (IPG) making ‘clear admission’ to the Singapore branch of Societe Generale that both firms were involved in a fraud.
A timeline organised list of events preceding the current development have been recorded by Manifold Times below:
Related: Director of Inter-Pacific Petroleum ‘has made clear admission’ to fraud, finds court
Related: Co-heads of Trade and Commodities Finance for Asia-Pacific leave SocGen
Related: Inter-Pacific Group, Inter-Pacific Petroleum to hold creditors’ meet
Related: NewOcean detains Singapore-flagged bunker tanker “Pacific Energy 28”
Related: SocGen lawsuit against NewOcean Petroleum dropped, party to counterclaim
Related: MPA revokes Inter-Pacific Petroleum bunker craft operator licence
Related: Magnets on MFMs: Trial starts for former bunker clerk of “Consort Justice
Related: First suspect charged over MFM tampering in landmark case
Related: With nearly $180 million of debt, IPP proposes interim juridical management
Related: Inter-Pacific Group, Inter-Pacific Petroleum under judicial management
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: 9 December, 2019
NMPT called for tenders, and IOCL won the bid by offering the highest minimum volume of bunkers; agreement is to supply 90,000 mt per annum for five years.
‘Digital Twin’ concept does not require hardware on vessel to track bunker fuel consumption and emissions.
Korea Line LNG will focus on providing LNG transport and bunkering services; the new company will be operational from 1 May 2020 onwards.
Vessel operating costs have risen on higher insurance cover premiums and COVID-19 related expenses, but are expected to moderate in subsequent years.
Forms commercial management agreement with Maersk Tankers and joint venture with V.Group to create a new company, both effective 1 April onwards.
This would mark the first time a futures contract in China can be deliverable overseas, and would boost liquidity for the contracts, reports Reuters.
Additional topics of bunker contamination and OCM services discussed at VPS’ Fuel Management Challenges – The Year of 2021 & Beyond webinar on 23 September; Manifold Times summarises the session.
‘The JMs have failed to discharge their duties by blindly helping the Banks mount a false case against the Defendant,’ wrote defence lawyers representing former IPP Director Dr Goh Jian Hian in court statement.
Lead prosecutor Andreas Myllerup Laursen aims for a fine and a prison sentence in the so-called Syria case scheduled to commence in Odense, Denmark on 26 October, writes the Danish publication.
In a modern re-telling of the story of David versus Goliath, local bunker barge owners/charterers successfully resisted claims brought in the Singapore courts by Phillips 66 for misdelivery of bunkers.
Bunker barge owners and operators; traders and suppliers; banks, including players in other countries, will have to re-examine respective operations, advises Helmsman Associate Director Jonathan Tan.
Vopak BL was a non-essential document with no contractual force and had no effect as a contract of carriage or as a document of title, states written Judgement issued by Singapore Court of Appeal.
