Connect with us

Business

NewOcean creditor scheme meeting dates at courts now ‘unrealistic’; delayed till further notice

‘The Company will make further announcement if and when there is material development in relation to the New Court Scheme,’ it says in statement.

Admin

Published

on

New Ocean Energy 1

Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean) on Monday (3 May) stated it will be delaying the scheduled creditor scheme meeting dates at the Hong Kong Court and the Bermuda Court till further notice.

Earlier in April, the company said it is rescheduling dates for hearings of its current court schemes, earlier scheduled to take place on 16 April, at the Hong Kong Court and the Bermuda Court to 7 May 2021 and 16 June 2021 respectively due to further amendments with creditors.

“Since several of the major terms and conditions of the New Court Scheme are still under negotiation between the Company and the major Scheme Creditors, the scheduled dates for the leaving hearing and sanction hearing of the New Court Scheme on 7 May 2021 and 16 June 2021 respectively becomes unrealistic,” it now states.

“Therefore, the Company applied to the Hong Kong Court to vacate those scheduled dates and further necessary application on leaving hearing and sanction hearing would be filed upon the completion of the New Court Scheme. The approval to vacate the Scheduled Dates has been granted by the Hong Kong Court on 3 May 2021.”

NewOcean, which operates an oil bunkering business, on 31 March reported net loss of HKD 2.366 billion (USD 304.3 million) for FY 2020.

Singapore bunkering publication Manifold Times in late April reported Deloitte Touche Tohmatsu (Deloitte) resigning as auditor of the Company with effect from 29 April 2021 due to outstanding significant supporting documents and information.

Related: NewOcean auditors resign due to significant outstanding documents & information
Related: NewOcean revises creditor scheme meeting dates at Hong Kong, Bermuda Courts due to ‘substantial’ amendments
Related: NewOcean records USD 304.3 million loss, portion of SG bunkering business to remain
Related: NewOcean Energy issues USD 304.8 million net loss warning ahead of FY 2020 results
Related: NewOcean proposal to adjourn court scheme meeting approved by creditors
Related: NewOcean creditors meeting application granted by Supreme Court of Bermuda
Related: NewOcean planning creditors meeting, foundation of debt restructuring plan laid out
Related: NewOcean records USD 174 million 1H 2020 loss; Singapore bunkering business remains
Related: NewOcean Energy publishes profit warning to shareholders ahead of 1H 2020 results
Related: NewOcean Energy records 66% bunker sales jump to 4.5 million mt in FY 2019

Photo credit: NewOcean Energy Holdings Limited
Published: 4 May, 2021

Continue Reading

Environment

Singapore, Indonesia and Malaysia conduct table-top exercise to strengthen oil spill response

Exercise focused on several aspects including collaboration between government agencies and oil spill response firms to optimise oil spill response resources for incidents in Straits of Malacca and Singapore.

Admin

Published

on

By

The Maritime and Port Authority of Singapore (MPA) on Tuesday (11 February) conducted a table-top exercise (TTX) with Indonesia and Malaysia to enhance regional coordination and strengthen response capabilities for oil spills. The exercise brought together over 20 representatives from MPA, Indonesia’s Directorate General of Sea Transportation, Malaysia’s Environment Department, and oil spill response experts from ITOPF. As part of Singapore’s chairmanship of the Revolving Fund Committee (RFC) from April 2022 until March 2027, MPA led the TTX to foster collaboration between the littoral States of Indonesia, Malaysia and Singapore. The RFC, established through a memorandum of understanding (MOU) between the three littoral States and the Malacca Strait Council (MSC) in 1981, is a funding mechanism allowing each littoral State to draw cash advance from the Fund to combat oil spill from ships in the Straits of Malacca and Singapore (SOMS). The exercise focused on coordination procedures to ensure swift and clear communication between the littoral States during an oil spill incident, rapid deployment of oil spill response assets by the littoral States, and collaboration between government agencies and oil spill response companies to optimise oil spill response resources for incidents in the SOMS. The response strategies and asset deployment plans tested during the TTX will be exercised during a Ground Deployment Exercise between the three littoral States and ITOPF in 2026. Photo credit: Maritime and Port Authority of Singapore Singapore, Indonesia and Malaysia conducts table-top exercise to strengthen oil spill response

The Maritime and Port Authority of Singapore (MPA) on Tuesday (11 February) conducted a table-top exercise (TTX) with Indonesia and Malaysia to enhance regional coordination and strengthen response capabilities for oil spills. 

The exercise brought together over 20 representatives from MPA, Indonesia’s Directorate General of Sea Transportation, Malaysia’s Environment Department, and oil spill response experts from ITOPF.

As part of Singapore’s chairmanship of the Revolving Fund Committee (RFC) from April 2022 until March 2027, MPA led the TTX to foster collaboration between the littoral States of Indonesia, Malaysia and Singapore. 

The RFC, established through a memorandum of understanding (MOU) between the three littoral States and the Malacca Strait Council (MSC) in 1981, is a funding mechanism allowing each littoral State to draw cash advance from the Fund to combat oil spill from ships in the Straits of Malacca and Singapore (SOMS).

The exercise focused on coordination procedures to ensure swift and clear communication between the littoral States during an oil spill incident, rapid deployment of oil spill response assets by the littoral States, and collaboration between government agencies and oil spill response companies to optimise oil spill response resources for incidents in the SOMS.

The response strategies and asset deployment plans tested during the TTX will be exercised during a Ground Deployment Exercise between the three littoral States and ITOPF in 2026.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 12 February, 2025

Continue Reading

LNG Bunkering

South Korea’s HJSC scores LNG bunkering vessel order from H-Line Shipping

HJ Shipbuilding & Construction has secured its first order of the year with a contract worth KRW 127.1 billion (USD 87.6 million) to build an 18,000㎥ LNG bunkering vessel for H-Line Shipping.

Admin

Published

on

By

South Korean HJSC scores LNG bunkering vessel order from H-Line Shipping

HJ Shipbuilding & Construction (HJSC) has secured its first order of the year with a contract worth KRW 127.1 billion (USD 87.6 million) to build an 18,000㎥ LNG bunkering vessel for H-Line Shipping. 

The contracted vessel is a large-scale LNG bunkering ship measuring 144 meters in length, 25.2 meters in width, and 12.8 meters in depth. It is capable of supplying up to 18,000㎥ of LNG in a single operation to LNG-fuelled ships. 

Equipped with two independent LNG tanks certified by the International Maritime Organization (IMO), the vessel features a dual-fuel propulsion system that allows it to operate on both eco-friendly LNG and marine diesel oil. This advanced system ensures both stability and operational efficiency while effectively reducing carbon emissions.

Yoo Sang-cheol, CEO of HJSC, said, “As global LNG demand and supply continue to grow, the LNG bunkering vessel market will see steady expansion.” 

“We will focus on strengthening our expertise in building eco-friendly, high-value-added ships, securing a competitive edge that aligns with our legacy as a leader in shipbuilding.”

This achievement follows the company's success in 2014 when it built the world’s first 5,100㎥ LNG bunkering vessel for Japan’s NYK Line.

“This accomplishment also reinforces South Korea’s shipbuilding industry's efforts to enhance competitiveness by securing high-efficiency, environmentally friendly vessels in the global market,” HJSC said. 

“Notably, with the anticipated expansion of oil and natural gas drilling and the resumption of LNG exports under the second Trump administration in the US, the market for crude oil carriers, LNG carriers, and LNG bunkering vessels is expected to see significant growth.”

“This trend is likely to benefit the country’s highly competitive shipbuilding industry.”

 

Photo credit: HJ Shipbuilding & Construction
Published: 12 February, 2025

Continue Reading

Bunker Fuel

AMSOL tanker “Uhambo” commences offshore bunkering operations in Algoa Bay

Firm announced that its product tanker Uhambo has started offshore bunkering operations in Algoa Bay, signalling that the service has resumed in the maritime bay of South Africa.

Admin

Published

on

By

AMSOL tanker “Uhambo” commences offshore bunkering operations in Algoa Bay

Marine services provider AMSOL recently announced that its product tanker Uhambo has started offshore bunkering operations in Algoa Bay, signalling that the service has resumed in the maritime bay in South Africa.  

“Now flying the South African flag and an important platform for the ongoing training and development of tanker-endorsed South African seafarers, the Uhambo has commenced offshore bunkering operations in Algoa Bay, delivering locally refined marine fuel on behalf of its oil industry client,” the company said in a statement shared with Manifold Times

In November 2024, the South African Revenue Services (SARS) released new protocols including amendments under sections 21, 60, and 120 of the Customs and Excise Act. Some amendments pertain to the storage of imported bonded fuel goods in designated customs and excise storage warehouses.

SARS' move was anticipated to facilitate bunkering to resume off Algoa Bay, which has been shut down since September 2023

AMSOL’s Chief Commercial Officer Graham Dreyden, said: “Our ability to comply with stringent operating regulations and legislation as well as international maritime and marine standards underpins AMSOL’s track record.”

“This is the case for operations in Algoa Bay and we have worked closely with authorities and relevant stakeholders to ensure all legislative requirements for offshore bunkering operations are met.”

AMSOL’s CEO Dan Ngakane said he is positive about the growth of the company and its broader impact. 

“We have acquired five vessels in the last 4 years in order to meet the needs of our clients in the region for reliable and professional, risk managed marine solutions,” he said.

“In leading growth in the South African maritime sector, we remain committed to meeting the highest standards for environmental protection, safety and compliance whilst developing the talent required to keep our industry growing and moving forward.”

AMSOL said it is the only marine services business operating in the region with a proven track record in effective management of risk-mitigated fuel transfers through a portfolio of services that include in-port bunker delivery, offshore bunkering, ship-to-ship fuel transfer services and offshore terminal management.

Related: ENGINE: SARS releases final rules for South Africa’s offshore bunkering
Related: SARS seeks public comments on amendments to bonded bunker fuel storage regulations
Related: South African Revenue Service issues media statement on detention of bunkering vessels
Related: ENGINE: Algoa Bay bunkering at a standstill as authority detains barges – sources
Related: ENGINE: Algoa Bay closure spurs surge in bunker calls at nearby ports

 

Photo credit: AMSOL
Published: 12 February, 2025

Continue Reading
Advertisement
  • Zhoushan Bunker
  • Sea Trader & Sea Splendor
  • Consort advertisement v2
  • Aderco advert 400x330 1
  • SBF2
  • v4Helmsman Gif Banner 01
  • RE 05 Lighthouse GIF
  • EMF banner 400x330 slogan

OUR INDUSTRY PARTNERS

  • SEAOIL 3+5 GIF
  • E MARINE LOGO
  • HL 2022 adv v1
  • Triton Bunkering advertisement v2
  • Singfar advertisement final


  • Mokara Final
  • PSP Marine logo
  • Synergy Asia Bunkering logo MT
  • CNC Logo Rev Manifold Times
  • Auramarine 01
  • Kenoil
  • endress
  • Central Star logo
  • Innospec logo v6
  • Golden Island logo square
  • Advert Shipping Manifold resized1
  • LabTechnic
  • Headway Manifold
  • 400x330 v2 copy
  • VPS 2021 advertisement

Trending