Business

NewOcean delays release of FY 2021 results, ‘catastrophic credit freeze’ amongst reasons

Difficulties faced by the company include departure of staff, relocation of its headquarters to China, severely affected staff recruitment process due to Covid-19 restrictions.

Published

3 years ago

June 30, 2022

Admin

Hong Kong-listed NewOcean Energy Holdings Limited on Wednesday (29 June) said it was unable to publish the audited annual results of the Group for the year ended 31 December 2021.

Manifold Times previously reported the Company receiving a letter from the Stock Exchange setting out the resumption guidance for the resumption of trading in the Company’s shares including announcing all material information for the Company’s shareholders and investors to appraise the Company‘s position.

Some of the issues the Group outlined in the delay included relocation of its headquarters to Mainland China and the departure of a considerable number of staff:

UPDATE ON BUSINESS OPERATION AND PUBLICATION OF 2021 AUDITED ANNUAL RESULTS

Due to the catastrophic credit freeze by the banks in year 2020, the Group was under tight cashflow. From year 2021 onward, the Group has gradually downsized its operating size and focused on generating lease income through leasing out the Group’s terminal facilities in Zhuhai and other fixed assets.

Following the relocation of the headquarters function of the Group’s regional offices in Mainland China and the departure of a considerable number of Hong Kong management and account staff who were unable to accept the relocation of their place of work, the Group experienced difficulties in preparing preliminary annual results announcement of the Group for the year ended 31 December 2021.

Due to the Covid-19 pandemic in the first half year of 2022, there were serious entrance restrictions imposed by the government in Hong Kong, and other regions in Mainland China, Hong Kong staff are not easy moving over to work in the headquarter in Mainland China. Moreover, the staff recruitment process have been severely affected as well. As at the dated of this announcement due to the outbreak of the Covid-19, the Group is unable to function properly and effectively. As a result of the current situation of the Group, the unaudited consolidated management account of the Group for the year ended 31 December 2021 remains unavailable.

Accordingly, the Company was unable to publish:

(i)the audited annual results of the Group on or before the end of March 2022 as required under Rule 13.49(1) of the Listing Rules; and

(ii) the unaudited management account as required under Rule 13.49(3) of the Listing Rules.

Upon the relaxation of the prevention measures and travel restrictions caused by the pandemic, the Group will continue to recruit additional professionals to further strengthen the financial reporting team of the Group and target to announce its unaudited and audited financial results for the year ended 31 December 2021 as soon as practicable.

UPDATED ON BERMUDA WINDING UP PETITION AND HONG KONG WINDING UP PETITION

As disclosed in the Announcements, the Bermuda Winding Up Petition and Hong Kong Winding Up Petition have been adjourned to 8 July 2022 and 27 July 2022 respectively.

RESUMPTION GUIDANCE

The Company is working closely with its legal advisers and taking appropriate steps to fulfil the Resumption Guidance. The Company remains committed to using its best endeavours to fulfil the Resumption Guidance as soon as practicable and will update the shareholders and potential investors of the Company as and when appropriate should there be any material development on the Resumption Guidance.

CONTINUED SUSPENSION OF TRADING

Trading in the shares of the Company will continue to be suspended pending fulfilment of the Resumption Guidance.

Trading in the Company’s Shares may be suspended if any winding up order is made by the court with provisional liquidators appointed to the Company. Shareholders and potential investors should exercise caution when dealing in the Shares of the Company.

Manifold Times earlier reported NewOcean Energy Holdings Limited saying it experienced difficulties in preparing preliminary annual results of the Group for the year ended 31 December 2021.

Photo credit: NewOcean Energy Holdings Limited
Published: 30 June, 2022

Safety

Singapore: MPA urges port users to stay vigilant during monsoon surge

Moderate to heavy showers and strong winds are expected from 19 to 21 March due to a north-east monsoon surge and as such, vessels must be properly secured for sea at all times, says MPA.

Published

21 hours ago

March 20, 2025

Admin

The Maritime and Port Authority of Singapore (MPA) on Wednesday (19 March) has reminded owners, agents and masters of vessels to stay vigilant from 19 to 21 March due to a north-east monsoon surge.

“Moderate to heavy showers, and strong winds are expected during this period. Vessels must be properly secured for sea at all times,” MPA said in a port marine notice.

“The life-saving and firefighting equipment onboard must also be in good working condition and in accordance with the International Code for the Safety of Life at Sea (SOLAS) regulations,” it said.

“Crew members shall be familiar with all emergency procedures, especially when embarking and disembarking passengers during adverse weather conditions. Vessels should maintain safe speeds, observe International Regulations for Preventing Collisions at Sea (COLREGs).”

Masters of vessels are reminded to keep a safe anchor watch.

Photo credit: Manifold Times
Published: 20 March, 2025

Alternative Fuels

Hong Kong-based Sun Ferry takes delivery of diesel-electric ferry “Xin Ming Zhu 30”

New vessel, designed by Incat Crowther and constructed by Guangzhou-based shipbuilder AFAI Southern Shipyard, will serve inter-island commuter and tourism operations across Hong Kong.

Published

21 hours ago

March 20, 2025

Admin

Hong Kong-based Sun Ferry takes delivery of diesel-electric ferry “Xin Ming Zhu 30”

Global digital shipbuilder Incat Crowther on Wednesday (19 March) said Hong Kong-based ferry operator Sun Ferry has taken delivery of Xin Ming Zhu 30, a new, 35-metre diesel-electric ferry.

The new vessel, designed by Incat Crowther and constructed by Guangzhou-based shipbuilder AFAI Southern Shipyard, is the third vessel to join a fleet of seven new vessels designed by Incat Crowther for the mass transit operator.

The vessel will serve inter-island commuter and tourism operations across Hong Kong, connecting Peng Chau, Mui Wo, Chi Ma Wan and Cheung Chau.

The 300-seat passenger ferry boasts Veth azimuth thrusters that provide high manoeuvrability at operating speeds of 14 knots. The adoption of this technology makes the vessel suitable for berthing at piers on inter island routes.

The vessel is also fitted with 72 solar panels providing 7.5 kilowatts of on-board power.

Sam Mackay, Technical Manager at Incat Crowther, said: "This vessel reflects Sun Ferry’s commitment to future focused design solutions that not only meet operational needs, but that exceed customer expectations.”

“With diesel-electric propulsion, solar technology, and passenger-centric design, it sets a new benchmark for sustainable and efficient ferry services in Hong Kong.”

The delivery of the 35-metre hybrid vessel follows the delivery of two 45-metre conventional diesel-powered vessels to Sun Ferry. The final three vessels, all 45-metre vessels, will be delivered by the end of 2025. All vessels in the fleet have been designed by Incat Crowther and built by AFAI Southern Shipyard.

Photo credit: Incat Crowther
Published: 20 March, 2025

Biofuel

PRIO delivers Eco Bunkers B30 to two cargo ships at ports in Portugal

Company supplied the bio bunker fuel, a product containing 30% renewable raw materials, to “BBC Lisbon” at Port of Aveiro on 3 March and to “ANNA” at Port of Leixões on 18 March.

Published

21 hours ago

March 20, 2025

Admin

PRIO delivers Eco Bunkers B30 to two cargo ships at ports in Portugal

Biofuels producer PRIO on Wednesday (19 March) said it carried out Eco Bunkers B30 fuel deliveries to shipping company Briese Chartering in collaboration with its partner UFS Unites Fuel Services this month.

On 3 March, PRIO supplied the biofuel to cargo vessel BBC Lisbon at the Port of Aveiro and to another cargo vessel, ANNA, at the Port of Leixões on 18 March.

“With these two Eco Bunkers B30 deliveries, a product containing 30% renewable raw materials, PRIO enabled Briese Chartering to reduce around 60 tons of CO2 in just two port calls in Portugal,” it said in a social media post.

“Produced at PRIO’s Aveiro plant, biodiesel has the potential to reduce GHG emissions by approximately 88% compared to fossil fuels.”

“PRIO has been demonstrating its commitment to decarbonising the maritime sector by supplying more sustainable products, ranging from 1% to 100% renewable content.”

Manifold Times previously reported PRIO launching its ECO Bunkers B30 biofuel in partnership with Norwegian Cruise Line Holdings and World Fuel Services.

PRIO previously launched ECO Bunkers B15, a green fuel for ships with 15% biodiesel and the company then launched a 20% biofuel blend, ECO Bunkers E20.

Photo credit: PRIO
Published: 20 March, 2025