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.

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1 year agoon
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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.
Related: NewOcean delays release of FY 2021 results, postpones AGM to Sep 2022
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Related: Hong Kong Stock Exchange issues trading resumption guidance to NewOcean Energy
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Related: NewOcean delays release of FY 2021 results, postpones AGM to Sep 2022
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Related: NewOcean Energy loses second Executive Director on HQ relocation to China
Related: NewOcean Energy HQ relocates to mainland China, Executive Director resigns
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Related: NewOcean Energy defends against HSBC winding up petition, secures time for debt restructuring
Related: NewOcean: Winding up petition proceedings at Bermuda court to continue on 14 December
Related: NewOcean Energy Holdings forecasts 87% decrease net loss on year for 1H2021
Related: NewOcean posts USD 479 million FY 2020 loss; possible downsize of oil business
Related: NewOcean Energy delays release of 2020 financial results; to be published by end June
Related: NewOcean appoints Crowe as new auditors; replaces Deloitte Touche Tohmatsu
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Related: NewOcean records USD 304.3 million loss, portion of SG bunkering business to remain
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Photo credit: NewOcean Energy Holdings Limited
Published: 30 June, 2022
Methanol
Kambara Kisen orders methanol dual-fuel bulker from Tsuneishi Shipbuilding
Firm ordered a 65,700-dwt methanol dual-fuel dry bulk carrier with Tsuneishi Shipbuilding; MOL signed a basic agreement on time charter for the newbuilding that is slated to be delivered in 2027.

Published
3 days agoon
September 22, 2023By
Admin
Japanese shipowner Kambara Kisen has ordered a 65,700-dwt methanol dual-fuel dry bulk carrier newbuilding from Tsuneishi Shipbuilding Co., Ltd, according to Mitsui O.S.K. Lines (MOL) on Wednesday (20 September).
MOL said it signed a basic agreement on time charter for the newbuilding that is slated to be delivered in 2027.
The vessel will be designed to use e-methanol produced primarily by synthesising recovered CO2 and hydrogen produced using renewable energy sources, and bio-methanol derived from biogas.
The vessel's design maximises cargo space while ensuring sufficient methanol tank capacity set to allow the required navigational distance assuming various routes, at the same time maximising cargo space.
MOL added the vessel is expected to serve mainly in the transport of biomass fuels from the east coast of North America to Europe and the U.K. and within the Pacific region, as well as grain from the east coast of South America and the U.S. Gulf Coast to Europe and the Far East.
Details on the time-charter contract:
Shipowner: Kambara Kisen wholly owned subsidiary
Charterer: MOL Drybulk Ltd.
Charter period 2027: -
Details on the newbuilding methanol dual fuel bulk carrier:
LOA: About 200 m
Breadth: About 32.25 m
Draft: About 13.80 m
Deadweight: About 65,700 MT
Hold capacity: About 81,500m3
Shipyard: Tsuneishi Shipbuilding Co., Ltd.
Photo credit: Mitsui O.S.K. Lines
Published: 22 September, 2023
Methanol
Argus Media: Alternatives may drive methanol market growth
Driven by low-carbon policies and regulations, the transportation sector — especially the marine fuels industry — could be a source of heightened demand, according to Argus.

Published
3 days agoon
September 22, 2023By
Admin
The growth of sustainable alternatives to traditional methanol production sources likely will shape the market over the next several years, industry leaders said this week at the Argus Methanol Forum.
20 September
Driven by low-carbon policies and regulations, the transportation sector — especially the marine fuels industry — could be a source of heightened demand.
"The aim is to be net zero by 2050 but [those solutions are] expensive today and one of the main challenges to build e-methanol or bio-methanol plants is a huge queue for these pieces of equipment that aren't available," Anita Gajadhar, executive director for Swiss-based methanol producer Proman, said.
Bio-based and e-methanol plants of commercial scale, like Proman's natural gas-fed 1.9 million metric tonne/yr M5000 plant in Trinidad and Tobago, are not ready today.
"But that's not to say 10 years from now they won't be there," Gajadhar added.
Smaller projects are popping up. Dutch fuels and gas supplier OCI Global announced plans last week to double the green methanol capacity at its Beaumont, Texas, facility to 400,000 t/yr and will add e-methanol to production for the first time. Production will use feedstocks such as renewable natural gas (RNG), green hydrogen and biogas.
The globally oversupplied methanol market will not get any major supply additions starting in 2024 until 2027. But that oversupply will not last long, Gajadhar said.
Global demand has slowed this year, driven by stagnate economic growth and higher interest rates, according to industry observers.
As much as half of methanol demand is tied to GDP growth, with total methanol demand estimates at 88.9mn t globally in 2023. This is essentially flat from 2022, but up from 88.3m t in 2021 and 87.7mn t in 2020, Dave McCaskill, vice-president of methanol and derivatives for Argus Media's consulting service, said.
Demand is not expected to rebound to 2019 levels of 89.6mn t until 2024 or 2025, he added.
The period of oversupply combined with lackluster demand places methanol in a transition period, Gajadhar said, which opens the door for sustainable feedstock alternatives to shape market growth.
Danish container shipping giant Maersk and French marine logistics company CMA-CGM announced earlier this week a partnership to drive decarbonization in shipping. The partnership seeks to develop fuel and operations standards for bunkering with alternative fuels. The companies will develop net-zero solutions, including new technology and alternative fuels.
Maersk has previously ordered dual-fuel methanol-powered vessels and CMA-CGM LNG-propelled vessels.
The demand for alternative feedstock-derived fuels is there, but the ability to scale-up such production lags. Certified lower-carbon methanol produced using carbon capture and sequestration — also known as blue methanol— can ramp up much more quickly, according to Gajadhar.
By Steven McGinn
Photo credit and source: Argus Media
Published: 22 September, 2023
Biofuel
Royal Caribbean completes over 12 weeks of bio bunker fuel testing in Europe
Firm expanded its biofuel testing this summer in Europe to two additional ships — Royal Caribbean International’s “Symphony of the Seas” and Celebrity Cruises’ “Celebrity Apex”.

Published
3 days agoon
September 22, 2023By
Admin
Royal Caribbean Group on Tuesday (19 September) said it successfully completed over 12 consecutive weeks of biofuel testing in Europe.
Royal Caribbean International’s Symphony of the Seas became the first ship in the maritime industry to successfully test and use a biofuel blend in Barcelona to meet part of her fuel needs.
The company confirmed onboard technical systems met operational standards, without quality or safety concerns, demonstrating the biofuel blend is a reliable “drop in” supply of lower emission energy that ships can use to set sail across Europe and beyond.
The tests across Europe also provided valuable data to understand the availability and scalability of biofuel in the region, the firm added.
Jason Liberty, president and CEO, Royal Caribbean Group, said: “This is a pivotal moment for Royal Caribbean Group’s alternative fuel journey.”
“Following our successful trial of biofuels this summer, we are one step closer to bringing our vision for net-zero cruising to life. As we strive to protect and promote the vibrant oceans we sail, we are determined to accelerate innovation and improve how we deliver vacation experiences responsibly.”
President of the Port of Barcelona, Lluís Salvadó, said: “Royal Caribbean’s success is a clear example of how commitment to innovation makes possible the development of solutions to decarbonise the maritime sector.”
“In this case, it involves the cruise sector and focuses on biofuels, an area in which the Port of Barcelona is already working to become an energy hub, producing and supplying zero carbon fuels, such as green hydrogen and ammonia, and of other almost zero-carbon alternative fuels, such as methanol, biofuels or synthetic fuels. Innovation and collaboration between ports and shipping companies is key to accelerate the decarbonisation of maritime transport.”
The company began testing biofuels last year and expanded the trail this summer in Europe to two additional ships — Royal Caribbean International’s Symphony of the Seas and Celebrity Cruises’ Celebrity Apex.
The sustainable biofuel blends tested were produced by purifying renewable raw materials like waste oils and fats and combining them with fuel oil to create an alternative fuel that is cleaner and more sustainable. The biofuel blends tested are accredited by International Sustainability and Carbon Certification (ISCC), a globally recognized organization that ensures sustainability of biofuels and verifies reductions of related emissions.
With Symphony of the Seas departing from the Port of Barcelona and Celebrity Apex departing from the Port of Rotterdam, both ships accomplished multiple sailings using biofuel and contributed critical data on the fuel’s capabilities.
“These results will help accelerate Royal Caribbean Group’s plans to continue testing the use of different types of biofuels on upcoming European sailings this fall. The company is exploring strategic partnerships with suppliers and ports to ensure the availability of biofuel and infrastructures to advance the maritime energy transition,” the firm said.
Photo credit: Royal Caribbean Group
Published: 22 September, 2023

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