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NewOcean detains Singapore-flagged bunker tanker “Pacific Energy 28”

25 Oct 2019

Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean Energy) has detained the Singapore-flagged bunker tanker Pacific Energy 28 on the evening of Thursday (24 October), learns Manifold Times.

A company source confirmed the development was initiated by NewOcean Energy but declined to provide further details.

The Pacific Energy 28 is operated by Singapore-based Pacific Ship Management Pte Ltd, according to a shipping database. The company is related to the insolvent Hong Kong-based bunker tanker owner Chuang Xin (China) Group Limited.

The Chairman of Daisho Microline Holdings Limited (DMHL), a company identified as Pacific Dragon (Hong Kong) Energy Limited (Pacific Dragon), is a Director at Chuang Xin.

NewOcean Energy earlier stated Pacific Dragon to be a trade debtor of NewOcean Petroleum who still had outstanding debt from various purchases of marine fuel made under a Master Sales and Purchase Contract (Contract) executed in December 2018.

Additionally, DMHL also provided ship mortgages of two Singapore-flagged bunker barges (either owned directly or indirectly by DMHL) to NewOcean Petroleum as part of the Contract.

The Chairman of DMHL is also a director at Inter-Pacific Petroleum Pte Ltd (IPP) and its parent company Inter-Pacific Group Pte Ltd (IPG) – firms which have filed for interim judicial management on 16 August at the High Court of the Republic of Singapore.

Related: Societe Generale lawsuit against NewOcean Petroleum dropped, party to counterclaim
RelatedNewOcean Petroleum to ‘vigorously contest’ against Societe Generale lawsuit
RelatedWith nearly $180 million of debt, IPP proposes interim juridical management

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Photo credit: MarineTraffic / Hans Schaefer
Published: 25 October, 2019


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