Hong Kong listed NewOcean Energy Holdings Limited on Friday (24 December) said its Executive Director and authorised representative Mr. Shum Chun, Lawrence (Mr. Shum) resigned with immediate effect.
The resignation was, “due to his personal commitment and job relocation caused by the reallocation of the headquarter to the Mainland China which lead to considerable inconvenience,” noted a statement.
“Mr. Shum has confirmed that he has no disagreement with the Company and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company.
“The Board of Directors of the Company would like to express its sincere gratitude to Mr. Shum for his contribution to the Company.”
In compliance with Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited Mr. Cen Ziniu (Mr. Cen) has been appointed as Executive Director and authorised representative of the company.
Manifold Times earlier reported NewOcean Energy, a firm with bunkering operations, officially beginning its “soft touch” debt restructuring process on 21 December.
NewOcean Energy on 17 December reshuffled its lineup of Independent Non-executive Directors.
Related: NewOcean Energy officially begins ‘soft touch’ debt restructuring process
Related: NewOcean Energy reshuffles lineup of Independent Non-executive Directors
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
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Related: NewOcean creditor scheme meeting dates at courts now ‘unrealistic’; delayed till further notice
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: Tarik Haiga on Unsplash
Published: 27 December, 2021
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License suspended until further notice as OBS ceased bunkering operations since April 2020 and was unable to fulfil its licensing commitments, reports Reuters.
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Dual fuel engines able to seamlessly switch between different types of bunker fuels and can adapt to whatever fuels the industry in the future, says firm.
Notice for meeting of members of the company at 10:30am has been circulated to all known members, according to liquidators from Grant Thornton.
Webinar will offer delegates insights on the prevention of operational issues when using VLSFOs, along with an update on biofuels and bunker fuel quality trends for 2021 and its forecast for the current year.
Heating VLSFOs to prevent cold flow issues causes issues related to distillate ageing, and there is a gentle balance to be maintained when handling the product.
Research into n-paraffin distribution of VLSFOs has shown that they not only differ from MGO, but significantly differ from each other as well, states bulletin.
Bunker Holding and Dan-Bunkering have decided not to appeal the city court ruling in the case where the companies were on trial for breaching EU sanctions against Syria, states USTC.
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‘We will now take the necessary time to consider and evaluate the verdict and the premises of the verdict thoroughly before making any decision of whether to appeal to a higher court,’ informs company.
