Business

NewOcean Energy issues USD 304.8 million net loss warning ahead of FY 2020 results

COVID-19 pandemic and slump in global oil prices have seriously affected the oil bunkering business in Hong Kong and Singapore, and the electronic business in China.

Published

4 years ago

March 31, 2021

Admin

Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean) on Tuesday (30 March) published a profit warning regarding its results from the financial year ended 31 December 2020 (FY 2020).

According to the notice, NewOcean’s board of directors wish to inform shareholders and potential investors that, based on the preliminary assessment of the latest unaudited financial information, the group is expected to record a consolidated net loss of approximately HKD 2.37 billion (USD 304.8 million) for FY 2020 compared to a consolidated net profit of HKD 607 million FY 2019.

Due to the global pandemic of COVID-19, the slump in global oil prices NewOcean said its business operations have been seriously affected especially the oil bunkering business in Hong Kong and Singapore and the electronic business in the People’s Republic of China.

As a consequence, the gross profit margin derived from its oil bunkering business and electronic business has been substantially reduced or turned into gross loss margin as compared to Year 2019.

Additionally, the continued weak energy demand throughout 2020 due to pandemic-related lockdowns, the NewOcean said it also experienced undue delay in trade receivables collection, inventory being sold under purchase costs and contracting of sales volume in different business units.

“In certain cases, the buyers used various pretext (and in a particular case, also as a result of wrongful interference) to avoid their payment obligations and the group had to resort to litigation to recover the amounts due and incurred substantial legal and other costs and expenses,” explained NewOcean.

“The group has been vigorously pursuing the trade debtors and expects to fully recover all overdue payments together with compensation for our losses and damages.”

The group adds that additional impairment losses on trade receivables, other receivables, inventories, goodwill, intangible assets and property, plant and equipment, etc. amounted to approximately HKD 2 billion.

In January, Manifold Times reported NewOcean had planned to restructure its debt through a series of schemes to be approved by creditors; but the meeting was adjourned.

The proposed resolution to adjourn was approved by a unanimous vote from scheme creditors and NewOcean said it would further apply to the Hong Kong Court and the Bermuda Court for direction.

Photo credit: NewOcean Energy
Published: 31 March, 2021

Business

Singapore: Ang Wee Keong from IMDA appointed as new MPA Chief Executive

Ang will relinquish his IMDA appointment as Assistant Chief Executive (International) of the Info-Communications and will officially take over from Teo Eng Dih from 16 June.

Published

9 hours ago

April 30, 2025

Admin

Singapore: Ang Wee Keong from IMDA appointed as new MPA Chief Executive

Singapore’s Ministry of Transport on Tuesday (29 April) said Mr Ang Wee Keong, currently the Assistant Chief Executive (International) of the Info-Communications Media Development Authority (IMDA), will concurrently be appointed as Chief Executive (Designate) of the Maritime and Port Authority (MPA) from 1 May to 15 June 2025.

He will relinquish his IMDA appointment and be appointed Chief Executive of MPA from 16 June 2025. He will succeed Mr Teo Eng Dih, who will be appointed Deputy Secretary (Special Duties) at the Ministry of Transport with effect from 16 June.

Mr Teo will remain as a member of the MPA Board until he steps down as CE MPA. Mr Ang will be appointed as a board member with effect from 16 June 2025.

“The Ministry of Transport thanks Mr Teo Eng Dih for his leadership and contributions as Chief Executive of MPA, and welcomes Mr Ang Wee Keong,” the ministry added.

Mr Teo Eng Dih (张英智)

As the Chief Executive of the MPA, Mr Teo made significant contributions to grow Singapore’s International Maritime Centre and the PIER71TM startup ecosystem. During his tenure, the Port of Singapore attained new records in vessel arrivals, container throughput, bunker sales and registrations under the Singapore Registry of Ships. MPA was also recognised as one of the key global regulators by Lloyd’s List. These milestones were reached amidst a complex global operating environment marked by geopolitical uncertainties, supply chain disruptions and technological shifts affecting the flow of goods and supplies worldwide.

Mr Ang Wee Keong (洪伟强)

As the Assistant Chief Executive (International) of IMDA, Mr Ang made significant contributions in advancing Singapore’s digital interests and thought leadership in the international arena. He strengthened Singapore’s network of digital economy partnerships, and expanded collaboration through platforms like the ASEAN Digital Ministers’ Meeting, Forum of Small States and Asia Tech x Singapore (ATxSG). He also oversaw the formulation of forward-thinking policies and regulations in digital technology and services to advance the growth of Singapore’s digital economy, including the upcoming Digital Infrastructure Act to enhance the resilience and security of systemically important digital infrastructure.

Photo credit: Singapore Polytechnic
Published: 30 April, 2025

Technology

TFG Marine to launch of ZeroNorth e-BDNs at Port of Sohar after Singapore success

Kenneth Dam announced the successful trial and imminent roll-out of ZeroNorth’s electronic bunker delivery note solution for its customers in the Port of Sohar, in Oman.

Published

9 hours ago

April 30, 2025

Admin

TFG Marine to launch ZeroNorth e-BDNs at Port of Sohar after success in Singapore

Global marine fuel supply and procurement firm TFG Marine on Tuesday (29 April) announced the company’s successful trial and imminent roll-out of ZeroNorth’s electronic bunker delivery note (e-BDN) solution for its customers in the Port of Sohar, in Oman.

A first for the Middle East region following the successful deployment of the same technology earlier this year by TFG Marine at the Port of Singapore. The eBDN trial in Oman was completed in collaboration with ZeroNorth and SGTraDex, using the Singapore standards as a benchmark.

Kenneth Dam, Global Head of Bunkering, said: "We’re excited to partner with ZeroNorth, Fratelli Cosulich Group Bunkers, SGTraDex and SOHAR Port and Freezone to shortly introduce e-BDNs to our customers here in Oman.”

“This technology, that we have already successfully introduced in Singapore is yet another step in modernising our industry. It will streamline the bunker delivery process, cut administrative burdens, enhance digital documentation and help build a smarter, more connected bunkering sector.”

“We remain committed to establishing e-BDNs as a global standard for bunker fuel delivery and will continue to work closely with port authorities to advocate for and deploy this technology across our operations.”

Dam made the announcement at the Oman Maritime, Ports and Energy Forum, during the panel discussion on The Transformative Power of Data: The Evolving Role of Digitalisation in Shipping and Bunkering.

Dam added the fully digital solution — accessible through TFG Marine’s mobile app and integrated with SGTraDex’s digital infrastructure, — will enable the inclusion of additional data, such as mass flow meter readings during fuel deliveries.

“By integrating this technology, we will drive significant improvements in efficiency, accuracy, compliance, and sustainability across our operations, complementing the global mass flow meter rollout across our fleet and reinforcing TFG Marine’s position at the forefront of the modern bunkering industry,” he said.

Manifold Times previously reported TFG Marine announcing the introduction of ZeroNorth’s e-BDNs for its customers in Singapore during 23rd Singapore International Bunkering Conference (SIBCON) by the end of 2024.

In November last year, TFG Marine announced its first digitalised marine fuel delivery in Singapore using electronic bunker delivery notes (e-BDNs).

Its team supplied VLSFO bunker fuel to Pacific Basin Shipping Limited’s Illovo River bulk carrier, marking the first of four bunkering deliveries that month where this new technology was successfully deployed.

Photo credit: TFG Marine
Published: 30 April, 2025

Biofuel

Hercules Tanker Management vessel “Mount Kibo” takes on B30 bio bunker fuel

HTM said its tanker was successfully supplied with B30 bunkers by tanker “Hercules Sky”, another HTM-owned vessel and operated by Peninsula, marking the first biofuel supply to the HTM fleet.

Published

9 hours ago

April 30, 2025

Admin

Hercules Tanker Management vessel “Mount Kibo” takes on B30 bio bunker fuel

Hercules Tanker Management (HTM) on Tuesday (29 April) announced that its tanker Mount Kibo has been successfully supplied with B30 bunkers by tanker Hercules Sky, another HTM-owned vessel which is operated by Peninsula.

The operation marked the first biofuel supply to the HTM fleet.

HTM is the shipping venture launched last September by John A. Bassadone, founder and CEO of independent marine fuel supplier Peninsula.

HTM said the operation carried out in the Strait of Gibraltar aligns with the recent discussions at MEPC 83, where key decisions were made to advance maritime decarbonisation, including new fuel standards and a global pricing mechanism for emissions.

“Additionally, this initiative supports the objectives of the FuelEU Maritime Regulation, which promotes the use of renewable, low-carbon fuels and clean energy technologies for ships,” it said.

“By utilising biofuels, we are contributing to the reduction of greenhouse gas emissions and supporting the industry's transition towards cleaner energy solutions.”

Photo credit: Hercules Tanker Management
Published: 30 April, 2025