Hong Kong-listed bunkering and liquefied petroleum gas (LPG) distributor NewOcean Energy Holdings (NewOcean) Monday secured total term loan facilities of HKD 1.32 billion (USD $168.662 million) with two tranches.
It will borrow HKD 1,128,100,000 (Tranche A) and HK$195,000,000 (Tranche B) “for the purpose of refinancing of any existing indebtedness of any member of the Group and financing the general working capital requirements of the Group.”
The interest rate is London Interbank Offered Rate plus 3.5% per annum for loan drawdown in tranche A and Hong Kong Interbank Offered Rate plus 3.5% per annum for loan drawdown in tranche B.
Mandated lead arrangers and original lenders of the loans were Hongkong and Shanghai Banking Corporation Limited, Cathy United Bank Company, Limited, Hang Seng Bank Limited, United Oversea Bank Ltd., Dah Sing Bank Limited, Standard Chartered Bank (Hong Kong) Limited and Sumitomo Mitsui Trust Bank, Limited.
NewOcean, in its latest move, signalled an intention to enter the bunkering market at Malaysia where it has also entered into a memorandum with a local state-owned enterprise to build an oil refinery.
The firm opened a branch office in Singapore during 2017 to handle bunkering and cargo purchasing operations.
Related: NewOcean Energy signals intent to enter Malaysia bunkering market
Related: NewOcean Energy net profit up 96%
Photo credit: NewOcean Energy Holdings
Published: 30 May, 2018
Aims to replace 400 kl of fuel oil imports worth US $200 million with similar material from Pertamina.
Bunker sales fell below 4 million mt mark for first time in 2018, according to MPA data.
Additional services on top of bunkering needed at port, says Marketing & Ocean Operations Manager at Celero.
‘We have to give confidence to the shipping lines that bunkering in Malaysia is safe and that we can be transparent.’
Main concerns of Singapore players include formalisation between role of bunker surveyors and cargo officers, and bottleneck on bunker tanker crew changes amidst COVID-19.
Total 4.51 million mt of bunkers was sold at the port in January, higher than 4.19 million mt posted during January 2019.
The representative was providing clarification to a query from Manifold Times when asked if the bunkering licenses of the Hin Leong Trading affiliated company have been permanently revoked.
Patrizia Cosulich becomes first bunker tanker in Singapore to undertake its Mass Flow Meter extension test using the Master Mass Flow Meter, learns bunkering publication Manifold Times.
Bunker claims totalling SGD 628,000 for 88 deliveries of marine gas oil between the period of 7 February 2020 until 15 April 2020, according to documents obtained by Manifold Times.
Event welcomed over 1,100 attendees from 42 countries; delegates visited virtual booths about 4,800 times; while around 5,800 connections were made, according to data from organiser Informa.
Bunker suppliers and bunker craft operators may choose to carry out meter verification using either existing MIMO method OR with the use of a Master Meter.
Pai Kheng Pheng of Sentek Marine & Trading Pte Ltd on Thursday (8 October) was ordered remanded for a further week for investigations, AGC spokesperson informs Manifold Times.
