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
President affected, company to welcome new global sales director to the boardroom.
VLSFO was rushed into the maritime industry to meet IMO2020 regulations and it has shown signs of exceeding set safety parameters, reports Forbes.
The first of two vessels, with an option of two more, will be equipped with two Type C LNG bunker fuel tanks and are designed to meet Finnish-Swedish ice class 1A Super standards.
A total 4.55 million mt of marine fuel was sold in 2018, slightly lower than 4.63 million mt in 2017.
Delivered premiums in Singapore or China not expected to fall back to more typical levels anytime soon.
Grant Thornton Singapore was appointed as judicial manager of the company through a resolution passed during a creditors meeting held on 19 March.
Additional topics of bunker contamination and OCM services discussed at VPS’ Fuel Management Challenges – The Year of 2021 & Beyond webinar on 23 September; Manifold Times summarises the session.
‘The JMs have failed to discharge their duties by blindly helping the Banks mount a false case against the Defendant,’ wrote defence lawyers representing former IPP Director Dr Goh Jian Hian in court statement.
Lead prosecutor Andreas Myllerup Laursen aims for a fine and a prison sentence in the so-called Syria case scheduled to commence in Odense, Denmark on 26 October, writes the Danish publication.
In a modern re-telling of the story of David versus Goliath, local bunker barge owners/charterers successfully resisted claims brought in the Singapore courts by Phillips 66 for misdelivery of bunkers.
Bunker barge owners and operators; traders and suppliers; banks, including players in other countries, will have to re-examine respective operations, advises Helmsman Associate Director Jonathan Tan.
Vopak BL was a non-essential document with no contractual force and had no effect as a contract of carriage or as a document of title, states written Judgement issued by Singapore Court of Appeal.
