Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean) on Monday (18 January) published an update regarding the company’s announcements made on 10 December and 14 December to hold a meeting of creditors to discuss, among other things, the refinancing of loans advanced to the Group by banks and financial institutions as part of the company’s debt restructuring plan.
The debt restructuring was planned to be achieved through approval of the scheme(s) of arrangement by the relevant Courts in Hong Kong and Bermuda, or if earlier by all existing off-shore lenders of the Group.
The scheme meetings were scheduled by Edward Simon Middleton, Chairman of the scheme meetings, to be held respectively at 11.00 am (Hong Kong time) for the NOA scheme and 11.30 am for the SA scheme on Monday, 18 January 2021.
According to the update, a resolution was tabled to adjourn the meetings for up to three months or to such other date as directed by the Hong Kong Court and the Bermuda Court with the exact date to be published upon its confirmation.
The adjournment was proposed as NewOcean has been engaged in ongoing discussions with some of the company’s major scheme creditors, which may in turn have implications over the terms stated in the proposed court schemes.
The proposed resolution to adjourn was approved at each of the scheme meetings by a unanimous
vote by scheme creditors who attended the meeting and NewOcean will further apply to the Hong Kong Court and the Bermuda Court for direction.
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
Photo credit: NewOcean Energy Holdings Limited
Published: 19 January, 2021
There should be sufficient availability of compliant fuels for the new Mediterranean SOx Emission Control Area, IBIA’s IMO representative Unni Einemo told MEPC 78.
Latest additions allow clients to estimate fuel, distance and CO2 in real time; CII feature will allow users to view current and historical estimated CII ratings.
Since the beginning of 2019, approximately 95% of Hapag-Lloyd’s vessels have been operating using low-sulphur bunker fuel, which emits over 70% less sulphur oxides.
‘The MOU will foster innovation in smart and autonomous ship technologies, and support the use of green ammonia as a sustainable fuel to help decarbonise global shipping,’ says the Chief Executive of MPA.
Voyage planning tool allows shipping professionals to compare the carbon consequence of their commercial decisions prior to entering agreements.
Infineum has invested in the development of robust new testing methods to satisfy end users by providing significant data in order to comply with the rigors encouraged by CII.
Digitalisation makes it easier for shipowners to conform to growing external regulations such as new sulphur regulations and ‘no scrubber’ zones; operators can identify better bunkering options to reduce costs.
‘We’ll start the application [to MPA] before the end of 2022 and hopefully to receive approval within six months or sooner,’ L. Y. Hwang, Director / General Manager of Oval Asia Pacific Pte Ltd, tells Manifold Times.
Rob Ashton, Market Manager of Infineum, explains how Infineum B402 is a relatively easy way for a ship operator to positively influence a vessel’s CII rating while improving its bunker fuel consumption performance.
Eventual adoption of Digital Bunker Document Standard speeds up interoperability between stakeholders from both public and private sectors, learns Singapore bunkering publication Manifold Times.
ISO delegates represented seven countries and were in Singapore to attend a three-day meeting of ISO WG13 to develop two new ISO bunkering standards, learns Singapore bunkering publication Manifold Times.
Cai Zhi Zhong received a total of about USD 1.3m to USD 1.6m, of which he saved a portion and spent the rest, including on property, cars and watches, according to court documents obtained by Manifold Times.
