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NewOcean receives winding up petition from HSBC over alleged USD 71.5 million debt

Winding up petition was made at Bermuda Court on 22 October and has been listed for hearing on Friday (19 November) at 11:30 am (Bermuda Time).

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HSBC

Hong Kong-listed NewOcean Energy Holdings Limited on Monday (1 November) said a winding up petition against the company was presented to the Bermuda Court by the Hongkong and Shanghai Banking Corporation Limited (HSBC) on 22 October.

An official hearing for the winding up petition has been scheduled at the Bermuda Court on Friday (19 November) at 11:30 am (Bermuda Time).

It was alleged in the Winding Up Petition that the company had failed to satisfy the petitioner a total indebtedness in the sum of HKD 5,433,659.12 (USD 698,274) and USD 70,802,320 totalling approximately USD 71.5 million. 

The winding up petition stated that the amounts were owed pursuant to a facility letter dated 21 January 2020 entered into, among others, by Sound Agents Limited and NewOcean Resources (Singapore) Pte. Ltd. and guaranteed by the company.

NewOcean notes it has been taking advice from counsel and separate legal teams and considers that it has legitimate grounds to oppose the winding-up petition. Instead of winding up, several scheme creditors have already expressed their preference for debt restructuring. 

Therefore, the company will vigorously oppose the winding up petition and take all other actions as deemed necessary to protect the company’s interest and the interest of its shareholders as a whole and that of its creditors as a whole,” it states.

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
RelatedNewOcean Energy delays release of 2020 financial results; to be published by end June
RelatedNewOcean appoints Crowe as new auditors; replaces Deloitte Touche Tohmatsu
RelatedNewOcean creditor scheme meeting dates at courts now ‘unrealistic’; delayed till further notice
RelatedNewOcean 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: HSBC
Published: 2 November, 2021

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Ammonia

Singapore: EMA, MPA shortlist two consortia for ammonia power generation and bunkering

Chosen consortia are Keppel’s Infrastructure Division and Sembcorp-SLNG, and the bunkering players in these consortia are Itochu Corporation, NYK Line and Sumitomo Corporation.

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The Energy Market Authority (EMA) and the Maritime and Port Authority of Singapore (MPA) on Thursday (25 July) said they have shortlisted two consortia that will proceed to the next round of evaluations of proposals to provide a low- or zero-carbon ammonia solution on Jurong Island for power generation and bunkering. 

The two consortia were selected from a total of six that were earlier shortlisted in 2023 to participate in a restricted Request for Proposal (RFP), following an Expression of Interest (EOI) called in 2022. The bids were assessed based on the technical, safety and commercial aspects of their proposals. 

The two consortium leads are Keppel’s Infrastructure Division and Sembcorp-SLNG, and the bunkering players in these consortia are Itochu Corporation, Nippon Yusen Kabushiki Kaisha (NYK Line) and Sumitomo Corporation. The two consortia will proceed to conduct engineering, safety and emergency response studies for the proposed Project.

At the next phase, we will select one of the two bidders as the lead developer of the project. The lead developer will develop the end-to-end ammonia solution comprising (i) generating 55 to 65 MW of electricity from imported low- or zero-carbon ammonia via direct combustion in a Combined Cycle Gas Turbine; and (ii) facilitating ammonia bunkering at a capacity of at least 0.1 million tons per annum (MTPA), starting with shore-to-ship bunkering followed by ship-to-ship bunkering. 

Given the nascency of the technology and global supply chains, the Government will work closely with the appointed lead developer to implement the Project. We aim to announce the lead developer by Q1 2025.

The project is part of Singapore’s National Hydrogen Strategy launched in 2022, which outlines Singapore’s approach to develop low-carbon hydrogen as a major decarbonisation pathway as part of the nation’s commitment to achieve net zero emissions by 2050.

A key thrust of this strategy is to experiment with the use of advanced hydrogen technologies that are on the cusp of commercial readiness. Ammonia is currently one of the most technologically-ready hydrogen carriers with an established international supply chain for industrial use.

“If successful, the project will position Singapore as one of the first countries in the world to deploy a direct ammonia combustion power plant and support the development of ammonia bunkering for international shipping, EMA and MPA said.

“This will help to unlock the potential of low-carbon ammonia as a low-carbon fuel.”

 

Photo credit: Manifold Times
Published: 25 July 2024

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LNG Bunkering

China: River-sea LNG bunkering vessel named and delivered in Shanghai

The 14,000 cubic metre ship, “Huaihe Nengyuan Qihang”, was independently developed, designed and built by Hudong-Zhonghua Shipbuilding (Group) for Huaihe Energy Holding Group.

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China: River-sea LNG bunkering vessel named and delivered in Shanghai

China’s river-to-sea LNG bunkering vessel, which was built locally, was named and delivered in Shanghai on Monday (19 July), according to the Shanghai Association of Shipbuilding Industry (SASIC). 

The 14,000 cubic metre (cbm) ship, Huaihe Nengyuan Qihang, was independently developed, designed and built by Hudong-Zhonghua Shipbuilding (Group) Co., Ltd for Huaihe Energy Holding Group as part of China’s "Gasification of the Yangtze River” project.

The ship is capable of travelling through the Nanjing Yangtze River Bridge all year round and has been dubbed a “Customised Yangtze River” LNG refuelling and transportation ship.

The ship is equipped with the B-type LNG containment system independently developed by Hudong-Zhonghua and authorised by a national patent.

According to SASIC, this was the first time such a system has been applied to a domestic LNG  refuelling and transportation ship, marking a major breakthrough in the B-type LNG containment system developed by China with independent intellectual property rights.

Related: China’s first river-sea LNG bunkering ship completes inaugural bunkering operation

Disclaimer: The above article published by Manifold Times was sourced from China’s domestic market through a local correspondent. While considerable efforts have been taken to verify its accuracy through a professional translator and processed from sources believed to be reliable, no warranty is made regarding the accuracy, completeness and reliability of any information.

 

Photo credit: Shanghai Shipbuilding Industry Association
Published: 25 July 2024

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Environment

Singapore-flagged tanker “Hafnia Nile” to be moved to safe location for cargo transfer

“Hafnia Nile” and the Sao Tome and Principe-flagged “Ceres I” collided and caught fire about 55km northeast of Pedra Branca on 19 July.

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Singapore-flagged tanker “Hafnia Nile” to be moved to safe location for cargo transfer

Shipowner Hafnia, the operator of Singapore-flagged tanker Hafnia Nile, is in discussion with The Maritime and Port Authority of Singapore (MPA) on a safe location to transfer the ship’s cargo, MPA said on Wednesday (24 July). 

They are also discussing towage plans for repairs to be approved by MPA.

Hafnia Nile and the Sao Tome and Principe-flagged Ceres I collided and caught fire about 55km northeast of Pedra Branca on 19 July.

“An additional tug with deep-sea towing capacity has arrived on site on 23 July 2024, joining four other tugs equipped with oil response and firefighting capabilities,” MPA said. 

In a meeting with MPA on 23 July, Hafnia informed MPA of light oil sheens near Hafnia Nile

“As part of the towage plan, Hafnia will arrange for repairs, containment and clean-up of the assessed localised seepage,” it added.

Reuters reported Hafnia stating that an initial assessment by a team of specialists conducting inspections of damaged areas of the tanker, showed Hafnia Nile's engine room had suffered damage from the fire.

Hafnia also reportedly said a salvage team has boarded the vessel and transferred equipment from one of the attending tugs on site to contain and stop any localised seepage.

Manifold Times previously reported Ceres 1 allegedly leaving the site of the collision as of 20 July and turned off its Automatic Identification System (AIS) but was believed to be in Malaysian waters.

The Malaysian Maritime Enforcement Agency (MMEA) was able to locate Ceres 1 some 28 nautical miles northeast of Pulau Tioman.

Related: “Ceres 1” goes dark after collision with Singapore-flagged tanker, located by MMEA
Related: MPA: Fire breaks out on two ships near Pedra Branca, search and rescue underway

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 25 July 2024

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