Hong Kong-listed NewOcean Energy Holdings Limited on Friday (10 December) released an update regarding the winding up petition filed against the company by the Hongkong Shanghai Banking Corporation (HSBC).
The directors of the company said there was continued support from a number of lenders to appoint joint provisional liquidators on a soft touch basis for debt restructuring to repay loan principal and interest.
However, on Thursday (9 December), due to insufficient court time, the proceedings were further adjourned to 14 December 2021 (Bermuda time).
NewOcean Energy noted it will make further announcement(s) as and when appropriate and will also keep its shareholders and potential investors informed of any material development in relation to the winding up petition.
Related: NewOcean: HSBC winding up petition proceedings adjourned to 25 Nov
Related: NewOcean: Winding up petition hearing changed to 19 Nov due to ‘clerical error’
Related: NewOcean Energy to ‘vigorously oppose’ HSBC initiated winding up petition
Related: NewOcean receives winding up petition from HSBC over alleged USD 71.5 million debt
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
Related: NewOcean Energy delays release of 2020 financial results; to be published by end June
Related: NewOcean appoints Crowe as new auditors; replaces Deloitte Touche Tohmatsu
Related: NewOcean creditor scheme meeting dates at courts now ‘unrealistic’; delayed till further notice
Related: NewOcean 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: tigerlily713 from pixabay
Published: 13 December, 2021
Vessel operating costs have risen on higher insurance cover premiums and COVID-19 related expenses, but are expected to moderate in subsequent years.
Company incurred approximately $14.5 million in non-recurring charges through various advisory fees and write-offs during the period.
First phase of the project will involve building a 3,000 square metre warehouse for marine lubricants to enhance city’s service capabilities in bonded lube oil.
Firm’s upgrade programme delivers five to 10% fuel savings per ship and is expected to reduce fleetwide greenhouse gas emissions by more than 500,000 mt each year.
3.75 million mt (exact 3,754,119 mt) of various marine fuels were sold at the world’s largest bunkering port in June, lower than 4.11 million mt recorded in June 2021.
Vessel, which was delivered on 2 August, will be chartered to ENI Trade & Biofuels and will be engaged in oil transportation in the North Sea and Barents Sea.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
A blend of standard MGO and biodiesel, MGO B20 is distributed at the company’s floating kiosk CNC 5 which is located off the buoy of West Coast Pier; PS Energy has been stamped with globally recognised ISCC.
Desmond Chong, Managing Director of Kenoil Group, informs on the company’s contribution towards the methanol bunkering value chain in a project to establish Asia’s green e-methanol plant in Singapore.
