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Noble Group pushes restructuring effort, disagrees with ACRA

Firm would be ‘forced to enter into a full liquidation process’ if approach does not work, it warns.
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Singapore-listed commodities trading firm Noble Group on Tuesday (11 December) said in intends to carry on its restructuring plan by appointing an officer from the Bermuda court to oversee the process.

“Having consulted with its advisers and key stakeholders, including the Ad Hoc Group, the company intends to apply to the Bermudan court for a hearing on 14 December 2018 for the appointment of a court-appointed officer to the company in order to implement the Restructuring in accordance with the terms of the Schemes as already disclosed,” it states.

“The board wishes to highlight that the court-appointed officer will be appointed to the company only and not to any of the company’s subsidiaries, which will continue to trade in the ordinary course.

“The day-to-day operations of the Group will therefore be unaffected: the Group’s trade finance facilities will continue to be available to it and payments to customers and suppliers will be made as usual.”

It points out the course of action to be the only means available for it to implement the restructuring in the interests of all stakeholders.

“In the event that the company is unable for any reason to complete the restructuring in accordance with this approach, the company would be forced to enter into a full liquidation process.”

Noble, meanwhile, point out its disagreement to the Accounting and Corporate Regulatory Authority (ACRA) queries in relation to financial statements of Noble Resources International Pte. Ltd. (NRIPL) for the years ended 31 December 2012 to 31 December 2016.

Noble’s response to the ACRA Letter, in summary, are as follows:

  • ACRA has challenged the Group derivative treatment for variable marketing contracts.

The Group’s position is that there is both a strong technical basis for fair value accounting and this methodology aligns with the Group’s business model and risk management approach.

  • ACRA has challenged the Group’s derivative treatment of non-spot physical contracts on the basis that they fail the net settlement criteria.

The Group’s offtake agreements clearly qualify as derivatives, not only in respect of net settlement but also in accordance with other elements of the applicable accounting standard.

  • ACRA has challenged the initial recognition, on the basis that only the value of identical contracts can be recognised.

The basis applied by the Group to the recognition of gains and losses is well founded and albeit inherently complex it is fully compliant with International Financial Reporting Standards (IFRS).

  • ACRA has challenged the treatment of overhead costs and an assessment that they should be included in the fair value of derivatives.

All costs required by the accounting standards are included in the Group’s valuation models. It would be completely out of line with industry practice and IFRS to include overheads such as rent and salaries.

  • ACRA has expressed a view that the split between current and non-current assets is incorrect.

The classification is based on aligning the presentation with our risk management approach. Disclosure is augmented with maturity buckets for all fair value assets and liabilities.

“NRIPL disagrees with the positions taken by ACRA and intends to submit to ACRA a comprehensive response to the assessments and questions in the ACRA Letter. The company will make further announcements as necessary,” it states.

Related: Singapore: Noble Group under investigation by SPF, MAS, ACRA
Related: Singapore-listed Noble sells oil trading desk
Related: Noble Group disposing global oil trading desk

Published: 12 December, 2018
 

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Bunker Fuel

Singapore: Bunker sales volume raises to year record high of 4.88 million mt in May

Bio-blended variants of marine fuel oil jumped 671.7% to 40,900 mt when compared to figures seen in May 2024.
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June 16, 2025

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SG bunker performance May 2025

Bunker fuel sales at Singapore port inched forward by 1.1% on year in May 2025, the highest volume seen in 2025, according to Maritime and Port Authority of Singapore (MPA) data.

In total, 4.88 million metric tonnes (mt) (exact 4,878,100 mt) of various marine fuel grades were delivered at the world’s largest bunkering port in April, up from 4.83 million mt (4,826,800 mt) recorded during the similar month in 2024.

Deliveries of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in May (against on year) recorded respectively 1.89 million mt (+8.6% from 1.74 million mt), 2.45 million mt (-7.2% from 2.64 million mt), 1,200 mt (from zero), 1,700 mt (-88% from 14,300 mt) and zero (from zero).

SG bunker port performance May 2025

Bio-blended variants of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in May (against on year) recorded respectively 40,900 mt (+671.7% from 5,300 mt), 95,800 mt (+97.9% from 48,400 mt), 700 mt (from zero), zero (from zero) and zero (from 300 mt). B100 biofuel bunkers, introduced in February this year, recorded 1,900 mt of deliveries in May.

LNG and methanol sales were respectively 45,000 mt (-7.8% from 48,800) and zero (from 1,600 mt). There were no recorded sales of ammonia for the month and so far in 2025.

Related: Singapore: Bunker fuel sales increase by 4% on year in April 2025
Related: Singapore: Bunker fuel sales increase by 0.5% on year in March 2025
Related: Singapore: Bunker fuel sales down by 8.1% on year in February 2025
Related: Singapore: Bunker fuel sales down by 9.1% on year in January 2025

A complete series of articles on Singapore bunker volumes reported by Manifold Times tracked since 2018 can be found via the link here.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 16 June 2025

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Winding up

Singapore: DBS Bank submits court winding up application against AMS Marine

Bank is a creditor AMS Marine, part of the AMS Marine Group compromising of a sister firm in Malaysia.
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June 16, 2025

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RESIZED singapore high court

DBS Bank on 6 June submitted a winding up application to the High Court of the Republic of Singapore against Singapore-based AMS Marine Pte Ltd, according to a Government Gazette post on Friday (13 June).

The bank is a creditor AMS Marine, part of the AMS Marine Group compromising of a sister firm in Malaysia offering a full suite of engineering services encompassing piping, steelworks, and afloat repair to oil & gas vessels.

The winding up application is directed to be heard before the Judge sitting in the General Division of the High Court of the Republic of Singapore at 10.00 a.m. on 4 July 2025.

Any creditor or contributory of AMS Marine desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose.

A copy of the winding up application will be furnished to any creditor or contributory of AMS Marine requiring the copy of the winding up application by the undersigned on payment of the regulated charge for the same.

The Claimant’s address is 12 Marina Boulevard, Marina Bay Financial Centre Singapore 018982. The Claimant’s solicitors are Shook Lin & Bok LLP of 1 Robinson Road #18-00, AIA Tower, Singapore 048542.

Note: Any person who intends to appear on the hearing of the winding up application must serve on or send by post to the Claimant’s solicitors, notice in writing of his intention to do so. The notice must state the name and address of the person, or if a firm, the name and address of the firm, and must be signed by the person, firm, or his or their solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the abovenamed not later than 30 June 2025 (at least 3 clear working days before the day appointed for the hearing of the winding up application).

 

Photo credit: Manifold Times
Published: 16 June 2025

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Bunker Fuel

Panama bunker sales volume up 13.9% on year to 453,397 mt in May 2025

Total bunker sales at Panama was 453,397 metric tonnes (mt) in May 2025, compared to sales of 398,964 mt during the similar period in 2024.
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June 16, 2025

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RESIZED Panama

Bunker fuel sales at Panama increased by 13.9% in May 2025, according to the latest data from La Autoridad Maritima de Panama, also known as the Panama Maritime Authority (PMA).

Total bunker sales at Panama was 453,397 metric tonnes (mt) in May 2025, compared to sales of 398,964 mt during the similar period in 2024.

In May 2025, the Pacific side of Panama posted bunker sales of 368,419 mt; 213,589 mt of VLSFO, 117,297 mt of RMG 380, 1,538 of marine gas oil (MGO), and 35,995 mt of low sulphur marine gas oil (LSMGO) were delivered.

The similar region saw total marine sales of 323,084 mt a year before in May; with VLSFO sales at 184,761 mt, RMG 380 sales at 112,011 mt, MGO sales at 2,199 mt, and 24,113 mt of LSMGO being sold.

Panama’s Atlantic side, meanwhile, recorded total bunker fuel sales of 84,978 during May 2025; the figure comprised 63,318 mt of VLSFO, 8,575 mt of RMG 380, 1,987 mt of MGO, and 11,098 mt of LSMGO.

It saw total sales of 74,980 mt in May a year before; with VLSFO sales of 59,855 mt, RMG 380 sales of 6,508 mt, 1,545 mt of MGO, and LSMGO sales of 7,072 mt.

 

Photo credit: George Keel
Published: 16 June 2025

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