Connect with us

Business

O.K. Lim and two children sued for USD 3.5billion; receiver appointed for 3 Xihe ships

KPMG has been appointed by Maybank to be receiver for Ocean Success, Marine Topaz and Ocean Supreme, reports The Business Times.

Admin

Published

on

peter nguyen CQhgno3yhv8 unsplash

Founder of collapsed Hin Leong Trading (HLT) Lim Ooi Kuin and his two children who are also directors of the company are reportedly being sued by HLT’s judicial managers PricewaterhouseCoopers Advisory Services for breaching fiduciary duties as directors and fraud.

In a court filing, the judicial managers are looking to recover USD 3.5 billion (SGD 4.75 billion) on top of another USD 90 million in dividends which the trio had allegedly paid themselves despite the company being insolvent.

PwC is now accusing the Lim family of "deliberately concealing losses and portraying it (HLT) as a profitable company when in fact it was massively insolvent", as quoted by The Business Times on Monday (31 August).

The Lims managed to pull this off by creating “fictitious gains to conceal accumulated trading and other losses, the forgery of documents, the manipulation of Hin Leong's accounts through irregular accounting entries, the overstatement of Hin Leong's inventory and the obtaining of financing through improper means".

PwC concluded that in combination, these maneuvers were used to paint a "vastly misleading picture of its financial health to external parties and deceived its lenders into extending financing even though Hin Leong has been insolvent since the financial year ended Oct 31, 2012”.

Lim Ooi Kuin was charged in mid-August over the accounts of fraud and is currently out on SGD 3 million bail. 

Court-appointed managers of Lim family owned Ocean Tankers Pte  Ltd (OTPL) are also in pursuit to recover USD 19 million from the Lim family, who transferred the amount from OTPL to their accounts in April.

Malayan Banking (Maybank), meanwhile, has appointed KPMG as the receiver and manager of a vessel owned by An Ya Shipping, a subsidiary of Xihe Holdings in order to safeguard its interest as creditor, reported The Business Times on Thursday (27 August).

An Ya Shipping, which owns the vessel Ocean Success, has taken out a mortgage with Maybank in 2015. 

Maybank has also made a similar move for two other shipping companies, Xin Guang Shipping and An Xing Shipping, which are also subsidiaries of Xihe Holdings.

The two companies own the vessels Marine Topaz and Ocean Supreme.

Xihe Holdings, the 60% holding company for Singapore-based tanker ship owner Xihe Group of Companies, has been placed under interim judicial managers (IJMs) as creditors supported OCBC’s application for Xihe’s restructuring to be independent of the Lim family. 

While it remains clear how this move corresponds with the IJM arrangement as a whole, The Business Times feels that it is unlikely that court appointed judicial managers Grant Thornton will supervise the sale. 

Related: Argus Media: Trafigura, Gunvor take over Hin Leong fuel oil storage
Related: Managers of Ocean Tankers looking to recover USD 19 million from Lim family
Related: Argus Media: Singapore’s Hin Leong founder charged with forgery
Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’


Photo credit: Peter-nguyen

Published: 31 August, 2020

Continue Reading

Wind-assisted

Singapore: EPS orders its first wind-assisted propulsion system for tanker

Firm signed a contract for its first ever wind-assisted propulsion system, partnering with bound4blue to install three 22-metre eSAILs® onboard “Pacific Sentinel”.

Admin

Published

on

By

Singapore: EPS orders its first wind-assisted propulsion system for tanker

Singapore-based Eastern Pacific Shipping (EPS) on Thursday (22 February) said it signed a contract for its first ever wind-assisted propulsion system, partnering with bound4blue to install three 22-metre eSAILs® onboard the Pacific Sentinel

The turnkey ‘suction sail’ technology, which drags air across an aerodynamic surface to generate exceptional propulsive efficiency, will be fitted later this year, helping the 183-metre, 50,000 DWT oil and chemical tanker reduce overall energy consumption by approximately 10%, depending on vessel routing.

Suitable for both newbuilds and retrofit projects, the system delivers energy efficiency and cost savings for a broad range of vessels, regardless of their size and age.

Singapore: EPS orders its first wind-assisted propulsion system for tanker

José Miguel Bermudez, CEO and co-founder at bound4blue, said: “Signing an agreement with an industry player of the scale and reputation of EPS not only highlights the growing recognition of wind-assisted propulsion as a vital solution for maximising both environmental and commercial benefits, but also underscores the confidence industry leaders have in our proven technology.”

“It’s exciting to secure our first contract in Singapore, particularly with EPS, a company known for both its business success and its environmental commitment.”

“We see the company as a role model for shipping in that respect. As such this is a milestone development, one that we hope will pave the way for future installations across EPS’ fleet, further solidifying our presence in the region.”

Cyril Ducau, Chief Executive Officer at EPS, said: “EPS is committed to exploring and implementing innovative solutions that improve energy efficiency and reduce emissions across our fleet.” 

“Over the past six years, our investments in projects including dual fuel vessels, carbon capture, biofuels, voyage optimisation technology and more have allowed us to reduce our emissions intensity by 30% and achieve an Annual Efficiency Ratio (AER) of 3.6 CO2g/dwt-mile in 2023, outperforming our emission intensity targets ahead of schedule. The addition of the bound4blue groundbreaking wind assisted propulsion will enhance our efforts on this path to decarbonise.”

“With this project, we are confident that the emission reductions gained through eSAILs® on Pacific Sentinel will help us better evaluate the GHG reduction potential of wind assisted propulsion on our fleet in the long run.”

Pacific Sentinel will achieve a ‘wind assisted’ notation from class society ABS once the eSAILs® are installed. 

 

Photo credit: Eastern Pacific Shipping
Published: 23 February, 2024

Continue Reading

Crime

Vietnam: Two ships seized over 170,000 litres of unknown origin diesel oil

Vietnam Coast Guard said vessels were transporting various quantities of oil cargo: KG-91487- DR was transporting about 145,000 litres and KG-91602-TS transported about 25,000 litres.

Admin

Published

on

By

Vietnam: Two ships seized over 170,000 litres of unknown origin diesel oil

The Vietnam Coast Guard on Tuesday (20 February) said it seized a total of about 170,000 litres of unknown origin diesel oil in an operation. 

Patrol boats belonging to Coast Guard Region 4 Command detected two fishing boats – KG-91487- DR and KG-91602-TS – displaying several suspicious signs.

Initial investigations found all vessels without invoices and documents proving legal origin of the oil material.

The vessels were transporting various quantities of oil material: KG-91487- DR was transporting about 145,000 litres and KG-91602-TS transported about 25,000 litres.

The authorities made records of administrative violations,and escorted the vessels to Fleet Port 422 in Phú Quốc city, Kiên Giang province for further investigations and handling in accordance with the law.

 

Photo credit: Vietnam Coast Guard
Published: 23 February, 2024

Continue Reading

LNG Bunkering

Galveston LNG Bunker Port joins SEA-LNG coalition

SEA-LNG said move will further enhance its LNG supply infrastructure expertise and global reach, while giving GLBP access to the latest LNG pathway research and networking opportunities.

Admin

Published

on

By

Galveston LNG Bunker Port joins SEA-LNG coalition

Galveston LNG Bunker Port (GLBP), a joint-venture between Seapath Group, one of the maritime subsidiaries of the Libra Group, and Pilot LNG, LLC (Pilot), a Houston-based clean energy solutions company, has joined SEA-LNG, according to the latter on Wednesday (21 February). 

SEA-LNG said the move will further enhance its LNG supply infrastructure expertise and global reach, while giving GLBP access to the latest LNG pathway research and networking opportunities.

GLBP was announced in September 2023 and will develop, construct and operate the US Gulf Coast’s first dedicated facility supporting the fuelling of LNG-powered vessels, expected to be operational late-2026.

The shore-based LNG liquefaction facility will be located on Shoal Point in Texas City, part of the greater Houston-Galveston port complex, one of the busiest ports in the USA. This is a strategic location for cruise ship LNG bunkering in US waters, as well as for international ship-to-ship bunkering and cool-down services. GLBP will offer cost-effective turn-key LNG supply solutions to meet growing demand for the cleaner fuel in the USA and Gulf of Mexico.

Jonathan Cook, Pilot CEO, said: “With an initial investment of approximately $180 million, our LNG bunkering facility will supply a vital global and U.S. trade corridor with cleaner marine fuel. We recognise that SEA-LNG is a leading partner and a key piece of the LNG bunkering sector, and will give us access to insights and expertise across the entire LNG supply chain.

“LNG supports environmental goals and human health by offering ship operators immediate reductions in CO2 emissions and virtually eliminating harmful local emissions of sulphur oxides (SOx), nitrogen oxides (NOx) and particulate matter.”

President of Seapath, Joshua Lubarsky, said: “We are very pleased to be supporting the decarbonization of the maritime industry through strategic, and much needed, investments into the supply of alternative fuels.  We are also happy to be a part of SEA-LNG which has done a wonderful job in advocating for advancements in technology in this vital sector.”

Chairman of SEA-LNG Peter Keller, said: “We’re proud to welcome another leading LNG supplier to the coalition and are looking forward to a mutually beneficial relationship. With every investment in supply infrastructure in the US and worldwide, the LNG pathway’s head start increases. Global availability, alongside bio-LNG and e-LNG development, makes LNG the practical and realistic route to maritime decarbonisation.

“All alternative fuels exist on a pathway from grey, fossil-based fuels to green, bio or renewable fuels. Green fuels represent a scarce resource and many have scalability issues, so we must start our net-zero journey today with grey fuels. LNG is the only grey fuel that reduces greenhouse gas emissions, well-to-wake, so you need less green fuel than alternatives to improve emissions performance.”

 

Photo credit: SEA-LNG
Published: 23 February, 2024

Continue Reading
Advertisement
  • SBF2
  • EMF banner 400x330 slogan
  • Consort advertisement v2
  • v4Helmsman Gif Banner 01
  • RE 05 Lighthouse GIF
  • Aderco advert 400x330 1

OUR INDUSTRY PARTNERS

  • Singfar advertisement final
  • HL 2022 adv v1
  • 102Meth Logo GIF copy
  • Triton Bunkering advertisement v2


  • E Marine logo
  • Cathay Marine Fuel Oil Trading logo
  • Trillion Energy
  • SMS Logo v2
  • Innospec logo v6
  • Manifoldtimes LogoAdv 300x300px
  • intrasea
  • Central Star logo
  • MFA logo v2
  • Victory Logo
  • VPS 2021 advertisement
  • Headway Manifold
  • 400x330 v2 copy
  • Advert Shipping Manifold resized1

Trending