Connect with us

Business

‘Reasonable prospects’ to keep Ocean Tankers as a going concern, states Director

‘OTPL has a strong group of employees who have the requisite expertise and experience in ship chartering and management, which has commercial value and should be kept intact.’
Admin

Published

5 years ago

on

OTPL logo

Update:  London-based multinational professional services firm Ernst & Young (EY) has reportedly been appointed as Interim Judicial Managers of Ocean Tankers during a hearing at the High Court of Singapore on Tuesday (12 May). There was no reply from the Director of Ocean Tankers to a request for comment from Manifold Times when contacted about the following article:

The Director of Singapore-based energy transportation firm Ocean Tankers (Pte) Ltd (OTPL), a separate entity from Hin Leong Trading (HLT), on Monday (11 May) submitted an additional affidavit at the High Court of Singapore.

The additional document was to supplement an earlier version filed on 6 May.

The latest affidavit, widely circulated within Singapore’s bunkering sector, was obtained by Singapore bunkering publication Manifold Times.

In it, Lim Chee Meng, also known as Evan Lim, provided reasons why he believed OTPL should be placed in judicial management even though its level of business may not return to similar levels before COVID-19.

“Additionally, it may not be easy to completely shake off the market perception of the linkage to the financial woes of HLT,” he stated, explaining the situation first.

“As a result of this relative decline of business, there is therefore a risk that in the next few weeks or months (subject to the timeous collection of the various freight accounts receivables) OTPL may not be able to fully meet all its operational costs and expenses to operate at the same levels as before.”

Lim further stated OTPL has been taking steps to pursue collection of its account receivables and making other plans, such as the sales of OTPL-owned non-core vessels, for debt repayment.

“I wish to highlight however that these steps take time, and that despite these best efforts, OTPL may still encounter cash flow constraints moving forward,” he said.

Lim, meanwhile, highlighted most vessels bareboat chartered to OTPL are owned by ship-ownig special purpose companies owned by Xihe Holdings Pte Ltd or Xihe Capital Pte Ltd (collectively, the Xihe Group) – where his sister Lim Huey Ching and himself are Directors.

He stated OTPL owing approximately USD 106 million for trade payables and USD 208 million in company loans to the Xihe Group.

He explained the relevant Xihe special purpose company will be entitled to terminate bareboat charters and seek re-delivery of the vessel in the event OTPL is unable to make payment; and there have already been some instances of non-payment by OTPL.

“Despite the real prospect of such termination, I remain of the view that OTPL ought be placed in judicial management, as there are reasonable prospects to keep OTPL as a going concern,” he said.

“This is because OTPL has a strong group of employees who have the requisite expertise and experience in ship chartering and management, which has commercial value and should be kept intact.

“Even if the bareboat charterparty agreements with OTPL are terminated, OTPL remains able to sell its charter, technical, commercial and crewing expertise to the new bareboat charterer for a profit, to ensure a seamless transfer of the vessel to the new bareboat charterer.”

An earlier collection of articles preceding the current development are as follows:

Related: Singapore: Ocean Tankers, a separate entity of Hin Leong, seeking judicial management
Related: Singapore High Court concedes interim judicial management to Hin Leong Trading
Related: Report: Hin Leong Trading appoints PwC as interim judicial manager
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Sembcorp Cogen aborts gasoil supply and storage contract with Hin Leong Trading
Related: Winson Group and ZenRock Commodities reassure fiscal stability despite Hin Leong fiasco
Related: Report: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks

 

Photo credit: Manifold Times
Published: 13 May, 2020

Related Topics:
Continue Reading

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.
Admin

Published

4 hours ago

on

June 16, 2025

By

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

Continue Reading

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.
Admin

Published

4 hours ago

on

June 16, 2025

By

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

Continue Reading

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.
Admin

Published

4 hours ago

on

June 16, 2025

By

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

Continue Reading

Trending