British Virgin Islands (BVI) incorporated petroleum products trading firm Septo Trading Incorporation (Septo) on Friday (3 January) submitted an arrest order for the 5,850 dwt bunker tanker C Rock at the First Instance Court of Piraeus.
The arrest order for the vessel was initiated by Septo due to an alleged debt of approximately USD 16.5 million (exact: USD 16,517,896.16) owned by Greek bunkering firm Macoil International SA (Macoil), according to Greek court documents seen by Singapore bunker publication Manifold Times.
The USD 16.5 million debt was derived from two separate Septo bunker cargo deliveries at the SKS Tanaro floating storage unit in Gibraltar in July and August 2018.
A number of other litigants and banks, including BNP Paribas, Unicredit, Vilma Oil, Sahara Energy Resource Limited, AOT Trading AG, and World Fuel Services, are also involved in the claim, showed the document.
The papers noted the Maltese-flagged C Rock to be owned by Marshall Islands registered Versus Trading which was alleged to be under the ownership/control of Chandris family and being “under the management of Macoil”; the parent firm purportedly lost more than USD 200 million before shutting down.
“Macoil International SA, whose trading license was withdrawn on 25.11.2019, was forced to cease operations due to the catastrophic interference of the family-owned property and the deliberate confusion between its corporate and personal property,” claimed the document.
“The owner family, illegally consumed so the entire share capital and all the financial services of banks and of commercial credit suppliers, making the company's inability to meet its obligations and forcing a shutdown.”
World Fuel Services Europe in mid-October submitted a complaint against Macoil at a U.S District Court claiming a total USD 11.75 million.
Manifold Times in late September reported Vitol SA seeking USD 20.6 million from Macoil over failed payment. The earlier court document also showed Macoil purportedly owing credit totalling USD 99.5 million to several parties.
Related: WFS Europe in $12 million claim against Macoil International over unpaid deliveries
Related: Vitol files bankruptcy suit against Macoil over failed payment
Photo credit: MarineTraffic / Tony Hogwood
Published: 9 January, 2020
Coastal Oil Singapore affiliated firm Heng Tong Fuels & Shipping is current owner of the Singapore-registered ship.
“It was my mistake but I was instructed by my boss to place the magnet. About the risk, I am not aware. I did not receive any money from him,” said suspect.
Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.
The domestic oil vessel is in process of being transported from Hai Phong port to the May Chai ward, updates.
Tugboat crew was caught buying bunker fuel from a Singapore-registered tanker.
Marcus Dodds, Partner at the London office, offers a critical view of the clauses for Time Charter Parties.
‘Our main focus of OTT is to increase transparency towards our clients as well as minimise the time customers spend on getting bunker delivery status updates,’ Executive Director tells Manifold Times.
‘Generally, you have to heat VLSFOs to prevent waxing, but the more you heat them the lower the shelf life is going to be,’ Dr Malcolm Cooper, the Group Managing Director of VPS, tells Manifold Times.
Current low prices for road and aviation fuels in September could mean another increase of flashpoint off-spec cases for MGO when players start introducing the products back into the bunker stream.
Some bunker suppliers at various ports have even achieved their sales target for the year; the trend doesn't seem to be slowing down and suppliers are expecting a boom during end of September.
The company has entered a memorandum of agreement with Millenium Satu Ltd to acquire the 7,550 dwt oil tanker to increase service flexibility; vessel will be paid over an installment period of 36 months.
Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.
