Sinfeng, the wholly-owned bunkering subsidiary of Hong Kong-listed Cosco Shipping International (Hong Kong) Co. Ltd, on Tuesday (26 March) said it saw a rise in revenue during its financial year (FY) ended 31st December 2018 despite selling lesser marine fuel.
Revenue from the marine fuel and other products segment of Sinfeng was HK $6.5 billion in FY 2018, 12% up from HK $5.8 billion in FY 2017.
Total sales volume of marine fuel products in FY 2018 was 1,927,346 metric tonnes (mt), 17% down from 2,315,346 mt when compared to FY 2017.
“The negative effect brought by the decrease in sales volume was offset by a considerable year-on-year increase in selling prices of marine fuel,” it said.
Sinfeng, meanwhile, points outs out investigations of suspected fraud involving Coastal Oil Singapore Pte Ltd. is still ongoing.
A number of banks have alleged Coastal Oil Singapore has assigned receivables due from Sinfeng.
For the year ended 31 December 2017 and the six months ended 30 June 2018, the purchase costs from Coastal Oil Singapore by Sinfeng represented approximately 94% and 93% of the total purchase costs of Sinfeng respectively.
“As at the date of this announcement, Sinfeng is still in the process of conducting an investigation and seeking professional advice in respect of the aforesaid matters,” it states.
“Management is of the view that this event would not have a material impact to the Group’s financial statements for the year ended 31st December 2018.”
Singapore-based Coastal Oil Singapore Pte Ltd (UEN 200413975N) filed for liquidation as part of a creditors’ voluntary winding up operation on 13 December 2018.
A complete coverage of the events leading to the current development has been arranged by Singapore bunker publication Manifold Times (in descending date order) below:
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Coastal Logistics owned MR tanker "Babylon" arrested
Related: Fraud suspected in Coastal Oil Singapore case, says COSCO
Related: Coastal Oil Singapore: Creditor list surfaces in bunker market
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Coastal Oil Singapore creditors meeting scheduled on 10 Jan
Related: Coastal Oil Singapore in US $380 million debt to at least 10 banks
Related: Singapore: Coastal Logistics owned MR tanker "Atalanta" arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market
Related: Coastal Oil Singapore to hold creditors meeting on 28 Dec
Related: Breaking news: Coastal Oil Singapore under liquidation
Published: 27 March, 2019
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