The Bank of America, N.A., Singapore Branch has raised a total of USD 8.8 million from the sale of the 11,999 dwt oil/chemical tanker Ocean Goby through a Singapore court auction held on 10 February, according to a Friday (18 January) post on the Government Gazette.
“The proceeds of the said sale amounting to USD 8,761,000.00 have been paid into Court on the 10th day of February 2022,” stated the court.
“All questions affecting priorities or the validity of the claim of any party to the proceeds of sale of the Vessel except as herein provided and affecting the amount of any such claim shall not be determined until after the expiration of 90 days beginning with the day on which the proceeds of sale are paid into Court.
“Any person having a claim against the ship or the proceeds of the sale thereof on which they intend to proceed to judgment should accordingly do so before the expiration of that period.”
Manifold Times in January reported the Ocean Porpoise being sold for USD 9 million.
The publication in early September 2021 reported the Ocean Porpoise, together with Ocean Goby, Ocean Manta, and Ocean Jack, being arrested between 23 to 29 August 2021 following a winding up order against Ocean Tankers (Pte.) Ltd (Singapore UEN No. 197800020G) made at the General Division of the High Court of the Republic of Singapore on 16 August 2021.
The Ocean Manta and Ocean Jack has fetched a total of USD 18.8 million through a Singapore court auction held on 28 October 2021.
The development follows an earlier report published in early August 2021, where joint and several Judicial Managers of Ocean Tankers submitted an application for the winding up of the company to the General Division of the High Court on 12 July 2021.
Earlier reports regarding the above development can be found below:
Related: Singapore: “Ocean Porpoise” fetches USD 9 million through court auction
Related: Singapore: Court auctions “Ocean Manta” and “Ocean Jack” for USD 18.8 million
Related: Singapore: Four oil/chemical tankers under Ocean Tankers (Pte.) Ltd arrested
Related: Singapore: Ocean Tankers winding up application to be heard in court
Related: Ocean Tankers legal team publishes application to be placed under judicial management
Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed
Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL
Photo credit: MarineTraffic / mgklingsickaol.com
Published: 18 February, 2022
Cai Zhi Zhong received a total of about USD 1.3m to USD 1.6m, of which he saved a portion and spent the rest, including on property, cars and watches, according to court documents obtained by Manifold Times.
‘MFMs will continue to have a place within the bunkering sector even when the shipping industry continues to adopt new types of marine fuels, such as LNG, biofuel, methanol, ammonia and hydrogen,’ states spokesman.
Current ISO 8217 bunker fuel standard not comprehensive enough for biofuels; National Mirror Committee working with local players to develop more comprehensive biofuels standard for Singapore, says Capt. Rahul.
‘There are some important differences between VLSFO and biofuels, and as a result, parties should consider whether additional changes should be made to biofuel bunker contracts,’ says Paul Collier.
Quek Rong Hong first joined Shell sometime in 2005 and had held the position of Blending Specialist from November 2017. At the time of arrest, his monthly basic salary was about SGD 4,300, showed documents.
Glencore previously commenced Singapore International Arbitration Centre Emergency Applications against Straits Pinnacle but those applications were dismissed, according to documents obtained by Manifold Times.