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Singapore: DPPs appeal stricter sentence for ex-Lukoil fuel oil trader who exploited internal loophole

David John Kidd amassed losses of over SGD 1 million to Lukoil Asia Pacific Pte Ltd through multiple irregular trades with Transocean Oil over a four-month period in 2016.

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Singapore Deputy Public Prosecutors (DPPs) on Monday (3 August) submitted an appeal to the High Court of the Republic of Singapore for an increased jail term of David John Kidd, a 32-year-old male Singapore permanent resident and British citizen formerly employed by Lukoil Asia Pacific Pte Ltd (Lukoil).

A District Judge on 13 March 2020 sentenced Kidd, who started serving his sentence on 23 March 2020, to 36 weeks’ imprisonment; the DPPs are now appealing to the High Court to increase his jail sentence to 18 months (72 weeks), according to a court document obtain by Manifold Times.

Kidd was the sole trader responsible for a high sulphur fuel oil (HSFO) contract with Transocean Oil Pte Ltd (Transocean) between April and September 2016, where Transocean agreed to purchase 50,000 metric tonnes of HSFO on a monthly basis from Lukoil.

His job was to enter the trade into Lukoil’s internal computer system (the ETRM system) whenever Transocean made a HSFO purchase from Lukoil; the operation also required him to hedge the trade to cover Lukoil’s price exposure through the purchase of oil futures or swaps.

However, the DPPs noted Kidd entering the trades in an untimely manner on 18 occasions between April to July 2016 into the ETRM system.

“The delay allowed him to speculate on market conditions, to wait for a more favourable price to hedge the trade. He did so in order to gain a financial advantage for the contract, knowing this would translate into a better bonus for himself if the contract performed well,” they explained.

Kidd backdated the trade in the ETRM system without hedging the trades on the same day on each of the 18 occasions; the delay in performing the hedges caused losses to Lukoil totalling USD 755,260 (equivalent to SGD 1,024,208) for 17 of the trades.

He entered false mark-to-market (MTM) updates into the ETRM system in an attempt to cover the losses and created an impression that there would be future sales of HSFO by Lukoil at a profit; the activity in turn created a false impression of unrealised gains, which were then factored into Lukoil’s daily Profit & Loss statements.

“The net effect within the ETRM system was that the losses caused by the Respondent’s late hedges were effectively negated or mitigated by the false MTM updates. This helped conceal the losses incurred by the Respondent from Lukoil’s Risk department,” added the DPPs.

The legal team reasoned a stiff sentence will act as general deterrence to deter like-minded individuals from engaging in offences of a similar nature and recommended the court to adopt “an uncompromising stance in meting out severe sentences” to protect Singapore’s international recognition as a reputable trading and financial hub.

“Actions from individuals like the Respondent threaten Singapore’s reputation in the bunkering industry and a stiff sentence is therefore warranted to deter others from gaming the system,” they said.

To date, Kidd has not provided restitution to Lukoil.

The High Court has reserved judgment to a later date.

 

Photo credit: Manifold Times
Published: 6 August, 2020

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China: Yangpu records 27% on year increase in bunkering volumes from Jan to May

Latest bunker supplier at Yangpu port is Hainan Luhai Energy which received a license from the Danzhou Municipal People’s Government in April 2025.

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The Port of Yangpu located in Hainan Island recorded a 27% on year increase in bonded bunkering volume for the period between January to May 2025 due to local government initiatives, according to Danzhou Municipal People’s Government on 5 July.

During the five-month period, the port supplied 149,400 metric tonnes (mt) of bunker fuel to 288 international vessels, compared to 117,400 mt of marine fuel to 278 ships in the year before.

Explaining the 2025 figures, the government pointed out 145,400 mt of bonded bunker fuel to 275 vessels were delivered by bunkering firms under national licenses, while 4,000 mt of bonded marine fuel were sent by bunkering companies under Hainan licenses.

To date, there are four bunker suppliers operating at Yangpu port. The latest to join is Luhai Energy Technology Development (Hainan) Co., Ltd (陆海能源科技发展(海南)有限公司) which received a license from the Danzhou Municipal People’s Government in April 2025.

“In the future, we will continue to work hard to continuously optimise the bonded oil refuelling service system, increase policy publicity and promotion efforts, attract more bonded oil refuelling companies to settle in Yangpu, and continuously expand the scale of business, and promote the implementation of the bonded oil refuelling policy,” stated Li Leiming, a mid-level employee of the Yangpu Investment Promotion Bureau.

 

Photo credit: Chuanhaozi under Creative Commons Licences
Published: 14 July 2025

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Singapore retains ranking as world’s top maritime centre for 12th consecutive year

Finds report jointly published by the Baltic Exchange and China’s Xinhua News Agency.

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Singapore on Friday (11 July) said it has retained its ranking as the world’s top maritime centre, marking the 12th consecutive year it has led the Xinhua-Baltic International Shipping Centre Development (ISCD) Index.

Jointly published by the Baltic Exchange and China’s Xinhua News Agency, the Xinhua-Baltic ISCD Index provides an independent benchmarking of the world’s leading maritime hubs.

It evaluates factors such as cargo throughput, port infrastructure, maritime services (including finance, law and shipbroking), and the overall business environment.

The index is closely monitored by shipping lines, port investors, and maritime service providers to track market competitiveness, and inform investment location and service development decisions.

Singapore retained its top position among 43 maritime cities and regions, underpinned by its consistent performance as one of the world’s busiest transhipment and bunkering hubs, and a well-established ecosystem of professional maritime services and expertise.

In 2024, Singapore handled 41.12 million twenty-foot equivalent units (TEUs) in container throughput – a record high – and saw total vessel arrival tonnage exceed 3 billion gross tons. The Port of Singapore also remains the world’s largest bunkering port, having supplied 54.92 million tonnes of marine fuel in 2024.

Home to more than 200 international shipping groups and a growing number of maritime technology start-ups, Singapore continues to strengthen its position as a global node for maritime innovation and enterprise.

This growing industry base is also creating new career pathways in areas such as port operations, digital systems management, automation, maritime law, and sustainability – as the sector transforms to meet the needs of a more digital and decarbonised future.

“We thank our industry partners, the research and enterprise community, and our unions who have been instrumental in Singapore’s journey to become a leading international maritime centre and global hub port,” said Ang Wee Keong, Chief Executive of the Maritime and Port Authority of Singapore.

“We will continue to build on this momentum by innovating and investing in digitalisation, green technologies, and workforce development to strengthen Singapore’s position as a trusted and future-ready international maritime centre.”

 

Photo credit: Manifold Times
Published: 14 July 2025

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“LNG London” marks 1,000 safe LNG bunkering ops in Rotterdam and Antwerp

Milestone is a tribute to the technical expertise and steadfast dedication of LNG London’s team, states Victrol.

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The LNG London, a liquefied natural gas (LNG) bunkering vessel chartered by Shell, owned by LNG Shipping, and operated by Victrol recently completed over 1,000 safe LNG bunkering operations across the ports of Rotterdam and Antwerp.

“This landmark achievement underscores LNG London’s unwavering commitment to safety, reliability, and environmental stewardship as LNG rises to prominence as a lower-emission marine fuel compared to conventional fuel oil,” stated Victrol on Friday (11 July) over a LinkedIn update.

“With this milestone, LNG London reaffirms its pioneering role in promoting sustainable, lower-emission bunkering throughout the Amsterdam–Rotterdam–Antwerp (ARA) hub.”

Launched in June 2019, LNG London has a capacity of 3,000 m³, spans 110 m in length, and navigates inland waterways with ease—facilitating efficient LNG supply to both seagoing vessels and barges offshore-energy.

Victrol as the vessel’s operator, emphasises the outstanding performance of the crew and the vessel’s robust design. Built with stringent safety specifications, LNG London strives to maintain high operational standards. This milestone is a tribute to the team’s technical expertise and steadfast dedication.

Building on the good work of LNG London, Shell had also enhanced its bunkering network with the larger Energy Stockholm, an 8,000 m³ bunker vessel, now operating in Antwerp, Rotterdam, Zeebrugge, and Amsterdam.

Related: Europe: ‘LNG London’ bunkering vessel starts operations at Rotterdam
Related: “LNG London” conducts first ship-to-ship LNG bunkering operation at Rotterdam
Related: Bureau Veritas classifies Europe’s largest inland waterway LNG bunker barge
Related: Europe’s largest LNG bunkering barge on maiden voyage to ARA
Related: Shell takes delivery of Europe’s largest inland LNG bunkering vessel

 

Photo credit: Victrol
Published: 14 July 2025

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