Business

Singapore: Earlier court judgement between Hanwa and Harley Marine discharged

Hanwa obtained judgement following an “Emergency Arbitration” application on 18 July 2018 to prevent the risk of dissipation by the former Singapore-based bunkering firms.

Published

6 years ago

April 7, 2020

Admin

A High Court of the Republic of Singapore judgement to prevent the risk of dissipation by former Singapore-based bunkering firm Harley Marine Asia (HMA) and holding company Harley Marine International Holdings (HMIH) has been discharged on 16 March 2020.

Japanese trading company Hanwa Co., Ltd (Hanwa) obtained the judgement through the Singapore International Arbitration Centre (SIAC) following an Emergency Arbitration application on 18 July 2018, showed court documents obtained by Manifold Times.

The judgement ordered HMA and HMIH not to remove company assets from Singapore, including bunker tanker Ocean Pioneer, up to the value of USD 2 million.

Background

In 2017, Hanwa, HMA and HMIH made arrangements to develop a bunkering business at Singapore port; this included interest payments from a loan agreement of USD 2 million from Hanwa to HMA guaranteed by HMIH.

However, HMA was unable to meet the Maritime and Port Authority of Singapore (MPA) requirement for the Bunker Supplier License and Bunker Craft Operator License which included achieving a minimum volume of marine gas oil (MGO) sales and the ownership or charter of a liquefied natural gas (LNG) dual fuelled vessel in 2018 or earlier.

The development led to MPA notifying HMA on 26 January 2018 that both licenses will not be renewed when they expire on 31 January 2018.

A personal appeal by Harley Vincent Franco, the owner of Harley Marine Group, led to MPA not renewing the Bunker Supplier License of HMA; the Bunker Craft Operator License still remains.

This negatively affected the bunkering business of HMA, leading to a note of default to Hanwa on 27 February 2018.

HMA did not pay Hanwa the USD 2 million loan agreement’s first interest payment of USD 30,116 on 13 February 2018 and the second interest payment of USD 39,077 by 30 June 2018.

Hanwa, fearing the risk of dissipation, claimed HMA and HMIH: “Were trying to avoid having to fulfil their payment obligations”.

It noted HMA and HMIH winding down their business in Singapore from late 2017 where the firms vacated their office premises and terminated employment contracts.

Both firms also ended secondments of Hanwa staff due to continue work throughout 2018, while marketing the sale of Ocean Pioneer. The bunker tanker is registered under Sea Samara Pte Ltd, a subsidiary of HMIH.

A HMA representative explained to the SIAC Arbitrator the decision to reduce overheads and cost were “steps taken in the ordinary course of business” to ensure operations continue and obligations are met.

However, the plan to sell the Ocean Pioneer, which the Bunker Craft Operator License of HMA still depends on “might amount to an evidence of a risk of dissipation”, considered the Arbitrator.

He further observed a “Lack of Candour” by HMA and HMIH as advertisement for the sale of Ocean Pioneer sale was only known to Hanwa from third parties, though the HMA representative also said the firm was prepared to place proceeds of the sale in an escrow account.

“However, it appears that any such escrow offer to Claimant must have been made after Claimant became aware of the sale efforts, not directly from Respondents, but through third parties,” stated the Arbitrator.

“This gives the sales attempts a somewhat covert character. Such sale attempts without notice to Claimant, especially the one in February 2018, do amount to solid evidence of conduct that might suggest a real risk of dissipation.”

A check by Manifold Times on Tuesday at the Singapore Accounting and Corporate Regulatory Authority (ACRA) found both HMA and HMIH are currently in liquidation under a creditors’ voluntary winding up operation.

Photo credit: Manifold Times
Published: 7 April, 2020

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

4 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

4 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

4 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026