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Singapore: High Court accepts request to freeze Hin Leong founder’s family assets

Up to USD 3.5 billion worth of global assets owned by Lim Oon Kuin and his two children are under scrutiny by liquidators looking to recover creditor debt.

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The High Court of the Republic of Singapore has recently approved a request by liquidators to freeze global assets owned by Hin Leong Trading founder Lim Oon Kuin and his two children following the company’s collapse in April 2020, according to Reuters.

“Our lawyers will be following up with the next steps in the next few days including to require the Lim Family to disclose their assets on affidavit,” said liquidator Goh Thien Phong in a Friday (21 May) email to creditors obtained by Reuters.

Manifold Times earlier reported Lim being issued 23 new forgery-related charges, namely 12 counts of abetment of forgery for the purpose of cheating and 11 counts of forgery, at the State Courts of Singapore in late April.

An extensive coverage by Singapore bunkering publication Manifold Times regarding the fall of Hin Leong can be found below:

Related: Hin Leong Trading Founder OK Lim facing 23 new forgery-related charges at State Courts
RelatedApplication to wind up Hin Leong Trading subsidiary, Hin Leong Marine approved
RelatedSingapore High Court approves Hin Leong Trading wind up order application
RelatedHin Leong Trading liquidates a third of its fleet to recover USD 3.5 billion debt
RelatedLim family aims to wind up Hin Leong Trading subsidiary, Hin Leong Marine
RelatedJudicial Managers of Hin Leong Trading Pte Ltd file for winding up order
RelatedHin Leong judicial managers to hold meeting of creditors to discuss fees incurred
RelatedLim family files application to wind up Hin Leong Trading subsidiary, Hin Leong Marine
RelatedFirst creditors meeting of Ocean Tankers to be held in early January 2021
RelatedBank of China takes legal action against BP Plc and Lim family to recover $312.9 million
RelatedOBS to wind up operations; creditor list alleges estimated USD 42 million debt
RelatedOcean Tankers publishes notice for creditors to prove any debts or claims for publication
RelatedHin Leong Trading founder denies allegations of forgery put forward by HSBC
RelatedSingapore: Xihe Holdings and subsidiaries to be placed under judicial management
RelatedHSBC takes Lim family and Hin Leong employee to court to recover USD 85.3 million
RelatedDa An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors
RelatedXihe Capital and subsidiaries, Nan Guang Maritime to undergo voluntary liquidation
RelatedMPA: Ocean Bunkering Services licenses suspended ‘until further notice’ and not revoked
RelatedOcean Bunkering Services bunker claims against ASL Marine & Offshore heads to arbitration
RelatedOcean Tankers to return most ships to owners to reduce $540,000 a day cash burn
RelatedSingapore: Ocean Bunkering Services license suspended until further notice
RelatedPwC publishes ‘investment opportunity’ for Singapore independent bunker fuel supplier
RelatedHin Leong founder O.K. Lim hit with second charge of abatement in forgery
RelatedHin Leong judicial managers and legal firms could rack up SGD 17.3 million in fees
RelatedWinson Group wins ICC backing in dispute against banks over credit for Hin Leong Trading
RelatedO.K. Lim and two children sued for USD 3.5billion; receiver appointed for 3 Xihe ships
RelatedManagers of Ocean Tankers looking to recover USD 19 million from Lim family
RelatedArgus Media: Singapore’s Hin Leong founder charged with forgery
RelatedXihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’
RelatedXihe replaces Directors, forms new management team to chart fresh course for Group
RelatedHin Leong Trading lawyers publish application to fulfill requirements for hearing to proceed
RelatedOcean Tankers legal team publishes application to be placed under judicial management
RelatedJudicial management applications for Hin Leong Trading and Ocean Tankers delayed
RelatedLim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL
RelatedOCBC files for Xihe Holdings to be placed under judicial management
RelatedJudicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
RelatedJudicial managers of Ocean Tankers to present restructuring proposals to owners
RelatedPwC probes uncover mass grave of financial skeletons and alleged fraud within HLT
RelatedWinson Group seeks SGD 30.4 million from Standard Chartered over HLT related trade
RelatedWinson Group seeks SGD 30.4 million from OCBC over credit pull in Hin Leong trade
RelatedOcean Tankers: Notice to prove debt or claim published by interim judicial managers
Related‘Reasonable prospects’ to keep Ocean Tankers as a going concern, states Director
RelatedSingapore: Ocean Tankers, a separate entity of Hin Leong, seeking judicial management
RelatedSingapore High Court concedes interim judicial management to Hin Leong Trading
RelatedSembcorp commences legal proceedings against Hin Leong Trading over gasoil cargo
RelatedSembcorp Cogen aborts gasoil supply and storage contract with Hin Leong Trading
RelatedReport: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
RelatedReport: Hin Leong Trading appoints PwC as interim judicial manager
RelatedSingapore’s Police Force commence investigations into Hin Leong Trading
RelatedReport: Hin Leong Trading founder gave instructions to hide USD 800 million losses
RelatedSingapore: Ocean Bunkering Services to discontinue marine fuel deliveries
RelatedHin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
RelatedReport: Hin Leong Trading finances under scrutiny, amid credit pull from two banks

 

Photo credit: Manifold Times
Published: 25 May, 2021

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Wind-assisted

Singapore: EPS orders its first wind-assisted propulsion system for tanker

Firm signed a contract for its first ever wind-assisted propulsion system, partnering with bound4blue to install three 22-metre eSAILs® onboard “Pacific Sentinel”.

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Singapore: EPS orders its first wind-assisted propulsion system for tanker

Singapore-based Eastern Pacific Shipping (EPS) on Thursday (22 February) said it signed a contract for its first ever wind-assisted propulsion system, partnering with bound4blue to install three 22-metre eSAILs® onboard the Pacific Sentinel

The turnkey ‘suction sail’ technology, which drags air across an aerodynamic surface to generate exceptional propulsive efficiency, will be fitted later this year, helping the 183-metre, 50,000 DWT oil and chemical tanker reduce overall energy consumption by approximately 10%, depending on vessel routing.

Suitable for both newbuilds and retrofit projects, the system delivers energy efficiency and cost savings for a broad range of vessels, regardless of their size and age.

Singapore: EPS orders its first wind-assisted propulsion system for tanker

José Miguel Bermudez, CEO and co-founder at bound4blue, said: “Signing an agreement with an industry player of the scale and reputation of EPS not only highlights the growing recognition of wind-assisted propulsion as a vital solution for maximising both environmental and commercial benefits, but also underscores the confidence industry leaders have in our proven technology.”

“It’s exciting to secure our first contract in Singapore, particularly with EPS, a company known for both its business success and its environmental commitment.”

“We see the company as a role model for shipping in that respect. As such this is a milestone development, one that we hope will pave the way for future installations across EPS’ fleet, further solidifying our presence in the region.”

Cyril Ducau, Chief Executive Officer at EPS, said: “EPS is committed to exploring and implementing innovative solutions that improve energy efficiency and reduce emissions across our fleet.” 

“Over the past six years, our investments in projects including dual fuel vessels, carbon capture, biofuels, voyage optimisation technology and more have allowed us to reduce our emissions intensity by 30% and achieve an Annual Efficiency Ratio (AER) of 3.6 CO2g/dwt-mile in 2023, outperforming our emission intensity targets ahead of schedule. The addition of the bound4blue groundbreaking wind assisted propulsion will enhance our efforts on this path to decarbonise.”

“With this project, we are confident that the emission reductions gained through eSAILs® on Pacific Sentinel will help us better evaluate the GHG reduction potential of wind assisted propulsion on our fleet in the long run.”

Pacific Sentinel will achieve a ‘wind assisted’ notation from class society ABS once the eSAILs® are installed. 

 

Photo credit: Eastern Pacific Shipping
Published: 23 February, 2024

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Crime

Vietnam: Two ships seized over 170,000 litres of unknown origin diesel oil

Vietnam Coast Guard said vessels were transporting various quantities of oil cargo: KG-91487- DR was transporting about 145,000 litres and KG-91602-TS transported about 25,000 litres.

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Vietnam: Two ships seized over 170,000 litres of unknown origin diesel oil

The Vietnam Coast Guard on Tuesday (20 February) said it seized a total of about 170,000 litres of unknown origin diesel oil in an operation. 

Patrol boats belonging to Coast Guard Region 4 Command detected two fishing boats – KG-91487- DR and KG-91602-TS – displaying several suspicious signs.

Initial investigations found all vessels without invoices and documents proving legal origin of the oil material.

The vessels were transporting various quantities of oil material: KG-91487- DR was transporting about 145,000 litres and KG-91602-TS transported about 25,000 litres.

The authorities made records of administrative violations,and escorted the vessels to Fleet Port 422 in Phú Quốc city, Kiên Giang province for further investigations and handling in accordance with the law.

 

Photo credit: Vietnam Coast Guard
Published: 23 February, 2024

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LNG Bunkering

Galveston LNG Bunker Port joins SEA-LNG coalition

SEA-LNG said move will further enhance its LNG supply infrastructure expertise and global reach, while giving GLBP access to the latest LNG pathway research and networking opportunities.

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Galveston LNG Bunker Port joins SEA-LNG coalition

Galveston LNG Bunker Port (GLBP), a joint-venture between Seapath Group, one of the maritime subsidiaries of the Libra Group, and Pilot LNG, LLC (Pilot), a Houston-based clean energy solutions company, has joined SEA-LNG, according to the latter on Wednesday (21 February). 

SEA-LNG said the move will further enhance its LNG supply infrastructure expertise and global reach, while giving GLBP access to the latest LNG pathway research and networking opportunities.

GLBP was announced in September 2023 and will develop, construct and operate the US Gulf Coast’s first dedicated facility supporting the fuelling of LNG-powered vessels, expected to be operational late-2026.

The shore-based LNG liquefaction facility will be located on Shoal Point in Texas City, part of the greater Houston-Galveston port complex, one of the busiest ports in the USA. This is a strategic location for cruise ship LNG bunkering in US waters, as well as for international ship-to-ship bunkering and cool-down services. GLBP will offer cost-effective turn-key LNG supply solutions to meet growing demand for the cleaner fuel in the USA and Gulf of Mexico.

Jonathan Cook, Pilot CEO, said: “With an initial investment of approximately $180 million, our LNG bunkering facility will supply a vital global and U.S. trade corridor with cleaner marine fuel. We recognise that SEA-LNG is a leading partner and a key piece of the LNG bunkering sector, and will give us access to insights and expertise across the entire LNG supply chain.

“LNG supports environmental goals and human health by offering ship operators immediate reductions in CO2 emissions and virtually eliminating harmful local emissions of sulphur oxides (SOx), nitrogen oxides (NOx) and particulate matter.”

President of Seapath, Joshua Lubarsky, said: “We are very pleased to be supporting the decarbonization of the maritime industry through strategic, and much needed, investments into the supply of alternative fuels.  We are also happy to be a part of SEA-LNG which has done a wonderful job in advocating for advancements in technology in this vital sector.”

Chairman of SEA-LNG Peter Keller, said: “We’re proud to welcome another leading LNG supplier to the coalition and are looking forward to a mutually beneficial relationship. With every investment in supply infrastructure in the US and worldwide, the LNG pathway’s head start increases. Global availability, alongside bio-LNG and e-LNG development, makes LNG the practical and realistic route to maritime decarbonisation.

“All alternative fuels exist on a pathway from grey, fossil-based fuels to green, bio or renewable fuels. Green fuels represent a scarce resource and many have scalability issues, so we must start our net-zero journey today with grey fuels. LNG is the only grey fuel that reduces greenhouse gas emissions, well-to-wake, so you need less green fuel than alternatives to improve emissions performance.”

 

Photo credit: SEA-LNG
Published: 23 February, 2024

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