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Singapore High Court approves GP Global APAC’s debt moratorium application

Application was made in February so the company can restructure without creditors being able to take independent action, reports The Straits Times.

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The Singapore High Court has approved oil trader GP Global APAC’s application for a six-month debt moratorium so the company can restructure without creditors being able to take independent action, reports The Straits Times. 

GP Global ran into financial difficulties in 2020, brought on by pandemic-related economic lockdowns and internal fraudulent trades which purportedly left the company saddled with bad debt to the tune of more than USD 1.2 billion in bank loans. 

The Singapore unit reportedly owes USD 460 million to 20 unsecured lenders, the three largest of which are UBS (USD 70.4 million), Credit Suisse (USD 91 million) and UniCredit.

The company applied for the moratorium when a minority creditor who is owed around USD 670,000 in claims, obtained a court ruling allowing it to seize GP Global APAC’s Singapore office which is worth eight times that amount if sold as part of the restructuring process.

As reported by Manifold Times, the said creditor and GP Global APAC will be meeting at the Singapore High Court on Tuesday, 9 March to discuss the seizure and sale of the latter’s Singapore office for the repayment of its debts.

A list of earlier coverage regarding GP Global can be found below:

Related: Singapore: Sale of GP Global APAC’s SGD 8.5 million Suntec office to be discussed at upcoming court hearing
Related: GP Global APAC acts to prevent minority creditors ‘stealing a march’ over others
Related: GP Global APAC files for six-month debt moratorium with Singapore High Court
Related: Argus Media: GP Global asset sale talks drag on valuation gap
Related: ExxonMobil Asia Pacific takes GP Global APAC to court over USD 2.8 million bunker claim
Related: Restructuring advisor flags up ‘accounting irregularities’ in GP Global books
Related: Gulf Petrol Supplies files complaint against GP Global unit for fraudulent behavior
Related: Second arrest warrant issued for GP Global’s ‘GP B3’ over outstanding bills from creditors
Related: GP Global considering sale of assets in an effort to repay creditors
Related: GP Global tanker ‘GP B3’ detained in India due to loan defaults with creditors
Related: Argus Media: GP Global clarifies that it has shut only lesser performing trading desks
Related: Argus Media: GP Global rules out asset sales in restructuring
Related: GP Global engages restructuring specialists following credit pull and internal fraud
Related: GP Global internal investigations reveal Sharjah and Fujairah staff involved with fraud
Related: GP Global repudiates rumours and proceeds with restructuring as strategic move


Photo credit: Manifold Times
Published: 8 March, 2021

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Business

MAN Energy Solutions opens largest service hub in Singapore

New facility able to meet demand for repairs, maintenance and training services for MAN Energy Solutions’ alternative-fuel engines, such as two-stroke methanol dual-fuel engines.

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MAN ES MPA

Singapore on Friday (1 March) welcomed the opening of MAN Energy Solutions’ new mixed purpose facility today that will expand their local business activities.

MAN Energy Solutions is one of the global engine makers of alternative-fuel engines, and is driving the maritime energy transition by enabling the use of cleaner fuels in ships around the world.

Located in Tuas, MAN Energy Solutions' EUR 20 mil (SGD30 mil) investment will include a new MAN PrimeServ training academy for customers and employees, a logistics centre to serve as the warehouse for Asia, and a PrimeServ workshop to provide maintenance and repair services, including for MAN Energy Solutions’ alternative-fuel engines.

The new facility will serve as the largest service hub for MAN Energy Solutions’ activities and engagements outside of Europe, and will allow shipowners and ship managers to gain round-the-clock access to technical services for MAN Energy Solutions products such as repairs and maintenance of their alternative-fuel two-stroke engines, reduce turnaround times for ships due to quicker access to spare parts, and providing training for seafarers on the safe operation, maintenance, and troubleshooting of all MAN Energy Solutions equipment.

The new facility would also be timely to cater to the demand for repairs, maintenance and training services for MAN Energy Solutions’ alternative-fuel engines, such as the two-stroke methanol dual-fuel engines that are already available and for the two-stroke ammonia dual-fuel engines that are currently in development.

The mixed-purpose facility was launched by Dr Amy Khor, Senior Minister of State, Ministry of Transport and Ministry of Sustainability and the Environment.

SMS Khor said: “MAN Energy Solutions has been a long-time partner for Maritime Singapore since its establishment here in 1977. I am heartened that MAN Energy Solutions has placed a strong vote of confidence in Singapore by setting up its second hub outside of Europe here, setting the stage for collaboration in maritime decarbonisation, digitalisation, and talent development.”

“The expansion of MAN Energy Solutions’ workshop and warehouse activities will provide much needed capacity to support the maintenance of ocean-going vessels that adopt engines fuelled by new marine fuels.”

“MAN Energy Solutions' expanded training academy will also support Singapore's drive to upskill and reskill of our workforce, to build confidence for maritime workers to safely handle new marine fuels. I look forward to many more years of meaningful collaboration, especially in these emerging areas.”

Dr Uwe Lauber, CEO MAN Energy Solutions, said, “With over 9,000 square metres of floor space, Singapore is our largest hub outside of Europe in what is one of the most important maritime centres globally. We intend for this mixed-purpose facility to advance the maritime energy transition locally through education, logistics, and a comprehensive after-sales portfolio. Ultimately, we are ‘moving big things to zero’ and leading our customers towards a multi-fuel, decarbonised future.”

Mr Teo Eng Dih, Chief Executive Officer of the Maritime and Port Authority of Singapore, said, “As the world’s largest bunkering port and major transhipment hub, Singapore is committed to the maritime digitalisation and the green transition. We have been long-time partners with MAN Energy Solutions and have been working closely together in various methanol and ammonia shipping consortiums and also in skills development.”

“MAN Energy Solutions’ new maintenance and training facility here will add deep expertise and experience to the growing and vibrant new fuels ecosystem here and also upskilling of our maritime workforce, especially in the area of new methanol and ammonia engines.”

Nicolas Brabeck, Managing Director, MAN Energy Solutions, Singapore, said: “This new facility represents one of the biggest investments that we have made outside of our product centres within recent years. It forms a key part of our company’s Triple 10+ business strategy that aims for growth through green technologies. In this context, we intend to equip our personnel with the right skillsets to handle the new technologies coming online and drive our business forward. We therefore expect to significantly increase staff numbers on-site to some 400 people by 2027, and look forward to cultivating great relationships with our customers and the various, Singaporean authorities.”

MAN Energy Solutions’ Singapore office is its largest service hub outside Europe, and currently employs 250 staff.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 4 March 2024

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Business

Singapore Maritime Officers’ Union launches upgraded Wavelink Maritime Simulation Centre

Centre includes new dual-fuel engine simulators, offering realistic training scenarios to prepare seafarers for the evolving maritime landscape and the shift to cleaner bunker fuels.

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Wavelink MPA

Singapore Maritime Officers'​ Union launched the newly upgraded Wavelink Maritime Simulation Centre (WMSC), according to Maritime and Port Authority of Singapore (MPA) on Thursday (29 February).

The SGD 2.75 million facility includes new dual-fuel engine simulators, offering realistic training scenarios to prepare seafarers for the evolving maritime landscape and the shift to cleaner fuels, in line with industry sustainability goals.

The WMSC was unveiled by Minister Grace Fu, Minister for Sustainability and the Environment at SMOU’s seminar titled Advancing Maritime Resilience: No One is Left Behind.

The seminar, focusing on transition and training, aimed to reinforce shared responsibility, empower the maritime workforce through training, and champion sustainability without disadvantaging stakeholders in achieving #netzero emissions by 2050.

MPA's Assistant Chief Executive (Corporate & Strategy) Hoe Soon Tan participated in a panel discussion on "Prioritising a 'Just Transition", addressing strategies to bridge skill gaps and ensure a smooth and equitable transition for all seafarers.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 4 March 2024

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Singapore: EPS orders ammonia, LNG dual-fuel vessels from China

EPS signed one contract for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International.

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Singapore-based Eastern Pacific Shipping (EPS) on Wednesday (28 February) said it signed two new contract orders in a signing ceremony in Shanghai, one for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International. 

The contracts signed cover four 210,000 dwt ammonia dual-fuel bulk carriers and two 111,000 dwt LNG dual-fuel LR2 oil tankers, expanding our fleet of green vessels on water. 

“These are pivotal for EPS, testament to our continued commitment towards the decarbonisation of shipping,” EPS said in a social media post.

Manifold Times recently reported EPS signing 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.

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

 

Photo credit: Eastern Pacific Shipping
Published: 1 March 2024

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