Business

Singapore: High Court to hear FastFreight winding up application on 16 June

Application for winding up of the company was filed by Bulk Trident Shipping Ltd on 19 May, 2023, according to a notice on the Government Gazette.

Published

6 months ago

June 8, 2023

Admin

The winding up application of FastFreight Pte Ltd is scheduled to be heard at the High Court of Singapore at 10 am on 16 June, according to a Monday (5 June) notice on the Government Gazette.

The application was filed by Bulk Trident Shipping Ltd on 19 May, 2023.

Any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose.

A copy of the winding up application will be furnished to any creditor or contributory of the company requiring the copy of the winding up application by the undersigned on payment of the regulated charge for the same.

The Claimant’s registered address is at 80 Broad Street, Monrovia, Liberia.

The Claimant’s solicitors are Dentons Rodyk & Davidson LLP of 80 Raffles Place, #33-00 UOB Plaza 1, Singapore.

Note: Any person who intends to appear on the hearing of the winding up application must serve on or send by post to the Claimant’s solicitors, Dentons Rodyk & Davidson LLP of 80 Raffles Place, #33-00 UOB Plaza 1, Singapore 048624, notice in writing of his intention to do so within the time and in the manner set out in Rule 70 of the Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020. The notice must be in Form CIR-15 and state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person, firm, or his or their solicitor (if any). The notice must be served, or, if posted, must be posted in such time as in the ordinary course of post to reach the abovenamed not later than the 12th day of June 2023 (at least 3 clear working days before the day appointed for the hearing of the winding up application).

According to FastFreight’s website, the firm is a global player in the drybulk and tanker arena established in Singapore providing freight services to all sizes of fleet. It added it has offices in locations such as Mumbai and Dubai.

Fastfreight lost an appeal against Bulk Trident Shipping regarding a charterparty of Anna Dorothea to carry a bulk cargo from East Coast, India to China.

Photo credit: Ekaterina Bolovtsova
Published:8 June, 2023

Business

Malaysia: Straits Energy Resources makes move for SMF to become wholly-owned direct subsidiary

Firm has entered a conditional shares sale and purchase agreement with its subsidiary Tumpuan Megah Development for the proposed acquisition of Straits Marine Fuels & Energy shares.

Published

3 mins ago

December 1, 2023

Admin

Malaysia-listed Straits Energy Resources Berhad (SER) on Thursday (30 November) has entered into a conditional shares sale and purchase agreement with its subsidiary Tumpuan Megah Development for the proposed acquisition of Straits Marine Fuels & Energy (SMF) shares, representing 33% of the equity interest in SMF, according to a filing with Bursa Malaysia.

SMF is currently a 67%-owned direct subsidiary of SMF. Upon completion of the proposed acquisition, SMF will become a wholly-owned direct subsidiary of SER.

“The proposed acquisition entails the acquisition of the remaining 33% equity interest in SMF thus enabling Straits to consolidate the entire 100% equity interest of SMF into Straits Group,” SER said in a filing.

“The proposed acquisition will allow Straits to obtain full control in SMF Group to drive the future strategic direction and growth of SMF Group, and enable Straits to fully realise all the efforts and initiatives put in place by the company and its management in SMF Group, thereby creating greater value and improving the competitiveness of the Group.”

SER said the acquisition also represented a lower-risk investment for the Group as compared to an investment in a new business or external company.

This was due to SMF being an ongoing entity generating its own cash flow and profits as well as an existing subsidiary of the Group that does not require additional costs for integration in the group from an operational or administrative perspective.

Photo credit: Straits Energy Resources Berhad
Published: 1 December, 2023

Biofuel

Singapore: Kenoil enters milestone with STS bunker delivery of ISCC certified bio-blended LSMGO

Biofuel blended parcel also marked Kenoil’s first sale as an ISCC-certified marine fuel supplier to a prominent energy trader, which was subsequently delivered to a cruise ship in Singapore.

Published

10 mins ago

December 1, 2023

Admin

296Singapore: Kenoil enters milestone with STS bunker delivery of ISCC certified bio-blended LSMGO

ISCC-certified marine fuel supplier Kenoil Marine Services (Kenoil) on Friday (1 December) said it has successfully carried out the inaugural ship-to-ship bunker delivery of biofuel-blended low sulphur marine gas oil in Singapore.

The sustainable biofuel blend used in this milestone bunkering operation was a B24 composite blend of low sulphur marine gas oil and UCOME (Used Cooking Oil Methyl Ester).

The 200 metric tonnes (mt) parcel was loaded onto Kosmos Lily, a bunker tanker operated by Kenoil, at Jurong Port via ISO road tankers.

This biofuel blended parcel also marked Kenoil’s first sale as an ISCC-certified marine fuel supplier to a prominent energy trader, which was subsequently delivered to a cruise ship in Singapore.

Desmond Chong, Managing Director, Kenoil Marine Services, said: “We are thrilled to play an integral role in the biofuel bunker supply chain alongside forerunners in sustainable fuels. As an established bunker tanker operator and supplier, Kenoil stays abreast of emerging developments in marine fuels by collaborating with like-minded partners to provide tangible solutions to the shipping industry to meet IMO’s carbon emissions targets.”

The growing momentum towards biofuels is attributed to the readily available supply, existing infrastructure and mature technology. Biofuels not only meet sulphur compliance regulations, they also present an opportunity for vessels to reduce their CO2 emissions.

Chong emphasised Kenoil’s steadfast commitment to green shipping through active participation in various ongoing initiatives.

“Our objective is to actively contribute to the bunker supply chain, with a dedicated focus on sustainable fuels, and play a part in the advancement of Singapore as a multi-fuel bunkering hub,” he said.

Photo credit: Kenoil Marine Services
Published: 1 December, 2023

Winding up

High Court of Singapore issues winding up order to Millennium Oil

Toyota Tsusho Petroleum filed a winding up application against its former main barge operator Millennium Oil; several liquidators have been appointed to administer all affairs of Millennium Oil.

Published

14 mins ago

December 1, 2023

Admin

The High Court of Singapore on Thursday (16 November) issued a winding up order to Millennium Oil Pte Ltd, according to a 30 November notice on the Government Gazette.

The winding up application was filed by Toyota Tsusho Petroleum Pte Ltd, previously a licensed bunker supplier operating at the Port of Singapore, against its former main barge operator. The application was scheduled to be heard at the High Court of Singapore on 15 September 2023.

The winding up order also included the following names and addresses of the liquidators:

Leow Quek Shiong, GaryLoh Weng Fatt and Seah Roh Lin, all c/o BDO Advisory Pte Ltd,
600 NorthBridge Road
#23-01 Parkview Square Singapore 188778.

All creditors of Millennium Oil should file their proof of debt with the liquidators who will be administering all affairs of the company.

Manifold Times previously reported Toyota Tsusho Petroleum organising a winding up application against Millennium Oil.

The Maritime and Port Authority of Singapore (MPA) recently removed Toyota Tsusho Petroleum from its list of licensed bunker suppliers in the republic.

Manifold Times also reported Tokyo-based Toyota Tsuho Corporation deciding to cease the business operation of its subsidiary Toyota Tsusho Petroleum.

Photo credit: Sora Shimazaki on Pexels
Published: 1 December, 2023