Singapore bunkering firm Innovek Pte Ltd in March filed a claim of USD 1.1 million (exact: USD 1,057,267.62) against the former Director of Singapore bunker supplier Bunker House Petroleum at the High Court of the Republic of Singapore, showed documents obtained by Manifold Times.
Chua Chin Lan, adjudged bankrupt by the court in late August 2019, was among defendants earlier facing a claim of USD 3.9 million (exact: USD 3,922,368.65) from bunker supplier Global Energy Trading Pte Ltd over the delivery of marine fuel in or around December 2018 and January 2019.
The latest development alleges the individual facing a debt totalling approximately USD 5 million due to personal guarantees undertaken with Innovek and Global Energy Trading.
Photo credit: Manifold Times
Published: 4 May, 2020
The bunker player at Hong Kong and Chinese ports shares with Manifold Times what local shipping sectors went through during the early days of COVID-19 and how business is resuming.
April bunker sales results released on Wednesday caught several players, who expected volume to fall due to lower international trade and COVID-19, by surprise.
‘OTPL has a strong group of employees who have the requisite expertise and experience in ship chartering and management, which has commercial value and should be kept intact.’
Company believes market and business partners ‘likely to have greater confidence and comfort in continuing business dealings’ if placed under judicial management, says Director.
Panellists covered several marine fuel related topics including bunker fuel quality testing, COVID-2019, and long term storage of VLSFOs experienced during the first 100-day period.
Bunker fuels are being stored for extended times which could jeopardise its quality if not monitored accordingly; routine testing and monitoring can alleviate risks.