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
‘Our main focus of OTT is to increase transparency towards our clients as well as minimise the time customers spend on getting bunker delivery status updates,’ Executive Director tells Manifold Times.
‘Generally, you have to heat VLSFOs to prevent waxing, but the more you heat them the lower the shelf life is going to be,’ Dr Malcolm Cooper, the Group Managing Director of VPS, tells Manifold Times.
Current low prices for road and aviation fuels in September could mean another increase of flashpoint off-spec cases for MGO when players start introducing the products back into the bunker stream.
Some bunker suppliers at various ports have even achieved their sales target for the year; the trend doesn't seem to be slowing down and suppliers are expecting a boom during end of September.
The company has entered a memorandum of agreement with Millenium Satu Ltd to acquire the 7,550 dwt oil tanker to increase service flexibility; vessel will be paid over an installment period of 36 months.
Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.