Vitol and Grindrod, joint shareholders of bunkering firm Cockett, on Tuesday (13 May) made the strategic decision to conduct an orderly wind-down of Cockett.

“This difficult decision was reached after long consideration and in light of the non-core nature of Cockett’s business to both shareholders,” said a joint statement.

“Cockett is in a sound financial position. It will continue to perform all of its existing contractual obligations, in a timely manner, to both suppliers and customers. As of today however, it will not enter into any new business.

“The shareholders are keen to ensure that the wind-down proceeds on a solvent basis. Cockett anticipates that all relevant suppliers will be paid in full within the next 60 days, in each case in accordance with the terms of their supply contracts. It also anticipates payment of relevant receivables due from customers within a similar timeframe.”

According to the statement, the wind-down process will be led by Cockett’s current management team, Cem Saral and Arnaud Payot, Cockett’s long standing CEO and CFO. They will be supported by Vitol on behalf of the shareholders who, as a leading global energy supplier, holds existing relationships with many of Cockett’s suppliers and customers.  A core team will remain in place to ensure the orderly settlement of payables and receivables.

“The shareholders would like to thank the Cockett employees for their professionalism, hard work and dedication to the company over many years. All employees will receive considered and responsible compensation,” it noted.

“The shareholders would also like to thank all of Cockett’s suppliers and customers for their support over the last 45 years of trading.”

Photo credit: Cockett
Published: 13 May 2025

The final meeting of members for President Marine Pte Ltd, has been scheduled to take place on 9 June, according to the company’s liquidator on a notice posted on Friday (9 May) on the Government Gazette.

The meeting will be held at 600 North Bridge Road, #05-01 Parkview Square, Singapore 188778 at 9am. 

The meeting is being held for the purpose of having an account laid before the members showing the manner in which the winding up has been conducted and the property of the company disposed of and of hearing any explanation that may be given by the liquidators

The details of the liquidator are as follows:

Victor Goh
Khor Boon Hong
Marie Lee
Joint Liquidators
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778

According to Singapore-based The Grid, a B2B Sales Intelligence platform, the company’s business was in building and repairing tankers and other ocean-going vessels. 

Related: Singapore: President Marine Pte Ltd to be wound up voluntarily

Photo credit: Jo_Johnston from Pixabay
Published: 13 May, 2025

Several resolutions for Virgo Shipholding Pte Ltd and Virgo Holdings Pte Ltd were made during extraordinary general meetings held on 30 April, according to a notice in the Government Gazette on Friday (9 May).

The following resolutions were resolved during the meetings:

SPECIAL RESOLUTIONS

• That the Company be wound up voluntarily.
• That the Liquidator(s) be and is hereby authorised to exercise any or all of the powers given by Section 144 (1)(b), (c), (d), (e), (f) and (g) and 144 (2) of the Insolvency, Restructuring and Dissolution Act 2018.
• That the Liquidator(s) be authorised to distribute either in cash or in specie any part or all of the surplus assets of the Company to the contributories.

ORDINARY RESOLUTIONS

• That Messrs. Chian Yeow Hang and Cheong Beng Sheng, Dean of c/o Guardian Advisory Pte Ltd 531A Upper Cross Street #03-118 Singapore 051531 be and hereby appointed as liquidator for the purpose of winding up the affairs of the Company.

Photo credit: Drew Beamer
Published: 13 May, 2025