Business
Singapore: MAS slaps Noble Group with USD 9 mil fine
Monetary Authority of Singapore imposed the civil penalty on Noble Group wholly owned subsidiary NRI for publishing misleading information in its financial statements.

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1 year agoon
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The Monetary Authority of Singapore (MAS) has imposed a civil penalty of SGD 12.6 million (USD 9 million) against Noble Group for publishing misleading information in its financial statements, said MAS, Accounting and Corporate Regulatory Authority (ACRA) and Commercial Affairs Department of the Singapore Police Force on Wednesday (24 August).
The authorities said this after concluding their joint investigations into Noble Group Limited (NGL) and Noble Resources International Pte Ltd (NRI), which was NGL’s wholly owned subsidiary in Singapore at the material time.
The following are details of actions that have been taken:
- MAS has imposed a civil penalty of SGD 12.6 million on NGL for publishing misleading information in its financial statements, in breach of section 199(b)(ii) of the Securities and Futures Act (SFA).
- ACRA, in consultation with the Attorney-General’s Chambers (AGC), has issued stern warnings to two former directors of NRI for failing to prepare and table annual financial statements in compliance with the prescribed accounting standards in Singapore, in breach of section 201(2) of the Companies Act (CA).
The Public Accountants Oversight Committee (PAOC), which administers ACRA’s Practice Monitoring Programme (PMP)1 under the Accountants Act, has also issued orders against the auditors of NRI from Ernst and Young in relation to the financial statements for the financial years ended 31 December 2012 to 31 December 2016.
The joint investigations, which commenced in November 2018, involved complex accounting issues and required assistance from overseas authorities.
It was found that NGL, through NRI, entered into long term marketing agreements with mine owners and coal producers to either assist them to build a brand name for their mines, or act as a salesperson for the commodities produced from the mines. Under these marketing agreements, NGL would not take delivery of the commodities produced but would earn fees based on a pre-determined percentage of the counterparty’s sales value.
The joint investigations revealed that NGL and NRI had applied an incorrect accounting treatment to these marketing agreements by classifying them as financial instruments instead of service contracts, and by recognising future fees from these agreements before rendering the services. This inflated NGL’s and NRI’s reported profits and net assets. NGL’s publication of materially misleading financial statements from 2016 to 2018 were likely to have induced the sale or purchase by investors of NGL’s securities listed on the Singapore Exchange (SGX).
Assistant Chief Executive of ACRA, Ms Kuldip Gill, said, “Quality financial information is crucial for a trusted and vibrant business environment in Singapore. ACRA expects financial statements to reflect a true and fair view of the financial position and performance of the company as market participants rely on the financial statements to obtain an accurate picture of the value the business generates, and the risks involved.”
“ACRA will continue to enforce accounting standards and take those involved in the financial reporting chain to task for unreliable information and/or non-compliance with the prescribed accounting and auditing standards.”
Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said, “Materially false or misleading statements by listed entities have no place in Singapore’s capital markets. If left unchecked, they will erode investors’ trust in the quality of information released by issuers, and have an adverse impact on the integrity of our capital markets.”
“The present action demonstrates that MAS takes breaches of disclosure obligations seriously and will take firm action against persons found to have fallen short.”
Related: Noble Group pushes restructuring effort, disagrees with ACRA
Related: Singapore: Noble Group under investigation by SPF, MAS, ACRA
Related: UPDATE: Singapore-listed Noble sells oil trading desk
Related: Noble Group disposing global oil trading desk
Photo credit: Justin Lim on Unsplash
Published: 25 August, 2022
Methanol
Kambara Kisen orders methanol dual-fuel bulker from Tsuneishi Shipbuilding
Firm ordered a 65,700-dwt methanol dual-fuel dry bulk carrier with Tsuneishi Shipbuilding; MOL signed a basic agreement on time charter for the newbuilding that is slated to be delivered in 2027.

Published
3 days agoon
September 22, 2023By
Admin
Japanese shipowner Kambara Kisen has ordered a 65,700-dwt methanol dual-fuel dry bulk carrier newbuilding from Tsuneishi Shipbuilding Co., Ltd, according to Mitsui O.S.K. Lines (MOL) on Wednesday (20 September).
MOL said it signed a basic agreement on time charter for the newbuilding that is slated to be delivered in 2027.
The vessel will be designed to use e-methanol produced primarily by synthesising recovered CO2 and hydrogen produced using renewable energy sources, and bio-methanol derived from biogas.
The vessel's design maximises cargo space while ensuring sufficient methanol tank capacity set to allow the required navigational distance assuming various routes, at the same time maximising cargo space.
MOL added the vessel is expected to serve mainly in the transport of biomass fuels from the east coast of North America to Europe and the U.K. and within the Pacific region, as well as grain from the east coast of South America and the U.S. Gulf Coast to Europe and the Far East.
Details on the time-charter contract:
Shipowner: Kambara Kisen wholly owned subsidiary
Charterer: MOL Drybulk Ltd.
Charter period 2027: -
Details on the newbuilding methanol dual fuel bulk carrier:
LOA: About 200 m
Breadth: About 32.25 m
Draft: About 13.80 m
Deadweight: About 65,700 MT
Hold capacity: About 81,500m3
Shipyard: Tsuneishi Shipbuilding Co., Ltd.
Photo credit: Mitsui O.S.K. Lines
Published: 22 September, 2023
Methanol
Argus Media: Alternatives may drive methanol market growth
Driven by low-carbon policies and regulations, the transportation sector — especially the marine fuels industry — could be a source of heightened demand, according to Argus.

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3 days agoon
September 22, 2023By
Admin
The growth of sustainable alternatives to traditional methanol production sources likely will shape the market over the next several years, industry leaders said this week at the Argus Methanol Forum.
20 September
Driven by low-carbon policies and regulations, the transportation sector — especially the marine fuels industry — could be a source of heightened demand.
"The aim is to be net zero by 2050 but [those solutions are] expensive today and one of the main challenges to build e-methanol or bio-methanol plants is a huge queue for these pieces of equipment that aren't available," Anita Gajadhar, executive director for Swiss-based methanol producer Proman, said.
Bio-based and e-methanol plants of commercial scale, like Proman's natural gas-fed 1.9 million metric tonne/yr M5000 plant in Trinidad and Tobago, are not ready today.
"But that's not to say 10 years from now they won't be there," Gajadhar added.
Smaller projects are popping up. Dutch fuels and gas supplier OCI Global announced plans last week to double the green methanol capacity at its Beaumont, Texas, facility to 400,000 t/yr and will add e-methanol to production for the first time. Production will use feedstocks such as renewable natural gas (RNG), green hydrogen and biogas.
The globally oversupplied methanol market will not get any major supply additions starting in 2024 until 2027. But that oversupply will not last long, Gajadhar said.
Global demand has slowed this year, driven by stagnate economic growth and higher interest rates, according to industry observers.
As much as half of methanol demand is tied to GDP growth, with total methanol demand estimates at 88.9mn t globally in 2023. This is essentially flat from 2022, but up from 88.3m t in 2021 and 87.7mn t in 2020, Dave McCaskill, vice-president of methanol and derivatives for Argus Media's consulting service, said.
Demand is not expected to rebound to 2019 levels of 89.6mn t until 2024 or 2025, he added.
The period of oversupply combined with lackluster demand places methanol in a transition period, Gajadhar said, which opens the door for sustainable feedstock alternatives to shape market growth.
Danish container shipping giant Maersk and French marine logistics company CMA-CGM announced earlier this week a partnership to drive decarbonization in shipping. The partnership seeks to develop fuel and operations standards for bunkering with alternative fuels. The companies will develop net-zero solutions, including new technology and alternative fuels.
Maersk has previously ordered dual-fuel methanol-powered vessels and CMA-CGM LNG-propelled vessels.
The demand for alternative feedstock-derived fuels is there, but the ability to scale-up such production lags. Certified lower-carbon methanol produced using carbon capture and sequestration — also known as blue methanol— can ramp up much more quickly, according to Gajadhar.
By Steven McGinn
Photo credit and source: Argus Media
Published: 22 September, 2023
Biofuel
Royal Caribbean completes over 12 weeks of bio bunker fuel testing in Europe
Firm expanded its biofuel testing this summer in Europe to two additional ships — Royal Caribbean International’s “Symphony of the Seas” and Celebrity Cruises’ “Celebrity Apex”.

Published
3 days agoon
September 22, 2023By
Admin
Royal Caribbean Group on Tuesday (19 September) said it successfully completed over 12 consecutive weeks of biofuel testing in Europe.
Royal Caribbean International’s Symphony of the Seas became the first ship in the maritime industry to successfully test and use a biofuel blend in Barcelona to meet part of her fuel needs.
The company confirmed onboard technical systems met operational standards, without quality or safety concerns, demonstrating the biofuel blend is a reliable “drop in” supply of lower emission energy that ships can use to set sail across Europe and beyond.
The tests across Europe also provided valuable data to understand the availability and scalability of biofuel in the region, the firm added.
Jason Liberty, president and CEO, Royal Caribbean Group, said: “This is a pivotal moment for Royal Caribbean Group’s alternative fuel journey.”
“Following our successful trial of biofuels this summer, we are one step closer to bringing our vision for net-zero cruising to life. As we strive to protect and promote the vibrant oceans we sail, we are determined to accelerate innovation and improve how we deliver vacation experiences responsibly.”
President of the Port of Barcelona, Lluís Salvadó, said: “Royal Caribbean’s success is a clear example of how commitment to innovation makes possible the development of solutions to decarbonise the maritime sector.”
“In this case, it involves the cruise sector and focuses on biofuels, an area in which the Port of Barcelona is already working to become an energy hub, producing and supplying zero carbon fuels, such as green hydrogen and ammonia, and of other almost zero-carbon alternative fuels, such as methanol, biofuels or synthetic fuels. Innovation and collaboration between ports and shipping companies is key to accelerate the decarbonisation of maritime transport.”
The company began testing biofuels last year and expanded the trail this summer in Europe to two additional ships — Royal Caribbean International’s Symphony of the Seas and Celebrity Cruises’ Celebrity Apex.
The sustainable biofuel blends tested were produced by purifying renewable raw materials like waste oils and fats and combining them with fuel oil to create an alternative fuel that is cleaner and more sustainable. The biofuel blends tested are accredited by International Sustainability and Carbon Certification (ISCC), a globally recognized organization that ensures sustainability of biofuels and verifies reductions of related emissions.
With Symphony of the Seas departing from the Port of Barcelona and Celebrity Apex departing from the Port of Rotterdam, both ships accomplished multiple sailings using biofuel and contributed critical data on the fuel’s capabilities.
“These results will help accelerate Royal Caribbean Group’s plans to continue testing the use of different types of biofuels on upcoming European sailings this fall. The company is exploring strategic partnerships with suppliers and ports to ensure the availability of biofuel and infrastructures to advance the maritime energy transition,” the firm said.
Photo credit: Royal Caribbean Group
Published: 22 September, 2023

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