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Singapore: Minister of Transport comments on Hin Leong debacle and new bunker suppliers

22 Apr 2020

Khaw Boon Wan, Singapore’s Coordinating Minister for Infrastructure and the Minister for Transport on Tuesday (21 April) commented on the recent Hin Leong Trading finance fiasco and the timely addition of two new bunker suppliers through a post on his Facebook account.

His full post Facebook is as follows:

Hin Leong Trading’s financial woes are in the news. Its bunkering service arm, Ocean Bunkering Services, is a major player in our bunkering sector. While there is some immediate collateral impact through credit-tightening on other bunkering players, it is manageable. 

Our priority is to ensure that our bunkering sector remains robust. And it is. Other existing bunker suppliers have immediately come in to fill the gap. 

It is also fortuitous that MPA invited bids for new bunker suppliers in December last year. We have evaluated the bids and two new suppliers will get their bunkering and craft operator licences today.

Related: Singapore: Minerva Bunkering and TFG Marine obtain bunker supplier license
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks


Source and Photo credit:
Khaw Boon Wan/Facebook
Published: 22 April, 2020

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