The Maritime and Port Authority of Singapore (MPA) has suspended the bunker supplier license of Ocean Bunkering Services Pte Ltd (OBS), a subsidiary of the collapsed Hin Leong Trading as it can no longer meet the qualifying prerequisites to hold the license, reports Reuters.
“Given that OBS has stopped its bunkering operations since April this year and has not been able to fulfil its licensing commitment to date, MPA has suspended their bunkering licenses until further notice,” said the MPA as quoted by Reuters.
OBS ceased bunker fuel deliveries in April following a credit pull experienced by an embattled Hin Leong due to debts of up to USD 3.85 billion.
In early October, the judicial managers for Hin Leong, PricewaterhouseCoopers had published a notice for an “investment opportunity in an independent bunker fuel and lubricant supplier in Singapore”.
Related: PwC publishes ‘investment opportunity’ for Singapore independent bunker fuel supplier
Photo credit: Manifold Times
Published: 20 October, 2020
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‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
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