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Singapore: Provisional liquidators appointed for Xin Chun Shipping, Xin Dun Shipping

Electronic meetings of creditors for two Xihe Holdings subsidiaries have been scheduled to be held on 24 May 2022, according to Government Gazette notice.

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Notices were published on the Government Gazette on Monday (9 May) regarding the appointment of provisional liquidators and scheduled credit meetings for two Xihe Holdings subsidiaries.

Directors of the following companies on 25 April declared the entities were unable to continue business due to their liabilities. The firms are:

  • Xin Chun Shipping (Pte) Ltd
  • Xin Dun Shipping (Pte) Ltd

Paresh Jotangia and Ho May Kee of Grant Thornton Singapore Private Limited c/o 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960 have been appointed joint and several provisional liquidators of the abovenamed companies on 25 April.

An electronic meeting of creditors of the companies will be held on the 24 May 2022 at 10am (Xin Chun) and 10.30am (Xin Dun) for the purpose of the following: 

  • To receive a full statement of the Company’s affairs together with a list of
  • creditors and the estimated amount of their claims.
  • To appoint liquidators.
  • To consider the judicial managers’ remuneration and expenses as an expense of the winding-up.
  • To be authorised to appoint solicitors to (i) assist the liquidators in the liquidators’ duties; and/or (ii) to bring or defend any action or legal proceeding in the name and on behalf of the Company

A copy of the detailed agenda for the meeting of creditors of various firms on the aforementioned date and time has been circulated to all known creditors via registered post and email.

Any creditor of the Company who has not received the detailed agenda by this date is invited to contact the companies’ representatives at Ms. Gwee Hui Fang ([email protected]) and Ms. Ashley Shanti ([email protected]) where upon satisfactory verification, a copy of the detailed agenda will be provided.

Related: JMs: First creditors meeting of Xihe Holdings subsidiaries to be held in January 2021
Related: Liquidator: Da Shun Shipping Pte Ltd winding up application to be heard at High Court
Related: Singapore: High Court to hear Xihe Holdings winding up application on 24 March
Related: Xihe Holdings liquidators request scheme creditors to submit proof of debt
Related: Xihe Holdings files for judicial management and winding up of Xihe Capital subsidiaries
Related: Judicial Managers of Xihe Holdings and subsidiaries call for first creditors meeting
Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management
Related: Singapore court to consider judicial management of Xihe Holdings and subsidiaries
Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’
Related: Xihe replaces Directors, forms new management team to chart fresh course for Group
Related: Xihe creditors adjourn court proceedings in favour of consensual restructuring
Related: OCBC files for Xihe Holdings to be placed under judicial management

 

Photo credit: Benjamin-Child
Published: 10 May, 2022

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Biofuel

Argus Media: Bunkering sector needs deeper dive into B24 bio bunker fuel market

‘As we advance into 2025, the need to understand how B24 matures in terms of market fundamentals, pricing and dynamics will be a key indicator for the marine sector,’ says Mahua Chakravarty of Argus.

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Argus Media organises free admission ‘Argus Asia B24 Forum’ for bunkering sector

Ahead of Argus Asia B24 Forum, Manifold Times interviewed Mahua Chakravarty, Head of Marine Fuels Pricing (Asia) of independent global energy and commodity market intelligence provider Argus Media; she explains the growing prominence of B24 bunker fuel in the marine sector and believes it is imperative for the bunkering sector to deepen its knowledge on it:

MT: Why is it important for the bunkering sector to know more about the B24 bunker fuel market?

B24 has emerged as the first alternative marine fuel that allows ship-owners and charterers a drop-in fuel option, and make greenhouse gas (GHG) savings, for their voyages into EU and territorial waters.

It has proved to be the most practical solution for ship-owners that eliminates costly retrofitting charges. The easy availability of used cooking oil methyl ester (UCOME) as a blendstock from China and southeast Asia, also adds to its overall attractiveness as an alternative fuel.

B24 consumption in the port of Singapore recorded multi-fold jumps to touch 518,000t in 2023 as ship-owners fuelled for trials in preparation for the implementation of EU-led mandates like the EU Emissions Trading Scheme (ETS) and the Carbon Intensity Index (CII) rating. In 2024, B24 demand has continued to grow with 377,800t of consumption seen up to August, according to statistics from the Maritime and Port Authority of Singapore (MPA).

As we advance into 2025, the need to understand how B24 matures in terms of market fundamentals, pricing and dynamics will be a key indicator for the marine sector. Being the first generation of new marine fuels, B24 has shown the way that biofuel blends can provide a solution for ship-owners/charterers to meet compliance mandates set by the EU and IMO.

MT: Why has Argus developed its own B24 Singapore price index? What's so special about it and why should the industry adopt it as a benchmark?

Argus was the first to launch its spot B24 delivered on board (DOB) Singapore assessment in January 2023, thus introducing price discovery for this market at its point of inception. The past 1.5 years of daily price assessments of B24, using a robust market survey approach, has built Argus’ understanding of this market from the start.

We have seen the growth of liquidity and the quest among refiners, traders, ship-owners to find pricing solutions for a nascent market. We have been at the forefront of capturing spot liquidity growth and in assessing prices for this market.

This index is now considered a key price assessment by key refiners, traders, ship-owners and other stakeholders in the market.

MT: What takeaways can each segment of the bunkering sector such as bunker buyers, bunker traders, and shipowners receive from the upcoming Argus B24 forum?

The Argus B24 Asia Forum is aimed at showcasing some of these learnings by a global team that covers key markets like Singapore, China and Europe. Our global team will present their insights on the key trends driving demand for marine biodiesel globally.

As the marine sector marches onwards with the bunkering of higher biofuel blends, this forum will allow the audience to reflect on the key factors that have driven the marine biodiesel sector. It will provide insights to make better decisions about infrastructure, pricing, feedstock-related issues and what blends are likely to be prevalent in the coming year.

We will be hosting a panel discussion at this forum that will include key players driving the marine biodiesel space in Singapore and other regions.

The Argus Asia B24 Forum will be held in The Village Hotel (The Events Centre by Far East Hospitality), Sentosa, Singapore (Google Maps) on 8 October between 4.00pm to 7.00pm Singapore Time.

Participants are encouraged to register for the free event via the custom link here.

Related: Argus Media organises free admission ‘Argus Asia B24 Forum’ for bunkering sector

 

Photo credit: Argus Media
Published: 4 October 2024

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Bunker Fuel

Brazil: Raízen launches new bunkering operation in Itaqui

Operation will support both coastal and oceangoing vessels at Off Port Limits, allowing the firm’s customers to avoid full port call fees and unnecessary deviations, says Paula Georgopoulos Tinoco.

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Brazil: Raízen launches new bunkering operation in Itaqui

Brazilian energy firm Raízen has launched its new bunkering operation in Itaqui at the Outer Anchorage Area, according to Paula Georgopoulos Tinoco, Bunker Sales Coordinator at Raízen on Wednesday (3 October).

The firm is providing local supplies for the grades VLSFO380 (max. 0.5%S) and LSMGO DMA (max. 0.1%S). 

“The new bunkering operation will support both coastal and oceangoing vessels with different sizes and class at the Off Port Limits, allowing our customers to avoid full port call fees and unnecessary deviations at different bunkering ports,” she said in a social media post.

In September last year, Bunker Holding subsidiary Bunker One announced that it partnered with Acelen, the largest bunker producer in the Brazilian state of Bahia, to offer the only outer anchorage bunkering operation in Brazil at the time. 

Starting September 2023, vessels such as large cargo ships and tankers can be supplied in the anchorage area of the Port of Itaqui in São Marcos Bay (MA).

Related: Brazil: Bunker One and Acelen partner to launch bunkering operation outside Port of Itaqui

 

Photo credit: Raízen
Published: 4 October, 2024 

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Business

Rahim Oberholtzer named as new Infineum Chief Financial and Strategy Officer

Oberholtzer, a finance executive with over 25 years of experience, joins Infineum from Shell, where he has held various senior positions including Senior Vice President of Shell Finance for Chemicals and Products.

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Rahim Oberholtzer named as new Infineum Chief Financial and Strategy Officer

International fuel additives company Infineum on Thursday (3 October) announced the appointment of Mr. Rahim Oberholtzer as the new Chief Financial and Strategy Officer, effective 1 October.

Oberholtzer will succeed Mr. Philippe Creteur, who has retired at the end of September 2024, after 18 years of dedicated service to Infineum.

Oberholtzer, a seasoned finance executive with over 25 years of diverse experience, joins Infineum from Shell, where he has held various senior positions. His most recent role was Senior Vice President of Shell Finance for Chemicals and Products.

During his career, Oberholtzer has acquired extensive expertise in public accounting, investment banking, and trading. He began his professional journey at KPMG in San Francisco as an auditor. He then moved on to Merrill Lynch, focusing on mergers and acquisitions and equity offerings within the energy sector, ultimately serving as Head of Structured Finance at Merrill Lynch Commodities. 

In 2011, he joined Shell’s Mergers and Acquisitions team in the U.S., leading key projects such as the launch of Shell Midstream Partners and the Eagle Ford divestment. He subsequently managed finance teams in Trading & Supply, covering European Gas & Power, Global Crude, and Global Products & Operations.

Infineum CEO Aldo Govi, said: “We are deeply grateful for Philippe’s years of dedication and excellent contribution to Infineum. At the same time, I am thrilled to welcome Rahim to our corporate leadership team.”

 

Photo credit: Infineum
Published: 4 October, 2024 

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