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Singapore: Seabridge Bunkering continues ops after ‘amicable settlement’ with ING bank

24 Aug 2020

Singapore-based marine fuels trading firm Seabridge Bunkering Pte Ltd (Seabridge), a subsidiary of the Bilsea Group, is continuing operations as per normal after reaching an “amicable settlement” agreement with ING Bank due to an earlier exposure to O.W Bunker, shares its Managing Director.

“We reached a five-digit settlement sum with ING Bank outside court in February 2020,” Yan Xiankai, who is also the Managing Director of the Bilsea Group, told Singapore bunkering publication Manifold Times.

“Seabridge, as a well-established name in ship bunkering market, has survived after numerous crisis including the O.W. bunker case.

“Our company will continue to serve its customers like before and the business will be maintained at a reasonable scale.”

Yan noted Seabridge being currently involved with both cash in advance and credit term basis trading operations in order to maximise profit margin, while limited credit is still available from reliable partners and for its customers passing its strict credit control policy.

“For the past two decades, the stakeholders of Seabridge have diversified its business to ship chartering as ship operator, asphalt commodity trading while being a ship owner and commercial manager of asphalt tankers,” he says.

“We are also involved in crude oil futures trading, fuel oil paper trade, property investment and a few others.

“Overall, our business is financially healthy and strong even though Seabridge, which forms only part of its stakeholder’s interest, is affected.”

Moving forward, Yan notes of the Bilsea Group management planning to keep its bunker trade business at a “comfortable level” in consideration of the current poor freight market and high volatility of the oil market.

“After O.W. Bunker’s bankruptcy, there have been a few more oil companies which have been shut down in recent years due to failure of risk management,” he shares.

“Nevertheless, players involved in back-to-back bunker trades will find it more and more competitive.

“Seabridge will keep trying to rebuild its business model in the direction of integrated trading while not foregoing the necessary mechanism for proper risk control; such as by hedging when engaged in bunker trade deals.”

He also stressed the importance of building business networks to sustainably connect products and customers through employed staff and integrated trading practise.

“Seabridge stakeholders in the long run will continuously build the business model under its own ecosystem environment, whether for our established business (www.bilseagroup.com) or for new ventures (www.unimex.org),” ends Yan.

The Seabridge Bunkering team

Related: ING Bank seeks approximately USD 113,600 from Seabridge Bunkering
Related: Seabridge Bunkering Pte Ltd under winding up application from creditor ING Bank

 

Photo credit: Seabridge Bunkering
Published: 24 August, 2020

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