Singapore-based oil trading firm Zenrock Commodities Trading is prepared to wind down its business and its employees in offices across Singapore and China are prepared to leave by August, reports The Business Times.
As earlier reported by Manifold Times, Zenrock has agreed to be placed under judicial management, after HSBC accused the company of fraud and has since been scheduled for a hearing at 10 am on Monday, 13 July.
In HSBC’s court filing, the bank reportedly has an exposure of almost USS 49 million to Zenrock; the trading firm owes more than USD 166 million to six creditors as of April 17.
Photo credit: Manifold Times
Published: 8 August, 2020
Hin Leong unlikely to restructure independently as probes uncover rampant practice of fraud on a “massive scale” to conceal debts, reported The Business Times
The protocols aim to guarantee the safe operations of maritime trade – offering reassurance that seafarers can embark and disembark ships safely, said ICS.
EMF Director identifies some reversible and irreversible industry trends due to Covid-19, and shares its strategy to establish trust among stakeholders.
Forecasted to withdraw its application for court protection, this move provisionally protects HLT from legal proceedings as a form of debt restructuring, says Bloomberg.
The Gazpromneft Ocean TPL 4040 oil product worked for more than 4,500 hours on board a vessel during trial tests which lasted about 14 months.
‘SIBCON remains on schedule from 6 – 8 October 2020, and it is now happening virtually, and the planning is progressing well,’ said the SIBCON organising committee.
Caroline Yang, President of SSA, addresses issues earlier raised by players; including PMC No. 04, the seven-day restriction, contactless bunkering, sampling point, hose connection, and more.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
