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Singapore: Yangzijiang Shipping to be wound up over excess USD 4.8 million newbuilding quality claim

Transferred shares of 40 subsidiaries to BVI firm after tribunal awarded claims in favour of Trinity Seatrading; YSPL has also filed a civil complaint against DNV and Liberian ship registry at Nanjing Maritime Court.




Photo 3 of High Court

The General Division of The High Court of the Republic of Singapore on Friday (17 March) issued a winding up order against Yangzijiang Shipping Pte. Ltd. (YSPL) due to a compensation claim in excess of USD 4.8 million from Liberia-based Trinity Seatrading S.A. (Trinity). Trinity was represented by Singapore-based multi-disciplinary law firm Helmsman LLC.

Trinity on 20 December 2018 agreed to purchase a 157,000 dwt oil tanker from a group of Chinese firms namely YSPL, Jiangsu Tianchen Marine Import & Export Co., Ltd., and Jiangsu New Yangzi Shipbuilding Co., Ltd. (the sellers), according to court documents obtained by Manifold Times.

Technical dispute arises to London arbitration and award

Disputes related to the vessel’s construction arose and the parties proceeded to arbitration, culminating in a 10-day hearing from 20 June 2022 in London under London Maritime Arbitrators Association (LMAA) Terms 2017.

On 18 July 2022, the tribunal awarded the return of a USD 12 million [exact: USD 12,127,500] deposit and damages of USD 3.25 million plus interest to Trinity.

Transfer of YSPL subsidiaries to BVI-incorporated firm

Between August to September 2022, YSPL transferred shares of at least 40 subsidiaries to Pleasant Way Analyse Development Limited (Pleasant Way), a British Virgin Island-incorporated firm owned by Yangzijiang Shipbuilding (Holdings) Ltd.

On 23 September 2022, Agricultural Bank of China performing the role of Refund Guarantor returned the USD 12 million deposit to Trinity; however, the sellers have not paid damages in excess of USD 3.25 million and the interest awarded to Trinity to date.

In light of the sellers' non-payment, on 7 October 2022, Helmsman LLC representing Trinity issued a Statutory Demand on YSPL in Singapore claiming for total USD 4.8 million [exact: USD 4,838,908.11].

Sellers file cross-claim against Trinity, DNV and LISCR in PRC court

The sellers on 21 October 2022, meanwhile, filed a civil complaint against Trinity, Det Norske Veritas (China) Company (DNV), and the Liberian International Ship & Corporate Registry LLC (LISCR) with the Nanjing Maritime Court in the People’s Republic of China.

They alleged, amongst others, that Trinity conspired with DNV and LISCR to prevent the issuance of a Class Certificate and Cargo Ship Safety Construction Certificate. The claim was for exactly the same amount as the sum demanded by Trinity in the Statutory Demand.

In response, Trinity obtained an interim anti-suit injunction (ASI) from the London Commercial Court on 17 November 2022 to restrain the sellers from proceeding against Trinity at the Nanjing Maritime Court.

As a result, the sellers discontinued the Nanjing Maritime Court proceedings against Trinity. The Nanjing Maritime Court later added Trinity as a ‘third party’ to the PRC Civil Complaint. The hearing is currently pending.

Singapore court grants winding up order to Trinity

YSPL did not make payment of the sum demanded by Trinity in the Statutory Demand. As there was no dispute that the debt was owing and unpaid, and there was no cross-claim by YSPL against Trinity, Trinity applied for a winding up order to be made against YSPL. The winding up application came up for a hearing before the Singapore High Court on 17 March, and the Judge issued a winding up order against YSPL.

Related: Singapore: High Court to hear Yangzijiang Shipping winding up application on 20 January
Related: Singapore: Helmsman celebrates firm’s strategic transformation with formation of five new practice groups
Related: Helmsman evolves into multi-disciplinary law firm; expands Singapore and Hong Kong practices to meet growing demand


Photo credit: Manifold Times
Published: 23 March, 2023

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China Shipping & Sinopec Suppliers completes first biofuel bunkering op of passenger ship in Dalian

Firm successfully refuelled passenger ship “Chang Shan Dao” owned by Cosco Shipping Ferry with B24 bio bunker fuel on 29 November at Dalian Cruise Port.





China Shipping & Sinopec Suppliers completes first biofuel bunkering op of passenger ship in Dalian

China Shipping & Sinopec Suppliers Co., Ltd. on Wednesday (29 November) successfully refuelled passenger ship "Chang Shan Dao" owned by Cosco Shipping Ferry Co., Ltd. with B24 bio bunker fuel at the Dalian Cruise Port. 

The occasion marked the first biofuel bunkering operation for passenger ships in China. 

The B24 biofuel oil used was blended with 24% biofuel and 76% conventional low-sulphur fuel oil.

Sinopec China Shipping Fuel Supply, which is responsible for the bunkering operation, is a bunker supply firm jointly established by Sinopec Group and COSCO Shipping Group.

According to Li Zhi, Deputy Party Secretary and Deputy General Manager of China Shipping & Sinopec Suppliers Co., Ltd., the biofuel bunkering business is another step in the company's active business of the group's development strategy. 

The bunkering operation after the firm completed the first bonded biofuel bunkering operation of a domestic ship on 7 September. 

Disclaimer: The above article published by Manifold Times was sourced from China’s domestic market through a local correspondent. While considerable efforts have been taken to verify its accuracy through a professional translator and processed from sources believed to be reliable, no warranty is made regarding the accuracy, completeness and reliability of any information.

Photo credit: China Shipping & Sinopec Suppliers
Published: 8 December, 2023

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Alternative Fuels

Singapore, Tianjin to pilot and trial alternative bunker fuels following shipping corridor MoU

Singapore – Tianjin Green and Digital Shipping Corridor will serve as a valuable testbed for both countries to pilot and trial digital solutions, alternative fuels and technologies, amongst others.





Singapore, Tianjin to pilot and trial alternative bunker fuels following shipping corridor MoU

The Maritime and Port Authority of Singapore (MPA) and the People’s Republic of China’s Tianjin Municipal Transportation Commission on Wednesday (6 December) signed a memorandum of understanding (MoU) to establish the Singapore – Tianjin Green and Digital Shipping Corridor.

Mr Teo Eng Dih, Chief Executive, MPA, and Mr Wang Zhinan, Director General, Tianjin Municipal Transportation Commission, signed this MoU.

The MoU marked the first Green and Digital Shipping Corridor established between Singapore and China to support the decarbonisation, digitalisation and growth of the maritime industry between Singapore and the Bohai Region. 

The Singapore – Tianjin Green and Digital Shipping Corridor will serve as a valuable testbed for both countries to pilot and trial digital solutions, alternative bunker fuels and technologies, and facilitate talent development to support the decarbonisation and digitalisation of shipping. 

Singapore and Tianjin will work with the research community, the  institutes of higher learning, and industry stakeholders such as shipping lines, port operators, shipbuilders, classification societies, and bunker suppliers to enable more efficient port clearance through digital exchanges, encourage the offtake of zero or near-zero greenhouse gas emission fuels and adoption of new fuel technologies, spur innovation and support the growth of the maritime startups community, and facilitate manpower training and professional development.

The establishment of the Singapore – Tianjin Green and Digital Shipping Corridor reaffirms the strong commitment by Singapore and Tianjin to accelerate maritime decarbonisation and digitalisation. Singapore will also be exploring the establishment of similar collaboration with other maritime and port ecosystems within China.

Photo credit: Maritime and Port Authority of Singapore
Published: 8 December, 2023

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Report highlights routes-based action plan methodology to accelerate uptake of clean bunker fuels

NextGEN Connect-GreenVoyage2050 collaboration, which includes Singapore, emphasises the important role of regional energy hubs in enabling the inclusive adoption of clean marine fuels.





Report highlights routes-based action plan methodology to accelerate uptake of clean bunker fuels

The Maritime and Port Authority of Singapore (MPA) on Thursday (7 December) said the NextGEN Connect-Green Voyage2050 Project identified a key role for regional hubs to help connect large demand clusters and remote locations, with regional fuel supply sources, in order to enable a more inclusive and effective transition to a low-carbon maritime future. 

The project is a collaboration between Singapore, Norway and the International Maritime Organization (IMO). 

These findings were unveiled in the Lloyd’s Register Maritime Decarbonisation Hub (LR MDH) report titled Routes-based Action Plans: A Toolkit launched at the Voyage to Net-Zero Forum, which was organised by MPA, at the 28th United Nations Climate Change Conference (COP28/CMP8/CMA5) yesterday.  

The report was developed following a workshop discussion that was held from 5 to 6 October 2023 in Singapore, with the participation of 40 stakeholders representing ports and National Administrations across Asia, based on the concept of the LR MDH’s First Movers Framework for green corridors. The workshop simulated the process steps of the routes-based action plan methodology, addressing the limitations in its application in the wider Asian context. Additional engagements with stakeholders from the Pacific are envisaged to further refine the methodology. 

“One of the key findings in our report highlighted the varying pace of decarbonisation efforts across the Asian region and the need for regional coordination among governments to establish energy clusters that will serve both as demand centres and energy producing hubs” said Charles Haskell, Director at LR MDH. 

The creation of energy producing hubs includes defining a strategy that brings together demand from different countries at different developmental stages across the region to build up investment cases for implementing energy infrastructure at scale, all the while taking into consideration the economic and social benefits for local communities. 

The report also emphasised that routes-based action plans should be steered by national governments to give confidence to the industry’s infrastructure investment decisions, with development banks and regional funds needing to play a part to help tailor financing solutions to support infrastructure development. 

“If we truly want to achieve a net-zero future where no one is left behind, we cannot focus only on existing first mover initiatives. We must also study locations where the energy infrastructure is still in its infancy”, added Charles Haskell. 

Essential to driving the implementation of routes-based action plans, as highlighted in the report, is the pooling of resources and capacity building to develop the business case for building the necessary infrastructure for regional hubs that include Least Developed Countries (LDCs) and Small Island Developing States (SIDS). This will require regional coordination and collaboration involving governments and all stakeholders across the maritime supply chain.

Mr. Teo Eng Dih, Chief Executive of MPA, said: “As we steer toward a sustainable maritime future, fostering a collective and inclusive approach is imperative in the development of green corridors and the energy transition to decarbonise international shipping.”

“The NextGEN Connect-GreenVoyage2050 collaboration emphasises the important role of regional energy hubs in enabling the inclusive adoption of clean marine fuels, particularly for LDCs and SIDSs. MPA looks forward to continuing its collaboration with IMO, Ministry of Climate and Environment of Norway and LR MDH to pilot solutions to reduce GHG emissions from ships and drive innovative transformations in the maritime industry.”

Sveinung Oftedal, Chief Negotiator of the Norwegian Ministry of Climate and Environment, said: “Separate routes for emission-free ferries and ships can play an essential role in stimulating early action to adopt zero or near-zero emission technologies and fuels, and hence are an important step towards decarbonising shipping. There is currently a significant volume of maritime traffic between Asian countries, and our workshop was a great forum to discuss opportunities the decarbonisation of maritime shipping can bring and how efforts can be linked to countries’ wider energy transition.”

Jose Matheickal, IMO Director of Partnerships and Projects, said: “Supporting developing countries, including SIDS and LDCs, in their efforts to implement the 2023 IMO Strategy on the Reduction of GHG Emissions from Ships is imperative to the decarbonisation of the maritime sector. IMO is pleased to provide, through this collaboration, practical support around the development and subsequent implementation of National Action Plans and route-based actions in line with IMO’s MEPC RESOLUTION.366(79) that encourages Member States to undertake these voluntary actions to facilitate the achievement of greener shipping and reduced emissions.” 

Note: ‘Routes-based action Plans: a toolkit’ can be found here

Photo credit: Maritime and Port Authority of Singapore
Published: 8 December, 2023

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