The Singapore Police Force have reportedly confirmed by email investigations into oil company Hin Leong Trading (HLT) te Ltd have commenced following the company’s latest court filings on Friday (17 April) revealing it hid USD 800 million in losses, according to Bloomberg.
Similarly, Singapore’s Accounting and Corporate Regulatory Authority have purportedly said it would appraise the situation to consider any necessary actions. The Monetary Authority of Singapore is also allegedly in talks with HLT’s bank creditors.
Reports on Hin Leong affiliated energy transport company Ocean Tanker’s court filing by Argus Media reveal Hin Leong was already in talks with traders to cancel some of its gasoline loadings because of problems securing short-term credit lines, market participants said. It allegedly also faced multiple demands from banks to not discharge some gasoil, jet fuel and gasoline cargoes without the banks’ consent.
As a domino effect of uncovering Hin Leong’s financial situation, India’s ICICI Bank is purportedly looking to impound two vessels Wu Yi San and Chang Bai San carrying ICICI financed cargo, according to Reuters. The bank’s exposure to the company is estimated to be USD 100 million.
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks
Photo credit: stevepb
Published: 21 April, 2020
Notice for meeting of members of the company at 10:30am has been circulated to all known members, according to liquidators from Grant Thornton.
Avenir teamed up with LIQUIND 24/7 GmbH and Landwärme GmbH to execute the operation to deliver chilled bunker fuel to “Nils Holgersson” on 10 June.
SCF Group borrows $252 million from six banks in seven-year credit facility to build six Aframax tankers.
4.37 million mt of various grades were delivered at the world’s largest bunkering port in November, an increase from 4.22 million mt recorded during November 2021.
To safeguard the flow of international trade during, MPA said it will continue to facilitate crew changes for ships of all flags and nationalities through a ‘safe corridor’.
‘Some informational sources on the Internet indicate that a ransomware attack could be the root incident,’ alleges Synopsys Software Integrity Group spokesman.
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.
ADNOC L&S, Gulf Energy Maritime, Cockett Marine Oil, Mideast/Bahri Ship Management and VPS experts present their views on biofuel bunker hurdles at the VPS Biofuels Seminar in Dubai on 16 March.
‘Bunker barges operate in very local areas so these vessels call at port very often which means it will be a good fit for women with families,’ states Elpi Petraki, President of WISTA International.
“Our Singapore branch is under preparation and is expected to start business at the republic before June 2023,” Managing Director Darcy Wong tells bunkering publication Manifold Times in an interview.
Development to supply B35 biodiesel blend officially takes effect on 1 February; local bunker suppliers will be able to deliver updated spec within March onwards, once current stocks of B30 avails run out.
VPS, Global Centre for Maritime Decarbonisation, Wilhelmsen Ship Management, and INTERTANKO executives offered a multitude of perspectives to 73 attendees during the VPS Biofuels Seminar, reports Manifold Times.
