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
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.