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SMW 2023: Discussion held on emerging trends of piracy and sea robbery in Asia

‘In South East Asia, we are witnessing attacks to ships’ crew with the intention to steal cargo, stores or sometimes even the ship,’ says Ashok Srinivasan of BIMCO.

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The ReCAAP Information Sharing Centre (ISC), together with the three co-organisers BIMCO, INTERTANKO and the S. Rajaratnam School of International Studies (RSIS), held an annual Piracy and Sea Robbery Conference on Thursday (27 April) in conjunction with Singapore Maritime Week 2023. 

This year’s conference featured a two-part panel discussion where panellists deliberated on the importance of “Partnership” between the shipping industry and law enforcement agencies in combating piracy and armed robbery against ships, to ensure safe and secure seas for seafarers.

Dr Heike Deggim, Director of the Maritime Safety Division at the International Maritime Organization (IMO), in her keynote address, provided an update on the global situation of piracy and armed robbery against ships.

Dr Deggim expressed appreciation for the excellent work of ReCAAP ISC and the achievements of the organisation since 2006, in its mission to enhance regional cooperation through information sharing, capacity building and cooperative arrangements. 

She urged the ReCAAP ISC to continue to organise the Piracy and Sea robbery conference aimed at building regional capacity to counter the menace of piracy and armed robbery against ships. In addition, she shared how States in Africa are working together and strengthening their capabilities to combat maritime crime and piracy in the Gulf of Aden and Gulf of Guinea. 

Vice-Admiral (Indian Navy Retired) Pradeep Chauhan, Director of the National Maritime Foundation, India, shared how the Indian authorities work with stakeholders to combat maritime crimes. 

CG Admiral Artemio M. Abu, Commandant of Philippine Coast Guard, and the Chairperson of ReCAAP ISC Governing Council, said: “From January to March 2023, 25 incidents of armed robbery against ships in Asia were reported to ReCAAP ISC. This is a 9% increase over the same period last year. Given the current inflationary pressures and uncertain economic outlook, many of the factors which drive individuals to commit piracy and sea robbery may return, and may lead to higher number of incidents this year. The shipping industry must continue to adopt best practices such as timely and accurate incident reporting and close collaboration with maritime authorities, to keep our sea lanes safe and protect crew and cargo.” 

piracy 4

In the first panel discussion, representatives from BIMCO, INTERTANKO, Singapore Shipping Association (SSA) discussed the emerging trends and modus operandi of piracy and sea robbery incidents in Asia. 

Ashok Srinivasan, Manager of Maritime Safety and Security, BIMCO, said: “Piracy and armed robbery in any form is a threat to seafarers and shipping. In the Gulf of Guinea, we are beginning to see attacks again after a lull of 12 to 18 months. In South East Asia, we are witnessing attacks to ships' crew with the intention to steal cargo, stores or sometimes even the ship. Industry and authorities need to stay vigilant and not let their guard down. BIMCO will work tirelessly with relevant stakeholders to bring piracy problems under control.” 

Mr Elfian Harun, Regional Manager (Southeast Asia) and Environment Manager, INTERTANKO, said: “Piracy and armed robbery are crimes that no seafarer should have to face. Fortunately, the armed robbery taking place in the Singapore Strait has, thus far, not resulted in injury to crew, but the situation remains a real concern due to its potential impact upon the safety of navigation. ReCAAP ISC and its partners have taken tremendous steps to eradicate these crimes and this coordinated response is an example the other regions should consider emulating.” 

The second panel discussion saw representatives from the Maritime Security Task Force (Republic of Singapore Navy), BAKAMLA (Indonesian Maritime Security Agency) and the Philippine Coast Guard (PCG) share best practices which ship masters should adopt to engage littoral states and law enforcement agencies. The panellists also highlighted individual country’s initiatives and cooperative efforts undertaken to suppress piracy and sea robbery in their territorial waters. 

Ambassador Ong Keng Yong, Executive Deputy Chairman of RSIS, said, “The number of incidents of piracy and armed robbery against ships in the region continues to be a reference point to which the international community assesses the safety and security of regional waters. This conference gathers stakeholders and serves as a reminder on the importance of sustaining collective efforts and to always remain vigilant.” 

Executive Director ReCAAP ISC, Krishnaswamy Natarajan, in his closing remarks, said: “Combating piracy and armed robbery against ships in Asia is not the sole responsibility of the coastal States or the shipping industry, but a common responsibility shared by all stakeholders since it is a transnational maritime crime. Building trust and confidence among stakeholders is necessary to promote cooperation, collaboration and information sharing, and to reduce piracy and armed robbery incidents against ships in Asia.”

Manifold Times previously reported global oil and shipping group Monjasa stating pirates boarded Liberia-flagged oil tanker Monjasa Reformer on 25 March off Congo in West Africa. The pirates then abandoned the vessel and ‘brought part of the crew members with them’. 

In another incident, the Maritime and Port Authority of Singapore (MPA) received a report that the Singapore-registered Success 9 was boarded by unidentified persons at about 300 nautical miles off the Abidjan Coast, Cote d’lvoire at about 10 pm (Singapore time) on 10 April.

Manifold Times then reported MPA was updated that Success 9 has been located off the coast of Abidjan, Côte d’Ivoire. All crew, including the Singaporean crew, were safe and in good health. The ship safely arrived at Abidjan port.

In April, Information Fusion Centre IFC provided an infographic on recommended measures for ship transiting in areas of concerns especially Singapore Strait in light of increased theft, robbery and piracy at sea.

Related: Breaking: Singapore-registered oil tanker “Success 9” located, crew safe
Related: IMO urges for regional and international efforts in response to recent piracy incidents
Related: IMB records lowest level of Q1 piracy since 1993 in 2023 report
Related: IFC publishes key observations from sea robbery incident reports
Related: Pirates abandon “Monjasa Reformer”, portion of crew returns to safety
Related: Pirates board Monjasa oil tanker “Monjasa Reformer” in Gulf of Guinea
Related: IFC: Update of boarding and attempted boarding incidents in Singapore Strait (Dec)

 

Photo credit: ReCAAP Information Sharing Centre
Published: 2 May, 2023

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Business

Notice of intended dividend issued for defunct bunkering firm Coastal Oil Singapore

Company’s former Chief Finance Officer received a nine-year jail sentence in 2021 after pleading guilty to 15 charges for conspiring with others to defraud eight banks into approving USD 320 million in loans.

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RESIZED Coastal Oil Singapore Pte Ltd

A notice was published in the Government Gazette on Wednesday (16 April), regarding the second and final intended dividend to creditors of defunct bunkering firm Coastal Oil Singapore Pte Ltd.

The following are details of the notice of intended dividend of the company:

Name of Company : Coastal Oil Singapore Pte. Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 200413975N
Address of Registered Office : 1 Raffles Quay, #27-10, South Tower, Singapore 048583
Last Day of Receiving Proofs : 30 April 2025
Name of Liquidator : Yit Chee Wah
Address : c/o FTI Consulting (Singapore) Pte. Ltd.,1 Raffles Quay,#27-10, South Tower, Singapore 048583

In 2021, the former Chief Finance Officer of Coastal Oil Singapore received a nine-year jail sentence at the State Courts of Singapore.

Ong Ah Huat earlier pleaded guilty to 15 charges; the charges include three counts of engaging in a scheme to defraud and nine counts of forgery for conspiring with accomplices to defraud eight banks into approving USD 320 million in loans.

The banks involved were: China Merchants Bank (Singapore), Bank of Communications (Hong Kong), BNP Paribas (Hong Kong), Cooperative Rabobank (Hong Kong), DBS Bank (Hong Kong), HSBC (Hong Kong), OCBC (Hong Kong), and Standard Chartered Bank (Hong Kong).

In 2019, Manifold Times reported Hong Kong-listed COSCO SHIPPING International (Hong Kong) Co., Ltd stating its indirect wholly-owned bunkering subsidiary Sinfeng suspecting fraud to be involved in the liquidation of Coastal Oil Singapore during December 2018.

It was believed Coastal Oil Singapore owed approximately US $357 million to 79 firms. Out of the total USD 357 million, banks were the hardest hit taking up about US $354 million, or 99.1%, of total credit owed.

A complete coverage of the events leading to the current development has been arranged by Singapore bunker publication Manifold Times (in descending date order) below: 

Related: Former CFO of defunct bunkering firm Coastal Oil Singapore receives nine-year jail sentence
Related: Former Coastal Oil CFO admits to defrauding eight banks of USD 320 million in loans
Related: Singapore: Former Coastal Oil employees face forgery charges over fake sales contracts
Related: Coastal Oil hearings progress, court grants liquidators access to Sinfeng documents
Related: China Merchants Bank legal suit with Sinfeng over alleged $13 million debt progresses
Related: Fraud suspected in Coastal Oil Singapore case, says COSCO
Related: Coastal Logistics owned “Atalanta”, “Babylon” to undergo auction
Related: Singapore: Bunker tanker “Coastal Mercury” arrested
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Coastal Logistics owned MR tanker “Babylon” arrested
Related: Fraud suspected in Coastal Oil Singapore case, says COSCO
Related: Coastal Oil Singapore: Creditor list surfaces in bunker market
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Coastal Oil Singapore creditors meeting scheduled on 10 Jan
Related: Coastal Oil Singapore in US $380 million debt to at least 10 banks
Related: Singapore: Coastal Logistics owned MR tanker “Atalanta” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market
Related: Coastal Oil Singapore to hold creditors meeting on 28 Dec
Related: Breaking news: Coastal Oil Singapore under liquidation

 

Photo credit: Benjamin-child
Published: 17 April, 2025

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Financial Result

CBL International reports net loss of USD 3.87 million for FY 2024

Despite the net loss, CBL reports a 35.9% revenue increase, which was primarily driven by a 38.1% increase in sales volume, supported by the addition of new customers during the year and more.

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CBL International Limited (CBL), the listing vehicle of Banle Group, a leading marine fuel logistic company in the Asia-Pacific region, on Thursday (17 April) announced its annual financial results for the year ended 31 December 2024.

The company reported a consolidated revenue of USD 592.52 million for the year, marking a 35.9% increase from USD 435.90 million in 2023. 

This growth was primarily driven by a 38.1% increase in sales volume, supported by the addition of new customers during the year, expansion of its supply network to cover more ports, and a broader customer base that now includes bulk carriers and oil and gas tankers in addition to container liner operators.

However, due to challenging market conditions, CBL reported a net loss of USD 3.87 million in 2024, compared to a net income of USD 1.13 million in 2023. 

This was mainly attributed to a 25.5% decrease in gross profit to USD 5.37 million in 2024 from USD 7.21 million in 2023 and a 56.8% rise in operating expenses to USD 8.70 million in 2024 from USD 5.55 million in 2023. 

The company adopted a volume-driven growth strategy that involved offering more competitive pricing in a market characterised by intensified competition and pricing pressure. 

“While this approach supported increased sales volume and market share, it also contributed to narrower profit margins,” it said. 

In addition to reduced gross margins, the net loss was impacted by increased expenses for business expansion, biofuel operation, additional expenses to enhance ESG, and a rise in interest expenses. These were partially offset by a reduction in income tax expenses. 

The financial outcome reflects both the dynamic nature of the bunkering industry and the company’s ongoing investment in client base development and geographic growth, which are expected to enhance long-term positioning as market conditions normalise.

Earnings per share (EPS) reflected this, decreasing to USD (0.136) in 2024 from USD 0.045 in 2023. Cash and cash equivalents increased by 8.3% to USD 8.02 million as of December 31, 2024 from USD 7.40 million as of December 31, 2023.

Business Expansion in Challenging Times

CBL International’s operational expansion was a key focus in 2024, particularly in a challenging industry environment marked by geopolitical tensions, such as the Red Sea crisis and broader Middle East tensions. The company grew its service network from 36 ports at the time of its IPO in March 2023 to over 60 ports by year-end 2024, covering Asia Pacific, Europe, Africa, and Central America. Revenue growth year-on-year was notable across China, Hong Kong, Malaysia, Singapore, and South Korea.

Key new ports included Mauritius, Panama, and India, enhancing its global reach. This expansion was supported by servicing nine of the world’s top 12 container shipping lines, representing nearly 60% of global container fleet capacity. The Company’s European expansion focused on strengthening cross-regional service offerings for Euro–Asia trade routes. Growth was supported by a stronger presence in the Amsterdam-Rotterdam-Antwerp (ARA) region and a new Ireland office established in late 2023, enhancing local sourcing capabilities.

Customer diversification was another priority, with the share of non-container liners in total revenue increased, and sales concentration among the top five customers declined in fiscal year 2024.

A significant highlight was the company’s push towards sustainability, with biofuel sales surging by 628.8% and volume by 603.0%. The introduction of B24 biofuel (76% fossil fuel, 24% used cooking oil methyl ester) in Hong Kong, China, and Malaysia reduced greenhouse gas emissions by 20%, supported by ISCC EU and ISCC Plus certifications secured in 2023. This aligns with global trends towards greener shipping solutions and positions CBL as a leader in sustainable fuel logistics.

Strategically, CBL enhanced its IT systems, implementing real-time order tracking, data analytics, and workflow automation to improve efficiency. Credit risk management was strengthened, and working capital management improved with increased factoring facilities and a cash balance rise, navigating macroeconomic challenges through pricing strategies and port network adjustments. Additionally, CBL expanded its funding sources by accessing capital markets, such as private placement, increasing financial flexibility to support growth initiatives.

CBL’s Outlook for the Future

Despite the net loss, CBL’s management remains optimistic about the future, viewing current industry challenges as an opportunity to build resilience and enhance customer loyalty. 

While prudently evaluating the impact of the latest US tariff policy, among other macro incidents such as geopolitical tensions, regulatory changes, and shifting global trade dynamics, on the economy and the bunkering sector, CBL believes its broad global network, primarily focused on intra-Asia and Euro-Asia trade routes, helps mitigate potential adverse effects. Since the company has no operation on U.S. ports, the impact of such policies may be limited in the near future.

The company’s strategic expansion of ports, diversification of its client base, and commitment to sustainable initiatives are designed to position it for growth when market conditions improve.

By investing in new ports and expanding relationships with key industry players, CBL aims to secure long-term partnerships that will strengthen its market position as global trade stabilises and profitability improves.

Dr. Teck Lim Chia, Chairman and CEO of CBL International Limited, stated, “We are confident in our strategy to expand our service network, maximise sales volume and explore sustainable offerings, even in these challenging times.”

“Our investments in new ports, diversified clients, and sustainable fuels are building a foundation for future growth. We believe that by demonstrating our capabilities at present, we will earn customer loyalty that will yield substantial benefits as the market recovers, positioning CBL International for significant success in the years ahead.”

Looking ahead, CBL remains focused on expanding its market presence, particularly in biofuels, and enhancing its global supply network. 

 

Photo credit: Kyle Sudu on Unsplash
Published: 17 April, 2025

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Newbuilding

Chinese shipbuilder delivers CMA CGM’s Singapore-flagged LNG-powered boxship

CMA CGM welcomes “CMA CGM SEINE”, the first in a four-ship series of 24,000 TEU LNG dual-fuel container ships, by Hudong-Zhonghua Shipbuilding, according to BV Marine & Offshore.

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Chinese shipbuilder delivers CMA CGM’s Singapore-flagged LNG-powered boxship

Bureau Veritas Marine & Offshore (BV) on Wednesday (16 April) announced the successful delivery of CMA CGM SEINE, a new 24,000 TEU LNG dual-fuel container ship, by Hudong-Zhonghua Shipbuilding (HZSY). 

This milestone marked the completion of the first vessel in a four-ship series, with BV providing classification and BV Solutions Marine & Offshore (BVS) providing advisory services. 

It is CMA CGM’s first LNG-powered vessel flying the Singaporean flag with a capacity of 24,000 TEU. 

It was reported that CMA CGM planned to expand its fleet and vessel tonnage, adding more vessels under the Singapore Registry of Ships. To support the transition to more sustainable fuels, CMA CGM said it would register and bunker alternative fuel vessels under the Singapore flag.

Xavier Leclercq, Vice President of CMA Ships, said: “Today’s delivery of the ‘CMA CGM SEINE’ featuring LNG as fuel at such a large scale, will remain a major landmark in the shipping world and embodies the engagement of the CMA CGM group toward an ambitious decarbonisation path, leading the way to our industry.”

Mr. Xiufeng ZHANG, Vice General Manger of Hudong-Zhonghua shipyard, said: “CMA CGM SEINE, as the lead ship of the four 24,000-TEU LNG dual-fuel powered container ships ordered by CMA Ships from our company, stands as a new-generation maritime ‘Green Giant’ and ‘super cargo hauler’.”

The vessel integrates a dual-fuel propulsion system supported by GTT Mark III membrane-type LNG bunker tanks, with a total capacity of 18,600 cubic meters, designed to enhance both environmental performance and operational efficiency.

Measuring 399.9 meters in length and 61.3 meters in beam, the vessel has a carrying capacity of 23,876 TEU and is equipped with a WinGD W12X92DF-2.0 dual-fuel main engine, incorporating the Intelligent Control by Exhaust Recycling (iCER) system. 

This configuration significantly reduces methane emissions and enables compliance with IMO Tier III emission standards when operating in "Diesel + iCER mode". 

BV worked closely with the engine manufacturer and the shipyard to test the parent engine and issued the Engine International Air Pollution Prevention (EIAPP) certificate, establishing a foundation for compliance across the series. The iCER system optimises energy efficiency, achieving an Energy Efficiency Design Index (EEDI) reduction well beyond the IMO’s Tier III standards.

To address the critical sloshing challenges in large-volume LNG bunker tanks, BVS performed direct computational fluid dynamics (CFD) simulations. The verified pressure data was provided to the design unit for structural strength checks, ensuring the safety of the cargo containment system and hull support structure.

The vessel features advanced technologies to boost operational performance and energy efficiency. Equipped with the SmartEye intelligent monitoring system and the TotalCommand full-control system, it achieves automated precision control during berthing, significantly reducing berthing time and enhancing port operations. 

Energy efficiency is further improved by applying variable frequency drive (VFD) technology to the engine room fans and seawater cooling pumps. Meanwhile, the WinGD Data Collection Monitoring (DCM) system offers real-time tracking and analysis for the dual-fuel main engine, supporting operational optimisation. 

BV also supported the upgrade of BV certified boil-off gas (BOG) compressors by conducting sea trial tests and re-issuing product certificates, facilitating seamless system commissioning and vessel delivery.

Related: CMA CGM to participate in bunkering trials of alternative fuels in Singapore

 

Photo credit: Bureau Veritas Marine & Offshore
Published: 17 April, 2025

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