French bank Societe Generale SA (SocGen) is terminating its Singapore trade commodity finance unit following its decision to cut off new credit for oil trading firms in the APAC region after Hin Leong Trading (HLT) collapse, reports Bloomberg.
The bank is allegedly releasing its front office staff while maintaining an administrative team and all clients with transactions in Singapore will be managed by its Hong Kong office.
After a USD 240 million exposure to Hin Leong Trading’s financial catastrophe, the bank published a loss in the first quarter of 2020 despite the bank allocating EUR 342 million (USD 372 million) as a buffer for risky transactions.
The COVID-19 pandemic continues to evolve and MPA is working closely with other agencies to monitor the situation, both globally and in Singapore, the port authority tells Manifold Times.
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.