French bank Societe Generale (SocGen) is allegedly terminating any new financing to oil trading firms in the Asia Pacific region after a USD 240 million exposure to Hin Leong Trading’s financial catastrophe.
It is also re-evaluating any future decisions in commodities financing within the APAC region following the international oil market crash and HLT filed for debt restructuring, according to a report by Bloomberg.
“Societe Generale doesn’t comment on market rumors but the bank reminds that Natural Resources financing is one of its core expertise,” the bank purportedly said in a statement. “Societe Generale will remain committed to the Trade Commodity Finance sector, including in Asia.”
SocGen reportedly 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.
Apparently SocGen did not specify details on how the buffer fund went to bailing out ‘two fraud-related charges’, but added that it is likely more financing will be needed to bankroll those charges over the rest of the year.
Event welcomed over 1,100 attendees from 42 countries; delegates visited virtual booths about 4,800 times; while around 5,800 connections were made, according to data from organiser Informa.
Bunker suppliers and bunker craft operators may choose to carry out meter verification using either existing MIMO method OR with the use of a Master Meter.
Pai Kheng Pheng of Sentek Marine & Trading Pte Ltd on Thursday (8 October) was ordered remanded for a further week for investigations, AGC spokesperson informs Manifold Times.
INTERTANKO, BIMCO, SSA, IBIA Asia share what the technology brings to the waterfront, while operator Metcore International and manufacturer Endress+Hauser explain its benefits to the bunkering industry.
‘We still see circumstances where a product is ‘off-spec’ and the holder of the fuel is then trying to move it back ‘on-spec’ through the use of appropriate additive technology,’ says spokesman.
Captain Rahul Choudhuri, Managing Director AMEA at VPS, suggests a ban on the obsolete marine fuel quality standards of ISO 8217:2005 and 2012 which no longer apply to the shipping sector.