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.
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.