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.
The local bunkering sector has adapted to IMO 2020 requirements and LSFO is now available at more than two earlier locations, notes bunker supplier Trillion Energy.
Claiming USD 108,887.87 for the supply and delivery of 310.00 mt of low sulphur marine gas oil at the Port of Jeddah on or about 23 February 2020.
A sanitisation expert offers Manifold Times a summary of the processes involved in disinfecting a ship together with the equipment and products used in the operation.
‘As the saying goes without people buying things, manufacturing will slow, trade will also slow and shipping movements slows down. It’s a whole chain of reaction,’ says Simon Neo.
Laboratory looking to collaborate with Singapore bunker surveyors to roll out COVID 19 testing service, which has been successfully adopted by land-based industries, to the maritime sector.
Sinfeng Marine Services filed an application to the Court of Appeal to withhold information from the liquidators on October 2019; the appeal was dismissed a month later.