Business

TORM acquires 75% ownership stake in Danish scrubber manufacturer ME Production

TORM has purchased 75% ownership from the present owner and founder, Jens Peter Faldt, with him maintaining 25% ownership of MEP and continuing his role as MEP CEO.

Published

4 years ago

August 18, 2022

Admin

TORM A/S on Tuesday (16 August) said it has purchased an ownership stake of 75% in ME Production (MEP) manufacturer and developer, a Danish developer and manufacturer of Marine Exhaust Gas Scrubbers (EGCS).

The new partnership builds on a year-long collaboration between TORM and MEP with the two companies working closely together, especially in relation to TORM’s substantial exhaust gas cleaning (scrubber) commitment.

MEP has gained expertise in developing and producing components for the maritime industry, including scrubbers for the shipping industry.

With this, the two parties have formed a successful JV partnership to produce scrubbers and other energy reduction equipment. Due to this, TORM has been able to install scrubbers on more than 50 vessels developed and produced by MEP or the JV.

TORM acquired 75% ownership from the present owner and founder, Jens Peter Faldt, with him maintaining 25% ownership of MEP. MEP will continue as an independent, stand-alone entity and will continue to serve its existing and loyal customer base.

The current management and production team at MEP will continue without any changes, and Jens Peter Faldt will continue as CEO.

Jens Peter Faldt, MEP’s CEO, said: “With the new ownership structure with TORM, MEP will have a stronger foundation to support the development of the business.”

“Our mission is still to create cleaner air by developing more green solutions and helping our customers to reduce their environmental footprint. That ambition is strengthened now that we are able to combine MEP’s capabilities in research and production of emission-saving equipment with TORM’s shipowning and ship management experience.”

Jesper S. Jensen, Head of the Technical Division at TORM, said: “We are delighted to enter into a further integrated partnership with MEP to continue our journey towards decarbonisation.”

“I am convinced that combining the experience and engineering resources at MEP with the operational excellence at TORM will help us in achieving our environmental targets, where we have decided to push fast forward to deliver a 40% reduction by 2025 and 45% by 2030 compared to 2008.”

Photo credit: TORM
Published: 18 August, 2022

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

17 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

17 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

17 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026