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Tradewind Finance announces entry into financing bunkering market

Entry is marked by its delivery of a USD 2 million credit facility for an international bunker trader; Tradewind provided a factoring solution for trader enabling them to expand their customer base.

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Tradewind Finance, an international trade finance firm with headquarters in Germany, on Monday (17 July) said it has successfully entered the bunker market, delivering a USD 2 million credit facility for an international bunker trader.

“We are proud to announce our entry into financing the bunkering market, a cash-intensive sector that makes factoring and its access to ready liquidity a natural fit,” it said in a social media post. 

“The entry is marked by our delivery of a USD 2 million credit facility for an international bunker trader.”

In a statement, Tradewind elaborated that in the case of its new bunker client, factoring is a natural fit for their oil operation.

“Designed to increase cash flow, factoring makes it possible for the bunker broker to access the capital to trade high volumes of fuel, allowing it, in turn, to increase margins,” it said.

A spokesman from Tradewind, said: “We are proud to provide a factoring solution for our new client, enabling them to expand their customer base using the additional cash flow from the facility. With the facility in place, our client can concentrate on growth, knowing their invoice collection is covered, and does not have to wait long periods for their buyers to pay.”

“Factoring with Tradewind has taken care of this. Other bunker traders are currently looking very closely at using these factoring facilities, so we are excited at the prospect of expanding more in the bunkering business.’’

Tradewind explained that for bunker companies and others outside the industry that are involved in B2B transactions, access to cash is precisely – and conveniently – what trade finance is designed to provide. The working capital support allows companies to stay more than afloat and finance their growth aspiration.

“In performing the trade finance service known as factoring, Tradewind, as the financial intermediary, buys a company’s receivables and can advance them up to 95% of the invoice value upfront, in cash, typically within just a short matter of days. This quick injection of liquidity enables suppliers to meet their short-term capital needs and pursue faster growth,” it concluded. 

 

Photo credit: Tradewind Finance
Published: 18 July, 2023

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Winding up

Singapore: Liquidators arrange creditors meeting for Otto Marine Limited

Meeting will be held from 3pm on 24 July at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095, according to Government Gazette notice.

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A meeting for creditors of Otto Marine Limited, which is in liquidation, has been scheduled to take place on 24 July, according to a Government Gazette notice on Thursday (11 July). 

The meeting will be held from 3pm at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095

The agenda of the meeting will be as follows:

  • To update on the liquidation administration;
  • To approve the Liquidators’ fees and disbursements;
  • To approve the declaration of preferential dividend(s) pursuant to Section
  • 328(1)(b) to 328(1)(f) of the Companies Act, Cap. 50;
  • To consider and if thought fit, to appoint a committee of inspection; and
  • Any other business.

The details of the liquidators are as follows: 

Chee Yoh Chuang
Lin Yueh Hung
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

 

Photo credit: steve pb from Pixabay
Published: 12 July, 2024

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LNG Bunkering

Titan completes first STS LNG bunkering operation in Cuxhaven

Port of Cuxhaven in Germany had previously only seen LNG operations conducted via truck and currently only permits LNG bunkering at one berth, says Titan.

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Titan completes first STS LNG bunkering operation in Cuxhaven

LNG bunker fuel supplier Titan on Thursday (11 July) said it completed the first-ever LNG bunkering operation by ship in the port of Cuxhaven.

Titan’s bunker vessel Optimus successfully delivered LNG to dredger Vox Ariane operated by its long-term client Van Oord. 

“Our ship-to-ship bunkering in Cuxhaven represents a pioneering step in the region's LNG infrastructure development, as the port had previously only seen LNG operations conducted via truck and currently only permits LNG bunkering at one berth,” it said in a social media post. 

“LNG infrastructure development is part of a broader trend, with more ports across Germany adopting LNG operations to support shipping’s clean fuels transition.”

Titan added the improved LNG bunkering capabilities in Cuxhaven, a Niedersachsen Ports GmbH & Co. KG port, also opened up the pathway to maritime decarbonisation via liquified biomethane (LBM) and then renewable e-methane going forward.

 

Photo credit: Titan
Published: 12 July, 2024

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LNG Bunkering

UECC “Auto Achieve” receives first LNG bunker fuel delivery by barge in home country

Firm said it received the first ever supply of LNG by barge to their multi-fuel LNG battery hybrid car carrier in the Port of Drammen, Norway.

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UECC “Auto Achieve” receives first LNG bunker fuel delivery by barge in home country

Norwegian roll-on/roll-off shipping line United European Car Carriers (UECC) on Wednesday (10 July) said it received the first ever supply of LNG by barge to their multi-fuel LNG battery hybrid car carrier Auto Achieve in the Port of Drammen on 4 July.

The firm said this was the first time UECC received LNG by barge to any of their vessels in their home country Norway. 

“We also believe that it was the first time LNG was delivered by barge to any vessel in Drammen, and most likely the entire Oslofjord,” UECC said in a social media post.

The LNG was supplied by the Molgas Energy Holding vessel Pioneer Knutsen, owned by Knutsen Group OAS.

“UECC is very pleased to see the expansion of the LNG barge network in Norway,” it said. 

 

Photo credit: UECC
Published: 12 July, 2024

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