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Update: UE Tankers to host final meeting for creditors in mid-March

15 Feb 2019

UE Tankers, the subsidiary of former Singapore bunker supplier and bunker craft operator Universal Energy, is scheduled to host a final meeting for creditors on 15 March at its office.

“Notice is hereby given that pursuant to Section 308 of the Companies Act, Cap.50, the Final Meeting of the Company and the creditors will be held at 60 Paya Lebar Road #04-46 Paya Lebar Square Singapore 409051, on 15 March 2019 at 11:00 a.m. for the purposes of having an account laid before the meeting showing the manner in which the winding-up has been conducted and the property of the Company has been disposed of and hearing any explanation that may be given by the Liquidator,” informed liquidator Seah Chee Wei in a public notice on Friday (15 February).

In 2016, Universal Energy was ranked as the third largest supplier of marine fuel (by volume) at Singapore port.

The Maritime and Port Authority of Singapore (MPA) in August 2017 said it will not be renewing the bunker supplier and bunker craft operator licences of Universal Energy.

“Universal Energy Pte Ltd accumulated demerit points for delivery of bunkers that were severely aerated as well as stoppages during bunkering operations,” said MPA.

It added staying clear of the demerit points threshold is “a key requirement for the renewal of bunker licences under the terms and conditions of the licences.”

Jointly developed by MPA and the Singapore Shipping Association and implemented on 1 June 2003, the demerit points system is part of the Accreditation Scheme for Bunker Suppliers. The Scheme aims to recognise good bunker suppliers and deter malpractice in the industry.

Annual renewal of the bunkering licence is subject to bunker suppliers achieving the accreditation qualifications.

Published: 15 February, 2019

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