Business

USTC to appoint new Head of Corporate Governance; effective 1 September 2021

‘There is no doubt that Mia’s accession completes the circle, and I look forward to working with both of my daughters to further develop USTC,’ says USTC CEO & owner.

Published

5 years ago

June 2, 2021

Admin

United Shipping & Trading Company (USTC), the parent of Bunker Holding Group, is appointing Mia Østergaard Nielsen, daughter of USTC Founder Torben Østergaard-Nielsen, as Head of Corporate Governance.

She will assume the position on 1 September 2021 and will report directly to CEO and owner Torben Østergaard-Nielsen.

Mia has been a member of the board of USTC’s largest unit, Bunker Holding, since 2018 and in 2020 further joined the boards of USTC and Uni-Tankers.

Her sister, Nina Østergaard Borris, 37, was employed in the group’s largest unit, Bunker Holding from 2014-2020, before she was appointed Chief Operating Officer of USTC in 2020 with overall responsibility for business optimization and business development.

Mia’s entry into the company underlines the strong family ownership in the global group, where all three owners are now actively involved.

“There is no doubt that Mia’s accession completes the circle, and I look forward to working with both of my daughters to further develop USTC,” says Torben Østergaard-Nielsen.

“They both have some very forward-looking ideas and thoughts, and I know that together we will form a strong alliance,” Torben added.

The head of corporate governance role is part of the growth journey that USTC has been on recently, such as through acquisitions of companies CM Biomass and FREJA Transport & Logistics.

Mia has worked and studied in both London and Singapore and has a Masters in Human Resources from the Copenhagen Business School.

At USTC, she will ensure that the profile requirements for c-suite positions in the group are in line with the strategic objective and the DNA of the owner family, and that the various boards continue to have the optimal composition.

As part of the updated governance structure, USTC will also put more focus on sustainability.

She will create a basis for increased efforts and future work with both USTC and the group’s subsidiaries on environmental, social and corporate (ESG) initiatives.

“Becoming a full member of the active ownership of USTC has long been on the cards, and it is a great privilege to help lead USTC into an exciting future,” says Mia Østergaard.

“At the same time, I am humbled by the task and am fully aware that I am still a young leader who has a lot to learn. But with the family values running in my veins and my many years of close work with the USTC boards, I am ready to work with the many talented colleagues in the group.”

USTC, which has been headquartered in Middelfart, Denmark since 1981, has an equity of more than DKK 3 billion (USD 493 million) with sales of DKK 76 billion in the most recent financial year.

United Shipping & Trading Company (USTC) is present in more than 30 countries through its

worldwide portfolio of activities that include oil & energy, shipping & logistics, ship owning, risk

management, and IT.

USTC was founded in Fredericia, Denmark, in 1876. Today, the family-owned group consists of well-

known companies like Bunker Holding, SDK FREJA, Uni-Tankers, Selected Car Group and Unit IT covering approximately 130 offices and occupying around 3,500 employees combined worldwide.

The owner family

Photo credit: USTC
Published: 2 June, 2021

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

20 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

21 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

21 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