Singapore-based oil trading firms Winson Group and ZenRock Commodities both made separate statements to abate any doubts over their financial stability due to the recent Hin Leong Trading (HLT) debacle, reports Bloomberg.
Winson Group allegedly stated the company did not have any ongoing accounts with HLT in an emailed statement to the news agency.
The same email also supposedly states that the company has been able to meet all obligations and deadlines to banks and creditors.
Similarly, ZenRock purportedly stated by email it is not under any statutory restructuring or insolvency protection and does not have any open accounts with HLT.
It added that while its business has been adversely affected by slowing Chinese demand, closed economies due to the coronavirus lockdown, it has the “ability and experience to work through them profitability”.
Related: Report: Hin Leong Trading appoints PwC as interim judicial manager
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks
Photo credit: Aditya Chinchure
Published: 24 April, 2020
Preparations since December 2019 pay off with tanker MT Alnic MC transporting the first parcel of 15 TMT VLSFO from Kochi to Singapore.
Effective 1 September 2018, Dan-Bunkering group will merge with the Sydney-based company.
PricewaterhouseCoopers, legal firms Rajah & Tann, and Drew & Napier based their fee estimates on the complex nature of salvaging HLT, reports The Business Times.
Cold Flow is nothing new, but the idiosyncrasies of the industry allow fuel blenders to thrive within the ‘grey areas’ with regards to quality, it said.
The company is also planning to consolidate its marine sales division due to COVID-19 and the narrowing bunker fuel price spread, says its CEO.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
Caroline Yang, President of SSA, addresses issues earlier raised by players; including PMC No. 04, the seven-day restriction, contactless bunkering, sampling point, hose connection, and more.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
