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Winson Group loses claims against OCBC, Standard Chartered over Hin Leong trade

High Court of Singapore dismissed Winson’s claims against both banks over unpaid letters of credit worth USD 30.4 million each issued for diesel trade it sold to financially troubled Hin Leong Trading.

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The High Court of Singapore on Friday (18 August) reportedly dismissed Singapore-based oil trading firm Winson Group’s claims against the republic’s third largest bank Oversea-Chinese Banking Corp (OCBC) and Standard Chartered Bank, according to The Business Times

Winson lost in its legal action against both banks over unpaid letters of credit (LCs) worth USD 30.4 million each issued for diesel trade it sold to financially troubled Hin Leong Trading. 

According to The Business Times, the court found that “fraud exception” was established to determine that Winson had prepared its letters of indemnity (LOIs) to the banks for payment under letters of credit (LCs) based on forged bills of lading (BLs), knowingly or without belief in its truth. 

The judge concluded that “the banks are entitled to their costs, to be assessed if not fixed or agreed.” 

The cargo allegedly consisted of 785,997 barrels of diesel on board the Ocean Voyager and 786,022 barrels of the same diesel on board the Ocean Taipan.

According to the report, the High Court found that Hin Leong attempted to use the funds “purely for financing purposes” by discounting sales invoices or negotiating LCs, before repaying the banks for its purchases. The BLs were signed by a staff member of Hin Leong in a scheme to sell cargo that had already been sold, and then to buy the cargo back from a subsequent buyer to obtain financing.

The report added this resulted in the BLs that Winson used to base its LCs, and subsequent claims on, invalid.

Manifold Times previously reported Winson Group apparently winning the backing of the International Chamber of Commerce (ICC) against Standard Chartered Bank (Singapore) and Oversea-Chinese Banking Corp (OCBC) over Hin Leong Trading (HLT) related disputes.

Related: Winson Group wins ICC backing in dispute against banks over credit for Hin Leong Trading
Related: Winson Group seeks USD 30.4 million from OCBC over credit pull in Hin Leong trade
Related: Winson Group seeks USD 30.4 million from Standard Chartered over HLT related trade
Related: Winson Group and ZenRock Commodities reassure fiscal stability despite Hin Leong fiasco

An extensive coverage by Singapore bunkering publication Manifold Times regarding the fall of Hin Leong can be found below:

Related: Singapore: O.K. Lim, children faces liquidators and HSBC in USD 3.5 bil civil lawsuit
Related: Former PA to Hin Leong Trading Founder found lying in CAD investigations
Related: Singapore: Hin Leong Trading Founder goes to trial for cheating, forgery charges
Related: Hin Leong Trading Founder faces additional 105 cheating, forgery charges in court
Related: Ocean Tankers judicial managers progressing to liquidate firm after expiry of court order
Related: Singapore: Hin Leong Trading Director charged with obstructing course of justice
Related: Court of Appeal: Hin Leong, Lim family claim ‘without any factual or legal basis’
Related: Singapore: High Court dismisses UniCredit Bank USD 37 million claim against Glencore over Hin Leong transaction
Related: Singapore: Hin Leong takes Deloitte to court over alleged auditing failures
Related: Hin Leong Trading Founder OK Lim facing 23 new forgery-related charges at State Courts
Related: Application to wind up Hin Leong Trading subsidiary, Hin Leong Marine approved
Related: Singapore High Court approves Hin Leong Trading wind up order application
Related: Hin Leong Trading liquidates a third of its fleet to recover USD 3.5 billion debt
Related: Lim family aims to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: Judicial Managers of Hin Leong Trading Pte Ltd file for winding up order
Related: Hin Leong judicial managers to hold meeting of creditors to discuss fees incurred
Related: Lim family files application to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: First creditors meeting of Ocean Tankers to be held in early January 2021
Related: Bank of China takes legal action against BP Plc and Lim family to recover $312.9 million
Related: OBS to wind up operations; creditor list alleges estimated USD 42 million debt
Related: Ocean Tankers publishes notice for creditors to prove any debts or claims for publication
Related: Hin Leong Trading founder denies allegations of forgery put forward by HSBC
Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management
Related: HSBC takes Lim family and Hin Leong employee to court to recover USD 85.3 million
Related: Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors
Related: Xihe Capital and subsidiaries, Nan Guang Maritime to undergo voluntary liquidation
Related: MPA: Ocean Bunkering Services licenses suspended ‘until further notice’ and not revoked
Related: Ocean Bunkering Services bunker claims against ASL Marine & Offshore heads to arbitration
Related: Ocean Tankers to return most ships to owners to reduce $540,000 a day cash burn
Related: Singapore: Ocean Bunkering Services license suspended until further notice
Related: PwC publishes ‘investment opportunity’ for Singapore independent bunker fuel supplier
Related: Hin Leong founder O.K. Lim hit with second charge of abatement in forgery
Related: Hin Leong judicial managers and legal firms could rack up SGD 17.3 million in fees
Related: Winson Group wins ICC backing in dispute against banks over credit for Hin Leong Trading
Related: O.K. Lim and two children sued for USD 3.5billion; receiver appointed for 3 Xihe ships
Related: Managers of Ocean Tankers looking to recover USD 19 million from Lim family
Related: Argus Media: Singapore’s Hin Leong founder charged with forgery
Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’
Related: Xihe replaces Directors, forms new management team to chart fresh course for Group
Related: Hin Leong Trading lawyers publish application to fulfill requirements for hearing to proceed
Related: Ocean Tankers legal team publishes application to be placed under judicial management
Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed
Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL
Related: OCBC files for Xihe Holdings to be placed under judicial management
Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
Related: Judicial managers of Ocean Tankers to present restructuring proposals to owners
Related: PwC probes uncover mass grave of financial skeletons and alleged fraud within HLT
Related: Winson Group seeks SGD 30.4 million from Standard Chartered over HLT related trade
Related: Winson Group seeks SGD 30.4 million from OCBC over credit pull in Hin Leong trade
Related: Ocean Tankers: Notice to prove debt or claim published by interim judicial managers
Related: ‘Reasonable prospects’ to keep Ocean Tankers as a going concern, states Director
Related: Singapore: Ocean Tankers, a separate entity of Hin Leong, seeking judicial management
Related: Singapore High Court concedes interim judicial management to Hin Leong Trading
Related: Sembcorp commences legal proceedings against Hin Leong Trading over gasoil cargo
Related: Sembcorp Cogen aborts gasoil supply and storage contract with Hin Leong Trading
Related: Report: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
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: Manifold Times
Published: 21 August, 2023

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Environment

Singapore: Allision between dredger and bunker tanker was not caused by port congestion, says Transport Minister

‘Investigations are still on-going, but preliminary findings show that the allision on 14 June was caused by the dredger experiencing sudden loss of engine and steering controls,’ says Chee Hong Tat.

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Singapore: Allision between dredger and bunker tanker was not caused by port congestion, says Transport Minister

The allision between Netherlands-registered dredger VOX MAXIMA and stationary bunker tanker MARINE HONOUR on 14 June was not caused by port congestion, Transport Minister Chee Hong Tat said on Tuesday (18 June). 

Netherlands-flagged dredger Vox Maxima crashed into a stationary Singapore-flagged bunker vessel Marine Honour on 14 June, causing oil from the bunker vessel’s cargo tank to spill into Singapore waters. 

Chee said some members of the public have asked if this incident was due to congestion in our port waters.

“Investigations are still on-going, but preliminary findings show that the allision on 14 June was caused by the dredger experiencing sudden loss of engine and steering controls,” he said a social media post.

“It is not due to port congestion as our port waters and anchorages are not congested. The earlier reports on delays experienced by container vessels are a separate matter that is due to the bunching of container vessels arriving at PSA.”

Chee added it will take time for Maritime and Port Authority of Singapore (MPA) to complete the full investigations and progressively clean up the oil spill. 

“We seek the understanding of members of the public and businesses who are affected by this incident. We will do our best to complete the clean up as soon as possible.”

Manifold Times previously reported MPA stating that it saw large increases in container volumes and the “bunching” of container vessel arrivals over the previous months due to supply chain disruptions in upstream locations.

Later, MPA confirmed that since the beginning of 2024, Singapore saw a significant increase in vessel arrivals.

In the first four months of 2024, MPA said the monthly average tonnage of container vessel arrivals reached 72.4 million gross tonnage (GT). This is an increase of more than one million GT per month, compared to the same period last year. 

On 20 June, in a joint statement, authorities said the northern part of the Pasir Panjang Container Terminal (PPT) is cleared of oil slicks following the deployment of the Current Buster, an oil recovery and containment system, since 18 June. 

Thorough cleaning of the oil-stained Berth 36 near the allision area using high-pressure jets is on-going.

PPT was the location of the oil spillage following the 14 June allision between Netherlands-registered dredger VOX MAXIMA and stationary bunker tanker MARINE HONOUR. 

“The deployment of the Current Buster at this upstream location is important to prevent surface oil from flowing westwards towards West Coast Park which is unaffected till date, and also eastward towards downstream locations, including Sentosa beaches, Sentosa Cove, Southern Islands, and Keppel Marina,” authorities, including MPA, said.  

Three Current Buster systems have been deployed. Two systems capable of five tonnes of recovered oil per load are deployed off western affected areas at PPT and Sentosa. The other system capable of 35 tonnes load is deployed off eastern affected areas off East Coast and Changi East as a precaution to recover any oil and prevent further spread. Another 35 tonnes-load Current Buster system will be deployed shortly.

Total length of booms deployed since 14 June is 3400 meters. This is more than the approximate 3100 meters originally planned.

Note: The full statement by Singapore authorities including progress of the shore clean-up effort can be found here

Related: Singapore: Oil spill cleanup after allision between dredger “Vox Maxima” and bunker tanker “Marine Honour”
Related: Singapore sees large increases in container volumes, bunkering activities remain unaffected
Related: MPA reports ‘significant increase’ in vessel arrivals in Singapore

 

Photo credit: Singapore Transport Ministry / Chee Hong Tat
Published: 20 June, 2024

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Methanol

Mitsubishi Shipbuilding receives orders for Japan’s first methanol-fuelled RoRo cargo ship duo

Two ships will be built at the Enoura Plant of MHI’s Shimonoseki Shipyard & Machinery Works in Yamaguchi Prefecture, with scheduled completion and delivery by the end of fiscal 2027.

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Mitsubishi Shipbuilding receives orders for Japan's first methanol-fuelled RoRo cargo ship duo

Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries (MHI) Group, on Wednesday (19 June) said it has received orders from Toyofuji Shipping and Fukuju Shipping for Japan's first methanol-fueled roll-on/roll-off (RORO) cargo ships. 

The two ships will be built at the Enoura Plant of MHI's Shimonoseki Shipyard & Machinery Works in Yamaguchi Prefecture, with scheduled completion and delivery by the end of fiscal 2027.

The ships will be approximately 169.9 meters in overall length and 30.2 meters in breadth, with 15,750 gross tonnage, and loading capacity for around 2,300 passenger vehicles.

A windscreen at the bow and a vertical stem are used to reduce propulsion resistance, while fuel efficiency is improved by employing MHI's proprietary energy-saving system technology combing high-efficiency propellers and high-performance rudders with reduced resistance. 

The main engine is a high-performance dual-fuel engine that can use both methanol and A heavy fuel oil, reducing CO2 emissions by more than 10% compared to ships with the same hull and powered by fuel oil, contributing to a reduced environmental impact. 

In the future, the use of green methanol(2) may lead to further reduction in CO2 emissions, including throughout the lifecycle of the fuel. Methanol-fueled RORO ships have already entered into service as ocean-going vessels around the world, but this is the first construction of coastal vessels for service in Japan.

In addition, the significant increase in vehicle loading capacity and transport capacity per voyage compared to conventional vessels will provide greater leeway in the ship allocation schedule, securing more holiday and rest time for the crew, thereby contributing to working style reforms.

Mitsubishi Shipbuilding, to address the growing needs from the modal shift in marine transport against the backdrop of CO2 reductions in land transportation, labor shortages, and working style reforms, will continue to work with its business partners to provide solutions for a range of societal issues by building ferries and RORO vessels with excellent fuel efficiency and environmental performance that contribute to stable navigation for customers.

 

Photo credit: Mitsubishi Shipbuilding
Published: 20 June, 2024

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EU ETS

VPS and Normec Verifavia to offer data-driven and verified emissions data

Both firms signed a partnership agreement with Normec Verifavia to support improved vessel data for MRV / EU ETS reporting and beyond.

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VPS and Normec Verifavia to offer data-driven and verified emissions data

Marine fuels testing company VPS on Monday (17 June) said it has signed a partnership agreement with Normec Verifavia to support improved vessel data for MRV / EU ETS reporting and beyond. 

In the face of tightening regulations and focus, VPS said large parts of the maritime industry are in the midst of stepping up their efforts to collect high-quality emissions data from vessel operations. 

“To meet this demand, VPS and Normec Verifavia will offer vessel owners and the wider maritime ecosystem to have indisputable emission numbers produced in a data-driven way,” the firm said.

“For vessel owners, this ensures compliance with upcoming MRV and EU ETS requirements where reported emission numbers need to be verified by a certified verification body.”

The partnership will combine the strengths that VPS have in data-driven decarb and Normec Verifavia´s position as an agile and independent third-party data verifier. The two companies offer a plug-and-play setup, where the vessel owner can experience a seamless and integrated experience in the handling and verification of fleet fuel- and emission numbers. 

 The first step of the partnership is to offer verification for VPS customers using the Maress system for data-driven decarbonisation. Maress is a leading tool in the offshore industry, handling the complexities around fuels- and emissions optimization and assisting crew and onshore personnel in making informed decisions on how to reduce vessel and fleet footprint. Maress is used by a diverse set of stakeholders in the offshore sector, such as vessel owners, contractors, management companies, charterers and more.  

Further, VPS also offers the Emsys technology for precise and real-time measurement of the emissions going through the vessel smokestack. This data can be fed directly to Maress and subsequently verified by Normec Verifavia to provide full control of all aspects of the fuels- and emissions related to vessel operations.

Jan Wilhelmsson, COO, Digital & Decarbonisation of VPS

Jan Wilhelmsson, COO, Digital & Decarbonisation of VPS

Jan Wilhelmsson, COO, Digital & Decarbonisation of VPS, said, "We see a rapid development where the market is no longer willing to take the risk of not knowing -precisely- what the emissions from operations are. We are excited about the fact that the partnership with Normec Verifavia enables all Maress users to get their emission numbers verified. It will literally be a one stop shop for data collection, analytics, collaboration and verified emission reporting."

Yuvraj Thakur, Managing Director & VP Commercial, Normec Verifavia, said: “The maritime industry faces a crucial challenge: achieving transparency and driving progress towards a decarbonised future. Normec Verifavia's collaboration with VPS represents a significant step forward in this direction.”

“By leveraging their expertise in data-driven decarbonization tools like Maress, we can empower asset owners to streamline the entire emissions data lifecycle. This will not only enhance the accuracy of reported data but also significantly reduce the administrative complexities faced by many stakeholders. This collaborative effort strengthens the foundation for a more sustainable maritime industry.”

The ability for Maress customers to verify emission numbers will be immediately commercially available.

Photo credit: VPS
Published: 20 June, 2024

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