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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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Winding up

Singapore: Annual general meetings scheduled for Xihe Holdings subsidiaries

Development includes Da Xin Tankers, Dong Sheng Tankers, Dong Ya Tankers and Hua Zhong Shipping; meetings will be held electronically on 7 and 8 May, according to Government Gazette notices.

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RESIZED Drew Beamer

Several notices were published on the Government Gazette on Tuesday (22 April) regarding the annual general meetings of the companies and creditors to be held electronically on 22 April for Xihe Holdings subsidiaries.

The subsidiaries are Dong Sheng Tankers Pte Ltd, Da Xin Tankers Pte Ltd, Dong Ya Tankers Pte Ltd, and Hua Zhong Shipping Pte Ltd.

Annual general meeting for Dong Sheng Tankers are to be held on 8 May at the following times:

For the company: 2pm

Annual general meetings for Da Xin Tankers are to be held on 7 May at the following times:

For the company: 10am
For the creditors: 11am

Annual general meetings for Dong Ya Tankers are to be held on 8 May at the following times:

For the company: 10am
For the creditors: 11am

Annual general meetings for Hua Zhong Shipping are to be held on 7 May at the following times:

For the company: 2pm
For the creditors: 3pm

The agenda for all the meetings are:

  • To receive an update on the liquidation. 
  • To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up

Manifold Times previously reported on the winding up of Da Xin Tankers, Dong Ya Tankers and Hua Zhong Shipping Pte Ltd and the appointment of the joint and several liquidators of the firms. 

Related: Singapore: Da Xin Tankers, Dong Ya Tankers, Hua Zhong Shipping to be wound up

 

Photo credit: Drew Beamer
Published: 23 April, 2025

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LNG Bunkering

Osaka Gas launches shore-to-ship LNG bunkering service at its terminal

Company says it is the first gas utility company in Japan to offer LNG bunker fuel at its terminal to vessels and is also exploring the potential of replacing LNG with e-methane as a marine fuel.

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Osaka Gas launches shore-to-ship LNG bunkering service at its terminal

Osaka Gas on Monday (21 April) said it has launched its shore-to-ship LNG bunkering service, becoming the first gas utility company in Japan to offer liquefied natural gas (LNG) at its terminal to vessels.

The first delivery took place today at Osaka Gas’ Senboku LNG Terminal in Takaishi City, Osaka Prefecture, where LNG was supplied to Verde Heraldo, a bulker operated by Mitsui OSK Lines (MOL). 

Manifold Times previously reported that the bulker will sail under long-term transport contracts to supply raw materials for JFE Steel Corporation's mills. 

With the launch of the shore-to-ship service, in addition to its existing truck-to-ship LNG bunkering service—operational since 2019—Osaka Gas enhances its LNG fuel delivery capabilities to address the current scarcity of facilities in Japan that can supply LNG to vessels. 

The company’s future plans include the introduction of a ship-to-ship LNG bunkering service utilising a dedicated LNG bunkering vessel, scheduled to commence in fiscal 2026.

These supply methods aim to provide a stable and flexible LNG fuel supply to an increasing number of LNG-fuelled vessels as the maritime industry transitions away from heavy fuel oil.

This growth in LNG-fuelled vessels is driven by global decarbonisation trends and the International Maritime Organization’s target to achieve net zero greenhouse gas emissions by 2050. Through its LNG bunkering services, Osaka Gas is well-positioned to contribute to maritime industry sustainability.

Osaka Gas launches shore-to-ship LNG bunkering service at its terminal

In addition to expanding LNG fuel supply to vessels, Osaka Gas is exploring the potential of replacing LNG with e-methane as a marine fuel. 

Related: New MOL vessel to be supplied LNG bunker fuel in Japan before voyage to Australia

 

Photo credit: Osaka Gas
Published: 23 April, 2025

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Alternative Fuels

Japan: J-ENG begins co-firing of first full-scale marine engine with ammonia

Company says the first Japanese-developed and manufactured commercial full-scale, low-speed, ammonia-fuelled two-stroke engine has started co-firing operation with ammonia.

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Japan: J-ENG begins co-firing of first full-scale marine engine with ammonia

Japan Engine Corporation (J-ENG) on Monday (21 April) said the first Japanese-developed and manufactured commercial full-scale, low-speed, ammonia-fuelled two-stroke engine has started co-firing operation with ammonia, which will be installed in a vessel. 

J-ENG is developing the engine under the “Green Innovation Fund Project: Next-generation Ship Development” of the New Energy and Industrial Technology Development Organization (NEDO). 

Since May 2023, when J-ENG started the world's first ammonia co-firing operation of a large, low-speed, two-stroke engine in a test engine, J-ENG has obtained many results and knowledge, including stable operation at high ammonia co-firing rates and safe handling of ammonia, through various test operations over a period of about a year and a half. 

J-ENG will conduct verification operations on the full-scale engine and plans to ship the engine in October of this year. The engine will be installed on an Ammonia-fuelled Medium Gas Carrier (AFMGC) and then demonstration operations of the vessel will be carried out then.

In order to accommodate a wide variety of ammonia-fueled vessels, J-ENG is also concurrently developing an ammonia-fueled engine with a cylinder bore of 60cm, following the first engine with a 50cm cylinder bore mentioned above, for several promising follow-on projects.

Furthermore, after achieving the development and social implementation of these engines, the company has decided to construct a new plant with the support of a subsidy project by the Ministry of the Environment and the Ministry of Land, Infrastructure, Transport and Tourism through the GX Economic Transition Bonds. 

The new plant, which is scheduled for completion in 2028, will expand the production of ammonia fuel engines (in the product mix with fuel oil engines) and promote the spread and expansion of zero-emission ships.

“J-ENG, as a first mover of next-generation fuel engines, will contribute to the development of the Japanese shipping and shipbuilding industries through the early launch and expansion of these engines, and at the same time, contribute to the reduction of greenhouse gases (GHG) in international shipping and the achievement of carbon neutrality by 2050,” the company said on its website.

 

Photo credit: Japan Engine Corporation
Published: 23 April, 2025

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