Singapore-based oil trading firm Winson Group is taking legal action against Standard Chartered Bank (Singapore) over an unpaid letter of credit worth SGD 30.4 million issued for a diesel cargo it sold to Hin Leong Trading (HLT), reports Reuters.
Available court documents purportedly showed that Winson Group obtained a letter of credit from Standard Chartered in early April when it sold a cargo of ultra-low sulphur diesel to HLT.
Subsequently, when the letter of credit was due in May, the bank did not honour the payments and therefore Winson Group is taking action to seek damages, costs and interest from the bank.
Photo credit: Standard Chartered
Published: 18 June, 2020
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.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.