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.
Related: Winson Group seeks SGD 30.4 million from OCBC over credit pull in Hin Leong trade
Related: Winson Group and ZenRock Commodities reassure fiscal stability despite Hin Leong fiasco
Photo credit: Standard Chartered
Published: 18 June, 2020
Over difference in bunkering invoices between M/V As Suwayq and M/V Dl Navig8 during October 2014.
Disputing parties prefer to pursue arbitration in quality disputes rather than quantity disputes, says Executive Director.
Vietnamese nationals Nguyen Duc Quang, Doan Xuan Than and Dang Van Hanh still currently under detention.
It is the onus on a party seeking to limit liability to provide all information at early stage, says lawyer.
Outbreak is increasingly putting a strain on businesses and shippers should be well armed with relevant contractual terms to ensure smooth negotiations.
‘I had given instructions to the finance department to prepare the accounts without showing the losses and that I would be responsible if anything went wrong,’ states HLT founder.
‘Generally, you have to heat VLSFOs to prevent waxing, but the more you heat them the lower the shelf life is going to be,’ Dr Malcolm Cooper, the Group Managing Director of VPS, tells Manifold Times.
Current low prices for road and aviation fuels in September could mean another increase of flashpoint off-spec cases for MGO when players start introducing the products back into the bunker stream.
Some bunker suppliers at various ports have even achieved their sales target for the year; the trend doesn't seem to be slowing down and suppliers are expecting a boom during end of September.
The company has entered a memorandum of agreement with Millenium Satu Ltd to acquire the 7,550 dwt oil tanker to increase service flexibility; vessel will be paid over an installment period of 36 months.
Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.
An earlier MPA notice outlined precautionary measures for personnel to observe when conducting marine refuelling operations at port in order to minimise the risk of contracting Covid-19.
