Business

Women dominate IBIA’s 2022 board elections, winning 3 out of 4 posts

All three women candidates who stood for election were successful in securing three out of four available positions.

Published

4 years ago

February 23, 2022

Admin

Three of the four available positions in the 2022 International Bunker Industry Association (IBIA) board elections have been filled by women, meaning all the women standing for election were successful.

A total of 10 candidates stood for election, with four vacancies to fill.

The four candidates elected for a three-year term starting April 1, 2022 are:

Timothy Cosulich, Fratelli Cosulich, Singapore (re-elected for a second term)
Valeria Sessa, Reseaworld, Italy
Eugenia Benavides, Terpel, Colombia (re-elected for a second term)
Anna Stefanou, PMG Holding, UK

The election results were announced at the IBIA AGM on Monday (21 February).

Prior to the AGM, the current board of IBIA formally elected the chair, vice-chair and treasurer for the year starting April 1, 2022:

Timothy Cosulich, who is currently the vice-chair, will take over as the chair of IBIA.
Constantinos Capetanakis of Starbulk, Greece will be the new vice-chair of IBIA.
Adrian Tolson, Blue Insight, USA will take on the role of Treasurer.

The rest of the IBIA Board that will be starting at the same date are:

Peter Beekhuis, Maersk Oil Trading, Singapore
Eugenia Benavides, Terpel, Colombia
Rahul Choudhuri of VPS, Singapore
Paul Maclons of AMSOL, South Africa
Mustafa Muhtaroglu, Energy Petrol, Turkey
Jesper Rosenkrans, Total Marine Fuels Pte Ltd, Singapore
Valeria Sessa, Reseaworld, Italy
J. Stephen Simms, Simms Showers LLP, USA
Anna Stefanou, PMG Holding, UK
Nicolas Vukelja, Terramar, Panama

The current chair of IBIA, Henrik Zederkof of Bunker Holding, Denmark, and the current treasurer, bunker industry veteran and independent consultant Nigel Draffin. UK, will be stepping down at the end of March 2022, when their elected terms come to an end

Unni Einemo, Director of IBIA, said:

“I was so pleased to see the high number, calibre and variety of candidates in the IBIA board elections both this year and last year; a testament to IBIA’s growing stature and relevance. It is refreshing to see more women join the board, increasing the number from one at present, to three.”

“Henrik has shown such strong drive and commitment to the focus areas he outlined for IBIA when he became chair, and we are lucky to have another driven individual when our current vice-chair, Timothy, steps into the role. Our new vice-chair, Constantinos and our new treasurer, Adrian are both very pro-active and great resources for IBIA. We will miss Henrik and our treasured treasurer Nigel, but we have a great team in place for the year ahead. Besides, you do not have to be a board member to take part in IBIA’s work, so we hope both will remain active members”.

The board also co-opted the chairs of the Interim IBIA Regional Boards for Africa and Asia, respectively, to the IBIA Global Board: Paul Maclons of AMSOL (South Africa) and Rahul Choudhuri of VPS (Singapore).

Choudhuri will replace Timothy Cosulich as the chair of the Interim IBIA Regional Board for Asia on April 1, 2022 when Timothy becomes the chair of IBIA globally.

Photo credit: International Bunker Industry Association
Published: 23 February, 2022

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

10 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

10 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

10 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026