Legal

X-Press Feeders declines to pay USD 1 billion Sri Lankan court order

‘After review, we are unable to make payment at this stage whilst we continue to seek engagements with the relevant Sri Lankan authorities,’ the company said in a statement today.

Published

10 months ago

September 23, 2025

Admin

X-Press Feeders calls for ‘rational decision-making’ following USD 1 billion Sri Lanka ruling

Singapore-based global maritime container shipping company X-Press Feeders on Tuesday (23 September) said it will not pay the damages of USD 1 billion which was ruled by the Supreme Court of Sri Lanka in July for the X-Press Pearl disaster in 2021.

The ruling mandates an initial payment of USD 250 million on 23 September 2025, as part of an interim USD 1 billion order.

The former operator of the container ship X-Press Pearl said it has carefully considered the July ruling together with its insurer.

“After review, we are unable to make payment at this stage whilst we continue to seek engagements with the relevant Sri Lankan authorities,” the company said in a statement.

On 20 May 2021, the Singapore-registered container ship, which was carrying 1,486 containers, encountered a fire that started in the cargo area while at anchor about nine nautical miles from the Port of Colombo, Sri Lanka and subsequently sank.

According to media reports, billions of plastic nurdles washed up after the disaster along with dead turtles, dolphins and fishes.

“While we respect the judicial process, the ruling leaves open the possibility of additional and potentially unlimited compensation. Any payment towards the judgement could set a dangerous precedent for how maritime incidents will be resolved in the future,” said Shmuel Yoskovitz, Chief Executive Officer of X-Press Feeders.

“It is vital that any compensation is substantiated, proportionate and consistent with international conventions.”

To date, the company said over USD 170 million has been paid towards wreck removal, environmental remediation and compensation claims. These efforts were carried out in cooperation with the Sri Lankan Government, including sourcing international expertise for clean-up operations.

Claims lodged by the Sri Lankan government that have been processed and approved by the International Tanker Owners Pollution Federation (ITOPF), have been settled.

“We are deeply disappointed to learn from local reports of Sri Lankan parliament proceedings that compensation payments have not yet reached many affected communities due to delays within Sri Lanka,” the company added.

“We share the frustrations of those impacted and remain open to providing additional direct support to community-based projects in Sri Lanka, for the benefit of the fishermen and marine environment.”

X-Press Feeders also shared its concerns for the welfare of both the vessel’s Master and its agents in Sri Lanka.

“The Master has been prevented from returning home for more than four years due to a court-ordered travel ban, causing significant and prolonged distress to him and his family,” it said.

“Over the last four years, our local agents have continued to face repeated investigations, arrests and court proceedings for an incident which they had no decision-making role in. We seek fair treatment of the vessel’s master and local agents.”

“We are open to direct dialogue with the relevant Sri Lankan authorities and have been actively seeking to engage with their representatives. We hope to achieve an outcome that is evidence-based, fair, proportionate and consistent with international practice.”

Photo credit: Sri Lanka Air Force – SLAF Media
Published: 22 September, 2025

Related Topics:Business - Events Others - Environment Others - Incident

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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

9 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

Winding up

Singapore: Liquidator of Nan Shan Maritime Pte Ltd issues notice of dividend

Third interim dividend to admitted unsecured claims of Nan Shan Maritime is payable from 15 July, according to Government Gazette notice.

Published

5 days ago

July 16, 2026

Admin

A notice of dividend for Nan Shan Maritime Pte Ltd, which is currently in creditors’ voluntary liquidation, was published on the Government Gazette on Wednesday (15 July).

The following are the details of the notice:

Name of Company : Nan Shan Maritime (Pte.) Ltd.(In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701967H
Address of Registered Office : 10 Anson Road, #10-10, International Plaza, Singapore 079903
Amount per centum : 5.00 Per Centum of all admitted unsecured, claims
First and Final or Otherwise : Third Interim
When Payable : 15 July 2026
Where Payable : Entitlements will be made by way of cheque.

Photo credit: Drew Beamer
Published: 16 July, 2026