Singapore-based tanker shipowner, Xihe Group of Companies (Xihe) on Wednesday (29 July) announced its creditors have adjourned court proceedings in favour of working together with the group towards a consensual restructuring.
“Xihe is deeply grateful to the lenders and to the Court for this opportunity,” said the company in an official press release.
“Xihe is committed to bring about the best outcome for all its stakeholders, partners and clients.”
Xihe owns almost 140 vessels covering every segment of the fuel transportation market.
Last week, OCBC bank filed an affidavit for it to be placed under judicial management.
In the filing, OCBC claims the mismanagement in terms of financial reporting and other such “serious irregularities” have caused the bank to “strongly distrust” the current management of the company.
Related: OCBC files for Xihe Holdings to be placed under judicial management
Photo credit: Aditya-chinchure
Published: 30 July, 2020
In the filing, HSBC requests for Zenrock’s management to be replaced for deceptively using the same cargo to secure loans from multiple banks, reports Bloomberg.
Firm now funded in the short term to continue operating until early October 2019, says board.
The application by CIMB Bank Singapore was filed June as the bank looked to recover USD 105 million from Hontop; the hearing date is set for Monday, 7 September 2020.
Group’s bunker department now mainly revolves around providing bunkering services for its own fleet.
First project of JV will be to design and build a 10,000 bpd fuel oil processing facility in the U.S. Gulf Coast.
JV will act as exclusive purchaser of marine fuels for Trafigura, Frontline, Golden Ocean and certain entities.
The COVID-19 pandemic continues to evolve and MPA is working closely with other agencies to monitor the situation, both globally and in Singapore, the port authority tells Manifold Times.
Caroline Yang, President of SSA, addresses issues earlier raised by players; including PMC No. 04, the seven-day restriction, contactless bunkering, sampling point, hose connection, and more.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
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.
