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.
Photo credit: Aditya-chinchure
Published: 30 July, 2020
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
A blend of standard MGO and biodiesel, MGO B20 is distributed at the company’s floating kiosk CNC 5 which is located off the buoy of West Coast Pier; PS Energy has been stamped with globally recognised ISCC.