The supervisor of Xihe Holdings, the 60% holding company for Singapore-based tanker ship owner Xihe Group of Companies, has reportedly placed seven of its oil tankers for sale in an effort to generate liquidity to repay creditors, reports Reuters.
In August, the company was placed under interim judicial management (IJM) as creditors rallied behind OCBC’s application for Xihe’s restructuring to be independent of the Lim family
The total value of the vessels is reportedly at just over $196 million; Clarksons Platou and Arrow Shipbroking Group have been selected by the supervisor to act jointly as brokers to oversee the sales of the vessels.
The seven vessels are part of Xihe’s fleet of 136 vessels which are currently idle on the South China Sea, among which six tankers from the Lim family fleet are purportedly carrying cargo undergoing legal disputes from several parties.
The vessels for sale include:
|Company||Vessel Name||Vessel Type||Year Built|
|Nan Ya Maritime Pte Ltd||Pu Tuo San||VLCC||2011|
|Hua Kang Shipping Pte Ltd||Tai San||VLCC||2009|
|Hua Xin Shipping Pte Ltd||Tai Hung San||VLCC||2010|
|Dong Fang Shipping & Trading Pte Ltd||Ocean Pegasus||LR2||2009|
|Xin Ya Shipping & Trading Pte Ltd||Oceann Trader||LR2||2008|
|XIn Sheng Shipping Pte Ltd||Ocean Victory||MR1||2002|
|Nan Hai Maritime Pte Ltd||Bei Jiang||MR2||2009|
Related: O.K. Lim and two children sued for USD 3.5billion; receiver appointed for 3 Xihe ships
Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’
Related: Xihe Group appoints V.Group as technical manager for 16 of its tankers
Related: Xihe replaces Directors, forms new management team to chart fresh course for Group
Related: Xihe creditors adjourn court proceedings in favour of consensual restructuring
Related: OCBC files for Xihe Holdings to be placed under judicial management
Photo credit: Marine Traffic / niavlysLH76
Published: 18 September, 2020
Top three positive movers in 2021 were Hong Lam Fuels Pte Ltd (+14); Sirius Marine Pte Ltd (+12); and TFG Marine (+11); according to the latest data from the Maritime and Port Authority of Singapore.
Webinar will offer delegates insights on the prevention of operational issues when using VLSFOs, along with an update on biofuels and bunker fuel quality trends for 2021 and its forecast for the current year.
Heating VLSFOs to prevent cold flow issues causes issues related to distillate ageing, and there is a gentle balance to be maintained when handling the product.
Research into n-paraffin distribution of VLSFOs has shown that they not only differ from MGO, but significantly differ from each other as well, states bulletin.
Bunker Holding and Dan-Bunkering have decided not to appeal the city court ruling in the case where the companies were on trial for breaching EU sanctions against Syria, states USTC.
Poll shows market participants think Singapore’s future as a bunkering hub in the near term will be impacted most by growth in alternative bunker fuels and intensifying competition from other ports in Asia.