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
Garren Hay will be responsible for sales of the PANOLIN range of Environmentally Acceptable Lubricants for the Singapore sole distributor agent Gealubes Consulting & Trading Pte Ltd.
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
Maureen Poh, a Director of Helmsman LLC, offers plain practical tips on the differences between US and EU Sanctions and shares some thoughts on what companies could do if they are potentially exposed to sanctioned entities.