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Xihe Holdings supervisor to place seven tankers for sale in an attempt to repay creditors

18 Sep 2020

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

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