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
Bunkers sold totalled 15.78 million mt from Jan to Apr, 7.9% down compared to 17.14 million mt in 2018.
Inatech built ‘ShiptechLite’ for small-to mid-size shipping companies weathering Covid-19 related disruptions but lacks the tools and resources to do so efficiently.
CTI-Maritec expects to receive more biodiesel blends for analysis as vessel owners switch to biodiesel blends to comply with regulatory requirements on reduction of GHG emissions.
‘By implementing a regional EU ETS, shipping risks getting hit by multiple emission trading systems making a global ETS difficult to achieve,’ states Secretary General.
TFG Marine will supply HSFO, MGO and VLSFO bunker fuel to bulk carriers, oil tankers and container vessels calling at the Port of Singapore by May 2020
In total, 4.18 million mt of various marine fuels were sold at the world’s largest bunkering port in December, lower than 4.29 million mt in December 2020.
Digitalisation makes it easier for shipowners to conform to growing external regulations such as new sulphur regulations and ‘no scrubber’ zones; operators can identify better bunkering options to reduce costs.
‘We’ll start the application [to MPA] before the end of 2022 and hopefully to receive approval within six months or sooner,’ L. Y. Hwang, Director / General Manager of Oval Asia Pacific Pte Ltd, tells Manifold Times.
Rob Ashton, Market Manager of Infineum, explains how Infineum B402 is a relatively easy way for a ship operator to positively influence a vessel’s CII rating while improving its bunker fuel consumption performance.
Eventual adoption of Digital Bunker Document Standard speeds up interoperability between stakeholders from both public and private sectors, learns Singapore bunkering publication Manifold Times.
ISO delegates represented seven countries and were in Singapore to attend a three-day meeting of ISO WG13 to develop two new ISO bunkering standards, learns Singapore bunkering publication Manifold Times.
Cai Zhi Zhong received a total of about USD 1.3m to USD 1.6m, of which he saved a portion and spent the rest, including on property, cars and watches, according to court documents obtained by Manifold Times.
