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Xihe replaces Directors, forms new management team to chart fresh course for Group

Xihe said it has recently hired a qualified management team to drive the business; Lim Oon Kuin and his children are no longer part of the management team.

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Ocean QUEEN

Singapore-based tanker shipowner the Xihe Group of Companies (Xihe) on Thursday (30 July) said a new management team has been put in place to chart a fresh course for the group.

This comes following Xihe’s previous announcement that its creditors have adjourned court proceedings in favour of working together with the group towards a consensual restructuring.

Xihe said it has recently hired a highly qualified management team with close to 100 years of collective shore and sea-based experience to drive its corporate finance, marketing, chartering, sale of vessels and fleet management. 

The key personnel on the new management team include: 

  • Interim CEO Kenny Lim
  • Commercial Director Desmond Chong
  • Sales & Purchase Director Michael Tan
  • Vice President (Fleet Management) Capt. Zhang Yujie

The group clarified that Lim Oon Kuin and his children are no longer part of the management team and a new board of directors – consisting of a majority of non-executive independent directors – is also being finalised as part of the consensual restructuring with Xihe’s Lenders.

The new team has made significant strides in managing Xihe’s businesses in a short span of two months, despite disruptions brought about by Ocean Tankers Pte Ltd (OTPL) – its main bareboat charterer – being placed under interim judicial management (IJM) in May 2020, it said.

With the assistance and guidance of its legal and financial advisors, Xihe added that its team is taking steps towards achieving consensual restructuring and revamping of the Xihe Group of companies. 

The first of these steps is to terminate all bareboat charter contracts which Xihe had entered into with OTPL and Hin Leong Trading Pte Ltd (HLT) and actively working with the interim judicial managers of OPTL and HLT to seek redelivery of those vessels. 

There is a market for chartering out these vessels and Xihe is actively pursuing opportunities to re-deploy them, noted Xihe.

Secondly, Xihe adds it is seeking to conduct an orderly divestment and rightsizing of its fleet to achieve optimum returns to all stakeholders. 

It has concluded the sale of several of its vessels and is in discussions with a number of potential buyers on a programme of sales, it said.

Thirdly, as part of Xihe’s revamped business model, the group added that it has identified strategic partners to form alliances with. It has engaged, and will be engaging professional, internationally renowned technical and commercial managers to manage and market its vessels for charter, to ensure that the highest standards of safety, quality and efficiency are attained. 

“Just this week, Xihe successfully took redelivery of its 108,953 DWT oil tanker Ocean Queen (IMO 9368223) from HLT (bareboat charterer) and OTPL (ship manager),” said Xihe Holdings in an official release.

“The vessel is now under the technical management of a newly appointed world-class ship manager.

“Xihe is confident of getting its business back on track and with full commitment to bring about the best outcome for all its stakeholders, partners and clients.”

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: Xihe Group
Published: 3 August, 2020

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Bunker Fuel

China: Zhoushan to host 7th IPEC commodities, bunker conferences on 16 to 17 October

Global marine bunker development will be among main topics of discussion at the 7th International Petroleum and Natural Gas Enterprises Conference (IPEC).

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China: Zhoushan to host 7th IPEC commodities, bunker conferences on 16 to 17 October

The 7th International Petroleum and Natural Gas Enterprises Conference (IPEC) is taking place at Zhoushan, Zhejiang province, China between 16 to 17 October.

 The agenda, provided by the Zhoushan High-tech Zone Administrative Committee to foreign event media partner Singapore bunkering publication Manifold Times, is as follows:

16 October

  • Registration and sign-in for participating guests
  • Meetings between Zhejiang Provincial and Zhoushan Municipal leaders with VIPs

17 October

Morning

Plenary Session of the Conference (Oriental Hall, Zhoushan International Conference Center)

  • Leader’s speech, guest keynote speech, signing of major projects

China: Zhoushan to host 7th IPEC commodities, bunker conferences on 16 to 17 October

Discussion Topics [*17 October, 2pm to 5pm]

Focus Topic Meeting: Global marine bunker development*
Location: Haitian Hall, Haizhongzhou International Hotel, Zhoushan

14:00-14:05 - Opening of the Meeting

14:05-14:15 - Speech by Leaders

14:15-14:30 - Announcement of "Top Ten Global Bunkering Ports" and "Top Ten Global Bunkering Companies"

14:30-14:40 - Announcement of Construction Work of Northeast Asia Bonded Marine Fuel Bunkering Hub

14:40-14:50 – Launch ceremony of Zhoushan "White-list" Bunker Barge Mass Flow Meter System Pilot Certification Programme

14:50-15:10 - Signing Ceremony

15:10-16:10 - Keynote speech

16:10-16:35 - Coffee break

16:35-17:05 - Roundtable forum (Topic: Facing green and low-carbon transformation in global shipping, how do marine fuels change in response to the trend?)

17:05-17:35 - Roundtable forum (Topic: The road to develop high-quality offshore fuel bunkering metering under the new developments)

17:35-17:40 - Moderator’s summary

Utilising financial innovation, futures and spot cooperation to promote the construction of a hub for the allocation of bulk commodity resources*
Location: Putuo Hall, Zhoushan International Conference Center

Open development of global shipping trade*
Location: Donghai Hall, Hilton Zhoushan

International iron ore trade development*
Location: Banquet Hall 1/3, The Westin Zhujiajian Resort, Zhoushan

Development of China's new chemical materials industry during the “15th Five-Year Plan”*
Location: Banquet Hall 1/3, The Westin Zhujiajian Resort, Zhoushan

Development of non-ferrous metal mining industry*
Location: Lianhua Ocean Hall, Hilton Zhoushan

16 and 17 October
International maritime law of the free trade port (zone)
Location: Fortune Hall, Zhoushan CaiFu Hotel

 

Photo credit: Zhoushan High-tech Zone Administrative Committee
Published: 11 October, 2024

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Alternative Fuels

SIBCON 2024: Vitol anticipates securing LNG bunker licence in Singapore

‘It would be unthinkable not to deploy at least one of the three barges Vitol has on order in Singapore,’ says Vitol’s Head of Asia Mike Muller during a panel discussion.

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SIBCON 2024: Vitol anticipates securing LNG bunker licence in Singapore

Energy trader Vitol’s Head of Asia Mike Muller on Wednesday (9 October) said the company is anticipating being granted a LNG bunker licence in Singapore soon. 

“It would be unthinkable not to deploy at least one of the three barges Vitol has on order in Singapore,” he said. 

Mike Muller made the announcement during the Viewing the Energy Transition Through the Lens panel discussion at the 23rd Singapore International Bunkering Conference (SIBCON).

“We expect to see growth in LNG use as a bunker fuel for at least another decade, and probably longer,” he added. 

On the increasing uptake of biofuels, he said Vitol is seeing demand for biofuel blended bunkers in Singapore roughly doubling every year at the moment, heading for around 1 million mt this year and maybe 2 million mt next year. 

“Demand for 100% biofuel from shipping customers is also starting to pick up as of this year and we have led the way in commissioning new IMO type 2 barges to fulfil this demand - indeed an important Asian customer of ours has taken three deliveries of B100 UCOME biofuel just in recent weeks here in Singapore,” Muller explained. 

Manifold Times previously reported Vitol securing three LNG Bunkering Vessels (LNGBV) through its shipping company, Vitol International Shipping Pte Ltd (VIS).

The vessels were secured via a seven to ten year time charter agreement with Avenir LNG Limited (Avenir) and an order for two vessels at the CIMC Sinopacific Offshore & Engineering Co. Ltd shipyard in Nantong, China.

The time charter agreement with Avenir is for one newbuild 20,000m3 LNGBV. The time charter will commence at delivery from the shipyard in China in Q4 2026 and will serve a period of seven years with options to extend up to ten years in total

Vitol also ordered one 12,500 m3 and one 20,000 m3 LNGBV at the CIMC SOE shipyard in China. The vessels will be delivered in Q4 2026 and Q3 2027 respectively.

Related: Vitol secures LNG bunker vessel trio with time charter deal and newbuilding order

 

Photo credit: Vitol
Published: 11 October, 2024

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Bunker Fuel

SIBCON 2024: Bunker players sign SCMA pledge to drive progress within Maritime Singapore

Bunker players involved include Consort Bunkers, Equatorial Marine Fuel, Golden Island, Hong Lam Marine, Kenoil Marine Services, Marubeni International Petroleum and Sinopec Fuel Oil.

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SIBCON 2024: Bunker players sign SCMA pledge to drive progress within Maritime Singapore

Some 10 bunker players on Tuesday (8 October) signed a pledge with Singapore Chamber of Maritime Arbitration (SCMA) at the 23rd Singapore International Bunkering Conference and Exhibition (SIBCON).

The bunker players involved are Consort Bunkers Pte Ltd, Equatorial Marine Fuel Management Services Pte Ltd, Fratelli Cosulich Bunkers (S) Pte Ltd, Global Energy Trading Pte Ltd, Golden Island Pte Ltd, Hong Lam Marine Pte Ltd, Kenoil Marine Services Pte Ltd, Marubeni International Petroleum (S) Pte Ltd, Sinopec Fuel Oil (Singapore) Pte ltd and Victory Pte Ltd.

SCMA and the pledgees will work together to promote and enhance the capabilities  and opportunities within the Maritime Singapore community and ecosystem.

Among the aspirational goals embodied by the SCMA Pledge is that the pledgees give preferential consideration, where appropriate, for the use of the SCMA Arbitration Rules for the resolution of their maritime or international trade disputes.

The bunker players may also use its best endeavours to support the Maritime Singapore community and ecosystem, including contributing to the development and dissemination of best practices as well as providing support and opportunity to young maritime legal and dispute resolution professionals in the form of internships, mentorships, and educational seminars aimed at fostering the next generation of maritime leaders.

SCMA, a specialist arbitration institution, is the only arbitration institution in Singapore focused on maritime and international trade disputes.

It offers the maritime and international trade sectors a set of arbitration rules and guidelines which are flexible and cost effective.

Users of SCMA arbitration include maritime companies, international traders and commodity companies for the resolution of their disputes such as those involving charterparty, bunker, commercial sales, cargo, oil and gas, shipbuilding and ship repair.

 

Photo credit: Singapore Chamber of Maritime Arbitration
Published: 11 October, 2024

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