Singapore-based oil trading firm Zenrock Commodities Trading is conceding a HSBC request to the High Court for the company to be placed under judicial management, reported The Business Times.
In the filing, HSBC accused Zenrock of being involved in fraudulent deals whereby the company used the same cargo as collateral to secure loans from multiple banks.
The court has allegedly granted HSBC’s bid for Zenrock to be placed under judicial management from KPMG, a form of debt restructuring.
It was reported that Zenrock had earlier resisted HSBC’s application but has since had a change of heart. The hearing is set for 13 July, 2020.
Related: HSBC accuses Zenrock of fraudulent dealings, files for legal action amid credit concerns
Related: Winson Group and ZenRock Commodities reassure fiscal stability despite Hin Leong fiasco
Photo credit: HSBC
Published: 18 June, 2020
Homegrown companies pave the way forward in commercialising marine hybrid propulsion technologies to reduce carbon emissions.
Mining firm has updated its bunker supplier clause, ensuring its hired vessels are not carrying any bunkers supplied by Hin Leong; similar move by other charterers are expected.
Decision based ‘on the back of stronger-than-expected performance during rigorous type-approval tests’, bringing total investment to 12 LPG dual-fuel engines.
DMCA is increasing the number of licensed bunker vessels to 12 ships and resuming maritime operations in anchorage areas, including ship repairs.
Incident occurred midday on Monday and the starboard cargo tank area was damaged, causing fuel to leak into the harbour, reports Maritime Bulletin.
Development allows Aegean to emerge from Chapter 11, and Mercuria’s DIP financing plan to take effect.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.
