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.
Photo credit: HSBC
Published: 18 June, 2020
The local bunkering sector has adapted to IMO 2020 requirements and LSFO is now available at more than two earlier locations, notes bunker supplier Trillion Energy.
Claiming USD 108,887.87 for the supply and delivery of 310.00 mt of low sulphur marine gas oil at the Port of Jeddah on or about 23 February 2020.
A sanitisation expert offers Manifold Times a summary of the processes involved in disinfecting a ship together with the equipment and products used in the operation.
‘As the saying goes without people buying things, manufacturing will slow, trade will also slow and shipping movements slows down. It’s a whole chain of reaction,’ says Simon Neo.
Laboratory looking to collaborate with Singapore bunker surveyors to roll out COVID 19 testing service, which has been successfully adopted by land-based industries, to the maritime sector.
Sinfeng Marine Services filed an application to the Court of Appeal to withhold information from the liquidators on October 2019; the appeal was dismissed a month later.