Edition:
United Kingdom

Jonathan Saul

Top global traders push to cut shipping emissions

07 Oct 2020

LONDON Some of the world's biggest commodities and energy players on Wednesday launched an initiative to cut and track emissions from the ships they charter as efforts intensify to reduce the maritime industry's carbon footprint.

Exclusive: Hygo postpones IPO, may scrap listing after CEO named in Brazil probe - sources

30 Sep 2020

RIO DE JANEIRO/LONDON Liquefied natural gas firm Hygo Energy Transition Ltd has postponed its planned New York initial public offering for several weeks and may scrap the listing entirely after its CEO was named in the early stages of a corruption investigation in Brazil, two sources familiar with the matter said.

UPDATE 1-Hygo trading halted as CEO named in Brazil corruption probe

25 Sep 2020

RIO DE JANEIRO/LONDON, Sept 24 Debut trading in Hygo Energy Transition Ltd was suspended on Thursday hours after the liquefied natural gas transport and infrastructure operator's chief executive was named in a corruption investigation in Brazil.

Hygo trading halted as CEO named in Brazil corruption probe

24 Sep 2020

RIO DE JANEIRO/LONDON, Sept 24 Debut trading in Hygo Energy Transition Ltd was suspended on Thursday hours after the liquefied natural gas transport and infrastructure operator's chief executive was named in a corruption investigation in Brazil.

Shipping player Scorpio Bulkers tries wind in hunt for returns

21 Sep 2020

LONDON Scorpio Bulkers , a major ocean transporter for the dry commodities industry, is tapping into increasing demand for renewable energy with an investment in the logistics of offshore wind farms, the group's chief executive said.

RPT-UPDATE 3-Seven Xihe Holdings tankers put up for sale to help pay creditors - sources

17 Sep 2020

(Repeats story with no changes to text) * Clarksons, Arrow to market and sell 7 Xihe tankers - sources * Tankers for sale include 3 VLCCs By Roslan Khasawneh, Chen Aizhu and Jonathan Saul SINGAPORE/LONDON, Sept 16 The supervisor of Singaporean shipping group Xihe Holdings Pte Ltd has put seven oil tankers controlled by the company up for sale as part of efforts to recoup funds owed to creditors, three sources said on Wednesday. Xihe Holdings is part of the Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean Tankers (Pte) Ltd, both of which were placed under court-appointed supervisors earlier this year. The sale includes three crude oil supertankers and is expected to get fully underway in the coming days, the sources said. The ships were valued at a total of just over $196 million, according to vessel valuer TonnEdge on Eikon. Clarksons Platou and Arrow Shipbroking Group have been appointed by the supervisor to act as the joint brokers for the marketing and sales of the vessels, they said. Grant Thornton, interim judicial managers of Xihe Holdings, did not immediately respond to calls and an email requesting comment. Clarksons declined to comment, while Arrow did not immediately respond to a request for comment. The Lim family and their lawyers did not immediately respond to an email requesting comment. AlixPartners, which is acting as adviser to Grant Thornton, declined to comment. The seven tankers are part of 136 ships that Xihe Group owns, which range from coastal barges to very large crude carriers (VLCCs). Lim Oon Kuin, also known as O.K. Lim, with his son Evan Lim Chee Meng and daughter Lim Huey Ching, own 77 companies under the Xihe Group, which consists mainly of Xihe Holdings and Xihe Capital. The bulk of Lim's fleet is idled in the South China Sea, off the east of peninsular Malaysia. At least six of the tankers have cargoes that are the subject of competing legal claims from multiple parties. Hin Leong is seeking to restructure billions of dollars of debt after the oil price crash revealed a massive, years-long fraud at the once fabled trading house. A preliminary report prepared by PricewaterhouseCoopers Advisory Services Pte, a separate court-appointed supervisor, said Hin Leong had no future as an independent company after it "grossly overstated" the value of its assets by at least $3 billion. Vessels for sale Company Vessel Name Vessel Year Type 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 OCEAN PEGASUS LR2 2009 (PTE) LTD XIN YA SHIPPING & TRADING OCEAN TRADER LR2 2008 (PTE) LTD XIN SHENG SHIPPING (PTE) LTD OCEAN VICTORY MR1 2002 NAN HAI MARITIME (PTE) LTD BEI JIANG MR2 2009 (Reporting by Jonathan Saul in London, Roslan Khasawneh, Florence Tan and Aizhu Chen in Singapore; Editing by Louise Heavens, David Evans and Mark Potter)

UPDATE 3-Seven Xihe Holdings tankers put up for sale to help pay creditors - sources

16 Sep 2020

* Clarksons, Arrow to market and sell 7 Xihe tankers - sources * Tankers for sale include 3 VLCCs (Adds no comment from Clarksons, detail) By Roslan Khasawneh, Chen Aizhu and Jonathan Saul SINGAPORE/LONDON, Sept 16 The supervisor of Singaporean shipping group Xihe Holdings Pte Ltd has put seven oil tankers controlled by the company up for sale as part of efforts to recoup funds owed to creditors, three sources said on Wednesday. Xihe Holdings is part of the Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean Tankers (Pte) Ltd, both of which were placed under court-appointed supervisors earlier this year. The sale includes three crude oil supertankers and is expected to get fully underway in the coming days, the sources said. The ships were valued at a total of just over $196 million, according to vessel valuer TonnEdge on Eikon. Clarksons Platou and Arrow Shipbroking Group have been appointed by the supervisor to act as the joint brokers for the marketing and sales of the vessels, they said. Grant Thornton, interim judicial managers of Xihe Holdings, did not immediately respond to calls and an email requesting comment. Clarksons declined to comment, while Arrow did not immediately respond to a request for comment. The Lim family and their lawyers did not immediately respond to an email requesting comment. AlixPartners, which is acting as adviser to Grant Thornton, declined to comment. The seven tankers are part of 136 ships that Xihe Group owns, which range from coastal barges to very large crude carriers (VLCCs). Lim Oon Kuin, also known as O.K. Lim, with his son Evan Lim Chee Meng and daughter Lim Huey Ching, own 77 companies under the Xihe Group, which consists mainly of Xihe Holdings and Xihe Capital. The bulk of Lim's fleet is idled in the South China Sea, off the east of peninsular Malaysia. At least six of the tankers have cargoes that are the subject of competing legal claims from multiple parties. Hin Leong is seeking to restructure billions of dollars of debt after the oil price crash revealed a massive, years-long fraud at the once fabled trading house. A preliminary report prepared by PricewaterhouseCoopers Advisory Services Pte, a separate court-appointed supervisor, said Hin Leong had no future as an independent company after it "grossly overstated" the value of its assets by at least $3 billion. Vessels for sale Company Vessel Name Vessel Year Type 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 OCEAN PEGASUS LR2 2009 (PTE) LTD XIN YA SHIPPING & TRADING OCEAN TRADER LR2 2008 (PTE) LTD XIN SHENG SHIPPING (PTE) LTD OCEAN VICTORY MR1 2002 NAN HAI MARITIME (PTE) LTD BEI JIANG MR2 2009 (Reporting by Jonathan Saul in London, Roslan Khasawneh, Florence Tan and Aizhu Chen in Singapore, editing by Louise Heavens, David Evans and Mark Potter)

Venezuela gasoline queues grow as Iranian tankers weigh taking long route

09 Sep 2020

SAN ANTONIO DE LOS ALTOS, Venezuela/LONDON Angry Venezuelans are once again stuck in long service station lines due to rationing by President Nicolas Maduro's government, which is awaiting fuel tankers on their way from Iran to the oil-rich but fuel-starved South American nation.

UPDATE 1-Venezuela gasoline queues grow as Iranian tankers weigh taking long route

09 Sep 2020

SAN ANTONIO DE LOS ALTOS, Venezuela/LONDON, Sept 9 (Reuters) - A ngry Venezuelans are once again stuck in long service station lines due to rationing by President Nicolas Maduro's government, which is awaiting fuel tankers on their way from Iran to the oil-rich but fuel-starved South American nation.

Venezuela gasoline queues grow as Iranian tankers take long route

09 Sep 2020

SAN ANTONIO DE LOS ALTOS, Venezuela/LONDON Angry Venezuelans are once again stuck in long service station lines due to rationing by President Nicolas Maduro's government, which is awaiting fuel tankers on their way from Iran to the oil-rich but fuel-starved South American nation.

World News