Edition:
United Kingdom

Roslan Khasawneh

Singapore suspends supply licences of Hin Leong shipping fuel unit

20 Oct 2020

SINGAPORE Singapore has suspended the licences to sell ship fuel held by a subsidiary of defunct oil trader Hin Leong Trading Pte Ltd since it could no longer meet the licensing requirements, the Maritime and Port Authority of Singapore (MPA) said on Monday.

UPDATE 2-Singapore suspends supply licences of Hin Leong shipping fuel unit

19 Oct 2020

SINGAPORE, Oct 19 Singapore has suspended the licences to sell ship fuel held by a subsidiary of defunct oil trader Hin Leong Trading Pte Ltd since it could no longer meet the licensing requirements, the Maritime and Port Authority of Singapore (MPA) said on Monday.

Singapore suspends licences of Hin Leong's bunkering unit OBS

19 Oct 2020

SINGAPORE, Oct 19 Singapore has suspended the bunkering licences of Ocean Bunkering Services Pte Ltd (OBS), a subsidiary of defunct oil trader Hin Leong, after it failed to meet licensing requirements, the Maritime and Port Authority of Singapore (MPA) said.

Asset sales best for oil trader GP Global: FTI Consulting

16 Oct 2020

Singapore GP Global's creditors should allow it to sell assets such as a refinery and storage terminals to repay debt, FTI Consulting, brought in to restructure the UAE-based oil trader, has advised in a report by seen by Reuters.

RPT-UniCredit sues Hin Leong, Glencore over 'sham' oil deal

30 Sep 2020

* PwC identified "at least 18" letters of credit linked to such deals

UniCredit sues Hin Leong, Glencore over 'sham' oil deal

29 Sep 2020

SINGAPORE Italy's UniCredit SpA has sued Hin Leong Trading Pte Ltd over a letter of credit, court documents show, one of several the Singapore oil trader sought from lenders for oil purchases but used to pay debt instead.

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)

Indian court issues second arrest warrant for GP Global bunker tanker: document

16 Sep 2020

SINGAPORE/MUMBAI/DUBAI An Indian court has issued a second arrest warrant for a marine refuelling tanker owned by troubled UAE oil trader GP Global after it failed to make payments to its ship manager, court documents showed.

Indian court issues second arrest warrant for GP Global bunker tanker - document

16 Sep 2020

SINGAPORE/MUMBAI/DUBAI, Sept 16 An Indian court has issued a second arrest warrant for a marine refuelling tanker owned by troubled UAE oil trader GP Global after it failed to make payments to its ship manager, court documents showed.

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