Oil majors increasingly dominate the bunker market in Singapore, the world's biggest bunker port, shows a new list that ranks suppliers by size. The list is topped by an oil supermajor, while a Hin Leong subsidiary lost the most during the year.
28 banks in Singapore introduce a new code of best practices aimed at ensuring that banks can assess risks and other factors when they finance the city state's massive commodities market. This comes after several large oil trade scandals.
Singapore's Trade Minister Chan Chun Sing heralds several new initiatives aimed at restoring trust in the city state's scandal-stricken commodity market. New financial code of conduct is one of the measures.
PwC is looking for buyers for an unnamed "independent bunker fuel and lubricant supplier in Singapore" in an ad placed in local media in Singapore. The firm has already been appointed as temporary manager of crisis-stricken Ocean Bunkering.
The founder of a major bunker company has been charged with having participated in a large-scale theft of oil from Shell's refinery in Singapore. A captain has previously received a multiple-year prison sentence in the case.
The founder of scandal-stricken Hin Leong Trading, Lim Oon Kuin, and his two children, are now being sued by accounting firm PwC, which is serving as judicial manager of the bunker company. The claim totals USD 3.5 billion, reports The Strait Times.
Singapore's investment company Temasek has surprisingly withdrawn a possible SGD 4 billion investment in the strained Keppel shipyard, which, in the second quarter, breached a key condition of an agreement.
Shareholders in Singapore's pride, the hard-strained Keppel Fels shipyard, will have to wait to find out whether the island state's investment company Temasek will become majority shareholder. Perhaps they are waiting for Sembcorp's decision to spin off its marine division. This will happen next week.
Several banks and an oil company have made claims on Hin Leong's oil cargoes, reports Reuters. There are doubts about the ownership, as Hin Leong has been seeking financing for cargoes that did not exist.
The alleged fraud at Singapore-based Hin Leong Trading has definitively killed off the oil trading company, which is seen as having no possibilities of an independent future, according to an accountant report, writes Reuters.
It is crucial that the cases concerning million dollar fraud at oil traders Hin Leong and Zenrock are handled by the book, says a maritime lawyer. He notes that Singapore's reputation as a state where everyone is equal under the rule of law is at stake.
Ocean Tankers, which is affiliated with crisis-stricken oil group Hin Leong Trading, has asked to be placed under judicial management, sources tell Reuters. On Tuesday a court will process an application from the tanker operator.
The Lim family will allegedly hand over control of Hin Leong Trading to consultant form PwC, which will try to settle a deal with the bank creditors concerning the company's multiple billion-dollar debt.
The financial pressure on Singapore's maritime heavyweight Hin Leong, which seems to have lost the confidence of its banks, has prompted subsidiary Ocean Tankers to distance itself from its owner in a letter to customers which ShippingWatch has a copy of.