News on Singapore.
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 world's largest bunker port, Singapore, expects to see its bunker capacity for LNG hit 1 million tons in 2021, reports Reuters.
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.
Singapore-based Keppel Corporation has presented a new strategy, which includes considerations about a sale or merger of its offshore and marine business.
Lim Oon Kuin, who founded bunker company Hin Leong, is now being hit with another fraud charge, according to Singapore police.
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.
The Competition and Consumer Commission of Singapore previously voiced concerns about a South Korean yard merger, but the commission has now concluded that the merger will not harm competition.
Singapore's High Court has appointed a new management for four subsidiaries under the Lim family's company Xihe Holding. The court has thus complied with the wish of bank OCBC.
Singapore's investment company Temasek has surprisingly withdrawn a possible SGD 4 billion investment in the strained Keppel shipyard, which, in the second quarter, breached a key condition of an agreement.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.
Shipbuilder Sembcorp Marine plans to raise SGD 2.1 billion from its owner and state-owned fund Temasek. The company is in financial trouble due to coronavirus and the oil collapse.
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 vast majority of ships seems to be observing the sulfur rules in Singapore, one of the world's most important shipping ports. Authorities have only caught two vessels breaking the rules.
Langt de fleste skibe ser ud til at overholde svovlreglerne i Singapore, som er en af verdens vigtigste havne for shipping. Myndighederne har kun taget to skibe i at bryde reglerne.
As many as 60 tankers full of oil are currently waiting out the global oil slump in a narrow waterway off the coast of Singapore.
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.
Singapore has introduced an entry ban for people who have in the past 14 days been to China, South Korea, Iran or northern Italy.
Trafigura and several other major commodity traders have applied for licenses to sell and deliver ship fuel in the world's biggest bunker port, Singapore, reports Reuters.
A Chinese bunker firm is now the biggest supplier of ship fuel in Singapore, shows a new list. Maersk company seems to have solidified top-ten ranking.
MPA Singapore screens passengers and seafarers from incoming ships for the corona virus that has cost several people their lives following an outbreak in China.
Keppel Offshore & Marine exits 2019 with a significantly better result on the bottom line. A tax gain pushed the company to its first net profit since 2016.
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