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Several creditors expected to make claims on the same oil cargo on Ocean Tankers' ships

Ocean Tankers could see several parties making claims to the same oil cargo on board the insolvent shipping company's vessels, says a lawyer representing major bank and creditor HSBC.

OK Lim, one of Singapore's richest men and the owner of Hin Leong Trading, has has admitted that he hid losses on oil speculation totaling USD 800 million. | Photo: Edgar Su/Reuters/Ritzau Scanpix

Several parties could make claims for the same oil cargo on board Ocean Tankers' ships, says a lawyer representing the insolvent shipping company's biggest creditor, major bank HSBC, to media Straits Times.

"There are potential competing interests over cargoes on board several of the largest vessels operated by Ocean Tankers, and charter hire costs are likely to be rising on a daily basis until the cargoes are sold and offloaded," says Moses Lin of firm Shook Lin & Bok to Straits Times.

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