Credit Management News

The Singapore government has recounted the achievements of Maritime Singapore to date to highlight the nation’s successes as a maritime hub in 2023:Total business spending by key maritime companies overseen by MPA exceeded S$4.8 billion, up from S$4.3 billion in 2022. Twenty-five maritime companies established or expanded their operations in Singapore last year. These included maritime services companies and companies setting up sustainability desks in Singapore as part of their…

Gulf Petrochem has appointed John Phillips as Head of Credit Risk for the Group’s Bunkering division. With over 30 years experience in the Maritime sector, John is a well known expert in the industry and will focus on areas such as Credit Management (focused on Bunker business), Credit insurance & Bunker business development. Before joining Gulf Petrochem, he held the role of Global Head of Credit and Director at Soyuz Bunkering Group (Singapore) Pte Ltd, handling customer selection and promotion as well as liaising with legal departments and insurers on ship arrests and insurance claims. Prior to this, Phillips worked for Chemoil Energy Ltd, where he was responsible for the creation, implementation and management of global credit and counter party risk policy.

Airbus Defense and Space has added new features to its XChange communications management platform with the release of version 3.1 at SMM 2014. Headlining the new version is a unique system that provides Universal Remote Access to any device connected to on board networks or the IT network itself and new functionality that builds on the recently released BYOD (Bring Your Own Device) solution for XChange. Universal Remote Access as a new option for XChange provides secure remote access to computers on board a vessel from anywhere. It meets the growing need from ship-owners, communications equipment manufacturers, satcom service providers and maritime service companies to easily access IT networks on board from shore for maintenance and troubleshooting.

Bunker trading company A/S Dan-Bunkering Ltd. introduced a new organizational structure effective August 1, 2014. The company said the move was made to maintain its position, continue expansion in the marketplace and to accommodate a newly implemented strategy. “We must secure our position in the Asian region and look for further opportunities in this for us very important region. In order to achieve this, Managing Director of Dan-Bunkering (Singapore) Pte. Ltd., Morten Tranberg Mortensen…

CIT Group Inc has provided a senior secured credit facility to Tanker Solutions, a joint venture between funds managed by TPG Credit Management and Prime Tanker Management, to support the purchase of 'MT Pike' (formerly the 'M/T Starling'), a 73,700 DWT LR1 product tanker built in 2008. The financiers say that the vessel represents the first asset acquisition by Tanker Solutions and will be operated by Prime Tanker Management. “With this transaction, we continue to build relationships with industry-leading operators and investment firms, further expanding our footprint in the marketplace. Financing was provided by CIT Bank , the U.S. commercial bank subsidiary of CIT. The transaction has a five-year term; additional terms were not disclosed.

Bunker Holding is pleased to announce that as from 1 January 2013 Linda Goh has been appointed as Regional Credit Manager - Asia. Linda has more than 14 years of experience in credit management and analysis in the Asian and global markets, whereof 12 years with Chevron. As evident from her title, Linda will focus on Asia and Pacific areas, and she will handle credit  applications and questions from all companies in the Bunker Holding Group concerning clients in these areas, covering from UAE to Australia.

Experienced shipping and finance professionals in new board for USTC companies. One of the biggest and fastest expanding companies in Denmark, A/S United Shipping & Trading Co Ltd. headquartered in Middelfart, is strengthening its organization with a new board of directors who will also take up positions in its subsidiaries Bunker Holding A/S and Uni-Tankers A/S. The composition of the board aims to encompass the expertise required to enable the parent company and its two shipping related subsidiaries to further develop in a difficult market.

China' s U.K. Ambassador discusses lending to shipping industry at London meeting The following comments were made by Liu Xiaoming at a conference in London today, according to Bloomberg. China needs to learn from other countries that offer ship finance in areas including risk control and credit management, Liu said. "Chinese banks have adequate funds to provide support for foreign owners who want to build ships in China, given the large number of ships built in China every year.

Unitor ASA and BP Marine, who co-founded The Marine Alliance B.V. joint venture three years ago, have now decided to dissolve this partnership and focus individually on their respective customers’ requirements. The transition will commence early October and will be completed by 1 January 2004. After that date, Unitor and BP Marine will each provide their own customer services. The Marine Alliance was established to deliver improved customer services (order processing, sales support, technical support and credit management services) to its founders. Since its formation, the organisation has evolved to reflect changing business needs, delivering improvements in service levels and customer satisfaction.