United Overseas Bank News

Maersk Tankers Singapore Pte Ltd and Scorpio LR2 Pool Ltd have filed separate claims in the Singapore High Court against Winson Oil Trading Pte Ltd for failing to fulfil its contractual obligations, court documents show.The filings are the latest fallout in the unravelling of Hin Leong—once one of Asia's top oil traders—which has left creditors scrambling to recoup about $3.5 billion in debt.Hin Leong's collapse has triggered competing claims for cargoes and assets and ensnared…

Three of of Swiber Holdings vessels had been seized in an arrest moved by a syndicate of banks, reports Business Times. All three vessels were arrested at ASL Shipyard, the litigant in the arrest is United Overseas Bank (UOB), acting as security agent for the syndicate of banks that had extended financing to the vessel owner in relation to a sale and leaseback deal. The recent filing for liquidation by Swiber Holdings, an oil and gas business listed on the Singapore Stock Exchange, sent jitters through the markets. Total claims received by struggling offshore engineering group Swiber Holdings stood at about US$288.8 million as at Dec 29, 2016, the group said in an update filed to the Singapore Exchange.

Indonesia Port Corporations (IPC) or PT Pelabuhan Indonesia (Pelindo) II, Indonesia’s state-owned port operator is to build 22 ports in the country in the next five years for an anticipated cost of around $3.5 billion. “We are targeting to build 22 ports from Belawan to Sorong within five years,” Pelindo II chief executive Richard Joost Lino said. The Indonesian port projects are to be financed by cash and loans and once completed each will have a capacity of 2.5 million TEUs. As on date, the company has cash reserves of around Rp19.5 trillion from bond issuance, bank loans and internal cash flows. This project is a continuation of Indonesia’s previous decision to seek $7 billion in funding for its ‘Maritime Highway’ initiative.

EMAS Offshore boosts profile amongst international investment community by providing Asian platform for growth;  Singapore public offer opens at 6.00 p.m. today and closes at 12.00  noon on 2 Oct 2014. EMAS Offshore Limited (“EMAS Offshore”, or the “Group”), formerly known as EOC Limited (“EOC”), is pleased to announce the launch of its public offering of shares following the registration of its prospectus (the “Prospectus”) with the Monetary Authority of Singapore (“MAS”), in…

Seanergy Maritime Holdings Corp. announced its financial results for the first quarter ended March 31, 2013. -Net Revenues of $5.6 million. -EBITDA of $3.8 million. -Net Income of $1.1 million. -Debt reduction of $31.8 million, or approximately 15% of the company’s outstanding indebtedness. “I am pleased to announce our first profitable financial quarter since 2011, despite the challenging dry bulk market conditions. Our net income was $1.1 million compared to a net loss of $6.4 million for the same period last year. During the first quarter of 2013 charter rates continued to deteriorate and our average daily Time Charter Equivalent (“TCE”) rate decreased to $6,004 per vessel as compared to $9,546 in the first quarter of 2012.