Pte Ltd News

27 May 2020

Pacific International Lines Secures Debt Deal

© Alexander Gorter / MarineTraffic.com

Singapore-based container ship operator Pacific International Lines Pte (PIL) has agreed with most of its financial lenders to defer debt payments and is in talks with a unit of Singapore state investor Temasek Holdings for a potential investment.PIL said in a statement on Tuesday that it had made significant progress in cutting asset costs due to the challenges the sector has been facing but the coronavirus pandemic had made matters worse over the past month.“Due to the situation…

12 May 2020

Ocean Tankers Placed Under Court-appointed Supervisor

© Pete Roberts / MarineTraffic.com

Two EY executives in Singapore have been appointed interim judicial managers of Ocean Tankers, the accounting firm said on Tuesday, following a Singapore court hearing to consider the shipping company's request to appoint independent managers.Ocean Tankers (Pte) Ltd (OTPL) is owned by the Lim family which also owns Singapore's oil trader Hin Leong Trading Pte Ltd, itself placed under judicial management in April as it seeks to restructure billions of dollars of debt.Under judicial management…

11 May 2020

Ocean Tankers Seeks Judicial Management

© husni kasman / MarineTraffic.com

Singaporean shipping firm Ocean Tankers (Pte) Ltd, a unit of troubled oil trader Hin Leong Trading Pte Ltd, has applied to be placed under the management of a court-appointed supervisor, two sources with knowledge of the matter told Reuters.Singapore's High Court is due to hold a hearing on an application by Ocean Tankers on Tuesday, according to a notice on the Supreme Court website. The notice did not give further details.Hin Leong and Ocean Tankers did not immediately respond to requests for comment.Hin Leong…

21 Apr 2020

Head of Oil Trader Hin Leong Didn't Disclose $800 Mln Losses

© mrnai / Adobe Stock

The founder and director of Singapore oil-trading company Hin Leong Trading Pte Ltd (HLT) directed the firm not to disclose hundreds of millions of dollars in losses over several years, he said in a court filing reviewed by Reuters.The affidavit signed by Lim Oon Kuin, a Singaporean in his 70s widely known as O.K. Lim, is part of a Friday filing to the Singapore High Court by HLT and subsidiary Ocean Tankers (Pte) Ltd, seeking a six-month moratorium on debts of $3.85 billion to 23 banks.The filing cites a collapse in the oil price and the coronavirus pandemic…

20 Apr 2020

MPA Awards Two Bunker Licenses

The Maritime and Port Authority of Singapore (MPA) has awarded two new bunker supplier licences to Minerva Bunkering and TFG Marine, following its call for applications for new licences in December 2019.Bunkering services in the Port of Singapore and oil trading remain resilient despite the global COVID-19 pandemic. Bunker sales in Singapore grew 5.4%, from 12.07 million tonnes in the first quarter of 2019 to 12.72 million tonnes in the first quarter of 2020.MPA and Enterprise Singapore (ESG) welcome the entry of Minerva Bunkering and TFG Marine, which will consolidate Singapore’s position as the global bunkering and oil trading hub.These…

20 Apr 2020

Bank Seeks Impounding of Ocean Tankers' Ships

Wu Yi San - Image by Michael A. C. Hart - AdobeStock

India's ICICI Bank is seeking the impounding of two vessels operated by Ocean Tankers (Pte) Ltd, a unit of Singapore oil-trading company Hin Leong Trading Pte Ltd (HLT), an ICICI source said on Monday.The tankers, Wu Yi San and Chang Bai San, were carrying cargoes financed by ICICI, the source said, adding that the bank had about $100 million exposure to HLT.According to a court filing reviewed by Reuters, HLT's founder and director had directed his firm not to disclose hundreds of millions of dollars in losses over several years.Shares of ICICI Bank fell about 4% after Reuters reported ICICI'

15 Apr 2020

Singapore Oil Trader Hin Leong Meets Banks over Finances

© Anatoly Menzhiliy / Adobe Stock

Singapore oil trader Hin Leong held a call with banks on Tuesday after they failed to provide a letter of credit to the firm to purchase at least one cargo of oil products due to load this month, four sources said.The coronavirus pandemic has led to an unprecedented slump in fuel demand and hammered oil prices, making it difficult for trading firms to make a profit. Hin Leong is one of the largest fuel traders in Asia and an operator of a major tanker fleet.Several banks which offer credit facilities to Hin Leong held a call with the company and its advisers on Tuesday…

01 Apr 2020

Vitol Marine Fuels Acquires Sinanju Tanker Holdings

©  Rex Wholster / Adobe Stock

Vitol Marine Fuels Pte Ltd, a subsidiary of the Vitol Group, has acquired 100% of Singapore-based bunkering specialist Sinanju Tankers Holdings.The Singapore Bunkering license holding entity has been renamed Vitol Bunkers (S) Pte Ltd and from 1st April 2020 all bunker deliveries will be carried out by Vitol Bunkers (S) Pte Ltd.Through the transaction, Vitol has acquired an expert bunker tanker manager and operator with extensive experience of physical bunker supplies in the port of Singapore…

02 Mar 2020

Unix Line Convicted for Concealing Illegal Discharge

© Tom Anderson / MarineTraffic.com

Singapore-based shipping company Unix Line PTE Ltd. pleaded guilty in U.S. federal court to a violation of the Act to Prevent Pollution from Ships.Unix Line admitted that its crew members onboard the 16,408 gross-ton oceangoing motor tanker Zao Galaxy knowingly failed to record in the vessel’s oil record book the overboard discharge of oily bilge water without the use of required pollution-prevention equipment, during the vessel’s voyage from the Philippines to Richmond, Calif.According to the plea agreement…

18 Feb 2020

SGS Acquires TTSA's Diving Division

© Erik Ihlenfeld / Adobe Stock

Commercial diving company Subsea Global Solutions (SGS) said it has acquired the commercial diving division of T&T Salvage Asia, Pte Ltd. (TTSA), enhancing SGS’ capabilities in Singapore and strengthening its position in the Asia-Pacific region.Paul Peters, CEO of SGS said, “This is a strategic addition to our recent acquisition of Underwater Contractors Pte. Ltd. Singapore (UWC). Creating a single platform under the SGS umbrella with the most advanced technologies, special repair equipment…

20 Dec 2019

Singapore Jails Tanker Captain in Shell Theft Case

AdobeStock / © Renaschild

The captain of a Vietnamese oil tanker has been jailed for over five years in Singapore for his role in a scheme that saw around $150 million of oil stolen from Shell's biggest refinery over several years.Doan Xuan Than, 47, was sentenced to 66 months in prison on Thursday, a spokesman for the State Courts of Singapore said, becoming the second person jailed in a case that also involves former employees of Royal Dutch Shell who allegedly conspired to siphon oil from the firm's Singapore refinery.The theft…

19 Dec 2019

TOP Ships Acquires 2 Scrubber Fitted Tankers

Image: TOP Ships

Greece-based international ship-owning company TOP Ships has acquired two ultra-high specification scrubber-fitted 50,000 dwt Medium Range (MR) product/chemical tankers under construction at Hyundai Mipo Dockyard Co., Ltd. in South Korea.The tanker owner stated in a press release that  it has acquired 100% of the issued and outstanding shares of Santa Catalina Inc. and Santa Monica Inc., which are Marshall Islands companies that have originally entered into new building contracts for the two tankers.The MR tankers are scheduled for delivery during February 2020…

29 Nov 2019

K Line, FueLNG Team-up on LNG Bunker

Image: Kawasaki Kisen Kaisha

Japanese shipping firm Kawasaki Kisen Kaisha (K Line) has announced that it has concluded a ship management agreement with FueLNG Pte Ltd for a 7500 m3 LNG bunkering vessel (LBV).FueLNG will own and operate the vessel, as well as carry out all commercial operations, said K Line press statement.The partnership will combine K Line’s extensive ship management and LNG transportation experience with FueLNG’s LNG bunkering expertise, which includes more than 160 truck-to-ship LNG bunkering operations conducted to-date.

21 Nov 2019

Inmarsat, IT Partners Bring IP-based Broadband to Fisheries Market

Eric Griffin (Photo: Inmarsat)

Real-time fisheries management and governance to ensure robust quota compliance and safeguard sustainable fishing.Inmarsat, along with its partners Addvalue Innovation Pte Ltd (Addvalue) and Network Innovations, have launched a type-approved IP-based terminal and Vessel Monitoring System (VMS) for fishing vessels operating in United States (U.S.) waters. The Addvalue iFleetONE communications terminal and proprietary VMS have been type-approved in four of the five U.S. Fisheries Management regions, as required by the U.S.

28 Oct 2019

POSH Terasea Liquidated After Default

Image: POSH Terasea

PACC Offshore Services Holdings (POSH), an Asian operator of offshore support vessels, with a diversified fleet servicing offshore oil and gas E&P activities,  said its joint venture, POSH Terasea (PTPL) would be voluntarily liquidated by creditors after it defaulted on a facility with an outstanding amount of around US$27.6 million.POSH said the maximum potential financial impact arising from the liquidation will be up to $42m and no material impact to its operating cash flow is expected.PTPL is 50 percent-owned by POSH and 50 percent-owned by Terasea…

11 Oct 2019

POSH Acquires Pacific Workboats

Image: POSH

Singapore-listed operator of offshore support vessels PACC Offshore Services Holdings (POSH) has agreed to acquire the 50 per cent stake held by Sembcorp Marine (SMM) in harbour services provider Pacific Workboats Pte Ltd (PWPL) for over US$679,400 in cash.PWPL is a 50:50 joint venture between POSH and Dolphin Shipping Company, a 100% owned subsidiary of Sembcorp Marine Limited. The 50% stake actually belongs to Dolphin. PWPL offers harbour services in Singapore and across the region.The Acquisition is expected to complete by end 2019…

18 Sep 2019

Frontline Says No to Tankers Options from Trafigura

Image: Trafigura

The world's largest oil tanker shipping company Frontline Ltd has declined options to buy four more tankers from Trafigura Marine Logistics (TML) and said that it will keep to buying only 10 tankers.Last month, the Bermuda based company announced an agreement with TML  to acquire ten Suezmax tankers, with two separate options to acquire two plus two additional Suezmax tankers.The options were part of a deal reached between the two companies last month to acquire ten Suezmax tankers…

16 Sep 2019

GOGL Ups Investment in Singapore Marine

Image: Golden Ocean Group

Norway based dry bulk shipping company Golden Ocean Group (GOGL) is planning to make a further investment in Singapore Marine Pte Ltd in connection with the acquisition of the majority of assets and operations of Swiss Marine by the latter.Swiss Marine is a privately owned freight operator founded in 2001 that transported over 120 million metric tons of cargo in 2018.The Bermuda registered GOGL said in a press note that including new commitments from Golden Ocean of $9.5 million in equity and $0.7 million in the form of a shareholder loan…

13 Sep 2019

Frontline, Trafigura Extend Suezmaxes Option

Image: Trafigura

Frontline, the world's largest oil tanker shipping company, and Trafigura Maritime Logistics (TML) have agreed to extend an option for Frontline to acquire two Chinese-built suezmax tankers.The first option to acquire two Suezmax tankers expires on 12 September 2019. Frontline and TML have agreed to extend the expiry date for the first option to 18 September 2019. TML is a wholly-owned subsidiary of Trafigura Pte Ltd, the multinational commodity trading company.The options are…

08 Sep 2019

Tallink Enters Singapore

Pic: Tallink Grupp

Estonian shipping company Tallink Grupp has announced establishing a subsidiary in Singapore this week – Tallink Asia Pte Ltd – which is the group’s first subsidiary in Asia. The operator of cruise ferries and ropax ships said that the purpose of founding a subsidiary in Singapore is to simplify the development and expansion of the group’s activities in Asia."We have always been open about the fact that Tallink Grupp is continuously looking for opportunities to develop our activities and expand into new markets," Paavo Nõgene, CEO of Tallink Grupp said.

05 Sep 2019

Keppel On Track to Deliver Dual-Fuel Bunker Tanker

Built by Keppel O&M, Singapore’s first dual-fuel bunker tanker will deliver marine fuels to ocean-going vessels within Singapore port limits. (Photo: Keppel Offshore & Marine)

(Photo: Keppel  Offshore & Marine)

Keppel Offshore & Marine (Keppel O&M) has said the company is on track to deliver the first dual-fuel bunker tanker for Singapore on time and with a perfect safety record.The Marine Vicky, named by Quah Ley Hoon, Chief Executive of the Maritime and Port Authority of Singapore (MPA), is owned and operated by Sinanju Tankers Holdings Pte Ltd (Sinanju), and will deliver marine fuels to ocean-going vessels within Singapore port limits. Quah Ley Hoon commented: “This is Singapore’s…

31 Aug 2019

Singapore: Drill on Ferry Safety

Photo: Maritime and Port Authority of Singapore

The Maritime and Port Authority of Singapore (MPA) held a ferry emergency exercise (FEREX) at the Regional Ferry Terminal (RFT) at Harbourfront. The FEREX tests the readiness of around 250 personnel from 10 government agencies, three ferry operators and Singapore Cruise Centre Pte Ltd in response to ferry mishaps. A total of 13 vessels and an RSAF helicopter were deployed for the exercise.Khaw Boon Wan, Coordinating Minister for Infrastructure and Minister for Transport, was also present to observe the exercise.The exercise simulated the evacuation of 150 passengers on board a regional ferry…

26 Aug 2019

Singapore Hosts Port Management Program

Photo: Maritime and Port Authority of Singapore

The largest cohort of 27 port masters, harbour masters and middle managers from maritime and port authorities from Africa, Asia, the Caribbean, Europe, Latin America and Oceania attended the sixth Maritime and Port Authority of Singapore (MPA) Academy’s Port Management Program (PMP).Developed and organized by MPA Academy, the five-day Program will be delivered by industry practitioners as well as senior officers from the MPA. Some of the key subjects that will be covered during the Program include maritime safety…

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