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Wednesday, September 30, 2020

Pte Ltd News

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Ocean Tankers Seeks to Reclaim $19 Mln from Lim Family

The court-appointed manager of Singapore Ocean Tankers (Pte.) Ltd is seeking to reclaim about $19 million from the Lim family directors of the firm, who allegedly transferred the funds from the shipping company to their accounts in April, court documents show.The interim judicial managers from EY said the Lim family "breached their fiduciary duties" by transferring the funds when Ocean Tankers was insolvent.Ocean Tankers, owned by Oon Kuin Lim, founder of embattled oil firm Hin Leong Trading Pte Ltd…

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Singapore Court Appoints Supervisor for Xihe Holdings

The Singapore High Court has appointed Grant Thornton Singapore as the supervisor of Xihe Holdings Pte Ltd and four of its subsidiaries, a source with knowledge of the matter said on Thursday.The court decision followed an application by Oversea-Chinese Banking Corporation Ltd (OCBC) to place Xihe Holdings and the subsidiaries under the business adviser's supervision.The subsidiaries involved are Da Xin Tankers (Pte) Ltd, Hua Guang Shipping Pte Ltd, Nan King Maritime (Pte) Ltd…

Videlina Georgieva (left) with Lise Dumant (right) (Photo: Svitzer)

Svitzer Announces Leadership Changes

Towage operator Svitzer announced Monday that effective September 1, 2020, Lise Demant will leave her role as global chief commercial officer and take up the position of managing director for Svitzer’s Europe region, succeeding Kasper Friis Nilaus, who was recently appointed CEO of Svitzer A/S. Also effective September 1, Videlina Georgieva will succeed Demant as global CCO and enter Svitzer’s global leadership team.Both Demant and Georgieva are based in Copenhagen and will report to Nilaus.Demant joined Svitzer in 2013 as chief operating officer in Svitzer Asia Pte Ltd.…

Picture from left to right: Ng Siew Chui, Maurice Rutten and Ryo Yajima.

Rutten Named CEO of Alphatron Marine Systems Pte Ltd.

JRC/Alphatron Marine said that Maurice Rutten was appointed Chief Executive Officer and Ryo Yajima in the position of Chief Commercial Officer of Alphatron Marine Systems Pte Ltd. as of July 1, 2020.In this position Rutten will be responsible for the operation of Alphatron Marine Systems Pte Ltd. and its subsidiaries in Singapore, Malaysia and Vietnam.Ryo Yajima will be responsible for the JRC business of the entire organization of Alphatron Marine Systems Pte Ltd. and its subsidiaries.In addition…

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Pacific International Lines Secures Debt Deal

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…

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Sembcorp Begins Proceedings Against Hin Leong Affiliate

Sembcorp Industries on Monday said its Sembcorp Cogen unit had begun legal proceedings to assert ownership over some gasoil reserves stored in tanks at Singapore's Universal Terminal, partly owned by oil trader Hin Leong Trading Pte Ltd.Just last week, Sembcorp Cogen terminated its gasoil supply and storage agreement with Hin Leong Trading, which is being monitored by Singaporean authorities.Sembcorp Cogen on April 24 obtained a court order to restrain Universal Terminal from moving…

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…

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Singapore Oil Trader Hin Leong Meets Banks over Finances

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…

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Unix Line Convicted for Concealing Illegal Discharge

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…

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SGS Acquires TTSA's Diving Division

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…

AdobeStock / © Renaschild

Singapore Jails Tanker Captain in Shell Theft Case

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…

Image: TOP Ships

TOP Ships Acquires 2 Scrubber Fitted Tankers

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…

Image: POSH Terasea

POSH Terasea Liquidated After Default

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…

Image: Trafigura

Frontline Says No to Tankers Options from 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…

Image: Golden Ocean Group

GOGL Ups Investment in Singapore Marine

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…

Pic: Tallink Grupp

Tallink Enters Singapore

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.

Photo: Maritime and Port Authority of Singapore

Singapore Hosts Port Management Program

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…

MV Ocean Drover. Image: Wellard

Wellard Delays Livestock Carrier Repayment

Australian meat and livestock distributor Wellard said that it has extended ship finance repayment schedules for two of its vessels, the 12,665 GT Ocean Ute and the 33,774 GT Ocean Drover.The live cattle exporter said in a press note that it has reached a conditional agreement with Ruchira Ships Limited to extend by 24-28 months the repayment schedules for the above mentioned vessel duo until December 2021.Originally, AUD 20 million was due to be paid between now and December 2019.Ruchira effectively provides vessel finance on each of these vessels through a sale and leaseback contract.

Hijo International Port Services, Inc., Philippines. Photo: ICTSI

ICTSI Posts Strong H1

Philippines-based international container terminal operator ICTSI has reported a massive increase in profit and a substantial increase in revenues for the first half of 2019.First half throughput rose 7% to 5.04 million teu and came on good revenues, leading to a 42% jump in net profit to $128.5 million, said a press release from the global port management company.ICTSI attributed its profit growth during the six-month period to  volume growth, tariff adjustments for certain services at multiple terminals…

Image Credit: AdobeStock/ © 14KTGold

Singapore's Ocean Tankers tests IMO-2020 Compliant Fuel

Off the coast of Singapore, the world's largest ship refuelling centre, a bunker barge sidled next to the supertanker Pu Tuo San to fill the giant vessel with a new type of fuel that will meet global standards that start up in January.With a little over five months left until stricter marine fuel rules come into effect, shippers such as Singapore's Ocean Tankers that own the very large crude carrier (VLCC) Pu Tuo San have started testing out lower sulphur fuel to prepare their…

Picture courtesy: Halterm Container Terminal

PSA International Buys Canada's Halterm

Singapore-based port operator PSA International has completed the acquisition of Halterm Container Terminal in the Port of Halifax, Canada, from Macquarie Infrastructure Partners."PSA International Pte Ltd concluded the purchase of the terminal from Macquarie Infrastructure Partners after formal approval by regulatory authorities, " said a PSA news release issued on Wednesday night.Halterm is the only container terminal in Eastern Canada that can serve mega container vessels.

Singapore Bunker Supplier Loses License

The Maritime and Port Authority of Singapore (MPA) revoked the bunker supplier license of Southernpec (Singapore) Pte Ltd., effective May 29, 2019. During a recent enforcement check, MPA found that Southernpec employees engaged in bunker malpractices, which include the use of magnets to interfere with the mass flow meter during bunkering operations. Its cargo officers also did not record the information in the bunkering documents accurately, which breached the terms and conditions of its bunker supplier license.

Box Ship Rescues 6 in the Gulf of Aden

On June 20, 2019, Ocean Network Express (ONE) operated vessel, NYK EAGLE, was involved in a combined rescue operation involving Combined Maritime Forces (CMF), United Kingdom Maritime Trade Operations (UKMTO) and regional Maritime Rescue Coordination Centers. NYK EAGLE safely rescued 6 crew members from a sinking coastal vessel in the Eastern Gulf of Aden.NYK EAGLE was navigating the ocean when it received a request from CMF to assist a small sinking coastal vessel, as NYK EAGLE was closest to the affected vessel.

Ms. Caroline Yang, Chief Executive of Hong Lam Marine, is the first female President in SSA’s 34 years’ history  (Photo: SSA)

Yang to the Helm at Singapore Shipping Assoc.

The Council of the Singapore Shipping Association (SSA)—the industry voice of Singapore’s maritime community— made history by nominating the association’s first-ever female President since its founding in 1985.At SSA’s 23rd Annual General Meeting (AGM) held on 26 June 2019, the 2019/2021 Council elected Ms. Caroline Yang, Chief Executive of Hong Lam Marine, as the association’s President. Ms. Yang started her career with Hong Lam Marine as their in-house counsel in 1991, and has more than 25 years’ experience in the shipping industry.As President of SSA, Ms.

Singapore Suspends Inter-Pacific Petroleum's Bunker License

Singapore's Maritime Port Authority (MPA) has suspended the bunker craft operator licence of Inter-Pacific Petroleum Pte Ltd, the MPA said in a statement on Thursday.The MPA suspended the license, which allows Inter-Pacific to operate tankers used to load marine fuel, known as bunker fuel, onto ships, with effect from June 27 until further notice, the statement said.The license suspension occurred after "an enforcement check on a bunker tanker operated by Inter-Pacific Petroleum…

Map: Pacific International Lines Pte Ltd

PIL Upgrades SE Asia - Aus Services

Singapore-based shipping company Pacific International Lines Pte Ltd (PIL) announced improvements to its Southeast Asia to Australia services to meet the changing needs of the markets.PIL's current Australia-Asia Alliance Service 1 and 2 (AA1 & AA2) will be upgraded to offer more competitive transit times and better port connections.The enhanced AA1 and AA2 services will cover all major ports in Australia with effect from early August, shipper said in a press note.Port rotations of AA1 will be Laem Chabang – Singapore –Melbourne – Sydney – Brisbane - Singapore – Laem Chabang.