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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…
Singapore Suspends Hin Leong Unit's Bunker Licenses
Singapore has suspended the licenses to sell ship fuel held by a subsidiary of defunct oil trader Hin Leong Trading Pte Ltd since it could no longer meet the licensing requirements, the Maritime and Port Authority of Singapore (MPA) said on Monday.The MPA suspended the licenses for Hin Leong's subsidiary Ocean Bunkering Services Pte Ltd (OBS), an agency spokesperson said in an emailed response to questions from Reuters sent on Oct.
Tanker Operators File Against Winson Oil in Latest Hin Leong Fallout
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…
Singapore Adds 23 Charges Against Founder of Oil Trader Hin Leong
A Singapore prosecutor filed 23 additional forgery-related charges on Friday against Lim Oon Kuin, the founder of collapsed oil trading firm Hin Leong Trading Pte Ltd.Last year…
One-third of Hin Leong Founder's Ships Sold to Pay Down Debt
About one third of the roughly 150 ships owned by companies controlled by Singapore tycoon Lim Oon Kuin and his family have been sold as part of efforts to repay…
Hin Leong's Owners Move to Block OCBC from Picking at Shipping Units
The family that owns beleaguered Singaporean oil trader Hin Leong Trading (HLT) is seeking to block creditor OCBC's request to appoint overseers for the family's Xihe Holdings and four other subsidiaries to recoup its debt.Oversea Chinese Banking Corp (OCBC) applied last week for the Singapore High Court to appoint judicial managers over Xihe, owned by the family of Hin Leong founder Lim Oon Kuin, known as O.K.
Head of Oil Trader Hin Leong Didn't Disclose $800 Mln Losses
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…
Keppel T & T Appoints Lim Chin Leong to its Board
Keppel Telecommunications & Transportation Ltd (Keppel T&T) has strengthened its Board with the appointment of Mr Lim Chin Leong as an independent, non-executive…
Asia Fuel Oil Dragged Down by Crude Drop
Asia's fuel oil prices continued their downward trend towards new seven-year lows and at levels not seen since early 2005 amid a growing global oil glut that saw…
Founder of Singapore's Marine Fuel Supplier Charged in Shell Oil Theft Case
The founder of one of Singapore's biggest marine fuel suppliers has been charged for his involvement in a large-scale oil theft from Shell's refinery in the city-state…
Ocean Tankers Looks to Return Most Ships to Owners
The court-appointed manager for Ocean Tankers Pte Ltd has applied to the Singapore court to return most of the ships the company manages to the shipowners, as cash is running low and Ocean Tankers will not be able to maintain the fleet, two sources with knowledge of the matter told Reuters.If successful, the move will allow Ocean Tankers, the chartering arm of embattled oil trader Hin Leong Pte Ltd…
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…
Asia Fuel Oil-Cracks, Spreads Tight; Bunker Prices Climb
Asia's fuel oil crack for benchmark 180-centistroke rebounded to a discount of $6.79 a barrel on Wednesday, gaining as bunker prices firmed on the possibility of…
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…
Report: Seven Xihe Holdings Tankers Up for Sale
The supervisor of Singaporean shipping group Xihe Holdings Pte Ltd has put seven oil tankers controlled by the company up for sale as part of efforts to recoup funds owed to creditors…
Ship Arrested, More Claims Emerge Against OW Bunker
Fuel barge Laguna, carrying oil sold by Hin Leong to OW Bunker, arrested. Total claims against OW Bunker Far East and Dynamic Oil now over S$5 mln. Oil firms stepped…
Bank Seeks Impounding of Ocean Tankers' Ships
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 d
Ocean Tankers Seeks Judicial Management
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…
Singapore Court Dismisses Oil Tycoon Family's Appeal Against Ocean Tanker Suit
Singapore's highest court has dismissed an appeal by oil tycoon Lim Oon Kuin and his two children after they were successfully sued for breach of fiduciary duties by the court-appointed managers of a company they once owned.Lim is the founder of defunct Hin Leong Trading Pte Ltd and Ocean Tankers, once one of Asia's largest oil trading and shipping firms, which both went under judicial management in 2020…
Lim Family's Global Assets on Radar After Singapore Court Move
A Singapore court has approved a freeze on up to $3.5 billion of assets of the family behind collapsed Hin Leong Trading Pte Ltd, boosting the prospect of debt recovery from the former oil trading empire that counts some of the world's biggest banks among its creditors.Hin Leong was wound up in March after failing in a year-long effort to restructure more than $3 billion in debts after the COVID-19-led oil crash laid bare huge losses.
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