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Argus Media: HSBC accuses Singapore’s Zenrock of ‘suspicious’ trades

Court documents give two examples of what HSBC described as “highly dishonest transactions”, both involving cargoes of Djeno crude booked since February, it said.

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Global energy and commodity price reporting agency Argus Media on Friday (8 May) published an update on the recent Zenrock Commodities Trading troubles, exposing some details of HSBC’s accusations: 

UK bank HSBC has accused Singapore oil trading company Zenrock Commodities Trading of dishonestly obtaining multiple sources of financing for crude cargoes, according to court documents seen by Argus.

HSBC filed a court application on 4 May to place Zenrock under judicial management, a form of debt restructuring, to recover funds it said it is owed.

Zenrock has outstanding debts to HSBC of around $49mn and owes a total of around $165mn to lenders, the court filing alleges. HSBC said it believes the company is unable to pay its debts.

Neither Zenrock nor HSBC responded to requests for comment. The case is due to be heard in Singapore’s Supreme Court today.

The collapse in oil prices this year has caused a fall in the value of the oil and related products that Zenrock uses to secure bank facilities to finance its trading activity, HSBC said in the court filing. This has led many banks to require oil trading companies to provide cash to cover their outstanding liabilities, or to stop extending fresh financing altogether.

This “inability to raise fresh financing has exposed certain trade practices by [Zenrock] which appear on their face to be shams, or at the very least, extremely suspicious,” HSBC said.

It accused Zenrock of using the same cargo to obtain double or multiple financing from lenders, by issuing duplicate invoices with different payment instructions.

The court documents give two examples of what HSBC described as “highly dishonest transactions”, both involving cargoes of Djeno crude booked since February. Medium sweet Djeno crude is produced in Congo (Brazzaville). The details of the transactions could not be confirmed.

HSBC filed a police report against Zenrock in Singapore at the end of April, the documents show.

Zenrock traded over 15mn t of products in 2019. It is mainly active in oil product markets, particularly middle distillates, but also has a presence in crude and petrochemicals. The company last month acknowledged it was facing “adverse conditions” because of the impact of slowing demand in China, the Covid-19 pandemic and oversupply of oil, but said it believed it had the ability and experience to work through these issues profitably. It has not made any comment since HSBC filed its court case.

Zenrock’s problems are the latest blow to Singapore’s trading sector following the collapse of domestic oil trading company Hin Leong, which filed for court protection last month with net liabilities of over $3bn.

The Monetary Authority of Singapore said last month it was watching developments related to Hin Leong and “has reminded banks not to de-risk indiscriminately from the bunkering and oil trading sectors”.


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Argus Media
Published: 11 May, 2020

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Environment

Indonesia to expedite removal of sunken Malaysia-flagged tanker “Silver Sincere”

Vessel sank while carrying about 1,000 mt of waste oil on 12 January 2025; the wreck was discovered in March 2025 and was found to have drifted about 13 nautical miles from its original sinking site.

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Indonesia to expedite removal of sunken Malaysia-flagged tanker “Silver Sincere”

Indonesia’s Coordinating Ministry for Political and Security Affairs on Tuesday (14 July) held a cross-agency coordination meeting to expedite efforts in handling the Malaysian-flagged tanker Silver Sincere that sank off Bintan Regency, Riau Islands.

The vessel sank while carrying about 1,000 metric tonnes (mt) of waste oil on 12 January 2025. 

According to authorities, the ship sank within Indonesian waters. After several surveys, the wreck was finally discovered in March 2025 and it was found to have shifted approximately 13 nautical miles from the initial sinking location.

The meeting was aimed to align cross-ministerial and institutional measures to expedite the handling of the Silver Sincere wreck while minimising risks to shipping safety, the marine environment, and national interests.

Deputy for Coordination of State Defense and National Unity Purwito Hadi Wardhono emphasised that the handling of the impact of the Silver Sincere sinking was the first case to be comprehensively coordinated, serving as a model for handling foreign vessels sinking within Indonesian jurisdiction.

Through this cross-sectoral coordination, the government will establish a clear and measurable framework that can serve as a reference for resolving similar cases in the future, while minimising state losses due to environmental pollution, damage to underwater ecosystems and infrastructure, and disruption to shipping lanes.

“The most important thing is to immediately stop and prevent the negative impacts of this ship sinking,” Purwito said.

“Therefore, a coordinating role is crucial, as maritime security governance involves various ministries and institutions with varying authorities, allowing for faster, more integrated, and more effective response,” he said. 

He added that the Silver Sincere was a Malaysian-flagged vessel that sank within Indonesian jurisdiction, and therefore, all handling processes must comply with the provisions of Indonesian laws and regulations.

In the meeting, Prof. Eko Ganis Sukoharsono, representing the SAE Energy Consulting Team, presented the results of an analysis based on 14 observation periods using Sentinel-1 Synthetic Aperture Radar (SAR) satellite imagery. 

The analysis results showed strong indications of a waste oil spill that has resulted in marine pollution, damage to the seabed due to shifting shipwrecks, disruption of coastal ecosystems and fishing grounds, and potentially threatening the livelihoods of fishing communities around the Riau Islands. 

Purwito added these findings further emphasise the importance of accelerating the removal of the shipwrecks to prevent widespread environmental impacts, maintain shipping safety, and avoid the potential for greater state losses.

The meeting brought together representatives of related ministries and institutions including the Ministry of Foreign Affairs, Ministry of Defense, Ministry of Transportation, Ministry of Maritime Affairs and Fisheries, Ministry of Environment, Attorney General’s Office.  

Related: MPA: Malaysia-registered tanker “Silver Sincere” sinks off Pedra Branca

 

Photo credit: MarineTraffic / Julian T
Published: 20 July, 2026

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LNG Bunkering

Singapore: FueLNG achieves 800th LNG bunkering operation milestone

Bunker tanker “FUELNG Venosa” delivered LNG marine fuel to bulk carrier “MV Ubuntu Humanity” at Eastern Bunkering A Anchorage (AEBA) on 11 July.

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Singapore: FueLNG completes 800th LNG bunkering operation

Singapore’s licensed LNG bunker supplier FueLNG on Friday (17 July) announced the successful completion of its 800th LNG bunkering operation in the republic.

The company said bunker tanker FUELNG Venosa delivered LNG marine fuel to bulk carrier MV Ubuntu Humanity at Eastern Bunkering A Anchorage (AEBA) on 11 July. 

“This achievement is more than just a number,” FueLNG said.

“It reflects the trust our customers place in us, the dedication of our operations team, the professionalism of our marine partners, and our unwavering commitment to safe, efficient, and reliable bunker deliveries.” 

Manifold Times previously reported FueLNG completing its 500th LNG ship-to-ship (STS) bunkering operation.

Related: Singapore: FueLNG achieves milestone of 500th STS LNG bunkering operation

 

Photo credit: FueLNG
Published: 20 July, 2026

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Methanol

Western Baltic Engineering unveils green methanol bunkering vessel design for Klaipėda

Designed for flexible operations in shallow waters and local bunkering routes, the concept features an 800-metric-tonne green methanol capacity and the potential to supply up to 250,000 mt annually.

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Western Baltic Engineering unveils green methanol bunkering vessel design for Klaipėda

Ship design and engineering service provider Western Baltic Engineering on Thursday (16 July) showcased its latest concept design for a green methanol bunkering vessel, developed for the operational needs of the Port of Klaipėda.

Designed for flexible operations in shallow waters and local bunkering routes, the concept features an 800-metric-tonne green methanol capacity and the potential to supply up to 250,000 metric tonnes (mt) annually. 

“It is Western Baltic Engineering’s first concept dedicated exclusively to green methanol bunkering, expanding our portfolio of alternative-fuel vessel solutions,” the company said in a social media post.

“Building on our experience in methanol-ready vessel design, it reflects our continued focus on enabling the industry’s transition to cleaner fuels.”

“As the maritime sector evolves, engineering companies have a responsibility not only to respond to market needs but also to anticipate future challenges,” said Marius Arkusauskas, Director at Western Baltic Engineering.

“By exploring emerging technologies and alternative fuel applications, we help our partners prepare for the next generation of maritime operations while contributing to a more sustainable future.”

 

Photo credit: Western Baltic Engineering
Published: 20 July, 2026

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