Legal

Argus Media: Petrobras ordered to refuel Iranian vessels

Petrobras said it has yet to receive notice of the new court decision, but will analyze the ruling once received.

Published

7 years ago

July 26, 2019

Admin

Global energy and commodity price reporting agency Argus Media on Thursday (25 July) provided a marine fuels industry related update focusing on refuelling issues of the Bavand and Termeh at Paranagua Bay, Brazil:

Brazil's supreme court has ordered state-controlled Petrobras to supply bunker fuel to Iranian grain vessels stranded off the southern coast since early June, the latest in an ongoing rift with broad diplomatic implications.

In a solo ruling last night, supreme court justice Dias Toffoli upheld a local court decision that obligated Petrobras to refuel the two vessels, Brazilian jurists familiar with the matter tell Argus. The decision, still under seal, is aimed at easing tensions between the two countries with a long trade history, particularly in agricultural products.

The Bavand and the Termeh, both owned by Islamic Republic of Iran Shipping Lines and operated by Iranian shipping firm Sapid, have been requesting fuel for a return journey after discharging urea cargoes in Paranagua Bay for Brazilian firm Eleva. Urea is covered by US sanctions on Iran, although the corn the two ships would carry back to Iran is not.

Transpetro, the logistics arm of Petrobras, denied a request to refuel the vessels, citing US sanctions.

Petrobras said it has yet to receive notice of the new court decision, but will analyze the ruling once it is received.

Last week, Eleva secured an injunction from a state court in Parana obligating Petrobras to supply 1,700 tons of fuel to the vessels under threat of fines. Petrobras and the government appealed the decision.

The full court is currently in recess and will only return to its normal schedule next week.

Toffoli's decision, which can still be appealed to the full court, runs counter to the federal government's argument that refueling the ships puts both Petrobras and its controlling shareholder–the federal government–at risk of serious damages.

Pressure was ratcheted up earlier this week when Iran's ambassador in Brasilia, Seyed Ali Saghaeyan, told reporters that denying fuel to the vessels could prompt the country to look elsewhere for the agricultural goods the country currently imports from Brazil.

The 53,546dwt Supramax bulker Bavand already loaded 48,000 t of corn at Imbituba port in Santa Catarina, a Paranagua port operator said. The 75,249dwt Panamax bulker Termeh is waiting for bunker before traveling to the same port for a 65,000 t cargo of corn.

Islamic Republic of Iran Shipping Lines, Sapid and Eleva were not available to comment. Calls and emails to the Iranian embassy in Brasilia went unanswered.

Islamic Republic of Iran Shipping Lines and Sapid are specifically sanctioned by the US as part of its wider campaign against Tehran.

Brazil's far-right president Jair Bolsonaro, an outspoken supporter of US president Donald Trump, says his administration is aligned with Washington on this matter.

The predicament in Brazil coincides with rising tensions in the Strait of Hormuz after Iran seized a UK-flagged oil tanker on 19 July.

Source: Argus Media
Published: 26 July, 2019

Winding up

Intended dividend notice issued for defunct Singapore bunker supplier Inter-Pacific Petroleum

Creditors of the companies will have to submit proof of debt to the liquidators of Inter-Pacific Petroleum Pte Ltd by 6 July, according to Government Gazette notice.

Published

3 days ago

June 23, 2026

Admin

Intended dividend notice issued for defunct Singapore bunker supplier Inter-Pacific Petroleum

A notice to declare the intended dividend of defunct Singapore bunker supplier Inter-Pacific Petroleum Pte. Ltd. to its creditors has been posted on the Government Gazette on Monday (22 June).

Name of Company : Inter-Pacific Petroleum Pte. Ltd. (In Compulsory Liquidation)
Unique Entity No./ Registration No. : 201115209N
Address of Registered Office : c/o 6 Shenton Way, OUE Downtown 2 #33-00, Singapore 068809
Court : The High Court of the Republic of Singapore
Number of Matter : Companies Winding Up No.: HC/CWU 37/2021
Last Day for Receiving Proofs : 6th day of July 2026
Name of Liquidators : Tan Wei Cheong and Lim Loo Khoon, Joint and Several Liquidators
Address of Liquidators : c/o 6 Shenton Way, OUE Downtown 2 #33-00, Singapore 06880

Manifold Times previously reported the Appellate Division of Singapore’s High Court finding a former Director of Inter-Pacific Petroleum (IPP) not liable to pay up to USD 146 million of the company’s total USD 156 million loss.

The decision sets aside an earlier decision by the High Court that found Dr Goh Jin Hian responsible for the company’s financial loss.

The Appellate Division of the High Court found that even though it agreed that Dr Goh had breached his duty of care as a director, IPP has failed to show that his breach caused loss to the company.

Lester Ho, Associate Director of multi-disciplinary law firm Helmsman LLC previously shared his timely key takeaways on the case of Dr Goh v Inter-Pacific Petroleum when the Appellate Division of the High Court in Singapore overturned the High Court’s finding that Mr Goh’s breach had caused IPP to incur the losses.

Photo credit: Manifold Times
Published: 22 June, 2026

Winding up

Singapore: Creditors’ meeting scheduled for Coastal Logistics Pte Ltd

Director of Heng Tong Fuels & Shipping and Coastal Logistics previously filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Published

3 days ago

June 23, 2026

Admin

The creditors’ meeting of Coastal Logistics Pte Ltd, has been scheduled to be held on 14 July, according to a Monday (22 June) notice posted on the Government Gazette.

The meeting for creditors of the company will be held at One Raffles Quay, #27-10 South Tower, Singapore 048583 and by electronic means at 3:30 pm (Singapore time).

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

The agenda of the meeting is:

receiving a statement of the Company’s affairs together with a list of creditors and the estimated amounts of their claims;
confirming the appointment of Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte. Ltd., One Raffles Quay, #27-10 South Tower, Singapore 048583 to act as the joint and several Liquidators of the Company for the purpose of such winding up;
resolving that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit;
appointing a committee of inspection of not more than 5 members, if thought fit; and
any other business.

Notes:

Creditors may only attend and vote at this meeting by submitting the General Proxy or Special Proxy form (together with the proof of debt form) and including the details of the attendees to FTI Consulting (Singapore) Pte Ltd, via email at [email protected] by 13 July 2026, 4:00 pm (Singapore Time).
A creditor may appoint a proxy to attend and vote at the meeting. A Special Proxy Form must be duly completed and lodged at FTI Consulting (Singapore) Pte Ltd via email at [email protected] by 13 July 2026, 4:00 pm (Singapore Time).
Creditors may send any questions or other substantial and relevant matters which the creditors wish to raise at the meeting by way of email to the above email address by 13 July 2026.

Photo credit: Benjamin child
Published: 23 June, 2026

Winding up

Singapore: United Ocean Ship Management Pte Ltd to be wound up voluntarily

A liquidator has been appointed at an extraordinary general meeting held on 12 June for the purpose of winding up company’s affair, according to Government Gazette notice.

Published

4 days ago

June 22, 2026

Admin

Several resolutions for United Ocean Ship Management Pte Ltd were made during an extraordinary meeting held on 12 June, according to a post in the Government Gazette on Friday (19 June).

According to the company’s website, United Ocean Ship Management was founded in 2012 in Singapore and specialises in ship management services. The company manages a fleet of Floating Storage Tankers (FSUs) in Singapore, Malaysian, and Indonesian waters, currently comprising nine ULCC/VLCC/FSUs.

The duly passed resolutions were:

AS SPECIAL RESOLUTIONS

That the Company be wound up voluntarily pursuant to Section 160(1) of the Insolvency, Restructuring and Dissolution Act 2018 (the “Act”)
That the Liquidator be and is hereby authorised to exercise any or all of the powers given by Section 144 (1)(b), (c), (d), (e), (f) and (g) and 144 (2) of the Act.
That the Liquidator be authorised to distribute either in cash or in specie any part or all of the surplus assets of the Company to the contributories.

AS ORDINARY RESOLUTIONS

That Ms. Muk Siew Peng of c/o ClearView Associates Pte Ltd 133 New Bridge Road #08-01 Chinatown Point Singapore 059413 be and hereby appointed as Liquidator for the purpose of winding up the affairs of the Company.
That the renumeration and winding up disbursements of the Liquidator be fixed on a time basis at the rates normally charged by such an assignment.
That the Liquidator be authorized to destroy all the books and records/papers of the Company and of the Liquidator five years after the date of dissolution of the Company pursuant to Section 195(2) of the Act.

In another notice, the liquidators of United Ocean Ship Management said creditors for the company are required on or before the 20 July to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the liquidators.

Liquidators may also require creditors to, “come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved.”

The liquidators can be contacted at the following address:

Muk Siew Peng
Liquidator
c/o ClearView Associates Pte Ltd
133 New Bridge Road
#08-01 Chinatown Point
Singapore 059413

Photo credit: Drew Beamer
Published: 22 June, 2026