Coastal Oil Singapore: Creditor list surfaces in bunker market
- Published
by Admin
A document believed to be the creditor list of troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd has been distributed among peers within the Singapore bunkering network.
At least more than one source confirmed to Singapore bunker publication Manifold Times the authenticity of the document.
It noted Coastal Oil Singapore owing a total debt of approximately US $357 million (specifically: US $356,901,817.55) to 79 firms.
Out of the total US $357 million, banks were the hardest hit taking up about US $354 million (specifically: US $353,838,602.62), or 99.1%, of total credit owed.
| OUTSTANDING LOAN – LC AS OF 12 DECEMBER 2018 |
||
| UOB HONG KONG | USD | 19,530,000.00 |
| OCBC HONG KONG | USD | 122,744,988.00 |
| SCB HONG KONG | USD | 15,616,060.86 |
| DBS HONG KONG | USD | 29,933,575.92 |
| RABO BANK HONG KONG | USD | 67,588,962.35 |
| HSBC HONG KONG | USD | 40,093,383.84 |
| BNP BANK HONG KONG | USD | 25,247,503.68 |
| CMB BANK HONG KONG | USD | 9,971,751.64 |
| BOCC BANK HONG KONG | USD | 19,933,548.49 |
| BNP FUTURES | USD | 3,178,827.84 |
| TOTAL OUTSTANDING LOAN | (USD) | 353,838,602.62 |
The remaining sum of US $3 million (specifically: US $3,063,214.93), or 0.9%, was mainly distributed between a variety of bunkering firms, cargo players, and shipping services providers.
Manifold Times first reported Coastal Oil (Singapore) on 13 December filing for liquidation as part of a creditors’ voluntary winding up operation.
The troubled firm last held a creditor’s meeting on December 28, 2018.
Related: Coastal Oil Singapore in US $380 million debt to at least 10 banks
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market
Related: Coastal Oil Singapore to hold creditors meeting on 28 Dec
Related: Breaking news: Coastal Oil Singapore under liquidation
Published: 7 January, 2019
