Coastal Oil Singapore in US $380 million debt to at least 10 banks

Chinese media has reported the Singapore bunker player Coastal Oil (Singapore) Pte Ltd owing at least 10 banks, including firms based in Hong Kong and Singapore, a total of US $380 million.

Specifically, DBS Bank (Hong Kong) has filed a claim at a Hong Kong court for more than US $30.07 million while Standard Chartered Bank (Hong Kong) is seeking to reclaim more than US $15.73 million.

British, French and Chinese banks are claiming the remaining sums owed.

60% of the company's loans are reportedly offered by Singapore banks.

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: 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: 4 January, 2019