Business

COSCO Shipping International bunker trading volume drop 99% in 1H 2019

Group has ‘purposely trimmed down marine fuel business’ after taking into account risk factors, it states.

Published

7 years ago

August 22, 2019

Admin

The marine fuels arm of COSCO SHIPPING International (Hong Kong) Co., Ltd saw a 99% fall in traded volume for the six months ended 30th June (1H) 2019 due to risk factors, it said in the latest earnings results.

Loss before income tax from the firm’s marine fuel and other products segment in 1H 2019 was HK $9,039,000 (approx. US $1,152,000), compared to profit of before income tax of HK$7,619,000 during the similar period last year.

Revenue from the similar segment during 1H 2019 was HK $23,427,000, 99.3% down from revenue of HK $3,309,419,000 in 1H 2018; the segment traded 6,277 metric tonnes (mt) of marine fuels, compared to 1,047,818 mt in the respective periods.

“In view of the liquidation filed by Coastal Oil Singapore Pte Ltd, a major supplier of Sinfeng Marine Services Pte. Ltd. (Sinfeng), at the end of 2018 (Coastal Oil’s Liquidation), the Group purposely trimmed down Sinfeng’s business in order to further prevent and control risks, which resulted in an impact on the business,” it stated.

Meanwhile, COSCO SHIPPING International pointed out its investment in bunker associate Double Rich Limited resulted in a loss of HK $6,870,000 during 1H 2019 compared to profit of HK $5,072,000 in 1H 2018, “mainly attributable to factors including weak demand for fuel oil and oil price fluctuation”.

Double Rich, which earlier signed a low sulphur fuel oil (LSFO) agreement with COSCO Shipping Lines, is a company principally engaged in the trading of fuel and oil products and marine fuel supply services in Hong Kong.

Overall, COSCO SHIPPING International recorded net profit of HK $150,025,000 in 1H 2019, 18% lower than net profit of HK $184,034,000 during 1H 2018.

Revenue in 1H 2019 decreased by 66% to HK $1,625,976,000 from HK $4,787,645,000 in 1H 2018 due to a 72% drop in revenue from its core shipping services business, which included its bunkering segment, to HK $1,256,075,000 during the comparative period.

“For trading and supply of marine fuel and related products, the Group will further strengthen the risk prevention and control to maintain low risk and high stability as major tasks, and will also carefully examine the medium to long-term strategic positioning of relevant businesses to enhance capital efficiency with a pragmatic attitude,” it said moving forward.

Photo credit: Manifold Times
Published: 22 August, 2019

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

12 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

13 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that 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 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
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; and
that a Committee of Inspection will not be formed.

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.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

13 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026