Legal

Fraud suspected in Coastal Oil Singapore case, says COSCO

‘Sinfeng is of the view that the documents in relation to almost all of the alleged debts are not genuine.’

Published

7 years ago

January 7, 2019

Admin

Hong Kong-listed COSCO SHIPPING International (Hong Kong) Co., Ltd (COSCO), says its indirect wholly-owned bunkering subsidiary Sinfeng Marine Services Pte. Ltd. (Sinfeng) suspects fraud to be involved in the recent liquidation of Coastal Oil Singapore Pte Ltd.

Sinfeng is principally engaged in the supply and trading of marine fuel and related products with business network covering major oil ports such as Singapore and Malaysia.

“Based on a preliminary assessment, the management of Sinfeng is of the view that the documents in relation to almost all of the alleged debts are not genuine,” it stated in a recent filing.

COSCO notes a number of third party commercial banks have alleged to Sinfeng that Coastal Oil Singapore has assigned to the banks receivables due and/or which would fall due from Sinfeng to Coastal Oil Singapore.

Pursuant to the alleged assignment of the alleged debts by Coastal Oil Singapore to the banks, the banks have demanded for repayment of the alleged debts by Sinfeng.

Sinfeng is still in the process of conducting an investigation and seeking professional advice.

For the year ended 31 December 2017 and the six months ended 30 June 2018, the purchase costs from Coastal Oil Singapore by Sinfeng represented approximately 94% and 93% of the total purchase costs of Sinfeng for the same period, respectively.

“The management of Sinfeng has been using its best endeavours to identify alternative suppliers to Coastal Oil Singapore and will conduct a review of the business operations of Sinfeng, taking into account various factors, including but not limited to the profitability of Sinfeng, the portfolio of customers and the developments of the Investigation,” said COSCO.

“The board expects that the revenue of the group will decrease significantly unless and until alternative suppliers to Coastal Oil Singapore are identified.

“However, in light of the insignificant profit contribution of Sinfeng, the board currently does not foresee any material adverse impact on the group as a result of the liquidation of Coastal Oil Singapore.”

Moving forward, COSCO notes additional time is required for completing the investigation due to the “voluminous” amount of information and documents.

Published: 8 January, 2019

Winding up

Singapore: Kekal Shipping Pte Ltd to undergo voluntary wind up

A liquidator has been appointed at an extraordinary general meeting held on 18 June for the purpose of winding up the company’s affair, according to Government Gazette notice.

Published

20 hours ago

June 30, 2026

Admin

A notice in the Government Gazette was published by the Director of Kekal Shipping Pte Ltd on Friday (26 June), regarding resolutions that were passed in relation to the winding up of the company.

The following resolutions were duly passed during an an Extraordinary General Meeting of the company, which was held at 1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore 098632 on 18 June at 10am:

SPECIAL RESOLUTION

RESOLVED that the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018.

ORDINARY RESOLUTION

RESOLVED that Ms Lee Yan Huei of Messrs Acclime Corporate Advisory Singapore Pte. Ltd. be appointed liquidator of the Company for the purpose of such winding up

Photo credit: Jo_Johnston from Pixabay
Published: 30 June, 2026

Winding up

Singapore: Heng Tong Fuels & Shipping Pte Ltd to be wound up voluntarily

Nicholas James Gronow, director of the Singapore-based bunker tanker owner, filed a statutory declaration last year for the company, stating the firm cannot continue their businesses due to its liabilities.

Published

2 days ago

June 29, 2026

Admin

Several written resolutions for Singapore-based bunker tanker owner Heng Tong Fuels & Shipping Pte Ltd (HTFS) were approved by the sole shareholder of the company on 19 June, according to a post in the Government Gazette on Friday (26 June).

Manifold Times previously reported a director of HTFS filing a statutory declaration (SD) with the Official Receiver’s office stating that the company cannot continue its business due to its liabilities.

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

The duly passed resolutions were:

SPECIAL RESOLUTIONS:

That the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018).
That the Liquidators be authorised to exercise any or all of the powers provided under Section 144(1)(b), (c), (d), (e), (f) and (g) and 144(2) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018).
That the Liquidators be and are hereby authorised to distribute in cash or in specie any or all of the assets of the Company remaining after satisfaction of all debts and liabilities.

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 and are hereby appointed the joint and several Liquidators of the Company for the purpose of such winding up and that the Liquidators be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred or sustained by them in the execution and discharge of their duties in relation thereto.
That the remuneration of the Liquidators be based on their normal scale rates for carrying out the engagement plus disbursements and the prevailing goods-and-services tax and that the Liquidators’ remuneration be paid out of the assets of the Company.

In another notice, the liquidators of Heng Tong Fuels & Shipping said creditors for the company are required on or before the 27 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:

WONG PHENG CHEONG MARTIN
KOAY MAY YEE
JOINT AND SEVERAL LIQUIDATORS
of FTI Consulting (Singapore) Pte. Ltd.
One Raffles Quay
#27-10 South Tower
Singapore 048583

Photo credit: Benjamin child
Published: 29 June, 2026

Legal

Singapore: Bunker Partner succeeds in High Court bid to wind up Victory Shipping

Estonia-based marine fuels and commodities trading company Bunker Partner filed a winding up application against Victory Shipping on 13 April.

Published

5 days ago

June 26, 2026

Admin

Singapore: Estonian firm Bunker Partner files bid to wind up of Victory Shipping

The High Court of Singapore granted a winding up order against Victory Shipping Pte Ltd on 12 June, according to a Thursday (25 June) notice on the Government Gazette.

The winding up application was filed by Estonia-based marine fuels and commodities trading company Bunker Partner on 13 April.

Victory Shipping, with representations in Malaysia, India and the U.A.E., operates dry bulk shipping contracts around the globe with voyages performed mainly in the Middle East and Southeast Asia.

The winding up order also included the following name and address of a liquidator:

Mr Farooq Ahmad Mann
C/o M/s Mann & Associates PAC
3 Shenton Way #03-06C
Shenton House
Singapore 068805

The notice noted that all creditors of the Victory Shipping should file their proof of debt with the liquidator who will be administering all the affairs of the company.

Manifold Times previously reported a virtual hearing between Victory Shipping and Integr8 Fuels Pte Ltd, organised by the High Court of the Republic of Singapore.

The event was to set aside a statutory demand served on 3 October 2025 by Integr8 Fuels lawyers under Section 125(2)(c) and Section 10 of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) against Victory Shipping, according to court documents obtained by the bunkering publication.

Integr8 Fuels provides bunker trading and brokerage services to shipowners and operators that enables them to optimise fuel procurement.

Photo credit: Manifold Times
Published: 26 June, 2026