Business

Goodwood Associates to commence wind up of Southernpec (Singapore) firms

High Court has set 25 June 2021 as the hearing date for the winding-up application; Wong Joo Wan of Alternative Advisors is appointed liquidator.

Published

5 years ago

June 7, 2021

Admin

Goodwood Associates, a Singapore-based wholesaler of petrochemical products, has just commenced legal action to wind up marine fuel supplier Southernpec (Singapore) Pte Ltd (SSPL) and its sister firm Southernpec (Singapore) Shipping Pte Ltd (SPSPL), after the Court of Appeal upheld a judgement quashing claims by both entities that a pair of oil trades carried out on their watch in 2015 were sham transactions.

Wong Joo Wan of Alternative Advisors Pte Ltd is the appointed liquidator. The High Court of Singapore has set 25 June 2021 as the hearing date for the winding-up application.

Background

SSPL, which had its operating licences revoked in 2019 after the Maritime and Port Authority of Singapore found it guilty of malpractices, had placed two orders in July 2015 for about 3,200 metric tons of fuel oil.

SPSPL, which is involved in vessel chartering and oil storage, acted as one of two guarantors for SSPL under the two agreements. The other guarantor was Southernpec Corporation, the Guangzhou-incorporated parent company of SSPL.

Both orders were fulfilled by Goodwood, which played the role of an intermediary credit sleever by buying the fuel oil from BMS United Bunkers (Asia) Pte Ltd (BMS), an oil trader, and selling it to SSPL.

After SSPL failed to make payment of US$1.49 million for the fuel oil, Goodwood found out there were other counterparties involved in the two trades, which in reality were part of an extensive web of transactions set up without Goodwood’s knowledge.

The fuel oil trades soured after two counterparties in the trading chain – Universal Alliance and Taigu (Singapore) Energy – defaulted on their respective payments, resulting in SSPL holding back on paying Goodwood.

Everyone in the chain went after their immediate trading counterparty for payment, except SSPL, which alleged that both trades were sham transactions and designed to artificially inflate the revenues of Goodwood and BMS.

Goodwood lodged a police report in October 2015 following SSPL’s allegations, paving the way for a set of lawsuits that lasted until this year.

Outcome

On 5 November 2020, High Court Judge Hoo Sheau Peng ruled in favour of Goodwood and declared the July 2015 trades were not sham transactions. SSPL and SPSPL were ordered to pay Goodwood US$1.49 million for the two trades, as well as contractual interest and costs.

The two Southernpec entities sought to overturn the decision but their attempt was dismissed by the Court of Appeal on 6 May 2021.

To date, both companies have yet to make full payments to Goodwood. Accordingly, Goodwood has commenced proceedings to wind them up.

Photo credit: Benjamin Child
Published: 7 June, 2021

LNG Bunkering

Singapore: Eastern Pacific Shipping hits 700 LNG bunkering milestone

Since commencing LNG bunkering operations in November 2020, the company said it has completed a total LNG bunkering volume of 2,920,191 cubic metres.

Published

9 hours ago

August 18, 2026

Admin

Singapore: Eastern Pacific Shipping hits 700 LNG bunkering milestone

Singapore-based shipping firm Eastern Pacific Shipping (EPS) on Monday (17 August) said the company has successfully completed its 700th LNG bunkering operation, carried out for vehicle carrier Lake Victoria in Emden, Germany.

Since commencing LNG bunkering operations in November 2020, the company said it has completed a total LNG bunkering volume of 2,920,191 cubic metres (m3).

“Reaching 700 LNG bunkering operations reflects not only the scale of our investment in alternative-fuel capabilities, but also the experience, coordination and commitment of our teams at sea and ashore,” EPS said in a social media post.

“As we continue to grow and diversify our fleet, every operation adds to the practical experience needed to support shipping’s energy transition.”

Manifold Times previously reported the company completed a total of 530 LNG bunkering operations with over 2.4 million m3 of LNG bunkered, from the start of recorded data to 31 Dec 2025.

In its 2026 ESG Report, EPS said its fleet is among the largest dual-fuel fleets in the industry, with over 170 vessels designed to operate on alternative fuels.

In 2025, 25% of the fuel consumed by EPS fleet were alternative marine fuels, including LNG, LPG, ethane, and biofuels.

Photo credit: Eastern Pacific Shipping
Published: 18 August, 2026

LNG Bunkering

Yang Ming dual-fuel vessel completes first SIMOPS LNG bunkering operation in Shanghai

“YM Willpower” successfully received around 2,000 mt of LNG alongside active cargo handling, significantly enhancing operational efficiency during the port call.

Published

9 hours ago

August 18, 2026

Admin

Yang Ming dual-fuel vessel completes first SIMOPS LNG bunkering operation in Shanghai

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) on Monday (17 August) said its 15,500 TEU LNG dual-fuel vessel, YM Willpower, successfully completed its first-ever LNG bunkering operation via SIMOPS (Simultaneous Operations) at the Port of Shanghai.

Through close collaboration with Shanghai International Port (Group) and SIPG Energy Shanghai, the vessel successfully received around 2,000 metric tonnes (mt) of LNG alongside active cargo handling, significantly enhancing operational efficiency during the port call.

With LNG dual-fuel technology, the company said it is continuing to expand alternative-fuel bunkering capabilities, enhance operational flexibility and efficiency and advance lower-carbon shipping solutions.

Manifold Times previously reported YM Willpower completing its first bunkering operation in Singapore.

In 2026, Yang Ming will progressively introduce newly built 15,500 TEU class container vessels primarily fueled by liquefied natural gas (LNG) into its operating fleet.

The lead vessel, YM Willpower, completed partial LNG bunkering at the shipyard prior to delivery and was officially deployed on 8 February into Yang Ming’s Far East–Mediterranean MD2 service.

Photo credit: Yang Ming Marine Transport Corporation
Published: 18 August, 2026

Methanol

Fratelli Cosulich launches methanol-ready bunker tanker in China

Designed with MarineLINE-coated cargo tanks and methanol readiness from the outset, “Carlotta Cosulich” combines operational flexibility with future-fuel readiness.

Published

9 hours ago

August 18, 2026

Admin

Fratelli Cosulich launches methanol-ready bunker tanker in China

Genoa-based marine fuel supplier Fratelli Cosulich on Monday (17 August) announced the launch of its new methanol-ready bunker IMO II tanker, Carlotta Cosulich.

The launch of Carlotta Cosulich, the third of four sister vessels, took place at Taizhou Maple Leaf Shipyard in China, bringing together the project team, partners and stakeholders.

Silvia Bordon, General Manager, served as the vessel’s godmother during the ceremony.

“Designed with MarineLINE-coated cargo tanks and methanol readiness from the outset, Carlotta Cosulich combines operational flexibility with future-fuel readiness,” the company said in a statement.

Equipped with a five-tonne cargo crane and dedicated arrangements for Single Point Mooring (SPM) operations further enhances her versatility across a wider range of bunkering operations.

“Following the successful delivery of her two sister vessels, she brings us one step closer to completing this four-vessel programme and reinforces Fratelli Cosulich Group’s commitment to safety, innovation, sustainability and operational excellence,” the company added.

Photo credit: Fratelli Cosulich
Published: 18 August, 2026