Business

Inter-Pacific Petroleum creditors authorised to fund lawsuit against former Director

Maybank Singapore and SocGen have exposure of USD 88.3 million and USD 81.3 million apiece; legal fees are estimated to be USD 734,047, reports Business Times

Published

6 years ago

October 5, 2020

Admin

An application made by major creditors of former Singapore bunker supplier and bunker craft operator Inter-Pacific Petroleum (IPP, or the Company) to fund the company’s legal suit against its former director Dr. Goh Jin Hian has been approved by the Singapore High Court, reported Business Times.

The Singapore branch of Maybank is looking to recover an amount of USD 88.3 million while Societe Generale (SocGen) is owed USD 81.3 million that they allege to be due to Dr. Goh’s negligence as director.

Inter-Pacific Petroleum will now receive financial backing from two of its largest creditors to take legal action against Dr. Goh; legal fees are reported to be about USD 734,047, inclusive of any appeals.

The agreement between the banks and the company was purportedly made several days before IPP’s Judicial Managers from Deloitte & Touche LLP sent a letter to Dr. Goh, requesting that he indemnify IPP’s debts to Socgen and Maybank for what they claim to be fraudulent transactions.

Reportedly, Dr. Goh has said that it is not the responsibility of the director to authenticate documents from management and he disputes against the banks’ own due diligence and credit risk assessment.

According to earlier published court documents, the JMs said they had been looking into IPP’s books and records and investigating its affairs since the Company was placed under judicial management.

“It was following such investigations that the JMs, in consultation with their solicitors, verily believe that the Company has a viable claim against one of its former directors (specifically, one Dr. Goh Jin Hian (“Dr Goh”)) for breaches of his director’s duties to act with skill, care and diligence which he owned to the Company,” stated the document.

A timeline organised list of events preceding the current development of Inter-Pacific Petroleum have been recorded by Manifold Times below:

Photo Credit: Manifold Times
Published: 5 October, 2020

Winding up

Singapore: Liquidators of East Marine Pte Ltd issues notice of annual meeting

Annual meeting of the company and its creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 via audio-visual conference on 20 August at 11am.

Published

4 hours ago

August 12, 2026

Admin

A notice of annual meeting was issued by liquidators of East Marine Pte Ltd, which is in creditor’s voluntary liquidation, on the Government Gazette on Friday (7 August).

According to the notice, the annual meeting of the company and its creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 via audio-visual conference on 20 August at 11am.

The purpose of the meeting is to have an account laid before the meeting showing the acts and dealings of the liquidators and the conduct of the winding up in the preceding year.

The following are the details of the liquidators:

Ng Kian Kiat
Yap Hui Li
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

Photo credit: steve pb from Pixabay
Published: 12 August, 2026

Winding up

Singapore: Annual and final meetings to be held for Asia-Pacific Shipyard Pte Ltd

Annual meeting and the final meeting of the company and its creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 via audio-visual conference on 9 September.

Published

4 hours ago

August 12, 2026

Admin

A notice of annual meeting and final meeting was issued by liquidators of Asia-Pacific Shipyard Pte Ltd, which is in creditor’s voluntary liquidation, on the Government Gazette on Friday (7 August).

According to the notice, the annual meeting and the final meeting of the company and its creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 via audio-visual conference on 9 September.

The annual meeting will be held at 2pm while the final meeting will be held at 3pm.

The purpose of the meeting is to have an account laid before the meeting showing the acts and dealings of the liquidators and the conduct of the winding up in the preceding year and the manner in which the winding up has been conducted and the property of the company has been disposed of and hearing any explanation that may be given by the liquidators.

The following are the details of the liquidators:

Ng Kian Kiat
Yap Hui Li
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

Photo credit: Drew Beamer
Published: 12 August, 2026

Bunker Fuel

JLC China Bunker Fuel Market Monthly Report (July 2026)

China’s bonded bunker fuel sales dropped in July, as typhoons hindered port operation in East and South China and bonded bunker fuel supply tightened in northern ports.

Published

4 hours ago

August 12, 2026

Admin

JLC China Bunker Fuel Market Monthly Report (July 2026)

Beijing-based commodity market information provider JLC Network Technology Co. recently shared its JLC China Bunker monthly report for July 2026 with Manifold Times through an exclusive arrangement:

China’s bonded bunker fuel sales drop in July

China’s bonded bunker fuel sales dropped in July, as typhoons hindered port operation in East and South China and bonded bunker fuel supply tightened in northern ports. Meanwhile, some shipowners became more cautious about bunkering when geopolitical tensions persisted.

China sold about 1.78 million mt of bonded bunker fuel in the month, with the daily sales at 57,503 mt, down by 10.12% month on month, JLC’s data shows.

Regarding the sales by supplier, the sales by Chimbusco, Sinopec (Zhoushan), SinoBunker, and China Changjiang Bunker (Sinopec) respectively settled at 380,000 mt, 600,000 mt, 60,000 mt, and 10,000 mt in the month, while those by suppliers with regional bunkering licenses settled at 732,600 mt.

China’s LSFO output retreats in July

China’s low-sulfur fuel oil (LSFO) output retreated in July , as refineries lacked production enthusiasm when their margins weakened.

Chinese refiners produced about 1.29 million mt of LSFO in the month, with the daily output at 41,613 mt, down by 4.48% month on month, JLC’s data shows.

Specifically, Sinopec witnessed an obvious decline in its output. ZhongKe (Guangdong) Refinery & Petrochemical lowered its output amid unit maintenance. Qingdao Petrochemical also cut its output, but it was still high. By contrast, Shengli Petrochemical boosted its production.

Meanwhile, CNOOC’s LSFO output slid in July , with T aizhou Petrochemical suspending production.

Zhoushan Petrochemical and Huizhou Refinery maintained stable production, while Zhongjie Petrochemical did not produce any LSFO in the month.

On the other hand, PetroChina recorded an increase in its LSFO output, with Dalian WEPEC, Jinzhou Petrochemical, Jinxi Petrochemical, Huabei (North China) Petrochemical, and Dagang Petrochemical raising output.

ZPC and Sinochem did not produce any LSFO in the month, but the latter produced and exported 10,000 mt of MGO.

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Domestic-trade bunker fuel demand shrinks in July

Domestic-trade heavy bunker fuel demand shrank in July when inland and coastal shipping was seasonally weak.

The demand settled at 300,000 mt in July, with the daily demand at 9,677 mt, slipping by 6.35% month on month, JLC’s data shows.

Shipowners just made deals for rigid demand, with a strong wait-and-see attitude and no intention of stockpiling.

Meanwhile, domestic-trade light bunker fuel demand settled at 140,000 mt in the month, with the daily volume at 4,516 mt, down by 9.68% month on month, the data shows. The decline was mainly due to the bad impact of continuous typhoons.

Bunker Fuel Supply

China’s bonded bunker fuel imports rebound in June

China’s bonded bunker fuel imports rebounded in June, after hitting a 16-month low in the previous month.

The country imported 515,300 mt of bonded bunker fuel in the month, soaring by 86.77% month on month, calculations show, based on data from the General Administration of Customs of PRC (GACC).

Bonded bunker suppliers boosted their purchases of imported high-sulfur fuel oil (HSFO) as premiums retreated amid easing conflicts between the U.S. and Iran. Meanwhile, downstream HSFO bunkering demand was relatively good, which also aroused suppliers’ import interest.

The arrivals of imported marine gas oil (MGO) also increased in June.

However, these bunker suppliers did not import any LSFO in the month, given sufficient domestic supply.

On a year-on-year comparison, China’s bonded bunker fuel imports declined by 5.50% in June.

Regarding the imports by source, Russia was still the largest supplier with 305,300 mt, accounting for 59.24% of China’s total imports. South Korea climbed to the second place with 120,700 mt, accounting for 23.43%, while Malaysia slipped to the third place with 89,300 mt, accounting for 17.33%.

China’s bonded bunker fuel imports totaled 3.38 million mt in the first half of this year, an increase of 5.54% from the same period of time in 2025, calculations also indicate.

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Domestic-trade bunker fuel supply tightens further in July

Chinese blenders supplied 270,000 mt of domestic-trade heavy bunker fuel in July , with the daily supply at 8,710 mt, a decline of 9.90% month on month, JLC’s data shows.

Low-sulfur residual oil supply continued to tighten despite restarts of some refineries, which forced blenders to cut their bunker fuel production. Meanwhile, supply of consumption-tax-included bunker fuel decreased with tax inspections becoming regular.

In the meantime, domestic-trade MGO supply settled at 170,000 mt, with the daily supply at 5,484 mt, down by 8.60% from a month earlier, the data shows.

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Bunker Prices, Profits

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Editor
Yvette Luo
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Sales (Beijing)
Tony Tang
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Sales (Singapore)
Ginny Teo
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JLC Network Technology Co., Ltd is recognised as the leading information provider in China. We specialise in providing the transparent, high-value, authoritative market intelligence and professional analysis in commodity market. Our expertise covers oil, gas, coal, chemical, plastic, rubber, fertilizer and metal industry, etc.

JLC China Bunker Fuel Market Monthly Report is published by JLC Network Technology Co., Ltd every month on China bunker market, demand, supply, margin, freight index, forecast and so on. The report provides full-scale & concise insight into China bunker oil market.

Note: China-based commodity market information provider JLC Technology has been providing Singapore bunkering publication Manifold Times China bunker volume data since 2020. Data from earlier periods are available here.

Photo credit: JLC Network Technology
Published: 12 August, 2026