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NewOcean appoints law firm to oppose petition at 15 June hearing

HKSCC may at any time, and without notice, exercise its powers to temporarily suspend any of its services in respect of shares of the company, says firm.

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NewOcean

Hong Kong-listed NewOcean Energy Holdings Limited, a firm which includes bunker fuel trading and supply operations as part of business activities, on Tuesday (17 May) released an update regarding the winding up petition filed against the company by the Hongkong Shanghai Banking Corporation (HSBC).

The Company has appointed an international law firm with instruction to attend and oppose the Petition at the hearing to be held on 15 June 2022. 

The Company is also seeking legal advice as to take further and other action to protect the Company’s interest and the interest of shareholders as a whole and that of its creditors as a whole. 

Potential Impact of the Winding Up Petition

Both Section 182 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, Chapter 32 of the Laws of Hong Kong and Article 166(1) of the Bermuda Companies Act (1981) state that in a winding up by the court, any disposition of the property of the company, including things in action, and any transfer of shares, or alteration in the status of the members of the company, made after the commencement of the winding up, shall, unless the court otherwise orders, be void. 

Pursuant to the circular dated 28 December 2016 issued by Hong Kong Securities Clearing Company Limited (HKSCC) in relation to the transfer of the shares of listed issuers after a winding up petition has been presented, in view of these restrictions and the uncertainties that may arise in relation to the transfer of shares of the Company, for participant(s) who conduct share transfers through HKSCC (Participants), HKSCC may at any time, and without notice, exercise its powers under the General Rules of Central Clearing and Settlement System (“CCASS”) to temporarily suspend any of its services in respect of shares of the Company. 

This may include the suspension of acceptance of deposits of share certificates of the Company into CCASS. The share certificates of the Company received by HKSCC but not yet re-registered in HKSCC Nominee Limited’s name will also be returned to the relevant Participant and HKSCC shall reserve the right to reverse any credit granted to such Participant by debiting the relevant securities from its CCASS account accordingly.

These measures would generally cease to apply from the date when the Petition has been struck-out, dismissed or permanently stayed, or the Company has obtained the necessary validation order from the High Court.

In view of the possible impact of the Petition on the transfer of Shares, the Company is seeking legal advice as to the necessity of applying for a validation order for such transfer of Share made after presentation of the Petition or a winding up order is made by the court.

Further announcement will be made by the Company as appropriate in accordance with the Listing Rules and the Inside Information Provisions of the SFO.

Related: NewOcean warns of trading halt of company shares on HKSE from 1 April onwards
Related: NewOcean delays release of FY 2021 results, postpones AGM to Sep 2022
Related: NewOcean Energy auditor tender resignation over disagreement of FY 2021 audit fee
Related: NewOcean company secretary and authorised representative resigns on HQ relocation
Related: NewOcean Energy loses second Executive Director on HQ relocation to China
Related: NewOcean Energy HQ relocates to mainland China, Executive Director resigns
Related: NewOcean Energy officially begins ‘soft touch’ debt restructuring process
Related: NewOcean Energy reshuffles lineup of Independent Non-executive Directors
Related: NewOcean Energy defends against HSBC winding up petition, secures time for debt restructuring
Related: NewOcean: Winding up petition proceedings at Bermuda court to continue on 14 December
Related: NewOcean Energy Holdings forecasts 87% decrease net loss on year for 1H2021
Related: NewOcean posts USD 479 million FY 2020 loss; possible downsize of oil business
Related: NewOcean Energy delays release of 2020 financial results; to be published by end June
Related: NewOcean appoints Crowe as new auditors; replaces Deloitte Touche Tohmatsu
Related: NewOcean creditor scheme meeting dates at courts now ‘unrealistic’; delayed till further notice
Related: NewOcean auditors resign due to significant outstanding documents & information
Related: NewOcean revises creditor scheme meeting dates at Hong Kong, Bermuda Courts due to ‘substantial’ amendments
Related: NewOcean records USD 304.3 million loss, portion of SG bunkering business to remain
Related: NewOcean Energy issues USD 304.8 million net loss warning ahead of FY 2020 results
Related: NewOcean proposal to adjourn court scheme meeting approved by creditors
Related: NewOcean creditors meeting application granted by Supreme Court of Bermuda
Related: NewOcean planning creditors meeting, foundation of debt restructuring plan laid out
Related: NewOcean records USD 174 million 1H 2020 loss; Singapore bunkering business remains
Related: NewOcean Energy publishes profit warning to shareholders ahead of 1H 2020 results
Related: NewOcean Energy records 66% bunker sales jump to 4.5 million mt in FY 2019

 

Photo credit: NewOcean Energy Holdings Limited
Published: 18 May, 2022

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Winding up

Singapore: Liquidators of Nan Ho Maritime, Nan Xin Maritime issue notices of dividend

Nan Ho Maritime’s second interim dividend and Nan Xin Maritime’s second and final dividend are payable from 4 September, according to Government Gazette notices.

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Notices of dividend for Nan Ho Maritime Pte Ltd and Nan Xin Maritime Pte Ltd, which are currently in creditors’ voluntary liquidation, were published on the Government Gazette on Friday (4 September). 

The following are the details of the notice for Nan Ho Maritime:

Name of Company : Nan Ho Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 200814315C
Address of Former Registered Office : 21 Bukit Batok Crescent, #22-70 WCEGA Tower, Singapore 658065
Amount per centum : 2.305 per centum of all admitted ordinary claims
First and Final or otherwise : Second interim dividend
When Payable : 4 September 2026 onwards
Where Payable : c/o AAG Corporate Advisory Pte. Ltd., 11 Collyer Quay, #07-02 The Arcade, Singapore 049317

The following are the details of the notice for Nan Xin Maritime:

Name of Company : Nan Xin Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701966W
Address of Former Registered Office : 21 Bukit Batok Crescent, #22-70 WCEGA Tower, Singapore 658065
Amount per centum : 3.980 per centum of all admitted ordinary claims
First and Final or otherwise : Second and final dividend
When Payable : 4th day of September 2026 onwards
Where Payable : c/o AAG Corporate Advisory Pte. Ltd., 11 Collyer Quay, #07-02 The Arcade, Singapore 049317

 

Photo credit: Benjamin Child
Published: 7 September, 2026

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LNG Bunkering

Singapore-based EPS takes delivery of three LNG dual-fuel bulk carriers

Three vessels are the third, fourth and fifth in the company’s series of 14 Newcastlemaxes being built at the yard, and were delivered five months ahead of their contracted delivery dates.

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Singapore-based Eastern Pacific Shipping (EPS) on Friday (4 September) announced the naming and delivery of three new LNG dual-fuel Newcastlemax bulk carriers from China’s Qingdao Beihai Shipbuilding. 

Cyril Ducau, CEO of EPS, said the vessels were named Mount Victoria, Mount Yulong and Mount Wuyi

The three vessels are the third, fourth and fifth in the company’s series of 14 Newcastlemaxes being built at the yard, and were delivered five months ahead of their contracted delivery dates.

“A big thank you to CSSC Group and Qingdao Beihai Shipbuilding, working alongside our EPS team, for the tremendous collaboration and commitment behind this achievement,” Ducau said in a social media post.  

 

Photo credit: Eastern Pacific Shipping
Published: 7 September, 2026

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Port & Regulatory

ISWG-GHG 22: IMO working group aims to present NZF text at MEPC 85

The Chair expressed his observation of a genuine willingness within the Group to make concrete further progress at the next ISWG-GHG meeting and work towards presenting text to MEPC 85.

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IMO

The Intersessional Working Group on Reduction of Greenhouse Gas (GHG) Emissions from Ships (ISWG-GHG 22) met for its 22nd meeting from 1 to 4 September 2026, chaired by Mr. Sveinung Oftedal (Norway), according to the International Maritime Organization on Friday (4 September). 

According to a meeting summary by IMO, the meeting had a high level of participation, with nearly 1200 registered participants, in person and online.

During the meeting participants considered the following agenda items:

Consideration of proposals, including documents submitted to MEPC 84 and 85, previous sessions of ISWG-GHG, as well as documents submitted to ISWG-GHG 22, on how to address concerns with the draft amendments to MARPOL Annex VI on the Net-Zero Framework, in line with the 2023 IMO GHG Strategy

Following constructive discussions, the Chair expressed his observation of a genuine willingness within the Group to make concrete further progress at the next ISWG-GHG meeting and work towards presenting text to MEPC 85 that adequately addresses the noted progress made in the consideration of proposals on how to address concerns raised regarding the draft amendments to MARPOL Annex VI on the mid-term measure.

The Group invited interested delegations to continue to consult intersessionally to address remaining concerns with the draft amendments to MARPOL Annex VI, in line with the 2023 IMO GHG Strategy, taking into account views expressed at the Group’s session, with a view to submitting concrete proposals reflecting enhanced convergence allowing timely adoption and effective implementation.

Further consideration of the draft guidelines supporting the uniform and effective implementation of IMO’s mid-term measures.

The Group held a preliminary exchange of views on this agenda item, although time became a limiting factor and the Group and agreed to defer the consideration of all documents submitted to this session under this agenda item to ISWG-GHG 23 (23-27 November 2026).

Further consideration of the development of the IMO Life Cycle GHG Assessment (LCA) framework.

Due to time constraints, the Group was not able to consider the agenda item related to the IMO Life Cycle GHG Assessment (LCA) framework. The Group deferred the consideration of those documents to ISWG-GHG 23, in conjunction with the report of the fourth meeting of the GESAMP-LCA Working Group expected to be submitted to MEPC 85.

Next steps

The next meeting of the Intersessional Working Group on Reduction of Greenhouse Gas (GHG) Emissions from Ships (ISWG-GHG 23) is scheduled for 23 to 27 November 2026, ahead of MEPC 85 (30 November to 3 December).

The second extraordinary session of MEPC (adjourned last October) is scheduled to resume on 4 December, subject to discussions at MEPC 85.

 

Photo credit: International Maritime Organization
Published: 7 September, 2026

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