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NewOcean auditors resign due to significant outstanding documents & information

Outstanding information is mainly due to lockdown in Mainland China, Macao, Malaysia and Singapore where the group also runs its business operations.

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Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean) on Thursday (29 April) said Deloitte Touche Tohmatsu (Deloitte) has resigned as auditor of the Company with effect from 29 April 2021.

According to NewOcean, Deloitte submitted a resignation letter citing the following as the reasons for the company’s withdrawal:

Significant supporting documents and information outstanding, causing delay in the audit progress for the audit of the NewOcean’s consolidated financial statements for FY 2020 in particular:

(1) NewOcean’s management assessment on the material uncertainty related to going concern, given

that the scheme meetings have been adjourned;

(2) NewOcean’s management impairment and recoverability assessment on certain assets, such as properties, plant and equipment, goodwill, other intangible assets, deposits paid, trade receivables and other debtors;

(3) other major outstanding information to complete the remaining work to audit FY2020. 

NewOcean’s business operations are located, apart from Hong Kong, in Mainland China, Macao, Malaysia and Singapore and the situation of significant documents and information outstanding is mainly a result of the lockdown in the above countries and regions due to the Covid-19 pandemic.

As there has been no tangible progress to date with respect to the outstanding documents and information and considering that Deloitte has been unable to reach a consensus with NewOcean on the estimated timetable to complete the audit, Deloitte tendered their resignation as auditor.

In its statement, NewOcean confirmed that there is no disagreement between the company and Deloitte.

NewOcean’s Board has appointed Crowe (HK) CPA Limited as the new auditor with effect from 29 April 2021 to hold office until the conclusion of its next annual general meeting.

Due to the change of the auditors, the company expects the audit of FY 2020 to be delayed to the end of June 2021 subject to the latest development of Covid-19 pandemic in Mainland China, Macao, Malaysia and Singapore.

The group recently recorded net loss of HKD 2.366 billion (USD 304.3 million) during FY 2020, mainly due to the drop in gross profit and additional impairment provision for goodwill, intangible assets, trade receivables, other receivables, inventories and property, plant and equipment, etc. 

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: 30 April, 2021

 

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Methanol

OOCL dual-fuel boxship completes first green methanol bunkering op at Qingdao Port

“OOCL Wisdom” completed its first green methanol bunkering and commenced its maiden voyage to Europe at Qingdao Port on 3 July.

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OOCL dual-fuel boxship completes first green methanol bunkering op at Qingdao Port

​International container transportation and logistics company Orient Overseas Container Line (OOCL) on Friday (3 July) said its first methanol dual-fuel containership, OOCL Wisdom, completed its first green methanol bunkering and commenced its maiden voyage at Qingdao Port.

OOCL Wisdom is the first in a series of seven methanol dual-fuel container vessels. With a maximum capacity of 24,168 TEU, it is currently the world’s largest methanol dual‑fuel container vessel and is deployed on the Asia – North Europe Loop 1 (LL1) service.

Mr. Peter Pan, Director of Trades of OOCL, said: “OOCL Wisdom completed its first green methanol bunkering and commenced its maiden voyage to Europe at Qingdao Port, representing a significant achievement of the deepening collaboration between OOCL and Shandong Port Group, and reflecting OOCL’s steadfast commitment to green and low‑carbon development, digital intelligence and sustainability.”

 

Photo credit: Orient Overseas Container Line
Published: 6 July, 2026

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LNG Bunkering

Zhejiang Province wraps up first cross-regional bonded LNG bunkering operation

“Hai Yang Shi You 302” supplied container ship “MSC Maria Laura” with 3,500 cubic meters of bonded LNG at Chuanshan Port Area, after the bunkering vessel received bonded LNG in Zhoushan.

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Zhejiang Province wraps up first cross-regional bonded LNG bunkering operation

Zhejiang Province on Saturday (27 June) completed its first cross-regional bonded LNG bunkering operation at Chuanshan Port Area of ​​Ningbo-Zhoushan Port, according to Hangzhou Customs. 

Bunkering vessel Hai Yang Shi You 302 travelled to ENN Zhoushan LNG receiving terminal to load bonded LNG. The vessel then supplied container ship MSC Maria Laura with 3,500 cubic meters of bonded LNG at Chuanshan Port Area. 

Zhejiang Province wraps up first cross-regional bonded LNG bunkering operation

Compared with the traditional single-port bunkering model, the cross-regional operation removes the geographical barriers between Zhoushan’s gas supply and bunkering demand in Ningbo’s core port area, enabling cross-port LNG transfer within the province.

“The new operating model addresses longstanding constraints associated with the geographical limitations of LNG supply reloading and tight operational time windows,” said Chen Bangkui, Business Manager at CNOOC Zhejiang New Energy Co Ltd. 

“We can now flexibly source bonded LNG from both Zhoushan and Ningbo, significantly improving operational flexibility and efficiency.”

 

Photo credit: Hangzhou Customs
Published: 6 July, 2026

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Battery

ICCT: China’s electric cargo ship fleet grows 950% in three years

In its latest blog, ICCT says vessel sizes for electric cargo ships have grown significantly, indicating that China is testing the feasibility of electrification for increasingly larger ships.

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The International Council on Clean Transportation (ICCT) recently said China’s fleet of electric cargo ships has grown by 950%, from just four vessels in 2022 to 42 in 2025.

According to its latest blog, electrification is rapidly expanding along inland waterways in the country, offering a pathway to cut emissions, improve air quality, and lower operating costs.

ICCT said electric cargo ships are entering real-world operation at a rapidly growing pace

“Ship types have diversified, from bulk carriers and container ships to multi-purpose cargo ships. At the same time, vessel sizes have grown significantly, with the maximum deadweight tonnage (DWT) rising from around 3,000 tonnes in 2022 to approximately 14,000 tonnes in 2025,” it said.

“This indicates that China is testing the feasibility of electrification for increasingly larger ships.”

Although battery capacity constraints continue to limit sailing range per charge—which typically hovered between 150 km and 400 km from 2022 to 2025—trends show steady improvement; by 2025, electric cargo ships with a range of up to 500 km were already in operation in China.

Inland waterways have become the primary testing ground for electric cargo ship deployment. 

By the end of 2025, 86% of electric cargo ships in China were operating on internal rivers. 

“Nine provinces and municipalities have already launched pilot projects, covering major waterways such as the Yangtze River, the Pearl River, and the Beijing-Hangzhou Grand Canal,” ICCT added.

The blog also explored the opportunities, challenges, and policy actions that could accelerate the shift to electric inland shipping.

“Developing an enhanced subsidy that favors electric vessels, on top of the current vessel trade-in subsidy program, could help reduce the upfront investment burden for electric vessel adoption,” it recommended.

ICCT added that tightening ship engine emission standards toward world-leading levels could increase the compliance costs of conventional-fuel vessels and improve the relative competitiveness of electric ships.

“The electrification of inland shipping in China is already underway; what is needed now is smart policy to accelerate the transition,” it said.

 

Photo credit: CHUTTERSNAP on Unsplash
Published: 6 July, 2026

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