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NewOcean Energy officially begins ‘soft touch’ debt restructuring process

FTI Consulting (Hong Kong) Limited selected as provisional liquidators after firm ended proceedings at the Bermuda Court on 20 December.

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Scott Graham Write

Hong Kong-listed NewOcean Energy Holdings Limited on Tuesday (21 December) officially started its “soft-touch” debt restructuring process with the appointment of FTI Consulting (Hong Kong) Limited as its joint provisional liquidators (JPLs).

Debt restructuring under a “soft-touch” basis usually involves a stay of proceedings against the company (i.e. so actions cannot be taken by individual creditors) and the appointment of provisional liquidators with limited powers to enable the company to undertake a business restructuring.

The company, which also manages bunkering operations at Singapore, received the outcome of proceeding in Bermuda Court on Monday (20 December).

Under the Order, notwithstanding section 166 of the Companies Act, NewOcean Energy is permitted to operate bank accounts under its name, and the company is permitted to register the transfer of its fully paid shares.

“Under Bermudian law, for so long as the JPLs are appointed to the Company, no suit, action or other proceeding, including criminal proceedings, shall be proceeded with or commenced against the Company except with the leave of the Bermuda Court and subject to such terms as the Bermuda Court may impose,” it states.

“The Directors welcome the Order and consider that it will help to preserve the operations, assets and value of the Company, and that it is in the best interests of the shareholders, the creditors and other stakeholder of the Company.

“As required under the Order, the JPLs and the Board shall seek to agree a protocol which sets out the terms upon which the JPLs and the Board shall cooperate with respect to the management of the Company.”

Related: NewOcean Energy reshuffles lineup of Independent Non-executive Directors
RelatedNewOcean Energy defends against HSBC winding up petition, secures time for debt restructuring
RelatedNewOcean: 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
RelatedNewOcean Energy delays release of 2020 financial results; to be published by end June
RelatedNewOcean appoints Crowe as new auditors; replaces Deloitte Touche Tohmatsu
RelatedNewOcean creditor scheme meeting dates at courts now ‘unrealistic’; delayed till further notice
RelatedNewOcean 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: Scott Graham on Unsplash
Published: 22 December, 2021

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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.

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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.

Related: 2026 ESG Report: Singapore-based EPS completes 530 LNG bunkering operations

 

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

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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.

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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. 

Related: Yang Ming’s new boxship completes first LNG bunkering operation in Singapore

 

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

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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.

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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

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