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NewOcean posts USD 479 million FY 2020 loss; possible downsize of oil business

Group is short of capital resources to invest in existing projects, thus management decided to discontinue those projects, and make full impairment provision.

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Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean), the parent company of bunkering firm NewOcean Fuel, on Monday (28 June) posted net loss for its audited financial year ended 31 December 2020 (FY 2020).

The group posted net loss of USD 478.7 million (exact: HKD 3,715,896,000) for FY 2020, compared to net profit of USD 82.8 million recorded during FY 2021.

Its total revenue, spread across the liquefied petroleum gas (LPG), oil/chemicals products, and electronic products businesses, was HKD 19.2 billion in FY 2020, down 31% when compared to HKD 27.8 billion in FY 2019.

Among developments highlighted in the latest financial statement was impairment losses of: (i) HKD 610 million deposits paid for purchase of property, plant and equipment related to the Group’s refinery project in Malaysia, (ii) HKD 178 million deposits paid for investment project of constructing a hydrogen manufacturing plant in the PRC; and (iii) HKD 39 million trade deposits paid to a supplier which was put into liquidation in 2021.

“Given that the Group is under debt restructuring, the Group is short of capital resources to invest in existing projects, thus the management decided to discontinue those projects, and make full impairment provision,” it stated.

Auditors of NewOcean, meanwhile, pointed out of the Group’s current borrowings of HKD 6,620,843,000, HKD 4,202,627,000 were overdue.

“In addition, based on the financial position of the Group as at 31 December 2020, the Group was not in compliance with certain restrictive financial covenants and certain borrowings of the Group contain cross-default terms, causing borrowings of the Group of HK$2,418,216,000 as at 31 December 2020 to become immediately repayable in accordance with the respective loan agreements whereas the Group only had cash and cash equivalents of HK$873,742,000 as at 31 December 2020,” stated auditors.

“These conditions, together with other matters described in Note 1A to the consolidated financial statements, indicate the existence of material uncertainties which may cast significant doubt on the Group’s ability to continue as a going concern.”

Directors of NewOcean are undertaking a series of measures to improve the Group’s liquidity and financial position, to refinance its operations and to restructure its debts, according to the auditors.

Amongst measures determining NewOcean’s ability to continue operating as a going concern is, “whether the Group can successfully take measures to down size the oil products business to reduce operating cost,” they wrote.

Related: NewOcean 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: NewOcean Energy Holdings
Published: 29 June, 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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