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Ocean Tankers judicial managers progressing to liquidate firm after expiry of court order

Ernst & Young consider that there are no other outstanding matters, and recommend liquidation of OTPL after expiry of the JM Order on 31 July 2021, states update.

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Ernst & Young LLP, the court-appointed judicial manager of Ocean Tankers Pte Ltd (OTPL), has completed most of its outstanding tasks and is planning to apply for liquidation of the company, it said in a recent update to creditors.

“As stated in Notification No. 24, the sale of the Lube Business has been completed,” stated JMs in a recent note to creditors seen by Singapore bunkering publication Manifold Times on Tuesday (13 July).

“In light of this and the fact that the JMs have done all they reasonably can to redeliver the Company’s chartered vessels, the JMs consider that there are no other outstanding matters which must be completed while the Company is under judicial management, save for any adjustments to the Inventory Sum (which should be completed by the time the JM Order expires).

“As such, the JMs are of the view that the Company should be placed into liquidation after the expiry of the JM Order on 31 July 2021.”

The JMs noted certain steps can continue to be taken during the liquidation of OTPL; these steps include defending an appeal filed by the Lim Family against an earlier court decision which awarded OTPL USD 19.02 million in damages, and pursuing the recovery of approximately USD 50.1 million owed by OTPL’s largest trade debtor group.

Moving forward, the JMs informed creditors they have proceeded to file an application for the liquidation of OTPL while recommending themselves to be appointed as liquidators of the company as they have, “spent a considerable amount of time handling the Company’s matters and have already familiarised themselves with the Company’s assets, debts, creditors’ profiles and areas for potential investigation or recovery.”

“The JMs believe that there will be substantial cost savings and efficiencies if they were to be appointed as liquidators.”

Earlier developments regarding Ocean Tankers can be found below:

Related: Singapore: Gulf Oil International to acquire Ocean Tankers lube oil blending facility
Related: First creditors meeting of Ocean Tankers to be held in early January 2021
Related: Ocean Tankers publishes notice for creditors to prove any debts or claims for publication
Related: Singapore: Ocean Tankers Tuas Terminal to undergo voluntary wind up
Related: Ocean Tankers to return most ships to owners to reduce $540,000 a day cash burn
Related: Managers of Ocean Tankers looking to recover USD 19 million from Lim family
Related: Ocean Tankers legal team publishes application to be placed under judicial management
Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed
Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
Related: Judicial managers of Ocean Tankers to present restructuring proposals to owners

 

Photo credit: Manifold Times
Published: 14 July, 2021

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Methanol

China: Zhejiang completes first ship-to-ship methanol bunkering operation at shipyard

Zhejiang Free Trade Zone PetroChina Fuel Oil’s bunker tanker “JIA CHEN 17” supplied 795 mt of methanol to a newly built 5,900 TEU Maersk methanol dual-fuel container vessel.

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China: Zhejiang completes first ship-to-ship methanol bunkering at shipyard

China (Zhejiang) Pilot Free Trade Zone on Tuesday (30 June) said it has completed the province’s first ship-to-ship (STS) methanol bunkering operation at a shipyard, marking a new milestone in Zhoushan’s efforts to expand its portfolio of alternative marine fuel bunkering services.

The operation took place recently at Qingshan West Berth No. 2 of Tsuneishi Group (Zhoushan) Shipbuilding, where Zhejiang Free Trade Zone PetroChina Fuel Oil’s bunker tanker JIA CHEN 17 supplied 795 metric tonnes (mt) of methanol to the newly built 5,900 TEU methanol dual-fuel container vessel MAERSK FLINDERS.

The bunkering operation was completed in approximately 5.5 hours, making it significantly more efficient than truck-to-ship methanol bunkering, which authorities said would have taken around nine times longer to deliver the same volume

According to local authorities, the operation is the first of its kind at a shipyard berth in Zhejiang Province, filling a gap in on-site bunkering capabilities for shipbuilding and repair yards. Zhoushan has previously conducted truck-to-ship methanol bunkering, truck- and ship-to-ship LNG bunkering, and blended biofuel bunkering operations.

The demonstration project forms part of Zhejiang’s strategy to develop green marine fuel bunkering under the China (Zhejiang) Pilot Free Trade Zone Bulk Commodity Resource Allocation Hub Development Plan, which calls for pilot bunkering of alternative fuels including green methanol, liquid hydrogen and ammonia.

Earlier this year, the China (Zhejiang) Pilot Free Trade Zone‘s Zhoushan Administrative Committee identified three priority projects: the world’s first anchorage ammonia bunkering operation, Zhejiang’s first shipyard-based STS methanol bunkering operation, and simultaneous LNG bunkering alongside cargo operations at Yongzhou Terminal, Ningbo-Zhoushan Port.

Authorities said the shipyard-based STS model offers operational advantages over both ship-to-ship and anchorage STS bunkering. In addition to reducing inter-island transport and lowering overall costs, conducting the operation alongside at the shipyard minimises weather-related disruptions and improves operational safety and schedule certainty.

 

Photo credit: China (Zhejiang) Pilot Free Trade Zone
Published: 2 July, 2026

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Business

JERA establishes LNG, lower-carbon fuels and shipping unit in Singapore

As a wholly owned company, JERA GES will develop and manage JERA’s long-term LNG, upstream, lower-carbon fuels, and shipping portfolio.

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Swapnil Bapat on Unsplash

Japan’s power generation company JERA on Wednesday (1 July) announced the establishment of JERA Global Energy Solutions (JERA GES). 

As a wholly owned company, JERA GES will develop and manage JERA’s long-term LNG, upstream, lower-carbon fuels, and shipping portfolio. 

As global energy markets become increasingly volatile and complex, JERA has launched JERA GES, creating a vertically integrated LNG company which can quickly respond to the market needs while maintaining security of supply for Japan as its highest priority.

As JERA’s exclusive long-term LNG origination platform, JERA GES brings together an integrated strategy, portfolio management capabilities, and a focus on market development. With these, JERA GES will focus on developing a stable and diversified long-term LNG portfolio that balances supply sources with market opportunities, while advancing lower-carbon fuels such as ammonia and hydrogen. 

JERA GES will be headquartered in Singapore, with integrated operations in Japan and across the globe where it has investments. The company will maintain close coordination with JERA’s power generation and domestic energy market functions.

As part of JERA’s integrated LNG platform, JERA GES will work with JERA Global Markets (JERAGM), JERA’s exclusive global trading and optimization business. JERA GES will manage long-term LNG portfolio strategy and development, and JERAGM will continue to provide trading and optimisation capabilities that support portfolio flexibility and market responsiveness.

Together, the two companies will manage JERA’s LNG portfolio across different time horizons, combining long-term portfolio resilience with short-term market agility to unlock further growth and maximise value for JERA.

Irtiza H. Sayyed has been appointed Chief Executive Officer of JERA GES and will lead the company’s overall business development and execution. Ryosuke Tsugaru, JERA’s Chief Low Carbon Fuel Officer, will provide strategic direction from JERA headquarters and ensure close alignment with JERA’s broader LNG and lower-carbon fuels strategy.

Yukio Kani, JERA’s Global CEO and Chair, said: “The establishment of JERA GES represents an important step in strengthening JERA’s operating model for the next phase of its growth. By bringing greater focus, accountability and specialization to our long-term LNG and lower-carbon fuels portfolio, JERA is better positioned to respond to changing market conditions while continuing to support stable energy supply. 

“Together, JERA GES and JERAGM bring distinct and highly complementary capabilities to JERA, combining long-term portfolio management with world-class trading and optimization to create a stronger, more integrated LNG platform. I look forward to seeing both organizations continue to deliver long-term value for JERA.”

JERA GES will gradually assume responsibility for JERA’s existing long-term LNG and lower-carbon fuel business activities in line with the relevant transfer schedule. JERA will manage this transition carefully, maintaining continuity for existing business relationships and communicating any changes directly to relevant stakeholders.

Through JERA GES, JERA will connect its global LNG capabilities with the development of future energy solutions. This dedicated platform will support JERA’s growth in global energy markets and contribute to its mission of providing cutting-edge solutions to the world’s energy issues.

 

Photo credit: Swapnil Bapat on Unsplash
Published: 2 July, 2026

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Shipping Corridor

BV and Shenzhen Port Group to advance green shipping corridor development

Through resource sharing and complementary capabilities, they will jointly develop green shipping projects to deliver replicable and scalable outcomes.

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BV and Shenzhen Port Group to advance green shipping corridor development

Bureau Veritas Marine & Offshore (BV) on Tuesday (30 June) said it signed a strategic cooperation agreement with Shenzhen Port Group on 29 June in Shenzhen, China.

The two parties engaged in in-depth discussions on strengthening collaboration across key sectors and jointly advancing the development of green shipping corridors.

Under the agreement, both parties will leverage their respective strengths and resources to deepen collaboration focused on the development of green shipping corridors and related businesses. Through resource sharing and complementary capabilities, they will jointly develop green shipping projects to deliver replicable and scalable outcomes.

Bureau Veritas will provide professional technical support to Shenzhen Port Group and industry players at large, helping them navigate evolving maritime regulatory policies and translate emerging international rules into practical, implementable measures to align domestic and global industry standards.

Backed by its comprehensive global business footprint, BV offers end-to-end testing, inspection and certification services covering the entire green fuel industrial chain, spanning renewable energy production to bunkering infrastructure for marine fuels. It has also built extensive hands-on experience in numerous domestic green fuel projects.

Alex Gregg-Smith, President of Bureau Veritas Marine & Offshore, said: Global decarbonization of the shipping industry requires concerted efforts and in-depth collaboration across the entire industrial value chain. 

“As a world-class port conglomerate, Shenzhen Port Group boasts strengths that are highly complementary to Bureau Veritas’s expertise in technical services and standard-setting. Deepening our partnership is of great significance for the green transition of the shipping sector. We hope this collaboration will serve as a catalyst to align domestic and international standards and jointly develop viable pathways for low-carbon maritime trade.”

Hu Zhaoyang, Secretary of the Party Committee and Chairman of the Board at Shenzhen Port Group, stated: “Bureau Veritas Marine & Offshore is a globally recognized authoritative body in the maritime sector, with a wealth of decarbonization solutions and practical experience for the global shipping industry. Its vision aligns perfectly with Shenzhen Port Group’s green development strategy. 

“Building on this agreement, we will further expand all-round cooperation across relevant fields, and maximize the combined value of Shenzhen Port Group’s diverse industrial application scenarios and BV’s authoritative technical certification capabilities to achieve mutual benefit through complementary strengths.”

 

Photo credit: Bureau Veritas Marine & Offshore
Published: 2 July, 2026

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