Business

‘Reasonable prospects’ to keep Ocean Tankers as a going concern, states Director

‘OTPL has a strong group of employees who have the requisite expertise and experience in ship chartering and management, which has commercial value and should be kept intact.’

Published

6 years ago

May 13, 2020

Admin

Update: London-based multinational professional services firm Ernst & Young (EY) has reportedly been appointed as Interim Judicial Managers of Ocean Tankers during a hearing at the High Court of Singapore on Tuesday (12 May). There was no reply from the Director of Ocean Tankers to a request for comment from Manifold Times when contacted about the following article:

The Director of Singapore-based energy transportation firm Ocean Tankers (Pte) Ltd (OTPL), a separate entity from Hin Leong Trading (HLT), on Monday (11 May) submitted an additional affidavit at the High Court of Singapore.

The additional document was to supplement an earlier version filed on 6 May.

The latest affidavit, widely circulated within Singapore’s bunkering sector, was obtained by Singapore bunkering publication Manifold Times.

In it, Lim Chee Meng, also known as Evan Lim, provided reasons why he believed OTPL should be placed in judicial management even though its level of business may not return to similar levels before COVID-19.

“Additionally, it may not be easy to completely shake off the market perception of the linkage to the financial woes of HLT,” he stated, explaining the situation first.

“As a result of this relative decline of business, there is therefore a risk that in the next few weeks or months (subject to the timeous collection of the various freight accounts receivables) OTPL may not be able to fully meet all its operational costs and expenses to operate at the same levels as before.”

Lim further stated OTPL has been taking steps to pursue collection of its account receivables and making other plans, such as the sales of OTPL-owned non-core vessels, for debt repayment.

“I wish to highlight however that these steps take time, and that despite these best efforts, OTPL may still encounter cash flow constraints moving forward,” he said.

Lim, meanwhile, highlighted most vessels bareboat chartered to OTPL are owned by ship-ownig special purpose companies owned by Xihe Holdings Pte Ltd or Xihe Capital Pte Ltd (collectively, the Xihe Group) – where his sister Lim Huey Ching and himself are Directors.

He stated OTPL owing approximately USD 106 million for trade payables and USD 208 million in company loans to the Xihe Group.

He explained the relevant Xihe special purpose company will be entitled to terminate bareboat charters and seek re-delivery of the vessel in the event OTPL is unable to make payment; and there have already been some instances of non-payment by OTPL.

“Despite the real prospect of such termination, I remain of the view that OTPL ought be placed in judicial management, as there are reasonable prospects to keep OTPL as a going concern,” he said.

“This is because OTPL has a strong group of employees who have the requisite expertise and experience in ship chartering and management, which has commercial value and should be kept intact.

“Even if the bareboat charterparty agreements with OTPL are terminated, OTPL remains able to sell its charter, technical, commercial and crewing expertise to the new bareboat charterer for a profit, to ensure a seamless transfer of the vessel to the new bareboat charterer.”

An earlier collection of articles preceding the current development are as follows:

Photo credit: Manifold Times
Published: 13 May, 2020

Winding up

Singapore: Notice of intended dividend issued for Xihe Holdings’ subsidiaries

Creditors will need to produce proofs of debt to liquidators of Da Xin Tankers and Nan Chiau Maritime by 5 August, according to Government Gazette notice.

Published

20 hours ago

July 23, 2026

Admin

Two notices to declare the intended dividend of Xihe Holdings’ subsidiaries to their creditors have been posted on the Government Gazette on Wednesday (22 July).

The subsidiaries are Da Xin Tankers Pte Ltd and Nan Chiau Maritime Pte Ltd.

The following are the details of the notices of intended dividend:

Name of Company : Da Xin Tankers (Pte) Ltd (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 198400895W
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Last Day for Receiving Proofs : 5 August 2026 at 5:00 pm by email to [email protected]
Name of Liquidators : Paresh Tribhovan Jotangia and Ho May Kee
Address : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960

Name of Company : Nan Chiau Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No.: 200814296Z
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Last Day for Receiving Proofs : 5 August 2026 at 5:00 pm by email to [email protected]
Name of Liquidators : Paresh Tribhovan Jotangia and Ho May Kee
Address : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960

Photo credit: steve pb from Pixabay
Published: 23 July, 2026

Biofuel

South Korea: S-Oil launches B30-VLSFO bio bunker fuel supply

Company says it has established an integrated operating system in the Ulsan region covering the entire value chain, from feedstock procurement and blending to supply.

Published

20 hours ago

July 23, 2026

Admin

South Korea: S-Oil launches B30-VLSFO bio bunker fuel supply

South Korean petroleum and refining company S-Oil on Wednesday (22 July) said it has started supplying B30 very low sulphur fuel oil (VLSFO), as the company seeks to support shipping’s decarbonisation efforts and growing demand for lower-carbon bunker fuels.

The company said its B30 VLSFO contains 30% sustainable biofuel blended with conventional VLSFO and can be used without requiring modifications to existing vessels, enabling shipowners to comply more readily with emissions regulations from the International Maritime Organization (IMO) and the European Union (EU).

S-Oil said it has established an integrated operating system in the Ulsan region covering the entire value chain, from feedstock procurement and blending to supply. The system combines VLSFO produced at its Onsan refinery with biofuel production facilities and storage infrastructure in the Ulsan region, allowing the entire process to be carried out within a single logistics hub.

According to the company, the integrated supply chain reduces transportation requirements during production while improving supply efficiency and reliability.

S-Oil also highlighted Ulsan Port as a strategic location for marine biofuel supply, noting the port has strong demand for bio-bunker fuels, particularly from car carriers, enabling prompt and stable deliveries to key customers.

An S-Oil official stated: “In the bio-marine fuel market, not only product quality but also securing a stable supply of raw materials and an efficient supply system are important competitive advantages.

“Based on our existing bunkering business capabilities and the excellent supply infrastructure in the Onsan area, we plan to supply stable and competitive low-carbon fuel.”

Photo credit: S-Oil
Published: 23 July, 2026

Decarbonisation

Yang Ming and PSA to develop integrated sea-land decarbonisation solutions

Both will explore solutions spanning emissions measurement and verification, a digital Book-and-Claim framework, and a joint maritime-land inset token package.

Published

20 hours ago

July 23, 2026

Admin

Yang Ming and PSA to develop integrated sea-land decarbonisation solutions

PSA International (PSA) on Monday (20 July) said it has signed a Memorandum of Understanding (MoU) with Yang Ming Marine Transport Corporation (Yang Ming) to jointly accelerate the adoption of low-carbon solutions across the maritime value chain.

Beyond emissions measurement and verification, the collaboration will focus on a digital Book-and-Claim framework and a joint maritime-land based inset token package.

“This synergy provides cargo stakeholders with a transparent and accountable sea-land pathway to achieve their decarbonisation targets,” PSA said on its website.

Yang Ming launched the green transport service, EcoSea+. This initiative integrates Yang Ming’s low-carbon navigation capabilities to empower customers with a flexible and transparent strategy to effectively reduce their Scope 3 transportation emissions. By joining forces with PSA, Yang Ming is able to expand the impact of these sustainability actions beyond the ocean.

Building on its position as a global port operator, PSA advances its Node to Network strategy through integrated port and supply chain capabilities that enable a green network of terminal and landside operations to reduce end-to-end supply chain emissions.

The agreement was officially signed by Mr Ivan Chiang, Chief Logistics Officer & Senior Vice President of Yang Ming, and Mr Eddy Ng, Group Head of Operations, Technology and Sustainability of PSA International.

Mr Ong Kim Pong, PSA International Group CEO, said, “As responsible stewards of tomorrow, PSA is committed to delivering sustainable impact across the global port and supply chain ecosystem.

“Tackling the challenges arising from climate change will require the collective efforts of all players in the maritime supply chain sector. We are excited to partner Yang Ming on the decarbonisation of global supply chains and support the transition towards a more sustainable global economy.”

Photo credit: PSA International
Published: 23 July, 2026