Business

Shanghai issues first batch of bonded bunkering licences to two local players

PetroChina SIPG Energy and Shanghai Fuyuan Fuel Oil became the first two companies to be granted the licences by Shanghai Municipal Commission of Commerce.

Published

4 years ago

August 26, 2022

Admin

PetroChina SIPG Energy Co., Ltd. and Shanghai Fuyuan Fuel Oil Co., Ltd. on Tuesday (23 August) became the first two companies to obtain bonded bunkering business licences from the Shanghai Municipal Commission of Commerce.

PetroChina had previously established Shanghai Fuyuan Fuel Oil Co., Ltd. in the Yangshan Special Comprehensive Bonded Zone. With the licences, PetroChina’s goal is to achieve a bonded bunkering volume of 1 million metric tonnes (mt) per year, which is expected to bring in RMB 3.5 billion (USD 510 million) per year in commodity sales.

Cui Xiangmi, general manager of Shanghai Fuyuan Fuel Oil Co., Ltd., said obtaining the licence is of great significance for enterprises to open up the bonded marine fuel market in Shanghai.

“Shanghai is an international shipping centre and the world’s largest container port, providing a very large market and space for the bunkering business of bonded ships,” he said.

“Our preliminary work has been sufficient. Once we’ve officially received the licence, we will strive to complete the first bonded fuel delivery operation in one month.”

Following this, Yu Ling, deputy director of the Foreign Trade Development Department of the Shanghai Municipal Commission of Commerce, expressed hope that more companies capable of carrying out bonded bunkering operations would apply for the local licence in Shanghai. “There will be a second and third batch following this,” he said.

On the same day, 17 key enterprises involved in the bonded bunkering business and other fields signed contracts to set up a base in Yangshan Special Comprehensive Bonded Zone, with a total investment of more than RMB 11 billion.

Based on these contracts, three companies intend to apply for local licences for bonded fuel bunkering for ships on international voyages in the zone.

Among them, Baowu Resources Co., Ltd., a subsidiary of Baowu Group, established ShanghaiBao Changran Energy Development Co., Ltd. in the Yangshan Special Comprehensive Bonded Zone. It plans to gradually put into operation more than 10 bunkering vessels, with the goal of achieving 700,000 mt/year of bonded fuel refuelling.

The second is Xiamen Xiangyu Group established Xiangyu Petroleum (Shanghai) Co., Ltd. Lastly, Shanghai Xingaoying Energy Technology Co., Ltd., one of the seven self-operated members of the Shanghai Futures Exchange, which established Shanghai YouNaer Energy Co., Ltd in the Yangshan Special Comprehensive Bonded Zone, with the goal of releasing 500,000 mt/year of bonded fuel quantity.

Additionally, the bunkering of bonded liquefied natural gas (LNG) for ships on international voyages plays an important part of the bonded fuel supply service in Shanghai.

As of August 15, PetroChina SIPG has completed 11 bonded LNG bunkering operations for international voyages at Yangshan Port, with a total bunker fuel volume of about 63,000 cubic meters (m3).

Disclaimer: The above article published by Manifold Times was sourced from China’s domestic market through a local correspondent. While considerable efforts have been taken to verify its accuracy through a professional translator and processed from sources believed to be reliable, no warranty is made regarding the accuracy, completeness and reliability of any information.

Photo credit: Dimitry Anikin on Unsplash
Published: 26 August, 2022

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

9 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

9 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

10 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026