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Sinfeng appeals against release of Coastal Oil contract docs; China Merchants Bank suspects fraud

‘To this end, the Bank has shown there are grounds for suspecting the CIA Contract may be a sham / fake contract and/or was not performed,’ said CMB’s submission to the Singapore court.

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Supreme Court

A hearing between lawyers representing Sinfeng Marine Services Pte Ltd (Sinfeng) and China Merchants Bank Co., Ltd (CMB) took place at the Court of Appeal in the High Court of the Republic of Singapore on Monday (29 June).

Sinfeng was appealing against a decision made by Justice Tan Siong Thye on 2 September 2019 wherein the Judge granted CMB pre-action discovery of documents sought by the bank to build up its case against Sinfeng, according to documents obtain by Manifold Times from the court.

Defunct Singapore-based bunkering firm Coastal Oil Pte Ltd (Coastal Oil) is a supplier of oil products to Sinfeng.

The latest appeal saw Sinfeng present recent news articles written by local media, which focused on the alleged criminal acts of previous employees of Coastal Oil, to the court.

Sinfeng lawyers claimed former Coastal Oil employees created fictitious sales contracts before submitting them to eight banks which included CMB; in turn leading the bank to believe Coastal Oil had entered into a contract with Sinfeng on credit payment term basis.

“The police investigations do not implicate Sinfeng in the conspiracy,” said Sinfeng’s submission to the court.

“As matters stand, there is no evidence before this Court suggesting that Sinfeng was involved in any alleged conspiracy to defraud CMB; on the contrary, the evidence shows otherwise.”

In response, CMB lawyers noted no findings have yet been made by the Singapore State Court of criminal charges being brought against two of Coastal Oil’s former employees.

Further, the criminal proceedings would, at best, deal only with the 90-Day Contract on credit payment term basis; whereas CMB’s case with Sinfeng relate to a separate cash-in-advance (CIA) Contract.

“To this end, the Bank has shown there are grounds for suspecting the CIA Contract may be a sham / fake contract and/or was not performed,” said CMB’s submission to the court.

“Ultimately, the articles and their brief summary of the criminal charges that refer to the commission of certain offences by CO’s former employees do not assist the Court as they do not shed any light on the CIA Contract and/or Sinfeng’s involvement in the same.”

CMB concludes: “In fact, taken at face value, the said criminal charges referring to a conspiracy and the creation of ‘fictitious sales contracts … to obtain financing from the banks between July 2017 and December 2018’ only adds further to the Bank’s reasonable suspicions. If all of CO’s sales contracts with Sinfeng were fictitious, then the CIA Contract may also not exist.”

A complete coverage of the events leading to the current development has been arranged by Singapore bunker publication Manifold Times (in descending date order) below:

RelatedSingapore: Former Coastal Oil employees face forgery charges over fake sales contracts
RelatedCoastal Oil hearings progress, court grants liquidators access to Sinfeng documents
RelatedChina Merchants Bank legal suit with Sinfeng over alleged $13 million debt progresses
RelatedFraud suspected in Coastal Oil Singapore case, says COSCO
RelatedCoastal Logistics owned “Atalanta”, “Babylon” to undergo auction
RelatedSingapore: Bunker tanker “Coastal Mercury” arrested
RelatedHeng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
RelatedCoastal Logistics owned MR tanker “Babylon” arrested
RelatedFraud suspected in Coastal Oil Singapore case, says COSCO
RelatedCoastal Oil Singapore: Creditor list surfaces in bunker market
RelatedSingapore: Bunker tanker “Coastal Neptune” arrested
RelatedCoastal Oil Singapore creditors meeting scheduled on 10 Jan
RelatedCoastal Oil Singapore in US $380 million debt to at least 10 banks
RelatedSingapore: Coastal Logistics owned MR tanker “Atalanta” arrested
RelatedHeng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market
RelatedCoastal Oil Singapore to hold creditors meeting on 28 Dec
RelatedBreaking news: Coastal Oil Singapore under liquidation

Photo credit: Manifold Times
Published: 22 July, 2020

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Alternative Fuels

Towngas pushes for green methanol commercialisation under Hong Kong’s Five-Year Plan

Towngas recommends making full use of Hong Kong’s advantages as an international hub by improving port facilities for green methanol bunkering.

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Towngas pushes for green methanol commercialisation under Hong Kong's Five-Year Plan

The Hong Kong and China Gas Company (Towngas) on Tuesday (4 August) has called for the Hong Kong government to boost the city’s green methanol bunkering capabilities as part of its first Five-Year Plan covering 2026 to 2030.

The company submitted its recommendations during the government’s public consultation on the plan, proposing measures to support low-carbon shipping in Hong Kong.

Among its key recommendations, Towngas proposes making full use of Hong Kong’s advantages as an international hub by improving port facilities for green methanol bunkering.

The company also urged the government to accelerate the commercialisation of green methanol and take the lead in developing an internationally aligned certification system for green fuels. 

Beyond green methanol, it also proposes establishing a new mechanism for trading green commodities, as well as expanding innovative financial instruments such as green infrastructure REITs, thereby consolidating Hong Kong’s position as a green finance and trading centre.

The recommendations form part of a broader package covering green energy transition, innovation and technology, and green finance, aimed at aligning Hong Kong’s development with China’s 15th Five-Year Plan while supporting the city’s long-term economic and environmental objectives.

 

Photo credit: Hong Kong and China Gas Company
Published: 5 August, 2026

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Business

ZEMBA to join Center for Green Market Activation from 1 September

During its next phase of ZEMBA’s strategy, it is focused on continuing to drive innovation and economies of scale that enable deep decarbonisation in maritime transport.

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RESIZED CHUTTERSNAP on Unsplash

Zero Emission Maritime Buyers Alliance (ZEMBA) on Tuesday (4 August) said it will transition to become a programme of the Center for Green Market Activation (GMA) on 1 September, after three years of incubation at the Aspen Institute. 

With two completed tenders that delivered three new ultra-low-carbon fuel pathways into the maritime market and nearly 40 multi-year contracts to date, ZEMBA is focused on its next phase of scaling impact and expanding opportunities for companies to address Scope 3 transportation emissions. 

“We are deeply grateful to the Aspen Institute Energy and Environment Program for its leadership and commitment to market-based sustainable solutions,” said Ingrid Irigoyen, President and CEO of ZEMBA. 

“The Institute’s support as an administrative home during our start-up phase was tremendously successful. Now, ZEMBA is ready for the next step in our evolution, which is why we are seizing the opportunity to create multiplier effects and efficiencies across a range of hard-to-abate sectors by joining an organization specifically created for that purpose.” 

ZEMBA’s CEO and core procurement staff will transition to GMA to ensure continuity of program leadership and operations. In addition to having provided key technical support for ZEMBA since 2023, GMA is working to scale the adoption of low-carbon goods and services within a number of high-emitting industries such as aviation, trucking, cement and concrete, and chemicals. 

This transition will enable companies to participate in a coordinated suite of interventions across hard-to-abate sectors and transport modes, supported by shared infrastructure, consistent procurement approaches, and cross-sector learnings. 

ZEMBA is developing new ideas to scale impact, expand fuel and technology pathways, and engage a broader set of stakeholders worldwide. 

During this next phase of ZEMBA’s strategy, it is focused on continuing to drive innovation and economies of scale that enable deep decarbonisation in maritime transport. 

“ZEMBA looks forward to engaging stakeholders across the value chain in the coming months as it charts a course toward a sustainable future for ocean shipping,” it added.

 

Photo credit: CHUTTERSNAP on Unsplash
Published: 5 August, 2026

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Technology

ZeroNorth debuts new agentic AI partner for maritime operations

Propel will ultimately operate across voyage, vessel and fuel workflows, monitoring operations continuously, and handling actions within the boundaries operators define.

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ZeroNorth debuts new agentic AI partner for maritime operations

Maritime technology solutions provider ZeroNorth on Tuesday (4 August) introduced Propel by ZeroNorth, a new agentic AI partner for maritime operations. 

Propel uses AI agents to take action on repetitive manual tasks in operations, freeing operators to focus on decisions that require their judgement.

The launch comes as shipping faces growing operational complexity from geopolitical disruption, regulatory change and volatile fuel prices. Operators coordinate decisions across multiple vessels and disconnected systems, and better coordination can compound into meaningful time and fuel savings across a fleet.

At the same time, agentic AI is now making it possible for software to move beyond insight and recommendation. It can understand intent, respond to changing conditions and help carry out work across complex operational processes. Propel is designed to do exactly that.

Today, Propel takes on repetitive manual tasks related to voyage optimisation that were previously handled by operators. It generates a voyage plan, manages the communication with the master, incorporates feedback into the plan and updates it, while keeping the operator in the loop throughout.

It is always on duty and responds as conditions change, helping operators act sooner on voyage opportunities while saving hours of manual coordination across organisations’ operations teams and fleets.

The voyage optimisation agent has been in use by ZeroNorth’s Professional Services team over the past three months and ZeroNorth is now giving early-access to key customers Cargill, Ultrabulk and CMB.TECH.

New agents will be released on an ongoing basis. ZeroNorth is testing each new capability with its partners so Propel is shaped by real operational conditions across different shipping segments from the start. Propel will ultimately operate across voyage, vessel and fuel workflows, monitoring operations continuously, and handling actions within the boundaries operators define. Wider commercial availability is planned for later in 2026.

Søren Andersen, CEO of ZeroNorth, said: “Our ambition with Propel is to help change the way shipping works by changing what technology can do inside maritime operations. There is immense potential to move towards operations that are more connected, continuous and precise, where technology takes on more of the coordination work and people can focus their judgement where it creates the greatest value.”

“Cargill, Ultrabulk and CMB.TECH were among our very first customers and helped build ZeroNorth from the beginning. Now, they are partnering with us again to shape what comes next for shipping. Their experience will be invaluable in ensuring that Propel is grounded in the realities of the industry today, while helping transform how maritime operations work tomorrow.”

 

Photo credit: ZeroNorth
Published: 5 August, 2026

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