Singapore: Coastal Logistics owned MR tanker “Babylon” arrested

Legal

Published Thu, 10th January 2019
by Admin

Arrest made at Western Petroleum Anchorage B in Singapore port on Tuesday, show court data.

The Babylon, a 24,205.3 dwt medium range (MR) tanker owned by Coastal Logistics Pte Ltd was arrested in Singapore on Tuesday (1 January), according to information from the Sheriff's Department at Supreme Court of Singapore.

The arrested was made 1.50pm (Singapore time) at Western Petroleum Anchorage B in Singapore port through solicitor Rajah & Tann Singapore LLP.

To date, a total of three vessels affiliated with Coastal Oil (Singapore) Pte Ltd have been arrested; besides the above, the remaining two are Atalanta and Coastal Neptune.

Manifold Times on Wednesday (2 January) first reported the Atalanta and other vessels, including bunker tankers, entering the sale & purchase (S&P) market; these vessels are either owned by Coastal Logistics or Heng Tong Fuels & Shipping.

Both companies are affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd, Simon Millar, Managing Analyst, Platts Ocean Intelligence told Manifold Times.

Coastal Oil (Singapore) on 13 December filed for liquidation as part of a creditors’ voluntary winding up operation.

It last held a creditor’s meeting on December 28, 2018; the next meeting is scheduled for Thursday (10 January).

A creditor list of Coastal Oil Singapore surfaced in the Singapore market in early January.

Lately, Hong Kong-listed COSCO SHIPPING International (Hong Kong) Co., Ltd, said its indirect wholly-owned bunkering subsidiary Sinfeng Marine Services Pte. Ltd. suspects fraud to be involved in the recent liquidation of Coastal Oil Singapore Pte Ltd.

Photo credit: MarineTraffic / Vladimir Knyaz
Published: 4 January, 2019

Singapore: Coastal Logistics owned MR tanker “Babylon” arrested

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