Connect with us

Business

Former Director and shareholder of Wee Tiong (S) Pte Ltd pleads guilty to DPRK linked transactions

Between November 2016 and October 2017, Mr Tan falsified at least 20 invoices and submitted these invoices to UOB and OCBC, according to court documents obtained by bunkering publication Manifold Times.

Admin

Published

on

2E101D2A 10BF 471B 9EDB F3FC498435B2

The former Director and shareholder of Wee Tiong (S) Pte Ltd (WTPL), also the Director of sister company Morgan Marcos Pte Ltd (MMPL), pleaded guilty over several Democratic People’s Republic of Korea (DPRK) related transactions at the State Courts of Singapore on Monday (11 October).

Specifically, Tan Wee Beng faced 20 charges under section 477A of the Penal Code (Cap. 224) (PC) for falsifying invoices of two companies; he has pleaded guilty to seven proceeded charges and consented to have the remaining 13 charges taken into consideration.

Between November 2016 and October 2017, Mr Tan falsified at least 20 invoices and submitted these invoices to UOB and OCBC, according to court documents obtained by bunkering publication Manifold Times.

As at November 2016, the credit facilities granted by UOB to companies in the Wee Tiong group totalled about SGD 125 million; this included SGD 38.678 million, a USD 1 million credit line, foreign exchange facilities of SGD 5 million, as well as vessel and property term loans granted to WTPL.

MMPL maintained bank accounts with UOB, while WTPL maintained bank accounts with OCBC.

Mr Tan knew the information he was hiding was important and relevant to the banks, and could have resulted in the termination of WTPL’s lines of credit should the financial institutions find out about the its DPRK related dealings, stated court documents.

Transactions of sugar and other goods with DPRK-linked entities

From 2007 or 2008, Mr Tan started trading with Korea Heung Song Trading Co, Dandong Fuda Coal Trading Co Ltd, and Tongyuan Industrial Co Ltd which were amongst firms owned by Ri Nam Sok (Ri) from DPRK; payments for the goods relating to Ri were received into WTPL’s UOB bank account.

Further, from 2010, Mr Tan started trading with Korea Investment and Development Co and Qinglin Trading Co Ltd which were firms owned by DPRK national Jon Chol Ho; payments for the goods relating to Jon were received into MMPL’s UOB bank account.

UOB and OCBC started queries of deposits between 2016 and 2017

Mr Tan started receiving queries from UOB in November 2016, March 2017 and October 2017, and from OCBC in September 2017 concerning certain deposits of monies into WTPL and MMPL’s bank accounts.

Knowing the consequences should the banks find out of the DPRK related transactions, he sought the help of co-accused Bong Hui Ping who was working as a shipping manager at WTPL to conceal the illicit activities from UOB and OCBC.

Hui Ping assisted Mr Tan to prepare false invoices in the name of WTPL and MMPL by changing the names of the end buyers and in some cases, also the destination ports, of the false invoices to remove any references to Jon and Ri’s companies and DPRK ports.

Mr Tan signed and shared the false invoices with UOB and OCBC while lying the queried deposits were payments made for purchases of goods by companies other than Ri and Jon’s companies.

In total, Mr Tan falsified seven papers belonging to WTPL and MMPL to conceal from UOB and OCBC that WTPL had transacted with an entity linked to the DPRK.

OFAC action against Wee Tiong Group companies

Manifold Times in October 2018 reported the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designating marine fuels company WT Marine Pte Ltd, WTPL, and Mr Tan for laundering money in support of North Korea.

According to OFAC, in 2017 the JW JEWEL (IMO: 9402964) and NYMEX STAR (IMO: 9078191), both Singapore-flagged oil tankers operated and managed by WT Marine Pte Ltd, engaged in illicit economic activity that involves or supports the Government of North Korea.

In June 2020, Mr Tan was charged in Singapore for 20 alleged counts of forgery to cover his tracks from banks after having sold sugar to parties from North Korea from his company Wee Tiong Pte Ltd and its affiliated firm, Morgan Marcos.

Related: Singapore marine fuels firm WT Marine in OFAC sanctions blacklist
Related: Singaporean MD on FBI most wanted list charged with fraud over North Korean dealings

 

Photo credit: Manifold Times
Published: 12 October, 2021

Continue Reading

Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

Admin

Published

on

By

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

Continue Reading

Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Admin

Published

on

By

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

Continue Reading

Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

Admin

Published

on

By

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

Continue Reading
Advertisement

OUR INDUSTRY PARTNERS



Trending