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Singapore: Toyota Tsusho Corporation seeking $21 million from Brightoil

Over a ‘failed’ settlement agreement entered on 31 May leading to the arrest of bunker tankers, according to documents obtained by Manifold Times.

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Tokyo-based commodities trading firm Toyota Tsusho Corporation on 21 November, 2018 organised a vessel arrest for Brightoil 319 (IMO 9711860) at the High Court of Singapore as part of efforts to claim USD $21 million against its owner over an alleged ‘failed’ settlement agreement, according to documents obtained by Manifold Times.

The latest action by Toyota Tsusho was the result of a 31 May, 2018 settlement agreement with Brightoil Petroleum (S'pore) Pte Ltd and Brightoil Petroleum (Holdings) Limited; with Chairman Dr Sit Kwong Lam entering into a deed of personal guarantee and indemnity favouring the Japanese firm.

According to the settlement agreement, the payment schedule of the approximate USD $21 million was as follows:

  1. USD $5 million on or before 29 June 2018
  2. USD $10 million on or before 31 July 2018
  3. Payment of the remaining debt on or before 31 August 2018

Brightoil paid the first instalment of USD $5 million on or about June 2018, but did not pay the second instalment of USD$ 10 million on or before the due date of 31 July.

This caused Toyota Tsusho to issue a notice of default to Brightoil on 1 August. Following, Brightoil made a payment of USD $50,000 to Toyota Tsusho on 2 August; but this did not change the legal direction against Brightoil.

Since 2 August to 2 November, Toyota Tsusho has continued to receive payment totalling USD $983,000 from Brightoil in the following amounts:

  • USD $50,000 on 14 August
  • USD $50,000 on 21 August
  • USD $333,000 on 28 August
  • USD $200,000 on 10 September
  • USD $50,000 on 18 September
  • USD $100,000 on 1 October
  • USD $50,000 on 9 October
  • USD $50,000 on 15 October
  • USD $100,000 on 2 November

The above payment performance, which was not in compliance with the settlement agreement, led to Toyota Tsusho entering into a statutory mortgage arrangement with Brightoil and Dr Sit for Brightoil 319 on 4 September.

“Without prejudice negotiations between the Parties relating to settlement of the Outstanding Indebtedness under the Settlement Agreement and the Personal Guarantee have failed,” stated Toyota Tsusho.

This lead to the Japanese firm issuing a notice of default to Brightoil while organising the arrest of Brightoil 319 on 20 November, along with the entire Singapore bunker tanker fleet of Brightoil and the 319,911 dwt crude oil tanker Brightoil Gravity.

Brightoil bunker tankers Brightoil 688, Brightoil 639, Brightoil 666, Brightoil 319, Brightoil 326, and Brightoil 329 were following arrested at Singapore port on 21 November.

Related: Singapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Other related: Singapore: Petrolimex owed over USD $30 million by Brightoil
Other related: Qatar National Bank seeks USD $21.59 million debt from Brightoil
Other related: Media clarification: Brightoil has settled Sea Trader International’s debt

Photo credit: Manifold Times
Published: 27 November, 2018

 

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Bunker Fuel Quality

Bunker flash: High levels of chemical compounds found in Malaysia, alerts Maritec-Naias

During the period of 15 April to 15 July 2026, Maritec-Naias tested multiple fuel oil bunker samples from vessels that took fuel/bunkered in Malaysia ports.

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RESIZED Hans Reniers on Unsplash

Bunker fuel testing and marine surveying business Maritec-Naias on Monday (10 August) issued an alert regarding high levels of chemical compounds found in multiple fuel oil bunker samples from vessels that have taken fuel/bunkered in Malaysia ports:

During the period of 15 April to 15 July 2026, Maritec-Naias tested multiple fuel oil bunker samples from vessels that took fuel/bunkered in Malaysia ports, which indicated the presence of high levels chemical compounds.

Five cases were found to have Phenolic compounds and Alkylresorcinols in the range of 1070 – 9994 PPM and three cases were found to have reactive hydrocarbons in the range of 4500 – 20000 PPM. Operational issues like excessive sludge formation in purifier and wear-and-tear of the fuel pump were reported.

Gas Chromatography-Mass Spectrometry (GC-MS) testing using the Solid Phase Extraction (SPE) method confirmed the presence of Alkylresorcinols in samples tested. In addition, GC-MS ASTM D7845 analysis identified a range of phenolic compounds and reactive hydrocarbons – including styrene and its derivatives, dicyclopentadiene, dihydro-dicyclopentadiene, and indene – providing comprehensive evidence of contamination.

The presence of Alkylresorcinols may originate from non-petroleum cutter stocks, such as Estonian shale oil, while the detected reactive hydrocarbons could stem from ethylene cracker by-products. In addition, the fuels appear to have been blended with low-quality marine fuels, a practice likely driven by sharply rising bunker prices amid the war in the Middle East.

Regulatory Implications:

Due to the high levels of these chemical compounds the fuel does not meet the general requirement and is considered as off-spec fuel as per clause 5 of ISO8217 and MARPOL Annex VI regulation 18, which states:

“The fuels shall be homogeneous blends of hydrocarbons derived from petroleum refining. This shall not preclude the incorporation of small amounts of additives intended to improve some aspects of performance. The fuels shall be free from inorganic acids and from used lubricating oils. The fuel should not include any added substance or chemical waste which,

  1. a) jeopardizes the safety of ships or adversely affects the performance of the machinery; or
  2. b) is harmful to personnel; or
  3. c) contributes overall to additional air pollution.”

MARITEC-NAIAS RECOMMENDATIONS

  • Closely observe the vessel fuel system/s for signs of filter clogging and purifier sludging and additionally, increase vigilance on the centrifuges to monitor overloading.
  • Increase frequency of their de-sludging cycle depending on the accumulated sludge.
  • Possibly reduce the mean time between bowl cleaning of the purifier and fuel system filters.
  • Avoid blending with other fuels, in particular marine diesel and gas oil and also other fuel oil as such mixing may well increase the sediment problem.
  • Opt for Maritec-Naias’s highly cost-effective Marine Fuel Testing Programme (MFTP) PLUS testing for all residual bunker fuel. This package includes routine ISO 8217 Testing, targeted GC-MS screening for 38 high-risk compounds relevant to ship operations & P-value Stability Testing – providing crucial pre-burn protection against fouled purifiers, blocked injectors & engine failure.

 

Photo credit: Hans Reniers on Unsplash
Published: 11 August, 2026

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Winding up

Singapore: Liquidator schedules final meeting for LNG Easy (S)

Meeting will be held on 7 September at 6 Shenton Way, OUE Downtown 2, #33-00, Singapore 068809 to hear any explanation that may be given by the liquidator, according to Government Gazette notice.

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The final meeting for LNG Easy (S) Private Limited has been scheduled to take place on 7 September, according to the company’s liquidator on a notice posted on Friday (7 August) on the Government Gazette.

The meetings will be held at 10am at 6 Shenton Way, OUE Downtown 2, #33-00, Singapore 068809. 

The meeting is being held for the purpose of having an account laid before the meeting showing the manner in which the winding up has been conducted and the property of the company disposed of, and of hearing any explanation that may be given by the liquidators.

It is also held to consent to the release of the liquidators upon the dissolution of the company and thereby discharge them from all liabilities in respect of any act done or default made by them in the administration of the affairs of the company.

The following are the details of the liquidator:

Tan Wei Cheong
Joint and Several Liquidator
c/o 6 Shenton Way, OUE Downtown 2, #33-00
Singapore 068809

Manifold Times previously reported the High Court of Singapore issuing a winding up order to LNG Easy (S).

The winding up application was filed by China-based Shanghai Hengda (Jituan) Youxian Gongsi on 25 June.

Related: High Court of Singapore issues winding up order against LNG Easy (S)
Related: Singapore: High Court to hear LNG Easy (S) winding up application on 18 July

 

Photo credit: Jo_Johnston from Pixabay
Published: 11 August, 2026

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Winding up

Singapore: Portunus Shipping Pte Ltd to be wound up voluntarily

Liquidators have been appointed at an extraordinary general meeting held on 31 July for the purpose of winding up company’s affair, according to Government Gazette notice.

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Several resolutions for Portunus Shipping Pte Ltd were made during an extraordinary meeting held on 31 July, according to a post in the Government Gazette on Friday (7 August).

The duly passed resolutions were:

AS SPECIAL RESOLUTIONS

  1. That the Company be wound up voluntarily pursuant to Section 160(1) of the Insolvency, Restructuring and Dissolution Act 2018 (the “Act”).
  2. That Lau Chin Huat and Yeo Boon Keong, as the Joint and Several Liquidators, be and are hereby authorised to divide among the contributory in cash or in specie the whole or any part of the assets of the company.
  3. That the Joint and Several Liquidators be at the liberty to exercise all or any of the powers conferred on themselves pursuant to the Act.

AS ORDINARY RESOLUTIONS

  1. That Lau Chin Huat and Yeo Boon Keong, of 50 Havelock Road, #02-767, Singapore 160050 be appointed as the Joint and Several Liquidators for the purpose of winding up the company.
  2. That the remuneration and winding up disbursements of the Joint and Several Liquidators be fixed on a time basis at rates as agreed in the engagement letter.
  3. That the Joint and Several Liquidators be authorised to destroy all books and papers of the Company and of the Joint and Several Liquidators 5 years after the date of dissolution of the Company pursuant to Section 195(2) of the Act.

In another notice, the liquidators of Portunus Shipping said creditors for the company are required on or before the 7 September to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the liquidators. 

Liquidators may also require creditors to, “come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved.”

The liquidators can be contacted at the following address:

Yeo Boon Keong
Joint and Several Liquidators
c/o
Technic Inter-Asia Pte Ltd
50 Havelock Road, #02-767, Singapore 160050
Tel: 6561 0398 Fax: 6222 1855
Email: [email protected] 

 

Photo credit: Benjamin child
Published: 11 August, 2026

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