Serious Hin Leong Trading.. Singapore's largest pte ltd..Going COLLAPSE!...

[SalahParking]

https://www.msn.com/en-sg/money/oth...pore-oil-trader-after-price-crash/ar-BB12pB6X


Bloomberg) -- At least two lenders to one of Singapore’s biggest independent oil traders are freezing short-term credit lines to the firm amid concerns over its ability to repay the debts, according to people with knowledge of the matter.

The lenders to privately-held Hin Leong Trading (Pte.) Ltd. won’t issue new letters of credit to the company, according to the people, who asked not to be identified because they aren’t authorized to speak publicly.

Nobody responded to calls or emails to the company seeking comment.

Concerns over the finances of one of the biggest players in the world’s busiest ship fuel hubs threaten to reverberate around the oil market and prompt a scramble by traders and bankers to assess their exposure to the

 

[laksaboy]

This one? Petroleum trades?

http://www.hinleong.com.sg/

Once again I say: turn Jurong Island into a resort island as quickly as possible. The longer you delay, the more money you are going to lose.

 

[SalahParking]

This one? Petroleum trades?

http://www.hinleong.com.sg/

Once again I say: turn Jurong Island into a resort island as quickly as possible. The longer you delay, the more money you are going to lose.

They are physical and paper traders that rival Shell..they were so successful for decades, but remained private...

Bunkering is one of the dirtiest, most corrupt buisness in singapore

 

[tanwahtiu]

Bro... keep it coming... yr knowledge of TH and Singapore is overwhelmed.

Papsmearer is good at SAF stuff and both of u are high end echelon in the PAP circuit.

Valued nick...

https://www.msn.com/en-sg/money/oth...pore-oil-trader-after-price-crash/ar-BB12pB6X


Bloomberg) -- At least two lenders to one of Singapore’s biggest independent oil traders are freezing short-term credit lines to the firm amid concerns over its ability to repay the debts, according to people with knowledge of the matter.

The lenders to privately-held Hin Leong Trading (Pte.) Ltd. won’t issue new letters of credit to the company, according to the people, who asked not to be identified because they aren’t authorized to speak publicly.

Nobody responded to calls or emails to the company seeking comment.

Concerns over the finances of one of the biggest players in the world’s busiest ship fuel hubs threaten to reverberate around the oil market and prompt a scramble by traders and bankers to assess their exposure to the

 

[nightsafari]

They are physical and paper traders that rival Shell..they were so successful for decades, but remained private...

Bunkering is one of the dirtiest, most corrupt buisness in singapore

for those of us who don't know.

why is bunkering dirty and corrupt? is it how the contracts are gained?

 

[A Singaporean]

This is good news. Many foreigners hired by this company will have to go home.

 

[krafty]

They are physical and paper traders that rival Shell..they were so successful for decades, but remained private...

Bunkering is one of the dirtiest, most corrupt buisness in singapore

Yeah, a lot of undertable money in bunkering. Some of my friends were in this trade and they entertain at ktvs, eat shark fins at restaurants. I heard this bunkering is still thriving in times like this.

 

[Narong Wongwan]

for those of us who don't know.

why is bunkering dirty and corrupt? is it how the contracts are gained?

Simple theft of the ship’s fuel that’s hard to detect.
Sg is world top bunkering port that is why PAP turns a blind eye to the blatant corruption in this industry

 

[SalahParking]

Simple theft of the ship’s fuel that’s hard to detect.
Sg is world top bunkering port that is why PAP turns a blind eye to the blatant corruption in this industry

you'd be surprised how many PAP people are in this business, it's tax free and mafia controlled. eg. Lao Goh's son..


Singapore bunker supplier Inter-Pacific Petroleum Pte Ltd (IPP) has responded to a media query from Singapore bunker publicationManifold Times.

“There was an alleged incident onboard a vessel chartered by us,” Dr Goh Jin Hian, Director of IPP, toldManifold Times on Friday (28 June).

“We feel it was premature for MPA [Maritime and Port Authority of Singapore] to have suspended our bunker craft operator licence without having discussed the incident with us and giving us a chance to review the facts.

“Nonetheless, the company is conducting its internal investigations and will be submitting its report to MPA by next week.”

Dr Goh noted IPP’s operations are still ongoing as it continues to hold a bunker delivery note (BDN) licence and it has received the support of another bunker craft operator to assist with the delivery of its orders.

“We have held the highest standards of integrity and service excellence since we started operations in 2012 and will continue to do so,” he states.

 

[SalahParking]

Singapore bunker supplier Inter-Pacific Petroleum Pte Ltd (IPP) and its parent company Inter-Pacific Group Pte Ltd (IPG) on Friday (16 August) filed an application for interim judicial management at the High Court of the Republic of Singapore.

An affidavit filed by Zoe Cheung, the current director of IPP and IPG, on Tuesday (20 August) provided more details of developments leading up to the company’s decision to come under interim judicial management.

It noted that IPG originally had two shareholders, namely Zoe Cheung (85%) and Dr Goh Jin Hian (15%); Dr Goh was a director of IPG and IPP until 20 August 2019 when his resignation took effect. An individual of Pek Chong Beng is the current nominee local director in IPG and IPP, in place of Dr Goh.

The document alleged that IPP posted total accounts receivables of USD 21.07 million from 21 trading counterparties to date; notably, the majority at USD 14.73 million, or 69.9%, of the total figure was from Minerva Bunkering Pte Ltd.

Inter-company receivables of USD 248.36 million from five related firms of Chuang Xin (China) Group Limited, Inter-Pacific Group Pte Ltd, Inter-Pacific Petroleum Trading Pte Ltd, Pacific Energy 8 Pte Ltd and Pacific Ship Management Pte Ltd were declared.

Chuang Xin (China) Group Limited, currently insolvent, undertook USD 237.36 million, or 95%, of the total inter-company receivables.

Significant and verifiable liabilities totalling USD 181.63 million consisted of trade financing from SocGen with an outstanding amount of USD 96.3 million, MayBank banking facilities of USD 69.8 million, and account payables of USD 2.43 million to 10 players;the highest outstanding amount stands at around USD 1.16 million, or 48%, which is owed to Kairos Oil Trading Pte Ltd.

The purported affidavit highlighted IPP, “has been struggling to put its books and accounts into good order. However, as the business was still able to maintain its cashflow to meet its mature liabilities, the company was able to continue its trading flow.”

“However, on 14 June 2019, the Maritime Port Authority (MPA) issued a Port Marine Circular No. 14 of 2019 stating that arising (sic) from an enforcement check on a bunker tanker operated by IPP, the MPA had temporarily suspended IPP’s bunker craft operator license with effect from 27 June 2019 until further notice.

 

[SalahParking]

Hin Leong is a strategic business that cannot fail...gov will most likely step in, maybe Temasek will take over for one dollar.

 

[syed putra]

for those of us who don't know.

why is bunkering dirty and corrupt? is it how the contracts are gained?

The short change the buyer, and long change the seller.i.e, refiners and oil traders with a storage tanks. But that was in the old days.
Once in a while, conduct piracy but target only ships fully laden with diesel.

 

[Kee Chew]

http://www.hinleong.com.sg/index.html

Lim Oon Kuin

Forbes #1613 Lim Oon Kuin

• Lim Oon Kuin founded Hin Leong Trading in 1963 at age 20 with a single truck delivering diesel to fishermen and small rural power producers.
• Today Hin Leong is one of Singapore's largest independent oil traders.
• The group's shipping arm, Ocean Tankers, owns a fleet of more than 130 tankers and is run by son Evan.
• Lim also co-owns oil storage unit Universal Terminal with PetroChina.
• His Hin Leong Trading, a long time fuel supplier to Myanmar, is now reportedly exploring opportunities to retail fuel there with a local partner.

 

[Kee Chew]

Lim Oon Kuin
The founder and chairman of Hin Leong Trading, Lim Oon Kuin started rather humbly as a small-time supplier of diesel to fishing vessels in 1963. The company has since mushroomed into one of Singapore’s largest oil traders, and has a global presence with a reported wealth of US$1.8b. He also founded the subsidiary Ocean Tankers, run by his son Evan.

 

[syed putra]

Blame it on MBS. I mean Mohamed bin Salman.
Other oil traders could be in the same boat.

 

[Kee Chew]

just curious how is Ong beng seng oil trading business doing ?

was it Kao International or something.

his father in law Oil Trading company.

 

[Kee Chew]

i mean obs at

Kuo International.

 

[Kee Chew]

Kuo International and obs gone separate way.
https://www.straitstimes.com/business/companies-markets/kuos-peter-fu-splits-with-hpls-ong-beng-seng

 

[Narong Wongwan]

just curious how is Ong beng seng oil trading business doing ?

was it Kao International or something.

his father in law Oil Trading company.

OBS no longer got stakes in Kuo Oil. Bro in law Peter Jr sued him some time back

 

[SalahParking]

Hin Leong, PIL, all shipowners are dirty and corrupt, that's why they join siccc..