Is that’s the case then there won’t be companies and staff kena caught and charged but those cases are few and far in between and only wayang.
Like Bros mentioned many pappy cronies in the industry.
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Serious Hin Leong Trading.. Singapore's largest pte ltd..Going COLLAPSE!...
- Thread starter SalahParking
- Start date
Is that’s the case then there won’t be companies and staff kena caught and charged but those cases are few and far in between and only wayang.
Like Bros mentioned many pappy cronies in the industry.
Hin Leong is not only a Trader but also an Oil Speculator. Their speculative actions are legendary.
this strengthened my belief that trading is a form of gamble. ok lim had been lucky for many years and lost it all in his last hand of cards. he has lived well. good on him and no regrets.
let us just speculate ..be warned i have zero knowledge about lim co or oil trading
now ,lets assume the buyers refused to take delivery and the oil is sitting now in many of his tankers as @ syed putra reckon
that means every day the sitting cost runs to huge amount because unlike say ,the oil stored in tankers in land oil in ships cost every minute because the cost of running ships is like say a taxi..even than taxi can rest but not ships...as a person who signed charter party agreement we called it demurrage incurred if we fail to load ..1 day for a 40k break bulk can amount to US$60k ...perhaps ,its much more for tankers
now the question of why buyers refuse deliveries...normally in international trading this does not arise since all payments are by L/C unless our Lim load first and hope to sell while the ship is sailing for which we have a term. ..even than if the vessel is a container or break bulk type than under shipping law the captain can unload at any port..but for oil takers i donch noe..
i guess, if @ syed putra is right in his guesstimate lim is bleeding paying for the running cost of his vessells and running into cash flow problem and banks are not coming forward to help
now ,lets assume the buyers refused to take delivery and the oil is sitting now in many of his tankers as @ syed putra reckon
that means every day the sitting cost runs to huge amount because unlike say ,the oil stored in tankers in land oil in ships cost every minute because the cost of running ships is like say a taxi..even than taxi can rest but not ships...as a person who signed charter party agreement we called it demurrage incurred if we fail to load ..1 day for a 40k break bulk can amount to US$60k ...perhaps ,its much more for tankers
now the question of why buyers refuse deliveries...normally in international trading this does not arise since all payments are by L/C unless our Lim load first and hope to sell while the ship is sailing for which we have a term. ..even than if the vessel is a container or break bulk type than under shipping law the captain can unload at any port..but for oil takers i donch noe..
i guess, if @ syed putra is right in his guesstimate lim is bleeding paying for the running cost of his vessells and running into cash flow problem and banks are not coming forward to help
Some of the banks held a call with Hin Leong and its advisers on Tuesday to discuss ways to provide short-term trade finance after some banks failed to provide the firm with a letter of credit to buy at least one cargo of oil products.
"Hin Leong has asked for an extension (to repay creditors)", one of the sources with direct knowledge of the matter said.
Hin Leong did not respond to Reuters' email and phone calls seeking comment.
The firm's biggest lenders include HSBC Holdings, DBS, Overseas-Chinese Banking Corp, Bank of China, Societe Generale and Standard Chartered, said the second source, who was briefed on the discussions.
HSBC, DBS, OCBC and Standard Chartered declined to comment, while the other banks did not immediately respond to requests for comment. - Reuters
https://www.thestar.com.my/business...ore-oil-trader-hin-leong-owes-us385b-to-banks
"Hin Leong has asked for an extension (to repay creditors)", one of the sources with direct knowledge of the matter said.
Hin Leong did not respond to Reuters' email and phone calls seeking comment.
The firm's biggest lenders include HSBC Holdings, DBS, Overseas-Chinese Banking Corp, Bank of China, Societe Generale and Standard Chartered, said the second source, who was briefed on the discussions.
HSBC, DBS, OCBC and Standard Chartered declined to comment, while the other banks did not immediately respond to requests for comment. - Reuters
https://www.thestar.com.my/business...ore-oil-trader-hin-leong-owes-us385b-to-banks
me think , Not totally the old man 's fault .
more have to say how his Son Evan Lim's
play out in the current Crisis.
any insider info on Evan Lim ?
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.
One supertanker can load maybe 300k MT which is equivalent to maybe 2.1 million barrels of crude oil.
He bought at usd60/ bbl. Now it's usd 20/ bbl.
Thats usd40 x 2.1million = usd80.4million loss.per shipment no? Per super tanker.
They have 14 supertanker.
I remember once shipment of palm oil to india, price drop, the india shippers refuse to accept the oil. Shipowner also stuck with cargo until everything resolve.
Same thing could have happened to this poor fellow. India and China merchant are not beholden to international trade practices.
Besides, the China oil giants could have used Singapore as a " Mark up" hub.buy from hin leong at a slight mark up. Deposit the difference in Swiss bank. Who knows.using a $2 company in between.
He bought at usd60/ bbl. Now it's usd 20/ bbl.
Thats usd40 x 2.1million = usd80.4million loss.per shipment no? Per super tanker.
They have 14 supertanker.
I remember once shipment of palm oil to india, price drop, the india shippers refuse to accept the oil. Shipowner also stuck with cargo until everything resolve.
Same thing could have happened to this poor fellow. India and China merchant are not beholden to international trade practices.
Besides, the China oil giants could have used Singapore as a " Mark up" hub.buy from hin leong at a slight mark up. Deposit the difference in Swiss bank. Who knows.using a $2 company in between.
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Not a chance at all.
They family member will be living debt free. Owner will also drive his big car around. No chance you see them doing Grab.
Why you guys here debating if he will remain rich or become begger?
For any gambler or trader you are only as good as your next big profitable trade. The chap obviously read the market wrongly and fucked up big time. After so many years in the business he’s been caught flat footed. For someone in this trade I’m sure he knew the risks involved.
This is a trait that separates the good and the very best. Maybe his luck finally ran out.
For any gambler or trader you are only as good as your next big profitable trade. The chap obviously read the market wrongly and fucked up big time. After so many years in the business he’s been caught flat footed. For someone in this trade I’m sure he knew the risks involved.
This is a trait that separates the good and the very best. Maybe his luck finally ran out.
Did not realise the oil price drop so much to USD20++
He forgot to factor in erratic MBS.
sorry to bust the bubble ...in international trade we have L/C precisely because buyers cannot back out from a contract to buy...L/C means the bank gurantee payment ...even if the opening bank is based in say China or India there is always a negotiating bank in singapore or your home country ....even if your negotiating to bank takes no responsibly you can always say confirm with any bank...meaning even if the opening bank refuses to pay the confirming bank pays....and all these are regulated by Internatiinal banking regulation....so ,where is the question of buyers refusing to take delivery or pay ...since the buyer is not paying but the bank is
unless,the buyer and seller enter into othet arrangements if psyments....even than ,in all transactions banks are somehow involved ....for example where is lim to get 3 billion dollars to pay for the oil he is buying frm oil producers?..from banks ,of course...which begets the question what is the basis or collateral the lending bank sees before they lent to lim?...most likely the L/C lim received
lets hope No scandals come out from Hin Leong Trading like CAO in the past ,
https://www.google.com/amp/s/financ...ion-limiteds-jet-fuel-scandal-2005-casestudy/
https://www.google.com/amp/s/financ...ion-limiteds-jet-fuel-scandal-2005-casestudy/
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