Shipping, Oil Magnates Make Singapore's 50 Richest List

by Ship & Bunker News Team
Tuesday July 29, 2014

Several of the billionaires and multi-millionaires on Forbes Magazine's "Singapore's 50 Richest" list made their money in shipping and related fields.

Chang Yun Chung, cofounder of Pacific International Lines, is the top shipping magnate on the list at number 12 with a net worth of $2.1 billion.

He helped the company grow from a small coastal operator to a fleet of 180 ships.

At number 14 with $2 billion, Lim Oon Kuin made his money in oil trading, starting with a truck delivering diesel to fishermen.

In addition to Singapore oil trader Hin Leong Trading, he has a 65 percent stake in Universal Terminal, and his son runs shipping arm Ocean Tankers.

Tan Boy Tee, the founder oftug and barge operator Labroy Marine, is 29th on the list with a net worth of $915 million.

After selling Labroy Marine in 2008, he owns shares in offshore services firm Ezion Holdings and Viking Offshore & Marine.

Pang Yoke Min is on the list for the first time after the initial public offering (IPO) of offshore vessel supplier Pacific Radiance, which he founded in 2006.

Also on the lists, at number 42 and number 46, are logistics magnates Loi Kai Meng and Stanley Liao.

Pacific Radiance raised S$150.6 million ($121.3 million) in its IPO last November, Yahoo Finance reported at the time.