Panoil: lost Singapore bunker licence in August (file image/pixabay)
Singapore-based bunker supplier Panoil Petroleum, which lost its bunker operator licence in August, and other Panoil entities have been put under judicial management.
Notices to that effect were published in local publication the Business Times on October 29, according to price reporting agency Platts.
In addition to Panoil Petroleum, five other companies including Panoil Tankers are under judicial review.
Citing legal opinion, the Platts report said that placing a company under judicial management would allow the company to continue to trade and protect it from creditors.
Panoil had its bunker craft licence revoked by the Maritime and Port Authority of Singapore in late August.