Asia/Pacific News
Singapore Bunker Tanker Arrested
Licensed Singapore bunker tanker, Coastal Neptune, has been detained at Eastern Petroleum Anchorage B.
The arrest took place at 6:30pm local time on January 3, 2019 following action by local law firm Rajah & Tann Singapore LLP, according to the latest records from the Supreme Court of Singapore.
Shipping databases indicate the vessel is owned and operated by Singapore bunker craft operator Heng Tong Fuels & Shipping Pte Ltd.
The market value of Coastal Neptune is currently assessed by VesselsValue.com at $7.82 million.
While exact details behind the arrest are not immediately clear, it comes alongside news of financial trouble at Heng Tong parent entity Coastal Logistics.
Records indicate that Heng Tong and a number of related Coastal Oil entities including Coastal Oil Singapore Pte Ltd and Hong Kong-incorporated Coastal Holdings, all have common ownership interests.
The Coastal Oil Singapore Pte Ltd entity entered liquidation as of December 13, 2018.
A Heng Tong operated but Coastal Logistics owned tanker, the 24,200 dwt Atalanta, was also detained last week.
