Hin Leong-Linked Tanker Arrested in Singapore

by Ship & Bunker News Team
Wednesday February 24, 2021

An LR tanker linked to troubled oil firm Hin Leong Trading has been arrested in Singapore.

The Ocean Pegasus was arrested on Tuesday evening and is being held at the city-state's eastern bunkering anchorage, according to information from Singapore's Supreme Court.

Shipping intelligence service VesselsValue lists the ship as being operated by Ocean Tankers and beneficially owned by Xihe Group. Both are sister companies of Hin Leong, which is awaiting the result of a winding-up application filed to Singapore's High Court by its judicial managers.

The ship had been reported as being up for sale in September.

The Ocean Pegasus has been in Singapore since June of last year, according to VesselsValue.

Legal cases against Hin Leong founder OK Lim and his family over alleged fraud at his company are still progressing through the courts.

The company's marine fuels unit, Ocean Bunkering, is being wound up. The firm was listed in recent years as one of Singapore's largest bunker suppliers by volume.