Ocean Tankers Weeks Away From Insolvency: General Index

by Ship & Bunker News Team
Tuesday October 20, 2020

Hin Leong-linked shipping company Ocean Tankers is within weeks of running out of cash to maintain its fleet, according to price reporting agency General Index.

By early November the company is likely not to have enough money to maintain its vessels as well as operations in its lubricant plant, storage and terminal business, General Index reported Monday, citing a court filing by the firm's judicial managers.

There may be a risk of crews arresting their ships over unpaid wages, according to the filing.

On Monday it emerged that Hin Leong's bunkering unit, Ocean Bunkering Services, has had its licence to operate as a bunker supplier in Singapore suspended by the country's Maritime and Port Authority.

Hin Leong collapsed under mounting debts in May.

A bunker supplier with similarities to Ocean Bunkering was put up for sale by Hin Leong's judicial managers PwC earlier this month.