Asia/Pacific News
Hin Leong Shipping Company Ocean Tankers Requests Judicial Management: Reuters
Singapore-based shipping company Ocean Tankers, a subsidiary of oil trader Hin Leong, has requested to be put under judicial management, according to news agency Reuters.
Reuters cited two sources with knowledge of the matter.
The website of Singapore's Supreme Court lists a hearing on Tuesday on an application by Ocean Tankers, without giving further information.
Hin Leong's lenders have reportedly declined to issue the oil trading firm with new letters of credit, leaving the company and its subsidiaries in an uncertain position while its creditors attempt to reclaim their money through Singapore's courts.
Hin Leong is the owner of one of Singapore's largest marine fuel suppliers, Ocean Bunkering.
Hin Leong has yet to make an official comment on its situation, and company representatives have not been available for comment.
