Hanwa's Singapore Unit Missing Bunkers

Monday June 10, 2019

Japan's Hanwa Kogyo Co., Ltd. has warned its Singapore-based subsidiary Hawana Singapore (Private) Ltd is facing late payment for bunkers totalling some US $20 million.

Moreover, the whereabouts of the MGO to which the payments relate is currently unclear.

Hanwa said it bought MGO from two wholesalers in Singapore which were then sent to the United Kingdom to be sold on to fishing vessels through a reseller.

However, when certain payments were not received it became apparent that location of the fuel was not currently known.

Investigations are ongoing, and the firm said it did not yet know if the payments would just be delayed or have to be written off.