Singapore. Image Credit: Ship & Bunker
The number of licensed bunker suppliers in Singapore has dropped to 46 following the official exit of Inter-Pacific Petroleum Pte Ltd, with the Maritime and Port Authority of Singapore (MPA) saying it has revoked the firm’s bunker supplier licence effective today.
In practice, Inter-Pacific has faced operational difficulties for several months, having had its bunker craft operator licence suspended in June and ultimately cancelled in October due to bunkering malpractices.
Inter-Pacific Group (IPG) began a debt restructuring process in September.
“Inter-Pacific had filed for judicial management at the High Court of the Republic of Singapore and a judicial manager has since been appointed. With the appointment of the judicial manager, Inter-Pacific has failed to meet the terms and conditions of the Bunker Supplier Licence, leading to the revocation of the Licence,” MPA said in a statement today.
As part of the wider fallout of the firm’s demise, Societe Generale (SocGen) is understood to have lost more than $96 million it had provided the supplier in trade financing.