Asia/Pacific News
Tanker Owner Xihe Group Appoints Technical Manager for 16 Ships Amid Restructuring
Singapore-based tanker owner Xihe Group, which announced a 'consensual restructuring' with its lenders last month as it attempts to move on from its links with troubled oil trader Hin Leong, has appointed a technical manager for 16 of its tankers.
Ship management services provider V Group will act as technical manager for 16 of its modern tankers, the company said in an emailed statement.
The vessels are currently anchored off Singapore, and will be transferred to V Group over the coming weeks, the company said.
"We are proud to support Xihe Group of Companies, and are looking forward to harnessing our scale and expertise to provide a ship management offering which is second to none," Graham Westgarth, CEO of V Group, said in the statement.
"By leveraging our operating model, we are confident we can offer the depth and scale to manage Xihe's fleet safely and efficiently, thus maximising the value of their assets."
Xihe was previously linked with Hin Leong, and Xihe's lenders had attempted to take control of it away from Hin Leong's owners before a restructuring agreement was announced at the end of July.
Hin Leong founder Lim Oon Kuin and his children are no longer part of the management team at Xihe.
