World News
One Third of Hin Leong-Linked Fleet Has Now Been Sold
About a third of the fleet controlled by Hin Leong Trading founder OK Lim's family has now been sold off after the financial and legal troubles that engulfed the firm last year.
Of the roughly 150 ships controlled by the Lim family, about a third has now been sold off to repay Hin Leong's creditors, news agency Reuters reported on Monday, citing sources familiar with the situation.
The ships owned by Hin Leong sister company Xihe Holdings have been sold for $2-3 million each for coastal barges and around $30 million each for VLCCs, Reuters cited the sources as saying.
The remainder of the fleet is expected to be sold by late 2021. Most of the ships are currently idled in the South China Sea, Reuters said.
Some of the fleet is currently tied up in legal proceedings that are holding up vessel sales.
The LR tanker the Ocean Pegasus was arrested in Singapore last week. The ship was owned by Xihe, but was listed as being for sale in September and it remains unclear who the current owners are.
Legal cases against OK Lim and his family over alleged fraud at his company are still progressing through the courts.
The company's marine fuels unit, Ocean Bunkering, is being wound up. The firm was listed in recent years as one of Singapore's largest bunker suppliers by volume.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 567.50 | 3.50 | 700.00 | 14.50 |
| Rotterdam | 512.50 | 4.00 | 695.00 | 17.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 562.50 | 2.50 | 755.00 | 0.00 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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