The group is also considering another option - that of raising around US$200 million to get some breathing room for the short run, said the source.Last week, Bloomberg reported that at least two lenders had frozen new letters of credit - the all-important financial backstop for commodity traders - to Hin Leong Trading, the group's trading arm, amid talk of its mounting financial trouble.
However, BT's search turned up a"general charge of receivables and contract rights" on the company lodged by Societe Generale with ACRA on Tuesday. March was a cruel month for the commodity on the back of the Covid-19 pandemic, which has dried up demand for oil; there has also been a price war between oil majors Saudi Arabia and Russia.
Simon Neo, a veteran in Singapore's bunkering industry and a former regional manager for Asia at the International Bunker Industry Association , said:"Many companies will be caught in some sort of financial situation. Big players caught holding too much unsold stock will be in trouble. It's a numbers game right now."
Mr Lim's empire includes Ocean Bunkering Services, which was the city state's third-largest marine fuel supplier by volume last year. It was in the top spot in 2018, going by data from the Maritime and Port Authority of Singapore . The group also owns Ocean Tankers, one of the biggest tanker owners in the world with more than 100 oil tankers of varying sizes, including 14 very large crude carriers . Having expanded and bought many of these VLCCs in the boom years to fuel growth, the group may be paying a steep price for that now, with tanker rates having barely recovered since the 2014-2016 slump, say market watchers.
Source: News Formal (newsformal.com)
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