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ICBC Financial Leasing applies to wind up EMAS Offshore subsidiary

ICBC Financial Leasing applies to wind up EMAS Offshore subsidiary

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Singapore offshore vessel operator EMAS Offshore has announced that Hai Jiang 1401, a special purpose vehicle controlled by China’s ICBC Financial Leasing, has filed an application with the High Court of Singapore to wind up the company’s subsidiary Lewek Champion Shipping.

The application comes after ICBC Financial Leasing terminated the bareboat contract for a piplelay vessel Lewek Champion in March after EMAS Offshore defaulted on a payment of $1.58m. Ezra Holdings, the parent company of EMAS Offshore and guarantor for the charter, filed for chapter 11 protection in the US in March.

In April, ICBC said it would apply to wind up the EMAS Offshore subsidiary if it didn’t received a payment from EMAS Offshore within 21 days.

Currently EMAS Offshore is seeking legal advice and assessing the impact of the winding up application against the group.

The winding up application has been fixed for hearing on May 26.

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Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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