EY execs appointed as interim judicial managers of Ocean Tankers

Two Singapore-based employees of accounting firm EY were appointed interim judicial managers of Ocean Tankers yesterday.

Ocean Tankers, one of the largest tanker companies in Southeast Asia, is owned by the Lim family which also owns Hin Leong Trading, a local oil trader placed under judicial management last month saddled with $3.8bn of debts.

The head of Ocean Tankers, Evan Lim, has written recently to the company’s creditors and counterparties, stressing the shipowner’s determination to keep operating despite the difficulties faced by its parent.

“Ocean Tankers has sought to reassure charterers and other business counterparties that it is a separate entity from Hin Leong Trading (Pte) Ltd (“HLT”) and that it remains committed to continuing its business and performing its contractual obligations,” Lim wrote.

Many names in Singapore’s once mighty offshore community have gone down the judicial management route in recent years, which tends to serve as a long, drawn-out form of debt restructuring.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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