Hin Leong Trading finances questioned

The Singapore bunkering community is abuzz with speculation that one of the republic’s biggest names has hit severe financial difficulties.

Bloomberg is reporting that a number of lenders have stopped issuing new letters of credit to Hin Leong Trading, a privately held company founded in 1963 by one of Singapore’s richest men, Lim Oon Kuin. The financial newswire said Hin Leong had been hit hard by the dramatic drop in oil prices seen this year.

Lim’s diverse assets include 130 vessels, with businesses across oil trading, terminal and storage, bunker supply and lubricants manufacturing. Lim’s shipping arm is called Ocean Tankers. One of Hin Leong’s subsdiaries was the largest bunker supplier in Singapore in 2018 and ranked third in the local bunker rankings last year.

Hin Leong Trading officials have yet to reply to questions sent by Splash earlier.

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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