Trafigura and Gunvor take control of Hin Leong fuel oil storage leases

Trading firms Trafigura and Gunvor have taken over the fuel oil storage leases previously controlled by local firm Hin Leong at Singapore’s Universal Terminal, reports S&P Global Platts.

The reassignment of the capacity comes after Hin Leong applied for court protection earlier this year.

Sources told S&P Global Platts that Hin Leong controlled about 240,000 cu m of capacity at Universal Terminal for fuel oil and now Trafigura has taken 140,000 cu m of the capacity, while the remaining 100,000 cu m was taken by Gunvor.

As a result, Trafigura has increased its storage capacity at Universal Terminal to a total 220,000 cu m and Gunvor to 240,000 cm in the third quarter.

Hin Leong sought court protection in April due to severe financial difficulties and the company’s parent group Xihe Holdings, owned by Hin Leong founder Lim Oon Kuin and his son, was also placed under interim judicial managers at the request of major creditor OCBC this month.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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