Under pressure Hin Leong Trading holds urgent negotiations with its banks

Singapore oil trading giant Hin Leong Trading has appointed local law firm Rajah & Tann as well as consultancy PwC to handle a liquidity crisis.

Hin Leong is one of Singapore’s largest bunkering names and has a sizeable tanker fleet.

The company has had letters of credit frozen by a number of banks and is now in negotiations with more than 20 banks to keep operations moving normally despite mounting debts.

Splash understands Hin Leong, established by billionaire OK Lim in 1963, was stuck with a large amount of physical oil it had purchased just before the price of oil nosedived earlier this year.

Officials from Hin Leong Trading and Rajah & Tann have yet to reply to questions sent by Splash last week.

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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