Singapore-based tanker owner Xihe Group has appointed V.Group as the technical manager of 16 vessels in its tanker fleet.
Xihe, which owns around 140 vessels, is currently in the middle of a consensual restructuring after OCBC Bank filed an application to place the company under judicial management due to alleged fraud at the owner’s affiliate company, Hin Leong Trading.
The vessels are currently anchored off Singapore waters, with more likely to come as Xihe works to have more ships redelivered from Ocean Tankers and Hin Leong Trading, both affiliated companies under judicial management. The 2008-built tanker Ocean Queen is the first vessel to transfer over to V.Group.
Kenny Lim, who was appointed interim CEO as part of the restructuring, said: “This strategic partnership kickstarts Xihe’s engagement of independent, world-class professional companies to provide technical and commercial management for our vessels. Having witnessed the professionalism of the V.Group team in taking over Ocean Queen under their technical management, Xihe is confident that our crew and assets are in capable hands.”
Graham Westgarth, CEO of V.Group, said: “We are proud to support Xihe Group of Companies, and are looking forward to harnessing our scale and expertise to provide a ship management offering which is second to none. By leveraging our operating model, we are confident we can offer the depth and scale to manage Xihe’s fleet safely and efficiently, thus maximising the value of their assets.”