Greater ChinaTankers

Yuhua Energy hit by bank debt claim

Xiamen-based product oil trader and tanker operator Yuhua Energy has received an enforcement order from Xiamen Intermediate People’s Court due to a loan dispute with Huaxia Bank.

The court has ruled to freeze RMB30.35m ($4.3m) worth of assets of Yuhua Energy Holdings Group and its subsidiaries, Xiamen Oceanstar Shipping and Fujian Yuhua Petrochemical, as well as the company’s chairman Lin Caihuo and his wife Lin Aihua.

Additionally, the court ordered to seize property mortgaged by Lin and Xiamen Oceanstar Shipping for auction.

Yuhua Energy said it is now liaising with the bank to discuss an appropriate arrangement. In the meantime, the company is assessing the status of other indebtedness of the group.

Yuhua Energy is involved in the businesses of petrochemical trading, storage,  transpiration, and bunkering. The company currently owns a fleet of seven small tankers.

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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