Ocean Tankers opts for judicial management

The Singapore Ocean Tankers, part of Hin Leong Trading’s debt, have applied for relief today.

The company is one of the largest oil tanker firms in Southeast Asia with a diverse fleet of more than 130 ships.

Hin Leong, one of Asia’s top oil traders, was placed under judicial administration last month, owing 23 banks a total of $ 3.8 billion, which also covered losses of $ 800 million over several years.

Ocean Tankers chief Evan Lim has written to the company’s creditors and counterparts, highlighting the ship owner’s determination to continue operating despite the difficulties facing its parent.

“Ocean Tankers has sought to reassure charterers and other commercial counterparties that it is a separate entity from Hin Leong Trading (Pte) Ltd (” HLT “) and that it remains committed to continuing its business and meeting its contractual obligations,” he wrote. Lim.

Many names in Singapore’s powerful offshore community have followed the judicial management route in recent years, which tends to serve as a long and protracted form of debt restructuring.