PRINCESS VANYA

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Latest news

Tankers to be impounded

The India-based ICICI Bank on April 21, 2020, seeking to impound two vessels operated by Ocean Tankers (Pte) Ltd, a unit of Singapore oil-trading company Hin Leong Trading Pte Ltd (HLT), the 'Wu Yi San' and 'Chang Bai San' (IMO: 9534042), carrying cargoes financed by ICICI. The bank had about $100m exposure to HLT. A court filing has claimed that HLT’s founder and director had directed his firm not to disclose hundreds of millions of dollars in losses over several years. Shares of ICICI Bank fell about 4% after Reuters reported ICICI’s exposure to HLT. Earlier this month some lenders pulled credit lines from Hin Leong amid concerns over its ability to finance its debts. It was reported to owe almost $4bn to more than 20 banks, including HSBC Holdings Plc. ABN Amro Bank NV and Société Générale SA have filed separate applications for charges with the Accounting and Corporate Regulatory Authority related to Hin Leong cargoes and receivables. The Hin Leong Ltd. hid about $800m in losses racked up in futures trading, on the orders of its founder Lim Oon Kuin, suggesting a much bigger hole in the company’s finances than thought. Lim Oon Kuin, known to many as OK Lim, has resigned from all executive roles in Hin Leong, the Xihe Group and related companies as of April 17 according to affidavits. He will also step down as director and managing director of Ocean Tankers.

Tanker involved in S. Korea oil spill offloads oil

A tanker run by Singapore's Ocean Tankers completed the offloading of 278,000 tonnes of oil in the sea off South Korea over 15 days after the vessel had collided with a pipeline as it prepared to berth, causing an oil spill. The pipeline run by GS Caltex Corp leaked oil at a quay off Yeosu, more than 300 km (185 miles) south of Seoul. The spill was estimated at 164,000 litres from the pipeline only, not from the tanker. South Korea's ministry of Oceans and Fisheries said on Monday, Feb. 17, 2014 the 318,445 deadweight tonne VLCC (very large crude carrier) Wu Yi San, carrying North Sea crude, had offloaded 140,000 tonnes on Thursday and the rest on Sunday. Local media said the Wu Yi San, which was chartered to Shell , will be repaired and that it had transferred the crude to another ship, from where it was offloaded to a tank nearby. The GS Caltex refinery in Yeosu, which has a capacity of 775,000 barrels per day (bpd), cut runs by 170,000 bpd for over five days after the spill and has since increased the rate back to 710,000 to 720,000 bpd.

Oil spill clean up after pipeline cracked in allision

Teams of workers, aided by ships and aircraft, on Feb 3 completed the sea cleanup of 164,000 litres of oil that leaked oout of a pipeline run by GS Caltex Corp. An oil boom to control the spillage would be expanded to a diameter of 9.5 km from 5 km, and 201 vessels and five planes would work on the clean up. A cleanup of shore areas was expected to take up to two weeks. The crack and subsequent leak occurred on Jan 31 at a quay off Yeosu south of Seoul, while the "Wu Yi San" was preparing to berth and offload crude. Oil remaining in the pipeline leaked, crude oil, naphtha and other oil compounds leaked from three cracked pipelines at the quay. No oil spilled from the tanker, which did not hit refinery production at GS Caltex. The tanker was suspected of having approached the quay at a higher than recommended speed, but the exact cause of the accident was under investigation. The vessel was under the control of two port pilots and assisted by five harbour tugs when it struck the shore jetty and pipeline. Surveyors from ship safety classification society ABS and the ship's insurer, the North of England P&I Association, were helping the investigation and assessing damage to the ship. The foreship sustained minor damage, but the vessel was safely anchored. Talks would take place with the oil major about unloading options. The tanker needed to go through safety tests before unloading the crude and unloading might be done through a jetty nearby or ship-to-ship.