Report: Seven Xihe Holdings Tankers Up for Sale

The manager of Singaporean ship ping team Xihe Holdings Pte Ltd has actually placed 7 oil vessels managed by the business up for sale as component of initiatives to recover funds owed to lenders, 3 resources stated on Wednesday.

Xihe Holdings belongs to the Lim household company realm, which additionally consists of oil investor Hin Leong Trading as well as fleet supervisor Ocean Tankers (Pte) Ltd, both of which were put under court-appointed managers previously this year.

The sale consists of 3 petroleum supertankers as well as is anticipated to obtain completely underway in the coming days, the resources stated.

The ship s were valued at an overall of simply over $196 million, according to vessel valuer TonnEdge on Eikon.

Clarksons Platou as well as Arrow Ship broking Group have actually been assigned by the manager to serve as the joint brokers for the advertising as well as sales of the vessels, they stated.

Grant Thornton, acting judicial supervisors of Xihe Holdings, did not instantly reply to telephone calls as well as an e-mail asking for remark. Clarksons decreased to comment, while Arrow did not instantly reply to an ask for remark.

Related: Singapore Court Appoints Supervisor for Xihe Holdings

The Lim household as well as their legal representatives did not instantly reply to an e-mail asking for remark.

AlixPartners, which is working as advisor to Grant Thornton, decreased to comment.

The 7 vessels belong to 136 ship s that Xihe Group possesses, which vary from seaside barges to large unrefined service providers (VLCCs).

Lim Oon Kuin, additionally referred to as O.K. Lim, with his boy Evan Lim Chee Meng as well as little girl Lim Huey Ching, very own 77 firms under the Xihe Group, which is composed primarily of Xihe Holdings as well as Xihe Capital.

The mass of Lim’s fleet is idled in the South China Sea, off the eastern of peninsularMalaysia At the very least 6 of the vessels have freights that are the topic of contending lawful cases from numerous celebrations.

Hin Leong is looking for to reorganize billions of bucks of financial obligation after the oil rate collision disclosed a large, years-long scams at the once-fabled trading residence.

An initial record prepared by PricewaterhouseCoopers Advisory Services Pte, a different court-appointed manager, stated Hin Leong had no future as an independent business after it “grossly overstated” the worth of its possessions by at the very least $3 billion.

(Reporting by Jonathan Saul in London, Roslan Khasawneh, Florence Tan as well as Aizhu Chen in Singapore; Editing by Louise Heavens, David Evans as well as Mark Potter)