Universal terminal, owned by singapores privately held hin leong group and petrochina, operates one of the largest commercial oil storage complexes in asia. The privately owned company told its lenders on friday it was planning to make an application under section 211b of the singapore companies act, according to people with. It also partly owns singapores universal terminal and owns ocean. Singapore oil trader hin leong faces liquidity issues as banks. Designed to store feedstock, naphtha, gasoline, jet fuel, gas oil, fuel oil and base oil, universal terminal is strategically positioned to provide our customers with reliable and efficient onestop services for their storage, blending and distribution needs. Singapore, april 15 reuters singapore oil trader hin leong held a call with banks on tuesday after they failed to provide a letter of credit to the firm to purchase at least one cargo of oil products due to load this month, four sources said. His hin leong trading, a long time fuel supplier to myanmar. Singapore oil trader hin leong meets banks over finances. In addition to a well established network of supply resources and shipping logistic services, the hin leong group. Singapore oil trader hin leong faces liquidity issues as.
Ocean tankers is part of a group of companies which include hin leong, universal terminal, tuas terminal, and ocean bunkering services. Hin leong an established integrated energy group involved in a wide rage of activities including oil trading, lubricant blending and sales, bunker and diesel supply, to storage and logistics support. Manifold times hin leong in debt restructuring exercise. Singaporebased oil trading, storage and shipping company hin leong trading pte. Lim, as the founder is known, built the company from a onemanonetruck oil dealer to a regional powerhouse with assets including vessels, with businesses across oil trading, terminal and storage, bunker supply and.
Thus, hin leong trading is now one of singapores largest independent oil traders. The universal terminal on singapores jurong island is one of the worlds largest petroleum products storage terminals. Lim, is a major trader of oil products, and owns a fleet of more. We will continue to grow existing businesses and diversify within the core competence of each business unit to ensure sound growth in the future. Universal terminal plays vital role in strengthening singapores position as a leading global oil trading and transshipment hub. Universal terminal is a 73tank project on jurong island which will store 2. Back in the second half of 2015, shortly after saudi arabia unleashed the first opec disintegration by flooding the market with oil in hopes of killing us shale so deja vu only back then it took it about two years for it to realize its low production costs are no match for the us junk bond market and when chinas economy briefly collapsed forcing beijing to devalue its currency and. Hin leong started project construction in january 2006 amid strong regional oil demand that has also led other players to expand or embark on new storage capacity here.
Hin leong also partly owns singapores universal terminal and owns ocean bunkering services pte ltd, one of the island states largest marine fuel suppliers. Hin leong looking to sell stake in singapore storage. Macquarie would buy existing shares of universal terminal from singapore oil trader hin leong trading pte, which owns 65 percent of the company, and. Looking forward, the hin leong group aims to follow a policy of controlledgrowth through selective expansion into areas we are proficient at. Lim oon kuin net worth 2020 how much is lim oon kuin worth. Occupying 56ha of land at the southern end of jurong island, singapore, universal terminal offers 2. Update 1singapore oil trader hin leong seeks to postpone debt. Bunkerworld blogs singapore oil trader hin leong faces liquidity. Singapores only independent marine fuels publication focusing on coverage of compelling news about the worlds largest bunkering port and beyond.
Universal terminal did not immediately respond to a reuters email seeking comment. Hin leong trading, the oil trader founded by one of singapores richest. Ocean tankers has not guaranteed the debts of hin leong and intends to carry on its business as usual, says company ceo in a letter. Hin leong trading files for bankruptcy protection finanz. Universal terminal close to capacity tankterminals. Update 1singapore oil trader hin leong meets banks over. Update 2bp aims to double fuel oil storage in singapore. Serious singapore oil trading giant on verge of collapse. The hin leong group also began the operation of the universal terminal in singapore, which has become one of the largest commercial oil. The groups shipping arm, ocean tankers, owns a fleet of more than tankers and is run by son evan. Lim, is a major trader of oil products, and owns a fleet of more than 100 vessels through its ocean tankers arm. Back in the second half of 2015, shortly after saudi arabia unleashed the first opec disintegration by flooding the market with oil in hopes of killing us shale so deja vu.
Reporting by jessica jaganathan and chen aizhu, additional reporting by. The universal terminal, one of the worlds largest and asias biggest independent oil storage facility, consists of 73 tanks, ranging in diameter from. Hin leong trading set to file for bankruptcy protection. Macquarie to acquire minority stake in singapore oil. The terminal is on singapores jurong island, which hin leong coowns with chinas oil giant petrochina. Universal terminal, owned by singapores privately held hin leong group and petrochina, is based on singapores jurong island and describes itself as one of the largest independent oil storage terminals in asia. Oil trader hin leong races to restructure billions in debt financial. The groups bunkering arm, ocean bunkering services pte. Macquarie fund nears purchase of universal terminal stake. Mr lims business empire also includes ocean tankers, which says it has more than 100 ships and is run by his son evan lim, and universal terminal, an oil storage joint venture with petrochina.
Today hin leong is one of singapores largest independent oil traders. Hin leong also partly owns singapores universal terminal, one of asias biggest oil storage terminals. The plight of hin leong, one of asias biggest fuel traders, is being. Singapore oil trader hin leong seeks to postpone debt. Lim also coowns oil storage unit universal terminal with petrochina. Trouble makes port call at singapores giant oil trader. Hin leong universal terminal s in singapore the universal terminal on singapores jurong island is one of the worlds largest petroleum products storage terminals share on social media. Hin leong also partly owns singapores universal terminal and owns ocean bunkering services pte ltd, one of the island states largest. Reporting by jessica jaganathan and chen aizhu, additional reporting by florence tan. Universal terminal, owned by singapores privately held hin leong group and petrochina, is based on singapores jurong island and describes itself as one of the. Beginning operations in 2008, universal terminal reports being one of largest independent petroleum storage terminals in asia pacific, with 2. Singapore oil trading giant on verge of collapse after banks freeze credit lines back in the second half of 2015, shortly after saudi arabia unleashed the first opec disintegration by flooding the market with oil in hopes of killing us shale so deja vu. Hin leong trading files for bankruptcy protection stocks.
Hin leong trading, of singapore, developed an oil storage terminal at banyan logis park in jurong island. It also partly owns singapores universal terminal and owns ocean bunkering services pte ltd, one of the island states largest marine fuel. Ocean tankers, which counts hin leong as a client, has also filed for bankruptcy protection, according to people with knowledge of the situation. A source at another singaporebased trading firm said his company was approached by a bank over the weekend to buy a cargo that the bank was selling on behalf of hin leong. Homegrown oil trader builds one of the worlds largest independent oil terminals singapore, 4th january 2006 singapores homegrown oil trading company hin leong trading pte. The coronavirus pandemic has led to an unprecedented slump in fuel demand and hammered oil prices, making it difficult for trading firms to make a. Obs, bunkering arm of the hin leong group, is widely recognized as leading supplier of quality bunker fuels in singapore, the worlds number one bunkering port. With rapid industrialization continuing to fuel strong demand for oil products, the group sees lubeoil blending as yet another viable business with high growth potential in the emerging asian economies. The distinct advantage of the terminal is its ability to berth 2 fullyladen vlccs simultaneously for cargo operations, resulting in fast turnaround time and cost savings for our customers. Interviewsingapore oil trader lim eyes china home for.
Located on jurong island, universal terminal is one of the largest petroleum storage terminals in asia pacific. Hin leong was established in 1963, and has grown into one of asias largest suppliers of ship fuel, or bunkers. Ip addresses are not logged in this forum so theres no point asking. Singapore oil trading giant on verge of collapse after. Five decades later, hin leong has grown from a onemanonetruck oil dealer to become one of the largest locallyowned independent oil trading companies. Update 1singapore oil trader hin leong seeks to postpone. Share this page share on facebook warning, this link will open a new tab. Its facilities include 78 storage tanks and 15 jetties, offering 2. Three of the players hin leong, shell and glencore as well as petrochina and russian trader gunvor are also tenants at universal, the largest terminal in asia with a 2. Vibro compaction for universal terminal keller asean. Hin leong also partly owns singapores universal terminal and owns ocean bunkering services pte ltd, one of the island states largest marine fuel. Serious hin leong trading singapores largest pte ltd. Singaporebased oil trader hin leong group owns the remaining 65% stake in universal terminal, which operates one of the largest independent petroleumstorage facilities in asia pacific with a capacity of 2.