A new management team has been put in place to chart a fresh course for Singapore-based tanker shipowner Xihe Group of Companies (“Xihe”) which owns almost 140 vessels covering every segment of the fuel transportation market.Xihe is currently working with its ship financing banks (“Lenders”) on a consensual restructuring of the Group.
Xihe has recently hired a highly qualified management team with close to 100 years of collective shore and sea-based experience to drive itscorporate finance, marketing, chartering, sale of vessels and fleet management. The key personnel include:
– Interim CEO Mr. Kenny Lim
– Commercial Director Mr. Desmond Chong
– Sales & Purchase Director Mr. Michael Tan
– Vice President (Fleet Management) Capt. Zhang Yujie
Mr. Lim OonKuin and his childrenare no longer part of the management team. A new board of directors– consisting of a majority of non-executive independent directors – is also being finalised as part of the consensual restructuring with Xihe’s Lenders.
Xihe’s Future – A Revamped Business Model
The new team has made significant strides in managing Xihe’s businesses in a short span of two months, despite disruptions brought about by Ocean Tankers Pte Ltd (“OTPL”) – its main bareboat charterer – being placed under interim judicial management (“IJM”) in May 2020, amongst other things. With the assistance and guidance of its legal and financial advisors, the team is taking steps towards achieving consensual restructuring and revamping of the Xihe Group of companies.
Firstly, a number of bareboat charter contracts which Xihe had entered into with OTPL and Hin Leong Trading Pte Ltd (“HLTPL”) have been terminated. Xihe is actively working with the interim judicial managers of OPTL and HLTPL to seek redelivery of those vessels, a majority of which have yet to be redelivered. There is a market for chartering out these vessels and Xihe is actively pursuing opportunities tore-deploy them…
View entirety: Xinde Marine News