Hin Leong's Ocean Tankers granted interim JM

Court documents show Ocean Tankers is exposed to potential claims estimated at US$2.07b involving bills of lading it had issued in relation to HLT's trades

Anita Gabriel

Published Tue, May 12, 2020 · 09:50 PM

Hin Leong

Singapore

FOLLOWING in the footsteps of its troubled sister company Hin Leong Trading (HLT), Ocean Tankers Pte Ltd - Singapore's largest tanker operator - was granted interim judicial management (IJM) by the High Court on Tuesday.

The Business Times understands the court has appointed Ernst & Young's Angela Ee and Purandar Rao as the interim judicial managers for the shipping giant.

Based on court documents, Ocean Tankers is exposed to potential claims estimated at a staggering US$2.07 billion involving bills of lading (BOL) that it had issued in relation to HLT's trades after the cargoes on board the vessels were sold when the oil trader hit troubled waters.

Sources said there were just over 35 "interested parties" - mostly creditors - present at Tuesday's virtual hearing that lasted about three hours and was heard be…