Singapore-based fuel trader and tanker operator Coastal Oil’s 2,300-dwt bunker tanker Coastal Mercury (built 2012) was arrested on Tuesday, according High Court of Singapore records.
At the same time, shipping databases indicate that the liquidation of the troubled company’s fleet is proceeding, with two small bunker tankers already sold.
The Coastal Mercury was part of a fleet of six product tankers that Coastal Oil, via subsidiary shipping outfits Coastal Logistics and Heng Tong Fuels & Shipping, placed on the market just before it filed for voluntary liquidation late last year.
In January Singapore’s DBS bank arrested Coastal Oil’s 24,200-dwt products tanker Atalanta (built 2015), together with the 24,000-dwt products tanker Babylon (built 2017) and the 5,500-dwt products tanker Coastal Neptune (built 2014).
The warrant of arrest served on the Coastal Neptune was subsequently lifted. TradeWinds understands that this was done to facilitate a bank-driven sale.
The IHS Ships Register indicates that the ship has been sold to Redwise Maritime Services of the Netherlands. Official ownership was transferred to Redwise earlier this month.
The IHS database also reveals that Coastal Oil’s 4,100-gt bunker tanker Coastal Jupiter (built 2012) was sold to Singaporean bunker tanker operator Hong Lam Marine in February. It is trading for its new owner as the Catalyse.
The sales leave Coastal Oil with four ships, three of which are under arrest.
Coastal Oil’s main business activity was supplying bunker fuel to ships calling at Singapore as well as bunker suppliers operating in South East Asian waters.
Its financial troubles were blamed by market sources on a sharp drop in oil prices that left the company unable to service loans and pay creditors.
