KPMG has put six tankers belonging to Hin Leong-linked Xihe Group up for sale.
Shipping players said KPMG has been appointed by Standard Chartered Bank as its receiver.
KPGM is looking to sell a handysize chemical tanker delivered in January, two MR tankers and three 13,500-dwt chemical tankers.
The vessels are the 34,800-dwt Ocean Lily (built 2020), the 50,000-dwt Chang Jiang (built 2008) and Dong Jiang (built 2009), as well as the 13,500-dwt Ocean Eel (built 2019) and the same-sized Ocean Bass and Ocean Cod (both built 2018).
The MR tankers are owned by Nan Guang Maritime, a special purpose vehicle (SPV) of Hin Leong’s founder Lim Oon Kuin, while the larger chemical tanker is registered with Xihe Holdings. The three smaller chemical tankers are owned by Nan Jin Maritime, an SPV under Xihe Capital.
The six vessels form part of the Xihe Group, which comprises Xihe Holdings, Xihe Capital and Lim’s 11 special purpose vehicles.
According to VesselsValue estimates, these six tankers have a combined market value of $86.22m.
KPMG was not available for comment at the time of publishing.
The six ships have been offered for sale via private treaty, according to classified advertisements placed in TradeWinds.
All interested parties have until the evening of 18 December to submit their bids, which must include a deposit of $50,000, the advertisements said.
The vessels are being sold on an "as is, where is" basis and are currently anchored off Malaysia, according to KPMG.
All bids will remain valid for a period of three months from the date the bidding closes. The receiver said it reserves the right not to accept the highest or any bid.
Standard Chartered is the fourth bank that has moved to “protect its interests” as the businesses of Lim and his family had come under pressure. The other three banks were Malayan Bank (Maybank), ABN Amro and DBS Bank.
Standard Chartered Bank is one of the 23 banks exposed to Hin Leong Trading’s debts of $3.85bn. The amount it owed was not disclosed.
Market players said there are around 23 of Xihe’s tankers for sale. They range between handysize tankers and VLCCs. The sales of the vessels were put out by Grant Thornton — the court-appointed judicial manager of Hin Leong Trading and creditors of the oil trading company.
The Lim family is also cashing out from some of its fleet. It has sold two 2011-built VLCCs to Eyal Ofer’s Zodiac Maritime and two LR2s to Indonesia’s Buana Lintas Lautan (BULL) for an undisclosed amount.
Zodiac acquired the 318,800-dwt Kun Lun San and Wu Tai San (both built 2011) and renamed the pair as Cobalt Nova and Cyan Nova, respectively.
Kevin Wong-led BULL bought the 108,900-dwt sisterships Thundercat (ex-Ocean Lady) and Thunderbolt (ex-Ocean Odyssey, both built 2008).
Since late July 2020, some 19 ships linked to various Xihe entities have been sold, according to VesselsValue data.
