Xihe product tankers arrested in Singapore
Liquidation of Xihe holdings proceeding apace
The Bank of America’s Singapore branch has arrested two small product tankers belonging to Xihe Holdings, part of the troubled Lim business empire. The Ocean Goby and Ocean Manta both 2017-built and 12,000-dwt were detained in Singapore.
The sister vessels are valued by VesselValues at $12m each. The seizures are likely to be the initial steps to towards judicial sales of the Xihe’s fleet under the company’s court supervised liquidation process.
Shipbrokers have reported the sale of another of Xihe’s VLCCs, the 318,400-dwt crude carrier Chang Bai San for $41.5m, which will leave the company with only three other VLCCs.
