Singapura Finance has foreclosed on a small bunker tanker operated by Universal Energy, which was one of Singapore’s largest bunker suppliers until it was barred from trading in August.
The 4,000-dwt tanker UE Star (built 2014) was seized this week after the local finance house filed a SGD 5.9m ($4.4m) mortgage claim against the ship, claiming the registered owner, UE Tankers, had breached its mortgage covenants.
