Ocean Tankers has been placed under judicial management, with two executives from Ernst & Young’s Singapore office appointed as interim judicial managers.
The move is seen as a positive step that will allow the Hin Leong Trading-affiliated company’s fleet to resume full trading.
High Court judge Justice Kannan Ramesh granted Ocean Tankers' application on Tuesday, after chief executive Evan Lim said in a court filing that it could continue to operate under judicial management, although Hin Leong’s financial difficulties could have an impact on its business.
