Final Dividend Declared for Former Bunker Supplier Inter-Pacific Petroleum
Key Takeaways
- •Preferential claims against Inter-Pacific Petroleum will be paid in full at 100 cents per Singapore dollar, while unsecured claims will receive only 0.21 cents per dollar owed.
- •The dividend payments are scheduled to commence on July 31 and will be distributed via interbank transfer to creditor-nominated bank accounts.
- •Inter-Pacific Petroleum entered compulsory liquidation following the approval of a winding-up order in 2021.
- •The company was formerly licensed as a bunker supplier by the Maritime and Port Authority of Singapore, which regulates marine fuel supply at one of the world's largest bunkering hubs.
- •Singapore has enhanced oversight of its bunkering sector in recent years through measures such as mandatory mass flow meters and periodic supplier licence reviews.
A first and final dividend notice has been issued for admitted preferential and unsecured claims against Inter-Pacific Petroleum, a former Singapore-based marine fuel supplier that is currently in compulsory liquidation.
According to a notice published in Singapore's Government Gazette on Friday, preferential claims will be paid at 100 cents per Singapore dollar, while unsecured claims will receive 0.21 cents per Singapore dollar. The payout for unsecured creditors amounts to a fraction of a cent on each dollar owed, reflecting the recovery priorities in liquidation proceedings where secured debts and statutory preferential claims are settled first.
The dividend is payable from July 31 onwards, with payments to be made by interbank transfer to the bank accounts nominated by the company's creditors.
The latest notice follows an earlier notice of intended dividend issued for the company.
Inter-Pacific Petroleum entered compulsory liquidation after a winding-up order was approved in 2021. The firm was previously licensed as a bunker supplier by the Maritime and Port Authority of Singapore (MPA), which regulates marine fuel supply in the Port of Singapore — one of the world's largest bunkering hubs. Singapore has strengthened oversight of its bunkering sector in recent years, including the mandatory use of mass flow meters for bunker deliveries since 2017 and periodic reviews of supplier licences, as the port continues to handle tens of millions of tonnes of marine fuel annually.