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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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PDZ says bunker claims of more than $850k will have 'minimal' impact

Malaysian owner notes that solicitors believe it has a 'strong arguable case to challenge the arrest'.



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Updated on 14 Feb 2017 11:59 GMT

Malaysia's PDZ Holdings Bhd - the owner of Perkapalan Dai Zhun Sdn Bhd, which operates as PDZ Lines - has responded to a query from Bursa Malaysia Securities Bhd (Bursa Securities) and provided the Malaysian stock exchange with details of the writs issued to the firm in relation to the non-payment of bunker fuel supplied to the vessel PDZ Mewah.

In total, approximately $852,000 (around $743,280, inclusive of interest, plus additional interest of $108,689.74) is being claimed by Dan-Bunkering (Singapore) Pte Ltd and CCK Group's CCK Petroleum Sdn Bhd, CCK Capital Ltd and CCK Petroleum (Labuan) Ltd.

PDZ confirmed on 25th January that the PDZ Mewah had been served with a writ and a warrant of arrest by Dan-Bunkering on 24th January. This was followed on 6th February with the confirmation that CCK Petroleum, CCK Capital and CCK Petroleum (Labuan) had also taken steps to file claims against the Malaysian owner.

In reference to the claims made against the company for the non-payment of bunker fuel, PDZ noted that its solicitors, Mohd Latip & Associates, "are of the view that the company has a strong arguable case to challenge the arrest and setting aside of the claims".

PDZ said on Monday that it expected the financial and operational impact to be "minimal" as it has made arrangements to secure slots from third-party vessels as an interim measure. The expected losses are estimated to be in the range of MYR 90,000 to MYR 100,000 per month as a result of the additional costs arising from purchasing slots from third-party vessels.

The amounts claimed have been provided below.

Dan-Bunkering (Singapore) Pte Ltd
Amount claimed: USD 484,119.00 (approximately MYR 2,152,151.01)
Additional interest: USD 108,689.74 (approximately MYR 483,180.24)

CCK Petroleum Sdn Bhd
Amount claimed: MYR 51,890.61 (approximately USD 11,671)
Additional interest: --

CCK Capital Ltd
Amount claimed: USD 83,661.23 (approximately MYR 371,916.00), inclusive of USD 5,715.42 in interest (approximately MYR 25,407.90)
Additional interest: --

CCK Capital Ltd
Amount claimed: MYR 156,761.65 (approximately USD 35,260), inclusive of MYR 7,250.52 in interest
Additional interest: ---

CCK Petroleum (Labuan) Limited
Amount claimed: USD 128,571.49 (approximately MYR 571,564.56)

Image: The PDZ Mewah






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