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RPT-UPDATE 3-Seven Xihe Holdings tankers put up for sale to help pay creditors - sources

 (Repeats story with no changes to text)
    * Clarksons, Arrow to market and sell 7 Xihe tankers - sources
    * Tankers for sale include 3 VLCCs

    By Roslan Khasawneh, Chen Aizhu and Jonathan Saul
    SINGAPORE/LONDON, Sept 16 (Reuters) - The supervisor of Singaporean shipping
group Xihe Holdings Pte Ltd has put seven oil tankers controlled by the company
up for sale as part of efforts to recoup funds owed to creditors, three sources
said on Wednesday.
    Xihe Holdings is part of the Lim family business empire, which also includes
oil trader Hin Leong Trading and fleet manager Ocean Tankers (Pte) Ltd, both of
which were placed under court-appointed supervisors earlier this year.

    The sale includes three crude oil supertankers and is expected to get fully
underway in the coming days, the sources said.    
    The ships were valued at a total of just over $196 million, according to
vessel valuer TonnEdge on Eikon. 
    Clarksons Platou and Arrow Shipbroking Group have been appointed by the
supervisor to act as the joint brokers for the marketing and sales of the
vessels, they said.
    Grant Thornton, interim judicial managers of Xihe Holdings, did not
immediately respond to calls and an email requesting comment. Clarksons declined
to comment, while Arrow did not immediately respond to a request for comment.
The Lim family and their lawyers did not immediately respond to an email
requesting comment.
    AlixPartners, which is acting as adviser to Grant Thornton, declined to
comment.
    The seven tankers are part of 136 ships that Xihe Group owns, which range
from coastal barges to very large crude carriers (VLCCs).
    Lim Oon Kuin, also known as O.K. Lim, with his son Evan Lim Chee Meng and
daughter Lim Huey Ching, own 77 companies under the Xihe Group, which consists
mainly of Xihe Holdings and Xihe Capital.
    The bulk of Lim's fleet is idled in the South China Sea, off the east of
peninsular Malaysia. At least six of the tankers have cargoes that are the
subject of competing legal claims from multiple parties.

    Hin Leong is seeking to restructure billions of dollars of debt after the
oil price crash revealed a massive, years-long fraud at the once fabled trading
house.
    A preliminary report prepared by PricewaterhouseCoopers Advisory Services
Pte, a separate court-appointed supervisor, said Hin Leong had no future as an
independent company after it "grossly overstated" the value of its assets by at
least $3 billion.
        
    Vessels for sale
 Company                        Vessel Name     Vessel    Year
                                                Type      built
 NAN YA MARITIME (PTE) LTD      PU TUO SAN      VLCC      2011
 HUA KANG SHIPPING PTE LTD      TAI SAN         VLCC      2009
 HUA XIN SHIPPING PTE LTD       TAI HUNG SAN    VLCC      2010
 DONG FANG SHIPPING & TRADING   OCEAN PEGASUS   LR2       2009
 (PTE) LTD                                                
 XIN YA SHIPPING & TRADING      OCEAN TRADER    LR2       2008
 (PTE) LTD                                                
 XIN SHENG SHIPPING (PTE) LTD   OCEAN VICTORY   MR1       2002
 NAN HAI MARITIME (PTE) LTD     BEI JIANG       MR2       2009
 
 (Reporting by Jonathan Saul in London, Roslan Khasawneh, Florence Tan and Aizhu
Chen in Singapore; Editing by Louise Heavens, David Evans and Mark Potter)
  
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