PDZ arrested feeder vessel owes $852,000 in bunker bills

Malaysian domestic line PDZ Holdings has revealed that it owes approximately $851,971.79 in bunker bills to fuel suppliers related to its feeder boxship PDZ Mewah, which has been impounded last month.

The PDZ announcement followed queries issued to the company by the Kuala Lumpur stock exchange.

Dan-Bunkering (Singapore) is owed $592,808.74, CCK Petroleum is owed MYR51,890.61 ($11,671.30), CCK Capital Ltd is owed $118,920.26, and CCK Petroleum (Labuan) Limited is owed $128,571.49.

PDZ pointed out that the financial impact of the arrest of the 698-teu PDZ Mewah is expected to be minimal as the group has made necessary arrangements to secure slots from third party vessels so as to continue serving its customers.

“The expected losses will be in the range of MYR90,000-100,000 ($20,242-22,492) per month, as a result of the additional costs arising from purchasing slots from third party vessels,” PDZ stated.

“Mohd Latip & Associates, being the solicitors of the company, have (…) stated that they are of the view that the company has a strong arguable case to challenge the arrest and setting aside of the claims,” PDZ added.

Posted 15 February 2017

© Copyright 2017 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Lee Hong Liang

Lee Hong Liang
Asia Correspondent, Seatrade Maritime

[WHITEPAPER] The State of the Offshore & Workboat Industry 2017

In the general workboat arena, project spending has been delayed to some extent as governments wrestle with fiscal deficits. But the backdrop could change faster than many expect as firmer oil prices generate confidence and new technologies offer more efficient operation.

Download the whitepaper to discover why some prominent oil company executives and leading analysts are predicting a major turnaround this year... and why the Middle East should take note on Norway's lower than average crude oil breakeven price. 

Download your copy and explore:

  • Executive summary
  • The Big Picture
  • What HSBC thinks
  • Offshore Infrastructure In The Gulf
  • Enhanced Oil Recovery
  • New Drilling Technologies
  • Vessel Design
  • Conclusions

Download: The State of the Offshore & Workboat Industry 2017 whitepaper now.