A couple days ago the Financial Times' Natural Resources editor posted the org chart for Hin Leong:
The terminal in question is over there on the right of the schematic. Macquarie Asia Infrastructure Fund is the 34% owner of what looks to be a very large tank farm and loading facility:The Hin Leong business empire pic.twitter.com/o305B2OghZ— Neil Hume (@humenm) April 21, 2020
The corporate brochure says 2.33 million cubic meter capacity which, our handy calculator tells us, is 14.65 million barrels. Plus room for some big boats.
By comparison Cushing Oklahoma's capacity is only 5 times that (assuming effective capacity is 85% of 'shell' capacity).
And no big boats.
And from Reuters via CNBC:
....MUCH MOREChinese state energy company Sinopec is in early-stage talks with Hin Leong Trading to buy a stake in an oil storage terminal that is partly owned by the Singapore trader, according to three sources with knowledge of the matter.
- Hin Leong Trading owes a total of $3.85 billion to 23 banks and has applied to a Singapore court to delay its debt repayments, according to a Hin Leong presentation to lenders on April 14 contained in the court filing, which was reviewed by Reuters but has not been made public.
- Sinopec, Asia’s largest refiner, was approached by Hin Leong earlier this month to look at investing in the Universal Terminal in Singapore, said one Beijing-based Sinopec official.
- The sale could provide much needed cash for family-owned Hin Leong, one of Asia’s biggest independent traders.
The sale could provide much needed cash for family-owned Hin Leong, one of Asia’s biggest independent traders.
The company owes a total of $3.85 billion to 23 banks and has applied to a Singapore court to delay its debt repayments, according to a Hin Leong presentation to lenders on April 14 contained in the court filing, which was reviewed by Reuters but has not been made public....
Using the brochure's number for the cost of the terminal, $750 million the book value, pre-depreciation, represented by Hin Leong's 41% interest is $307 million. Whether the operations are kicking out any cash-flow is a mystery to me but we do know it was the trading arm that suffered the big losses.
