April 23, 2020 / 9:57 AM / a month ago

Singapore traders ZenRock, Winson reassure shareholders amid oil turmoil

SINGAPORE (Reuters) - Singapore-based oil traders ZenRock Commodities Trading Pte Ltd and Winson Group issued statements to clients on Thursday to reassure stakeholders that their companies are not under financial duress after global oil and fuel prices slumped.

ZenRock and Winson have no open account sales or receivables with Hin Leong or any of its associated companies, they said in the statements seen by Reuters.

Hin Leong Trading Pte Ltd, one of Asia’s largest oil traders, has revealed hundreds of millions of dollars of losses.

ZenRock said it is working through adverse conditions created by slumping oil demand and the coronavirus outbreak.

It is not “under statutory restructuring/insolvency protection”, ZenRosk said in its statement.

“Rumours of ZenRock filing for Section 211B protection ...(are) categorically untrue,” ZenRock said in an emailed response to Reuters.

ZenRock trades crude, oil products and petrochemicals and has offices in Singapore, Shanghai and Geneva.

Winson Group said in its statement “We hereby declare and confirm that out financial position remains healthy and liquid.”

Winson, which trades petroleum fuel and operates a fleet of tankers, did not respond to an emailed request for immediate comment and calls to its office were not answered.

Reporting by Roslan Khasawneh, Seng Li Peng and Shu Zhang; Editing by Florence Tan

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