主题：【新闻】炒油炒到MARGIN CALL，中国航空石油（新加坡〕申请破产 -- 西风陶陶
China Aviation Seeks Court Protection After $550 Mln Oil Loss
Dec. 1 (Bloomberg) -- China Aviation Oil (Singapore) Corp., supplier of a third of China's jet fuel, will ask Singapore's High Court for protection from creditors after losing about $550 million from bad bets on oil prices.
The company suspended its chief executive and said it is negotiating a rescue by its Chinese parent company and Temasek Holdings Pte, Singapore's state investment agency, according to a statement submitted to the Singapore stock exchange yesterday. The parent company, China Aviation Oil Holding Co. in Beijing, and Temasek may each invest $50 million, the statement said.
The trading loss is close to China Aviation's market value of $570 million after a 49 percent slump in the stock since its all-time high on March 23. China Aviation, listed on the exchange in 2001, expanded into oil terminals and distribution and wanted to invest in a Singapore oil refinery.
``Their core business is in jet fuel trading, and they shouldn't have gone into other businesses,'' said Ong Eng Tong, a Singapore-based independent fuel consultant. ``Obviously, they went out of control.''
The company's shares soared as much as sevenfold after an initial share sale in late 2001 as it announced plans to refine, store and trade oil in Singapore, the Middle East and Europe. Singapore is Asia's biggest oil trading center, where about $100 billion worth of fuels are traded a year.
China Aviation said Nov. 16 that it would end most trading of oil and fuel derivatives because of losses. The company's stock fell 23 percent last week as a plan to buy a 20.6 percent stake in refiner Singapore Petroleum Co. was blocked by its parent company, which owns about 60 percent of the Singapore- traded shares.
Trading Halt
The shares closed at 96.5 Singapore cents on Nov. 26, before trading was halted two days ago on the Singapore Exchange pending an announcement. The suspension will continue until further notice, the company said.
The loss shows the risks that energy and commodity companies face when they start trading to insulate themselves from swings in prices for products ranging from oil to metals. Sumitomo Corp. lost $2.6 billion in 1996 in the copper market, while Metallgesellschaft AG lost more than $1.5 billion in oil trades in 1993.
Chief Executive Chen Jiulin has been suspended while the company conducts an investigation, to be led by board member Gu Yanfei. A loan of $100 million from the parent company, China Aviation Oil Holding Co., was inadequate to meet margin calls, cash needed to maintain a position in the market, the company said. Derivatives are contracts whose value is tied to another security, such as a stock, bond or commodity.
Margin Calls
``In October 2004, as the prices of crude oil were at an all time high at above US$55 per barrel, the company faced significant margin calls on its open positions and did not have the resources to satisfy the margin calls,'' the company said in the statement.
The company will propose a plan to creditors to pay debts and will ask the High Court of Singapore to fix a date to meet with creditors, the statement said.
The announcement revealing the size of the trading loss followed a series of statements and reports showing the company's strategies unraveling.
China Aviation pulled out of a joint venture with a unit of Emirates National Oil Co. to build a $135 million oil terminal in Singapore, said an official from the Emirates National unit.
China Aviation announced the planned joint venture in March and said it may buy as much as 20 percent of Horizon Terminals Ltd., Emirates National's fuel-storage unit, to help secure supplies from the Middle East.
Withdrew
China Aviation withdrew from the project in early November, and Horizon is talking to other investors, Yusr Sultan, Horizon's chief executive officer said in a telephone interview.
``The project is going ahead as planned,'' he said.
The proposed terminal in Jurong Island in western Singapore would be for the storage of crude oil, fuels and edible oil.
Fortune Oil Plc said it's in talks with China Aviation and its parent company to establish whether the recent drop in the shares will affect China Aviation's purchase of a 24.5 percent stake in Fortune's China unit.
U.K.-based Fortune Oil said in a stock exchange announcement today it told China Aviation and its parent about concerns over recent movements in the unit's share price and delays in getting approvals to buy Fortune Oil's stake in South China Bluesky Aviation Oil Co.
To contact the reporter on this story:
Nesa Subrahmaniyan in Singapore at [email protected].
To contact the editor for this story:
Robert Dieterich at [email protected].
Last Updated: November 30, 2004 14:35 EST
Maybe they really should ask former Enron top executives for some advices!
They won't loss that much if they really did so. I would clearly tell them:
Don't be too aggressive and always cover your ass up no matter what.
There just are too many ways to hedge the price risk. Well, hope they learned a lesson this time.
股东大会表决对新加坡石油的收购，公司似乎志在必得，结果竟然被大股东母公司否决，当时市场人士均大呼意外，想不通为什么穿一条裤子的自己人否决自己人。不几天就出了这个消息，原来症结在这儿呢。它的CEO是很能干的一个人，只能说，上得山多终遇虎。唉，可惜！
有个点头之交，偶然在饭桌上闲聊过前阵子油价狂涨的问题(以前酋长在这里讨论油价的时候。和尚跟过一贴说一个航油商的观点，就是指他)，感觉上他对航油期货相当内行，好象公司内有专门的期货部门。做亏了也不一定就外行，栽在期货的内行也多了去了，所以说上得山多终遇虎。中航油还在新加坡建自己的大码头呢，这里的一些政府机构都捧着他。
http://www.cchere.com/article/246828
看来他是做空的，对手是老SOROS；撞在大选年了，有些非纯粹经济的因素遗漏了吧。正如和尚兄所说，上得山多终遇虎。
切实做实业的人栽在投机上，也是可惜得狠。
你前脚回，可能轮到俺后脚走乐。
烧到手了。陈久霖昨天回北京了，新加坡交易所正在招他回来调查呢。
一、每个人都在买房，亲戚、朋友、同学、老同事等等。有钱的买大房、好房、新房，没钱的买二手房。反正谁也不落下。国际热钱买房地产的也不少，人民币升值房产也水涨船高；人民币不升值，通货膨胀上来房产也不会跌，真是两全其美。
二、人人都在创业，或者至少做着发财的梦，要是没有个多赚钱的计划就让人瞧不起。在北京，哥们讲了个笑话：这电讯增值业务火得不行，手机下载咱赵老师和饶大姐的段子1角人民币1次，怎么着，恁是卖了500万（5000万次下载）。手机拨通后，你听到的是首歌，一星期换一次也不希奇。还有公司2000万包下周杰伦，所有新歌手机上全能听到。至于信息产业部或是这几大电讯公司的人，发得就更不用说了。
三、两极分化更为严重。我是天天“朱门酒肉臭”，广州中山纪念堂边上的省政府却天天有工人静坐要饭吃。
四、深圳人人都谈市委副书记女儿“妞妞”的故事，北京则是证监会的“王小石”，上海人说起从上海出去的某位国家领导人也摇头。全国上下都在搞共产党员的“保先”活动 - 保持先进。
五、香港气氛不错，楼市、股市涨声一片；中午吃饭都要预定，商场也是人满为患。IMF的人在香港转了一圈，回来的报告好话也不少。
六、总之，全国上下形式一片大好，但隐患也不少。回到美国倒象是回了第三世界。
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怎么看？
中航油的内部风险控制也应该有好几道安全阀，怎么就能赔这么多呢？
利益分配机制肯定是有问题的：赔了管理层拍屁股走人，赚了他们利润分成。能不出事吗？
当年英国霸林银行应该也有风险控制机制呀，百年老店竟栽在一个小交易员手里！事情现在还在调查当中，中航油早晚总得向交易所发通告作个交待，看它会怎么说。
想当初陈久霖侃石油期货的时候，满面春风，也就近在三个月前的事情。唉，人们哪，我爱你们，你们可要警惕啊！