Thu 13 Nov 2014 16:23

The OW Bunker claims list: $21.5m, 9 claims and counting


Seven companies are said to have made nine claims in Singapore's courts over the last few days - $10.7 million against OW Bunker Far East and $10.8 million against Dynamic Oil Trading.

Seven plaintiffs have so far made nine claims in Singapore's courts against bankrupt marine fuel supplier OW Bunker and its subsidiaries, bringing the total amount sought by the seven companies to $21,528,920.05, Platts reports.

According to court documents seen by Platts, the following claims (below) have been made so far against O.W. Bunker Far East (Singapore) Pte. Ltd. and Dynamic Oil Trading (Singapore) Pte. Ltd.:


Company Claim Amount Reason/Product(s) Unpaid Filing Date Claim Against
Hin Leong $1,297,672.01 'Sale of goods' 8 Nov OW Bunker Far East
Equatorial Marine Fuel Management Services $781,569.09 380 cSt 11 Nov OW Bunker Far East
Bunker House Petroleum $4,064,175.06 380 cSt Unconfirmed OW Bunker Far East
Golden Island Diesel Oil Trading $1,272,855.03 380 cSt 11 Nov OW Bunker Far East
Sirius Marine $1,834,569.70 MGO 12 Nov OW Bunker Far East
Mitsui & Co Energy Trading Singapore $9,996,494.69 'Sale and purchase agreement for fuel oil' 12 Nov Dynamic Oil Trading
Panoil Petroleum $587,806.65 'Outstanding amount due and payable' 12 Nov Dynamic Oil Trading
Golden Island Diesel Oil Trading $1,470,994.80 380 cSt 13 Nov OW Bunker Far East
Golden Island Diesel Oil Trading $222,783.02 380 cSt 13 Nov Dynamic Oil Trading


The company claiming the largest sum so far is Mitsui & Co Energy Trading Singapore at $9,996,494.69 for the 'sale and purchase agreement for fuel oil', says Platts, whilst Golden Island Diesel Oil Trading is said to have made the most individual claims (3), having made separate filings for $1,272,855.03 on Tuesday and $1,470,994.80 on Thursday against O.W. Bunker Far East, and one additional filing for $222,783.02 on Thursday against Dynamic Oil Trading. All three claims were said to be for unpaid 380 centistoke (cSt) bunker fuel.

So far, the total claims against OW Bunker Far East amount to $10,721,835.69 and the filings made against Dynamic Oil Trading are slightly higher, at $10,807,084.36.

OW Bunker filed for bankruptcy on Friday, November 7 and was subsequently issued with a bankruptcy order on the same day.

Two days earlier, the company announced losses of at least $275 million stemming from a mark to market loss of "around USD 150 million" and a "potential loss of around USD 125 million" from an alleged fraud that the firm said it had been informed about on the same day.
Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.
Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.
Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.
Stanley George, VPS Group Technical and Science Manager, VPS. How to engineer and manage green shipping fuels | Stanley George, VPS  

Effective management strategies and insights for evolving fuel use.
Sweden flag with water in background. Swedish government bans scrubber wastewater discharges  

Discharges from open-loop scrubbers to be prohibited in Swedish waters from July 2025.
The ME-LGIA test engine at MAN's Research Centre Copenhagen. MAN Energy Solutions achieves 100% load milestone for ammonia engine  

Latest tests validate fuel injection system throughout the entire load curve.
Terminal Aquaviário de Rio Grande (TERIG), operated by Transpetro. Petrobras secures ISCC EU RED certification for B24 biofuel blend at Rio Grande  

Blend consisting of 24% FAME is said to have been rigorously tested to meet international standards.
Avenir LNG logo on sea background. Stolt-Nielsen to fully control Avenir LNG with acquisition  

Share purchase agreement to buy all shares from Golar LNG and Aequitas.
Seaspan Energy's 7,600 cbm LNG bunkering vessel, s1067, built by Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. Bureau Veritas supports launch of CIMC SOE's LNG bunkering vessel  

Handover of Seaspan Energy's cutting-edge 7,600-cbm vessel completed.
The world's first methanol-fuelled container ship, Laura Maersk. Methanol as a marine fuel | Steve Bee, VPS  

How environmental legislation has driven the development of low-sulphur fuels and methanol-ready ships.

↑  Back to Top


 Related Links