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.
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