---

International law firm Ince & Co has named the global response team it has in place to handle issues relating to the collapse of OW Bunker.

The team is being led by Paul Herring [pictured], Global Head of Shipping, together with Michael Volikas, Will Marshall, Fionna Gavin and Jeremy Biggs in London, and by Nick Shepherd, Jamila Khan and Evangelos Catsambas in Greece.

In a news item published on its website today (November 18), the law firm said: "Ince & Co's global shipping team is using its network of international offices and foreign correspondents to coordinate a workable and robust strategy to meet the very real fears of shipowners whose vessels remain vulnerable to arrest in the wake of the OW Bunker collapse. The situation remains highly fluid.

"The sudden collapse of the OW Bunker group is a financial shock that the shipping industry can ill afford. The group is reported to have worldwide debts totalling almost US$1.5 billion of which approximately US$730 million relates to unpaid fuel. Tracing of assets is ongoing but there must be a very real danger that other companies will struggle and like dominoes, will also fall. Many of the OW group companies have already filed for liquidation or sought bankruptcy protection. Building a firebreak (if indeed that is possible) will take a significant effort.

"At the moment there is no central industry response and everyone is scrambling to protect themselves. The exposure of vessels supplied directly or indirectly by OW group companies is of huge concern to owners. There is no doubt that owners are, or shortly will be, facing adverse and competing claims for payment or ownership from OW (or their backers) and from physical suppliers. Owners will not want to pay twice. The claims give rise to complex contractual issues made more complicated by the fact that many of the stems of bunkers involve more than one jurisdiction."

Established in 1870, Ince & Co advises clients across the firm's core business areas, which include aviation, business and finance, commercial disputes, energy and offshore, insurance and reinsurance, and international trade and shipping.

In addition to its office in London, Ince & Co has also opened offices in Hong Kong (1979), Singapore (1991), Piraeus (1993), Shanghai (2000), Hamburg (2001), Le Havre and Paris (2002), Dubai (2006), Monaco (2011) and Beijing (2012).

Ince & Co's London office is located at 1, St. Katharine's Way, and the firm also has a 'London Market Desk' in the Lloyd’s building (1 Lime Street), where its insurance specialists advise on legal and commercial aspects of the market for its insurance and reinsurance clients.