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Home » News » Financial News - Q4 2014

Financial News - Q4 2014

Agreement to acquire remaining equity of HK bunker firm
24 Dec 2014 15:31 GMT
Ego Time Group is said to have been 'seriously affected' by potential losses relating to contracts made with or via OW Bunker China.

Investment firm raises Aegean price target
23 Dec 2014 18:23 GMT
Aegean Marine Petroleum shares today reached a 52-week high of $13.11.

Carnival's annual bunker costs down $175 million
22 Dec 2014 09:43 GMT
Cruise operator consumed 72,000 tonnes less fuel and recorded a $40 decrease in the average fuel cost per metric tonne during its last fiscal year.

Shell agrees to sell downstream assets in Norway
18 Dec 2014 10:19 GMT
St1 Oy to buy Shell's retail, commercial fuels and supply and distribution logistics businesses in Norway. Aviation joint venture also agreed.

China Gas secures loan to develop gas transportation infrastructure
17 Dec 2014 13:03 GMT
Loan to be partly used to build 20 LNG stations for inland water transport.

World Fuel Services sells interests in crude oil JVs
08 Dec 2014 15:46 GMT
Subsidiary Petroleum Transport Solutions sells its crude oil joint venture interests to Dakota Plains Holdings.

Text messages between CEOs of OW and Dynamic Oil Trading days before collapse
28 Nov 2014 00:02 GMT
Dynamic Oil Trading's CEO is asked questions about Tankoil's debt and told 'it is also important that you keep a close track of these balances'.

PWC, ING Bank strike agreement over collection of OW's assets
27 Nov 2014 19:10 GMT
Trustee says 'the chances of material recoveries for Danish unsecured creditors after repaying the banks are significantly improved'.

Newly created firm takes over assets of OW Tankers
27 Nov 2014 12:10 GMT
Seven ships owned by the ship-owning unit of OW Bunker are taken over by firm with trustees on its board.

Aegean's CEO: Risk-averse owners will 'move away from resellers and towards physical suppliers'
26 Nov 2014 10:58 GMT
Nikolas Tavlarios attempts to differentiate his firm from 'resellers' and predicts a shift in buyer behaviour following the bankruptcy of OW Bunker.

Aegean posts Q3 loss. CEO says '2015 may be a landmark year'
25 Nov 2014 08:51 GMT
Loss of $4.3 million reported despite 18.5% rise in volume sold. CEO believes 2015 could be key year 'as we begin to realize the full benefit of the investments we have made'.

OW Bunker: was there sufficient warning to shareholders about risk? (Part 1)
24 Nov 2014 12:42 GMT
Examining how the issue of risk was addressed in OW Bunker's IPO prospectus.

OW's CEO accuses three Dynamic Oil Trading staff of not reporting huge credit
24 Nov 2014 02:15 GMT
Lawyer of Dynamic Oil Trading director claims senior management ought to have been 'fully aware' of the situation.

Carnegie scrutinized in Sweden over OW Bunker bankruptcy
24 Nov 2014 00:01 GMT
Investment bank is 'asked questions' by Sweden's Financial Supervisory Authority about the collapse of Danish bunker firm.

Will Kenneth Rosenmeyer's comments lead to lawsuits?
21 Nov 2014 22:17 GMT
Former OW Bunker risk manager is quoted as saying that the $27 million he made in 2013 was from 'pure speculation'.

Couche-Tard subsidiary tops list of 100 OW Bunker creditors
20 Nov 2014 15:18 GMT
100 firms are said to be owed almost $678 million. Top 20 companies make up 52.3 percent (over $354 million) of the total.

'Six to eight' potentital OW Bunker buyers
20 Nov 2014 11:07 GMT
Companies are domestic and foreign competitors of OW, says BusinessAalborg manager.

OW Bunker's global debt and the claims so far
19 Nov 2014 13:28 GMT
Global debt is estimated at $1.5 billion with outstanding fuel bills of $730 million.

Dynamic Oil Trading Singapore files for liquidation
19 Nov 2014 12:31 GMT
OW Bunker subsidiary files for liquidation. KPMG appointed as provisional liquidator.

OW Bunker bankruptcy update
18 Nov 2014 12:10 GMT
Update on bankruptcy proceedings relating to subsidiaries of OW Bunker.

Skuld issues 'urgent' notice on bankruptcy of OW Bunker A/S
18 Nov 2014 08:30 GMT
Advisory is issued to members of the protection and indemnity (P&I) insurance provider.

Andatee posts rise in Q3 net income
14 Nov 2014 15:36 GMT
Chinese bunker supplier recorded an increase in sales of 65,209 tonnes compared to last year.

OW Bunker's U.S. units file for Chapter 11 bankruptcy
14 Nov 2014 13:31 GMT
Unsecured creditors include NuStar Energy, Phillips 66 and Tesoro Marine Services.

The OW Bunker claims list: $21.5m, 9 claims and counting
13 Nov 2014 16:23 GMT
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.

VTTI Energy Partners posts quarterly results
13 Nov 2014 14:30 GMT
'The strong results demonstrate the strength of our business model,' says CEO.

Matson-Horizon bunker surcharge war finally over
13 Nov 2014 13:21 GMT
Horizon Lines reached agreements to sell its business to Matson Inc. and The Pasha Group earlier this week.

Hin Leong seeks $1.3 million from OW Bunker Far East
11 Nov 2014 17:55 GMT
Oil trader prepares lawsuit against OW Bunker subsidiary.

Aegean to hold earnings call in November
11 Nov 2014 09:46 GMT
Aegean Marine Petroleum to hold conference call and webcast following the announcement of its Q3 results later this month.

Bankruptcy order issued against OW Bunker
07 Nov 2014 19:24 GMT
Company confirms that 'it has not been possible to find a sustainable solution' as bankruptcy order is issued by the probate court in Aalborg.

Dynamic Oil Trading manager 'showed up' in Denmark and 'came clean'
06 Nov 2014 16:21 GMT
Manager is described as being 'teary-eyed' in showdown with bosses at OW Bunker's headquarters yesterday.

OW Bunker chairman: 'The company is at risk of going bankrupt'
06 Nov 2014 12:31 GMT
Niels Henrik Jensen issues warning as bunker firm goes from having reserves of $303.2 million to being at risk of liquidation in just 10 months.

OW Bunker commences in-court restructuring procedure, expects to be insolvent
06 Nov 2014 09:51 GMT
Danish firm confirms its decision to file for in-court restructuring and assumes 'the group's equity is lost'.

OW Bunker announces $125m 'fraud', additional 'significant' loss and sacking
06 Nov 2014 01:30 GMT
Bunker firm reports 'fraud' by senior employees in Singapore, a 'significant risk management loss' and the dismissal of its Head of Risk Management.

Kasbar: 'We take a traditional non-speculative approach to hedging'
31 Oct 2014 12:40 GMT
World Fuel Services' CEO provides insight into the company's risk management strategy.

EUR 76 million funding for LNG break bulk facility
31 Oct 2014 10:06 GMT
Financing is to fund the expansion of the liquefied natural gas (LNG) break bulk infrastructure at Rotterdam's Gate terminal.

World Fuel Services records $55.7m net income in Q3
31 Oct 2014 08:19 GMT
Marine segment gross profit rose by 1 percent during the third quarter to $49.4 million.

OW Bunker shares were sold weeks ago, confirms SEB Wealth Management employee
28 Oct 2014 16:46 GMT
Portfolio manager confirms that SEB Wealth Management in fact sold all its shares in OW Bunker shortly after the company's adjusted forecast on October 7.

OW Bunker shareholder announcement
27 Oct 2014 13:38 GMT
Asset management firm, Cantillon Capital Management LLC, reduces its holdings of shares in OW Bunker to 5 percent.

OW Bunker posts unrealized loss of $24.5 million in Q3
23 Oct 2014 08:01 GMT
Earnings hit by unrealized risk management loss. Full-year volume outlook lowered to focus on higher margin business.

Andatee shares downgraded to 'sell'
22 Oct 2014 14:18 GMT
Shares of Chinese bunker supplier are downgraded due to "disappointing return on equity and poor profit margins".

Quadrise announces financial results
21 Oct 2014 10:02 GMT
Emulsion fuel oil firm announces its results for the year ended 30 June 2014.

OW Bunker to hold Q3 earnings call on October 23
21 Oct 2014 06:48 GMT
Bunker firm said earlier this month that it would be posting an unrealized accounting loss of around $22 million for the third quarter of 2014.

Aegean announces new $20 million share repurchase program
17 Oct 2014 12:39 GMT
Bunker firm may repurchase up to $20 million of outstanding common stock over the next two years.

Viscount Torrington 'excited' about bunker fuel desulphurization project
14 Oct 2014 15:41 GMT
Aristocrat joins advisory board as Genoil "seizes the major opportunity in the bunker fuel market".

Fake bank account warning
13 Oct 2014 14:10 GMT
Shipping companies are warned about "continued attempts by fraudsters" to divert funds to a fake bank account.

Gulf Petrochem makes open offer to Sah Petroleums Ltd shareholders
09 Oct 2014 08:57 GMT
UAE-headquartered firm aims to acquire an additional 26 percent of lubricant manufacturer's share capital.

OW Bunker expects 20% drop in annual profit on sliding oil prices
08 Oct 2014 14:24 GMT
Bunker firm expects sales volumes to rise by 10% in 2014, but "exceptional fall in the oil price" leads to revised profit guidance.

Carnival expects to save over a billion gallons of fuel in 7 years
06 Oct 2014 12:45 GMT
By the end of 2014, cruise firm expects to have saved around $2.5 billion in fuel costs.

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