Bunker Delivery Note Amendments Enter into Force
Amendments to the bunker delivery note relating to the supply of marine fuel oil to ships which have fitted alternative mechanisms to address sulphur emission requirements entered into force on 1 January 2019.According to a press release from International Maritime Organization (IMO), the amendment enters into force as the shipping industry counts down to 1 January 2020, when the limit for sulphur in fuel oil will be reduced to 0.50% m/m outside emission control areas (ECAs)…
Argus Adds New Marine Fuel Price Assessments
Oil price reporting agency Argus has launched five new price assessments for low-sulphur marine fuels, ahead of new global rules capping the amount of sulphur in marine fuels, also known as bunkers.International Maritime Organization (IMO) regulations will cut the limit for sulphur in bunker fuels globally from 3.5 percent to 0.5 percent from the start of 2020."Argus is pleased to be taking…
Four Bunker Barges Seized in Singapore over Unpaid Debt
Singapore law firm asks for vessels to be arrested; bunker barges owned by Vermont UM Shipping. Four marine refuelling barges owned and operated by Vermont UM Shipping Pte Ltd were seized in Singapore on Monday night, according to the website of Singapore's Supreme Court. Singaporean law firm Rajah & Tann seized the vessels over unpaid claims on behalf of its client, Malayan Banking Berhad…
OW Bunkers Investors in Legal Action Against IPO Banks
A group of 24 Danish institutional investors in OW Bunker has decided to issue a writ against Carnegie and Morgan Stanley, accusing them of misleading investors ahead of the 2014 listing of the now bankrupt marine fuel oil supplier. The investors, which include two of the largest pension funds in Denmark, ATP and PFA, claim they have suffered a loss of 767 million crowns ($123 million) following…
OW Bunker Investors to Sue IPO banks
Institutional investors to sue Morgan Stanley, Carnegie. A group of institutional investors in OW Bunker said they plan to sue Morgan Stanley and Carnegie for about $80 million, accusing the two investment banks of misleading them ahead of the 2014 listing of the now bankrupt marine fuel oil supplier. Denmark's OW Bunker was valued at $1 billion when it floated in March 2014, but the company…
Bunker Industry Mulls Implications of IMO’s Global Cap
The International Bunker Industry Association (IBIA) annual convention is taking place this week (7-11 November) in Gibraltar. It brings many of IBIA’s members together to discuss one of the hottest topics around - the decision taken at the 70th meeting of the IMO’s Marine Environment Protection Committee to implement the 0.50% global sulphur cap in 2020. IBIA, which has over 880 members from over 91 countries…
Bomin Appoints Global Sales Head
The Bomin Group, a leading global physical supplier and trader of marine fuel oil, today announced the appointment of Henrik Robdrup as the new Director of Global Sales. Henrik Robdrup joins Bomin with more than 25 years of experience in the global shipping industry, having worked in five different continents during his career, in national, regional and global roles. Henrik Robdrup will be…
Bomin Launches Physical Operation in Mauritius
The Bomin Group, a leading global physical supplier and trader of marine fuel oil, today announced that it is launching a physical operation in Port Louis, Mauritius, effective from July 12, 2016. The expansion significantly strengthens Bomin’s position in a growing and important region, and continues the company’s ambitious plans for growth throughout 2016. Bomin (Mauritius) Ltd. will utilise the modern…
Singapore MPA Wants LNG Bunkering Options
Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to maintain its role as the world's top bunkering hub. The move to issue bunker supplier licences to the gas sector complements the city-state's push to profile itself as an LNG hub and is a step towards meeting its own deadline of supplying LNG fuel to ships by 2020.
Bunker Holding Buys LQM
Bunker Holding Group (Bunker Holding), a global leader in the purchase, sale and supply of marine fuel with 54 offices in 27 countries, announced today the acquisition of LQM Petroleum Services Inc. (LQM). LQM is one of the largest international marine fuel oil brokers who handles approximately 10 million mts per year across ~250 customers worldwide. The Company has a strong presence in the United States with offices in New Jersey…
Bankrupt OW Bunker Subsidiary Owed $329 mln
Dynamic Oil Trading (Singapore), a subsidiary of bankrupt ship fuel supplier OW Bunker, is owed $329 million and its liquidators said on Friday they are investigating the company's dealings with another Singapore-based marine fuel firm. OW Bunker, once the leading supplier of marine fuel oil with a 7 percent market share, filed for bankruptcy in Denmark in November after revealing losses of at least $125 million at Dynamic Oil Trading.
KPMG, PwC Work Together on OW Bunker Debts
The liquidators of OW Bunker Far East KPMG has agreed to work with PricewaterhouseCoopers on the collection of monies owed to the marine fuel company, which has an outstanding debt of $330 million, a press release said on late Monday. OW Bunker, once the leading supplier of the marine fuel oil with a 7 percent market share, filed for bankruptcy in Denmark in November after revealing losses of at least $125 million at one of its Singapore-based subsidiaries.
OW Bunker to Meet Liquidator; Ship Arrests Continue
OW Bunker owes financers more than $750 million-creditor data; six more vessels arrested; 7 in total. The Singapore arm of bankrupt Danish shipping fuel trader OW Bunker will meet with its liquidator KPMG in early December to discuss the firm's outstanding debt, which totals almost $1.5 billion globally. OW Bunker, a leading supplier of marine fuel oil known as "bunker", filed for bankruptcy…
OW Bunker Collapse Rattles Singapore Bunker Markets
Major oil companies, trade firms to expand market share; tight credit hits small retailers. The collapse of OW Bunker in the wake of an alleged fraud at its Singapore trading unit will shake up the city state's more than $25 billion marine fuel market, the world's largest, as major companies expand and small ones shrink amid a credit squeeze. OW Bunker, a leading supplier of marine fuel oil known as "bunker"…
Mass Flow Metering System for MFO delivery in Singapore
As the world's leading bunkering port Singapore is to provide quality bunkering services to vessels lifting bunkers in the port. The use of the Mass Flow Metering (MFM) system for bunkering in the Port of Singapore will not only enhance transparency in the bunkering process, but also improve operational efficiency and increase the productivity of the bunker industry. As announced on 8 April 2014…
Asia Fuel Oil Fundamentals soft; Bunker Demand Up
The Asian fuel oil market was steady on Friday with no cargoes traded, though demand seemed improved for the marine fuel oil segment, traders said. The 180-cst discount widened by 15 cents a tonne, while that of the 380-cst was unchanged, Reuters data showed. While ample supplies were dragging down a market with thin demand, Singapore's marine fuel segment attracted a marginal rise in sales. "Last two days' demand seemed quite okay," a Singapore-based fuel oil trader said.
