Universal Energy Faces Millions in Claims
Universal Energy entered voluntary liquidation on Oct 3, tightening credit in Singapore's bunker fuel market. Shipping fuel suppliers are filing millions of dollars in claims over unpaid marine fuel bills against now defunct Singapore-based peer Universal Energy, formerly one of the city state's largest bunker suppliers but which has now entered liquidation. Universal Energy, ranked as Singapore's third-largest bunker fuel supplier by volume in 2016, had its shipping fuel licences revoked by the Maritime and Port Authority (MPA) in August for actions that could give a false impression of how much fuel it was delivering to buyers.
New Players in Singapore Markets in OW's Absence
The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share towards cash-rich trading companies and barge operators, traders said. Marine fuel premiums over cargo prices in Singapore, the world's busiest refuelling port, have stayed elevated after hitting their highest in more than two years in the wake of OW Bunker's collapse as worried buyers tried to lock in prompt supplies. Besides oil majors - such as BP, Shell and ExxonMobil - which have integrated supply systems including storage and fuel-delivery tankers…
Dakota Plains to Build Third Oil Storage Tank at Rail Terminal
Dakota Plains Holdings Inc said on Tuesday it would build a third, 90,000-barrel storage tank for Bakken crude oil at its Pioneer Rail Terminal in North Dakota. The expansion, which will cost $5.5 million, will boost the terminal's storage capacity to 270,000 barrels. The Pioneer terminal in New Town, North Dakota, on the Fort Berthold Indian Reservation, collects crude oil from delivery trucks, stores the oil, and then loads it onto rail cars for export. Dakota Plains, together with joint venture partner World Fuel Services Corp…
Lawyers: Dangers Ignored in Canadian Train Casualty
Shippers wrongly moved explosive gas as part of a crude oil delivery that derailed and killed 47 people in a Canadian town last year, lawyers seeking to represent the devastated town in a class action lawsuit are expected to argue in a proceeding that starts on Monday. Several tank cars exploded with surprising force when the cargo from North Dakota's Bakken energy patch jumped the tracks and detonated in downtown Lac Megantic, Quebec, last July. Since that deadly mishap, U.S. officials have warned that Bakken fuel is more…
Danish shipping fuel supplier OW Bunker confirms IPO plan
Private equity co Altor plans to partly sell holding; OW Bunker FY net up almost 50 pct at $63.4 mln. Revenue up more than 20 pct at $16.99 billion. Danish ship fuel supplier OW Bunker plans an initial public offering (IPO) of shares in Copenhagen, it said on Wednesday, confirming what sources familiar with the matter had told Reuters on Monday. The company, which has a share of around 7 percent of the global shipping fuel market, said it planned to sell new stock as well as some of the shares owned by its major shareholder, private equity group Altor. It did not say how much it planned to raise.
