Asia/Pacific News
Singapore Bunker Trader Hit by OW Bunker Collapse to Exit in H2
Turkish supplier Opet Trade (Singapore) Pte. Ltd. (Opet Singapore) is likely to exit the fuel oil and bunker markets in the second half of the year, reports Platts.
According to unnamed sources, the company has been taking the steps to close trading accounts, sort out banker's guarantees and settle any outstanding debts.
"This is typically a first step to exiting a market," said sources, who also added that the company has been less active over the past few months.
The company was said to have declined to comment.
Last week, a company source revealed that Opet Singapore had plans to close its Singapore business due to overexposure to OW Bunker.
It was estimated at the time that OW Bunker Far East and Dynamic Oil Trading owed Opet Singapore $33.2 million.
