Asia/Pacific News
Mercuria Loses Over Half of Newly Formed South Korea Bunker Team
More than half of the South Korean team established by Swiss energy and commodities trader Mercuria in the wake of OW Bunker's collapse have left the company, Reuters reports.
According to sources, the nine traders are now in negotiations to join World Fuel Services (WFS), though WFS declined to comment.
The group of ex-employees reportedly includes manager Joon Kim, along with five senior traders overseeing markets in South Korea, Japan and China.
Despite the events, Mercuria will reportedly continue to expand Minerva, its marine fuels business.
"We will recruit 20 to 40 specialists in Asia this year," said a company spokesman.
"We will continue to build and put support behind our South Korea, Singapore and Japan offices. We are also committed to expand in the United States, China and Europe."
The South Korean team had only been established in December 2014, and was part of a mass hiring of former OW Bunker staff which saw Mercuria snap up 40 new employees in offices around the world.
