Asia/Pacific News
Singapore Shipping Association Tells Industry to "Remain Calm" Over OW Bunker Bankruptcy
The Singapore Shipping Association (SSA) has urged calm over the recent collapse of OW Bunker at a meeting of almost 50 companies organised by the SSA and the Maritime and Port Authority of Singapore (MPA).
"While I urge my members to seek professional and legal advice as necessary, I also hope that those affected by this event would remain calm and not resort to knee-jerk reactions which may rock the stability and reputation of Singapore's bunkering industry," said SSA President Patrick Phoon.
"My Association will be working closely with MPA to ensure that there would not be any unnecessary disruption in bunker supply and operations here."
Phoon added that Singapore's bunker industry was well regulated.
The meeting was held to discuss ways to minimise the impact on Singapore's bunkering industry following the collapse of OW Bunker last week.
A press release, issued jointly by the MPA and SSA, said "It was established that there had been no report of disruption to bunker supply and bunkering operations in Singapore."
Reports of tightening credit have, however, been emerging following recent events and Heavy Fuel Oil (HFO) prices remain higher in Singapore now than before OW Bunker declared bankruptcy.
Other ports are eyeing increased sales volumes, with Fujairah reporting a 20 percent spike in demand and Hong Kong predicting a similar increase in inquiries.
