Asia/Pacific News
MPA: OW Collapse Will Cause Minimal Disruption to Bunker Supply in Singapore
The Maritime and Port Authority of Singapore (MPA) today said last week's bankruptcy of OW Bunker will have little impact on bunkering operations at the Port of Singapore.
"There are currently more than 60 bunker suppliers in Singapore, and OW Bunker Far East (Singapore) Pte Ltd accounted for less than three percent of the 42.6 million metric tonnes supplied in Singapore in 2013," MPA said in today's statement.
"MPA is working with the industry and the industry associations to mitigate any potential impact on bunkering operations in Singapore.
"To address any concerns from the industry, MPA is working with the Singapore Shipping Association (SSA) and the International Bunker Industry Association (IBIA) to conduct dialogue sessions shortly.
"MPA will also work closely with the various stakeholders to ensure that bunkering operations in Singapore continue as smoothly and normally as possible."
OW Bunker filed for bankruptcy on Friday November 7, 2014 after revealing an alleged $125 million fraud at the bunker company's Singapore-based subsidiary Dynamic Oil Trading (DOT), plus an additional risk management loss it estimated to be an additional $150 million.
Lawyers acting on behalf of Dynamic Oil Trading management, meanwhile, say that no illegal activity has taken place.
