World News
New Email Suggests OW Bunker Management Knew About Tankoil Debt in September
A newly revealed email allegedly sent to OW Bunker CFO Morten Skou indicates that OW Bunker senior management knew about the large amounts of credit extended to Tankoil Marine Services by its Singaporean subsidiary Dynamic Oil Trading (DOT) as early as late September, Danish press reports.
The email, said to be dated September 25, 2014, was allegedly sent to management in Aalborg and lists Tankoil as DOT's largest customer and debtor.
According to reports, Tankoil had an outstanding balance of $97.4 million at the time.
Professor Lars Bo Langsted of Aalborg University said the existence of such messages would make it much harder for senior heads, including Skou and OW Bunker CEO Jim Perdersen, to deny culpability in the DOT's eventual $125 million loss which OW Bunker presented as a fraud in November.
Lawyers on behalf of Skou declined to comment.
Pedersen and other management have so far maintained through their legal teams that they had no knowledge of the runaway credits until after it was too late, while lawyers representing key players at DOT have maintained OW Bunker management must have known of the extent of the subsidiary's activities.
On Monday Ship & Bunker reported that following the collapse of OW Bunker, trustees of the company have called on Pedersen, Skou, and OW Director Götz Dieter Lehsten, along with DOT CEO Lars Møller and CFO Kimmie Goh to be liable for over $100 million in damages.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 555.00 | 5.50 | 672.00 | 3.00 |
| Rotterdam | 516.50 | 4.00 | 653.50 | 0.50 |
| Houston | 556.00 | 8.00 | 681.00 | 10.00 |
| Fujairah | 548.00 | 1.00 | 749.50 | 2.50 |
| Global 20 Ports Average | 577.00 | 0.50 | 751.50 | 2.00 |
| Global 4 Ports Average | 544.00 | 1.50 | 689.00 | 4.00 |
| Global Average Bunker Price | 629.00 | 0.50 | 800.50 | 0.00 |
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