OW Bunker Trustees Want Singapore's Tankoil Declared Bankrupt

by Ship & Bunker News Team
Monday December 22, 2014

Trustees of Dynamic Oil Trading (DOT), the former Singaporean subsidiary of OW Bunker, are working hard to ensure that bunker supplier Tankoil Marine Services Pte. Ltd. (Tankoil) is declared bankrupt, reports ShippingWatch. 

Arvid Andersen, a lawyer acting on behalf of DOT, has previously said that Tankoil received a large part of $125 million in credit that OW Bunker since described as a fraud, which was combined with OW Bunker's hedging loss of $150 million and ultimately forced the supplier to file for bankruptcy.

"We are of course very interested in shedding some light on the relationship between Dynamic Oil Trading and Tankoil, but that won't happen until Tankoil is declared bankrupt," said Pernille Bigaard, a lawyer at OW Bunker trustee and law firm Plesner. 

"The important thing for us is to find out what happened in Singapore - and we won't know this until we can get the trustees from our Singapore company (OW Bunker Far East) into Tankoil, or get other trustees that we can ask."

In 2012 Tankoil were ranked 66th on the Maritime and Port Authority of Singapore (MPA)'s list of suppliers by volume, but in 2013, following the launch of DOT in Singapore in late 2012, Tankoil were ranked as the 7th largest supplier in Singapore.

OW Bunker Chairman Niels Henrik Jensen had previously said that the company's board had not approved the credit given to Tankoil, and that it had never been presented to them. 

Ship & Bunker News Team
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