World News
OW Bunker China Seeking Court Protection
Hong Kong-based OW Bunker China, following in the footsteps of its parent company and the U.S. subsidiaries, has declared bankruptcy and filed for court protection, Sino Ship News reports.
The Hong Kong Companies Registry has reportedly received notice that receivers will be contacting shipowners and charterers over unfulfilled bunker payments.
OW Bunker Group filed for bankruptcy in Denmark last month, mere days after announcing an alleged fraud at Singaporean subsidiary Dynamic Oil Trading (DOT) which caused losses of $125 million, in addition to a hedging-related loss of $150 million.
Last week PricewaterhouseCoopers (PwC) was appointed as receivers by ING Bank (ING), who is acting as the security agent for a group of lenders to the failed fuel company.
The two will also work together with KPMG, who was appointed as provisional liquidators for OW Bunker Far East and DOT.
Its U.S. units followed shortly after, and are currently looking to unload bunker assets this week at auction.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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