World News
Singapore's Hin Leong Preparing $1.3 million Lawsuit Against OW Bunker
Singapore oil trader Hin Leong Trading is preparing to bring court proceedings against OW Bunker Far East (Singapore) Pte. Limited (OW Bunker Singapore), seeking S$1.67 million (U.S.$1.3 million), Reuters reports.
Hin Leong Trading's writ of summons, which is used in Singapore to start legal proceedings, suggests the claim relates to monies owed following the sale of goods to OW Bunker Singapore.
OW Bunker A/S filed for bankruptcy in Denmark on Friday, leaving uncertainty for creditors and those with contracts outstanding with the company and its subsidiaries.
Claims against the OW Bunker group are expected to take years to be resolved.
"There must be a lot of written evidence against OW Bunker," said Thomas Svaneborg, business analyst for Danish outlet DR News.
"It will take years for cases to reach the courts.
"First, a liquidator review the company's structure and organization."
Singapore bunker supplier Tankoil Marine Services has been implicated in an alleged $125 million fraud at Singapore-based Dynamic Oil Trading, which along with a simultaneously announced $150 million loss from its risk management strategy resulted in the bunker company's collapse.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 553.50 | 2.50 | 673.00 | 1.00 |
| Rotterdam | 514.50 | 1.00 | 651.00 | 1.50 |
| Houston | 545.00 | 4.50 | 671.00 | 1.00 |
| Fujairah | 543.00 | 0.50 | 747.00 | 0.00 |
| Global 20 Ports Average | 574.00 | 0.50 | 748.00 | 8.00 |
| Global 4 Ports Average | 539.00 | 1.50 | 685.50 | 0.00 |
| Global Average Bunker Price | 626.50 | 2.00 | 800.50 | 0.50 |
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