World News
OW Bunker Trustees to Fight Banks in Court over $71M Claim
Trustees for bankrupt OW Bunker Saturday were said to be ready to fight banks ING and BNP Paribas in court over oil sales worth DKK505.89 million ($71.7 million), Maritime Denmark reports.
According to the report, an exchange of statements at the Court of Aalborg reveals that OW Bunker's trustees are asserting the right to receive payment for the sale of certain oil inventories the company held when it collapsed in November last year.
The group's trustees, as well as the banks as creditors, have been keen to offload the oil as a means of clawing back some of the money tied up in the now defunct group.
It is understood that the banks are seeking to enforce a mortgage claim over the oil.
Originally, the banks are said to have tried to stop the sale of the inventories unless OW Bunker's trustees agreed to their claim, but that agreement was not reached.
The oil is now said to have been sold with the parties accepting that their competing claims for payment will be settled in court.
"We are taking this issue very seriously and will do what is necessary, but since there is an ongoing relationship, we can not comment on it," said Bob De Leersnyder for ING.
Last week, OW Bunker's Singapore subsidiary, Dynamic Oil Trading (DOT), was said to have had another significant debtor, Petrotec Pte. Ltd., in addition to Tankoil Marine Services whose credit position with DOT was described by OW Bunker management as a fraud.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 627.00 | 2.00 | 737.00 | 5.00 |
| Rotterdam | 579.00 | 1.50 | 753.50 | 14.00 |
| Houston | 587.50 | 7.50 | 764.50 | 2.50 |
| Fujairah | 622.00 | 6.50 | 881.50 | 3.00 |
| Global 20 Ports Average | 646.00 | 0.50 | 825.50 | 1.50 |
| Global 4 Ports Average | 604.00 | 2.50 | 784.00 | 4.50 |
| Global Average Bunker Price | 700.00 | 3.50 | 883.00 | 3.00 |
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