World News
Swiss Traders to Hire Nearly 40 Ex-OW Bunker Staff in Singapore, North Asia Expansion Bid
Swiss commodities and energy trading house Mercuria is looking to hire nearly 40 ex-OW Bunker staff in a bid to expand its bunker trading business in Asia, Reuters reports.
Mercuria, who recently acquired the physical commodities unit of JP Morgan Chase & Co., is seeking up to 12 staff to bolster its Singapore bunker trading team of three, according to a source at the company's Singapore office.
In addition, Mercuria has already launched a North Asia bunker trading business with a team of 17 ex-OW Bunker staff, said one of the 17.
The new desk is led by Joon Kim, OW Bunker South Korea's former branch manager, and has 10 traders focussed on South Korean and Japanese markets.
Another source suggested Mercuria may also be looking to add staff in Greece.
The moves are said to be aimed at expanding Mercuria's current team, as well as enabling its existing fuel oil business to access physical supply customers.
It is understood that Mercuria typically trades cargoes of 20,000 tonnes and that the company hopes ex-OW Bunker traders will be able to access buyers of smaller stems for supply to ships.
OW Bunker, which recently filed for bankruptcy, had claimed seven percent of world bunker trading volumes.
Aegean Marine Petroleum Network's CEO recently said his firm would look to capitalise on the "power vacuum" left by OW Bunker's demise.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 551.00 | 3.00 | 672.00 | 5.50 |
| Rotterdam | 515.50 | 2.50 | 652.50 | 3.50 |
| Houston | 540.50 | 4.00 | 670.00 | 5.00 |
| Fujairah | 542.50 | 1.00 | 747.00 | 3.00 |
| Global 20 Ports Average | 573.50 | 1.50 | 756.00 | 2.00 |
| Global 4 Ports Average | 537.50 | 1.00 | 685.50 | 1.00 |
| Global Average Bunker Price | 624.50 | 0.50 | 801.00 | 0.00 |
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