World News
ING Collecting from Hundreds of Carriers for Unpaid OW Bunker Debt
The list of carriers that ING Bank is pursuing for outstanding bunker payments to OW Bunker spans several hundred names, reports ShippingWatch.
On the list are prominent Danish companies such as Clipper, Norden, and Torm, all of whom have different levels of exposure to the failed bunker company.
While Norden has reportedly whittled its debt to one outstanding item, Clipper said that it presently had 5-10 items.
"Clipper has used OW Bunkers as a supplier, but given the size of our fleet we would not classify them as a major supplier to us," the company said.
"We are handling those issues on a case-by-case basis to ensure payments are only made once and to the right entity; as many different stakeholders are making claims on payments which OW has outstanding.
"While this matter is complex and time consuming, Clipper has not had any vessels delayed due to the OW bankruptcy case."
ING Bank, one of OW Bunker's lenders, is reportedly gunning hard for payment, even before trustees have started the process of settling the estate.
The problem with collecting however, comes from the wide array of ports that ships are calling in, which has placed ships in multiple jurisdictions and therefore has put carriers at risk of paying the same bill multiple times.
OW Bunker filed for bankruptcy last month after revealing a $150 million loss from its risk management position and an alleged $125 million fraud at its Singapore subsidiary Dynamic Oil Trading.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 597.00 | 1.50 | 689.00 | 1.50 |
| Rotterdam | 525.50 | 0.50 | 678.00 | 7.50 |
| Houston | 550.50 | 4.00 | 684.50 | 8.00 |
| Fujairah | 584.50 | 1.50 | 764.00 | 1.00 |
| Global 20 Ports Average | 599.00 | 1.00 | 755.50 | 3.00 |
| Global 4 Ports Average | 564.50 | 0.50 | 704.00 | 0.50 |
| Global Average Bunker Price | 646.00 | 1.00 | 813.00 | 1.00 |
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