World News
World Fuel Services: Hanjin Exposure is $18 Million and We Expect to Recover Substantially all of that Amount
World Fuel Services Corporation (WFS) [NYSE:INT] has an exposure to failed shipping company Hanjin of around $18 million, but the company expects to recover substantially all of that amount, Ira M. Birns, WFS' executive vice president and chief financial officer said Thursday during WFS' latest earnings call.
The amount appears to be lower than the KRW 24,461,629,837 ($21,728,413) stated on a list of creditors claims released earlier this month.
"If there's anything we know something about its marine underwriting," said WFS Chairman and CEO Michael Kasbar.
"Certainly its a core competency of ours," added Birns, "especially in marine where we're really adapted at handling the matter of maritime law in terms of collecting receivables.
"Our exposure is about $18 million as of a couple of weeks ago... We believe we will recover substantially all of the amount outstanding or otherwise mitigate any remaining losses through either maritime liens using our competency in maritime law, or using other avenues of recovery.
That said, Birns stressed that there was, of course, no guarantees and it would likely be a lengthly process.
"As always there are never any assures you'll recover everything, but we're pretty comfortable that we'll come out in a reasonable position. But it will be a time consuming process."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 6.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 618.00 | 11.50 | 802.50 | 6.50 |
| Fujairah | 642.00 | 5.50 | 883.50 | 5.50 |
| Global 20 Ports Average | 661.50 | 3.50 | 859.00 | 5.00 |
| Global 4 Ports Average | 629.50 | 1.00 | 799.50 | 1.50 |
| Global Average Bunker Price | 719.00 | 3.50 | 915.00 | 7.50 |
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