World News
Singapore's GDMA Has Contracts Cancelled, Banned from Future U.S. Government Business
The U.S. has terminated nine Navy contracts worth $205 million and barred Glen Defense Marine Asia Ltd (GDMA) from doing business with the federal government over a bribery and fraud scandal, Reuters reports.
GDMA and Navy officials have been charged with illegal conduct including inflating fuel prices.
The company's chief executive, Leonard Glenn Francis, allegedly bribed government employees to get confidential information related to Navy contracts.
GDMA, which is based in Singapore, was the Navy's chief husbanding agent in the Pacific Rim, handling logistics including tugboats, security, waste removal and other services, as well as bunkers for Navy ships in the region.
Francis and another CDMA official, Alex Wisidagama, along with two Navy officials, have been arrested in the scandal, and another Naval commander was relieved of his post.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 6.00 | 661.50 | 4.00 |
| Rotterdam | 510.00 | 2.00 | 661.00 | 2.00 |
| Houston | 548.00 | 2.50 | 666.50 | 0.50 |
| Fujairah | 555.50 | 5.00 | 746.00 | 2.50 |
| Global 20 Ports Average | 582.50 | 1.50 | 753.00 | 1.50 |
| Global 4 Ports Average | 544.50 | 3.00 | 683.50 | 1.00 |
| Global Average Bunker Price | 631.00 | 2.50 | 803.50 | 2.00 |
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