World News
OW Bunker Collapse Means Double Payment for Bunkers Will Happen in Some Cases
Shippers facing competing claims of payment over bunker supplies involving now-bankrupt OW Bunker will not be able to avoid paying twice in some cases, Maritime Denmark reports.
"It will happen in cases where we had paid OW Bunker for a delivery, but where the physical subcontractor now are left with empty pockets and a valid claim," said Christian Levin, founder of Hellerup-based XO Shipping.
"Here there will be no way around double payment."
Following the collapse of OW Bunker, companies with unpaid bills for bunker deliveries have reportedly scrambled to make claims against the ultimate users of the fuel.
In some cases, competing claims have been received by shippers from the bankrupt estate, OW Bunker's banker ING and subcontractors involved in the physical delivery of bunkers.
"Right now we are trying to obtain the necessary bank guarantees, which can convince the subcontractors that we are ready to pay, when things are clarified," said Levin, one of whose ships is being threatened with seizure in the Black Sea.
Stena Weco said it was seeking to gather subcontractors in court to hear who should be paid for bunkers it received.
"We are gathering subcontractors before a judge in London to clarify who should rightfully be collecting payment for the bunker oil," said the head of bunker buying for Stena Weco, Lars Malmbratt.
"This should minimize the risk that our ships are detained in a foreign port."
Shippers have recently asked courts in Singapore and the U.S. to direct them as to who should be paid in attempts to avoid paying more than once or having ships arrested by claimants.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 549.50 | 0.50 | 672.50 | 2.00 |
| Rotterdam | 505.50 | 2.50 | 656.50 | 2.50 |
| Houston | 553.50 | 7.00 | 676.50 | 4.50 |
| Fujairah | 543.00 | 1.00 | 746.00 | 2.00 |
| Global 20 Ports Average | 579.50 | 1.50 | 758.50 | 0.00 |
| Global 4 Ports Average | 538.00 | 1.50 | 688.00 | 1.50 |
| Global Average Bunker Price | 624.00 | 0.50 | 804.50 | 3.00 |
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