Bunker Holding Dismisses Rumours Over Job Losses, Financial Problems

Keld Demant says Bunker Holding has more than $400 million cash in the bank

Rumours that have been widely circulated throughout the bunker industry today speculating that Bunker Holding is suffering form financial problems, are completely baseless, CEO Keld Demant has told Ship & Bunker.

The rumours appeared to start in Singapore around lunchtime, triggered by a number of job losses made at the bunker giant today.

"In September we started looking around to see who was performing less well, and as a result of that we have found around 30 people not living up to standard," Demant told Ship & Bunker today.

"These people were cherry-picked, they had their chance, but they didn't do it.

"These people have been dismissed today."

There was absolutely no other reason for their dismissal other than the fact that they were underperforming, Demant added, who also noted that Bunker Holding has around 750 people working for them across 58 offices world-wide.

With regard to the rumours of financial difficulties, Demant said Bunker Holding has more than $400 million cash in the bank.

"If anyone has had any questions today we have simply paid cash in advance," said Demant.

Ship & Bunker spoke to several other industry sources regarding the rumours, but it appears as though the general consensus is that today's rumours were nothing more than a huge over-reaction to the dismissal of underperforming traders.

"We all know this industry likes a good rumour, and maybe some people are looking just a little bit too hard for the next OW," one player told Ship & Bunker, referring to the shock 2014 collapse of industry giant OW Bunker.

"This today was nothing but a storm in a teacup."