World Fuel Services: Hanjin Collapse Won't be as Chaotic as OW Bunker

by Ship & Bunker News Team
Tuesday September 20, 2016

World Fuel Services (WFS) says Hanjin's bankruptcy will not be as chaotic as the 2014 collapse of OW Bunker, the legal ramifications of which are still ongoing.

Speaking last week at the Capital Link New York Maritime Forum, Charlie Davies, vice-president for commercial services at WFS, said bunker suppliers were typically insured for such losses.

"Even if there are some losses there, I don't see a big chaotic situation like we had with OW," Tradewinds quoted Davies as saying.

Prior to bankruptcy, Hanjin was ranked by Alphaliner as the seventh-largest carrier by capacity, and while official figures are not yet available, it has been estimated the bunker industry has exposure in excess of $100 million.

Speaking at the same forum, Gregg Schwartz, Director of Strategic Development for Aegean Marine Petroleum Network Inc. (Aegean), said his company had stopped its direct dealings with Hanjin late last year.

Efforts by suppliers to recover outstanding bunker costs from Hanjin in the U.S. have been hampered by a New Jersey Bankruptcy Court ruling preventing them from arresting any more of its vessels.

Ship & Bunker News Team
To contact the editor responsible for this story email us at editor@shipandbunker.com