World News
WFS Sues for $8.4M in Missing Bunker Payments
World Fuel Services is suing OSX Brasil SA (OSX), part of the troubled EBX Group of companies, for allegedly missing bunker payments of around 19 million reais ($8.4 million), Reuters reports.
The payments relate to bunkers used to transport OSX's floating production, storage, and offloading (FPSO) vessel, OSX-3, from Singapore to Brazil.
The vessel left Singapore in July, and arrived in Brazil on August 23.
In a statement Tuesday, Justice Luiz Roberto Ayoub of Rio de Janeiro state's 1st business court said it had called both companies for a hearing on Thursday.
World Fuel Services is being legally represented in Brazil by Tramp Oil Ltda, and has filed a request for an injunction to prevent OSX-3 leaving Brazilian waters.
OSX is part of Brazilian business magnate Eike Batista's EBX Group of companies, the value of most of which have dropped some 90 percent over the last year after revelations that the oil wells drilled by the group's OGX unit are only able to produce a fraction of their projected 750,000 barrels of oil a day.
Batista, who has seen his personal fortune drop from $35 billion to an estimated $200 million as a result, told the Wall Street Journal this week that the collapse of his business empire was down to misleading data from his oil executives, and bad luck.
"If you look at my astrological map, this period wasn't favourable for me," said Batista.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 4.50 | 617.00 | 5.50 |
| Rotterdam | 457.50 | 2.50 | 623.50 | 6.50 |
| Houston | 469.00 | 3.50 | 623.00 | 2.00 |
| Fujairah | 494.50 | 6.50 | 715.50 | 5.50 |
| Global 20 Ports Average | 526.00 | 3.00 | 712.50 | 11.50 |
| Global 4 Ports Average | 481.00 | 4.00 | 645.00 | 4.50 |
| Global Average Bunker Price | 569.00 | 2.00 | 750.00 | 5.50 |
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