World News
OW Bunker U.S. Subsidiaries file for Chapter 11 Bankruptcy
U.S. subsidiaries of OW Bunker A/S late Thursday filed for Chapter 11 bankruptcy, less than a week after the collapse of the Danish parent company, The Wall Street Journal reports.
The three U.S. companies filed petitions to the U.S. Bankruptcy Court showing assets with values between $10 million and $50 million against debts ranging from $50 million to $100 million.
It is understood that NuStar Energy LP is the biggest unsecured creditor for the companies and is claiming $20.6 million.
Phillips66 Co. is said to be next in line, with outstanding debts of $12.9 million, followed by Tesoro Marine Services Inc. which is down $2.3 million.
These claims are disputed by the OW Bunker subsidiaries.
The entities concerned are O.W. Bunker Holding North America Inc., O.W. Bunker North America Inc., and O.W. Bunker USA Inc.
OW Bunker A/S filed for bankruptcy in Denmark on Friday following news of an alleged $125 million fraud at one of its Singapore subsidiaries as well as a $150 million hedging loss.
Demand for bunkers spiked 20 percent at Fujairah following the news.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Fujairah | 543.00 | 0.00 | 747.00 | 0.00 |
| Singapore | 553.50 | 0.00 | 673.00 | 0.00 |
| Rotterdam | 514.50 | 0.00 | 651.00 | 0.00 |
| Houston | 545.00 | 0.00 | 671.00 | 0.00 |
| Global 20 Ports Average | 574.00 | 0.00 | 748.00 | 0.00 |
| Global 4 Ports Average | 539.00 | 0.00 | 685.50 | 0.00 |
| Global Average Bunker Price | 627.00 | 0.50 | 799.50 | 1.00 |
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