World News
OW Bunker Arrests VLCC Over $2.28M Bunker Debt
A German-owned very large crude carrier (VLCC) has been arrested in India over a $2.28 million debt owed to OW Bunker, industry news site TradeWinds reports.
Hamburg-based Gulf Marine Management (Gulf Marine)'s 309,200 deadweight tonne (dwt) Leo Glory was seized by order of Gujarat High Court, which is expected to hear the case on May 5.
OW Bunker says it was not paid for fuel supplied to the vessel while it was on time charter to Calypso Navigation SA of Panama, which it says is a sister company of Gulf Marine.
Legal sources say Indian courts are supporting international companies seeking repayment from shipowners, with arrests of Greek bulker Eleni and Wong Lee Shipping's Rui Lee earlier this year.
Gulf Marine Management was formed in 2004 under the name Northern Marine Management to manage KG-financed VLCC, according to its website.
KG funds, which financed a great deal of shipbuilding during the industry's boom years, have been under pressure since the shipping crisis that began in 2008.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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