World News
OW Bunker Trustees: Where "Unfathomable Amounts" of Tankoil's Bunkers Went is a "Mystery"
A trustee for the bankrput estate of OW Bunker has said the whereabouts of "unfathomable amounts" of bunkers sold by OW Bunker's Singapore subsidiary Dynamic Oil Trading (DOT) to Tankoil Marine Services (Tankoil) is currently unknown, Shipping watch reports.
"It's a mystery where all the oil went that was sold to Tankoil," said Pernille Bigaard, lawyer and trustee for the OW Bunker estate.
"The company has not paid for the oil, but the question is whether the oil has been sold on by either Tankoil or others, who might have failed to settle the bill.
"We don't know yet, but we're focusing on it and hopefully we'll know more about this within the next few weeks.
"But there's no doubt that we're talking almost unfathomable amounts of oil in this case, though what's happened to it and where the money's gone, we don't know."
DOT is said to have extended a large portion of $125 million in credit for bunkers to Tankoil, something that now bankrupt parent company OW Bunker says was a fraud.
Lawyers acting for DOT have denied the allegations, saying it it was a case of "untimely lack of care" and that OW Bunker management must have known about the debt as DOT shared a credit line with its parent.
OW Bunker Trustees were last week said to be pursuing the bankruptcy of Tankoil, hoping that it will enable the group's estate to recover large amounts said to be owed by Tankoil to DOT.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.50 | 1.00 | 770.00 | 3.50 |
| Rotterdam | 601.50 | 2.50 | 754.00 | 2.00 |
| Houston | 619.00 | 11.50 | 795.50 | 3.00 |
| Fujairah | 651.50 | 1.00 | 895.00 | 2.00 |
| Global 20 Ports Average | 664.00 | 1.50 | 856.50 | 2.00 |
| Global 4 Ports Average | 630.00 | 3.00 | 803.50 | 2.50 |
| Global Average Bunker Price | 718.00 | 0.50 | 914.50 | 0.50 |
Popular Now More
-
Apr 24Non-compete clauses have not always been used in a fair and reasonable way in the bunker industry, Maritime Recruitment Company Ltd's Vernon Jayanathan tells Ship & Bunker. -
Apr 23The ship had come to Singapore from St Petersburg. -
Apr 24The arrests were both on Monday.