World News
Update: Bunker Holding Confirms LQM Acquisition
- Update 1 - Keld Demant confirms the acquisition of LQM
- Update 2 - Notes that an official press release has now been issued on the matter
Bunker Holding has bought global bunker brokerage LQM Petroleum Services, Inc. (LQM), CEO Keld Demant has confirmed to Ship & Bunker.
The company has now also issued an official press release commenting on the matter.
Read Bunker Holding's Comments on LQM Acquisition »
LQM says it is one of the largest international marine fuel oil brokers with over 30 years of experience and worldwide resources.
Bunker Holding, which is part of Selfinvest owned United Shipping & Trading Company (USTC), says that following the collapse of OW Bunker it is now ranked second in the world market but was "rapidly gaining on" leader World Fuel Services (WFS).
Perhaps telling of the imminent acquisition were comments in last week's financial results.
"Bunker Holding [is] in a position to be able to play a significant role in the sector consolidation process which was further spurred by OW Bunker's bankruptcy," it said.
Last week, Bunker Holding CEO Keld Demant also said that as a result of the demise of OW Bunker, as many has half of global bunker suppliers will not survive.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 6.00 | 661.50 | 4.00 |
| Rotterdam | 510.00 | 2.00 | 661.00 | 2.00 |
| Houston | 548.00 | 2.50 | 666.50 | 0.50 |
| Fujairah | 555.50 | 5.00 | 746.00 | 2.50 |
| Global 20 Ports Average | 582.50 | 1.50 | 753.00 | 1.50 |
| Global 4 Ports Average | 544.50 | 3.00 | 683.50 | 1.00 |
| Global Average Bunker Price | 631.00 | 2.50 | 803.50 | 2.00 |
Popular Now More
-
Nov 11Ship & Bunker explores whether legal and compliance concerns are starting to outweigh the apps' unquestioned convince. -
Nov 11OFAC says efforts to evade sanctions are becoming increasingly sophisticated. -
Nov 14The new hire had previously worked for Lanka Marine Services since February 2017.