World News
Reports: Senior Managers Reject Dynamic Oil Trading Fraud Claims
Senior managers at Singapore-based Dynamic Oil Trading (DOT) have rejected claims of involvement in a $125 million fraud at the OW Bunker subsidiary, according to reports in Danish media.
This latest twist in what is already an unprecedented series of events comes after a Wednesday statement from OW Bunker saying it was "informed about a fraud committed by senior employees in the Singapore-based subsidiary Dynamic Oil Trading."
The rejection appears to be at odds with reports yesterday saying on Wednesday a manager from DOT flew to Denmark from Singapore and confessed to the fraud that has been taking place over the last six months.
However, OW Bunker Chairman Niels Henrik Jensen was also quoted yesterday by Bloomberg as saying, "We're still not sure whether this was actually illegal - that's being investigated," meaning whatever occurred at Dynamic Oil Trading could still transpire to have been legitimate.
Ship & Bunker has so far been unable to contact Dynamic Oil Trading for further comment.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| 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 |
| Fujairah | 543.00 | 0.00 | 747.00 | 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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