Møller-Pedersen Text Message Exchange Before OW Bunker Collapse is Revealed

Text messages between CEO's Jim Pedersen (l) and Lars Møller (r) were resorted by Danish media.

Text messages exchanged between the CEOs of OW Bunker A/S (OW Bunker) and its Singapore subsidiary Dynamic Oil Trading (Singapore) Pte. Ltd. (DOT) reveal discussion of large credit lines offered by DOT to Singapore bunker supplier Tankoil Marine Services (Tankoil), Danish news outlet DR reports.

Authenticity of the text messages were confirmed by lawyers acting on behalf of OW Bunker CEO Jim Pedersen and DOT chief Lars Møller, while the identify of other persons mentioned in the messages was hidden by DR.

On November 2, five days before group parent OW Bunker filed for bankruptcy, Pedersen asked Møller what DOT's position was with regard to Tankoil.

"Hi Lars, X says net is 36 mio. USD with Tankoil? Is it true," wrote Pedersen to Møller.

"I spoke with XX on Friday. It was 26 mil minus our open orders that are more than 20 mil. We have a meeting with them next week," replied Møller.

Pedersen probed this further, asking clearly for the net balance between the companies, continuing "Lars, I thought we constantly checked that we do not get in trouble?"

"We do," replied Møller.

The exchange finished with Pedersen telling Møller to "make sure that our net breaks even," adding separately "Lars, it is important that you keep close track of these balances."

Two days later, on November 4, Pedersen sent a message to Møller, saying "Lars, call me, very important to get you to Aalborg."

The open credit offered to Tankoil ultimately led to OW Bunker alleging there was  a $125 million fraud perpetrated at DOT.

Arvid Andersen, lawyer for Lars Møller, has contended that OW Bunker management must have known about DOT's exposure to Tankoil.

The CEO of Aegean Marine Petroleum Network, E. Nikolas Tavlarios, said recently that the collapse of OW Bunker has led to a "power vacuum" that offers opportunities for other players in the market.