Dan-Bunkering and Endofa's Oleum Physical Supply Venture Comes to an End in WAF

Wednesday November 26, 2014

Oleum DWC-LLC (Oleum), a physical supply venture in West Africa (WAF) between Dan-Bunkering and Endofa, has officially come to a end, Endofa said in an emailed statement Monday.

Launched in December 2013, the company says that it operated up to seven tankers in WAF for Oleum but has now returned to its core business.

"The joint venture was an ambitious attempt to bring a new, broad-appeal bunker supplier into WAF," said Endofa's Kenn Soendergaard

"Operation Oleum opened many doors, most of which we now consider part of our core business.

"Endofa will remain active in both the IFO and MGO market in WAF going forward, eyeing niche markets as its strong suit," he added.

Endofa says it anticipates a loss for 2014, but that its core business of cargo and bunker trading has been profitable this year, and as a result expects to post a profit in 2015.

The firm noted that as part of the Oleum venture, it started the process of introducing mass flow meters on its supply tankers.

Oleum Sales Manager Michael Hedager, who was previously a Senior Bunker Trader at Dan-Bunkering, in September re-joined the Dan-Bunkering Group as Head of Trading at Dan-Bunkering (Middle East) DMCC in Dubai.