EMEA News
Russian Physical Supplier Liquidated Due to Massive Debt, Say Sources
Russian physical supplier Nakhodka–Portbunker Co., Ltd. (Nakhodka-Portbunker) is being forcibly liquidated as a result of massive debt, sources have told IHS Fariplay.
It is reported that several creditors of Nakhodka-Portbunker, which was declared bankrupt in June, were unaware of the company's financial condition until Nakhodka-Portbunker stopped paying for fuel supplies.
Gazprombank is said to have applied for Nakhodka-Portbunker to be declared bankrupt in August 2016.
Further, data from VesselsValue.com shows that the Nakhodka-Portbunker bunker tanker Crystal Zuid has since been sold to Taiwanese bunker supplier Great Ocean International AGL for $3.35 million and renamed Baode 1.
Several Russian physical suppliers are said to have been struggling since late 2014, when oil prices declined significantly.
"When oil prices were high, many ships plying waters in the Northeast Asia would make a detour to take fuel in Russia, simply because of the price difference. However, when oil prices collapsed, this price difference disappeared, causing the Russian suppliers to lose their advantage," one bunker trader told IHS Fairplay.
Earlier this week is was reported that fuel sales in the Russian Far East have levelled off in 2017 after falling throughout the two previous years.
