World News
OW Bunker Shareholders Welcome Critical Report Released by Bankruptcy Trustees
Morten Schwartz Nielsen, president of the OW Bunker Investor Association, has welcomed a new report released by trustees in the OW Bunker bankruptcy proceedings, saying it will make it easier for the company's shareholders to get their money back, Danish media reports.
"The report provided a picture of a company that has been operating in breach of all the rules," said Nielsen, calling the report "a good gift" for those who are looking to get their money back.
"It is not acceptable to run a business this way," added Nielsen, referring to the fact the report suggests there were former OW Bunker executives and advisors knowingly making omissions from the IPO prospectus.
The shareholders' association is said to be currently pursuing payment through insurance, and examining the possibility of further claims against the now defunct company's former brokers and advisors.
In June, Nielsen said that lawyers representing OW Bunker investors have been "very clear" that they believe a damages claim will be won.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 501.00 | 6.00 | 598.50 | 7.00 |
| Rotterdam | 442.00 | 4.00 | 590.50 | 1.00 |
| Houston | 445.00 | 7.50 | 591.00 | 4.50 |
| Fujairah | 493.00 | 9.00 | 708.50 | 10.50 |
| Global 20 Ports Average | 518.50 | 3.50 | 695.50 | 3.00 |
| Global 4 Ports Average | 470.00 | 4.50 | 622.00 | 5.00 |
| Global Average Bunker Price | 561.50 | 3.00 | 745.50 | 1.50 |
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