World News
Maltese Bunker Company Wins $1.23 Million Case in Civil Court
Mediterranean Offshore Bunkering Company Ltd (MOBC) has been ordered to pay $1,229,365.55 after Island Bunker Oils Ltd (Island Bunker) filed a claim for damages related MOBC's inability to honour a storage agreement between the two parties, Maltese media reports.
The agreement, which was signed in June 2010, saw MOBC provide storage facilities for Island Bunker, but was met with stop orders issued by the Malta Environment and Planning Authority following complaints of foul odours said to be emanating from MOBC's facilities.
The MOBC informed Island Bunker that, because of the restrictions issued against its operations, the company could no longer honour its storage agreement with Island Bunker.
As a result, Island Bunker initiated related civil proceedings for damages incurred from MOBC's actions.
The court upheld the claim, ordering MOBC to pay $1,229,365.55 in damages, as well as expenses and interest related to the lawsuit.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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