World News
Bunker Dispute Behind Singapore Vessel Arrest, 2nd Vessel Also Arrested
A bunker dispute is behind at least one of two vessel arrests that took place in Singapore this week.
The latest records from the Supreme Court of Singapore indicate the Chang Hang Jin Hai was detained just after 3pm local time on Wednesday March 9, 2016, following instruction from law firm Oon & Bazul LLP.
Data from VesselsValue.com indicates that the 2012-built 58,100 dwt supramax bulk carrier, valued at $10.7 million, is controlled by China-based CSC Phoenix.
Ship & Bunker understands that ING Bank is behind the arrest, and is seeking around $25,000 in alleged unpaid bunkers.
Separately, court records indicate Aurelia was arrested on Tuesday March 8, 2016, at 3:40 pm local time following action from Rajah & Tann Singapore LLP..
The circumstances around that arrest are currently unclear, but data from VesselsValue.com suggests the vessel is also a 58,100 dwt supramax bulk carrier, which is controlled by Greece-based Livanos N G Maritime and valued at $7.9 million.
With a number of vessel arrests having already been made by ING Bank, who have been collecting what it says are unpaid bunker bills owed to now-defunct OW Bunker, Ship & Bunker reported earlier this month that on March 22 the UK's Supreme Court will make the final judgement in the so-called "Res Cogitans UK test case" as to whether those bunker buyers affected by the supplier's collapse will potentially have to pay twice for the same bunkers.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 4.50 | 617.00 | 5.50 |
| Rotterdam | 457.50 | 2.50 | 623.50 | 6.50 |
| Houston | 469.00 | 3.50 | 623.00 | 2.00 |
| Fujairah | 494.50 | 6.50 | 715.50 | 5.50 |
| Global 20 Ports Average | 526.00 | 3.00 | 712.50 | 11.50 |
| Global 4 Ports Average | 481.00 | 4.00 | 645.00 | 4.50 |
| Global Average Bunker Price | 569.00 | 2.00 | 750.00 | 5.50 |
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