World News
The American Club Releases Guide on Implications of OW Bunker Litigation
The American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) has announced the release of its guide the Collapse of OW Bunker and the International Tail of Maritime Litigation Regarding the Supply of Bunkers, which summarises bunker supply transaction processes in various jurisdictions as prescribed by local court decisions in O.W. Bunker A/S (OW Bunker) cases.
The American Club notes that the guide was developed for its members who may be vulnerable to ship arrests through maritime liens.
The organisation says the guide is specifically intended "to provide information and guidance concerning bunker supply transactions, complications consequent upon the OW bankruptcy, maritime liens, latest legal developments, recommended actions upon receipt of claims by unpaid bunker suppliers, and loss prevention guidance as to these exposures associated with the supply of bunkers to ships."
The document itself covers an overview of the OW Bunker bankruptcy and related legal fall out for bunker buyers and suppliers, and explains recent decisions and their implications under U.S., Singaporean, and UK law, such as whether interpleader relief was made available or denied.
In July, John Kissane, Partner at Watson Farley & Williams LLP (WFW), said that legal disputes resulting from the fallout from last year's OW Bunker bankruptcy could help clarify U.S. law as to whether it is the bunker broker or the physical supplier who has the maritime lien.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 516.50 | 2.50 | 598.00 | 0.50 |
| Rotterdam | 464.50 | 5.50 | 612.50 | 6.00 |
| Houston | 461.50 | 1.50 | 610.50 | 1.00 |
| Fujairah | 504.00 | 4.50 | 716.50 | 1.00 |
| Global 20 Ports Average | 532.00 | 1.00 | 708.00 | 1.00 |
| Global 4 Ports Average | 486.50 | 1.00 | 634.50 | 1.50 |
| Global Average Bunker Price | 570.50 | 1.00 | 755.50 | 2.00 |
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