World News
WFS In Court Over $18M Bunker Scam Claim
Major fuel supplier World Fuel Services (WFS) has been taken to court by insurer AGCS Marine Insurance Co. (AGCS) over an insurance claim submitted by the former after WFS fell prey to a scam, Tradewinds reports.
The WFS claim says the company was the victim of a bunkering scam costing an estimated $18 million.
Criminals impersonating the U.S. Defence Logistics Agency instigated a fake fuel supply tender to WFS, following which the company purchased 17,000 metric tonnes of marine gas oil from Monjasa.
WFS then delivered the cargo via ship-to-ship transfers in two parcels to a tanker known as the Ocean Pearl while it was anchored off the Ivory Coast.
On presentation of its invoice, however, WFS found that the U.S. agency had no record of the transaction and was unwilling to pay.
WFS filed an insurance claim to AGCS for loss of cargo.
AGCS's precise reasons for initiating court proceedings are not currently public.
The news comes amid reports of growing threat of cyber crime targeting bunkering and shipping companies.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 655.50 | 2.00 | 808.50 | 4.50 |
| Rotterdam | 619.00 | 0.00 | 789.00 | 8.00 |
| Houston | 628.50 | 7.50 | 812.50 | 1.50 |
| Fujairah | 653.50 | 4.50 | 900.00 | 2.50 |
| Global 20 Ports Average | 672.00 | 0.50 | 885.00 | 7.00 |
| Global 4 Ports Average | 639.00 | 2.50 | 827.50 | 2.00 |
| Global Average Bunker Price | 727.50 | 1.50 | 933.50 | 5.00 |
Popular Now More
-
Apr 16The firm will acquire majority ownership of the Spanish firm for an undisclosed sum, subject to closing conditions and regulatory approvals. -
Apr 15The Athens branch manager of global marine fuel supplier and trading firm Monjasa has stepped down from his role at the company. -
Apr 13A seizure of a ship by Iran would point to a significant widening of the threat to global shipping from current geopolitical tensions.