World News
OW Bunker USA Bankruptcy Case Closes
The bankruptcy case of OW Bunker USA has finally been brought to an end, more than seven years after the collapse of its parent firm, at the time the world's largest bunker trader.
Once final distributions have been made, OW Bunker USA and OW Bunker North America will have returned about $23.5 million to their creditors, Robert O'Connor, a partner at law firm Montgomery McCracken Walker & Rhoads LLP, which worked on the case, said in a LinkedIn post on Wednesday.
OW Bunker collapsed in November 2014, just a few months after an IPO valuing the company at more than $1 billion, after debts from fraudulent trading were revealed in Singapore.
"I'm proud of the work that my colleagues at Montgomery McCracken Walker & Rhoads LLP did throughout the last seven years to liquidate the debtors' assets and maximize the creditors' recoveries," O'Connor said.
"We, quite literally, litigated and arbitrated around the world from New York to Louisiana and Houston, from Greece to London and France, all the way up to the US Supreme Court."
But further cases related to OW Bunker entities still continue, O'Connor said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 567.50 | 3.50 | 700.00 | 14.50 |
| Rotterdam | 512.50 | 4.00 | 695.00 | 17.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 562.50 | 2.50 | 755.00 | 0.00 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
Popular Now More
-
Nov 21CCO Christoffer Berg Lassen is stepping down from the company to be replaced by Anders Grønborg, while Peder Møller becomes its first chief operating officer. -
Nov 25The firm has installed rotor sails expected to save 10-15% in fuel consumption on transpacific routes on board the Chinook Oldendorff. -
Nov 20The ISO 6853:2024 specifications, the first of their kind, cover the general requirements and properties for methanol specifically being used as marine fuel.