World News
Minerva and Norvic Settle Unpaid Bunker Bill Fight
- Minerva Bunkering and the Norvic group have settled their dispute
- New York case against founder Ashfaque J. Rahman dismissed with prejudice on Monday
- Dispute began over a $230,040.26 bill for VLSFO supplied at Singapore
- Settlement terms are confidential
Bunker supplier Minerva Bunkering has settled its dispute with the Norvic group over an unpaid bunker bill, with the terms of the settlement confidential.
Minerva's case in the US District Court for the Southern District of New York against Norvic founder, chairman, and group CEO Ashfaque J. Rahman and his wife Mahween Rahman was voluntarily dismissed on Monday with prejudice, with each side bearing its own legal costs, court records show.
A dismissal with prejudice means the claims cannot be brought again.
The settlement draws a line under a pursuit that had spread across three jurisdictions.
Minerva sued Norvic Maritime Holdings and related companies in March over a $230,040.26 debt for the supply of 498.528 mt of VLSFO to the Alexandris at Singapore.
The English High Court entered default judgment against Norvic Maritime Holdings in April under the parent's guarantee, with Minerva's New York complaint putting the judgment debt at $288,133.58 or more as of June 25.
Minerva then applied in Ontario to enforce the judgment in Norvic's home jurisdiction, and in August filed the New York complaint seeking to hold the Rahmans personally liable, alleging the group's value had been shifted beyond creditors' reach through the sale of its dry bulk platform.
Those allegations were never tested in court, and the dismissal ends the case without any finding against the Rahmans.
The status of the Ontario recognition application was not immediately clear.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 854.00 | 11.50 | 1278.50 | 11.00 |
| Rotterdam | 681.00 | 5.50 | 1400.00 | 10.00 |
| Houston | 725.50 | 15.00 | 1364.50 | 23.50 |
| Fujairah | 944.50 | 19.00 | 1675.50 | 9.00 |
| Global 20 Ports Average | 860.50 | 15.50 | 1522.00 | 1.50 |
| Global 4 Ports Average | 801.00 | 13.00 | 1429.50 | 4.00 |
| Global Average Bunker Price | 922.00 | 13.00 | 1596.50 | 2.50 |
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