World News
GP Global Bunkering Operations Put on Hold While Restructuring Talks Continue With Banks
The bunkering business of GP Global has been largely paused as the company seeks new backing from its lenders during a restructuring exercise.
Some previously arranged stems are still being carried out, but the company has been advised against taking on new business for now while its balance sheet is under review, a company source told Ship & Bunker Tuesday.
Discussions with banks are under way this week, the source said.
Last week the company announced it had hired Rod Sutton as chief restructuring officer, as well as bringing in UK-based firm Quantuma to assist with its restructuring.
The previous week the company's lawyers released a letter to clients saying it had uncovered a fraud by some of its employees in the UAE, leading to criminal charges against some of them.
GP Global was assessed as one of the world's largest bunker suppliers in a joint report by marine credit company SeaCred and Ship & Bunker last year.
About Jack Jordan
Jack Jordan is the Managing Editor of Ship & Bunker, the world’s most read marine fuel-focused publication.
He is an experienced financial editor and reporter with a first-class degree in Arabic and Russian, a postgraduate diploma in newspaper journalism and several years' history of covering the oil and shipping industries and capital markets.
Jack is based in London, UK.
About Ship & Bunker
Ship & Bunker is the world's most read publication focused on the marine fuel markets. Completely independent, it is the leading industry authority providing comprehensive daily news, exclusive in-depth features and analysis, along with daily & historical bunker price indications.
To contact the editor responsible for this story email us at editor@shipandbunker.com
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 569.50 | 0.00 | 680.00 | 0.00 |
| Rotterdam | 515.00 | 1.00 | 674.00 | 2.00 |
| Houston | 550.00 | 2.50 | 678.00 | 6.50 |
| Fujairah | 560.50 | 0.50 | 753.50 | 2.50 |
| Global 20 Ports Average | 586.00 | 0.00 | 761.00 | 2.00 |
| Global 4 Ports Average | 549.00 | 1.00 | 696.50 | 2.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 800.50 | 2.00 |
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