Oil Trading Industry News

The Maritime and Port Authority of Singapore (MPA) has awarded two new bunker supplier licences to Minerva Bunkering and TFG Marine, following its call for applications for new licences in December 2019.Bunkering services in the Port of Singapore and oil trading remain resilient despite the global COVID-19 pandemic. Bunker sales in Singapore grew 5.4%, from 12.07 million tonnes in the first quarter of 2019 to 12.72 million tonnes in the first quarter of 2020.MPA and Enterprise Singapore (ESG) welcome the entry of Minerva Bunkering and TFG Marine, which will consolidate Singapore’s position as the global bunkering and oil trading hub.These…

Institutional investors to sue Morgan Stanley, Carnegie. A group of institutional investors in OW Bunker said they plan to sue Morgan Stanley and Carnegie for about $80 million, accusing the two investment banks of misleading them ahead of the 2014 listing of the now bankrupt marine fuel oil supplier. Denmark's OW Bunker was valued at $1 billion when it floated in March 2014, but the company filed for bankruptcy in November that year after suffering hedging losses of almost $300 million, sending shockwaves through the global shipping and oil trading industry. "We are planning a lawsuit against the two investment banks involved in the OW Bunker IPO," Erik Bomans, partner in Deminor Recovery Services representing 30 institutional investors, told Reuters on Thursday.

The Damen Double Hull Oil Tanker 8000 Kestrel Fisher was delivered end 2013 to Dutch managers De OpfeartBeheer. In a two-tanker deal, the Kestrel Fisher’s sister vessel King Fisher was delivered in June 2013. Both have been built by Damen Shipyards Bergum. The oil (product) tankers’ names are a reference to James Fisher Everard Ltd., which have taken up their commercial management. The 7,076-deadweight, 8,363-cubic-meter tankers were christened at the DSB-yard in Harlingen where they were outfitted; their hulls were built by Damen Shipyards Galati, Romania.