OW Bunkers Investors in Legal Action Against IPO Banks
A group of 24 Danish institutional investors in OW Bunker has decided to issue a writ against Carnegie and Morgan Stanley, accusing them of misleading investors ahead of the 2014 listing of the now bankrupt marine fuel oil supplier. The investors, which include two of the largest pension funds in Denmark, ATP and PFA, claim they have suffered a loss of 767 million crowns ($123 million) following investment in OW Bunker shares "on the basis of a prospectus which was insufficient in material aspects". Morgan Stanley declined to comment, while Carnegie said it did not know the details of the alleged claim. Reporting by Stine Jacobsen
Singapore Marine Fuel Sales Surge 7.2%
Singapore's marine fuel sales set a monthly record in January after climbing to 4.606 million tonnes, up 3.2 percent from a year earlier as vessels coming to the world's largest bunkering hub loaded larger amounts of bunker fuel per vessel on average, official data showed. Compared with the previous month, sales in January were up 7.2 percent, data from the Maritime and Port Authority of Singapore (MPA) showed. The number of vessels that called at Singapore for bunkers fell by 4.4 percent from last year to 3,472 but was at an eight-month high, MPA data showed.
Maersk Energy: Uptick in Offshore Oil
COPENHAGEN, Feb 20 (Reuters) - Prospects for the offshore oil drilling market are improving but profits for drillers are still under pressure and rates will not rise before 2019, the head of A.P. Moller-Maersk's energy business said. Oil firms have seen cash flow climb in 2017 a high since a three-year slump in crude prices, lifted by their cost-cutting plans and a crude price recovery. Although this has spurred new investment, it has yet to benefit suppliers, such as Maersk,…
OW Bunker Investors to Sue IPO banks
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.
Four Methanol-fueled Vessels Ordered in Korea
Four new vessels powered by methanol fuel will be built in Korea following investment from maritime industry stakeholders Waterfront Shipping Company Ltd. (WFS), Marinvest/Skagerack Invest (Marinvest), IINO Kaiun Kaisha, Ltd. (IINO), Mitsui & Co., Ltd. (Mitsui) and the NYK Group (NYK). The four 49,000 dead weight tonne newbuilds will be built at Hyundai Mipo Dockyard for delivery in 2019. They will be powered by MAN B&W ME-LGI two-stroke dual-fuel engines that can run on methanol, fuel oil, marine diesel oil or gas oil.
New Company Takes Over OW Tanker
OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday. Henrik Pedersen said the takeover by Alba Tanker ApS, which has the trustees of the bankrupt company on its board, is part of the process of securing assets for the estate. Denmark's OW Bunker had been the largest marine fuel supplier in the world. "We are not a very big part of the company," Pedersen said by telephone. "We're the ship-owning part of OW Bunker and Trading.
Schulte's PRONAV Acquisition Greenlighted
The Hamburg-based Schulte Group said it has received clearance by the German Federal Cartel Office for the acquisition of the LNG specialist PRONAV. With this strategic move, the family-owned ship owner and manager continues to increase its capabilities and capacity in the growing liquefied natural gas (LNG) market. Through the acquisition of PRONAV, the Schulte Group has increased the number of vessels under full management in its third-party management fleet by six additional LNG carriers (LNGC). At present, the Schulte Group provides full management for three LNGC and crew management for 21 LNGC. Five LNGCs with a capacity of 173…
Thai Navy Orders New Tug from Italthai
On January 19, 2018, Italthai Marine Limited of Thailand signed a contract with the Royal Thai Navy (RTN) for the construction of a sister ship to the Robert Allan Ltd. designed RAmparts 3200 tug Panyi 857. Italthai have built three Robert Allan Ltd. tugs previously for Thailand, Panyi 857 built in 2016 and a pair of RAmparts 2800’s for The Port Authority of Thailand, Tarua 120 and Tarua 302 both built in 2012. Hull form and all equipment are the same as Panyi 857 with enhanced fendering system to handle the navy’s new submarines.
Denmark Charges Former OW Bunker Manager with Fraud
Denmark's general prosecutor said on Thursday it had charged a former Singapore unit manager of Denmark-based OW Bunker with fraud. The prosecutor said the former manager, a Danish citizen, has been charged with committing fraud of agent for more than 800 million Danish crowns ($122.79 million) by granting credit outside his mandate. The prosecutor also said it did not find legal grounds for criminal prosecution of other management members within the OW Bunker group, the world's biggest marine fuel supplier before it went bankrupt in 2014. Reporting by Stine Jacobsen
IMO to Ban Many Ships with High Sulphur Fuel from 2020
The International Maritime Organization intends to ban ships that do not have equipment to strip sulphur from carrying fuel that has a sulphur content above new limits in 2020, an IMO official said on Thursday. The ban, which still has to go through two formal approval steps, was presented at IMO compliance meetings earlier this month. It would make enforcing the new limits on sulphur in shipping fuels significantly easier, cutting into the expected rule-breaking. "There wasn't that dissent…
SCF, Shell Push LNG Fuel for Aframax Tankers
SCF Group signed time-charter agreements with Shell for two dual-fueled Aframax tankers. At a ceremony held during International Petroleum Week in London, the time charter agreements were signed by Evgeny Ambrosov, Senior Executive Vice-President of SCF Group, and Mark Quartermain, Vice-President of Crude Trading for Shell. The vessels are part of a series of six SCF Group tankers currently under construction and due for delivery between Q3 2018 and Q1 2019. The two tankers will be on time charter to Shell for up to 10 years, with a minimum commitment of five years.
Interview: Chia Yoo Soon, Chevron Marine Lubricants
OK. Full disclosure. We spent more than ‘five minutes’ on the phone with Chia Yoo Soon, General Manager, Finished Lubricants – Marine, Chevron Marine Lubricants. But given that we are based in New York and he is based in Singapore, the time difference mandated an efficient conversation for both. Without overstating the obvious, ship owners are under tremendous pressures. A relentless regulatory hammer continues to pound out new and ever stricter environmental and emission rules, while at the same time many sectors are in the midst of a historic and prolonged slump.
Ship Arrested, More Claims Emerge Against OW Bunker
Fuel barge Laguna, carrying oil sold by Hin Leong to OW Bunker, arrested. Total claims against OW Bunker Far East and Dynamic Oil now over S$5 mln. Oil firms stepped up legal action against the Singapore units of bankrupt ship fuel trader OW Bunker with the arrest of a ship fuel delivery barge Laguna on Wednesday and claims totalling more than S$5 million. Court documents seen by Reuters showed that the overall amount of claims made against OW Bunker Far East (Singapore) and Dynamic Oil Trading…
Nauticor Extends its LNG Supply Network
Nauticor has extended its liquefied natural gas (LNG) supply network for ships within the North Sea region and has now begun delivering to maritime customers in the Port of Rotterdam. The Dutch port is the latest location added to the firm’s LNG distribution network, adding to a growing portfolio of one of the leading suppliers of LNG as fuel for ships. The premier bunker operation by Nauticor in the Port of Rotterdam saw the containership Wes Amelie, owned by Wessels Reederei based in Haren/Ems, receive the chilled fuel.
Oil from Sunken Tanker Sanchi Reached Japan's Shores
Oil that reached islands in southern Japan earlier this month is highly likely to have come from the sunken Iranian tanker Sanchi, the Japan Coast Guard said on Thursday. Samples of oily matter that washed up on Feb. 8 on the shores of the Okinoerabu and Yoron islands in the Amami chain were found to be linked to the Sanchi's sinking, the Coast Guard said. The Sanchi sank on Jan. 14 after colliding with a freighter on Jan. 6 in the world's worst oil tanker disaster in decades.
India's Oil Imports Reach Record High in January
India imported a record 4.93 million barrels of oil per day (bpd) in January to feed its expanded refining capacity and meet rising demand, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed. The world's third-biggest oil importer shipped in 13.6 percent more oil in January than a year earlier and about 12.5 percent more than the previous month, the data showed. Imports in January were high as state-run refiners, which operate two-third of India's nearly 5 million bpd capacity…
OW Bunker to Meet Liquidator; Ship Arrests Continue
OW Bunker owes financers more than $750 million-creditor data; six more vessels arrested; 7 in total. The Singapore arm of bankrupt Danish shipping fuel trader OW Bunker will meet with its liquidator KPMG in early December to discuss the firm's outstanding debt, which totals almost $1.5 billion globally. OW Bunker, a leading supplier of marine fuel oil known as "bunker", filed for bankruptcy in Denmark earlier this month after it revealed losses of at least $125 million at one of its Singapore-based subsidiaries Dynamic Oil Trading, sending the bunker fuel market into turmoil. Oil firms have stepped up legal action against OW Bunker's Singapore units since the announcement with the arrest of ships, now totalling seven, Singapore court documents show.
Ships to Divert to Hong Kong for Bunkers
Hong Kong bunker suppliers are expecting up to 20 percent more inquiries from shipowners who have had fuel contracts cancelled after the world's largest supplier announced its bankruptcy last week, sources said on Friday. Since the fall of OW Bunker, marine fuel prices in Singapore have climbed steadily and spiked to their highest in more than two years on Thursday, as tightening of credit led to a supply crunch amid prompt demand. "My impression is enquiries have gone up 20 percent, though it's hard to put a figure to it. There were more prompt orders for delivery between five to ten days," said a Hong Kong-based marine fuel seller. Hong Kong's 380-cst marine fuel was at least $10 a tonne cheaper than that in Singapore, on a delivered basis, on Thursday.
Cruise Ships & Eco-Trends in Energy Transition
Around 360 cruise vessels are operating on the ocean today, transporting thousands of passengers to both new and established locations across the world. The Cruise Boom relishing the industry in recent years has driven growth and advancement with 93 new vessels now under construction showcasing the latest technology available today. Now, the rising popularity of remote and adventurous routes such as the Polar Regions and UNESCO heritage sights has raised concerns about the impacts on marine environments and coastlines.
Oil Recovery Ops in Houston Ship Channel
The oil spill responders continue clean up efforts today after the 458-ft tank vessel Chemical Supplier allided with a barge and spilled approximately 10,500 gallons of oil in the Houston Ship Channel early on Sept. 25. Responders, as of 5:00 p.m., recovered approximately 4,280 gallons of oil. The source of the leak was secured at approximately 1:25 a.m. Sept. 26. The fuel tank contained an estimated 22,500 gallons of fuel oil. The Houston Ship Channel remains closed to all vessel traffic north of the I-610 bridge. Watchstanders from Sector Houston-Galveston received a call at approximately 9 p.m. Friday, Sept. 25, 2009, reporting that the Chemical Supplier allided with Buffalo Barge #251 in the vicinity of Brady's Island near the I-610 bridge.
Essar UK to Buy More US Crude in 2018
Essar UK, one of Britain's biggest oil refiners, will buy more U.S. crude this year after testing it last year, showing how rising output from the United States is squeezing out traditional European suppliers from the North Sea and Africa. Essar took at least three cargoes U.S. crude in 2017 for its 200,000 barrel-per-day (bpd) Stanlow oil refinery. "We will continue to take U.S. cargoes because we find value in them," Chief Executive Officer Srinivasalu Thangapandian told Reuters at a Platts middle distillates conference in Antwerp.
Dynamic Oil Trading Urges Greater Due Digilence
Dynamic Oil Trading, a global trading company for marine fuels and lubricants, has highlighted the important role of fuel suppliers in helping shipping companies to reduce their exposure to fuel quality and quantity risks, including bunker fraud. Dynamic Oil Trading welcomes the steps taken to drive up professional standards within the industry and the use of the latest technology, such as Mass Flow Meters. However, it believes that ship owners can achieve even greater assurance over fuel quality and quantity by developing longer-term, partnership-based relationships with bunker suppliers that will work with them to reduce their exposure to disputes and fraudulent behaviour.
New Bunker Trader at Dynamic Oil
Dynamic Oil Trading, the global trading company for marine fuels and lubricants, has announced the appointment of Jacky Yen as a new bunker trader for its Singapore bunker trading team. Educated at University College Dublin, Jacky Yen brings considerable experience of working with suppliers and buyers in the Singapore bunker market. Prior to joining Dynamic Oil Trading he worked at another marine fuel company in the Lion City for two years, where his responsibilities included bunker trading, operational liaison for fuel deliveries and acting as the point of contact with the Singapore MPA.