Former OW Bunker Manager Appeals 18-month Jail Term
The former manager of marine fuel supplier OW Bunker's Singapore subsidiary said on Tuesday he would appeal the 18-month jail term he was sentenced to last month, his lawyer told Reuters.On May 30, a Danish city court found Lars Moller, former head of Dynamic Oil Trading in Singapore, guilty of granting credit outside his mandate, contributing to OW Bunker's bankruptcy.Moller's defense lawyer said on Tuesday, that they would appeal the verdict and aimed for him to be "fully acquitted".The 2014 bankruptcy of the firm, then the world's leading supplier of bunker fuel with a 7 percent market shar
Former OW Bunker Manager Gets 18 Months in Jail
A Danish court on Wednesday sentenced the former manager of OW Bunker's Singapore subsidiary to 18 months in prison after he was found guilty of granting credit outside his mandate, contributing to the bankruptcy of the marine fuel oil supplier.The 2014 bankruptcy of OW Bunker, then the world's leading supplier of marine fuel oil with a 7 percent market share, sent shockwaves through the global shipping industry and left investors and business partners scrambling to cover their losses.The city court of Aalborg said it found Lars Moller…
New Players in Singapore Markets in OW's Absence
The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share towards cash-rich trading companies and barge operators, traders said. Marine fuel premiums over cargo prices in Singapore, the world's busiest refuelling port, have stayed elevated after hitting their highest in more than two years in the wake of OW Bunker's collapse as worried buyers tried to lock in prompt supplies. Besides oil majors - such as BP, Shell and ExxonMobil - which have integrated supply systems including storage and fuel-delivery tankers, rivals with deep pockets or a fleet of barges are also expected to expand their market share.
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.
OW Bunker Collapse Rattles Singapore Bunker Markets
Major oil companies, trade firms to expand market share; tight credit hits small retailers. The collapse of OW Bunker in the wake of an alleged fraud at its Singapore trading unit will shake up the city state's more than $25 billion marine fuel market, the world's largest, as major companies expand and small ones shrink amid a credit squeeze. OW Bunker, a leading supplier of marine fuel oil known as "bunker", filed for bankruptcy in Denmark a week ago after it revealed losses of at least $125 million at Dynamic Oil Trading, prompting banks to refuse to provide new credit lines. In a market that relies heavily on open credit, traders fear the incident could create a domino effect, pulling more companies down with it.
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…
Fuel Scandal Sends Traders Scrambling, Investors Eye Lawsuits
Traders and shipping companies scrambled to source fuel and take over supply contracts on Friday after Danish marine fuel supplier OW Bunker said a suspected fraud at its Singapore subsidiary had pushed it to the brink of bankruptcy. The alleged fraud at Singapore-based subsidiary Dynamic Oil Trading is potentially one of the biggest financial market scandals to hit the city state since 2004, when China Aviation Oil (Singapore) ran up oil futures losses of $550 million. Some institutional and individual investors in Denmark said they were considering taking legal action against the firm.
OW Bunker Files for Bankruptcy
The world's largest ship fuel supplier OW Bunker said it would file for bankruptcy as soon as possible to the probate court in Aalborg in the northern part of Denmark. OW Bunker said on Thursday it has discovered fraud by senior employees in its Singapore-based subsidiary. "As a result of the internal investigation, it has been decided to report two key employees in the Singapore-based subsidiary Dynamic Oil Trading," the company said in a statement. (Reporting by Ole Mikkelsen; editing by Jane Baird)
Fraud at OW Bunker's Subsidiary
The senior management of OW Bunker has today been informed about a fraud committed by senior employees in the Singapore-based subsidiary Dynamic Oil Trading (DOT). The case is under investigation. The extent of the fraud is not yet clear, but preliminary findings suggest a potential loss of around USD 125 million. Isolated from the above, a review of OW Bunker's risk management contracts has revealed a significant risk management loss in addition to the loss of USD 24.5 million announced on October 23, 2014 (Company Announcement 23/2014).
Preparations Needed for 2015 Sulphur Regulations
With six months until the January 1, 2015 deadline, owners and operators urged to plan ahead to manage their ECA fuel needs. With exactly six months to go until the 2015 ECA regulations take effect on January 1 next year, marine fuel trading company Dynamic Oil Trading has called on ship owners and operators to prepare now to ensure that they can still meet their supply requirements for compliant products within Emission Control Areas (ECAs), and to work collaboratively with their fuel suppliers in order to minimize the impact on their operations and profitability. From January 1, 2015, all vessels sailing in the designated ECA zones in the Baltic Sea, the North Sea, the waters off the U.S. and Canadian coastline and the U.S.
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.
Credit Demand Leads to Consolidation among Bunker Companies
Suppliers without liquidity will lose out to financially robust organizations offering better terms. Dynamic Oil Trading has highlighted liquidity and credit as the single biggest challenge in the shipping industry when it comes to fuel supply. The company believes that the impending 0.1% ECA (Emission Control Area) regulations and the increase in distillate use, which will require a demand for more credit from ship owners and operators, will lead to further consolidation amongst bunkering companies.
Dynamic Oil Expands Middle East Operations
Three new appointments announced as recruitment drive to support expanding customer base continues. Dynamic Oil Trading has announced a series of appointments at the company’s recently launched Dubai office, amid continued expansion of the firm’s Middle East operation. Bunker traders Leonore Lagendijk and Mirko Antichi, as well as accountant Sheila Oller will join Dynamic Oil Trading’s Dubai operation with immediate effect. Leonore comes to the role with three and a half years’ trading experience, having previously held trading jobs at O.W. Bunker Middle East DMCC and BP.
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.
Dynamic Oil Completes First Year of Trading
Dynamic Oil Trading, the global trading company for marine fuels and lubricants, reported a successful first year of operations since the launch of the company in October 2012. The company said it sales performance, supported by its significant financial backing, has served to create the foundation for increased customer acquisition and growth. In the 12 months since its establishment, Dynamic Oil Trading has expanded rapidly and now has a ten-strong bunker trading team based out of its global headquarters in Singapore.
Dynamic Oil Trading Plans Dubai Expansion
Dynamic Oil Trading, the global trading company for marine fuels and lubricants, has unveiled plans to launch a new operation in Dubai later this year to meet growing customer demand in the Middle East. The expansion into the UAE, one of the world's most important bunkering hubs, marks another milestone in the growth strategy of Dynamic Oil Trading, just nine months after the company was established in Singapore, and is the latest in a series of announcements by one of the fastest growing companies in the bunker sector.
New Appointment at Dynamic Oil Trading
Dynamic Oil Trading, the global trading company for marine fuels and lubricants, has announced the appointment of Mona Liu as a bunker trader. Mona Liu brings considerable experience to the Dynamic Oil Trading team, having working in a number of bunker trading and marketing roles within the marine fuels industry in Singapore and China. Mona has started work in Dynamic Oil Trading's worldwide trading team with immediate effect. Her arrival is the second new appointment within one week for Dynamic Oil Trading and adds to the company's reputation as one of the fastest growing bunker trading companies in the industry. www.dynamicoiltrading.com
Dynamic Oil Appoints New Bunker Trader
Dynamic Oil Trading, a global trading company for marine fuels and lubricants, appointed Charles Dai as a Bunker Trader. The appointment further strengthens Dynamic Oil Trading's position within the market and adds experience to its team of marine fuel traders. Charles Dai joins Dynamic Oil Trading having previously worked for Chimbusco Pan Nation and Conmark Bunker. Commenting Dai’s appointment, Lars Møller, CEO, Dynamic Oil Trading said, “Charles' appointment is a welcome addition to the expanding team at Dynamic Oil Trading. His industry knowledge, contacts and networks adds further strength to our experienced team, and his ability to build strong relationships with customers and partners fits perfectly with our ethos.
Wrist Group Launches New Trading House
Dynamic Oil Trading launched to meet the fast paced demands of the shipping industry – without limitations. Wrist Group, one of the world’s leading ship services companies, has announced the launch of Dynamic Oil Trading, a new global trading company for marine fuels and lubricants. Headquartered in Singapore, Dynamic Oil Trading will work with all aspects of the shipping industry, building close relationships with ship owners, operators, brokers, traders and suppliers. The company is well financed and has an ambitious growth strategy with plans for further expansion in Asia, Europe and the Americas. Dynamic Oil Trading is headed by Lars Møller, who has 16 years’ bunkering experience.