Troubled Danish company OW Bunker has filed for bankruptcy following the discovery of alleged fraud at its Singapore-based subsidiary.
The global bunkering firm, which is the third-largest company in Denmark by revenue, reportedly owes 13 banks $750 million, according to Reuters. It filed for bankruptcy at the probate court in Aalborg in northern Denmark on Friday.
On Thursday, the company confirmed that it was facing a potential loss of around $125 million due to alleged fraud by senior employees at Dynamic Oil Trading (DOT), its Singapore subsidiary. OW Bunker said it had decided to report “two key employees” at DOT to the police after conducting an internal investigation.
In a public statement issued on Friday, OW Bunker said its banks hold mortgages covering all its receivables and that without new, significant credit facilities in the immediate future, “the business could not be saved”.
“It is now clear that such facilities will not be made available. Nor is a sale as a going concern a realistic option,” Chairman Niels Henrik Jensen said. Bunkerworld reported on Thursday that the company had until December 1 to come up a viable restructuring plan.
A bunker trader expressed concern earlier on Friday that OW Bunker’s bankruptcy could have a domino effect. “If they go bankrupt, financially less secure players will also go bankrupt,” he claimed
As suggested by and Thanks to The West of England P&I Club
Ebola Virus Charter Party Clause
Doing Business 2015 is the 12th in a series of annual reports investigating the regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 189 economies—from Afghanistan to Zimbabwe—and over time.
Doing Business measures regulations affecting 11 areas of the life of a business. Ten of these areas are included in this year’s ranking on the ease of doing business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Doing Business also measures labour market regulation, which is not included in this year’s ranking.
Data in Doing Business 2015 are current as of June 1, 2014. The indicators are used to analyse economic outcomes and identify what reforms of business regulation have worked, where and why.
ALGIERS – Algeria plans to embark on the development of LNG as marine fuel for ships.
This project has been examined during an International seminar on Development of LNG as marine fuel held Monday in Algiers by the company of the distribution and marketing of petroleum and derivatives (NAFTAL) to present the opportunities for development of this sector in Algeria.
This is an “emerging technology” which is being recently used by some countries and for which growth prospects are “promising” while Algeria is big LNG producer, Secretary General of the Ministry of Energy, Ahmed Messili said.
The development of LNG as marine fuel may enable Algeria to become an “important player” in this field, he said during the meeting.
Samir Houghlaouen, an official at NAFTAL, noted that even if the current conditions did not allow the expansion of the marine LNG, its future, however, remains promising due to the growing use of natural gas in the global maritime transport.
He also indicated that the actions taken to protect the environment in the global shipping have helped to establish an international consensus on the need to implement strict rules to protect the maritime area, which is to increase the share of clean fuel in the bunkering of vessels.
By its geographic position and the extend of its coastline on the Mediterranean Sea, Algeria has to work to emerge as “leading player” in the bunkering of ships using Marin LNG.
At Medstone SA, We think we are fairly good in what we do (since 1987) but we must admit that these lot in the video are slightly better than us in creativity and sheer originality !..
Good and well done to them !!
Here is the video link:
Our associates ”Libyan Lines” advise that the port of Benghazi is closed to all commercial traffic since October 15th for security reasons. No indication when the port will re-open. Most traffic has been re-directed to the ports of Tobruk and/or Mars-El-Brega.
Due to nationwide instability in general & continuous fighting in Benghazi and western Libya in particular, shipowners are less inclined to call in Libyan ports and those willing to risk it are demanding exhorbitant freight rates !!
Hyproc Shipping Company, a shipping subsidiary of Sonatrach signed with the shipyard “Hyundai Heavy Industries”, a contract for the construction of two twin gas carriers (tankers) for the transportation of LNG, with a capacity of 171,800 M3 each, said Thursday the Head of the Subsidiary’s Communication centre Khaled Sellami.
The USD$635 million contract, signed in Oran, provides for the possibility of building a third tanker. The two tankers to fly national flag will be delivered by the end of 2016, the same source said, adding that the 10% of the funds for the two tankers will be provided by Hyproc SC while the remaining 90% will be ensured by the External Bank of Algeria (BEA).
The two carriers will be equipped by advanced and eco-friendly technologies of the maritime industry, in order to ensure safe navigation.
The acquisition of the LNG carriers is part of a program of modernization of the Company’s fleet. These two major acquisitions that will be followed by others and should enable Sonatrach Group, through its subsidiary Hyproc, to strengthen its LNG transport capacity and its position on the world distant markets.
This contract is, according to Hyproc SC, the result of a long process, launched by the engineers of the national company for twenty months and culminated in late 2012 in the launch of a call for tender to shortlist shipyards. The different technical steps that followed, led to the selection of three South Korean shipyards: Daewoo Shipbuilding Marine Engine LTD (DSME), Hyundai Heavy Industries LTD (HHI) and Samsung Heavy Industries LTD (SHI).
The final phase of financial bid opening of the three shipyards took place last August. HHI shipyard clinched the deal.
Hyproc SC has 16 ships, i.e. 8 LNG carriers, six LPG carriers and 2 bitumen carriers.