More claims made against OW Bunker in Singapore for unpaid fuel, total $21.5 mil sought

More claims have been made against Danish fuel supplier OW Bunker and its subsidiaries in Singapore’s courts, bringing the total number of plaintiffs to seven so far, according to court documents obtained by Platts Thursday.

The total sum sought by the seven plaintiffs come up to $21,528,920.05.

According to court records, there are five claims against OW Bunker Far East, with Golden Island Diesel Oil Trading making two separate filings for $1,272,855.03 on Tuesday and $1,470,994.80 on Thursday.

Both sums are for unpaid bunker fuel of 380 CST grade.

In a filing made Wednesday, Bunker House Petroleum is claiming $4,064,175.06, also for unpaid bunker fuel of 380 CST grade.

Equatorial Marine Fuel Management Services also made a claim Tuesday for $781,569.09.

Hin Leong Trading had earlier on November 8 made a claim for $1,297,672.01, for “sale of goods” as listed in the document.

Sirius Marine has also made a claim on Wednesday for $1,834,569.70 for unpaid bunker fuel of marine gasoil grade.

DYNAMIC OIL TRADING CLAIMS

In claims against OW Bunker’s subsidiary, Dynamic Oil Trading, Golden Island Diesel Oil Trading on Thursday also made a claim of $222,783.02 for unpaid bunker fuel of 380 CST fuel oil grade.

Mitsui & Co Energy Trading Singapore on Wednesday filed a claim for $9,996,494.69 for “sale and purchase agreement for fuel oil,” according to court records.

Panoil Petroleum on Wednesday also made a claim for $587,806.65 for “outstanding amount due and payable.”

Sources Thursday said the market would see more claims in the weeks to come, despite OW Bunker Far East not having taken any legal steps in the Singapore courts as yet.

“More plaintiffs will come forward, and they will not be waiting around to make claims because when the time comes for the courts to determine which companies should get paid their dues, the ones who made claims earlier might get priority,” said one Singapore-based trader.

Last week, OW Bunker, one of the world’s largest bunker suppliers, said it filed for bankruptcy, less than two days after it announced at least $275 million in losses stemming from fraud at Singapore subsidiary Dynamic Oil Trading and mark-to-market losses.

The Danish company, which claims 7% of global bunker market share, said in-court restructuring procedures had not presented a “sustainable solution” that left it with no alternative to bankruptcy.

The company was just publicly listed in Copenhagen in March this year and has since halted trading and been removed from the stock exchange listing.
Source: Platts