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.
Inside the World's First LNG Containership Conversion
The world’s first container feeder vessel refit to use natural gas was commissioned in late August in Bremerhaven, ushering in a new era in the use of alternative fuels across the global maritime sector. The container vessel Wes Amelie, owned by Wessels Reederei, Haren/Ems, was converted for the use of methane as a standard fuel at the German Dry Docks Shipyard in Bremerhaven, making it the world’s first of its kind vessel which consumes environmentally friendly methane. This conversion is more than simply another environmentally advanced ship…
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.
World First: LNG to Fuel Largest Containerships
The move to LNG as fuel in the maritime sector picks up steam, as CMA CGM announced plans to outfit nine of its new 22,000 TEU containerships with LNG fueled engines. A trend that started in the United States is spreading to the world, as global containershipping giant CMA CGM announced its intention to outfit its series of new 22,000 TEU containerships with LNG-fueled engines. The move to ‘clean fuel’ in the maritime sector has been rapid, spurred by new rules from the International…
S.Korean Refiners Look to Cash in on 2020 Mandate
Three refiners to spend more than $5 bln to upgrade or add units. South Korean refiners are planning to spend over $5 billion on plant upgrades in response to tighter rules on shipping fuel, boosting production of low-sulphur fuel oil as well as other high-end products. The refiners hope the investment, which comes ahead of the 2020 introduction of the new rules, will make them one of the biggest beneficiaries of the new regulations, with many competitors still waiting to commit to new spending. "Not many refiners are doing so.
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
Ships 'Unseaworthy' If They Don't Meet Emissions Rules -IMO
Ships which do not meet cuts to the amount of sulphur they can burn in their engines risk being declared "unseaworthy", the International Maritime Organization (IMO) said on Thursday. Shippers and refiner are not sure how they will comply with rules finalized last year which require ships worldwide to cut sulphur emissions from 3.5 to 0.5 percent by 2020. The IMO said there would be no delays or exceptions to the coming rules, whether or not the industry takes the steps it needs to comply, and warned that all parties face consequences if they do not play their part.
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…
Skangas, Titan LNG Sign MoU
Skangas of Norway and Titan LNG based in The Netherlands have signed a Memorandum of Understanding (MoU). The two companies will cooperate on serving marine Liquefied Natural Gas (LNG) customers. For ship operators this agreement will contribute to the overall availability as well as the optimization of LNG deliveries in the wider region. Skangas of Norway and Titan LNG based in The Netherlands have signed a Memorandum of Understanding (MoU). The two companies will cooperate on serving marine Liquefied Natural Gas (LNG) customers.
Shell Marine Launches New Cylinder Oil
Shell Marine has launched a new two-stroke engine cylinder oil, Shell Alexia 140, now available from the ports of Rotterdam, Bremerhaven, Hamburg, Antwerp, Tanjung Pelepas, Busan and Salalah. The launch follows receipt of a No Objection Letter (NOL) for commercial use of Shell Alexia 140 from MAN Diesel & Turbo and coincides with Shell Alexia 140’s acceptance into full scale operations by two major customers. In September 2016, Shell Marine disclosed Alexia 140’s selection as the first test oil for ‘ACOM’ - MAN Diesel & Turbo’s Automated Cylinder Oil Mixing process.
Aegean Becomes Fourth Bunker Supplier to Exit Singapore
Aegean Bunkering Pte Ltd will halt physical supply operations in Singapore by January, the company said, becoming the fourth such firm to exit the world’s largest marine refuelling hub after it adopted tougher bunkering procedures this year. Since adopting mass flow meters (MFM) to streamline operations on marine refuelling, or bunkering, barges at the start of 2017, suppliers in Singapore have seen margins squeezed and competition surge in the battle for market share. “2017 has seen heightened commercial pressures in Singapore, and as a result, management has determined that Aegean’s resources can be more profitably deployed elsewhere,” its president, Jonathan Mcilroy, said in a statement on Tuesday.
New Passenger Ferry for Seychelles’ Inter Island Express
A new 30-meter aluminum passenger ferry Isle of la Digue built by Richardson Devine Marine is the latest vessel designed by Incat Crowther for the Seychelles operator Inter Island Express. The catamaran newbuild, which required a very shallow draft to afford access to the operator’s confined harbor berth, is the first to feature Incat Crowther’s new generation propeller tunnel to reduce propeller draft and offer a flat transom which can integrate with standard fixed or active interceptor systems, the designer said.
LNG Bunkering to Grow at CAGR of 62.5% to reach USD 24.684 bln in 2023
The global LNG bunkering market is expected to witness a CAGR of 62.5%, and is projected to reach USD 24684.7 million by 2023, said a report by Energias Market Research. The key factors driving the growth of LNG bunkering market are increase in LNG demand in order to reduce the carbon footprint in the shipping industry stringent international emission policy, the best cost-effective alternative fuel and significant rise in government initiatives supporting LNG adoption. LNG Bunkering is the practice of providing liquefied natural gas fuel to a ship for its own consumption.
Stone Marine, NGC Marine Launch Joint Company
Propeller design and manufacturing company Stone Marine Propulsion has joined forces with NGC Marine of China to form a new supplier of propulsion solutions and marine gearbox equipment. The new U.K. based company, Stone Marine Propulsion NGC Ltd, is a subsidiary of Stone Marine Propulsion. It combines the experience of Stone Marine Propulsion in propeller design, hydrodynamics and metallurgy with that of NGC Marine Ltd, a manufacturer of marine propulsion and gearbox equipment. Units are available to suit a range of vessel types and sizes, including merchant, commercial and offshore. Already available are CPP propeller systems, Azimuth and Tunnel Thrusters of various types, and the company will also custom design and manufacture propeller, shaft and rudder products built.
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.
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.
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.
Singapore Revokes Transocean Oil's Bunker License
The Maritime and Port Authority of Singapore (MPA) has revoked the bunker supplier and bunker craft operator licences of Transocean Oil Pte Ltd, with effect from 6 November 2017. Transocean will no longer be allowed to operate as bunker supplier and bunker craft operator in the Port of Singapore. As part of MPA’s ongoing regulatory efforts to ensure the integrity of bunkering in Singapore, checks were conducted on Transocean in March and April this year. MPA’s investigations revealed…
ExxonMobil, Imperial Oil Employ DH Barge in Vancouver
ExxonMobil Marine Fuels (EMMF) and Imperial Oil have commissioned a new double-hull barge to complement existing marine fuels services at Canada's port of Vancouver. The state-of-the art ITB Provider, owned by established Vancouver operator Island Tug & Barge, has a fuel capacity of 2,200 tonnes, and can deliver HFO/IFO and MGO simultaneously at a rate of up to 500 tonnes per hour. It will complement the ITB2, which is already refuelling vessels at Vancouver, and the Imperial Oil barge Imperial Nootka, which is supplying marine lubricants and smaller MGO deliveries. Imperial Oil is the only supplier in the Port of Vancouver with bunker storage facilities. network.
Total Charters in New Barge Capacity in Germany
Total Marine Fuels in Germany has chartered in additional barge capacity to meet growing demand for fuel oil from customers in Hamburg and along the Kiel Canal. Total is the main bunker supplier in the Kiel Canal, and is currently selling in excess of 350,000 metric tons of fuel per year in the region. It has had the double-hulled, 1,450-ton capacity bunker barge Elbingerode on charter since the beginning of 2007. Now, in response to continuing increases in demand, it has supplemented that with the charter of the Spandau DT61, which has capacity for about 1,100 tons of heavy fuel oil and 100 tons of gasoil. TOTAL has a Kiel Canal bunker installation from whose four jetties it can supply all grades of heavy fuel oil…
LUKOIL Marine Cylinder Oil Approved by MAN and WinGD
Ready for the 2020 sulphur cap? There is a big change in fuels ahead of us and the fuel suppliers are busy looking into several options. However, regardless of whether de-sulphurisation, MGO or distillate blends or any predominantly hydrocarbon blend with a maximum of 0.5 percent sulphur content or a 0.1 percent limit in ECA - “We are ready,” said Stefan Claussen, Technical and Marketing Director of LUKOIL Marine Lubricants. In order to offer the best possible lubricant solutions in the years leading up to 2020 and beyond…