Marine Link
Monday, September 25, 2017

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 

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.

KOHLER Launches New Oils for Generator Applications

(Image: KOHLER)

A new line of aftermarket genuine oil from KOHLER is engineered specifically for generator applications. The fully-synthetic premium oils are available in three formulations for different fuel types and are optimized for use in industrial, mobile, marine and home generators. “Generators have to run when they’re needed – there’s no room for downtime,” said Patricio Iligaray, Manager of Aftermarket Parts for Kohler Power Systems. “And, the oil you choose makes a real difference. Generators are subjected to unique conditions that are different from engines that power other applications.

New Company Takes Over OW Tanker

OW Scandinavia (Photo: 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.

U.S. Oil Exports set to Take Off by 2022

File Image: A typical VLCC underway (EuroNav)

Enterprise sees four-fold jump in U.S. crude exports by 2022. Crude oil exports from the United States will increase to meet 5 percent of global demand by 2022, as refiners seek more low-sulphur crude to meet stricter rules for cleaner fuels, an executive from Enterprise Partners LP said on Monday. U.S. oil exports may rise to about 4 million barrels per day (bpd) by 2022, a four-fold jump from this year, said Brent Secrest, a senior vice president at Enterprise Products. During that same period…

FueLNG Completes First Commercial LNG Bunkering in Singapore

FueLNG, a joint venture between Keppel and Shell Eastern Petroleum (Pte) Ltd (Shell), has achieved the first commercial Liquefied Natural Gas (LNG) bunker transfer in Singapore by completing truck-to-ship bunkering for the Floating Liquefaction (FLNG) vessel, Hilli Episeyo. The LNG bunker transfer, which was carried out in batches from July 22, to September 23, 2017, was conducted in accordance with the Singapore Chemical Industry Council (SCIC) Technical Reference for LNG Bunkering (TR 56), which provides a safe, efficient and sustainable technical framework for LNG bunkering operations. This marks the first LNG trucking operation for FueLNG…

FueLNG Completes First Commercial LNG Bunkering in Singapore

Photo: Keppel Corporation Limited.

FueLNG, a joint venture between Keppel and Shell Eastern Petroleum (Pte) Ltd (Shell), has achieved the first commercial Liquefied Natural Gas (LNG) bunker transfer in Singapore by completing truck-to-ship bunkering for the Floating Liquefaction (FLNG) vessel, Hilli Episeyo. The LNG bunker transfer, which was carried out in batches from 22 July to 23 September 2017, was conducted in accordance with the Singapore Chemical Industry Council (SCIC) Technical Reference for LNG Bunkering (TR 56), which provides a safe, efficient and sustainable technical framework for LNG bunkering operations.

Cosmo Oil to Boost Diesel Output to meet 2020 Ship Demand

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

Cosmo says considering adding units to process more heavy crude; looking to maximize diesel output at Sakai coker. Japan's Cosmo Oil plans to increase diesel output at its Sakai refinery in Osaka, looking to capitalize on an expected jump in demand when a global mandate for ships to switch to cleaner fuels kicks in from 2020, its top executives said. The company, wholly owned by Cosmo Energy Holdings, is considering adding units such as a desalter that will allow its 100,000-barrels…

Ship Arrested, More Claims Emerge Against OW Bunker

Photo: 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…

SEACOR Chooses Kongsberg Hybrid Power Solutions

Photo: Kongsberg

A new integrated ‘Full Picture’ technology delivery is set to enable significant operational efficiencies for the MEXMAR owned Platform Supply Vessel (PSV), SEACOR Maya. Mantenimiento Express Marítimo SAPI de CV (MEXMAR) is SEACOR Marine’s joint venture in Mexico, which operates 15 offshore supply vessels. The contract, signed this September for delivery in January 2018, focuses on the integration of a sophisticated new hybrid power solution designed by Kongsberg to assist SEACOR Marine and MEXMAR in meeting strict environmental regulations by decreasing CO2…

Marine Fuels Supplier Bomin Group Launch New Brand Identity

Photo: Bomin Group

The Bomin Group, a leading global physical supplier and trader of marine fuels, today announced the launch of a new brand identity and website as it positions itself to deliver the company’s next phase of global growth. The shipping industry is experiencing significant change, and the fuel supply chain is becoming increasingly complex. The launch of Bomin’s new brand identity reflects this evolution, and the company’s global position within the market. The new corporate identity also underlines the company’s ethical values…

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.

Ecoslops Seeks Authorization for Marseilles Project

Image: Ecoslops

Ecoslops, an innovative technology company that upgrades ship-generated hydrocarbon residues, or “slops”, into valuable new fuels and light bitumen,  has  announced the formal application to the French competent authorities for an authorization to operate an oil residue waste-processing unit at La Mède, near Marseilles in partnership with Total group. Within this partnership, in which Ecoslops will get a majority stake, and as soon as a unique authorization is given (building and operation permits)…

Parpala Joins The Switch

Ville Parpala (Photo: The Switch)

The Switch has recruited Ville Parpala as Director, Product Marketing, Marine Solutions, as it targets its ambition of achieving growth of 200 percent in the marine segment across the next five years. The firm, a specialist in the development and supply of advanced drive train solutions, said it will leverage Parpala’s vast experience and contact book, to push its ability to deliver enhanced efficiency, cost savings and environmental performance to the shipping industry worldwide.

New Bunker Trader at Dynamic Oil

Jacky Yen

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.

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…

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.

LUKOIL Marine Cylinder Oil Approved by MAN and WinGD

Photo: Lukoil Marine Lubricants

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…

Singapore Bunker Meter Mandate Targets 'Frothy Fuel'

Singapore, the world's biggest bunkering port, plans to end the so-called "cappucino effect" in ship fuelling through new meters designed to stop suppliers from short-changing customers, although the industry is warning of a short-term sales dip. The Maritime and Port Authority (MPA) of Singapore, which sold more than 42 million tonnes of bunker oil in 2013, will be the world's first port to mandate the use of mass flow meters for fuel oil bunkering. The meters show the actual mass of fuel delivered, preventing suppliers from boosting their profits by injecting air into the fuel as it is pumped aboard. The practice, known as the "cappucino effect"…

Wärtsilä Advice Confirms Castrol Concerns on Single Oils

Castrol Marine said it has welcomed new guidance from Wärtsilä that undermines claims that mid-range base number (BN) oils represent a single cylinder oil solution for marine two-stroke engines. The advice confirms Castrol’s long-held concerns that using mid-range BN cylinder oils with higher sulphur fuels when slow steaming could lead to cold corrosion. The engine major has withdrawn approval for mid-range (50-60BN) cylinder oils when used with many marine engines running on Heavy Fuel Oil of above 2.5% sulphur content. New ‘letters of no objection’ to suppliers limit use of mid-range BN oils on all “Wärtsilä RTA, RT-fl ex and W-X engines as well as Sulzer two-stroke engines” to HFO whose sulphur content is “in the range 0.5<S<2.5 mass %”.

Maritime Reporter Magazine Cover Sep 2017 - Maritime Port & Ship Security Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News