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26 June 2019 The on-line newspaper devoted to the world of transports 02:38 GMT+2

November 14, 2014

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Original news
the marine-harbour community of Singapore at work in order to diminish the impact of the OW failure
MPA and SSA guarantees that the case of swindle and consequent bankruptcy of the Danish society will have the minimal impact on the supplies of bunker in the Asian port

the origin of the failure of Danish OW Bunker resides to Singapore and the marine community of the Asian harbour city is reacting to the situation evidencing that the impact of bankruptcy of the European company, that world leader in the field of the marine fuel supplies is the society of independent bunkeraggio, will have a minimal effect on the activities of bunkeraggio in the port of Singapore.

5th November OW Bunker has announced of being informed of a swindle store clerk from the leadership of the branch Dynamic Oil Trading (DOT) of Singapore, whose capacity still is not ascertained and that however - second the preliminary appraisals - a potential loss of approximately 125 million dollars could determine. Two days after the Danish company it has declared failure specifying that the society is not more in a position to approaching credit lines. It turns out therefore impossible to tackle to a indebtedness that, with the loss provoked from the swindle case, is gone up to approximately 750 million dollars. As soon as nine months ago OW Bunker it had made its debut on the stock exchange list Nasdaq OMX Nordic.

Yesterday Maritime and the Port Authority (MPA) of Singapore has reacted to announcements of the OW Bunker remembering that currently in the Asian port there are beyond 60 suppliers of bunker and that the Danish society, through the OW Bunker To make East (Singapore) Pte Ltd, represents less of 3% of 42,6 million the tons of bunker distributed to Singapore in 2013. The marine-harbour authority has emphasized that therefore the regarding events the OW Bunker will not have that the minimal impact on the supplies of bunker in the port of Singapore.

the MPA has specified that it is however working with the companies and the associations of the field in order to attenuate any potential consequence on the activities of bunkeraggio to Singapore and that in order to resolve eventual problems of the field is in contact with the Singapore Shipping Association (SSA) and the International Bunker Industry Association (IBIA) to the aim to estimate together the situation shortly.

Today the SSA has announced the outcome of the first reunion indetta in order to estimate the consequences of "case" OW Bunker. "That of the bunkeraggio - the president of the association has declared, Patrick Phoon - is a field very which ordered. On one side I exhort the associates to make use, if necessary, of a professional advising and legal, from the other I confide that which are hit by this event they maintain the calm and they do not act impulsively with reactions that can undermine the stability and reputation of the industry of the bunkeraggio of Singapore. My association - it has emphasized Phoon - will work to tightened contact with MPA in order to guarantee that here some superfluous interruption of the supplies of bunker and the activity does not happen".

"This - the managing director of MPA, Andrew Tan has commented - has been a profitable reunion for the marine community and of the field of the bunkeraggio to the aim to estimate the current situation and in order to discuss the next concrete steps". Tan has confirmed that the Authority will work with the suppliers of authorized bunkers of Singapore in order to reduce lessened any eventual interruption of the fuellings in port.

While the International Bunker Industry Association has convened for this afternoon to Singapore a reunion of the associates of IBIA Asia in order to examine the situation.

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