In an advisory to members Skuld said although the outcome of developments since a $125m fraud was uncovered at OW Bunker’s Singapore subsidiary Dynamic Oil Trading it was “likely to have an effect on a significant amount of bunker delivery contracts, for bunkers already supplied and yet to be supplied”.
Those who taken bunkers recently were urged to urgently review situation in respect to payment stem as there could be unpaid sub-contractors who could seek payment direct from the vessel.
“Members with planned supplies that relate to this company should urgently check whether the arrangements remain in place and whether sub-contractors are involved,” Skuld said. “Again this is important due to the potential issue of sub-contractors being paid in a timely fashion, and the possibility of legal action from such sub-contractors in the absence of such payment.”
In addition owners with charters either to or from OW Bunker we advised to urgently review the charters.
OW Bunker filed for bankruptcy late on Friday just two days after just two days after the fraud was uncovered at Dynamic and the company also revealed $150m in risk management losses.
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