Bankruptcy of OW Bunker A/S


Published: 7 November 2014

The Association would like to urgently advise members of a significant development that may have an impact on their bunkering and / or chartering.

The development

Members may have read recent media reports in relation to bunker suppliers OW Bunker A/S following the revelation of irregularities in relation to an Asian subsidiary of the company.

At present it is not known what the outcome of these developments may be, but given the size of this supplier it is likely to have an effect on a significant amount of bunker delivery contracts, for bunkers already supplied and yet to be supplied.

Loss prevention advice

Members that have recently taken bunkers via OW Bunkers A/S, a subsidiary or an affiliated company, should urgently review the situation with respect to the payment for the stem. This is because there could be potential issues in relation to claims from sub-contractors who themselves may not have been or may not be paid in the present circumstances and who may therefore look to the vessel directly for payment.

Members with planned supplies that relate to this company should urgently check whether the arrangements remain in place and whether sub-contractors are involved. 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 case any member has a vessel on charter to or from this company, it would also be prudent to urgently review the situation.

Members are urged to contact their Business unit in case they have any concerns.