Dynamic Oil Trading (DOT) CEO Lars Møller signed a document containing changes to DOT's clauses just a few weeks before the collapse of OW Bunker, and the changes leave numerous legal experts highly puzzled. "The company restricts its liability," says one professor. Lars Møller does not recall the changes today.
DFDS has spent years trying to stop MyFerryLink from operating on the English Channel. The British Competition Appeal Tribunal's decisive hearing in the case will take place next week. CEO Niels Smedegaard believes in victory, he tells ShippingWatch.
Aegean Marine Petroleum is featured on the long list of creditors with outstanding claims in the bankrupt OW Bunker estate. "Aegean Marine Petroleum’s exposure to OW Bunker’s debt is merely a fraction of the number the article refers to," the company tells ShippingWatch.
The Chinese government's air pollution reduction target will impact the country's coal import, in particular, but this is in no way bad news for major dry bulk vessels, says Maersk Broker. Find the shipbroker's three scenarios below.
But with the commitment from the group of lenders that represent 61 percent of Torm's ship financing, this failure to comply with the terms is not expected to impact the process as long negotiations are ongoing, says the carrier.
ShippingWatch presents the complete list of the 100 companies that have outstanding claims in bankrupt OW Bunker. The list provides some insight into the colossal cleanup process the estate's trustees are working on.
"The unrecoverable credit granted by DOT to Tankoil, currently estimated by management to be somewhere between USD 120 - 130 million, was never submitted to the board, let alone authorised by it," says OW Bunker's former Board of Directors in a sharply worded press release:
Following a very tough period for German shipyards, the shipbuilding industry has now adapted to the new reality. But the financing aspect remains problematic, General Managing Director of the organization VSM, Reinhard Lüken, tells ShippingWatch.
The major Norwegian dry bulk carrier Western Bulk can conclude that 2014 has been a big disappointment and represents the lowest point for the carrier since 2009, CEO Jens Ismar tells ShippingWatch. Now he is also forced to downgrade expectations for 2015.
The world's biggest owner and operator of VLGCs, BW LPG, increased its profit by 159 percent in the third quarter. Not until 2015 will the newbuildings rush into the market and disrupt the good conditions, says the carrier.