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Danish bunker companies' ship hijacked off Africa

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The collapse and alleged financial fraud at OW Bunker only paints part of the picture of an industry that can also be life-threatening. ShippingWatch tells the story about how two Danish bunker companies were recently attacked and fired upon off the coast of West Africa, after which their ship was hijacked.

OW's management knew about giant Singapore credits

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A printout from OW Bunker's own financial system shows that the collapsed bunker group had, by as early as September, registered a claim of almost USD 80 million to one single client. "Completely obvious that the OW Bunker senior management was able to follow developments," lawyer tells ShippingWatch.

OW Bunker crash now hitting carriers

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Several carriers expect that OW Bunker's collapse could result in a million dollar loss this year and they have already made provisions for this in their bookkeeping. One of these is XO Shipping in Hellerup, Denmark, which has secured a bank guarantee from Danske Bank in order to avoid having ships arrested.

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