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ING Bank looks like the winner in OW Bunker cases

All signs indicate that ING Bank will be the big winner in the legal aftermath of OW Bunker in the US. Four appeals courts have now reached the same decision: the physical supplier cannot collect unpaid bunker bills.

Shipping executives: Investors have withdrawn

Some of the world's largest carriers, like Torm and Top Ships, have noticed a clear slowdown in investors' interest in shipping just in the past 6-9 months. "It is not a very pretty picture," says Torm's CEO Jacob Meldgaard.

Banks prepare for next round of consolidation in multipurpose

In December, the two major Dutch banks ING and ABN Amro forced the first large-scale consolidation through in the ailing multipurpose sector. Now the market is waiting on what the banks will do next in the German hub for specialized vessels. Drewry eyes slight improvement in late 2017.

OW cases worth millions could drag out in the US

The battle over carriers' debt to OW Bunker may take a long time to be settled in the US. Two recent rulings contradict each other on the question of whether ING Bank can arrest vessels in order to demand repayment. Shipowners could end up waiting a long time for clarity.

Major banks sell off multi-purpose vessels

Banks including ING and ABN Amro are demanding compulsory sales of more than 20 Dutch-controlled multi-purpose vessels after cancelling loans to the vessels. ABN Amro has now cancelled the credit to Abis Shipping's fleet of more than 12 ships.

OW Bunker liquidator will now intensify debt recovery

"We now expect that the debt recovery process will be done at a higher pace than before," says lawyer John Sommer Schmidt, trustee in the OW Bunker estate, in an interview with ShippingWatch after the UK Supreme Court verdict on Wednesday.

Major bank arrests ships to reclaim OW Bunker debt

Dutch finance bank ING is still trying to recover some of the debt owed to it after the OW Bunker bankruptcy. These efforts have so far hit three ships in Singapore and India, which have received claims for several hundred thousand dollars.

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