ShippingWatch

OW Bunker crash now hitting carriers

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.

Photo: OW Bunker

"It could happen tonight or it could happen in a week. But it's guaranteed to happen," partner at XO Shipping, Christian Levin, tells ShippingWatch.

He is convinced that it is only a matter of time before one or more of the companies that have sold oil to OW Bunker will come knocking at the carrier's door to make their claims because they have not received payment from now-defunct OW Bunker. As such, the companies are moving on to the next link in the chain, namely the carriers or charterers operating leased vessels, in an effort to get their bills paid here instead.

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