Bunker industry haunted by banking ghost

One year after the collapse of OW Bunker, the global bunker industry is forced to handle bank deals with great caution. Mortgages in invoices can make customers panic, as Peninsula has experienced. Bunker Holding has deliberately opted to keep the banks out of it.

BY KATRINE GRØNVALD RAUN AND TOMAS KRISTIANSEN

Published: 07.01.16 at 12:28

Even though more than a year has passed since the historic collapse of OW Bunker, the industry displays a noticeable fear of suddenly being hunted down by the bunker companies' bank connections. This fear is widespread among sellers of bunker fuel as well as the buyers, which include all kinds of global carriers.

Even the major players themselves such as Peninsula Petroleum and Bunker Holding must let the guarantee, which the banks usually need as collateral, be a transparent element, or some would say a sales pitch, towards the shipowners.

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