OW Tanker Saves Its Assets through Alba’s Takeover

OW Tanker A/S, a unit of Danish oil trader OW Bunker, has been taken over by Alba Tanker ApS, thus securing the company’s assets, according to Agence France-Presse (AFP).

The agreement was reached on Wednesday, November 26th by the OW Tanker’s former management, company liquidators and lenders, AFP writes.

The board of the newly formed Alba Tanker ApS includes trustees from Danish law firms Gorrissen Federspiel and Plesner.

OW Tanker’s fleet consists of  10 owned and 19 chartered 19 vessels, as written on the company’s website.

According to Peter Fogh, partner at Plesner Law Firm, seven ships have been transferred to the liquidators’ company that will most probably be sold, Danish daily newspaper Fyens Stiftstidende informed.

OW Bunker filed for bankruptcy protection on November 7 having reported a loss of at least USD 275 million resulting from a fraud by senior employees at Singapore subsidiary and mark-to-market losses.

The bankruptcy has had a ripple effect on Danish and Singapore units, along with those in the US.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >