Former director of OW Bunker’s Dynamic Oil Trading (DOT) subsidiary in Dubai Jesper Jervild has established a bunker broking company following OW Bunker’s demise.
Aside to bunker broking, the newly-established Liberty Marine said it would also offer in house bunker broking services.
The aim behind the Dubai-based broking company is to provide owners and suppliers with transparency in a time of turmoil in the bunker industry, as described on the company’s website.
In addition, the company claims that its services would eliminate the risk of double payments and hidden surprises to owners.
“Now, many customers want to get the bills directly from suppliers. Customers will know exactly who they are dealing with many suppliers prefer to know who ultimately pay the bills, making them better able to assess the credit risk,” Jervild is quoted as saying by Danish newspaper Børsen.
OW Bunker’s collapse has had a ripple effect across the bunkering industry including the most recent decision of Turkish oil company Opet to shut down its Singapore office.
Singapore-based Opet Trade had exposure to OW Bunker Far East and its subsidiary Dynamic Oil Trading totalling USD 33.2 million, Reuters reports basing its argument on a list compiled by provisional liquidators KPMG.
Opet Trade has also been exposed to the insolvencies of Baxus Marine in 2012 and Vanguard Energy last year, Reuters’ source said.
World Maritime News Staff