Singapore: At an industry dialogue with close to 50 companies from the Singapore Shipping Association (SSA), the association claims there has been no disruption to bunker supply and bunkering operations in Singapore. The assertion comes despite widespread media reports of chaos in the local bunkering scene in the past week since OW Bunker filed for bankruptcy.
Co-organised by the Maritime and Port Authority of Singapore (MPA) and SSA yesterday, the participants gathered for updates and discussed ways to minimise any impact on the local bunkering scene following the recent announcements made by OW Bunker.
The attendees were advised to carefully inspect their contractual obligations, and to work closely with their stakeholders to avoid or minimise disruption in their operations.
“The bunkering industry here is a well-regulated one. While I urge my members to seek professional and legal advice as necessary, I also hope that those affected by this event would remain calm and not resort to knee-jerk reactions which may rock the stability and reputation of Singapore’s bunkering industry. My association will be working closely with MPA to ensure that there would not be any unnecessary disruption in bunker supply and operations here,” said SSA president Mr Patrick Phoon.
The latest from the local courts suggest there are currently at least seven firms filing claims against OW Bunker in Singapore for a combined $21m. [14/11/14]