Shanghai: Cockett Marine Oil, a Dubai-based company half-owned by commodity trader Vital, has hired more than 10 former OW Bunker employees in China.
OW Bunker filed for bankruptcy in Denmark in November following a fraud scandal at Dynamic Oil Trading, one of its subsidiaries.
OW Bunker China, which had offices in Beijing and Shanghai, sold around 80,000-100,000 tonnes of shipping fuel a month in China, which accounted for nearly 10% of the entire Chinese market.
Cockett Marine is a joint venture between Vitol and South Africa-based Grindrod Group which has businesses in logistics, shipping, and commdities. [05/12/14]