Creditors pick over the bones of Baxus Marine

Singapore: The six creditors of bunker supplier Baxus Marine will meet on December 11 to go over the liquidation details of the financially battered firm. Baxus Marine was hit with more than $16m in claims which led to its winding up orders.

Baxus Marine’s six creditors are OPET Trade (Singapore), OceanConnect Marine, United Bunkering & Trading (Asia), Global Energy Trading, Singamas Marketing, and I&C International.

It has been a tough year for some of the smaller bunker players in Singapore, the world’s largest bunkering hub, with competition so severe. Another firm which has struggled financially has been Trio Energy, which Chemoil has chased for a series of debts.  [05/12/12]

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