Singapore: In the wake of the sudden bankruptcy of Denmark’s OW Bunker, the Maritime and Port Authority of Singapore (MPA) has insisted that disruption at the world’s top bunkering port will be minimal.
“There are currently more than 60 bunker suppliers in Singapore, and OW Bunker Far East (Singapore) Pte Ltd accounted for less than three percent of the 42.6 million metric tonnes supplied in Singapore in 2013,” MPA said in a release.
MPA said it is working with the industry and the industry associations to mitigate any potential impact on bunkering operations in Singapore.
OW Bunker, Denmark’s third largest company by revenues, crashed spectacularly last week as a $125m fraud from Singapore subsidiary, Dynamic Oil Trading, was revealed. [11/11/14]