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Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
 Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of the consequences from the bankruptcy of OW Bunker A/S in Denmark.
As of today’s date, the Association is aware of OW companies declaring bankruptcy or taking steps in that regard in Denmark, Germany, Singapore and the USA.
Among these are the parent OW Bunker A/S, OW Bunker & Trading, OW Bunker Supply & Trading as well as OW Bunker Far East.
At present the situation with respect to Dynamic Oil Trading is not sufficiently clear to make a firm statement, but there are likely to be developments in the near future.
The Association is aware of there being possibly up to 40 OW Bunker and related offices around the world and a number of different trading names. As such it is likely that further news and developments will occur in a number of jurisdiction in the near future and members are advised to follow these closely to see how they may be affected.
Affected parties
As a result of this situation a number of different parties have been directly affected.
In the shipping context that includes:
- Shipowners that have bunkers on board supplied by or through OW or an affiliated company
- Time charterers that ordered or received on a chartered vessel such bunkers
- Bunker brokers and traders involved in the arrangement of the supply
- Actual performing suppliers of fuel
- Bunker barge owners and charterers involved in a supply or supply contract related to OW or an affiliated company
As such a significant number of companies may be directly or indirectly affected by this still developing situation.
Bankruptcy effect
While the main parent company, and certain affiliates / subsidiaries have gone in to bankruptcy, it must be understood that:
- the bankruptcy of one company does not immediately mean the bankruptcy of another
- bankruptcies of separate legal entities in separate legal jurisdictions will be handled according to the local law and practice – there is no “global” bankruptcy – but cross border recognition may be granted by some jurisdictions of another’s proceedings
- it is possible to be a creditor in one set of bankruptcy proceedings and a debtor in another
- a company’s bankruptcy does not immediately or necesarily mean it’s contractual positions are closed off, terminated or that it is in any form of repudiatory breach
bankruptcy puts a stay on legal action for that entity in that particular jurisdiction
There are many other issues to consider and members will be well advised to ensure they seek specific advice for specific jurisdictions from local subject matter practitioners in law. There is likely to be no “one size fits all” legal advice or solution to this situation.
Steps to take for creditors
If you believe that OW Bunker A/S or any of its subsidiaries or affiliates owe you any sum, then you need to check if that company is already in bankruptcy.
If the company is not in bankruptcy then you would need to take normal legal steps to recover any sums outstanding or press any legal claims. Should the company subsequently be declared bankrupt then it is likely that such action will be stayed in favour of the bankruptcy proceedings.
If bankruptcy is already underway then it is important to check how, in the specific legal jurisdiction where the specific OW entity is located, a creditor needs to file a claim in the bankruptcy. This is best done early in order to gain admission to creditor meetings and have a vote at such meetings, which often start to follow a few short weeks after the applicable local court grants the order for bankruptcy.
In Denmark, two law firms, Plesner and Gorrisssen Federspiel, have been appointed as trustees in bankruptcy of OW Bunker A/S.
Source: Skuld
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Sunday, 30 November 14
SUPRAMAX COAL FREIGHT RATES FROM INDONESIA TO INDIA : FIRM
COALspot.com: The BDI fell 171 points and closed at 1153 points on Friday 28 November 2014. The Cape index also lost 887 points and closed at 2151 ...
Friday, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
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- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
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