We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 07 November 14
U.S. PRODUCED 85.60 MILLION SHORT TONS OF COAL IN OCTOBER, UP 2.88% M-O-M
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.0 million short tons (mmst) of coal ...
Thursday, 06 November 14
THE ATLANTIC HAS REMAINED STRONG WITH A HEALTHY SUPPLY OF NEW CARGOES
Handy
This week has continued its slow trend in both hemispheres and even though rates are a bit up w-o-w it is not a clear sign for any improvem ...
Wednesday, 05 November 14
CAPESIZE SEGMENT ENJOYED FIRMING RATES ACROSS BOTH BASINS
Following a fantastic week in terms of rate performance for Capes, the Dry Bulk market managed to note another positive weekly closing, which stron ...
Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compar ...
Tuesday, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
|
|
|
Showing 3391 to 3395 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Planning Commission, India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Australian Coal Association
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
|
| |
| |
|
