Connect with us

Business

Official: Bunker Holding, Keld R. Demant and Dan-Bunkering will not appeal verdict, says statement

Bunker Holding and Dan-Bunkering have decided not to appeal the city court ruling in the case where the companies were on trial for breaching EU sanctions against Syria, states USTC.

Admin

Published

on

Bunker Holding Group

A/S United Shipping & Trading Company, the parent firm of group company Bunker Holding A/S, on Wednesday (29 December) released a statement indicating its decision not to appeal the verdict against its entities which were indicted of having breached EU sanctions in Syria:

In the judgement that was delivered on December 14th in the city court of Odense, the court found that Dan-Bunkering’s Russian branch should have known that the company’s Russian clients would likely use the fuel in violation of EU sanctions against Syria. The court also found that Bunker Holding and its CEO had acted with unintentional negligence in regard to trades made in the spring of 2017. The court did not find that the companies had acted with direct intent to violate EU sanctions or that Bunker Holding and its CEO had acted intentionally to breach EU sanctions.

Bunker Holding, Keld R. Demant and Dan-Bunkering acknowledge the decision of the court and have decided not to appeal the verdict.

Putting an end to a complicated case

“Through the entire case the companies have expected to be acquitted so we are surprised by the verdict. However, we have decided not to appeal the ruling because we want to put an end to the case. From the outset we have taken the accusations very seriously and we accept the outcome of the legal proceedings”, says Klaus Nyborg, vice chairman of the board of directors at Bunker Holding.

This is a very complicated case, which is also reflected in the fact that the judges were not able to reach consensus on Dan-Bunkering’s level of intent.

The judgement shows that it is no longer sufficient to screen trades against direct counterparties. Rather it points out the need to check your customers counterparts, even including several links downstream, in order to control the usage of the product being sold.

Comprehensive compliance system and procedures

Bunker Holding has traded in oil products to global customers for more than 40 years and is today the world’s largest bunker company. Since the company was founded, Bunker Holding and subsidiaries have operated in accordance with international sanctions and continuously expanded its capabilities as the requirements for sanctions compliance have increased. In the latter years the development and expansion of the company’s compliance system and procedures have been intensified significantly and Bunker Holding’s compliance system is today regarded among the best in the shipping industry.

The system checks more than 100,000 trades per year against international sanctions lists and media information while using Big Data and artificial intelligence to follow sailing patterns and the use of AIS trackers. Based on this, the system flags specific trades and can stop trades if it identifies unusual trading and payment patterns.

Since 2017 Bunker Holding has strengthened and centralised its global compliance team to ensure that the group’s compliance procedures function optimally. Bunker Holding has also further expanded its internal compliance training program for all employees in the group. Everyone undergoes annual mandatory training and newly hired traders must complete intensive onboarding training when joining the company. The compliance department also conducts training tailored for the specific needs of local offices based on their trading patterns and customers.

In the verdict, which is the first sanctions case brought against the company in its more than 40-years history, none of the counterparties that Dan-Bunkering were involved with has ever been on the EU’s sanctions list. As a result, the verdict highlights how difficult it has become to navigate international sanctions and underlines the importance of continuously improving internal training, systems and monitoring.

Strong support from customers and business partners also after the verdict

Bunker Holding and Dan-Bunkering have experienced continued strong and unchanged support from customers, suppliers, banks, and credit insurance companies as well as confidence in the compliance system and procedures that Bunker Holding has built over the years. The group’s compliance set-up is regularly evaluated and validated by external, international experts in the field.

Full trust in CEO

Contrary to Bunker Holding’s expectations, CEO Keld R. Demant received a suspended sentence for acting with unintentional negligence. The court did not find that he had acted with direct intent or intentionally had acted in breach of EU sanctions. Keld R. Demant accepts the verdict and has decided not to appeal.

“Keld R. Demant has the full and unchanged support of the board of directors and the ownership and will continue as the CEO of Bunker Holding”, says Klaus Nyborg. Torben Østergaard-Nielsen, chairman of the board of directors at Bunker Holding and co-owner of the company, also expresses his full support of Keld R. Demant.

We must learn from this case

For Torben Østergaard-Nielsen it is crucial that everyone within Bunker Holding learns from the case.

“It is a core value for me and the entire Bunker Holding group that we act with decency in everything we do. I regard this entire case and the fact that the court reached the conclusion that EU sanctions have been breached with the utmost gravity. This case simply does not reflect the values or the culture that we stand for and that we are known for. It has obviously been a serious matter for Dan-Bunkering and Bunker Holding, but certainly also for me personally. Bunker Holding is the world’s largest bunker company, and as such we have an obligation to take the lead in compliance and set the highest standards for ourselves to ensure that the company at all times abides by all trade sanctions”, says Torben Østergaard-Nielsen.

Note: Earlier Manifold Times coverage regarding Bunker Holding/Dan-Bunkering’s breaches of EU sanctions can be found below:

Related: Statement regarding the city court of Odense’s ruling against Dan-Bunkering, Bunker Holding and CEO
RelatedDan-Bunkering, Bunker Holding and CEO guilty of Syria sanctions violations; fined USD 5.17 million in total
RelatedDan-Bunkering trial: Defence lawyer pleads for full acquittal of clients in court
RelatedDan-Bunkering trial: Court denies request sending case to European Court of Justice
RelatedDan-Bunkering trial: Denmark also bombed Syria, confirms defence counsel
Related: Dan-Bunkering trial: Prosecutors question Bunker Holding CEO Keld Demant
Related: Dan-Bunkering trial: Prosecution examines revealing email to Group Directors
Related: Dan-Bunkering trial: Hearing resumes after accusation of impartiality
RelatedDan-Bunkering trial: Hearing temporarily suspended due to impartiality
Related: Prominent prosecutor to lead spectacular lawsuit against Dan-Bunkering
RelatedBunker Holding:  ‘No signs’ in alleged breach of EU sanctions post internal investigation
Related: Experts: Bunker Holding alleged jet fuel sale significant to outcome of Syrian War
Related: Bunker Holding ‘surprised’ at fuel sale charge; maintains ‘full confidence’ in Group CEO
Related: Danish prosecutor proposes jail sentence for Bunker Holding Group CEO over jet fuel sale
Related: Bunker Holding & Dan Bunkering allegedly charged over EU sanctions violations
Related: Dan Bunkering ‘surprised’ SØIK has pressed charges over alleged EU sanction violations
Related: Dan-Bunkering: Everything has been investigated – the case should be closed
Related: Name ban on parties involved with Dan-Bunkering Syrian jet fuel deal lifted
Related: Dan-Bunkering Middelfart office searched by commercial crimes police
Related: Firm linked to alleged Dan-Bunkering Syrian war activities under sanction
Related: Update: Dan-Bunkering Syria jet fuel supply ops allegedly longer than thought
Related: Dan-Bunkering faces preliminary charges by SOIK with violation of EU Syria sanctions
Related: Investigations on Dan-Bunkering over alleged Syrian jet fuel deal start
Related: Danske Bank casts doubts on Dan-Bunkering reason for Syria investigation
Related: Danske Bank reported Dan-Bunkering to police in EU sanctions case
Related: Bunker company acknowledges flawed statement in EU sanctions case
Related: Unioil Supply dragged into Dan-Bunkering sanctions allegations
Related: Dan-Bunkering has not violated EU’s sanctions against Syria, it insists
Related: Nordea highlights stance on compliance after Dan-Bunkering discovery
Related: Danish media alleges Dan-Bunkering jet fuel deliveries during Syria war

 

Photo credit: Bunker Holding
Published: 29 December, 2021

Continue Reading

Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

Admin

Published

on

By

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

Continue Reading

Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Admin

Published

on

By

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

Continue Reading

Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

Admin

Published

on

By

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

Continue Reading
Advertisement

OUR INDUSTRY PARTNERS



Trending