The Danish Board of Auditors has reportedly fined two auditors from Deloitte a total DKK 200,000 (USD 31,840) regarding the audit of O.W. Bunker’s accounts before the company’s listing and subsequent collapse in 2014.
“We are very pleased that the Board of Auditors rejects the part of the criticism that concerns whether OW Bunker’s consolidated accounts for 2013 were correct,” said Nordic director of Deloitte Anders Dons in a statement responding to the board’s decision.
The Danish Business Authority, also known as the Erhvervsstyrelsen, in 2018 decided to submit two auditors to the Audit Board after completion of its review of the audit of the annual and consolidated financial statements for 2013 for OW Bunker A/S.
“The Erhvervsstyrelsen has found that the auditors have failed to plan and perform audit procedures to counteract the risk that the Group’s gross profit could be significantly affected by gains / losses on changes in oil prices, including net gains on oil derivatives that were not intended to hedge the risk in oil prices on stocks and contracts concluded,” stated the Danish Business Authority in 2018.
Related: Danish Business Authority finds fault with OW Bunker auditors
Related: Singapore: O.W. Bunker A/S stakeholders take Deloitte & Touche LLP to court over alleged negligence
Published: 4 September, 2020
Brightoil failed initial repayment of a settlement agreement on 10 August leading to development.
ClearOcean Tankers orders tankers from STX Offshore & Shipbuilding and Daehan Shipbuilding.
‘The vessel [MT Strovolos] has been wrongly charged with stealing the cargo. It is not and has never at any time been our intention to misappropriate the cargo.’
ExxonMobil’s Antwerp refinery undergoes maintenance; Gibraltar and Algeciras suffer massive congestion; Swedish dockworkers to block Russian vessels and cargo.
Collaboration, transparency and building trust will be key drivers for success in view of increased regulation and pressure on the shipping industry to decarbonise.
Shipowners, bunker buyers, leading bunker suppliers, bunker traders, bunker brokers, and other industry stakeholders are expected to attend the event, says IBIA.
KPI OC seeking to recover debt of USD 805,602.15 over five bunker deliveries, not including accrued interest of about USD 363,000 since 15 September, showed court documents obtained by Manifold Times.
Discussions around the need to develop methanol bunkering operations are taking place at numerous ports ahead of estimated demand of above 7M mtpa by 2030, says Chris Chatterton of Methanol Institute.
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
