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Bunker Claim

Large Danish investors led by pension funds prepare to settle in OW Bunker case

Pension funds ATP, PFA and 22 other institutional investors are willing to settle claims against Carnegie, Morgan Stanley, Altor, OW Bunker company and former management and board of directors, reports ShippingWatch.

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Several large Danish investors led by pension funds are prepared to settle with the possibility of a year-long legal battle after the crash of OW Bunker, according to ShippingWatch on Wednesday (28 February).

Eventhough the settlement is not yet signed and in place, ShippingWatch has been given access to the settlement text dated January 25, 2024 and a draft press release.

According to the text, pension funds ATP, PFA and 22 other institutional investors are willing to settle the claims against the banks Carnegie, Morgan Stanley, the private equity fund Altor, the OW Bunker company and the former management and board of directors with a total amount of DKK 665 million (USD 96,697,729.80).

This includes costs related to the case, according to the draft press release.

The pension funds had sued the parties with allegations of an erroneous and misleading prospectus.

The settlement amount will be significantly lower than the original claim from the pension funds.

In two lawsuits in 2016 and 2017, they claimed a total of DKK 833 million in compensation for the losses that the investors suffered when OW Bunker was listed on the stock exchange in 2014 by its owner, the private equity fund Altor.

In reality, the DKK 833 million, including interest, would have grown to more than DKK 1.3bn after the first six years after the summons, ShippingWatch has previously reported.

Related: Malaysia: Update on ING Bank, O.W. Bunker legal suit against bunkering firm TMD
Related: O.W. Bunker USA and affiliate O.W. Bunker North America reaches USD 23.5 million settlement with creditors

 

Photo credit: Pepi Stojanovski from Unsplash
Published: 4 March, 2024

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Bunker Claim

Malaysia: Update on ING Bank, O.W. Bunker legal suit against bunkering firm TMD

TMD solicitors informed Straits Energy Resources that the Federal Court had given several directions in the case management held on 5 February including a hearing on 30 May 2024.

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RESIZED Straits Energy Resources Berhad

Bunkering firm Tumpuan Megah Development Sdn Bhd (TMD), the subsidiary of Malaysia-listed Straits Energy Resources (SER), on Wednesday (7 February) provided an update on its legal suit involving ING Bank N.V and O.W. Bunker Far East (Singapore) Pte Ltd.

SER is defending against a USD 937,000 bunker claim from ING Bank and O.W. Bunker Far East. 

According to SER in 2021, previously known as Straits Inter Logistics, ING and O.W. Bunker alleged that between 17 October 2014 and 29 October 2014, TMD and O.W. Bunker Singapore entered into contracts both made “orally or by yahoo messenger” whereby O.W. Bunker Singapore agreed to supply and/ or sell to TMD 423.73 metric tonnes (mt) of gas oil at a price of USD 753 per mt for delivery at the port of Pasir Gudang and 794.915 MT of gas oil at a price of USD775.50 per mt for delivery at the port of Kuantan respectively.

In the latest filing on Bursa Malaysia, SER noted TMD solicitors on 6 February informed SER that the Federal Court, the highest court and the final appellate court in Malaysia, had given the following directions in the case management held on 5 February:

  1. written submissions, common core bundle and executive summary (if necessary) to be filed by 15 May 2024;
  2. a case management on 16 May 2024 to monitor the filing of documents for the hearing on 16 May 2024;
  3. hearing on 30 May 2024.

TMD’s solicitors had also informed Straits Energy Resources that a case management has been fixed on 20 February to fix a hearing date for an application to stay the proceedings in the High Court pending the decision of Federal Court.

TMD was acquired by Malaysia-listed Straits Inter Logistics for RM35.75 million in June 2018. Straits Inter Logistics Berhad in August 2021 changed its company name to Straits Energy Resources Berhad.

Manifold Times in November 2023 reported the legal trial between ING Bank N.V and O.W. Bunker Far East (Singapore) Pte Ltd against TMD was scheduled to take place at the High Court of Malaya, Kuala Lumpur on 5 December 2023.

Related: Malaysia: ING Bank, O.W. Bunker legal suit against TMD to be heard in early December
Related: Straits Inter Logistics to contest USD 937,000 claim from ING Bank and O.W. Bunker Far East
Related: Straits Inter Logistics files application to set aside ING Bank & O.W. Bunker Far East claim
Related: Straits Inter Logistics to acquire Tumpuan Megah Development for RM35.75 million
Related: Straits Inter Logistics undergoes name change to Straits Energy Resources

 

Photo credit: Straits Energy Resources Berhad
Published: 14 February, 2024

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Bunker Claim

Singapore: ExxonMobil Asia Pacific secures court order for USD 2.9 million bunker claim from Impex Marine

Impex carried out five bunker deliveries and seven marine refuelling operations for the oil major respectively under term and spot contracts in June 2020.

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RESIZED singapore high court

The High Court of the Republic of Singapore on 14 December 2023 issued a court order for the repayment of a USD 2.93 million (exact: USD 2,934,624.17) debt from Impex Marine (S) Pte Ltd (Impex) to ExxonMobil Asia Pacific Pte Ltd (ExxonMobil), according to documents obtained by Manifold Times.

In June 2020, Impex entered a marine fuel term sales contract with ExxonMobil for between 5,000 to 8,000 metric tonnes (mt) of DMA grade product; spot contracts were further recorded by both parties in the similar month.

Impex carried out five bunker deliveries and seven marine refuelling operations for the oil major respectively under the term and spot contracts; the total value of all contracts was worth USD 2.95 million (exact: USD 2,954,624.17).

The invoices went unpaid until 2 February 2021 when Impex remunerated USD 20,000 to ExxonMobil and offered to settle the outstanding balances through the provision of barging services.

This development led ExxonMobil to commence arbitration proceedings against Impex on 20 March 2023 at the Singapore International Arbitration Centre (SIAC).

However, SIAC could not begin the arbitration process as Impex did not pay for its share of the first tranche of deposits for proceedings to start despite sending eight payment reminders to Impex.

ExxonMobil started proceedings at the Singapore High Court in July 2023 and consequently obtained the court order from the institution in December for the repayment of its bunker claim.

 

Photo credit: Manifold Times
Published: 2 February 2024

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Legal

Singapore: “Mira” released after satisfying USD 942,000 SimpleFuel bunker claim

Payment delay was caused by a Letter of Protest from the master of Mira over the delivery barge’s pumping rate.

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Singapore: Liberia-flagged bulk carrier “Mira” placed under Sheriff’s arrest

The High Court of the Republic of Singapore on 18 December released Liberia-flagged bulk carrier Mira (IMO no. 9253076) after its owner and/or demise charterer satisfied a bunker claim.

Lawyers Oon & Bazul LLP representing SimpleFuel DMCC on 14 December obtained a warrant of arrest for the 49,016 dwt vessel over a bunker claim from the latter.

The UAE-based bunkering firm was seeking the principal sum of USD 942,000 (exact: USD 942,050.58) for the delivery of 1,800 mt of IFO-380HS RMG 380 3,5S and 250 mt of MGO 0,1S DMA 0,1S to the Mira at Ust-Luga port between 13 to 28 October over a 45-day credit term, according to court documents obtained by Manifold Times.

Three of the bunker invoices due to be paid on 9 December, and a fourth invoice due to be paid on 14 December, were left unpaid by vessel owner and/or demise charterer Sao Viet Petrol Transportation Co Ltd.

The payment delay, which ultimately led to the temporary arrest of Mira, was initially caused by a Letter of Protest from the master of Mira written on 25 October over the delivery barge’s pumping rate:

“This is to advise you that prior to the commencement of discharging STS to M/T MIRA, However, the total average receive rate achieved the MT MIRA can receive was 10.0 CuM/hr (START PUMPING AT 1320LT TO 1520LT), which has led to an obvious delay of the vessel.”

“Therefore, to protect my Owners, Charterers, and any Third Parties that are or may be concerned, I hereby formally protest this delay and hold you and your Principals liable for any damages that may arise as a result thereof. I hereby reserve the rights of my Owners and/or Charterers to refer to this matter at a later date, time and place.”

Related: Singapore: Liberia-flagged bulk carrier “Mira” placed under Sheriff’s arrest

Photo credit: MarineTraffic / Arfat Modak
Published: 29 December 2023

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