Nordic financial services group Nordea Bank Oyj, among a syndicate of 12 global and regional banks recently entering into a US $1billion unsecured revolving credit facility with Bunker Holding A/S, has highlighted its stance on compliance in regards to subsidiary Dan-Bunkering’s alleged involvement in the Syria war.
“On account of our disclosure policy, we cannot comment on specific client relations. Generally, however, we will say that we at all times observe all sanctions, laws and regulations in the countries in which we do business, and we require our clients and business partners to do the same,” Nordea told ShippingWatch.
“We take this responsibility very seriously. If it appears that a client has knowingly breached international sanctions, we report it to the relevant authorities and take the necessary measures, which may entail asking the client to find another bank.”
Danish news agency DR on 28 April reported Middelfart-based international bunker trading firm Dan-Bunkering allegedly being involved in delivering jet fuel to Russian fighter aircraft during the Syria war.
In summary, DR claimed Dan-Bunkering delivered jet fuel to Syria from January 2016 to May 2017; a minimum of DKK 104 million (US $1.5. million) was transacted through at least six deliveries totalling 30,000 metric tonnes (mt).
Published: 30 April, 2019
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
Maureen Poh, a Director of Helmsman LLC, offers plain practical tips on the differences between US and EU Sanctions and shares some thoughts on what companies could do if they are potentially exposed to sanctioned entities.
‘We [Consort Bunkers] have the opinion that the bunker business in Singapore is not related to the widely reported earlier cargo commodity trading mishaps,’ company source tells Manifold Times.