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O.W. Bunker USA and affiliate O.W. Bunker North America reaches USD 23.5 million settlement with creditors

U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.




OW Bunker and Dynamic Oil edited

The United States Bankruptcy Court on Wednesday (11 May) issued its final decree and order against the Chapter 11 cases of O.W. Bunker Holding North America Inc. and O.W. Bunker USA Inc., instructing both firms to make final distributions to creditors.

“When final distributions are made, OW Bunker USA and its affiliate OW Bunker North America will have distributed about $23.5 million to their creditors,” said Robert O'Connor, Partner at Montgomery McCracken Walker & Rhoads LLP.

Both O.W. Bunker Holding North America and O.W. Bunker USA are subsidiaries of O.W. Bunker, a firm based at Nørresundby, Denmark which was once the world's largest bunkering firm until its collapse on 7 November 2014.

Infamously, O.W. Bunker went from initial public offering (IPO) to bankruptcy in less than a year, leaving a trail of creditors.

A total of 180 creditors have sought to seek claims from O.W. Bunker USA, according to the court creditor list document (filed: 13 November 2014) seen by Singapore bunkering publication Manifold Times.

The U.S. Claims Register Summary recorded a total USD 833,143,296.60 claims against O.W. Bunker USA; amongst claimants were:

  • Internal Revenue Service, Amount claimed: USD 393,896.81
  • Phillips 66 Company, Amount claimed: USD 1,405,385.37
  • J.A.M., Amount claimed: USD 64,466.34
  • American Express Travel Related Services, Amount claimed: USD 17,193.55
  • NuStar Energy Services, Inc., Amount claimed: USD 15,906,510.33
  • NuStar Terminals Marine Services N.V., Amount claimed: USD 2,456,997.27
  • Martin Energy Services LLC, Amount claimed: USD 1,243,380.36
  • ING CB/CSD Lending Ser.Ops,NL, Amount claimed: USD 86,602,015.00
  • Chevron Marine Products LLC, Amount claimed: USD 1,107,100.78
  • ING Bank N.V., as Security Agent, Amount claimed: USD 700,000,000.00
  • O'Rourke Marine Services, Amount claimed: USD 126,8641.31
  • Dolphin Marine Fuels LLC, Amount claimed: USD 87,165.30
  • Atlantic Gulf Bunkering, Amount claimed: USD 348,477.12
  • Bomin Bunker Oil Corporation, Amount claimed: USD 1,350,867.01
  • O.W. Bunker North America Inc., Amount claimed: USD 20,889,063.76

The High Court of Denmark in June 2018 issued Lars Moller, the former CEO of O.W. Bunker subsidiary firm Dynamic Oil Trading (DOT), an increased five-year prison sentence.

Moller was guilty of issuing credit which significantly exceeded the approved limit of USD 10 million for DOT to the tune of approximately USD 90.2 million, eventually leading to the bankruptcy of O.W. Bunker in 2014.

Related: Dynamic Oil Trading liquidators publish notice of dividend to unsecured creditors
Related: Dynamic Oil Trading liquidators plan to declare interim dividend to unsecured creditors
Related: Danish Board of Auditors issue DKK 200,000 fine to O.W. Bunker auditors from Deloitte
Related: Singapore: O.W. Bunker A/S stakeholders take Deloitte & Touche LLP to court over alleged negligence
Related: OW Bunker: High Court explains reviewed judgement of Lars Moller
Related: OW Bunker: Public Prosecutor planning to review judgement
Related: OW Bunker: Judgement to be appealed
Related: OW Bunker verdict: Prison sentence for Lars Moller
Related: OW Bunker: Verdict to be out on Wednesday
Related: Dynamic Oil trial: Lars Moller provides testimony
Related: All eyes on Dynamic Oil criminal trial at Denmark
Related: Dynamic Oil criminal trial set to begin in April
Related: Holland & Knight discusses OW Bunker aftermath


Photo credit: Manifold Times
Published: 17 May, 2022

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Alternative Fuels

SMW 2024: All hands on deck to overcome net-zero fuel transition challenges, says panellists

Ammonia is touted as the long-term fuel solution, but safety concerns and novel technology could hinder its widespread application.





SMW 2024: All hands on deck to overcome net-zero fuel transition challenges, says panellists

The article ‘All hands on deck to overcome net-zero fuel transition challenges: panellists’ was first published on Issue 4 of the Singapore Maritime Week 2024 Show Dallies; it has been reproduced in its entirety on Singapore bunkering publication Manifold Times with permission from The Nutgraf and the Maritime and Port Authority of Singapore:

By Matthew Gan

Ammonia is emerging as the key net-zero fuel of the future, but the maritime industry faces several challenges in its large-scale adoption.

A critical concern is safety. Ammonia poses safety  risks because of the high volume of explosive engine combustions, and the gas’ toxicity.

“Safety is the most crucial thing – both environmental and operator safety,” said Mr Hiroki Kobayashi, Chief Executive Officer at heavy industries firm IHI Asia Pacific, at the Net-Zero Fuel Pathways Panel during the Accelerating Digitalisation and Decarbonisation Conference on Wednesday.

Given the focus on safety, a substantial proportion of resources should be spent on ensuring ammonia technology is safe, added Mr Nicolas Brabeck, Managing Director at energy provider MAN Energy Solutions Singapore.

What will help, noted Mr Kenneth Widell, Senior Project Manager (Smart Technology Hub) at marine and energy solutions provider Wartsila, is having stakeholders share information on safe ammonia usage.

Another challenge is training seafarers to use novel technology. But panellists agreed that it should not deter the industry from pursuing the widespread adoption of ammonia.

“All this is new to us, but we can start training early, collect feedback, and adjust accordingly,” said Mr Leonardo Sonzio, Vice-President and Head of Fleet Management and Technology at global shipping company Maersk.

Stakeholders should also collaborate more, said Mr Robert van Nielen, Vice-President (Growth) at liquid storage logistics provider Advario. “There are many things to set up – supply chains, logistics, safety protocols and training – but we need to transition. And if we want to make this change in time, we must work together,” he said.

As moderator Mr Knut Orbeck-Nilssen, Chief Executive Officer (Maritime) at registrar and classification society DNV, put it in his closing remarks: “The fuel of the future, really, is collaboration.”

Singapore Maritime Week 2024 was organised by Maritime and Port Authority of Singapore from 15 to 19 April. 


Photo credit: Knut Orbeck-Nilssen / DNV
Article credit: The Nutgraf/ Maritime and Port Authority of Singapore
Published: 24 April 2024

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LNG Bunkering

TotalEnergies announces FID for first LNG bunkering hub in the Middle East

LNG production from LNG liquefaction plant in port of Sohar, as part of Marsa project, is expected to start by first quarter 2028 and is primarily intended for LNG bunkering in the Gulf.





TotalEnergies announces FID for first LNG bunkering hub in the Middle East

Energy company TotalEnergies and Oman National Oil Company on Monday (22 April) announced the Final Investment Decision (FID) for the Marsa LNG plant project.

TotalEnergies had signed a Sale and Purchase Agreement (SPA) with Oman LNG to offtake 0.8 Mtpa of LNG for ten years from 2025, making the company one of the main offtaker of Oman LNG's production.

Finally, TotalEnergies (49%) and OQ Alternative Energy (51%), the national renewable energy champion, have confirmed being at an advanced stage of discussions to jointly develop a portfolio of up to 800 MW, including the 300 MWp solar project that will supply Marsa LNG.

Through their joint company Marsa Liquefied Natural Gas (Marsa), TotalEnergies (80%) and OQ (20%) launch the integrated Marsa LNG project which combines:

  • upstream gas production: 150 Mcf/d of natural gas, coming from the 33.19% interest held by Marsa in the Mabrouk North-East field on onshore Block 10, which will provide the required feedstock for the LNG plant. Block 10 production started in January 2023 and reached plateau in April 2024. The FID allows Marsa LNG to extend its rights in Block 10 until its term in 2050.
  • downstream gas liquefaction: a 1 Mt/y capacity LNG liquefaction plant will be built in the port of Sohar. The LNG production is expected to start by first quarter 2028 and is primarily intended to serve the marine fuel market (LNG bunkering) in the Gulf. LNG quantities not sold as bunker fuel will be off-taken by TotalEnergies (80%) and OQ (20%).
  • renewable power generation: a dedicated 300 MWp PV solar plant will be built to cover 100% of the annual power consumption of the LNG plant, allowing a significant reduction in greenhouse gas emissions.

The Marsa LNG plant will be 100% electrically driven and supplied with solar power, positioning the site as one of the lowest GHG emissions intensity LNG plants ever built worldwide, with a GHG intensity below 3 kg CO2e/boe. (for reference, the average emission intensity of LNG plants is around 35 kg CO2e/boe - this represents a reduction in emissions of more than 90%).

The main Engineering, Procurement and Construction contracts have been awarded to Technip Energies for the LNG plant and to CB&I for the 165,000 m3 LNG tank.

The Marsa LNG project will generate long-term employment opportunities and significant socio-economic benefits for the city of Sohar and the region.

The first LNG bunkering hub in the Middle East

The ambition of the Marsa LNG project is to serve as the first LNG bunkering hub in the Middle East, showcasing an available and competitive alternative marine fuel to reduce the shipping industry's emissions. 

“We are proud to open a new chapter in our history in the Sultanate of Oman with the launch of the Marsa LNG project, together with our partner OQ, demonstrating our long-term commitment to the country. We are especially pleased to deploy the two pillars of our transition strategy, LNG and renewables, and thus support the Sultanate on a new scale in the sustainable development of its energy resources”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies.

“This very innovative project illustrates our pioneer spirit and showcases the relevance of our integrated multi-energy strategy, with the ambition of being a responsible player in the energy transition. By paving the way for the next generation of very low emission LNG plants, Marsa LNG is contributing to making gas a long-term transition energy.”


Photo credit: TotalEnergies
Published: 24 April 2024

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Carras “Aquataurus” bulker becomes world’s first vessel to receive ABS Biofuel-1 notation

Notation is assigned to vessels that use a biofuel blend of up to and including 30% bio fuel in compliance with IMO and ABS requirements, says ABS.





Carras “Aquataurus” bulker becomes world’s first vessel to receive ABS Biofuel-1 notation

Carras (Hellas) S.A. received the ABS Biofuel-1 notation for its Aquataurus ultramax bulk carrier, the first vessel in the world to qualify, according to the classification society on Tuesday (23 April).

The notation is assigned to vessels that use a biofuel blend of up to and including 30% biofuel in compliance with IMO and ABS requirements.

ABS said biofuels’ suitability with existing power generation systems makes them a drop-in solution without the need for equipment retrofits or vessel redesign. 

The Aquataurus is equipped with a Wartsilla main engine and three auxiliary Yanmar engines and will serve trade routes worldwide.

“We are very proud to support Carras (Hellas) S.A. in their initiative to use biofuels as part of their sustainability strategy. Drop-in biofuels are a ‘here-now’ solution since they take advantage of existing fuel transport and bunkering infrastructure. ABS is well-positioned to use our deep industry knowledge of alternative fuels to support clients along their decarbonization journey,” said Stamatis Fradelos, ABS Vice President, Regulatory Affairs.

“Carras (Hellas) S.A. is pleased to be working with ABS to support our common goal of  reducing fleet emissions for the benefit of the environment. The use of biofuels allows shipowners to reduce their fleet carbon intensity without the cost of expensive retrofits or investments in newbuildings, and we are excited to be pioneers, together with ABS, of obtaining the assignment of the Biofuel-1 notation to Aquataurus,” said Captain Costas Liadis, President of Carras (Hellas) S.A.


Photo credit: ABS
Published: 24 April 2024

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