Local shippers urged to keep calm over OW Bunker collapse

Disruption in Singapore has been minimal.

The Singapore Shipping Association (SSA) has seconded that Maritime and Port Authority of Singapore's (MPA) earlier statement that OW Bunker's bankruptcy has caused little disruption in domestic bunker supply and bunkering operations. 

At an industry dialogue with close to 50 companies from the SSA yesterday, it was established that there had been no report of disruption to bunker supply and bunkering operations in the country.

However, the attendees were advised to carefully inspect their contractual obligations, and to work closely with their stakeholders to avoid or minimise disruption in their operations.

“The bunkering industry here is a well-regulated one. While I urge my members to seek professional and legal advice as necessary, I also hope that those affected by this event would remain calm and not resort to knee-jerk reactions which may rock the stability and reputation of Singapore’s bunkering industry. My Association will be working closely with MPA to ensure that there would not be any unnecessary disruption in bunker supply and operations here,” said SSA President Patrick Phoon.

MPA Chief Executive Andrew Tan also reiterated that the MPA is working with Singapore's licensed bunker suppliers to minimise any disruption to bunkering operations in Singapore.

Danish firm OW Bunker, the world's biggest supplier of shipping fuel, filed for bankruptcy last week after uncovering fraud at Dynamic Oil Trading, its Singapore subsidiary.