What happened to OW bunker?
It was the world’s largest bunker supplier until its collapse on 7 November 2014. It went from initial public offering (IPO) to bankruptcy in less than a year. The dramatic collapse of the company led to expedited litigation in the English courts (as all the contracts had been declared to be “subject to English Law”).
What is a bunker service?
Bunkering is the supplying of fuel for use by ships, and includes the shipboard logistics of loading fuel and distributing it among available bunker tanks. Bunkering operations are located at seaports, and they include the storage of “bunker” (ship) fuels and the provision of the fuel to vessels.
What is bunker rate?
The Bunker Adjustment Factor (BAF) is an additional charge levied on the shippers to compensate for fluctuations in the price of the ship’s fuel. Also referred to as bunker surcharge, it is tied to the price of Brent crude oil, a major benchmark for worldwide oil prices.
What is an underground bunker?
A bunker is a defensive military fortification designed to protect people and valued materials from falling bombs or other attacks. Bunkers are mostly underground, in contrast to blockhouses which are mostly above ground. Trench bunkers are small concrete structures, partly dug into the ground.
Is it legal to build underground UK?
“What you propose would be classified as an engineering operation. Unlike Building Regulations, there are no exemptions under the Planning Acts that permit nuclear shelters or similar structures to be constructed. Underground (engineering) works will require Planning approval.
Who is oWOW bunker?
OW Bunker was a leading global independent marine fuel (bunker) company founded in Denmark in 1980, with operations in 29 countries. It acted as a physical distributor and reseller of marine fuel, and operated a fleet of around 30 bunker vessels.
What is the OW Bunker UK test case?
The so-called OW Bunker UK test case involves PST Energy 7 Shipping LLC (PST Shipping), who contracted with the now bankrupt OW Bunker Malta (OWBM) for bunkers that were physically delivered to its vessel Res Cogitans by a subsidiary of Rosneft Marine (UK) Ltd (Rosneft). This took place around the time of the bankruptcy of OW Bunker.
What has happened to OW Bunker & trading?
Following the discovery of alleged fraud in a Singapore subsidiary and the announcement of substantial risk management losses, on 7 November 2014 OW Bunker & Trading A/S and OW Supply & Trading A/S filed for bankruptcy in the Danish court. Since then, a number of other Danish and overseas subsidiaries have also filed for bankruptcy proceedings.
Are You responsible for payment for owbm bunkers supplied under contract?
PST Shipping is seeking either a declaration that they are not responsible for payment for the bunkers supplied under the contract with OWBM, or damages for breach of contract, arguing that OWBM had been incapable of passing them the title to the bunkers.