November 15, 2014 [NT/TankTerminals.com] - Dutch companies, which were doing business with OW Bunkers, possibly suffer € 30 million, according to sources close to the matter.
It is expected that the Dutch bunker fuel supplier OW Bunker Netherlands and the Swiss trader OW Bunker Switzerland will go into a moratorium shortly and will be declared bankrupt in the course of next week.
Creditors of the company would have put a distrain on tens of thousands of tons of fuel that are stored at Rubis Terminal in Rotterdam. The Dutch company Argos Bunkering and the Belgian company Wiljo are high on the list of European creditors. The total claim from the 20 biggest creditors would be € 150 million, the overall claim by creditors would be € 300 million.
OW Bunker filed for bankruptcy last Friday after it had come to light that the Singaporean daughter company would have lost 275 millin dollar with speculative bunker contracts. The biggest damage in Singapire would have amongst others been inflicted on Opet Trade, Petrochina International, BP Singapore en Vitol Asia.
