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Singapore port authority says little disruption to bunker supply after OW Bunker bankruptcy
[SINGAPORE] Singapore's Maritime and Port Authority (MPA) said on Tuesday that it expects minimal disruption to supplies of bunker shipping fuel in the country's port following the bankruptcy of Denmark's OW Bunker. "There are currently more than 60 bunker suppliers in Singapore, and OW Bunker Far East (Singapore) Pte Ltd accounted for less than three per cent of the 42.6 million metric tonnes supplied in Singapore in 2013," the MPA said in a statement.
It added that it was now working with the Singapore Shipping Association and International Bunker Industry Association to try to limit the impact of OW Bunker's demise on operations in its port, which is the the world's largest for bunkering.
OW Bunker collapsed under the weight of losses of more than US$125 million at its Singapore-based subsidiary Dynamic Oil Trading, which pushed its debts to US$750 million and prompted banks to refuse to extend further credit.