Alba Tanker buys tanker unit of bankrupt OW Bunker to protect assets
OW TANKER, a unit of bankrupt OW Bunker and owner of its bunker vessels, has been taken over by a newly-created company, Alba Tanker, which has the trustees of the bankrupt company on its board.
The world's largest fuel supplier, OW Bunker, collapsed earlier last month after it claimed that it had lost US$300 million in hedging losses and unauthorised credit lines given in Singapore, reported London's Tanker Operator.
Fleet manager Henrik Pedersen told Reuters that the takeover by Alba Tanker was part of the process of securing assets for the estate.
"We are not a very big part of the company," Mr Pedersen said. "We're the shipowning part of OW Bunker and Trading. And that was our biggest client, of course, but we have always been run as a separate company."
OW Tanker owns 10 vessels and charters 19, according to its website. Mr Pedersen said it employs 115 people, mostly vessel crews and is now looking for new clients.
In another move, PricewaterhouseCoopers said it had agreed with ING Bank NV and OW Bunker's trustees to work together in recouping $750 million the company owes to a group of 13 banks, including ING.