Market Eye: OW Collapse Restores Balance to Asian Bunker Markets

摘要

Singapore's dysfunctional bunker fuel markets have been completely upended by the bankruptcy of major global player OW Bunker. The collapse has caused credit to dry up and trust to break down, but, ironically, it is also restoring balance to the world's largest bunkering market. For years, most bunker market players have consistently lost money on cargoes sold to shipowners in Singapore -- a situation that one trader describes, sarcastically, as "the great Singapore bunker miracle." As losses mounted, some smaller firms were forced to call in ever more credit.