Bankruptcy Rattles Singapore Fuel Market as Traders Left Short

Singapore, the world’s biggest market for fuel used in ships, is seeking to limit the fallout from OW Bunker A/S’ bankruptcy after the Danish company said two of its workers committed fraud in the city-state.

There will be minimal disruption to the fuel market in the Asian nation, where there are 60 suppliers and OW Bunker accounted for less than three percent of total sales last year, according to the Maritime and Port Authority of Singapore. SK Innovation Co. and GS Caltex Corp., South Korean refiners, said they are affected by the bankruptcy of Noerresundby, Denmark-based OW Bunker and declined to provide further details.