Time Lapse: Today’s Lessons Continue from the OW and Hanjin Insolvencies

OW Bunkers’ and Hanjin Shipping’s bankruptcies continue to be wake-up calls for the bunker industry and wider maritime sector.

Bunker traders, brokers and suppliers, and those in the wider maritime industry, must learn the OW and Hanjin lessons now because there will be other and perhaps larger future insolvencies. The OW and Hanjin

impact, as well as other developments in the bunkering world, such as the 2020 MARPOL 0.5% sulphur content limitations, overcapacity and technological developments, will continue the change.

Since QW’s insolvency and then the many Hanjin vessel arrests, the first question traders now get is, ‘have you paid your physical supplier?’

In this article Steve Simms analyzes the legal and commercial changes that bunker traders, suppliers and brokers must make to succeed despite the certain, future maritime insolvencies and bankruptcies.

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