Crew Reviews, Ratings & Info for Aalborg

On November 26, 2023, Reuters reported that OW Tanker, a subsidiary of the recently bankrupt OW Bunker, has been acquired by the newly formed Alba Tanker ApS, as confirmed by fleet management. The collapse of OW Bunker, the world's leading marine fuel supplier, was precipitated earlier this month by staggering losses nearing $300 million attributed to hedging failures and unauthorized credit lines in Singapore. According to Henrik Pedersen, the fleet manager, the takeover is a strategic move to shield and recover assets for the bankruptcy estate. Pedersen emphasized that while they are a small faction within the larger company structure, OW Tanker has historically functioned independently. The company owns a fleet of 10 vessels and has contracts for 19 additional charters, as detailed on its website. Currently, with around 115 employees primarily comprising vessel crews, OW Tanker is actively pursuing new client opportunities. Additionally, PricewaterhouseCoopers (PwC) has entered into an agreement with ING Bank NV and the trustees of OW Bunker to collaboratively recover the $750 million debt owed by the company to a consortium of 13 banks, including ING.

OW Bunker A/S, a leading Danish supplier of marine fuel, has announced its declaration of bankruptcy just two days after a staggering $125 million fraud scandal associated with its Singapore subsidiary, Dynamic Oil Trading (DOT) came to light. The Aalborg probate court in northern Denmark has officially issued the bankruptcy order. In a statement released on Friday, the company expressed its unfortunate necessity to take this drastic step. Following an internal investigation, OW Bunker has also opted to report two high-ranking DOT employees to law enforcement, citing breaches under section 299 of the Danish penal code, leading to their immediate dismissal. Niels Henrik Jensen, the Chairman of the Board of Directors, remarked, "The closure of our credit facility on Wednesday has severely impacted our operations. With banks holding mortgages on all receivables, we've found ourselves unable to secure any new substantial credit. Despite efforts, the prospects for either salvaging the remaining business or completing a sale appear bleak. Hence, bankruptcy has become our only viable path forward. We express our heartfelt regret for this outcome and the resulting implications for our employees, shareholders, and business partners."

OW Bunker has made a significant move by acquiring two advanced bunker barges, the OW Copenhagen and the OW Aalborg, which were constructed in 2006 and 2005, respectively. These vessels are set to serve the Nordic region of Europe. As per an official press release sent via email, both tankers, each with an impressive double-hulled design, have a deadweight tonnage of 3,500 DWT and a substantial tank capacity of 4,260 m³. They are capable of impressive pumping rates, reaching up to 600 m³/hr. Additionally, both bunkering vessels are equipped with state-of-the-art Coriolis mass flow meters, ensuring accurate measurement of the fuel volume delivered. Prior to this acquisition, OW Bunker was utilizing both vessels under a bare-boat charter arrangement with the Clipper Group, an internationally recognized shipping company.