Beware of the sneeze…. (not the one beside you )

You might get affected even you didn’t deal with them or even bunker in Singapore

Quick disclaimer, this is not a news update nor adding extra information from the existing new source.

The incident had been building up for a while, more bank , creditors, white knight showing up and I personally wish all the best to one of the most successful bunker supplier in Asia ; hope they can push through keep serving the industry.

However

Even you have no business relationship with the supplier. In Singapore there is a common for physical supplier to ask bunker trader to provide cargo , in exchange for physical delivery and/or credit terms . If supplier got busted the trader is going to be in DEEP trouble because he might already supply 10KT cargo to the supplier but so far only delivered 2kt before the supplier still operating .

If you deal with a troubled trader you might encounter

1. Fix the vessel in other port but local supplier refused to supply
2. Supplied is done but now you face the creditor of supplier/ trader and the local supplier/  trader chasing for settlement – right the nightmare of few years ago again

What is the solution ? Do your homework ! work with financial (more) sounding party and avoid the OW 2.0 , more on <30 days Beginner Guide Day 29: Credit Management>

Stay strong and healthy

Until next time

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