OW Bunker from our point of view
Friday 7 November 2014 was indeed a sad day for the Danish and global bunkering industry.
On this date, Monjasa, along with the entire bunkering industry was sad to learn about the unexpected filed bankruptcy of OW Bunker. Since then, our thoughts have been with the hundreds of employees and families affected by the devastating news.
To us, OW Bunker has appeared as a corner stone in the industry. A large company in terms of operating experience and volume – and always a tough competitor on bunker markets across the globe. OW Bunker was surrounded by respect and the company was both a visionary and a strong family led business from the 1980s until the change of ownership in 2007.
Looking ahead, the entire bunkering industry must learn from these events and use them constructively to come out stronger than before.
OW Bunker leaves an empty space in the market and among colleagues in the industry.
Monjasa will not be taking part in the ongoing speculations regarding the events, which led to the filed bankruptcy of OW Bunker. Instead, we keep focus on developing our own business.
Insignificant commercial impact for Monjasa
Commercially, the fact that OW Bunker is no longer active in the global market has a frustrating impact on many subcontractors and ship owners around the world.
For Monjasa, the events have only very limited commercial effect. In our view, the worldwide bunker market should not experience any long-term problems absorbing the demand arising from the sad circumstances. At Monjasa, we have experienced a slight increase in number of inquiries and orders, and noted a marginally higher interest in our vacant job positions around the globe.
Our limited financial exposure towards OW Bunker is fully insured.
Monjasa further confirms that all relations to banks, suppliers, clients, insurance companies and other business partners remain strong and unchanged.
Looking ahead, the entire bunkering industry must learn from these events and use them constructively to come out stronger than before.
