The subsidiaries involved face insolvency following the uncovering a $125m fraud in Singapore and a $150m risk management loss.

This news has created turmoil in the bunkering market and has sent shockwaves through the bunker supply chain affecting physical suppliers and shipowners as a single bunker supply might involve numerous traders and one physical supplier holding an invoice issued to OW. An imminent second wave is expected as numerous suppliers will either cut their credit terms to a minimum or demand cash payment or a bank guarantee and numerous shipowners will face the risk of ship arrest for unpaid bunkers.